Davide Campari Milano N : 2025 Full Year Results Investor Presentation

About this update from Davide Campari-milano N.v.

2025 Results Presentation 4 th 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 (27 th of December), NABCA excluding RTD (December) and Nielsen on-premise excluding RTD (27 th of December). Europe sell-out data based on Nielsen off-premise for Germany (28 th of December) and UK (26 th 6 of December); Circana off-premise for Italy (28th of December) and Circana off-premise for France (5 th 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) d ecrease 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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