31st of July 2025
Performance on-track with strategic initiatives progressing as planned
Industry outperformance continuing with improved sell-out across most geographies in Q2 supported by positive start to peak season
Positive Q2 organic topline growth including partial recovery of Q1 phasing effects, albeit with backdrop
continuing to be volatile
Costs s Investments
Balance Sheet s Capital Allocation
Portfolio s Commercial Approach
- Visible deceleration in SGsA trend with majority of benefits still to be released in H2, as previously guided. No compromise on brand building investments
- Completion of extraordinary capex program on track
-
Significant advancement in portfolio streamlining with announced disposal of Cinzano
and no further acquisitions currently foreseen
- Deleverage trend initiated supported by business momentum and disciplined approach
- Geographic expansion of brands ongoing utilising existing footprint supported by amplified marketing campaigns, especially on aperitifs
Continuous focus on quality of commercial execution and pricing discipline
2
Topline organic growth of 3.5% in Q2, spread across almost all Houses and main markets
16.6%
10.1%
13.5%
5.3%
8.4%
2.0%
4.4%
5.0%
-1.4%
-2.3% -1.4%
-2.3% -0.6%
-1.6%
-0.8%
H1 24
H1 25
Q1
Q2
-13.4%
COGNAC s
CHAMPAGNE
AGAVE
WHISKEY s RUM
APERITIFS
CAMPARI GROUP
-1%
+2%
Underlying performance
3.8%
3.5%
0.1%
EMEA
AMERICAS
APAC
-4.2%
€10 mln Easter timing impact from Q1 recovered in Q2
A portion of €11 mln US logistics delay
impact from Q1 recovered in Q2
€5 mln negative impact in Q2 of German
de-listing
3.3%
0.7%
-3.G%
3.8%
6.8%
-1.0%
-6.5%
3.7%
-10.7%
4.1%
10.G%
-1.2%
H1 2025 reported net sales of €1,528 mln with +0.3% total growth of which +0.1% organic on a base of +3.8% growth in H1 2024, +2.0% perimeter impact (€31 mln) mainly driven by Courvoisier in April partly offset by agency brands, and -1.8% FX effect (€(28) mln)
Notes: Local Portfolio organic change in H1 2025 -4% vs -1% in H1 2024 3
Outperformance in sell-out across almost all markets with acceleration at start of peak season in Q2US H1 Value Growth
EMEA H1 Value Growth
Nielsen off-prem
Nielsen
NABCA
on-prem
EMEA
Campari Group
Spirits
-2%
Sector
+1%
+6%
+2% +1%
+1% +1%
-2%
-5% -5%
Circana off-prem
Nielsen off-prem
Circana off-prem
Nielsen off-prem
Spirits sector
-2%
(Q2: -2%)
-3%
(Q2: -3%)
-1%
(Q2: -2%)
Campari Group
Δ
-3%
(Q2: -2%)
-1pp
-2%
(Q2: +1%)
+1pp
+1%
(Q2: +5%)
+2pp
Italy Germany France UK
Aperol, Campari s Espolòn
+1%
(Q2: flat)
+10%
(Q2: +11%)
+10%
(Q2: +15%)
% in total:
36%
41%
55%
Rest of the portfolio
-5%
(Q2: -4%)
-8%
(Q2: -6%)
-8%
(Q2: -7%)
H1
+1%
+3%
+2%
0%
0%
-3%
-6%
-5%
-3%
+5%
-6%
-1%
0% -2%
+10% -1%
Q1
Q2
In the US, outperformance in strategic on-premise and NABCA, driven by focus brands in aperitifs and tequila
In EMEA, outperformance / in line across almost all markets with acceleration in Q2 except for Germany
4
Notes: US sell-out data based on Nielsen off-premise including liquor channel and excluding RTD (12th of July), NABCA excluding RTD (June) and Nielsen on-premise excluding RTD (17th of May). Europe sell-out data based on Nielsen off-premise for Germany (26th of June) and UK (16th of June); Circana off-premise for Italy (15th of June) and Circana off-premise for France (22nd of June). Total EMEA sell-out also includes Switzerland, Benelux, Spain, Austria, Czech Rep, Slovakia, Greece, Hungary, Denmark. All data including Courvoisier
Americas -1% supported by improving trend in Q2 (+4%) driven by the US and spread across other countriesOrganic Sales Growth
H1 Q2
USA
-3%
+3%
H1 trend supported by positive performance in Q2 (+3%) despite ongoing challenging backdrop but offset by pressure in Q1 from destocking. Q1 logistic delay impact partially recovered. Q2 growth driven by Espolòn (+11%) and aperitifs (+10%), mainly Campari and Aperol, and partially offset by persisting challenges in SKYY and a high base in Grand Marnier (H1 2024: +20%)
AMERICAS
44%-1%
USA
Jamaica
-2%
-8%
H1 performance impacted by high comparison base (H1 2024: +11%), especially from Q2 2024 (+32%) mainly due to order catch-up after supply shortages. Positive local market dynamics supporting core WraysNephew Overpoof growth of +3% despite high base effect (H1 2024: +22%) and Magnum Tonic Wine
Others
+5%
+12%
Positive performance across rest of the region, especially in Q2 (+12%) mainly driven by
Aperol, SKYY and Brazilian Brands
28%
H1 organic change
5%
11%
Jamaica
Others
5