DAVY VIEW

Given the impact of softer trading across the market in January and February of 2025, C&C now expects to deliver EBIT in the range of €76-78m for FY25 (Davy: €80m). Looking ahead, the group anticipates FY26 EBIT to be ‘marginally ahead’ of FY25, with the challenging market backdrop and the group’s focus on reinvestment to weigh on profitability. Notably, C&C’s new CEO intends to focus investment on the group’s customer proposition, brand innovation, systems and people. At first look, we plan to lower our FY25 and FY26 EBIT forecasts to €77m (-4%) and €79m (-12%) respectively.