Davide Campari-milano N.v. · MIL:CPR
Davide Campari-milano — H1 2025 Earnings Presentation
44 slides from Davide Campari-milano's earnings presentation, Jul 31, 2025
Slide 1: Results Presentation First Half ended 30 June 2025
Results Presentation First Half ended 30th June 2025 31st of July 2025
Slide 2: Performance on-track with strategic initiatives progressing as planned
Performance on-track with strategic initiatives progressing as planned Industry outperformance continuing with improved sell-out across most geographies in Q2 supported by positive start to peak season Positive Q2 organic topline growth including partial recovery of Q1 phasing effects, albeit with b
Slide 3: Topline organic growth of 3.5% in Q2
Topline organic growth of 3.5% in Q2, spread across almost all Houses and main markets COGNAC & H1 24 H1 25 Q1 Q2 APERITIFS WHISKEY & RUM AGAVE CHAMPAGNE 16.6% 13.5% CAMPARI GROUP 10.1% 8.4% 5.3% 4.4% 5.0% Underlying performance -1% +2% 2.0% -0.6% -0.8% -1.4% -2.3% -1.4% -2.3% -1.6% 3.8% 3.5% -13.4%
Slide 4: Outperformance in sell-out across almost all markets
Outperformance in sell-out across almost all markets with acceleration at start of peak season in Q2 US H1 Value Growth EMEA H1 Value Growth Outperformance vs Spirits Sector Spirits Sector sell-out Campari Group sell-out Campari Spirits Nielsen Nielsen Group Sector NABCA off-prem on-prem EMEA +1% -2
Slide 5: Americas -1% supported by improving trend in Q2
Americas -1% supported by improving trend in Q2 (+4%) driven by the US and spread across other countries Organic Sales Growth H1 Q2 AMERICAS H1 trend supported by positive performance in Q2 (+3%) despite ongoing challenging backdrop but offset by pressure in Q1 from destocking. Q1 logistic delay imp
Slide 6: EMEA +1% mainly driven by core aperitif business
EMEA +1% mainly driven by core aperitif business in the UK, France and the rest of EMEA Weight in Organic Sales Growth Sales H1 Q2 Resilient performance in a challenging market backdrop with flat Aperol and Campari Italy -2% -1% while Crodino, Aperol Spritz and Sarti Rosa growing benefitting from co
Slide 7: APAC +4% mainly driven by Australia
APAC +4% mainly driven by Australia Organic Sales Growth ASIA PACIFIC H1 Q2 Australia Others 3% Solid growth and market outperformance mainly driven by aperitifs, with ongoing focus 3% Australia on accelerating on-premise activations, as well as Espolòn bottle/RTD, which now +10% +5% ranks #1 among
Slide 8: House of Aperitifs resilient with +2% growth
House of Aperitifs resilient with +2% growth and improving trend heading into peak season Organic Sales Growth H1 Q2 Improving trend in Q2 supported by growth in both the Americas and EMEA. H1 mainly HOUSE OF APERITIFS driven by the Americas (+8%) with US positive (+1%) and strong trend in the rest
Slide 9: Aperol with solid growth across key markets
Aperol with solid growth across the US, UK, France and Italy in sell-out Aperol value Aperitifs / Cordials category value Outperformance vs category US Italy Germany France UK H1 2025 14% 17% 11% 13% 9% 4% 5% 4% 4% 6% 1% 1% 0% -1% -3% -4% -3% -6% -3% -3% -3% -7% Nielsen NABCA Nielsen off-prem (June)
Slide 10: House of Whiskey & Rum -1%, House of Agave +5%
House of Whiskey & Rum -1%, House of Agave +5% Organic Sales Growth H1 Q2 HOUSE OF WHISKEY & RUM Wild Turkey & Wild Turkey Soft trend in core US offsetting resilient APAC, especially core Australia and South Russell’s Reserve Jamaican Rum & Russell’s -8% -10% Korea, as well as EMEA off a small base.
Slide 11: House of Cognac & Champagne relatively stable
House of Cognac & Champagne relatively stable supported by transition of Courvoisier into organic growth Organic Sales Growth H1 Q2 HOUSE OF COGNAC & CHAMPAGNE Negative performance driven by core US and cycling a high comparison base (H1 Grand Marnier Grand 2024: +20%), also with impact of ongoing d
Slide 12: Aperol New Global Campaign
ApPEROL A \ perol New Global Campaign
Slide 13: Aperol Serves Summer with NYC Takeover
Aperol Serves Summer with NYC Takeover 13
Slide 14: 4th year as Official Partner of Cannes
4thCampari: year as Official Partner Bartender of the Year partner & of the Festival de Cannes Red View Event @ Torre Velasca
Slide 15: Chiosco Crodino in Switzerland, UK, Belgium & Austria
Slide 16: Update on strategic priorities
Update on strategic priorities Strategy 20 • Strategy Day planned for 6-7 November 2025 in Milan to communicate details of our strategic roadmap Update 15 Quarterly SG&A Organic Growth Trend 10.9% 11.4% • Cost containment program remaining on track to yield 50bps benefit on sales in 2025 (200bps in
Slide 17: Resilient gross margin and disciplined structure costs
Resilient gross margin and disciplined structure costs broadly offset by brand building investments as planned in Q2 Organic +0.9% -4.3% +4.7% +8.2% +2.4% +11.5% +2.9% +5.1% +0.9% -5.6% -17.2% +2.9% change y/y Organic +40 flat +70 -120 -90 -130 -60 -220 +50 -130 -310 -10 bps y/y 61.1% 58.8% 62.9% H1
Slide 18: Analysis of Net Profit
Analysis of Net Profit Annual change H1 2025, € mln Adjusted Adjustments Reported Adjusted Reported EBIT 351.8 (10.8) 340.9 -2% 2% • Contained operating adjustments of €(10.8) Financial income (expenses) (50.8) 0.5 (50.3) 54% 52% mln, mainly driven by impairment of assets in Total financial income (
Slide 19: Solid free cash flow generation
Solid free cash flow generation H1 2025 H1 2024 Change Change Total Recurring Total Recurring Total Recurring € million € million € million € million € million % € million % EBITDA 415.8 394.4 21.4 5.4% EBITDA-adj. 426.6 418.8 7.8 1.9% Taxes paid & Other (59.0) (30.2) (18.5) (23.7) (40.5) (6.5) Taxe
Slide 20: Solid balance sheet indicators
Solid balance sheet indicators Solid OWC % of net sales OWC change management Decrease in OWC by €187 mln vs 30 Jun 2024 with solid management considering 51.0% € (187) mln of Operating (vs 58.8% on 30 Jun 2024 decrease vs 30 Jun 2024 seasonal trends and base effect of finished goods safety stock in
Slide 21: Outlook
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Slide 22: Outlook
Outlook Uncertain macroeconomic environment and low visibility persisting in Q2 albeit with some moderate improvement in sell-out in all key markets but Germany, and continuing sector outperformance. Q3 peak season to be fundamental for clearer visibility We continue to remain prudent for the short-
Slide 23: Annex
FINANCIAL TIMES Europe’s Best Employers 2025 — interactive ranking The dominant industries represented in the list are retail, financial services and technology 5 | 87.75 Italy ILA | EN all TE ae ibO M
Slide 24: US Tariff potential scenarios and relative impacts
US Tariff potential scenarios and relative impacts Probable scenario: €21 mln in 2025 (€37 mln annualised) Scenario H1 2025 Actual Impact 2025 Impact Annualised Impact 0% (for 2025, c. €4 mln* - 10% until August) EU c. 38% of US business 15% (for 2025, c. €20 mln c. €35 mln €2 mln 10% until August)
Slide 25: Resilient performance across all regions
Resilient performance across all regions mainly driven by aperitifs and agave in the first half H1 2025 net sales of €1,528 million with +0.3% total growth of which +0.1% organic, +2.0% perimeter impact (€31 mln) mainly driven by Courvoisier until April, partly offset by agency brands and -1.8% FX e
Slide 26: EBIT-adj. breakdown by region
EBIT-adj. breakdown by region H1 2025 margin growth drivers Regional Weight in Group EBIT-adj. EBIT-adj Net sales EBIT-adj. Organic bps impact vs H1 2024 margin organic organic H1 EBIT-adj. Gross 47.5% 54.9% -2.4% 2025 growth growth A&P SG&A margin margin % y/y % y/y % bps bps bps bps AMERICAS 25.1%
Slide 27: Group pre-tax profit
Group pre-tax profit H1 2025 H1 2024 Change Change € million % sales € million % sales % € million EBIT-adj. 351.8 23.0% 360.0 23.6 % (2.3)% (8.3) Operating adjustments (10.8) (0.7)% (24.4) (1.6)% (55.7)% 13.6 Operating profit = EBIT 340.9 22.3% 335.6 22.0 % 1.6% 5.3 Financial income (expenses) (50.
Slide 28: Group net profit-adjusted
Group net profit-adjusted H1 2025 H1 2024 Change € million Reported Adjustments Adjusted Reported Adjustments Adjusted Reported Adjusted Pre-tax profit 293.9 (10.3) 304.2 310.7 (22.6) 333.3 (5.4)% (8.7)% Taxation (1) (88.1) 0.6 (88.7) (94.1) 3.3 (97.4) (6.3)% (8.9)% Net profit 205.7 (9.7) 215.5 216.
Slide 29: Operating Working Capital effectively managed
Operating Working Capital effectively managed considering seasonal trends € 1,754 mln €190 mln €1,568 mln €1,456 mln -€79 mln Total change: €111 mln 30 June 2024 31 Dec 2024 Organic FX & Perimeter 30 June 2025 58.8% 47.4% 51.0% • Operating working capital (OWC) as % of net sales at 51.0% as of 30 Ju
Slide 30: Net debt composition and leverage ratio
Net debt composition and leverage ratio Change vs Change vs Change vs € million 30 June 2025 31 March 2025 31 December 2024 30 June 2024 Mar’25 Dec’24 June’24 Short-term cash (debt) 118.1 231.2 336.9 287.9 (113.1) (218.8) (169.8) - Cash and cash equivalents 476.3 586.7 666.3 555.4 (110.4) (190.0) (7
Slide 31: Net debt waterfall
Net debt waterfall € (34.9) mln € 78.0 mln € (38.0) mln Total: €5.1 mln € 2,376.9 mln € 2,381.9 mln 31 Dec 2024 FCF Dividend Other including FX 30 June 2025 and put option • Net financial debt at €2,382 mln, relatively stable vs 2024 (+€5 mln) with positive FCF and FX benefit offset by dividend paym
Slide 32: H1 2025 Consolidated P&L
H1 2025 Consolidated P&L change % of which: Organic margin H1 2025 H1 2024 Total change Organic Perimeter FX change € million % sales € million % sales % bps % % % Net sales 1,527.9 100.0 % 1,523.4 100.0 % 0.3% 0 0.1% 2.0% -1.8% COGS (594.0) (38.9)% (613.0) (40.2)% (3.1)% +40 -1.0% 2.7% -4.8% Gross
Slide 33: Q2 2025 Consolidated P&L
Q2 2025 Consolidated P&L change % of which: Organic margin Q2 2025 Q2 2024 Total change Organic Perimeter FX change € million % sales € million % sales % bps % % % Net sales 862.3 100.0% 859.9 100.0% 0.3% 3.5% 0.2% (3.4)% COGS (319.7) (37.1)% (336.7) (39.2)% (5.1)% +70 1.6% (0.3)% (6.4)% Gross profi
Slide 34: P&L restatements related to Houses of Brands
P&L restatements related to implementation of the Houses of Brands operating model 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 € million € million € million € million € mil
Slide 35: Net sales by region and key market
Net sales by region & key market H1 2025 H1 2024 change % of which: € million % sales € million % sales Total Organic Perimeter FX AMERICAS 666.2 43.6% 687.5 45.1% (3.1)% (1.0)% 1.8% (3.9)% USA 421.0 27.6% 423.8 27.8% (0.7)% (3.3)% 3.7% (1.0)% Jamaica 71.2 4.7% 79.0 5.2% (9.8)% (2.4)% (5.0)% (2.4)%
Slide 36: EBIT-adjusted by region
EBIT-adjusted by region H1 2025 H1 2024 Change % of which: € million % of ales € million % of sales Total Organic Perimeter FX Americas Net sales 666.2 100.0 687.5 100.0 -3.1% -1.0% 1.8% -3.9% Gross profit 390.6 58.6 385.9 56.1 1.2% -0.5% 1.6% 0.1% A&P (107.6) (16.2) (106.5) (15.5) 1.0% 1.5% 2.3% -2
Slide 37: Consolidated balance sheet (1 of 2)
Consolidated balance sheet (1 of 2) Assets 30 June 2025 31 December 2024 Change € million € million € million ASSETS Non-current assets Property, plant and equipment 1,361.5 1,421.3 (59.8) Right of use assets 58.3 66.1 (7.8) Biological assets 30.1 30.5 (0.5) Goodwill 2,256.2 2,420.1 (164.0) Brands 1
Slide 38: Consolidated balance sheet (2 of 2)
Consolidated balance sheet (2 of 2) Liabilities and shareholders’ equity 30 June 2025 31 December 2024 Change € million € million € million LIABILITIES AND SHAREHOLDERS' EQUITY Shareholders' equity Issued capital and reserves attributable to shareholders of the parent Company 3,708.3 3,854.0 (145.7)
Slide 39: Reclassified Cash flow statement
Reclassified Cash flow statement H1 2025 H1 2024 Change € million € million € million EBITDA 415.8 394.4 21.4 (1) Income taxes and other changes (59.0) (18.5) (40.5) Cash flow from operating activities before changes in working capital 356.8 375.9 (19.1) Changes in net operating working capital (190
Slide 40: Operating working capital
Operating working capital Reported Perimeter 30 June 2025 31 December 2024 Organic 30 June 2024 change & FX € million % sales rolling € million % sales € million € million € million € million % sales rolling Trade receivables 408.4 13.3% 425.8 13.9% (17.4) (0.9) (16.4) 497.3 16.7% Total inventories,
Slide 41: Financial debt
Financial debt Eurobond and Term loan composition as of 30 June 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 24.1% Dec 6, 2022 De
Slide 42: Exchange rates effects
Exchange rates effects Average exchange rates Period end exchange rate H1 2025 H1 2024 Change 30 June 2025 31 December 2024 Change US Dollar 1.093 1.081 (1.1)% 1.172 1.039 (11.4)% Canadian Dollar 1.540 1.469 (4.7)% 1.603 1.495 (6.7)% Jamaican Dollars 172.687 168.160 (2.6)% 187.834 161.513 (14.0)% Me
Slide 43: Shareholding structure
Shareholding structure As of 30 June 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 Voting
Slide 44: 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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