Davide Campari Milano N : 2025 Full Year Results Investor Presentation

About this update from 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...

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