Davide Campari-milano N.v. · MIL:CPR
Davide Campari-milano — FY2025 Earnings Presentation
53 slides from Davide Campari-milano's earnings presentation, Mar 4, 2026
Slide 1: 2025 Results Presentation
2025 Results Presentation 4th of March 2026
Slide 2: Cash generative & margin accretive growth: solid delivery
Cash generative & margin solid delivery accretive on Strategic growth priorities 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 margi
Slide 3: Continued topline outperformance despite the challenging backdrop
Continued topline outperformance despite the challenging backdrop Accelerating underlying topline growth in +9% 2025 (excluding Jamaica hurricane impact) 2019-2025 CAGR showing strength of brand portfolio, despite significant volatility in the operating 25.6% environment Pace of underlying growth ex
Slide 4: 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 growth in 2025 • All 4 brand houses with solid growth, House of Cognac & Champagne positively impacted by
Slide 5: Positive organic topline momentum during the year across the main regions
Positive organic topline momentum during the year across the main regions Q1 Q2 Q3 Q4 CAMPARI GROUP EMEA AMERICAS APAC 2025 +2.4% +2.3% +2.1% +4.0% Total 4.4% 4.7% =8 10.9% 3.5% 5.0% 5.6% 6.0% 3.8% 4.0% 4.2% 3.7% 2.6% -1.2% -3.9% -6.5% -4.2% • +2.4% organic growth (Q4: +4.7%) with growth across all
Slide 6: Outperformance and share gain in sell-out across almost all markets
Outperformance and share gain in sell-out across almost all markets in a challenging backdrop US 2025 Value Growth Shipments: 0% EMEA 2025 Value Growth Shipments: +2% Spirits Sector sell-out Campari Group sell-out Aperol, Campari, Espolòn sell-out Spirits Sector sell-out Campari Group sell-out Apero
Slide 7: Americas +2% with a 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%
Slide 8: EMEA +2% in 2025 (+4% in Q4)
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 9: APAC +4% in 2025 (+3% in Q4)
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 10: House of Aperitifs with solid +2% growth
House of Aperitifs with solid +2% growth primarily driven by Aperol, Sarti Rosa and Crodino Aperol & 0% -5% Organic Sales Growth Aperol Spritz FY Q4 Resilient performance with +1.4% growth despite challenging market context with strong Q4 supported by successful de-seasonalisation activations/invest
Slide 11: House of Whiskey & Rum +2%, House of Agave +3%
House of Whiskey & Rum +2%, House of Agave +3% Organic Sales Growth FY Q4 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 Jamai
Slide 12: House of Cognac & Champagne supported by Courvoisier contribution
House of Cognac & Champagne supported by Courvoisier contribution Organic Sales Growth FY Q4 HOUSE OF COGNAC & CHAMPAGNE 2025 performance impacted by pricing discipline in a highly competitive Grand Marnier Courvoisier Grand market to protect brand equity. Q4 benefitting from an easy comparison base
Slide 13: Strongest ever holiday activations across US, UK and Italy
Strongest ever holiday activations across US, UK and Italy
Slide 14: Bold and disruptive activations driving growing awareness and trial
Bold and disruptive activations driving growing awareness and trial Austin, TX LA, CA NYC, NY
Slide 15: Ongoing interim campaigns supporting brand positioning and growth
Ongoing interim campaigns supporting brand positioning and growth 15
Slide 16: +60bps organic EBIT-adj. margin expansion supported by gross margin
+60bps organic EBIT-adj. margin expansion supported by gross margin and cost containment while brand building investments accelerate Net Sales +0% +5% +2% Organic y/y Organic +1% +7% +4% +8% +9% +9% +3% -4% -1% -6% +22% +5% change y/y Organic +40 +150 +100 -120 -80 -100 -60 +190 +70 -130 +260 +60 bp
Slide 17: 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 18: 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 19: 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 20: Update on 2025 strategic priorities
Update on 2025 strategic priorities 20 Quarterly SG&A Organic Growth Trend 15 11.4% 10.9% -1% • Cost containment program on track with +70bps 10 7.7% FY 2025 Cost SG&A benefit on sales in 2025 (+200bps expected 4.2% 5.1% Containment until end-2027 organically) 5 0.9% Program • Declining trend eviden
Slide 21: New business unit structure
New business unit structure 2025 Organic Net Sales growth (€ mln) vs 2024 North America Europe 1,420 +2.0% 37% Europe 47% North America 1,131 +0.2% Developing Markets 300 +11.4% APAC 200 +4.1% 10% 6% Developing APAC Markets • New business structure in place as of 2026 including Europe, North America
Slide 22: Outlook
Outlook
Slide 23: First ever strategy day – November 2025
First ever strategy day – November 2025 23
Slide 24: To win the first, shared drink, every day, everywhere
TO WIN THE FIRST, SHARED DRINK, EVERY DAY, EVERYWHERE
Slide 25: Our ambition = Mid-term guidance
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 26: 2026 highlights
2026 highlights What’s new? Brand innovation Bolder investments Stronger execution • Portfolio strategy • +21 HC for Aperol US push • 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 • SG&A &
Slide 27: 2026 Outlook
2026 Outlook • Industry outperformance with pace of underlying growth expected to continue in 2026 on track to reach mid-to-high single digit topline growth in the medium term, assuming challenging but stable operating environment • Contained organic accretion in EBIT-adj. margin with skew into H2 d
Slide 28: Annex
Annex
Slide 29: US Tariff impact
US Tariff impact Scenario 2025 Actual 2026 Expectation EU 15% c. 39% of US (for 2025, c. €27 mln business 10% until August) €11 mln Jamaica c. €3 mln c. 3% of US 10% business Mexico & Canada USMCA - - c. 30% of US exemption business 29
Slide 30: 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 31: Q4 2025 Consolidated P&L
Q4 2025 Consolidated P&L change % of which: Organic margin Q4 2025 Q4 2024 Total change Organic Perimeter FX change € million % sales € million % sales % bps % % % Net sales 770.4 100.0% 792.7 100.0% -2.8% +4.7% -2.8% -4.7% COGS (326.6) (42.4)% (352.4) (44.5)% -7.3% +120 +1.8% -4.6% -4.5% Gross prof
Slide 32: Net sales by region & key market
Net sales by region & key market 2025 2024 change % of which: € million % sales € million % sales Total Organic Perimeter FX AMERICAS 1,337.5 43.8% 1,388.5 45.2% -3.7% +2.1% +0.2% -6.0% USA 837.8 27.5% 860.2 28.0% -2.6% +0.0% +1.6% -4.2% Jamaica 133.5 4.4% 148.2 4.8% -9.9% +0.6% -5.0% -5.6% Other co
Slide 33: Growth across all regions and brand houses
Growth across all regions and brand houses 2025 reported net sales of €3,051 mln with -0.6% total growth of which +2.4% organic (CAGR vs 2019: +9%), +0.1% perimeter impact of €2 mln mainly driven by Courvoisier until April net of disposals and agency brands with -3.0% FX effect of €(93) mln mainly d
Slide 34: Net sales and EBIT-adj. restatement for comparison purposes
Net sales and EBIT-adj. restatement for comparison purposes following the new regional structure for the year Developing ended 31 Published North America Europe Asia-Pacific Total markets December 2025 € million € million € million € million € million € million Americas 1,337.5 1,131.5 - - 206.0 EME
Slide 35: EBIT-adjusted margin supported by resilient trend
EBIT-adjusted margin supported by resilient trend in the Americas and EMEA while APAC impacted by planned business investments 2025 margin growth drivers Regional Weight in Group EBIT-adj. Net sales EBIT-adj. Organic bps impact vs 2024 EBIT-adj. organic organic margin EBIT-adj. Gross growth growth A
Slide 36: EBIT-adjusted by region
EBIT-adjusted by region 2025 2024 change % of which: € million % sales € million % sales Total Organic Perimeter FX AMERICAS Net sales 1,337.5 100.0% 1,388.5 100.0% -3.7% +2.1% +0.2% -6.0% Gross profit 772.5 57.8% 766.0 55.2% +0.9% +4.2% +0.6% -4.0% A&P (241.5) -18.1% (243.3) -17.5% -0.7% +4.4% +1.0
Slide 37: Group pre-tax profit
Group pre-tax profit 2025 2024 Change Change € million % sales € million % sales % € million EBIT-adj. 636.9 20.9% 604.9 19.7% +5.3% 31.9 Other operating income (expenses) (124.6) (4.1)% (212.6) (6.9)% -41.4% 88.0 Other income (expenses) from business disposals 55.3 1.8% - - - 55.3 Operating profit
Slide 38: Group net profit-adjusted
Group net profit-adjusted 2025 2024 Change € million Adjusted Adjustments Reported Adjusted Adjustments Reported Adjusted Reported Pre-tax profit 534.4 (74.1) 460.3 522.8 (267.2) 255.6 +2.2% +80.1% (1) Taxation (161.5) 34.3 (127.3) (155.7) 92.8 (63.0) +3.7% +102.2% Net profit 372.9 (39.8) 333.1 367.
Slide 39: 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 40: 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 41: Effective management of Operating Working Capital
Effective management of Operating Working Capital € mln Total change: €(122.7) mln 1,456.3 (34.8) (78.1) 1,333.6 (9.8) OWC at 31 December 2024 Organic FX Perimeter OWC at 31 December 2025 % on rolling 47.4% 43.7% net sales • OWC as % of net sales at 43.7% as of 2025, down from 47.4% in 2024 • OWC de
Slide 42: Capex program in late stage of finalisation
Capex program in late stage of finalisation 2025 2024 2023 2022 2026 Guidance € million € million € million € million € million Total CAPEX 269.6 440.5 295.7 213.3 Maintenance CAPEX 127.1 139.8 112.4 107.5 c.4% of sales % of sales 4.2% 4.6% 3.9% 4.0% Extraordinary CAPEX 142.5 300.7 183.3 105.8 c. €1
Slide 43: Net debt supported by positive cash flow performance
Net debt supported by positive cash flow performance 3.2x 2.5x Total: €(418.8) mln € million (340.3) 78.0 (100.3) (56.3) 2,376.9 1,958.0 Net debt at FCF Dividend Net impact of Other including fx Net debt at 31 December 2024 disposal and put option 31 December 2025 • Net financial debt at €1,958.0 ml
Slide 44: Leverage ratio down to 2.5x supported by solid profitability
Leverage ratio down to 2.5x supported by solid profitability 31 December 30 September 30 June 31 December Change vs Change vs Change vs € million 2025 2025 2025 2024 Sept’25 June’25 Dec’24 Short-term cash (debt) 380.1 170.7 118.1 336.9 209.4 261.9 43.2 - Cash and cash equivalents 703.3 509.2 476.3 6
Slide 45: Financial debt
Financial debt Eurobond and Term loan composition as of 31 December 2025 Outstanding nominal Outstanding nominal Issue date Maturity Type Currency Coupon Original tenor As % of total amount (LC million) amount (€ million) Oct 6, 2020 Oct-27 Unrated Eurobond EUR 1.25% 550 550 7 years 25.2% Dec 6, 202
Slide 46: 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 47: 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 48: Exchange rates effects
Exchange rates effects Average exchange rates Period end exchange rate 2025 2024 Change 31 December 2025 31 December 2024 Change US Dollar 1.129 1.082 -4.2% 1.175 1.039 -11.6% Canadian Dollar 1.578 1.482 -6.1% 1.609 1.495 -7.1% Jamaican Dollars 179.717 169.267 -5.8% 186.719 161.513 -13.5% Mexican pe
Slide 49: EPS adjusted: basic and diluted
EPS adjusted: basic and diluted 2025 2024 Adjusted Reported Adjusted Reported € million € million € million € million Group net profit-adj. € million 386.1 376.0 Group net profit 346.3 201.6 Weighted average of ordinary share outstanding number 1,200,288,280 1,200,346,949 Basic earnings per share €
Slide 50: Shareholding structure
Shareholding structure As of 31 December 2025 Total Ordinary Total Special Voting % of Ordinary Shares and Shares + Special Voting (1) Special Voting Special Voting Shares A + Special Special Voting Shares A Shareholders Ordinary Shares % of Ordinary Shares Shares A+ Special Shares A (2) Shares B Vo
Slide 51: ESG: Strong track record of continuous improvement
ESG: Strong track record of continuous improvement with a clear roadmap, ambitious targets and focus areas for the future • CDP Climate & water questionnaires both with A- (Leadership level) • S&P Global rating increased by +15 points to 62/100, +25 points above industry average Key 2025 • ISS ESG C
Slide 52: Disclaimer
Disclaimer This document contains forward-looking statements that relate to future events and future operating, economic and financial results of Campari Group. By their nature, forward-looking statements involve risk and uncertainty because they depend on the occurrence of future events and circums
Slide 53: 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