Davide Campari-milano N.v. · MIL:CPR
Davide Campari-milano — Q3 2025 Earnings Presentation
33 slides from Davide Campari-milano's earnings presentation, Oct 29, 2025
Slide 1: Results Presentation First Nine Months ended 30th September 2025
Results Presentation First Nine Months ended 30th September 2025 29th of October 2025
Slide 2: Performance on-track with continued outperformance
Performance on-track with continued outperformance Industry outperformance continuing albeit with impact of challenging environment across all regions Solid profitability progression supported by gross margin accretion and visible SG&A savings more than offsetting ongoing increase in brand building
Slide 3: Despite the challenging operating backdrop, we continue to grow organically across all regions
Despite the challenging operating backdrop, we continue to grow organically across all regions with solid momentum 9M 24 9M 25 Q1 Q2 Q3 CAMPARI GROUP EMEA AMERICAS APAC Underlying performance +2% -1% +2% +4.4% 4.4% 10.9% 3.5% 2.1% 5.0% 6.0% 1.5% 3.8% 4.0% 3.7% -1.2% -3.9% -6.5% -4.2% Net sales at €2
Slide 4: Outperformance in sell-out across almost all markets during peak season in Q3
Outperformance in sell-out across almost all markets during peak season in Q3 in a challenging backdrop US 9M Value Growth EMEA 9M Value Growth Outperformance vs Spirits Sector Shipments Spirits Sector sell-out Campari Group sell-out Campari Spirits US -2% Nielsen Nielsen Shipments Group Sector NABC
Slide 5: Americas +1% supported by acceleration in Q3 (+5%)
Americas +1% supported by acceleration in Q3 (+5%) with solid trend across the region Organic Sales Growth 9M Q3 AMERICAS 9M performance supported by positive trend in Q2 (+3%) and Q3 (+1%) in an ongoing challenging USA -2% +1% backdrop but offset by destocking impact in Q1. 9M trend mainly driven b
Slide 6: EMEA +2% in 9M (+4% in Q3) with broad-based growth
EMEA +2% in 9M (+4% in Q3) with broad-based growth across almost all countries Organic Sales Growth 9M Q3 Trend impacted by challenging market conditions in the on-premise due to pressured Italy -2% -3% consumer leading to impact on Aperol. Portfolio approach driving resilience with growth across ot
Slide 7: APAC +5% in 9M (+6% in Q3) supported by positive momentum
APAC +5% in 9M (+6% in Q3) supported by positive momentum across the region Organic Sales Growth ASIA PACIFIC 9M Q3 Australia Others 3% Solid +6% growth in 9M with Q3 performance incorporating +15% growth in Aperol 3% supported by strong focus on activations and +12% growth in Espolòn bottle/RTD, Au
Slide 8: House of Aperitifs resilient with +1% growth in 9M
House of Aperitifs resilient with +1% growth in 9M primarily driven by Sarti Rosa and Aperol Spritz Aperol & 0% -5% Organic Sales Growth Aperol Spritz 9M Q3 HOUSE OF APERITIFS Trend impacted by challenging market context in Italy due to pressured on-premise, Aperol -1% -6% Germany due to impact of d
Slide 9: Aperol geographic expansion and out-performance in sell-out continuing
Aperol geographic expansion and out-performance in sell-out continuing across key markets Rapid expansion in 11 seeding Solid performance in sell-out despite markets challenging context • 11 countries representing 12% of Q3 Org. Aperol top-line growing double-digit Outperformance vs Category Growth
Slide 10: House of Whiskey & Rum +5%, House of Agave +3% in 9M
House of Whiskey & Rum +5%, House of Agave +3% in 9M Organic Sales Growth 9M Q3 HOUSE OF WHISKEY & RUM Wild Turkey Strong growth in Q3 in core US benefitting from stock availability and encouraging Wild Turkey & results of new campaign, South Korea as well as China off a small base. Russell’s Russel
Slide 11: House of Cognac & Champagne supported by Courvoisier contribution
House of Cognac & Champagne supported by Courvoisier contribution Organic Sales Growth 9M Q3 HOUSE OF COGNAC & CHAMPAGNE Grand Marnier Courvoisier Grand Stabilising performance in Q3, also supported by an easy comparison base (Q3 -14% -1% 2024: -5%) with focus on pricing in a highly competitive mark
Slide 12: 2025 Aperol Summer Activations & US Open
2025 Aperol Summer Activations & US Open 12
Slide 13: Partnership with Film Festivals and annual Negroni Week
Partnership with Film Festivals: Venice (8th year), Locarno (5th year) and Toronto (2nd year); and annual Negroni Week
Slide 14: Espolòn summer activations
ESPOLON Espolon summer activations TEQUILA
Slide 15: Wild Turkey New Marketing Campaign
Wild Turkey New Marketing Campaign
Slide 16: Update on strategic priorities
Update on strategic priorities Strategy • Strategy Day upcoming on 6-7 November 2025 in Milan Update 20 Quarterly SG&A Organic Growth Trend 15 10.9% 11.4% Cost • Cost containment program on track to yield 50bps benefit 10 7.7% Containment on sales in 2025 (200bps in 3 years on an organic basis) 4.2%
Slide 17: Flat 9M EBIT-adj. margin supported by gross margin accretion and cost containment
Flat 9M EBIT-adj. margin supported by gross margin accretion and cost containment benefits, offset by brand building investments as planned 9M Q3 Net Sales FX & Perimeter +80bps FX & Perimeter +80bps +2% -4% +3% +4% Reported EBIT-adj. +80bps Reported EBIT-adj. +350bps Organic y/y Organic +3% -4% +5%
Slide 18: Group pre-tax profit
Group pre-tax profit 9M 2025 9M 2024 Change Change € million % sales € million % sales % € million EBIT-adj. 517.4 22.7 % 499.4 21.9 % 3.6 % 18.0 Operating adjustments (41.9) (1.8)% (30.9) (1.4)% 35.5 % (11.0) EBIT 475.5 20.8 % 468.5 20.6 % 1.5 % 7.0 Financial income (expenses) (80.4) (3.5)% (57.7)
Slide 19: Leverage ratio down to 2.9x supported by solid profitability
Leverage ratio down to 2.9x supported by solid profitability 30 September 30 June 30 December 30 September Change vs Change vs Change vs € million 2025 2025 2024 2024 June’25 Dec’24 Sept’24 Short-term cash (debt) 170.7 118.1 336.9 173.8 52.6 (166.2) (3.1) - Cash and cash equivalents 509.2 476.3 666.
Slide 20: Outlook
TEQUILA cot he foc DrinkWise.org.au Outlook
Slide 21: Outlook
Outlook Resilient growth performance in an ongoing challenging backdrop with continued outperformance in sell-out across key markets. Solid profitability supported by focus on what we can control (effective balance sheet and cost management as well as commercial execution and pricing discipline with
Slide 22: See you at our Campari Group Strategy Day on 6-7 November!
See you at our Campari Group Strategy Day on 6-7 November! 22
Slide 23: Annex
Old 1948, the oldest w ), five tim estimate, setting yet another record
Slide 24: US Tariff potential scenarios and relative impacts
US Tariff potential scenarios and relative impacts Probable scenario: c.€15 mln in 2025 (€37 mln annualised) Scenario 9M 2025 Actual Impact 2025 Impact Annualised Impact EU 15% c. 38% of US (for 2025, c. €15 mln c. € 35 mln business 10% until August) €6 mln Jamaica c. €1 mln c. 3% of US 10% c. €2 ml
Slide 25: Despite the challenging operating backdrop, we continue to grow across all regions
Despite the challenging operating backdrop, we continue to grow across all regions with solid momentum 9M 2025 reported net sales of €2,281 mln with +0.2% total growth of which +1.5% organic (CAGR vs 2019: +9%), +1.1% perimeter impact ( €24 mln) mainly driven by Courvoisier up to April net of agency
Slide 26: Net sales by region & key market
Net sales by region & key market 9M 2025 9M 2024 change% of which: € million % sales € million % sales Total Organic Perimeter FX AMERICAS 996.2 43.7% 1,027.3 45.1% (3.0)% 0.9% 0.9% (4.8)% USA 633.1 27.8% 647.8 28.4% (2.3)% (1.8)% 2.3% (2.7)% Jamaica 106.6 4.7% 105.5 4.6% 1.1% 11.4% (5.6)% (4.7)% Ot
Slide 27: 9M 2025 Consolidated P&L
9M 2025 Consolidated P&L change % of which: Organic margin 9M 2025 9M 2024 Total change Organic Perimeter FX change € million % sales € million % sales % bps % % % Net sales 2,280.7 100.0% 2,277.0 100.0% 0.2% 1.5% 1.1% (2.4)% COGS (884.5) (38.8)% (925.0) (40.6)% (4.4)% +90 (0.7)% 1.1% (4.8)% Gross p
Slide 28: Q3 2025 Consolidated P&L
Q3 2025 Consolidated P&L change% of which: Organic margin Q3 2025 Q3 2024 Total change Organic Perimeter FX change € million % sales € million % sales % bps % % % Net sales 752.8 100.0% 753.6 100.0% (0.1)% 4.4% (0.9)% (3.6)% COGS (290.5) (38.6)% (312.0) (41.4)% (6.9)% +180 (0.1)% (2.0)% (4.8)% Gross
Slide 29: 2024 P&L restatement following the introduction of the Houses of Brands
2024 P&L restatement for comparison purposes following the introduction of the Houses of Brands operating model in 2025 House of Whiskeys House of Cognac & P&L after 2024 P&L published House of Aperitifs & Rum House of Agave Champagne Local brands Reclassification reclassification € million € millio
Slide 30: Financial debt
Financial debt Eurobond and Term loan composition as of 30 September 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 25.1% Dec 6, 20
Slide 31: Exchange rates effects
Exchange rates effects Average exchange rates Period end exchange rate 9M 2025 9M 2024 Change 30 September 2025 31 December 2024 Change US Dollar 1.118 1.087 (2.8)% 1.174 1.039 (11.5)% Canadian Dollar 1.563 1.479 (5.4)% 1.635 1.495 (8.6)% Jamaican Dollars 177.477 169.646 (4.4)% 188.166 161.513 (14.2
Slide 32: Shareholding structure
Shareholding structure As of 30 September 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 V
Slide 33: 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
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