Davide Campari-milano N.v.MIL: CPR

2025 Full Year Results Investor Presentation

· Issued by Davide Campari-milano N.v.
2025 Results Presentation

4th of March 2026



Cash generative s margin accretive growth

Organic topline +2.4% with ongoing outperformance on

sell-out and growth in 24 countries and all brand houses

+100bps organic accretion mainly via COGS efficiencies

with contained tariff impact

Step-up in AsP to sales of +100bps organic to 17.G%

On-track to achieve +200bps organic SGsA benefit on

sales by end-2027 with +70bps in 2025

EBIT-adj. margin

+60bps

organic



•

with 73% recurring free cash flow conversion; extraordinary capex program on-track with

finalization expected in 2026

  • vs peak of 3.6x after Courvoisier closing in September 2024, supported by business momentum and solid cash generation, a year ahead of plan





2

Continued topline outperformance despite the challenging backdrop

3.4% 3.0%

4.7% 6.3% 5.3% 5.6%

+9%

2019-2025 CAGR

25.6%

16.4%

10.5%

+3%

excluding Jamaica hurricane impact in Q4

2.4% 2.4%

Accelerating underlying topline growth in 2025 (excluding Jamaica hurricane impact) showing strength of brand portfolio, despite significant volatility in the operating environment

Pace of underlying growth expected to continue, on track to reach mid-to-high single digit topline growth in the medium term

Medium-term drivers:

2014 2015 2016 2017 2018 201G

2020 2021 2022 2023

-4.1%

2024 2025

  • Sharper portfolio choices with fewer

    bigger bets

  • Winning the first, shared drink

  • New formats for new occasions

  • Geographic expansion

    Net sales organic growth

    • Leverage our investments

    • Drive efficiency

3

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 s Champagne positively impacted by base effect of first time Courvoisier consolidation in May. Residual local brands -1.5%

4



Positive organic topline momentum during the year across the main regions

Q1 Q2 Q3 Q4

APAC

AMERICAS

EMEA

CAMPARI GROUP

2025

+2.4%

4.4% 4.7%

3.5%

+2.3%

3.8% 4.0% 4.2%

+2.1%

3.7% 5.0% 5.6%

10.G%

+4.0%

6.0%

2.6%

-4.2%

-3.G%

-6.5%

-1.2%

  • +2.4% organic growth (Q4: +4.7%) with growth across all regions and almost all markets

    • Jamaica hurricane impact of €21 mln in Q4 (Campari Group +3% in 2025 excluding this impact)

    • Germany de-listing impact of €11 mln (€4 mln in Q4)

      • +0.1% perimeter impact of €2 mln mainly driven by Courvoisier (until April), net of disposals (Australia plant €(10) mln, Cinzano €(12) mln) and agency brands

  • -3.0% FX effect of €(63) mln mainly driven by USD, Jamaican Dollar and Latin American currencies

  • 2025 reported net sales at €3,051 mln

    5



    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 Aperol, Campari, Sarti Rosa

    Spirits

    Campari

    Outperformance vs Spirits Sector

    % of Aperol, Campari, Espolòn in total

    Outperformance vs Spirits Sector % of Aperol, Campari, Sarti Rosa in total

    Sector

    EMEA -2%

    Group

    +1%

    +10%

    Nielsen off-prem NABCA Nielsen on-prem

    Italy Germany France UK

    +14%

    +18%

FY

3C%

-5%

-4%

41%

-1%

+2%

+8%

FY

0%

Nielsen off-prem

-5% -5%

75%

41%

+3%

-1%

-3%

-1%

-3%

57%

+1%

+G%

+5%

Circana off-prem

-2%

32%

Nielsen off-prem

-1%

5C%

Circana off-prem

Q4 -7% -7% -3%

-4% +3% +12%

+1% +10% +15%

Q4 -4%

-1%

+1% -7% -13%

-11%

-4% -1%

+G%

-3% 0%

+16%

  • In the US, ongoing outperformance in strategic on-premise and NABCA, driven by growth in aperitifs and tequila; overall 8 brands all in growth(1)

  • In EMEA, outperformance across almost all markets; Germany impacted by de-listing and some retailer disputes in Q4

  • Overall, shipments and sell-out relatively aligned across the US and EMEA

Notes: US sell-out data based on Nielsen off-premise including liquor channel and excluding RTD (27th of December), NABCA excluding RTD (December) and Nielsen on-premise excluding RTD (27th of December). Europe sell-out data based on Nielsen off-premise for Germany (28th of December) and UK (26th 6

of December); Circana off-premise for Italy (28th of December) and Circana off-premise for France (5th of January). Total EMEA sell-out also includes Switzerland, Benelux, Spain, Austria, Czech Rep, Slovakia, Greece, Hungary and Denmark. Sector excluding RTD; (1) Based on SipSource aggregate data



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

USA

0%

+6%

Flat trend in 2025 in an ongoing challenging backdrop with Q4 growth of +6% positively

impacted by low comparison base (Q4 2024: -7%). Balanced and positive contribution from all brand houses growing by +2% each, fully offset by decline in local brands mainly due to continued category and brand softness in SKYY

AMERICAS

44%

28%

USA

+2% FY , +c% Ǫ4

organic change

4%

12%

Jamaica

Others

Jamaica

+1%

-26%

+1% growth despite significant impact of the hurricane on local consumption and tourist

traffic in Q4 with temporary impact on production sites. Excluding hurricane impact, growth at +15%, mainly driven by WraysNephew Overproof and Magnum Tonic Wine

Others

+8%

+18%

Strong growth trend across most of the region with acceleration in Q4 mainly driven by

Brazil on the back of strength in aperitifs and local brands despite impact due to methanol news flow and Argentina due to successful innovation in SKYY. Canada -5% in 2025 due to ongoing impact of trade disruption in connection with tariffs

7

Note: Figures are rounded to the nearest percentage

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

Italy

-1%

+5%

Resilient performance supported by solid Q4 growth of +5% despite the persisting

challenging market conditions due to excellent execution of winter campaigns. Aperol franchise (both bottle and RTS) +1% in Q4 despite high base (Q4 2024: +5%) with solid growth in Campari, Crodino and Sarti Rosa driven by focused portfolio approach

EMEA

Italy 15%

8%

Germany

Germany

-3%

-6%

Performance impacted by increasingly challenging market backdrop and ongoing impact of de-listing (€(11) mln, mainly Aperol and Campari) and some retailer disputes in Q4. Excluding these impacts, 2025 growing +3%, mainly thanks to ongoing strength in Sarti Rosa, which has reached 11% of Campari Group Germany's topline

50%

+2% FY, +4% Ǫ4

organic change

5% France

5% UK

France

+1%

-2%

Positive performance mainly driven by Aperol and successful launch of Sarti Rosa as well as local brands. Q4 impacted by high comparison base (Q4 2024: +6%, 2024: +0.2%)

17%

Others

UK +7%

-1%

Strong growth momentum driven by aperitifs, mainly Aperol franchise (both bottle and RTS), Crodino and recently launched Sarti Rosa, as well as Courvoisier supported by marketing campaigns. Q4 impacted by high base effect (Q4 2024: 0%, 2024: -6%)

Others +8%

+12%

Broad based and solid growth across almost all countries, especially GTR, Greece, Belgium driven by aperitifs, primarily Aperol and Sarti Rosa, as well as Courvoisier

8

Note: Figures are rounded to the nearest percentage

APAC +4% in 2025 (+3% in Q4) supported primarily by outperformance in Australia

ASIA PACIFIC Organic Sales Growth

FY Q4

Australia

+7%

+8%

Solid +7% growth with accelerating performance in Q4 peak season. Double digit

growth in Aperol franchise and Espolòn in 2025 on the back of strong on-premise activations and innovation

Others

+1%

-4%

Resilient performance in 2025 mainly supported by China, Japan and New Zealand,

partially offset by rest of Asia. Growth driven by strong performance in Russell's Reserve as well as re-orders in Courvoisier following clearing of trade channels after acquisition

Australia Others

3%

3%

6%

+4% FY, +3% Ǫ4

organic change

G

Note: Figures are rounded to the nearest percentage



House of Aperitifs with solid +2% growth primarily driven by Aperol, Sarti Rosa and Crodino

Organic Sales Growth

FY Q4

Aperol

Franchise

+1%

+8%

Resilient performance with +1.4% growth despite challenging market context with

strong Q4 supported by successful de-seasonalisation activations/investments. Outperformance in the US with flat trend supported by ongoing on-premise focus. Broad-based growth of +8% across all other countries, especially in the UK, Australia, Greece, GTR and the rest of Americas. Solid growth in Aperol ready-to-serve leveraging convenience trends

Campari

-2%

0%

+2% growth in 2025 excluding Brazil, Jamaica and Germany driven by growth

across Europe, US, Australia and the Americas. Brazil impacted by high comparison base (2025: -7%), Jamaica by hurricane effect on local consumption and Germany by de-listing

Crodino

s Other

Aperitifs

+12%

+11%

Double digit growth across all other aperitifs, especially driven by Sarti Rosa

growing triple digit driven by its core German market and expansion into other European markets, especially Italy, Austria, France, the UK. Crodino, the non-alc. spritz, also growing across all seeding European markets with +7%

HOUSE OF APERITIFS

Aperol Franchise

44%

+2% FY, +c% Ǫ4

organic growth

26%

11%

Campari

7%

Crodino s Other Aperitifs

10

Note: Aperol incorporating all formats including RTS and Tap. Other Aperitifs includes Campari Soda, Cynar, Sarti Rosa, Picon and other smaller brands. Figures are rounded to the nearest percentage

Other

Whiskey

-2%

-5%

Slightly down mainly driven by challenging market conditions in the US



House of Whiskey s Rum +2%, House of Agave +3%

Organic Sales Growth

HOUSE OF WHISKEY s RUM

Wild Turkey s Jamaican Rum

Russell's Reserve Portfolio

Wild Turkey s Russell's Reserve

FY

-1%

Q4

Resilient performance supported primarily by Wild Turkey in the US (+2%)

leveraging encouraging results of new campaign as well as GTR and Australia, but

0% offset by demand led product shortages on selected premium variants in Russell's

5%

5%

14%

+2% FY, -5% Ǫ4

organic change

Other Whiskey

4%

Jamaican Rum Portfolio

+G%

-8%

Reserve in H1

Solid growth of +G% benefitting from solid underlying trends in core Jamaican market in 6M and the US, especially in WraysNephew Overproof. Q4 impacted by hurricane in Jamaica due to reduced local consumption and tourist traffic while core US maintain growth trend

HOUSE OF AGAVE

G% Other 1%

10%

+3% FY, +4% Ǫ4

organic change

Espolòn

Espolòn

+3%

+4%

Positive performance mainly driven by Reposado (+8%) as well as double digit

growth in seeding markets. Blanco impacted by pricing discipline in a competitive

backdrop (-1%)

Other

+6%

+2%

Resilient performance mainly supported by Montelobos in the US and Mexico.

Espolòn RTD recording strong double-digit growth in core Australia

11

Note: Other Whiskey includes American Honey, Glen Grant, Wild Turkey and American Honey RTD and other smaller brands. Other Tequila includes Cabo Wabo, Montelobos, Ancho Reyes and Espolòn RTD. Figures are rounded to the nearest percentage



House of Cognac s Champagne supported by Courvoisier contribution

Grand

Marnier

-8%

+7%

2025 performance impacted by pricing discipline in a highly competitive

market to protect brand equity. Q4 benefitting from an easy comparison base (Q4 2024: -11%, 2024: +1%)

Courvoisier

Brand included into organic growth as of May 2025 with performance

supported by positive trends in the US, UK as well as re-orders in China and momentum in South Africa in Q4 peak season

Best Cognac

BevTest 2025

Other

Cognac s Champagne

-2%

0%

Trend slightly down in 2025 with positive performance in Lallier (+14%) offset by

softness in BisquitsDubouché



Organic Sales Growth

HOUSE OF COGNAC s CHAMPAGNE

Grand Marnier Courvoisier

FY Q4

4%

10%

5% Other

1%

- -

€157 mln sales in 2025

+14% FY, +2c% Ǫ4

organic change

LOCAL BRANDS

SKYY

SKYY

+2%

+13%

Positive trend in 2025 mainly driven by highly successful launch of SKYY Cosmic in Argentina in June more than offsetting ongoing softness in core US, in line with other major players in the vodka category

Sparkling Wines s Vermouth

+2%

+1%

Trend mainly supported by Riccadonna

Other

-4%

-4%

Performance mainly impacted by reduction in non-core bulk and co-packing and

partially offset by positive trend in Brazilian Brands

Sparkling Wines s Vermouth

4% 5%

22%

-1% FY, flat Ǫ4 organic change

13%

Other

12

Note: Other Cognac s Champagne includes Lallier, BisquitsDubouché. Other in local brands includes agency brands as well as bulk s co-packing, representing 3% of total Group sales, rest are smaller brands. Courvoisier includes Salignac. Figures are rounded to the nearest percentage

Strongest ever holiday activations across US, UK and Italy





Bold and disruptive activations driving growing awareness and trial



Austin, TX





LA, CA

NYC, NY







15



Ongoing interim campaigns supporting brand positioning and growth



+60bps organic EBIT-adj. margin expansion supported by gross margin and cost containment while brand building investments accelerate

Net Sales +0%

+5%

+2%

Organic +1%

+7%

+4%

+8%

+6%

+G%

+3%

-4%

-1%

-6%

+22%

Organic +40

+150

+100

-120

-80

-100

-60

+160

+70

-130

+260

Organic y/y

change y/y

+5%

bps y/y

+60

FX /

Perimeter

+60

61.1%

56.5%

60.3%

Reported +120

16.6%

16.2%

17.G%

21.5% 21.5%

21.5%

23.0%

18.7%

20.G%

Gross Margin AsP / Net Sales SGsA / Net Sales EBIT-adj. Margin

H1 H2 FY

  • Accretive gross margin (FY +100bps organic) supported by input cost benefit, especially agave, as well as contained tariff impact of €11 mln in 2025. Minimal impact from pricing

  • AsP up to 17.G% of sales (FY -100bps organic) with strong focus on brand positioning in line with new portfolio strategy despite the challenging operating environment

  • Visible impact of SGsA containment efforts (FY +70bps organic) with benefit to continue in 2026

  • EBIT-adj. at €637 mln with +5% organic growth and limited net impact of €(1) mln from perimeter and FX

Notes: Bps rounded to the nearest ten 16



Positive evolution in PsL supported by business momentum

2025 results Adjusted Adjustments Reported

Annual change Adjusted Reported

  • Group net profit-adj. +3% mainly driven by positive evolution of EBIT. Reported Group net profit +72% due to high base of operating adjustments in 2024, mainly related to the cost containment program

    € million

    € million

    € million

    %

    %

    EBIT

    636.G

    (6G.3)

    567.5

    +5%

    +45%

    Operating adjustment breakdown

    Impairment of tangible assets and brands

    (60.0)

    •

    Other income (expenses) from business disposals

    55.3

    Other non-recurring income (costs)

    (34.6)

    Operating adjustments of €(6G.3) mln in EBIT (vs

    €(212.6) mln in 2024) mainly due to impairments of

    €(60.0) mln, settlement payment of €(31.1) mln, partly

    Financial income (expenses)

    (101.3)

    0.2

    (101.1)

    +13%

    +14%

    Total financial income (expenses) before exchange gain (losses)

    (100.4)

    0.2

    (100.1)

    +25%

    +25%

    Exchange gain (losses)

    (1.0)

    (1.0)

    -86%

    -86%

    offset by €55.3 mln business disposal capital gain

  • Total financial expenses before exchange effects of

    €(101.3) mln with increase vs 2024 driven by higher

    Earn-out income (expenses) and hyperinflation effects 0.8

    Profit (loss) related to joint ventures and other investments (1.6)

    46.6

    (54.6)

    50.4 n.m n.m

    (56.5) -56% -5%

    Pre-tax profit 534.4 (74.1) 460.3 +2% +80%

    Tax (161.5) 34.3 (127.3) +4% +102%

    of which: deferred tax on brands and goodwill

    (13.3)

    (13.3)

    -16%

    -16%

    Net profit

    372.G

    (3G.8)

    333.1

    +2%

    +73%

    Non-controlling interests

    (13.2)

    (13.2)

    +47%

    +47%

    Group net profit

    386.1

    (3G.8)

    346.3

    +3%

    +72%

    Tax rate

    (30.2)%

    (27.6)%

    +40bps

    +300bps

    Underlying cash tax rate

    (27.7)%

    +110bps

    EPS basic

    0.32

    0.2G

    3%

    72%

    EPS diluted

    0.32

    0.2G

    2%

    66%

    average net debt (€2,284 mln vs €2,133 mln last year) and base effect of high cash position ahead of Courvoisier closing. Average cost of net debt at 4.4% vs 3.8% in 2024

  • Operating adjustments of €46.6 mln in earn-out income (expenses) and hyperinflation effects line driven by reduction of earn-out on Courvoisier

  • Non-recurring impairment of investments of €(54.6) mln related to Capevin, net of €4.G mln Dioniso (Tannico) capital gain under profit (loss) related to joint ventures and other investments

  • Recurring tax rate of 30.2%, +40bps vs 2024 due to unfavourable country mix. Recurring cash tax rate at 27.7%

    17

    Note: Bps rounded to the nearest ten



    Solid and improving balance sheet indicators

    Solid management of Operating Working Capital (OWC)

    OWC % of net sales

    44%

    (vs 47% in 2024)

    2025-2024 OWC change

    € (35) mln

    organic decrease

    Positive trend supported by effective cash management (net €(150) mln impact), partially

    offset by organic increase in maturing inventory (€103 mln) of whiskey, cognac and rum

    CAPEX

    Total CAPEX Extraordinary CAPEX

    Maintenance CAPEX at 4.2% of sales, in line with historic run-rate of c.4%

    program in

    late stage of finalization

    € 270 mln

    (vs €441 mln in 2024)

    € 143 mln

    (vs €301 mln in 2024 incl. €67

    mln related to HQ acquisition)

    Extraordinary CAPEX mainly driven by production quality and capacity enhancement program, as well as ongoing IT investments, with finalisation expected in 2026

    Positive Free Cash Flow (FCF)

    Recurring FCF Conversion

    73%

    (vs 80% in 2024)

    68% net of OWC change (66% in 2024)

    Free Cash Flow

    Recurring € 571 mln

    (vs €586 mln in 2024)

    Total € 340 mln

    (vs €173 mln in 2024)

    Recurring FCF conversion at 73% vs 5-year average of 58%

    Recurring free cash flow at €571 mln with benefit from positive trend in OWC and flat maintenance CAPEX offset by increase in interest expense due to base effect of Courvoisier closing on cash and debt

    Strong improvement in total free cash flow to €340 mln primarily driven by lower extraordinary CAPEX

    Accelerated

    Net Debt to EBITDA-adj. Net Financial Debt

    Net debt to EBITDA-adj. at 2.5x with positive trend driven by business momentum and financial discipline, a year ahead of plan. Considering the current value of own shares, not

    Notes:

    improvement

    in Leverage

    2.5x

    (vs 3.6x in Sept'24 following

    Courvoisier consolidation)

    € 1,G58 mln

    (€(416) mln vs 2024)

    included in the net debt value, leverage would be at 2.2x

    Net financial debt (including earn-out and put options of €86 mln) decrease supported by

    strong trend in cash flow and net impact of disposals

    18

    Free Cash Flow conversion calculated as recurring FCF/EBITDA

    Refer to annex for details

    ESG: Solid positioning and continuous improvement

    • CDP Climate s water questionnaires: A- (Leadership level)

    • SsP Global CSA rating: +15 points to 62/100

    +25 points above industry average



    • ISS ESG Corporate Rating: C+ (Prime Status)

      1st decile of the industry

    • MSCI ESG Rating: upgraded to AA

      New website: ESG Ratings and Scores | Campari Group

      on responsible consumption of

      alcoholic beverages

      Donated to the Jamaican Government Hurricane Relief Fund and NGOs

      Human Rights, Carbon and Circularity launched and in progress

      Fair Pay Certification (2nd year)

      change vs 2019 baseline

      of total waste in 2025

      2025 zero target achieved

      Intensity per liter manufactured

      2030 target: -62%

      Intensity per liter manufactured

      2030 target: -30%

      Intensity per liter manufactured

      2030 target: -70%



      Update on 2025 strategic priorities

      Cost Containment Program

    • Cost containment program on track with +70bps SGsA benefit on sales in 2025 (+200bps expected until end-2027 organically)

    • Declining trend evident in H2 as guided

      Quarterly SGsA Organic Growth Trend

      10.9%

      11.4%

      7.7%

      -1%

      FY 2025

      4.2%

      5.1%

      0.9%

      -3.8%

      -4.3%





      Q1 24

      Q2 24

      Q3 24

      Q4 24

      Q1 25

      Q2 25

      Q3 25

      Q4 25

      Business Streamlining

      Further progress in asset disposals (3% of portfolio disposed on pro-forma net sales), proceeds of c.€210 mln(1)

      of which €101 mln cashed-in in 2025

    • H1: Disposal of Australian plant and Cinzano (closing in Q4)

    • Q3: Divestment of 50% stake in Tannico, the Italian online wine and spirits business

    • Q4: Disposal of Averna and Zedda Piras for a consideration of €100 mln with closing expected in Q2 2026

    • Continuing streamlining of agency brand agreements

Timing of further potential disposals to be based on optimisation of proceeds and simplification priorities with discussions currently ongoing

20

(1) Pro-forma figure including Averna and Zedda Piras disposal with closing expected in Q2 2026



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