Davide Campari-milano N.v. · MIL:CPR
Davide Campari-milano — H1 2026 Earnings Presentation
38 slides from Davide Campari-milano's earnings presentation, Jul 29, 2026
Slide 1: H1 2026 Results
H1 2026 RESULTS First Half ended 30 June 2026 Investor Presentation 29 JULY 2026
Slide 2: Solid start to peak season confirming growth trajectory
EXECUTIVE SUMMARY Solid start to peak season confirming growth trajectory P&L Organic topline +2.7% in H1 (Q2 +2.5%), also supported by Outperformance aperitif innovation pipeline. Ongoing outperformance on sell-out across the board Solid gross +130bps organic accretion mainly driven by positive mar
Slide 3: Growth broad based across regions and houses
GROUP NET SALES Growth broad based across regions and houses Net Sales Organic FX Perimeter Total Campari Group €1,512 MLN +2.7% - 1.8% - 2.0% - 1.0% REGIONS HOUSES OF BRANDS EUROPE +1.9% APERITIFS +4.0% N. AMERICA +2.6% WHISKEY & RUM - 6.0% DEVELOPING +9.1% AGAVE +6.9% MARKETS APAC & GTR 0.0% COGNA
Slide 4: Ongoing outperformance in sell-out
SELL - OUT Ongoing outperformance in sell - out US Value Growth Europe Value Growth Spirits Sector sell-out Campari Group sell-out Aperol, Campari, Espolòn sell-out Spirits Sector sell-out Campari Group sell-out Aperol, Campari & Sarti Rosa % of Aperol, Campari, Espolòn in total % of Aperol, Campari
Slide 5: Europe: Solid performance driven by aperitif portfolio & convenience strategy
EUROPE Solid performance driven by aperitif portfolio & convenience strategy Key Highlights Composition and Organic Growth (H1) • Growth almost across the board including positive Italy, strong UK 17% and continued expansion into seeding markets. Germany Organic Growth +1.9% impacted by consumer pre
Slide 6: North America: Growth driven by strong performance of priority brands
NORTH AMERICA Growth driven by strong performance of priority brands Key Highlights Composition and Organic Growth (H1) • Solid momentum in the US in priority brands especially in the on- premise. Strong growth in Aperol supported by focused 26% Organic Growth +2.6% investments and high single digit
Slide 7: Developing Markets: Widespread growth across the region
DEVELOPING MARKETS Widespread growth across the region Key Highlights Composition and Organic Growth (H1) • Brazil driven by strong momentum of Aperol, partially offset by some phasing in Campari Organic Growth +9.1% 4% • Argentina benefitting from ongoing strength of SKYY Cosmic off 2% Brazil +2.3%
Slide 8: APAC & GTR: Resilient trend with solid performance in Australia and GTR
APAC & GTR Resilient trend with solid performance in Australia and GTR Key Highlights Composition and Organic Growth (H1) • Solid momentum in Australia despite high comparison base of +10% driven by double digit growth in both Aperol and Espolòn, Organic Growth 0.0% partially offset by flattish Wild
Slide 9: House of Aperitifs: Accelerating growth into peak season
HOUSE OF BRANDS Accelerating growth into peak season supported by excellent execution, brand investments and innovation Aperitifs Key Highlights Composition • Aperol benefitting from positive trend in bottle amplified by Organic Growth +4.0% launch of innovations as part of convenience strategy, 29%
Slide 10: Aperol entire format line-up and roll-out
APEROL DEEP - DIVE Aperol entire format line - up and roll - out Bottle RTS Tap To Go Can To Go Bottle 2011 Italy Summer 2026 Launch 1919 April 2026 TBC 2022 outside of Italy (pilot in 2025) 2 key markets, 9 UK, Belgium, Selected seeding Where Globally 15 seeding markets European markets Austria, GT
Slide 11: Whiskey & Rum and Agave houses
HOUSE OF BRANDS Wild Turkey mainly impacted by demand - led supply constraints and South Korea; Strong growth in Espol òn continuing Whiskey & Rum Agave Composition Composition Organic Growth - 6.0% Organic Growth +6.9% Wild Turkey & - 6.6% Espol òn +8.2% Russell’s Reserve 9% 12% 4% Jamaican Rums +0
Slide 12: US Espolòn deep-dive: Strong outperformance and ample room for growth
US ESPOL Ò N DEEP - DIVE Strong outperformance and ample room for growth Ongoing share gains Further opportunities to unlock Pack innovation 17th rank 6th rank (1.1% market share) (4.4% market share) CAGR 2015-22 2022-25 NEW +24% +2% 10% of US tequila <375ml and growing rapidly Espolòn +18% +5% #2 i
Slide 13: Growth in Cognac & Champagne as well as Local Brands
HOUSE OF BRANDS Growth in Cognac & Champagne as well as Local Brands Cognac & Champagne Local Brands Composition Composition 4% Organic Growth +4.6% Organic Growth +2.9% 16% Courvoisier +6.3% SKYY +5.7% 8% 4% 20% of total Grand Marnier +5.0% of total Other brands +2.3% 4% Group Sales 0% 0.4% Group S
Slide 14: +130bps organic EBIT-adj. margin expansion
MARGIN EVOLUTION +130bps organic EBIT - adj. margin expansion supported by pull - forward of gross margin benefit with A&P and SG&A as planned • Solid accretion in gross margin (+130bps organic) supported Organic by a combination of positive mix due to the solid performance change y/y +4.8% +5.9% +0
Slide 15: Positive evolution in P&L supported by business momentum
P&L Positive evolution in P&L supported by business momentum Annual change H1 2026 Adjusted Adjustments Reported Adjusted Reported • Group net profit-adj. +4.7% mainly driven by positive € mln € mln € mln % % Net Sales 1,512 1,512 -1.0% -1.0% evolution of EBIT-adj. and favorable financial expenses E
Slide 16: Solid balance sheet indicators
BALANCE SHEET Solid balance sheet indicators OWC % of net sales OWC change Solid management of 52% € 12 mln OWC as % of sales at 52%, similar to same period last year and seasonally higher Operating Working (vs 51% on 30 Jun 2025, increase vs 30 Jun 2025 vs year-end mainly due to build-up of finishe
Slide 17: 2026 so far – doing exactly what we said we would do
2026 so far – doing exactly what we said we would do What’s new? Brand innovation Bolder investments Stronger execution • Fewer bigger bets • +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 dis
Slide 18: Ongoing portfolio streamlining
Ongoing portfolio streamlining Disposals 4% of portfolio disposed 2026 Newly signed – expected closing end-2026 Amaro and myrtle liqueur Rhum agricole Cognac and tequila 1% of Group Net Sales <1% of Group Net Sales <1% of Group Net Sales 2025 derrimut Vermouth & Sparkling Wine E-comm. platform Austr
Slide 19: 2026 outlook updated with incremental uplift to EBIT-adj. margin
OUTLOOK 2026 outlook updated with incremental uplift to EBIT - adj. margin + = vs previous full year guidance • Confirmed industry outperformance with c.3% organic topline growth • Raised organic accretion expectation in EBIT-adj. margin o+ Additional c.€10 mln benefit from more favourable tariff en
Slide 20: Annex
CAMPARINO IN GALLERIA EUROPES BEST BARS 2026 Perrier Y
Slide 21: Net sales organic growth and composition
ANNEX Net sales organic growth and composition Net Sales Organic FX Perimeter Total Campari Group €1,512 MLN +2.7% - 1.8% - 2.0% - 1.0% REGIONS BRANDS Weight H1 2026 H1 2025 CAGR ‘19 Weight H1 2026 H1 2025 CAGR ‘19 Europe 46% +1.9% +0.1% +8.9% House of Aperitifs 49% +4.0% +2.0% +12.1% North America
Slide 22: Net sales by Region
ANNEX Net sales by Region H1 2026 H1 2025 change % of which: € mln % sales € mln % sales Total Organic Perimeter FX Europe 698 46.2% 695 45.5% +0.5% +1.9% -1.6% +0.2% Italy 259 17.2% 258 16.9% +0.7% +1.4% -0.8% +0.0% Germany 113 7.5% 120 7.8% -5.2% -2.7% -2.5% +0.0% France 86 5.7% 85 5.6% +0.8% +0.9
Slide 23: Net sales by House
ANNEX Net sales by House H1 2026 H1 2025 change % of which: € mln % sales € mln % sales Total Organic Perimeter FX House of Aperitifs 741 49.0% 718 47.0% +3.2% +4.0% +0.0% -0.8% Aperol Franchise 438 29.0% 428 28.0% +2.3% +3.3% +0.0% -0.9% Campari Franchise 173 11.5% 171 11.2% +1.5% +2.3% +0.0% -0.8%
Slide 24: Net sales quarterly progression
ANNEX Net sales quarterly progression Net Sales 2025 2026 € mln Q1 Q2 H1 Q3 9M Q4 FY Q1 Q2 H1 Europe 272 423 695 334 1,029 337 1,366 275 423 698 North America 262 305 567 286 853 279 1,132 242 305 547 Developing Markets 74 75 148 68 216 84 300 78 83 162 Asia-Pacific>R 58 60 118 64 183 71 254 48 58
Slide 25: Consolidated P&L
ANNEX Consolidated P&L change % of which: Organic margin H1 2026 H1 2025 Total change Organic Perimeter FX change € mln % sales € mln % sales % bps % % % Net sales 1,512 100.0% 1,528 100.0% -1.0% 0 +2.7% -2.0% -1.8% COGS (566) (37.4)% (594) (38.9)% -4.7% +130 -0.6% -3.6% -0.6% Gross profit 946 62.6%
Slide 26: EBIT-adj. by region
ANNEX EBIT - adj. by region Organic margin H1 2026 H1 2025 change change % of which: € mln % sales € mln % sales bps Total Organic Perimeter FX Europe Net sales 698 100% 695 100% +0.5% +1.9% -1.6% +0.2% EBIT-adj. 177 25% 168 24% +100 +5.4% +6.3% -1.8% +1.0% North America Net sales 547 100% 567 100%
Slide 27: Group net profit adjusted
ANNEX Group net profit adjusted H1 2026 H1 2025 Change € mln Adjusted Adjustments Reported Adjusted Adjustments Reported Adjusted Reported Pre-tax profit 314 (104) 211 304 (10) 294 +3.3% -28.3% (1) Taxation (88) 6 (82) (89) 1 (88) -1.2% -7.4% Net profit 226 (98) 129 215 (10) 206 +5.1% -37.3% Non-con
Slide 28: Consolidated balance sheet (1 of 2)
ANNEX ASSETS Consolidated balance sheet (1 of 2) 30 June 2026 31 December 2025 Change € mln € mln € mln ASSETS Non-current assets Property, plant and equipment 1,476 1,449 27 Right of use assets 63 62 0 Biological assets 18 30 (12) Investment properties — — — Goodwill 2,272 2,233 39 Brands 1,126 1,1
Slide 29: Consolidated balance sheet (2 of 2)
ANNEX LIABILITIES AND SHAREHOLDERS’ EQUITY Consolidated balance sheet (2 of 2) 30 June 2026 30 June 2025 Change € mln € mln € mln LIABILITIES AND SHAREHOLDERS' EQUITY Shareholders' equity - Share capital 37 36 1 - Reserves 3,763 2,889 874 Issued capital and reserves attributable to shareholders of t
Slide 30: Reclassified cash flow statement
ANNEX Reclassified cash flow statement H1 2026 H1 2025 Change € mln € mln € mln EBITDA 322 416 (94) Income taxes and other adjustments (1) (32) (59) 27 Cash flow from operating activities before changes in working capital 290 357 (67) Changes in net operating working capital (254) (190) (64) Cash fl
Slide 31: Operating working capital
ANNEX Operating working capital 12 Change vs 31 December 2025 30 June 31 December 30 June 2026 2025 2025 Total Organic Perimeter FX € mln 246 € mln % sales € mln % sales € mln % sales € mln € mln € mln € mln 1,568 254 29 1,580 Trade receivables 416 13.7% 327 10.7% 408 13.3% 89 80 (1) 10 1,334 (37) T
Slide 32: CAPEX
ANNEX CAPEX € mln H1 2026 H1 2025 2025 2024 2023 2022 2026 Guidance Total CAPEX 75 82 271 441 296 213 Maintenance CAPEX 41 43 127 140 113 107 c.4% of sales % of sales 2.7% 2.8% 4.2% 4.6% 3.9% 4.0% Extraordinary CAPEX 34 39 143 301 183 106 c. €100 mln with tail New HQ 10 3 11 97 18 - of program final
Slide 33: Free cash flow
ANNEX Free cash flow H1 2026 H1 2025 Change Change Total Recurring Total Recurring Total Recurring € mln € mln € mln € mln € mln % € mln % EBITDA 322 416 (94) -22.7% EBITDA-adj. 430 427 3 +0.8% (1) Taxes paid & Other (32) (72) (59) (30) 27 (42) Taxes paid (59) (59) (21) (21) (38) (38) Other (1) 27 (
Slide 34: Net debt
ANNEX Net debt Breakdown of Change in Net Debt (€ mln) Net Debt (€ mln) +110 400 322 1,958 2,068 200 (32) 0 (254) 96 (39) (75) (78) (8) (110) -200 (120) H1 2026 Taxes paid OWC Net interest CAPEX FCF Dividend Net impact Other Total net 31 December 30 June EBITDA & other paid (1) of disposals includin
Slide 35: Financial debt
ANNEX Financial debt Eurobond and Term Loan Composition (30 June 2026) Original nominal Outstanding nominal Outstanding nominal Issue date Maturity Type Currency Coupon Original tenor As% of total amount (LC mln) amount (LC mln) amount (€ mln) Oct 6, 2020 Oct-27 Unrated Eurobond EUR 1.25% 550 254 25
Slide 36: Shareholding structure (30 June 2026)
ANNEX Shareholding structure (30 June 2026) Total Ordinary Total Special Voting % of Ordinary Shares and Shares + Special Voting Special Voting Special Voting Shares A + Special Special Voting Shares A Shareholders Ordinary Shares (1) % of Ordinary Shares Shares A+ Special Shares A (2) Shares B Voti
Slide 37: Exchange rate effects
ANNEX Exchange rate effects Average exchange rates Period end exchange rates H1 2026 H1 2025 Change 30 June 2026 30 June 2025 Change US Dollar 1.167 1.093 -6.3% 1.139 1.175 +3.1% Canadian Dollar 1.608 1.540 -4.2% 1.622 1.609 -0.8% Jamaican Dollars 183.626 172.687 -6.0% 179.213 186.719 +4.2% Mexican
Slide 38: Disclaimer
Disclaimer This document contains certain forward-looking statements relating to Campari Group. All statements included in this document concerning activities, events or developments that we expect, believe or anticipate will or may occur in the future are forward-looking statements. Forward-looking
Davide Campari-Milano — H1 2026 Earnings Presentation on 6ix