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 RosaSpirits
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 expansionOrganic 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 AustraliaASIA 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 indicatorsSolid 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 improvementCDP 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 prioritiesCost 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