26th of October 2025
Performance on-track with continued outperformance
Full-year topline of moderate organic growth guidance confirmed incorporating a resilient Q3 performance. Guidance of flattish EBIT-adj. margin organic trend remains in place but now with tariff impact absorbed
Costs s
Investments
Balance
Sheet s Capital Allocation
Portfolio s
Commercial
Approach
-
No compromise on brand building investments funded by visible deceleration in SGsA
trend as planned as well as COGS efficiencies
- Completion of extraordinary capex program on track
- Advancement in portfolio streamlining with Tannico disposal in Q3 after Cinzano and Australian plant disposals in H1. No further acquisitions currently foreseen
- Leverage ratio down 0.7x to 2.Gx in 12 months driven by business momentum and disciplined approach
- Geographic expansion of brands ongoing utilising existing footprint supported by marketing campaigns
Continuous focus on quality of commercial execution and pricing discipline
2
Despite the challenging operating backdrop, we continue to grow organically across all regions with solid momentum
GM 24 GM 25 Q1 Q2 Q3
CAMPARI GROUP
Underlying
performance
+2%
-1%
+2% +4.4%
3.5%
4.4%
10.G%
2.1%
1.5%
3.8%
4.0%
3.7%
5.0%
6.0%
-3.G%
-1.2%
-6.5%
-4.2%
APAC
AMERICAS
EMEA
Net sales at €2,281 mln in 6M with +0.2% total growth of which:
• +1.5% organic growth (Q3: 4.4%) with positive trend across all regions
US logistics delay impact of €11 mln from Q1 largely recovered in Q2 and Q3
Germany de-listing impact of €8 mln (€3 mln in Q3)
+1.1% perimeter impact of + €24 mln mainly driven by Courvoisier up to April net of agency brands and co-packing
-2.4% FX effect of €(55) mln mainly driven by USD and Latin American currencies
Notes: Local Portfolio organic change in 6M 2025 -2% (Q3: +2%) vs -3% in 6M 2024 3
Outperformance in sell-out across almost all markets during peak season in Q3 in a challenging backdropUS GM Value Growth
EMEA GM Value Growth
Outperformance vs Spirits SectorShipments
-2%
US
Nielsen off-prem
Nielsen
on-prem
Spirits Sector sell-out Campari Group sell-out
EMEA
+2%
+2%
Shipments
Campari Group
Spirits
-2%
Sector
+7%
+2%
+1%
+1%
-4%
-5%
-3%
-2%
Circana off-prem
Nielsen off-prem
Circana off-prem
Nielsen off-prem
Spirits sector
-3%
-3%
+1%
(
Q3: -4%)
(
Q3: -2%)
Campari Group
Δ
-4%
-1%
+5%
(
Q3: -6%)
(
Q3: -1%)
-1pp
+2pp
+4pp
NABCA
Italy Germany France UK
Aperol, Campari
s Espolòn
flat
(Q3: -3%)
+G%
(Q3: +8%)
+12%
% in
total:
37%
42%
56%
Rest of the portfolio
-6%
(Q3: -8%)
-7%
(Q3: -7%)
-3%
GM
+2%
+2%
+1%
+1%
-5%
-3%
-5%
-6%
+1%
0%
+1%
-2%
+6%
+G%
-2%
-2%
H1
Q3
In the US, ongoing outperformance in strategic on-premise and NABCA, driven by aperitifs and tequila
In EMEA, outperformance across all markets
Overall, shipments and sell-out relatively aligned across the US and EMEA
4
Notes: US sell-out data based on Nielsen off-premise including liquor channel and excluding RTD (4th of October), NABCA excluding RTD (September) and Nielsen on-premise excluding RTD (52-week data available only). Europe sell-out data based on Nielsen off-premise for Germany (21st of October) and UK (16th of October); Circana off-premise for Italy (14th of October) and Circana off-premise for France (22nd of October). Total EMEA sell-out also includes Switzerland, Benelux, Spain, Austria, Czech Rep, Slovakia, Greece, Hungary, Denmark. All data including Courvoisier and sector excluding RTD
Americas +1% supported by acceleration in Q3 (+5%) with solid trend across the regionOrganic Sales Growth
GM Q3
USA
-2%
+1%
GM performance supported by positive trend in Q2 (+3%) and Q3 (+1%) in an ongoing challenging
backdrop but offset by destocking impact in Q1. 6M trend mainly driven by Espolòn, Courvoisier, WraysNephew Overproof and stable trend in aperitifs with positive Campari offsetting inventory alignment post-tariff volatility in Aperol in Q3. Continued category and brand softness in SKYY
AMERICAS
44%+1% SM , +5% Ǫ3
USA
Jamaica
+11%
Solid growth of +11% in GM with strong Q3 due to base effect of hurricane last year as well as
+52% supportive underlying market trends. Growth primarily driven by WraysNephew Overpoof and
Magnum Tonic Wine
Others
+3%
Positive trend across the region in GM with flat Q3 trend impacted mainly by Canada (-13%) due
+0.5% to trade disruption in connection with tariffs. Campari Group became #2 premium spirits player
in Brazil supported by strength of Campari and Brazilian Brands
28%
organic change
5%
11%
Jamaica
Others
5
EMEA +2% in GM (+4% in Q3) with broad-based growth across almost all countriesOrganic Sales Growth
Trend impacted by challenging market conditions in the on-premise due to | pressured | ||
Italy | -2% | -3% consumer leading to impact on Aperol. Portfolio approach driving resilience | with growth |
Germany | -3% | Positive underlying performance in Q3 in a very challenging market backdrop and incorporating impact of de-listing (€3 mln in Q3 impacting mainly Aperol) with growth +1% mainly driven by Sarti Rosa. Sarti Rosa now contributing >10% of net sales and becoming #2 biggest brand in Campari Group's net sales in Germany after Aperol | |
GM Q3
EMEA
Italy
16%
50%+2% SM, +4% Ǫ3
organic change
8% Ge
6% F
4% UK
16%
Others
rmany
rance
across other spirits including Campari and especially Sarti Rosa
France
+3%
+6%
Positive performance in GM mainly driven by Aperol with +6% growth in Q3
incorporating impact of peak season and favourable comparison base
UK
+11%
+17%
excl. one-off bulk sale
+22%
Strong double-digit growth with acceleration in Q3 driven by aperitifs, mainly Aperol
and Aperol Spritz, as well as Courvoisier, supported by the ongoing marketing campaign
Others
+6%
+7%
Positive trend across all countries in GM, especially Greece, Belgium and GTR
driven by aperitifs and Courvoisier
6
APAC +5% in GM (+6% in Q3) supported by positive momentum across the regionASIA PACIFIC Organic Sales Growth
GM Q3
Australia
+6%
-2%
Solid +6% growth in GM with Q3 performance incorporating +15% growth in Aperol
supported by strong focus on activations and +12% growth in Espolòn bottle/RTD, which continues to lead the tequila RTD category, but offset by Wild Turkey RTD due to phasing of shipments leading into key summer selling period
Others
+4%
+14%
Positive momentum in Q3 leading to +4% growth in GM, mainly driven by China, India
and South Korea. Growth supported by Wild Turkey/Russell's Reserve as well as
initial re-orders in Courvoisier following clearing of trade channels after acquisition
Australia Others
3%
3%
6%+5% SM, +c% Ǫ3
organic change
7
House of Aperitifs resilient with +1% growth in GM primarily driven by Sarti Rosa and Aperol Spritz
Organic Sales Growth
GM Q3
Aperol
-1%
-6%
Trend impacted by challenging market context in Italy due to pressured on-premise,
Germany due to impact of de-listing and US due to inventory alignment post-tariff volatility. All other countries growing +4% in GM (Q3: +1%)
Campari
-2%
-2%
Solid growth of +2% in Q3 and +1% in GM across the US, Italy and the rest of
Americas excluding Brazil. Overall change in Brazil was -16% in 6M impacted by high comparison base
Crodino
s Other Aperitifs
+13%
+21%
Positive trend across all other aperitifs, especially driven by Sarti Rosa in both its
core German market and expansion into other European markets as well as Aperol Spritz driven by convenience trends and Crodino, our non-alch. spritz, across all seeding European markets with double digit growth
HOUSE OF APERITIFS
46%+1% SM, flat Ǫ3
Aperol
26%
organic growth
11%
10%
Campari
Others
8
Note: Other Aperitifs includes Cynar, Sarti Rosa, Aperol Spritz, Campari Soda, Picon and other smaller brands
Rapid expansion in 11 seeding
markets
Ǫ3 Org. Growth
Jamaica
India
> +40%
Poland
Peru
South Africa
Czech Republic
New Zealand Netherlands Australia Mexico
UK
+20-40%
+10-20%
12% of total Aperol shipments(vs 6% in 2016)
Solid performance in sell-out despite
challenging context
Outperformance vs Category
France
UK
Aperol geographic expansion and out-performance in sell-out continuing across key markets
3M | Category | ||
Nielsen off-prem | -4% | +1% | |
US | NABCA | +6% | -2% |
Nielsen on-prem | +13% | +4% | |
11 countries representing 12% of Aperol top-line growing double-digit
Strong outperformance in US strategic on-premise and NABCA
European markets impacted by pressured consumers
Pressure on consumers evident
off-prem
Italy
on-prem
+2%
-7%
+3%
-3%
especially on on-premise trend in Italy. Stock in trade remains at relatively health levels
off-prem
-6%
-6%
Germany market impacted by
Germany
on-prem
Incl. Sarti Rosa: -7%
-14%
-8%
off-prem
+3%
-2%
on-prem
+11%
+4%
off-prem
+10%
+6%
on-prem
+26%
+21%
overall weak macro backdrop as well as de-listing, impact on on-premise more pronounced with Sarti Rosa offsetting Aperol
UK benefitting from favourable weather trends and excellent execution
Notes: US sell-out data based on Nielsen off-premise including liquor channel and excluding RTD (4th of October), NABCA excluding RTD (September) and Nielsen on-premise excluding RTD (52-week data available only). Europe sell-out data based on Nielsen off-premise for Germany (21st of October) and UK G
(16th of October); Circana off-premise for Italy (14th of October) and Circana off-premise for France (22nd of October). Europe sell-out data based on Nielsen CsC for Germany (21st of October) and Nielsen CGA UK (6th of September); Circana on-premise for Italy (August) and Circana on-premise for France (June)
Other
Whiskey
0%
0%
Flat performance
House of Whiskey s Rum +5%, House of Agave +3% in GM
Organic Sales Growth
HOUSE OF WHISKEY s RUM
Jamaican Rum
Wild Turkey s
Russell's Reserve Portfolio 5%
5% Other Whiskey
4%
14%+5% SM, +1S% Ǫ3
organic change
Wild Turkey s Russell's Reserve
Jamaican Rum Portfolio
GM
-1%
+16%
Q3
+14%
+45%
Strong growth in Q3 in core US benefitting from stock availability and encouraging results of new campaign, South Korea as well as China off a small base. Russell's Reserve supporting growth in the US and South Korea in Q3 with normalization of comparison base
Solid GM growth of +16% with Q3 driven by easy comparison base due to the hurricane impact last year as well as solid underlying trends in core Jamaican market and the US, especially in WraysNephew Overproof
HOUSE OF AGAVE
Espolòn
G% Other 1%
10%+3% SM, +0.2% Ǫ3
organic change
Espolòn
+3%
-1%
Positive GM performance mainly driven by Reposado (+11%) while Blanco remaining
flat due to focus on pricing with Q3 impacted by phasing of shipments. Seeding markets continuing to expand double-digit off a small base, in line with international growth strategy
Other
+7%
+8%
Solid growth driven by Espolòn RTD in Australia as well as Montelobos in the US
and Mexico
10
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