Strong start to 2022 in a low seasonality quarter, thanks to positive underlying momentum, coupled with phasing and favourable comparison bases

Strong on-premise recovery in Europe, benefiting in particular the high-margin aperitif portfolio

FIRST QUARTER 2022-RESULTS HIGHLIGHTS

Reported net sales of €534.8 million, up +34.4% on a reported basis. Organic growth of +29.4% vs. the first quarter 2021 (+43.7% vs. the first quarter 2019 or 3-year organic CAGR of +12.8%), thanks to healthy brand momentum and strong on-premise recovery in Europe, benefiting in particular the high-margin aperitifs, boosted also by easy comparison bases and phasing.
EBIT-adjusted of €114.3 million, up +66.8% on a reported basis. Organic growth of +58.5% vs. the first quarter 2021 (+62.1% vs. the first quarter 2019 or 3-year organic CAGR of +17.5%), +390 basis points margin accretion.
EBITDA-adjusted of €134.7 million, up +53.7% on a reported basis. Organic growth of +46.5% vs. the first quarter 2021 (+52.5% vs. the first quarter 2019 or 3-year organic CAGR of +15.1%).
Group profit before taxation of €107.0 million, up +65.1%. Group profit before taxation adjusted of €111.7 million, up +74.1%.
Net financial debt of €834.6 million as of March 31st, 2022, broadly unchanged vs. December 31st 2021. Net debt to rolling EBITDA-adjusted ratio at 1.5 times as of March 31st 2022, with slight improvement vs. 2021 year end.

Milan, May 3rd 2022-The Board of Directors of Davide Campari-Milano N.V. (Reuters CPRI.MI-Bloomberg CPR IM) approved the additional financial information as of March 31st, 2022.

Bob Kunze-Concewitz, Chief Executive Officer: 'Overall we had a very solid start to the year with continuing underlying momentum and strong on-premise recovery in Europe. This positive performance was amplified also by phasing and easy comparison bases in a low seasonality quarter.

Looking at the remainder of 2022, we remain confident about the continued strong business momentum across our key brands and markets. Meanwhile, the overall performance will reflect the effects of a gradual normalization of the shipments due to phasing, different comparison bases throughout the rest of the year and the conflict in Ukraine. Concomitantly, volatility and uncertainty remain due to the ongoing pandemic and geopolitical tensions. We confirm our guidance of flat organic EBIT margin in 2022(1) as we will leverage adequate price increases and positive mix to mitigate the expected intensification of the inflationary pressure on input costs.'.

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¹ Guidance provided upon FY2021 results release on February 23rd 2022.

SUMMARY FINANCIAL INFORMATION FOR THREE MONTHS ENDED 31 MARCH 2022

	Q1 2022	Q1 2021	Reported	Organic	Perimeter	Forex	Org change	Org Change CAGR
	€ million	€ million	Change	change	Impact	impact	Vs. Q1 2019	2022-19
Net sales	534.8	397.9	34.4%	29.4%	-0.6%	5.6%	43.7%	12.8%
Gross margin	311.6	231.6	34.5%	28.7%	-0.2%	6.1%
% on sales	58.3%	58.2%
EBIT adjusted	114.3	68.5	66.8%	58.5%	-0.5%	8.9%	62.1%	17.5%
% on sales	21.4%	17.2%
EBIT	109.6	66.4	65.2%
Group profit before taxation adjusted	111.7	64.1	74.1%
Group profit before taxation	107.0	64.8	65.1%
EBITDA adjusted	134.7	87.6	53.7%	46.5%	-0.4%	7.6%	52.5%	15.1%
% on sales	25.2%	22.0%
EBITDA	130.0	85.5	52.1%
Net financial debt at the end of the period	834.6

REVIEW OF CONSOLIDATED SALES FOR THE FIRST QUARTER 2022 RESULTS

Group sales totalled €534.8 million, up +34.4% on a reported basis or +29.4% in organic terms. The perimeter effect was -0.6% while the FX effect was +5.6% mainly driven by the appreciation of the US Dollar.

Analysis of organic change by geography:

Sales in the Americas (46% of total Group sales) were up organically by +14.9%. The Group's largest market, the US, grew by +6.6% despite a tough comparison base, thanks to resilient home consumption and renewed strength in the onpremise. The performance was driven particularly by Espolòn, Wild Turkey, Aperol, Campari and Cabo Wabo. Canada grew by +9.4% and Jamaica registered strong growth (+20.1%). The rest of the region, including Brazil, Mexico and Argentina, grew by double digits as markets recover from the pandemic in a small quarter.
Sales in Southern Europe, Middle East and Africa2 (28% of total Group sales) grew by +61.2%. The region's largest market, Italy, was up +70.2%, mainly driven by strong recovery in the on-premise channel, magnified by phasing and an easy comparison base. The entire aperitif portfolio registered strong growth in the country: Aperol (+101.4%), Campari (+118.7%), Campari Soda (+24.8%) and Crodino (+75.6%). France grew +38.8%, mainly driven by Aperol, Riccadonna and Campari. Other markets in the region registered a positive performance largely thanks to the on-premise recovery combined with an easy comparison base. GTR was up +50.2% thanks to the continued lifting of travel restrictions.
North, Central and Eastern Europe (17% of total Group sales) grew organically by +33.2%. Germany registered very strong growth of +41.5% in a low seasonality quarter, benefiting also from favourable weather conditions. The performance was largely driven by growth in the aperitifs: Aperol, the newly introduced Aperol Spritz ready-to-enjoy, Campari, as well as Crodino, albeit off a small base. The UK grew by +26.6% mainly driven by Aperol and Magnum Tonic. The other markets in the region were also positive, largely led by the aperitifs.
Sales in Asia Pacific (8% of total Group sales) grew organically by +18.4%. Australia grew +5.4% despite a tough comparison base (+22.6% in the first quarter of 2021) and ocean freight constraints. The performance was largely driven by Wild Turkey bourbon, Wild Turkey RTD, Espolòn and Campari. Other markets in the region registered a very positive result (+50.0%) with continued momentum, in particular South Korea (+105.7%). China was broadly flat due to snap lockdowns in relation to the zero-Covid policy.

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² Includes Global Travel Retail.

Analysis of organic change by brand3:

Global Priorities (58% of total Group sales) registered an organic growth of +30.6%. Aperol grew +71.9%, thanks to strong growth in core Italy (+101.4%), Germany (+79.2%), the US (+51.2%), France (+79.5%) as well as all other European markets. The brand is benefitting from renewed activations and recruitment thanks to the reopening of the on-premise and sustained at-home consumption, boosted by a favourable comparison base (+0.1% Q1 2021) and phasing. Campari delivered strong growth of +56.6% thanks to all major markets including Italy (+118.7%), the US, Jamaica, Germany, Brazil and France. The positive performance was favoured also by phasing ahead of a robust price repositioning in Europe. Wild Turkey registered solid growth, up +14.0%, mainly driven by the core US market and Australia as well as Asian markets (Japan, South Korea). SKYY declined -11.5% largely due to the comparison base in the core US in connection with the brand relaunch whilst the international markets continue to grow. Grand Marnier grew overall (+8.9%) thanks to the core US market. Jamaican rum portfolio grew +6.5% overall against a tough comparison base, driven by the favourable category trends in premium rum.
Regional Priorities (24% of total Group sales) recorded a positive performance (+31.7%). Espolòn grew by double digits (+29.2%) despite a tough comparison base, thanks to the core US as well as international markets, albeit off a small base. The GlenGrant grew double digits driven by premiumisation, in particular within South Korea, China and GTR. Crodino grew by strong double digits driven by strong growth in core Italy against an easy comparison base as well as seeding markets. The other brands such as the Italian specialities, the sparkling wines and vermouths (Cinzano, Mondoro and Riccadonna), Magnum Tonic and Aperol Spritz ready-to-enjoy all delivered positive results.
Local Priorities (9% of total Group sales) grew +19.6% with positive growth across the entire portfolio, in particular Campari Soda, Wild Turkey ready-to-drink and X-Rated.

REVIEW OF FIRST QUARTER 2022 RESULTS

Gross profit totalled €311.6 million, corresponding to 58.3% of net sales, up by +34.5% in value on a reported basis. It grew organically by +28.7%, leading to -30 basis points margin dilution as the positive sales mix driven by the high-margin aperitifs was able to largely offset the dilutive effect of increased input costs.

Advertising and Promotion expenses (A&P) were €79.2 million, corresponding to 14.8% of net sales, up by +26.6% in value on a reported basis. They increased organically by +20.3%, reflecting sustained investments behind key brands, lower than net sales growth hence accretive on margins by +110 basis points.

CAAP (Contribution after A&P) was €232.4 million, corresponding to 43.4% of net sales, up by +37.5% in value on a reported basis and up +31.8% organically.

Selling, general and administrative expenses (SG&A) totalled €118.1 million, corresponding to 22.1% of net sales, up by +17.5% in value on a reported basis. They grew organically by +13.6%, lower than net sales, hence generating a margin accretion of +310 basis points.

EBIT-adjusted was €114.3 million, corresponding to 21.4% of net sales, up by +66.8% in value on a reported basis. It grew organically by +58.5%, generating an accretion of +390 basis points. The perimeter effect on EBIT-adjusted was -0.5% (or -€0.3 million), mainly due to the discontinuation of agency brands. The forex effect on EBIT-adjusted was positive by +8.9% (or €6.1 million), mainly driven by the appreciation of the US Dollar.

Operating adjustments were negative at -€4.7 million.

EBITDA-adjusted was €134.7 million, up by +53.7% in value on a reported basis (up organically +46.5%), corresponding to 25.2% of net sales.

EBIT (20.5% of net sales) and EBITDA (24.3% of net sales) were at €109.6 million and €130.0 million respectively.

Net financial expenses were €1.3 million. Excluding the exchange gain/(loss), the net financial charges were €5.0 million, (vs. €6.6 million for the first quarter 2021), showing a decrease of €1.6 million thanks to the lower level of average debt in the first quarter 2022 (€832.7 million vs. €1,085.9 million in the first quarter 2021).

Group profit before taxation-adjusted was €111.7 million, up +74.1% vs. the first quarter 2021. Group profit before taxation was €107.0 million, up +65.1%.

³ Please note the following changes within the brand cluster classification: Crodino and Aperol Spritz from Local Priority to Regional Priority, Magnum Tonic from Rest of Portfolio to Regional Priority; SKYY RTD from Rest of Portfolio to Local Priority.

Net financial debt at €834.6 million as of 31 March 2022, up €3.6 million vs. 31 December 2021 (€830.9 million), driven by strong cash absorption of planned working capital increase due to inventory build-up ahead of peak season in a constrained logistics environment, as well as share buyback.

Net debt to EBITDA-adjusted ratio at 1.5 times as of 31 March 2022, improving from 1.6 times as of 31 December 2021, driven by improved 12-months rolling EBITDA adjusted.

* * *

FILING OF DOCUMENTATION

The additional financial information at March 31st, 2022 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 additional financial information for the three months ended March 31st, 2022, in accordance with the Dutch Financial Supervision Act and the applicable International Financial Reporting Standards (IFRS).

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

At 1:00 pm (CET) today, May 3rd, 2022, Campari's management will hold a conference call to present the Group's First Quarter 2022 Results. To participate, please dial one of the following numbers:

from Italy: (+39) 02 802 0911
from abroad: (+44) 1212 818 004

The presentation slides can be downloaded before the conference call from the main investor relations page on Campari Group's website, at https://www.camparigroup.com/en/page/investors.

A recording of the conference call will be available from today until Tuesday, May 10th, calling the following number:

• (+39) 02 8020987 (Access code: 700931#, PIN: 931#)

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]

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

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

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http://www.camparigroup.com/en http://www.youtube.com/campariofficial https://twitter.com/campari

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 22 production sites worldwide and has its own distribution network in 22 countries. Campari Group employs approximately 4,000 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 -

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Consolidated net sales breakdown by brand priority for the first quarter 2022

	% on Group sales	% change, of which:
		total	organic	external growth	exchange rate effect
Global Priorities	57.9%	36.6%	30.6%	0.0%	6.0%
Regional Priorities	23.6%	36.9%	31.7%	0.0%	5.2%
Local Priorities	9.3%	21.6%	19.6%	0.0%	2.1%
Rest of portfolio	9.2%	29.1%	27.2%	-5.9%	7.8%
Total	100.0%	34.4%	29.4%	-0.6%	5.6%

Consolidated net sales by geographic area for the first quarter 2022

	% on Group sales		% change, of which:
		total	organic	external growth	exchange rate effect
Americas	46.3%	25.4%	14.9%	-0.1%	10.6%
SEMEA (Southern Europe, Middle East and Africa)	28.2%	59.1%	61.2%	-2.4%	0.3%
NCEE (North, Central and Eastern Europe)	17.2%	33.3%	33.2%	0.0%	0.2%
Asia Pacific	8.4%	21.2%	18.4%	0.7%	2.1%
Total	100.0%	34.4%	29.4%	-0.6%	5.6%

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CAMPARI GROUP

Consolidated income statement for the first quarter 2022

	1 January-31 March 2022		1 January-31 March 2021
	€ million	%	€ million	%	Change
Net sales	534.8	100.0%	397.9	100.0%	34.4%
Cost of goods sold(1)	(223.2)	-41.7%	(166.3)	-41.8%	34.2%
Gross profit	311.6	58.3%	231.6	58.2%	34.5%
Advertising and promotional costs	(79.2)	-14.8%	(62.6)	-15.7%	26.6%
Contribution margin	232.4	43.4%	169.0	42.5%	37.5%
SG&A(2)	(118.1)	-22.1%	(100.5)	-25.3%	17.5%
Result from recurring operations (EBIT-adjusted)	114.3	21.4%	68.5	17.2%	66.8%
Adjustments to operating income (expenses)	(4.7)	-0.9%	(2.1)	-0.5%	116.7%
Operating result (EBIT)	109.6	20.5%	66.4	16.7%	65.2%
Financial income (expenses)	(1.3)	-0.2%	(3.4)	-0.8%	-61.7%
Profit (loss) related to associates and joint ventures	(0.8)	-0.2%	2.3	0.6%	-137.2%
Put option, earn out income (expenses) and hyperinflation effects	(0.1)	0.0%	(0.3)	-0.1%	-79.2%
Profit before taxation and non-controlling interests	107.4	20.1%	65.0	16.3%	65.3%
Non-controlling interests	0.4	0.1%	0.2	0.0%	129.5%
Group profit before taxation	107.0	20.0%	64.8	16.3%	65.1%
Group profit before taxation-adjusted	111.7	20.9%	64.1	16.1%	74.1%
Total depreciation and amortisation	(20.4)	-3.8%	(19.1)	-4.8%	6.7%
EBITDA-adjusted	134.7	25.2%	87.6	22.0%	53.7%
EBITDA	130.0	24.3%	85.5	21.5%	52.1%

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

(2) Includes selling, general and administrative costs.

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Davide Campari-Milano N.V.

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