Davide Campari Milano N : Campari Group 1H 2025 Results Investor Presentation

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

Results Presentation First Half ended 30 th June 2025 31 st 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 Profitability supported by gross margin accretion and initial savings in SGsA while AsP weighing due to front-loading of peak season investments Cash generating profile maintained 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 H1 24 H1 25 Q1 Q2 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 Q2 US H1 Value Growth EMEA H1 Value Growth Outperformance vs Spirits Sector Nielsen off-prem Nielsen NABCA on-prem Spirits Sector sell-out Campari Group sell-out 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 (12 th of July), NABCA excluding RTD (June) and Nielsen on-premise excluding RTD (17 th of May). Europe sell-out data based on Nielsen off-premise for Germany (26 th of June) and UK (16 th of June); Circana off-premise for Italy (15 th of June) and Circana off-premise for France (22 nd 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 countries Organic 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

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