2026 Q1 Net Sales Investor Presentation

‌Net sales to 31 March 2026 Investor Presentation‌

6 MAY 2026

• ‌Strong industry outperformance and share gains continuing in sell-out

  • +2.9% organic growth reflecting broad based growth across brand houses and regions with 18 countries growing as well as targeted inventory optimisation in the US on non-priority brands

• MAT organic growth trending positively over the last year

• Accelerating activations with focus on de-seasonalisation and geographic expansion. On-track with innovation pipeline into peak season (Aperol new bottle, Aperol RTD and Campari Spritz RTS)

Moving Annual Total (MAT) Quarter

+5.6%

+4.1%

+3.G%

+2.4%

+1.4%

+2.0%

+2.4%

+0.5%

+6.4%

+2.G%

Q1 24 Q2 24

Q3 24

Q4 24

Q1 25

Q2 25 Q3 25

Q4 25 Q1 26

Q1 26

MAT = moving annual total (12 months to period end) 2

‌3

‌(APAC +1.9%,

GTR -13.5%)

Note: GTR included under APAC region leadership following change in regional operating model (vs EMEA previously). Local brands net sales organic growth for Q1 is +8.7%. -2.2% perimeter due to the Cinzano disposal. 4

-4.1% FX effect mainly driven by US and Jamaican dollars. The length of the bar chart represents % on total Group Net Sales Q1 2026

‌

Spirits Sector sell-out Campari Group sell-out Aperol, Campari, Espolòn sell-out Spirits Sector sell-out Campari Group sell-out Aperol franchise, Campari C Sarti Rosa

Outperformance vs Spirits Sector

% of Aperol, Campari, Espolòn in total

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

+2%

Spirits Sector Europe 0%

Campari Group

+20% +16% +12% +4% +2% +5% -4% -3%

35%

-3%

40%

54%

Nielsen off-prem NABCA Nielsen on-prem

Italy Germany France UK

+21%

+5% +5%

+6% +8% +2% +2% +3% -1% -3% -2% 0%

72%

54%

34%

18%

• In the US, ongoing outperformance across all channels, especially in strategic on-premise and NABCA, driven by solid growth in aperitifs and tequila

• In Europe, outperformance across almost all markets; Germany impacted by promotional phasing on non-priority brands

  Notes: US sell-out data based on Nielsen off-premise including liquor channel and excluding RTD (28th of March), NABCA excluding RTD (March) and Nielsen on-premise excluding RTD (21st of February). Europe sell-out data based on Nielsen off-premise for Germany

  (22nd of March) and UK (23rd of March); Circana off-premise for Italy (22nd of March) and Circana off-premise for France (26th of March). Total Europe sell-out also Spain, Austria, Belgium, Switzerland, Denmark, Czech, Slovakia and Greece. Sector including RTD 5

  
  
  
  
  
  
  

• ‌Growth led by ongoing strong trend in the UK and positive performance in core Italy and Germany markets

• France impacted by high comparison base in Campari despite

  solid growth in Aperol and sparkling wines confirming spritz trend

• Solid contribution from Aperol franchise including its new formats. Further expansion of Espolòn, Crodino and Courvoisier ahead of re-launch in H2

  of total Group Sales

  Italy 17%

  Germany 6%

  France

  5%

  UK 4%

  Other countries 11%

  Q1 Net Sales

  
  
  

  Organic Growth

  
  
  
  
  
  
  
  
  
  
  
  
  
  
  

  +8.0%

  +5.4%

  +2.8%

  +1.6%

  +2.1%

  +3.0% +1.6%

  0.0%

  +0.2%

  Q1 24

  Q2 24

  Q3 24

  Q4 24

  Q1 25

  Q2 25 Q3 25

  Q4 25 Q1 26

  
  
  MAT = moving annual total (12 months to period end) 6
  
  
  
  
  
  
  
  
  
  

• ‌US driven by very solid growth of Aperol franchise and growth in Espolòn, primarily in Blanco. Performance partially offset by targeted inventory optimisation in the US, supply phasing on Wild Turkey and weak cognac market affecting Courvoisier

• Recovery on-track in Jamaica following the hurricane at the end

  of Oct'25 with MSD growth driven by WrayCNephew Overproof

  
  
  

• Rest of region contributing positively except Mexico due to phasing into next quarters

  of total Group Sales

  USA

  
  
  

  28%

  Jamaica 5%

  Other countries 5%

  Q1 Net Sales

  
  
  

  Organic Growth

  
  
  
  
  

  +5.1%

  +4.3% +4.1%

  +0.1%

  -1.1%

  -2.8%

  -1.3%

  +0.2% +2.3%

  Q1 24 Q2 24 Q3 24

  Q4 24

  Q1 25

  Q2 25

  Q3 25

  Q4 25 Q1 26

  MAT = moving annual total (12 months to period end) 7
  
  
  
  
  
  
  
  

  Brazil

  5%

  Ot cou 7%

  of total

  Group Sales

  
  
  
  
  

• ‌Double digit growth driven by broad based positive trends, especially in largest contributors Brazil and Argentina

• Brazil driven mainly by Aperol while SKYY Cosmic continuing to

  grow rapidly in Argentina

• Strong growth in Aperol franchise across 20 seeding countries demonstrating initial benefits of new regional structure

  her

  ntries

  Q1 Net Sales

  
  
  
  
  

  Organic Growth

  
  
  

  +10.0%

  +17.7%

  +23.3%

  +17.1%

  +14.5% +13.2%

  +11.4% +15.G%

  +3.7%

  Q1 24

  Q2 24

  Q3 24 Q4 24

  Q1 25 Q2 25 Q3 25

  Q4 25 Q1 26

  
  
  Note: Developing Markets include Brazil, Argentina, South Africa, Peru, Poland, Nigeria, other partnership markets in EMEA and South America 8
  
  

  MAT = moving annual total (12 months to period end)

  
  
  
  
  
  
  

  of total Group Sales

  
  
  

• ‌Positive trend in Australia supported by double digit growth in Aperol franchise and Espolòn (both bottle and RTD), slightly offset by decline in Wild Turkey RTD

• Solid growth in China, India and other partnership markets

• GTR impacted by geopolitical events

  Australia 3%

  GTR 2%

  Other countries 2%

  Q1 Net Sales

  
  
  

  Organic Growth

  
  
  

  (APAC +1.9%, GTR -13.5%)

  
  
  
  
  

  +10.5%

  +4.4%

  +5.5%

  +4.0%

  +5.7% +5.5%

  +2.4%

  -2.0%

  -1.6%

  Q1 24

  Q2 24

  Q3 24

  Q4 24 Q1 25 Q2 25 Q3 25 Q4 25

  Q1 26

  Note: GTR included under APAC region leadership following change in regional operating model (vs EMEA previously) 9
  
  

  MAT = moving annual total (12 months to period end)

  
  
  
  
  
  • ‌Industry outperformance with pace of 2025 full year underlying growth of c.3% expected to continue in 2026, assuming challenging but stable operating environment with no further deterioration
  • Contained organic accretion in EBIT-adj. margin with skew into H2 due to front loading of AsP investments and base effect of tariffs
    
    
    • Gross margin with moderate COGS tailwinds offset by full year US tariff impacts estimated at c.€30 mln based on current levels
    • Further increase of AsP investments while focusing on ensuring effective mix, to support continuous enhancement in on-premise execution in line with new portfolio strategy
    • Ongoing benefit of SGsA containment program (c.70bps on sales, reaching cumulative impact of 140bps in 2 years out of

      200bps guided by end-2027)

      
      
      
  • Perimeter impact of c.€(70) mln on topline and c.€(30) mln on EBIT-adj. mainly due to disposals(1)
  • FX subject to currency evolution with a negative impact expected mainly driven by USD
  • Comfortable level of leverage to be maintained considering tail-end of extraordinary capex program and OWC dynamics
    
    
    
    
  • Disciplined capital allocation with focus on sustaining growth momentum, portfolio streamlining (c.3% of net sales disposed on a pro-forma basis)
  • Enhanced shareholder returns with higher contribution from dividends leveraging strong cash conversion and accelerated deleverage

Note: 2026 outlook first provided during 2025 full year earnings presentation on the 6th of March 2026 10

(1) Averna disposal expected to close in Q2 2026

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Developing Markets include Brazil, Argentina, South Africa, Peru, Poland, Nigeria, and other partnership markets in EMEA and South America 13

GTR included under APAC region leadership following change in regional operating model (vs EMEA previously)

1. The average exchange rate of the Argentine Peso was equal to the spot exchange rate at the reporting date

2. On 2 March 2022, the European Central Bank ('ECB') decided to suspend the publication of a Euro reference rate for the Russian Rouble until further notice. The Group has therefore decided to refer to alternative reliable source for 14

exchange rates based on executable and indicative quotes from multiple dealers

‌This document contains certain forward-looking statements relating to Campari Group. All statements included in this document concerning activities, events or developments that we expect, believe or anticipate will or may occur in the future are forward-looking statements.

Forward-looking statements are based on current expectations and projections about future events and involve known and unknown risks, uncertainties and other factors, including, but not limited to, the following: volatility and deterioration of capital and financial markets, changes in general economic conditions, economic growth and other changes in business conditions, changes in government regulation and other economic, business and competitive factors affecting the businesses of Campari Group. Such factors include, but are not limited to: (i) changes in the laws, regulations or policies of the countries where Campari Group operates; (ii) the adoption, both at a global level and in the countries where Campari Group operates, of restrictive public policies that have an impact on the production, distribution, marketing, labelling, importation, price, sale or consumption of alcoholic products; (iii) long-term changes in consumers' preferences and tastes, social or cultural trends resulting in a reduction in the consumption of products of the Campari Group as well as in purchasing patterns and the ability of Campari Group to anticipate these changes in the marketplace; and (iv) increased production costs and volatility of raw materials' prices. Figures are unrounded. Due to rounding, the numbers in this and other tables in this document may not always cast or calculate.

Unless otherwise noted, commentary throughout this document refers to organic net sales movement for first quarter ended 31 March 2026 compared to first quarter ended 31 March 2025. Therefore, Campari and its affiliates, directors, advisors, employees and representatives, expressly disclaim any liability whatsoever for such forward-looking statements. Further information on the Campari Group and its activities, including those factors that may materially influence its financial results, are contained in the reports and documents of the Campari Group deposited with the AFM. These forward-looking statements speak only as of the date of this document and Campari does not undertake an obligation to update or revise any forward-looking statement, whether as a result of new information, future events and developments or otherwise, except as required by law.

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