Davide Campari-milano N.v. · MIL:CPR
Davide Campari-milano — Q1 2025 Earnings Presentation
31 slides from Davide Campari-milano's earnings presentation, May 8, 2025
Slide 1: Results Presentation First Quarter ended 31st March 2025
Results Presentation First Quarter ended 31st March 2025 8th of May 2025
Slide 2: Prudent approach in the current uncertain environment
Prudent approach in the current uncertain environment with continuous focus on long-term brand building and solidity of the business • Soft start to the year as expected in a backdrop of heightened macroeconomic volatility in our smallest and lowest seasonality quarter, impacted also by Easter timin
Slide 3: Net sales drivers in Q1
Net sales drivers in Q1 Q1 organic change contribution % absolute Net sales -4.2% -€28 mln Easter timing -1.5% -€10 mln €21 million phasing impacts, to reverse in the remainder of the year US logistic delays -1.6% -€11 mln LSD negative underlying performance impacted Underlying performance -1.1% -€7
Slide 4: Outperformance in sell-out across almost all markets
Outperformance in sell-out across almost all markets, especially with strong bounce back in April in markets impacted by Easter timing and ongoing strong focus on price/mix in an uncertain market backdrop US EMEA Outperformance vs Spirits Sector Shipments Campari Group Spirits Sector Spirits Sector
Slide 5: Performance impacted by uncertain macroeconomic environment
Performance impacted by uncertain macroeconomic environment, Easter timing, phasing and logistic delays Q1 2025 net sales with +0.3% total growth of which -4.2% organic (CAGR vs 2019: +9%), +4.3% perimeter impact (€29 million) mainly driven by Courvoisier (€32 million1) and +0.2% FX effect ( €1 mill
Slide 6: Americas -6% mainly due to weak operating environment
Americas -6% mainly due to impact of weak operating environment and logistic delays in the US Weight in Organic Sales Growth Sales Q1 CAGR ‘19 AMERICAS Highly volatile operating environment and threat of tariffs leading to destocking, mainly in SKYY, USA 29% -11% +5% Grand Marnier and Wild Turkey. E
Slide 7: EMEA -4% impacted by Easter timing in aperitifs
EMEA -4% impacted by Easter timing in aperitifs mainly in core Italy and Germany Weight in Organic Sales Growth Sales Q1 CAGR ‘19 Easter timing impacting most aperitifs while Aperol remaining resilient supported by Italy 16% -3% +6% dedicated activations on an easy comparison base. Flat performance
Slide 8: APAC +11% mainly driven by excellent execution
APAC +11% mainly driven by excellent execution in peak season in Australia as well as positive trends in China and South Korea Weight Organic Sales Growth in Sales Q1 CAGR ‘19 ASIA PACIFIC Excellent execution in aperitifs at the Australian Open with accelerated focus on on-premise Australia 4% +16%
Slide 9: Houses of Brands structure
H O U S E S O F B R A N D S S T R U C T U R E A P E R I T I F S W H I S K E Y & R U M Aperol | Campari | Sarti Rosa | Crodino | Picon | Cynar | Wild Turkey | Russell’s Reserve | American Honey | The Glen Grant | Campari Soda | Aperol Spritz Wilderness Trail | Appleton Estate | Wray & Nephew | Wild T
Slide 10: House of Aperitifs resilient with -1%
House of Aperitifs resilient with -1% despite Easter timing Weight in Organic Sales Growth Sales Q1 CAGR ‘19 HOUSE OF APERITIFS Solid growth in the Americas (+8%) offset by Easter timing impact in EMEA. US flat despite high Aperol 23% 0% +17% comparison base (+15% in Q1 2024) with 2-year stack at +7
Slide 11: House of Whiskey & Rum -2%, House of Agave -2%
House of Whiskey & Rum -2%, House of Agave -2% Weight in Organic Sales Growth HOUSE OF WHISKEY & RUM Sales Q1 CAGR ‘19 Wild Turkey Soft trend in core US offsetting solid growth in APAC, including core Australia and South Korea, as & Russell’s 6% -6% +8% well as EMEA off a small base. Russell’s Reser
Slide 12: House of Cognac & Champagne impacted by challenging environment
House of Cognac & Champagne impacted by challenging operating environment with ongoing focus on Courvoisier positioning Weight in Organic Sales Growth HOUSE OF COGNAC & Sales Q1 CAGR ‘19 CHAMPAGNE Grand Negative performance driven by core US mainly due to logistic delays as well as some 4% -12% -3%
Slide 13: Simon with Camparistas around the world
Simon with Camparistas around the world 13
Slide 14: Update on strategic priorities
Update on strategic priorities • Strong focus in the organisation on building the strategic roadmap ahead. Houses focused on the consumer/brand Strategy and Regions focused on the customer/activations Definition • Definition of portfolio strategy and brand ambition, focusing on key brand-market comb
Slide 15: Australian Open Takeover & Full 360 activations
Australian Open Takeover & Full 360 activations 15
Slide 16: Alps Takeover in on-premise outlets in ski resorts
Alps Takeover in more than 100 on-premise outlets in 24 ski resorts 16
Slide 17: Partnership with THE ICE including activations
Partnership with THE ICE including Aperol, Campari and Lallier activations 17
Slide 18: Campari: Berlinale, Ostend Film Festival, SAG Awards
Campari: Berlinale, Ostend Film Festival, SAG Awards
Slide 19: EBIT-adj. impacted mainly by SG&A and A&P phasing
EBIT-adj. impacted mainly by carryover effect of SG&A and A&P phasing despite flat gross margin in a small quarter Net Sales Gross Profit A&P CAAP SG&A EBIT-adj. FX & EBIT-adj. Perimeter reported Organic Growth -4.2% -4.3% +2.4% -6.1% +5.1% -17.2% +7.1% -10.2% 151.5 10.7 136.1 -16.5 -2.1 -7.6 flat -
Slide 20: Group pre-tax profit
Group pre-tax profit Q1 2025 Q1 2024 Change Change € million % sales € million % sales % € million EBIT-adj. 136.1 20.4% 151.5 22.8% (10.2)% (15.4) Operating adjustments (7.0) (1.1)% (2.2) (0.3)% 215.7% (4.8) Operating profit = EBIT 129.1 19.4% 149.2 22.5% (13.5)% (20.2) Financial income (expenses)
Slide 21: Net debt relatively stable vs year-end 2024
Net debt relatively stable vs year-end 2024 with leverage at 3.4x € million 31 March 2025 31 December 2024 Change Short-term cash (debt) 231.2 336.9 (105.7) - Cash and cash equivalents 586.7 666.3 (79.6) - Bonds - - - - Bank loans (324.8) (289.6) (35.2) - Others financial assets and liabilities (30.
Slide 22: Outlook
Outlook
Slide 23: Outlook
Outlook Current uncertain macroeconomic environment and low visibility leading to continued economic pressure on consumers and uncertainty on trade in connection with tariffs In this backdrop, we remain prudent for the short-term with focus on what we can control (effective balance sheet and cost ma
Slide 24: Annex
Annex
Slide 25: Q1 2025 Consolidated P&L
Q1 2025 Consolidated P&L change % of which: Organic margin Q1 2025 Q1 2024 Total change Organic Perimeter FX change € million % sales € million % sales % bps % % % Net sales 665.6 100.0% 663.5 100.0% 0.3% -4.2% 4.3% 0.2% COGS (274.4) (41.2)% (276.3) (41.6)% (0.7)% 0 -4.2% 6.3% -2.8% Gross profit 391
Slide 26: Net sales by region & key market
Net sales by region & key market Q1 2025 Q1 2024 change % of which: € million % sales € million % sales Total Organic Perimeter FX AMERICAS 315.0 47.3% 321.4 48.4% (2.0)% (6.5)% 4.1% 0.4% USA 192.9 29.0% 193.9 29.2% (0.5)% (10.6)% 7.3% 2.8% Jamaica 34.9 5.2% 34.5 5.2% 1.3% 4.5% (5.3)% 2.0% Other cou
Slide 27: Financial debt
Financial debt Eurobonds and Term loans composition as of 31 March 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 23.3% Dec 6, 2022
Slide 28: Exchange rates effects
Exchange rates effects Average exchange rates Period end exchange rate Q1 2025 Q1 2024 Change 31 March 2025 31 December 2024 Change US Dollar 1.052 1.086 3.2% 1.082 1.039 (3.9)% Canadian Dollar 1.511 1.464 (3.1)% 1.553 1.495 (3.8)% Jamaican Dollars 165.265 168.687 2.1% 170.289 161.513 (5.2)% Mexican
Slide 29: Shareholding structure
Shareholding structure As of 31 March 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 Votin
Slide 30: 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 31: 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
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