Davide Campari-milano N.v. · MIL:CPR
Davide Campari-milano — Debt Investor Presentation (June 2026)
49 slides from Davide Campari-milano's debt investor presentation, Jun 9, 2026
Slide 1: Fixed Income Investor Presentation
Fixed Income Investor Presentation 9 June 2026
Slide 2: Presentation outline
Presentation outline Group Overview Sector Trends Campari Group Credit update New Issuance Overview
Slide 3: Brand portfolio
160 brand €3.0 bn Years of history and Group Net Sales heritage portfolio in 2025 Aspirational yet accessible and aligned with consumer trends A P E R I T I F S W H I S K E Y & R U M A G AV E C O G N AC & C H AM PAG N E Aperol | Campari | Sarti Rosa | Crodino | Mondoro Wild Turkey | Russell’s Reserv
Slide 4: Competitive advantages
Competitive advantages creators OF PIONEERS OF 60 YEARS Spirito BOLD IN THE MODERN READY - TO - HEAD - START italiano GROWTH SPRITZ DRINK ON NON - ALC Unique PREMIUM Future - Family GO - TO - MARKET DEMOCRATIZERS proofed control
Slide 5: Strong and consistent growth profile
Strong and consistent growth profile 3,500 3,051 3,000 2,500 2,000 1,500 1,000 637 500 0 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Net Sales €m EBIT-adj. €m 5
Slide 6: Strong track record of portfolio positioning
Strong track record of portfolio positioning Main brand acquisitions 2025 Main brand disposals Note: Averna and Zedda Piras disposal expected to close in 2026 6
Slide 7: Diversified and resilient business composition
Diversified and resilient business composition Net Sales Organic Growth and Weight Breakdown 2025 2025 AMERICAS +2% House of Aperitifs +2% EMEA +2% House of Whiskeys & Rum +2% APAC +4% House of Agave +3% House of Cognac & Champagne +14% Local Brands -1% Others; 18% Local Brands; 22% USA; 27% Aperol
Slide 8: Spritz portfolio strategy
spritz portfolio strategy SPRITZ HUGO SPRITZ 8
Slide 9: Everything in place to grow
Future - proofed Everything in place to grow Production capacity with recent investments Aged liquid supply systems infrastructure Route - to - market Sustainability Investments 9
Slide 10: State of the art systems infrastructure
Future - proofed State of the art systems infrastructure Fully integrated Real time insights Tech enabled data infrastructure across commercial, operations and leveraging SAP supply chain and enhanced s/4Hana with single finance automation source of truth e2E planning capabilities Automation and AI
Slide 11: Route to market and production capabilities
Future - proofed Route to market and production capabilities Headquartered in Sesto San Giovanni (Milan), Campari Group globally reaches 190 nations around the world. Since 2004, it dramatically strengthened its route-to- market from 5 to 27 in-market companies accounting for a vast majority of FY 2
Slide 12: ESG: Solid positioning and continuous improvement
ESG: Solid positioning and continuous improvement • CDP Climate & water questionnaires: A- (Leadership level) • ISS ESG Corporate Rating: C+ (Prime Status) Ratings and • S&P Global CSA rating: +15 points to 62/100 1st decile of the industry Rankings +25 points above industry average • MSCI ESG Ratin
Slide 13: Strong management team
Strong management team simon Chief Executive Officer Fabio Liam José Thomas Francesco Chief Legal and M&A Officer Head of Global Supply Chain Head of IT Chief Marketing Officer and Chief Financial Officer Global Head of Strategy Patrick Ugo Satya (SASH) Matthijs MD Europe MD North America MD APAC MD
Slide 14: Stable and supportive shareholding structure
Stable and supportive shareholding structure Total Ordinary % of Ordinary Shares Total Special Voting Shares + Special Voting and Special Voting Special Voting Special Voting Shares A + Special Data as of 28 February 2026 Ordinary Shares (1) % of Ordinary Shares Shares A+ Special Shares A Shares A (
Slide 15: Growth drivers
#1 Sharper portfolio choices #2 Win the first, shared drink • Fewer bigger bets through a fit-for-future • Best placed to win in a world that is more Italian portfolio structure • Our plans are scaled to win • Clear portfolio strategy guiding focused and • Bold investments, clear choices, challenger
Slide 16: Cash generative & margin accretive growth
Our ambition = Mid - term guidance Outperformance Mid - to - high single digit topline growth Cash solid gross margin profile Growth, Mix, RGM and supply chain efficiency generative & Margin accretive focused Brand building investments growth no compromise, efficient mix Operating leverage digital/A
Slide 17: Capital allocation priorities
Capital allocation priorities Sustain growth momentum with strengthened brand Growth building investments offset by efficiency gains Financial Keep comfortable level of leverage supported by business Discipline momentum, cash generation and portfolio disposals Less relevance of bolt-on acquisitions
Slide 18: Presentation outline
Presentation outline Group Overview Sector Trends Campari Group Credit update New Issuance Overview
Slide 19: Sector witnessing most pressure seen over last 30 years
Our Oursector is currently sector witnessing is currently the most pressure seen witnessing over thethe lastpressure most 30 years seen over the last 30 years 80% cyclical 20% structural • Unprecedented pressure across all geographies • Shifting consumer behaviours, at the same time some new and som
Slide 20: Evolving context in consumer trends
At the same time as an evolving context in consumer trends 0% day is longer Lower ABV & REFRESHMENT ASPIRATIONAL accelerating LED BUT ALCOHOL Moderation CONSUMPTION ACCESSIBLE Free night is shorter Our portfolio is well positioned to benefit from these trends 20
Slide 21: Presentation outline
Presentation outline Group Overview Sector Trends Campari Group Credit update New Issuance Overview
Slide 22: Solid delivery on strategic priorities progressing as guided
Cash solidgenerative delivery on&Strategic margin accretive prioritiesgrowth progressing as guided Organic topline +2.4% with ongoing outperformance on Outperformance sell-out and growth in 24 countries and all brand houses solid gross +100bps organic accretion mainly via COGS efficiencies margin pr
Slide 23: Continued topline outperformance despite challenging backdrop
Continued topline outperformance despite the challenging backdrop Accelerating underlying topline growth in 2025 excluding Jamaica hurricane impact 25.6% showing strength of brand portfolio, despite significant volatility in the operating environment 16.4% 10.5% Medium-term topline drivers: • Sharpe
Slide 24: Solid organic growth across all regions and brand houses
Solid organic growth across all regions and brand houses AMERICAS EMEA APAC +2.1% +2.3% +4.0% +2.3% +2.4% +3.4% +13.7% CAMPARI GROUP +2.4% • Growth across all regions with 24 markets registering solid growth in 2025 • All 4 brand houses with solid growth, House of Cognac & Champagne positively impac
Slide 25: EBIT-adj. margin expansion supported by gross margin and cost containment
EBIT - adj. margin expansion supported by gross margin and cost containment while brand building investments accelerate Net Sales +2% Organic y/y Organic +4% +9% -1% +5% change y/y Organic +100 -100 +70 +60 bps y/y FX / +60 Perimeter 60.3% Reported +120 21.5% 20.9% 17.9% Gross Margin A&P / Net Sales
Slide 26: Positive evolution in P&L supported by business momentum
Positive evolution in P&L supported by business momentum Annual change • Group net profit-adj. +3% mainly driven by positive 2025 results Adjusted Adjustments Reported Adjusted Reported evolution of EBIT. Reported Group net profit +72% due to € million € million € million % % high base of operating
Slide 27: Solid and improving balance sheet indicators
Solid and improving balance sheet indicators Solid management of OWC % of net sales 2025-2024 OWC change Operating Positive trend supported by effective cash management (net €(150) mln impact), partially 44% € (35) mln offset by organic increase in maturing inventory (€103 mln) of whiskey, cognac an
Slide 28: Solid free cash flow generation
Solid free cash flow generation 2025 2024 Change Change Total Recurring Total Recurring Total Recurring € million € million € million € million € million % € million % EBITDA 715.9 520.0 195.8 +37.7% EBITDA-adj. 785.2 732.6 52.6 +7.2% (1) Taxes paid & Other (63.2) (44.6) 72.4 (27.6) (135.6) (17.0) T
Slide 29: Proven ability to de-leverage
Proven ability to de - leverage Covid-19 € 222 mln € 130 mln € 418 mln € 317 mln € 236 mln € 676 mln € 406 mln € 1,142 mln €m x 3,500 4.0 3,000 3.2x 3.5 3.0 2,500 2.5x 2.5 2,000 2.0 1,500 1.5 1,000 1.0 500 0.5 0 - 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020 2022 2024 2025 Net debt EBITDA-adj.
Slide 30: Strong and covenant free financial position
STRONG AND COVENANT FREE FINANCIAL POSITION Net Financial Debt as of 31 December 2025 Gross Debt by Instrument Δ 31 Dec 2025 vs. O/S Amount € mln 31 Dec 2025 31 Dec 2024 Type Coupon 31 Dec 2024 (€ mln) Bank Loans Eurobond 1.25% 550 Short-term NFP 380.1 336.9 43.2 36% Eurobond 4.71% 300 - Cash and ca
Slide 31: Campari debt structure
Campari debt structure Total Long-Term Eurobonds & term loans: €2,180 mln as of 31 December 2025 (gross debt €2,519 million) Historic Debt / Equity Issuances Debt Private Private Private Placement €400m €600m €50m €150m € 550m $420m €400m €550m Issuances Placement Placement $250m@7.6% Eurobond Eurob
Slide 32: 2026 highlights
2026 highlights What’s new? Brand innovation Bolder investments Stronger execution • Portfolio strategy • Additional headcount for Aperol US • New regional structure & team • RTD, RTS, Tap; Sarti Rosa expansion • Step-up in A&P • Enhanced focus on RGM TO continue… Cost discipline Balance sheet focus
Slide 33: Solid start to 2026 with broad based growth in Q1
Solid start to 2026 with broad based Growth in Q1 across regions and houses Net Sales Organic FX Perimeter Total Campari Group € 643 MLN +2.9% - 4.1% - 2.2% - 3.4% REGIONS HOUSES OF BRANDS EUROPE +1.9% APERITIFS +2.1% N. AMERICA +2.2% WHISKEY & RUM -5.0% DEVELOPING +12.7% AGAVE +4.9% MARKETS APAC &
Slide 34: Presentation outline
Presentation outline Group Overview Sector Trends Campari Group Credit Update New Issuance Overview
Slide 35: Transaction Overview – New Issue
Transaction Overview – New Issue Issuer Davide Campari-Milano N.V. Issuer/Issue Rating Not rated Format/Type of Offering Senior, Unsecured Notes/Reg-S, Bearer Currency/Issue Size EUR 500m exp. Tenor 7 years Interest payments Fixed rate, Annual Early repayment options Change of Control Put @100, 3m P
Slide 36: Transaction Overview – Tender Offer
Transaction Overview – Tender Offer Offeror Davide Campari-Milano N.V. Structure Any and all cash tender offer on the EUR 2027 Notes, conditional upon the issue of the New Notes Rationale Proactively manage and optimise the Offeror’s debt maturity profile Amount Notes ISIN Acceptance Amount Purchase
Slide 37: Annex
Annex
Slide 38: New business unit structure
New business unit structure % of Net Sales on Total Group 2025 Organic Net Sales growth (€ mln) vs 2024 North America Europe 1,420 +2.0% 37% Europe 47% North America 1,132 +0.2% Developing Markets 300 +11.4% APAC 200 +4.1% 10% 6% Developing APAC Markets • New business structure in place as of 2026 i
Slide 39: Americas +2% with resilient trend in the US
Americas +2% with a resilient trend in the US and strong growth in the rest of the region more than offsetting significant impact of the hurricane in Jamaica leading to solid share gains Organic Sales Growth FY Q4 AMERICAS Flat trend in 2025 in an ongoing challenging backdrop with Q4 growth of +6% p
Slide 40: EMEA +2% in 2025 with resilient trend and share gains
EMEA +2% in 2025 (+4% in Q4) with resilient trend and share gains across main countries and ongoing geographic expansion Organic Sales Growth FY Q4 Resilient performance supported by solid Q4 growth of +5% despite the persisting challenging market conditions due to excellent execution of winter camp
Slide 41: APAC +4% in 2025 supported by Australia
APAC +4% in 2025 (+3% in Q4) supported primarily by outperformance in Australia Organic Sales Growth ASIA PACIFIC FY Q4 Australia Others 3% 3% Solid +7% growth with accelerating performance in Q4 peak season. Double digit Australia +7% +8% growth in Aperol franchise and Espolòn in 2025 on the back o
Slide 42: House of Aperitifs with solid +2% growth
House of Aperitifs with solid +2% growth primarily driven by Sarti Rosa, Aperol and Crodino Aperol & 0% -5% Organic Sales Growth Aperol Spritz FY 2025 Resilient performance with +1.4% growth. Outperformance in the US with flat HOUSE OF APERITIFS Aperol trend supported by ongoing on-premise focus. Br
Slide 43: House of Whiskey & Rum +2%, House of Agave +3%
House of Whiskey & Rum +2%, House of Agave +3% Organic Sales Growth FY 2025 HOUSE OF WHISKEY & RUM Resilient performance supported primarily by Wild Turkey in the US (+2%) Wild Turkey & Wild Turkey leveraging encouraging results of new campaign as well as GTR and Australia but Russell’s Reserve Jama
Slide 44: House of Cognac & Champagne supported by Courvoisier
House of Cognac & Champagne supported by Courvoisier contribution Organic Sales Growth FY 2025 HOUSE OF COGNAC & CHAMPAGNE Grand Marnier Courvoisier Grand 2025 performance impacted by pricing discipline in a highly competitive -8% market to protect brand equity 4% Other Marnier 5% 1% 10% Courvoisier
Slide 45: 2025 Consolidated P&L
2025 Consolidated P&L change % of which: Organic margin 2025 2024 Total change Organic Perimeter FX change € million % sales € million % sales % bps % % % Net sales 3,051.2 100.0% 3,069.7 100.0% -0.6% 0 +2.4% +0.1% -3.0% COGS (1,211.1) (39.7)% (1,277.4) (41.6)% -5.2% +100 -0.0% -0.5% -4.7% Gross pro
Slide 46: Consolidated balance sheet (1 of 2)
Consolidated balance sheet (1 of 2) Assets 31 December 2025 31 December 2024 Change € million € million € million ASSETS Non-current assets Property, plant and equipment 1,448.8 1,421.3 27.5 Right of use assets 62.3 66.1 (3.8) Biological assets 30.1 30.5 (0.5) Goodwill 2,233.4 2,420.1 (186.7) Brands
Slide 47: Consolidated balance sheet (2 of 2)
Consolidated balance sheet (2 of 2) Liabilities and shareholders’ equity 31 December 2025 31 December 2024 Change € million € million € million LIABILITIES AND SHAREHOLDERS' EQUITY Shareholders' equity - Share capital 36.8 36.1 0.7 - Reserves 3,763.2 2,889.1 874.2 Issued capital and reserves attribu
Slide 48: Reclassified Cash flow statement
Reclassified Cash flow statement 2025 2024 Change € million € million € million EBITDA 715.9 520.0 195.8 (1) Income taxes and other adjustments (63.2) 72.4 (135.6) Cash flow from operating activities before changes in working capital 652.7 592.5 60.2 Changes in net operating working capital 34.8 78.
Slide 49: Thanks.
Thanks. CONTACTS i n v e s t o r. r e l a t i o n s @ c a m p a r i .c o m www.camparigroup.com @camparigroup CampariGroup @camparigroup CampariGroup
Davide Campari-Milano — Debt Investor Presentation (June 2026) on 6ix