Very positive first half results with solid brand momentum continuing in the second quarter

Double-digit organic sales growth across all regions, with aperitifs, tequila and premium bourbon outperforming

FIRST HALF 2023-RESULTS HIGHLIGHTS

Reported net sales of €1,457.8 million, up +16.0% on a reported basis. Organic growth of +14.2% in the first half as solid brand momentum continued in the second quarter (+10.1%), in particular, aperitifs, tequila and premium bourbon, boosted also by pricing. The performance in the second quarter reflected the expected reversal of the temporary phasing effects from the first quarter, as well as very poor weather across core Southern&Central Europe and temporary delistings from selected European retailers due to commercial negotiations in connection with price increases, which were subsequently passed through successfully.
EBIT-adjusted of €359.7 million, 24.7% on net sales, up +15.7% on a reported basis.
- o Organic growth of +15.1% in the first half, +20bps organic margin expansion, of which: gross margin dilutive by -50bps, impacted by continued COGS inflation, only partially mitigated by positive pricing and mix, A&P accretive (+50bps) due to phasing in connection with the late start of the summer brand activations impacted by very poor weather conditions, SG&A is accretive (+20bps) thanks to the strong topline.
- o Organic growth of +5.3% in the second quarter, with margin dilution of -120bps, largely impacted by gross margin dilution driven by the expected strong cost inflation impacting in particular the aperitifs in their peak season
- o Negative FX (-1.9%, or €(6.0) million), mainly driven by the depreciation of the US dollar in the second quarter; positive perimeter effect (+2.5%, or €7.8 million).
Group net profit-adjusted of €233.9 million, up +6.2%. Group net profit of €216.9 million, up +8.9%.
Net financial debt of €1,823.2 million as of June 30 th, 2023, up €268.0 million vs. December 31st , 2022 1 , mainly driven by the strong cash absorption of the inventory build-up. Net debt to rolling EBITDA-adjusted ratio at 2.5 times as of June 30 th, 2023, compared with 2.4 times on December 31st, 2022.

Milan, July 26th , 2023-The Board of Directors of Davide Campari-Milano N.V. (Reuters CPRI.MI-Bloomberg CPR IM) approved the half year financial report, as of June 30th, 2023.

Bob Kunze-Concewitz, Chief Executive Officer: 'Looking at the remainder of 2023, we remain confident of the positive business momentum across key brand-market combinations, reflecting business seasonality and expected normalisation in volume growth, thanks to strong brand equity and continued strength in the on-premise. Regarding margins, we expect the trends to reflect the sales mix evolution, different comparison bases for pricing effects as well as the initial easing effects on input costs inflation, alongside the phasing of A&P and continued sustained investments to strengthen the Group's commercial capabilities. On a full year basis, we confirm our guidance of a flat organic EBIT-adj. margin in the current volatile macro-environment² . In addition, we expect an acceleration in the negative forex trend to reflect the weakening US dollar as well as other key Group currencies whilst perimeter is expected to generate approximately €10- 15 million of EBIT-adj. on a full year basis, reflecting the prioritization of bulk liquid allocation of the Wilderness Trail Distillery to the future development of own brands.

In the medium term, we remain confident of continuing to deliver strong organic topline and margin expansion leveraging mix improvement as well as input cost inflation normalisation.'.

¹ Values restated as a result of the purchase price allocation of Wilderness Trail Distillery, LLC

² Guidance provided upon Full Year 2022 results on 21st February 2023.

REVIEW OF CONSOLIDATED SALES FOR THE FIRST HALF 2023 RESULTS

Group sales totalled €1,457.8 million, up +16.0% on a reported basis or +14.2% in organic terms. The perimeter effect (+1.8%, €22.7 million) while the FX effect was neutral with the positive effects of the first quarter broadly offset by the reversed trends in the second quarter mainly due to the weakening US dollar.

Analysis of organic net sales change by geography:

sales in the Americas (43% of total Group sales) were up organically by +10.6%. The Group's largest market, the US, grew by +11.7%, or +3.3% in the second quarter (vs. depletion in the second quarter +16.3%), reflecting the expected shipment phasing reversal from the first quarter and destocking in Grand Marnier. The positive performance in the first half was mainly driven by the strong growth of Aperol, Espolòn, Appleton Estate, as well as Russell's Reserve. Jamaica registered double-digit growth driven by Magnum Tonic, Appleton Estate and Wray&Nephew Overproof. The rest of the region was overall positive, with growth in Brazil and Mexico offsetting weakness in other markets.
Southern Europe, Middle East and Africa³ (30% of total Group sales) grew by +16.6%. The region's largest market, Italy, was up +13.4%, with a very positive second quarter (+8.1%), driven by pricing, including the most recent round, despite phasing reversal from the first quarter and very poor weather. The performance in the first half was driven by Aperol, Campari, Campari Soda and Crodino. France delivered strong growth of +21.0%, driven by core Aperol and Campari as well as Riccadonna sparkling wine and Lallier. Other markets in the region registered overall positive performance, thanks to continued momentum in a resilient consumer environment, led by Aperol and Campari. GTR was up +49.8% (Q2 +11.6%) with good momentum in Aperol, Campari, SKYY and Frangelico.
North, Central and Eastern Europe (19% of total Group sales) grew organically by +14.5%. Germany registered a strong growth of +16.4%, as the brand portfolio momentum remains solid, driven largely by Aperol, Aperol Spritz ready-toenjoy, Campari and innovation (Sarti Rosa). The UK grew by +20.9% in a tough market mainly driven by the continued positive trends in Aperol, Magnum Tonic, Campari and Wray&Nephew Overproof. Good underlying trends remain in other markets, despite the poor weather earlier in the quarter.
Asia Pacific (7% of total Group sales) grew organically by +26.2%. Australia grew +7.5%, with an acceleration in the second quarter (+10.1%) largely led by Wild Turkey ready-to-drink, thanks to a recovery in shipments, as well as strong momentum in Wild Turkey bourbon and Aperol. Other markets in the region registered an overall very positive performance (+57.7%), in particular, South Korea, Japan, China and India.

Analysis of organic sales change by brand:

Global Priorities (59% of total Group sales) registered an organic growth of +15.0%. Aperol delivered strong double-digit growth (+32.4%, +26.6% in Q2) thanks to strong momentum, boosted also by positive pricing, driven by triple-digit growth in core US (+122.5%) and in GTR, and double-digit growth in Italy, Germany, France, UK, Spain, Canada, Australia as well as other European markets. Campari delivered solid growth of +13.2% (Q2 up +5.0%) despite the negative phasing reversal impacting the core US. In the second quarter, both Campari and Aperol were negatively impacted by poor weather conditions and temporary delistings in selected European markets in connection with price increases. The Wild Turkey franchise registered positive performance (+12.5%), driven by core US, Australia, Japan and South Korea, with an outperformance by high-margin Russell's Reserve (+76.0%). Grand Marnier continued to be impacted by the US destocking and declined -30.1%. The Jamaican rum portfolio grew +13.9% overall, driven by core Jamaica and the UK thanks to continued favourable category trends in premium rum. SKYY grew +7.3% overall thanks to growth in international markets such as China, Australia, South Korea, Japan as well as GTR. The US also grew overall, after the expected reversal in Q2.
Regional Priorities (24% of total Group sales) grew +16.7%. Espolòn grew strong double digits (+43.4%), thanks to continued strong momentum in the core US market (Q2 +30.8%), as the brand continues to attract consumers and gain share. Crodino delivered an overall positive performance. The GlenGrant grew double digits driven by premiumisation, in particular in South Korea, Australia, Japan and China. Aperol Spritz ready-to-enjoy delivered solid growth. Magnum

Page 2 of 9

³ Includes Global Travel Retail.

Tonic was up +46.9%, thanks to a strong momentum in the core UK and Jamaica. The other brands such as the Italian specialties, Cinzano sparkling wines and vermouth were flat.

Local Priorities (9% of total Group sales) grew +8.0% with a double-digit growth of Campari Soda and SKYY readyto-drink. X-Rated and Wild Turkey ready-to-drink also recorded positive performance.

REVIEW OF FIRST HALF 2023 RESULTS

Gross profit totalled €872.3 million, corresponding to 59.8% of net sales, up by +13.8% in value on a reported basis. It grew organically by +13.3% with a margin dilution of -50 basis points. The organic margin dilution reflected the high COGS inflation, only partially mitigated by the strong pricing. In the second quarter gross margin decreased organically by -100bps due to expected strong COGS inflation, particularly glass, which impacted in particular the Aperitifs portfolio in their peak season.

Advertising and Promotion expenses (A&P) were €225.5 million, corresponding to 15.5% of net sales, up +11.2% in value on a reported basis, reflecting the continued investments behind key brands. They increased organically by +10.7%, lower than net sales, thus generating margin accretion of +50 basis points which reflected some phasing effects due to very poor weather conditions delaying the start of some summer brand activations.

CAAP (Contribution after A&P) was €646.7 million, corresponding to 44.4% of net sales, up by +14.7% in value on a reported basis and up +14.2% organically.

Selling, general and administrative expenses (SG&A) totalled €287.0 million, corresponding to 19.7% of net sales, up by +13.6% in value on a reported basis. They grew organically by +13.1%, reflecting the continuous investments in the business infrastructure and route-to-market, generating a margin accretion of +20 basis points thanks to the strong topline growth.

EBIT-adjusted was €359.7 million, corresponding to 24.7% of net sales, up by +15.7% in value on a reported basis. It grew organically by +15.1%, generating a margin accretion of +20 basis points. The perimeter effect on EBIT-adjusted was +2.5% (or €7.8 million, +10bps accretive) thanks to the consolidation of Picon and Wilderness Trail Distillery, with the latter generating lower than originally guided contribution, due to the prioritisation of liquid allocation from bulk sales for the future growth of high-margin own brands. The FX on EBIT-adjusted was negative by -1.9% (or €(6.0) million, -40 basis points on margin), mainly driven by the depreciation of the US dollar vs. the second quarter 2022.

EBITDA-adjusted was €411.1 million, up by +16.4% in value on a reported basis (up organically +15.1%), corresponding to 28.2% of net sales.

Operating adjustments were negative at €(16.0) million, mainly attributable to provisions linked to restructuring initiatives and long-term retention schemes, as well as other non-recurring costs related to IT projects.

EBIT (23.6% of net sales) and EBITDA (27.1% of net sales) were at €343.7 million and €395.0 million respectively.

Net financial expenses were €32.4 million. Excluding the exchange loss, the net financial expenses were €21.9 million, showing an increase of €11.9 million compared with the first half of 2022 due to the combined effect of the higher level of average net debt in the six months ended 30 June 2023 (€1,664.9 million vs. €890.2 million in the same period of 2022), and higher average cost of net debt (2.6% vs. 2.2% in H1 2022).

Profit before taxation-adjusted was €326.2 million, up +7.2% vs. the same period in 2022. Profit before taxation was €311.1 million.

Taxation totalled €93.4 million, on a reported basis. Recurring income taxes were equal to €91.6 million, excluding tax adjustments, totalling €(1.9) million.

Group net profit at €216.9 million. Group net profit adjusted⁴ was €233.9 million, up +6.2% vs. the same period in 2022.

Recurring cash flow from operating activities before working capital changes was €340.4 million, up €91.3 million, or +36.6% vs. H1 2022. Recurring free cash flow amounted to €(91.7) million (vs. €98.4 million in the same period in 2022). This decrease was mainly driven by the planned inventory build-up to support consumer demand ahead of the key summer season, as well as temporary safety stock build in connection with the plant capacity expansion. Free cash flow was €(154.4) million (vs. €40.2 million in H1 2022).

⁴ Before total adjustments (including tax effects) of €(17.0) million (vs. €(21.1) million adjustments in the same period in 2022.

Total capex investment of €88.4 million in the first half of 2023, of which extraordinary capex of €46.9 million, mainly related to the production capacity expansion projects to satisfy future sustained consumer demand, expected to accelerate in the second half of the year, in line with the announced capex plan.

Net financial debt at €1,823.2 million as of 30 June 2023, up €268.0 million vs. 31 December 2022 5 (€1,555.3 million), reflecting the negative free cash flow for €(154.4) million largely due to cash absorption for the inventory build-up as well as cash outlays for the dividend payment (€67.5 million).

Net debt to EBITDA-adjusted ratio at 2.5 times as of 30 June 2023, slightly increased from 2.4x as of 31 December 2022.

* * *

FILING OF DOCUMENTATION

The half year financial report at June 30th , 2023 is available to the general public on the Company's website (https://www.camparigroup.com/en/page/investors), and by all other means allowed by applicable regulations.

The Board of Directors is responsible for preparing the half year report, inclusive of the first half year condensed consolidated financial statements and the half year management report at June 30th, 2023, in accordance with the Dutch Financial Supervision Act and the applicable International Financial Reporting Standards (IFRS) for interim reporting, IAS 34-'Interim Financial Reporting'

Disclaimer

This press release contains certain forward-looking statements relating to the Campari Group. All statements included in this press release 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. Therefore, Campari and its affiliates, directors, advisors, employees and representatives, expressly disclaim any liability whatsoever for such forward-looking statements.

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.

ANALYST CONFERENCE CALL

Campari's management team will host a conference call to present the Group's First Half 2023 Results today at 1:00 pm (CET). To participate via webcast (listen only):

• https://event.choruscall.com/mediaframe/webcast.html?webcastid=4tc4Upl5

To participate via audio and ask questions, please dial one of the following numbers:

from Italy: (+39) 02 802 09 11
from abroad: +44 1212 818004

Digital Playback:

A digital playback of the conference call & webcast will be available from today, until Wednesday August 2nd, 2023. To listen to it, please call the following number:

• (+39) 02 802 09 87

(Access code: 700931#) (PIN: 931#)

Presentation slides:

The presentation slides available to download from Campari's Investor Relations Home Page at the address:

Page 4 of 9

⁵ Values restated as a result of the purchase price allocation of Wildernes Trail Distillery, LLC

https://www.camparigroup.com/en/page/investors

FOR FURTHER INFORMATION

Investor Relations
Chiara Garavini	Tel. +39 02 6225330	Email: [email protected]
Jing He	Tel. +39 02 6225832	Email: [email protected]
Thomas Fahey	Tel. +44 (0)20 31009618	Email: [email protected]
Valentina Sponza	Tel. +39 02 6225528	Email: [email protected]

Corporate Communications

Enrico Bocedi Tel. +39 02 6225680 Email: [email protected]

https://www.camparigroup.com/en/page/investors http://www.camparigroup.com/en http://www.youtube.com/camparigroup https://twitter.com/GruppoCampari https://www.linkedin.com/company/campari-group

Visit Our Story

ABOUT CAMPARI GROUP

Campari Group is a major player in the global spirits industry, with a portfolio of over 50 premium and super premium brands, spreading across Global, Regional and Local priorities. Global Priorities, the Group's key focus, include Aperol, Campari, SKYY, Grand Marnier, Wild Turkey and Appleton Estate. The Group was founded in 1860 and today is the sixth-largest player worldwide in the premium spirits industry. It has a global distribution reach, trading in over 190 nations around the world with leading positions in Europe and the Americas. Campari Group's growth strategy aims to combine organic growth through strong brand building and external growth via selective acquisitions of brands and businesses.

Headquartered in Milan, Italy, Campari Group operates in 23 production sites worldwide and has its own distribution network in 25 countries. Campari Group employs approximately 4,500 people. The shares of the parent company Davide Campari-Milano N.V. (Reuters CPRI.MI - Bloomberg CPR IM) have been listed on the Italian Stock Exchange since 2001. For more information: http://www.camparigroup.com/en. Please enjoy our brands responsibly.

- Appendix to follow -

Page 5 of 9

Consolidated income statement for the first half 2023

	1 January-30 June 2023		1 January-30 June 2022
	€ million	%	€ million	%	Change
Net sales	1,457.8	100.0%	1,256.9	100.0%	16.0%
Cost of goods sold(1)	(585.5)	-40.2%	(490.5)	-39.0%	19.4%
Gross profit	872.3	59.8%	766.5	61.0%	13.8%
Advertising and promotional costs	(225.5)	-15.5%	(202.8)	-16.1%	11.2%
Contribution margin	646.7	44.4%	563.7	44.8%	14.7%
SG&A(2)	(287.0)	-19.7%	(252.7)	-20.1%	13.6%
Result from recurring activities (EBIT-adjusted)	359.7	24.7%	310.9	24.7%	15.7%
Other operating income (expenses)	(16.0)	-1.1%	(22.1)	-1.8%	-27.3%
Operating result (EBIT)	343.7	23.6%	288.9	23.0%	19.0%
Financial income (expenses)	(32.4)	-2.2%	(4.7)	-0.4%	-
Hyperinflation effects	1.2	0.1%	(0.4)	-	-
Profit (loss) related to associates and joint ventures	(1.4)	-0.1%	(1.6)	-0.1%	-11.2%
Profit before taxation	311.1	21.3%	282.3	22.5%	10.2%
Profit before taxation adjusted	326.2	22.4%	304.3	24.2%	7.2%
Taxation	(93.4)	-6.4%	(82.7)	-6.6%	12.9%
Net profit for the period	217.6	14.9%	199.5	15.9%	9.1%
Net profit for the period adjusted	234.6	16.1%	220.6	17.5%	6.4%
Non-controlling interests	0.7	0.1%	0.4	-	81.7%
Group net profit	216.9	14.9%	199.1	15.8%	8.9%
Group net profit-adjusted	233.9	16.0%	220.2	17.5%	6.2%
Depreciation and amortisation	(51.3)	-3.5%	(42.1)	-3.3%	22.0%
EBITDA-adjusted	411.1	28.2%	353.0	28.1%	16.4%
EBITDA	395.0	27.1%	330.9	26.3%	19.4%

(1) Includes cost of material, production and logistics costs.

(2) Includes selling, general and administrative costs.

Page 6 of 9

Consolidated net sales breakdown by brand cluster for the first half 2023

	% on Group sales		% change, of which:
		total	organic	perimeter	forex
Global Priorities	59.2%	14.7%	15.0%	-	-0.3%
Regional Priorities	23.7%	17.5%	16.7%	1.1%	-0.3%
Local Priorities	8.7%	19.5%	8.0%	10.7%	0.7%
Rest of portfolio	8.4%	17.7%	7.5%	7.8%	2.3%
Total	100.0%	16.0%	14.2%	1.8%	-

Consolidated net sales by geographic area for the first half 2023

	% on Group sales		% change, of which:
		total	organic	perimeter	forex
Americas	43.4%	13.6%	10.6%	1.6%	1.5%
Southern Europe, Middle East and Africa	30.3%	19.0%	16.6%	2.7%	-0.2%
North, Central and Eastern Europe	19.1%	14.4%	14.5%	1.0%	-1.1%
Asia Pacific	7.2%	22.6%	26.2%	1.9%	-5.5%
Total	100.0%	16.0%	14.2%	1.8%	-

Page 7 of 9

Consolidated balance sheet as of 30 June 2023

	30 June 2023	31 December 2022 (1)
	€ million	€ million
ASSETS
Non-current assets
Property, plant and equipment	832.4	781.3
Right of use assets	64.9	68.4
Biological assets	22.8	17.5
Goodwill	1,873.7	1,878.5
Brands	1,175.9	1,183.1
Intangible assets with a finite life	49.1	52.1
Interests in associates and joint ventures	39.7	36.0
Deferred tax assets	77.9	72.6
Other non-current assets	25.1	24.1
Other non-current financial assets	20.7	48.2
Total non-current assets	4,182.1	4,161.9
Current assets
Inventories	1,237.8	1,004.6
Biological assets	10.7	7.1
Trade receivables	433.7	308.2
Other current financial assets	21.5	18.7
Cash and cash equivalents	623.7	435.4
Income tax receivables	23.7	19.1
Other current assets	105.8	60.3
Total current assets	2,456.8	1,853.4
Total assets	6,638.9	6,015.3
LIABILITIES AND SHAREHOLDERS' EQUITY
Shareholders' equity
Issued capital and reserves attributable to Shareholders of the parent Company	2,843.8	2,676.2
Non-controlling interests	1.4	1.4
Total shareholders' equity	2,845.2	2,677.6
Non-current liabilities
Bonds	845.3	846.3
Loans due to banks	929.5	770.9
Other non-current financial liabilities	310.2	301.4
Post-employment benefit obligations	23.5	24.1
Provisions for risks and charges	34.0	39.0
Deferred tax liabilities	403.2	399.4
Other non-current liabilities	35.4	30.9
Total non-current liabilities	2,581.1	2,412.1
Current liabilities
Bonds	300.0	-
Loans due to banks	74.9	107.0
Other current financial liabilities	29.2	32.0
Trade payables	549.5	541.6
Income tax payables	40.7	72.5
Other current liabilities	218.4	172.5
Total current liabilities	1,212.7	925.6
Total liabilities	3,793.7	3,337.7
Total liabilities and shareholders' equity	6,638.9	6,015.3

(1) Values restated as a result of the purchase price allocation of Wilderness Trail Distillery, LLC.

Page 8 of 9

Consolidated reclassified cash flow statement for the first half 2023

	H1 2023	H1 2022
	€ milioni	€ milioni
EBITDA	395.0	330.9
Effects from hyperinflation accounting standard adoption	5.2	3.5
Accruals and other changes from operating activities	44.8	(27.5)
Income taxes paid	(120.4)	(89.8)
Cash flow from operating activities before changes in working capital	324.6	217.2
Changes in net operating working capital	(372.1)	(108.9)
Cash flow from operating activities	(47.5)	108.2
Net interests paid	(18.5)	(4.9)
Capital expenditure	(88.4)	(63.1)
Free cash flow	(154.4)	40.2
Sale and purchase of brands and rights	-	(123.6)
(Acquisition) disposal of business	(13.0)	-
Dividend paid out by the Company	(67.5)	(67.6)
Other changes (incl. net purchase of own shares)	6.3	(68.8)
Total cash flow invested in other activities	(74.2)	(260.0)
Change in net financial position due to operating activities	(228.6)	(219.8)
Opening restatements (1)	(2.7)	-
Put option and earn-out liability changes	(17.4)	(4.3)
Increase in investments for lease right of use	(4.2)	(2.9)
Net cash flow of the period = change in net financial debt	(252.9)	(227.0)
Effect of exchange rate changes on net financial debt	(17.9)	52.9
Net financial debt at the beginning of the period	(1,552.5)	(830.9)
Net financial position at the end of the period	(1,823.2)	(1,005.1)