Davide Campari Milano N : Campari Group announces 2025 first nine months results

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

Results Presentation First Nine Months ended 30 th September 2025 26 th of October 2025 Performance on-track with continued outperformance Industry outperformance continuing albeit with impact of challenging environment across all regions Solid profitability progression supported by gross margin accretion and visible SGsA savings more than offsetting ongoing increase in brand building investments as planned 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 backdrop US GM Value Growth EMEA GM Value Growth Outperformance vs Spirits Sector Shipments -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 (4 th 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 (21 st of October) and UK (16 th of October); Circana off-premise for Italy (14 th of October) and Circana off-premise for France (22 nd 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 region Organic 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 countries Organic 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 region ASIA 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 (4 th 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 (21 st of October) and UK G (16 th of October); Circana off-premise for Italy (14 th of October) and Circana off-premise for France (22 nd of October). Europe sell-out data based on Nielsen CsC for Germany (21 st of October) and Nielsen CGA UK (6 th 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

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