Davide Campari-Milano N.V.

Investor Presentation • Jul 28, 2020

2020 First Half Results

Investor Presentation

Table of contents

Results Summary

Sales Results

• ‒ By region
• ‒ By brand

Operating Results by Region

Consolidated P&L

Cash Flow & Net Financial Debt

Marketing initiatives & Developments

Conclusion & Outlook

Annex

Results for first half ended 30 June 2020

Overall performance impacted as Q2 reflected the full effect of COVID-19 pandemic

		H1 2020			Change vs. H1 2019		Q2 2020
Key figures		$\epsilon$ million % on sales	Reported	Organic	FX	Perimeter (1)	Organic change
Net sales of which: Global priorities Regional priorities	768.7	100.0%	$-9.4%$	$-11.3%$ $-9.9%$ $-11.5%$	$-0.2\%$	$+2.1%$	$-15.9%$ $-14.3%$ $-14.5%$
Gross profit margin accretion (bps) (2)	452.9	58.9%	$-13.9%$ $-310$ bps	$-16.3%$ $-350$ bps	$+1.3%$ $+100bps$	$+1.1%$ -60bps	$-21.6%$ $-430$ bps
EBIT adjusted (3) margin accretion (bps) (2)	130.4	17.0%	$-27.7%$ $-430$ bps	$-30.8%$ $-470bps$	$+4.9%$ $+120bps$	$-1.9%$ $-80$ bps	$-27.8%$ $-320bps$
EBITDA adjusted (3) margin accretion (bps) (2)	169.7	22.1%	$-21.1%$ $-330$ bps	$-24.7%$ $-380bps$	$+3.9%$ $+110bps$	$-0.3%$ $-60$ bps	$-22.9%$ -220bps
Group net profit adjusted (4)	77.6		$-33.5%$
Net Debt at period end (1)	1061.5

(1) Mainly including the effect from the acquisitions of Rhumantilles, Ancho Reyes and Montelobos (completed in Q4 2019) and the French distributor Baron Philippe de Rothschild France Distribution S.A.S., now named Campari France Distribution S.A.S. ('RFD') (completed at the end of February 2020). For the latter, only the third party brands managed by RFD were included in the perimeter effect

(2) Basis points rounded to the nearest ten

(3) Before operating adjustments of €(27.4) million in H1 2020 and €(8.6) million in H1 2019

(4) Before total adjustments of €(4.7) million in H1 2020 (vs. €6.1 million adjustments in H1 2019)

Key highlights

Strong brand momentum affected by market-specific channel skew and destocking, particularly in Q2

> Net Sales	> The full effect of the COVID-19 pandemic and the subsequent restrictive measures across key markets were registered during the Q2 period (-15.9%) after the initial effects in Q1 (-5.3%), leading to an overall change of -11.3%, impacted also by a tough comparison base (+8.0% H1 2019). Measures to combat the virus have had a great impact on the on-premise skewed markets partly mitigated by resilient growth in the off-premise skewed markets although shipments were below sell-out trends:
	— By geography: strong declines in SEMEA (due to Italy, GTR and Spain) and Latin America were partly offset by positive trends in core off-premise markets (particularly Germany, the UK, Russia, Canada and Australia). The US declined largely due to destocking effects at wholesaler level in key brands as well as the tough comparison base (+10.9% H1 2019)
	— By brand: overall strong brand momentum was affected by market-specific channel skew and destocking. Global Priorities declined by -9.9% with the aperitifs (Aperol and Campari) down low double-digit, largely due to the on-premise focused Italian market which felt the full impact of the restrictive measures during the Q2 period, while Wild Turkey, Grand Marnier and SKYY also declined, largely due to destocking in the key US market, offsetting resilient growth in the Jamaican rums. Regional priorities were down -11.5% with declines across the brand cluster apart from growth in Espolòn and Forty Creek. Local Priorities were down -13.1% overall due to double-digit declines in the single-serve aperitifs in Italy, offsetting resilience across the rest of the portfolio
	> Reported change of -9.4%, reflecting positive perimeter effect of +2.1% or €17.7 million, and a negative FX effect of -0.2% or €1.5 million
> EBIT adjusted	> Organic decline of -30.8% and -470 bps margin dilution, against a tough comparison base, largely due to COVID-19 impact, hitting in particular the high-margin and on-premise skewed aperitif business. Cost containment initiatives in Q2 across both A&P and SG&A helped to contain margin dilution still heavily impacted by topline decline and lower absorption of fixed costs (Q2 -27.8%, -320 bps margin dilution)
	> Reported change of -27.7%, with a positive FX effect of €8.9 million (+4.9%) and negative perimeter effect of €(3.4) million (-1.9%)
> Net profit	> Group net profit adjusted to €77.6 million, down -33.5%
	> Group net profit reported to €73.0 million, down -40.6%(1)
> Net debt	> Net financial debt at €1,061.5 million as of 30 June 2020 vs. €777.4 million as of 31 December 2019, up €284.2 million, mainly due to the acquisitions of RFD and Champagne Lallier, the investment in Tannico, as well as the dividend payment and the share buyback, for an (2) overall amount of €281.2 million
	> Net debt to EBITDA adjusted ratio (3) at 2.4 times as of 30 June 2020 (vs.1.6x as of 31 December 2019)
	(1) Before total adjustments of €(4.7) million in H1 2020 (vs. €6.1 million adjustments in H1 2019) (2) Excluding redomiciliation transaction and related shares acquired (3) Calculated as net debt at period end divided by EBITDA adjusted for the last twelve months

4

Table of contents

Results Summary

Sales Results

• ‒ By region
• ‒ By brand

Operating Results by Region

Consolidated P&L

Cash Flow & Net Financial Debt

Marketing initiatives & Developments

Conclusion & Outlook

Annex

On-premise skewed aperitifs business in SEMEA most impacted, as expected

Northern European and Asia-Pac regions registered resilient sales growth although behind sell-out

• Americas: resilience in off-premise focused Canada was unable to offset declines in core US (-4.1%), impacted by destocking at wholesaler level. Jamaica, Mexico and Latin America registered a decline

• SEMEA: core Italy down -33.1% while GTR and Spain declined by double-digits as well. France was flat. South Africa's decline was amplified by route-to-market change

• NCEE: very resilient performance across the region, particularly driven by Russia, Germany and the UK

• Asia Pacific: solid growth in Australia and China was able to offset the decline in Japan, whose performance was affected by route-tomarket change

(1) Including Rest of Portfolio, down -15.5% in H1 2020

• Global Priorities: Aperol and Campari negative mainly due to core Italy driven by on-premise closure since March and only partly mitigated by gradual reopening in late June, entirely offsetting positive growth in off-premise skewed markets. Grand Marnier, SKYY and Wild Turkey declined overall due to destocking in the key US market. Modest growth from the Jamaican rums

• Regional Priorities: overall decline driven by Cinzano, GlenGrant, the bitters and Bulldog despite the resilient performance of Espolòn with growth in the core US and seeding markets, while Forty Creek also grew thanks to core Canada

• Local Priorities: Wild Turkey RTD, Cabo Wabo, the Brazilian Brands and Ouzo 12 all registered positive performances being predominantly off-premise. This was unable to offset declines in onpremise skewed single-serve aperitifs due to declines in core Italy 6

Strong brand momentum continues in the US

Focus on US off-trade sell-out since lockdown (1)

Campari outperformance in the US Spirits market

(1) US Nielsen data x AOC + Total Liquor represents c.34% of total US off-trade volume. Dates refer to the beginning of week.

Strong momentum across core aperitif portfolio

Focus on aperitif sell-out in the off-trade in key European markets since lockdown

APEROL (1)		CAMPARI (1)
Lockdown volume % change (2)		Lockdown volume % change (2)
ITALY		ITALY
% Vol change	+24.5%	% Vol change +32.0%
% Vol change in category	+18.2%	% Vol change in category +18.2%
AUSTRIA		AUSTRIA
% Vol change	+29.7%	% Vol change +44.8%
% Vol change in category	+25.9%	% Vol change in category +25.9%
GERMANY		GERMANY
% Vol change	+20.5%	% Vol change +11.0%
% Vol change in category	+1.3%	% Vol change in category +1.3%
UK		UK
% Vol change	+105.3%	% Vol change +68.1%
% Vol change in category	+68.4%	% Vol change in category +68.4%

1) Off-trade volume data until week of 27/06/2020.

• Source: Italy: IRI (excl. Discount). Category refers to Aperitif and vermouth.

• Austria: Nielsen (Food + Drug), Germany: Nielsen (Total food + Drug + C&C), UK: Nielsen (Total food + drug + liquor). Category refers to spirits other (aperitif, cordials etc) 2) Lockdown beginning dates: Italy w/e 01/03/2020, Austria w/e 22/03/2020, Germany w/e 22/03/2020 and UK w/e14/03/2020

Net sales results for the first half 2020

Growth drivers

• Organic change of -11.3% or €(95.7) million in a very challenging context and against a tough comparison base (+8.0% H1 2019), due to COVID-19 impact across all markets since March

• Forex effect of -0.2% or €(1.5) million, as the strengthened US Dollar vs. Euro was unable to fully offset weakness in Latin American and Australian currencies

• Perimeter impact of +2.1% or €17.7 million, mainly due to the effect from the acquisitions of Rhumantilles, Ancho Reyes and Montelobos (completed in Q4 2019) as well as RFD (completed at the end of February 2020), net of discontinuation of agency brands, mainly in Northern Europe

Net sales by regions & key markets in H1 2020

US remains the largest market with 32.1% of Group Net Sales

• Developed vs. emerging markets in H1 2020 (1): 84% vs. 16%
• Group on-premise vs. off-premise split based on FY 2019 net sales : 40% vs. 60%

(1) Key emerging markets include Jamaica, Russia, Brazil, Argentina, Mexico, South Africa, Peru and Nigeria

Americas (1) : -7.6% organic

Organic growth by key market in H1 2020

								Q1	Q2
							2020	-0.9%	-13.5%
							2019	13.1%	7.3%
Organic growth by key market in H1 2020
> US	-4.1%	•	and sell-out trends	Wray&Nephew, Aperol and Campari continued to grow, who suffered from a destocking effect.	Overall decline due to both the tough comparison base (+10.9% H1 2019) (accounting for ca. 30% of the market net sales in FY 2019) which was amplified in Q2 (-8.6%). Although key brands such as Espolòn, Brand momentum in the off-premise remains strong across the whole portfolio and consistently above the market average. Destocking at wholesaler level impacted shipments, lagging behind more positive depletions	this was unable to offset declines in SKYY,	and negative impact from COVID-19 on-premise			restriction Grand Marnier and Wild Turkey
> Jamaica	-8.9%	•		continued momentum in Wray&Nephew Overproof rum	Overall decline due to on-premise closure and reduced touristic flows, amplified by a tough comparison base (+18.6% in H1 2019) despite
> Canada	+9.6%	•	offsetting declines in	Very positive result in a largely off-premise market SKYY			driven by core Forty Creek, Grand Marnier, Campari and Appleton Estate,
> Brazil	-8.5%	•		particularly Campari and SKYY	On-premised skewed Brazilian market was heavily impacted by the COVID-19 pandemic with negative performance across the portfolio,
> Others	-34.0%	•	Mexico declined		by -48.3% due to alcohol sale restrictions impacting the portfolio while Argentina declined by -22.1%
	(1)				Split on-premise vs. off-premise based on net sales of FY 2019 at regional level: 35% vs. 65%

SEMEA: -32.8% organic (1)

Organic growth by key market in H1 2020

• Italy Strong decline driven by full on-premise closure (accounting for ca.70% of the market net sales in FY 2019) as a reaction to the COVID-19 pandemic while limitations on customer traffic in the off-premise, which remained in place until mid-June, also contributed to the decline with Q2 down -39.3%. The whole aperitifs portfolio declined in a peak seasonal quarter amongst reduced tourism traffic, due to their particularly high exposure to the on-premise outlets. The on-premise recovery from late June started gradually as consumers began to return to bars with outdoor spaces -33.1%

• Others France was flattish with a positive Q2 helping to recover the Q1 destocking ahead of route-to-market change. Spain declined by -49.3% after severe declines in peak Q2 season (-77.8%) as the on-premise skew, coupled with reduced tourism, impacted key brands, particularly Aperol, Campari and Bulldog. Within Africa, Nigeria grew mainly thanks to Campari, Wild Turkey and American Honey, while South Africa's decline was amplified by route-to-market change -32.0%

• Global Travel Retail declined by -60.7% as shopper traffic fell sharply starting with the impactful COVID-19 crisis in February and remained weak throughout the peak Q2 period

(1) Incl. Global Travel Retail. Split on-premise vs. off-premise based on net sales of FY 2019 at regional level: 65% vs. 35%

(2) Perimeter effect largely driven by first-time consolidation of Rhumantilles from Q4 2019

NCEE (1): +5.9% organic

Organic growth by key market in H1 2020

>	Germany	+3.4%	•	Resilient growth in Germany with acceleration in Q2 (+5.9%) as positive sell-out trends continue to outpace shipments in a predominantly off-premise market (accounting for ca. 70% of the market net sales in FY 2019). Growth in the aperitif brands of Aperol (+9.8%) and Campari (+4.7%) were behind double-digit sell-out trends. Modest growth in Ouzo 12, GlenGrant and Bulldog offset declines in agency brands as well as the on-premise skewed liquors Averna and Frangelico and Cinzano Sparkling wine
>	UK	+36.2%	•	Robust growth in the UK continued into Q2 (+35.1%), driven by Aperol, Wray&Nephew Overproof rum, Magnum Tonic Wine and Campari. Strong growth in the off-premise as well as unparalleled growth in the e-commerce channel were key drivers during the lockdown period
>	Russia	+19.2%	•	Strong growth despite the tough comparison base (H1 2019: +10.9%) in a largely off-premise market driven by Mondoro, Aperol and Cinzano vermouth. Espolòn, Wild Turkey and Campari continue to grow off a small base
>	Others	-3.2%	•	Austria and Switzerland registered resilient growth of +2.8% and +9.5% respectively, largely driven by both Aperol and Campari, while Belgium was flattish. Small declines elsewhere in Eastern European and Scandinavian markets

(1) Split on-premise vs. off-premise based on net sales of FY 2019 at regional level: 30% vs 70%

Asia Pacific (1): +7.1% organic

Organic growth by key market in H1 2020

• Australia Strong growth overall in an off-premise skewed market (accounting for ca. 85% of the market net sales in FY 2019) after a weak year end, driven by Wild Turkey RTD as well as Wild Turkey bourbon and American Honey. Campari and Espolòn also grew double-digit off a small base +18.7%

• Others China, a predominantly on-premise market, registered a double-digit growth (+26.2%) as the market recovered post COVID-19 pandemic during Q2 (+60.4%) while Japan declined -48.6% due to continued destocking ahead of route-tomarket change -19.2%

Net sales by key brand

H1 2020 Group Net Sales €768.7 million Organic growth -11.3%

Global priorities

Global priorities	Brand sales as % of Group's sales in H1 2020	Organic change in H1 2020	Organic change in Q2 2020
	19%	-11.6%	-17.6%	> Accelerated decline in peak Q2 period driven by double-digit decline in core on-premise skewed Italy (c.35% of total Aperol sales in FY 2019) and GTR
				> Elsewhere Aperol registered a resilient performance (organic growth +4.0% excluding Italy and GTR) with strong off-premise and online sales in other core markets of Germany, France, Austria and Switzerland as well as other high potential and seeding markets, in particular, the US, Russia and the UK (particularly the e-commerce channel)
	10%	-10.6%	-19.1%	> Double-digit decline in core Italy as key on-premise outlets were closed throughout the peak period in Q2
				> Strong growth in other core markets such as the US (+15.9%), Germany (+4.7%) and Nigeria as well as other key European markets such as Austria and Switzerland, offsetting negative results in core Jamaica and Brazil
	8%	-9.7%	-8.3%	> Positive performance in Canada (+13.6%) was unable to offset the declines in the core US market due to heavy on-premise skew, despite positive off-premise sell-out trends, as well as destocking at wholesaler level

Global priorities

Global priorities	Brand sales as % of Group's sales in H1 2020	Organic change in H1 2020	Organic change in Q2 2020
	(1)(2) 9% (1) Incl. Wild Turkey straight reserve, American Honey (2) Wild Turkey ready-to-drink are excluded	-7.7% bourbon, Russell's ready-to-drink and American Honey	-2.9%	> Overall negative performance against a tough comparison base (+11.4% H1 2019) largely due to destocking in the US during the Q1 period ahead of new packaging (postponed). Sales in Q2 are progressively more positive thanks to the off-premise with depletion and sell-out trends ahead of shipments. Very strong growth in Australia > American Honey registered a decline overall, largely due to
				destocking in the core US market which offset positive results in Australia and Nigeria
	8% (1)	-16.5%	-25.5%	> Decline in the core US market due to destocking at wholesaler level in Q2 (-20.0%) with core vodka outperforming flavours. Core SKYY depletion and sell-out trends moved to high-single digit
	(1) including SKYY Infusions			> Positive growth in China was unable to offset declines across other international markets
	(1)			> Wray&Nephew Overproof grew +24.1%, thanks to continued positive trends in core markets of the US, Jamaica and the UK
	6% (1) Incl. Appleton Estate and W&N Overproof	+4.9%	+6.0%	> Negative overall performance for Appleton Estate (-4.0%), mostly due to destocking ahead of change in packaging in Q1 and subsequent delays due to on-premise closure. Positive trends however in the core markets of the US and Canada while the UK was flat
				17

Regional Priorities

	Regional priorities	Brand sales as % of Group's sales in H1 2020	Organic change in H1 2020	Organic change in Q2 2020
a uil q e T		5%	+3.3%	-0.4%	>	Positive performance driven by the core US market (+4.6%) despite flatter Q2 due to a tough comparison base from last year (+63.5%), lagging behind the stronger depletion (+47%) and even higher sell-out trends
					>	Growth in seeding markets such as Russia, Canada and Australia
n Gi		1%	-22.9%	-27.1%	>	Continued negative performance in Q2 due to double-digit declines in key on-premise skewed Spain due to COVID-19 as well as persistent category competition. GTR also registered strong declines due to the ongoing pandemic
					>	Improving consumption trends in core Germany, the UK and Belgium were unable to offset declines elsewhere
s e ki s hi		1%	-32.1%	-31.1%	>	Overall negative results, amplified by the negative performance in GTR and Italy due to COVID-19 as well as France and South Africa, due to route-to-market changes. Continued focus on the gradual repositioning of the brand from high volume and short aged into more premium, higher-aged propositions
W		1%	+13.8%	+20.5%	>	Overall growth thanks to core Canada (+20.2%)

Regional Priorities

Local Priorities

Local priorities	Brand sales as % of Group's sales in H1 2020	Organic change in H1 2020	Organic change in Q2 2020
	3%	-30.5%	-38.9%	> Negative results due to core Italian market given its strong exposure into the on-premise channel
	3%	-34.7%	-46.8%	> Negative performance due to core Italy as the brand has strong exposure into the on-premise channel > Positive results in seeding Switzerland, Austria and Germany
	2%	+23.5%	+31.4%	> Strong and resilient performance in core Australia
	1%	+22.4%	+43.3%	> Strong performance in Brazilian market against an easy comparison base in Q2 in a highly volatile environment
	1%	+13.2%	+19.5%	> Overall positive performance driven by Germany
	1%	+9.1%	+1.1%	> Positive growth despite softer Q2 as a largely off premise brand driven by the core US 20

Table of contents

Results Summary

Sales Results

• ‒ By region
• ‒ By brand

Operating Results by Region

Consolidated P&L

Cash Flow & Net Financial Debt

Marketing initiatives & Developments

Conclusion & Outlook

Annex

Net sales & EBIT analysis by region

The Americas remain the Group's largest region in terms of net sales and profitability (46.6% of Group's net sales and 52.9% of Group's EBIT(1) in H1 2020). The change is mostly due to effects of the COVID-19 pandemic, heavily impacting SEMEA, whose weight on EBIT became negative in H1 2020

EBIT (1) by region - Americas

Organic change: EBIT adjusted organic decline of -19.3% with -250 bps dilution. Key drivers:

Gross Profit	• Decline of -14.5% in value, stronger than sales, leading to -440 bps margin dilution, due to unfavorable sales mix by brand (high-margin global priorities in the US) and channel, negative impact from elevated agave purchase price and lower absorption of fixed production costs
A&P	• A&P decreased by -27.1% in value, more than topline, +420 bps margin accretion, driven by cost mitigation initiatives, phasing of key global and regional brands, with shift from offline to online investments
SG&A	• Modest increase in SG&A (+3.6% in value), -230 bps margin dilution, mainly due to the lower absorption of fixed structure costs given topline decline, partly mitigated by the streamlining of some local structures in the region
> FX & Perimeter:	Positive FX effect largely driven by the strengthening USD vs Euro (+230 bps accretion) offsetting slightly dilutive perimeter effect (-30 bps)

EBIT margin: EBIT margin at 19.3% in H1 2020

EBIT (1) by region - SEMEA

> Organic change:	Strong EBIT adjusted organic decline, heavily hit by COVID-19, in particular the high-margin aperitif business in Italy, GTR and Spain. Key drivers:
Gross Profit	• Decline of -35.2% in value, higher than topline, -240 bps margin dilution, due to unfavorable sales mix driven by on-premise closure hitting the high-margin aperitifs business
A&P	• A&P declined by -14.9% in value, less than topline, resulting in -420 bps dilution, as a combined effect of cost containment and shift from on-premise to online brand building investments behind aperitifs to fuel the consumption momentum
SG&A	• SG&A decreased -3.9% in value but remained significantly dilutive, as a consequence of lower absorption of fixed structure costs given the strong topline decline. The dilution was partly mitigated by cost containment actions reducing variable structure cost (incl. travelling ban, hiring freeze)
> FX & Perimeter:	Accretive FX effect, fully offset by dilutive perimeter effect, due to the disproportional effect from the first-time consolidation of the French distributor where sales were impacted by one-off destocking and COVID-19, generating a lower absorption of local fixed structure costs
> EBIT margin:	Negative EBIT margin at -1.0% in H1 2020, heavily impacted by COVID-19

EBIT (1) by region - NCEE

		H1 2020		H1 2019	Reported change	Organic change
	€ million	% of sales	€ million	% of sales	%	%
Net sales	172.0	100.0%	165.5	100.0%	+3.9%	+5.9%
Gross profit	111.6	64.9%	108.5	65.5%	+2.9%	+2.9%
A&P	(25.7)	-14.9%	(29.7)	-17.9%	-13.7%	-13.4%
SG&A	(28.6)	-16.6%	(29.6)	-17.9%	-3.7%	-3.7%
EBIT (1)	57.4	33.4%	49.1	29.7%	+16.9%	+16.8%

+370 bps

EBIT (1) by region - Asia Pacific

>	Organic change:	EBIT adjusted organic growth of +6.3%, slightly below the sales growth, generating -10 bps dilution. Key drivers:
	Gross Profit	• Grew by +8.6% in value, ahead of sales, leading to +60 bps accretion, driven by favorable sales mix by brand within the region
	A&P	• Slightly down in value, generating +90 bps margin accretion, due to mix and phasing of marketing investments
	SG&A	• Increased by +14.3% in value, higher than topline, leading to -160 bps dilution, mainly driven by the tail-end effect of the relocation of the regional head office from Sydney to Singapore
>	FX & Perimeter:	Negative FX effect largely driven by weakness in the Australian Dollar vs. Euro and neglectable perimeter impact
>	EBIT margin:	EBIT margin at 10.2% in H1 2020

Table of contents

Results Summary

Sales Results

• ‒ By region
• ‒ By brand

Operating Results by Region

Consolidated P&L

Cash Flow & Net Financial Debt

Marketing initiatives & Developments

Conclusion & Outlook

Annex

H1 2020 consolidated P&L

						H1 2020	Q2 2020
	H1 2020		H1 2019		Reported change	Organic margin accretion/ (dilution)	Organic change	Forex impact	Perimeter effect	Organic margin accretion/ (dilution)	Organic change
	€ million	% of sales	€ million	% of sales	%	(bps) (3)	%	%	%	(bps) (3)	%
Net Sales	768.7	100.0%	848.2	100.0%	-9.4%		-11.3%	-0.2%	2.1%		-15.9%
COGS (1)	(315.8)	-41.1%	(322.3)	-38.0%	-2.0%		-3.1%	-2.6%	3.7%		-6.2%
Gross Profit	452.9	58.9%	525.8	62.0%	-13.9%	-350	-16.3%	1.3%	1.1%	-430	-21.6%
A&P	(121.8)	-15.8%	(151.5)	-17.9%	-19.6%	180	-20.2%	-0.1%	0.6%	320	-29.8%
Contribution after A&P	331.1	43.1%	374.3	44.1%	-11.5%	-170	-14.7%	1.9%	1.3%	-110	-18.0%
SG&A (2)	(200.7)	-26.1%	(194.0)	-22.9%	3.5%	-300	0.2%	-1.0%	4.2%	-210	-7.5%
EBIT adjusted	130.4	17.0%	180.3	21.3%	-27.7%	-470	-30.8%	4.9%	-1.9%	-320	-27.8%
Operating adjustments	(27.4)	-3.6%	(8.6)	-1.0%	-
Operating profit (EBIT)	103.0	13.4%	171.7	20.2%	-40.0%
Net financial income (charges)	(19.2)	-2.5%	(15.1)	-1.8%	26.5%
Adjustments to financial income (charges)	1.6	0.2%	(0.0)	0.0%	-
Profit (loss) related to associates and joint ventures	(0.2)	0.0%	0.1	0.0%	-
Put option, earn out income (charges) and hyperinflation effects	15.7	2.0%	(3.0)	-0.4%	-
Profit before tax	101.0	13.1%	153.7	18.1%	-34.3%
Taxation	(28.2)	-3.7%	(30.9)	-3.6%	-8.6%
Net Profit	72.7	9.5%	122.8	14.5%	-40.7%
Non-controlling interests	(0.2)	0.0%	0.0	0.0%	-
Group net profit	73.0	9.5%	122.8	14.5%	-40.6%
Group net profit adjusted	77.6	10.1%	116.7	13.8%	-33.5%
Depreciation & Amortisation	(39.4)	-5.1%	(34.8)	-4.1%	13.2%	-80	6.8%	-1.4%	7.7%	-100	6.6%
EBITDA adjusted	169.7	22.1%	215.1	25.4%	-21.1%	-380	-24.7%	3.9%	-0.3%	-220	-22.9%
EBITDA	142.4	18.5%	206.5	24.3%	-31.1%

(1) COGS = cost of materials, production and logistics expenses

(2) SG&A = selling, general and administrative expenses

(3) Bps rounded to the nearest ten

EBIT adjusted – summary effects

• EBIT adjusted: on a reported basis down -27.7% in value, at 17.0% on net sales, down from 21.3% from last year

• Organic decline of -30.8% in value with -470 bps margin dilution, largely due to:
  • A tough comparison base (+10.6% in value in H1 2019)
  • Impact from COVID-19, hitting in particular the high-margin aperitif business in their peak period
  • Lower absorption of fixed structure costs given the topline decline
• Forex and perimeter combined effect of +3.1% in value, corresponding to +40 bps margin accretion. Perimeter effect was negative, mainly due to the disproportional effect from the first-time consolidation of the French distributor with sales impacted by one-off destocking and COVID-19, hence lower absorption of mainly fixed structure costs

• EBITDA adjusted: on a reported basis down -21.1% in value, to 22.1% on net sales

• Organic decline of -24.7% in value, generating -380 bps margin dilution
• Forex and perimeter combined effect of +3.6% in value, accretive on margin (+50 bps)

EBIT adjusted margin - key drivers

• Gross profit: on a reported basis down -13.9% in value, to 58.9% on sales (-310 bps dilution):

• Organic change of -16.3% in value, leading to -350 bps margin dilution, due to unfavorable sales mix, with COVID-19 hitting in particular the high-margin on-premise skewed aperitif business, as well as the lower absorption of fixed production costs
• Forex and perimeter combined effect of +2.4% in value, +40 bps margin accretion

• A&P: on a reported basis down -19.6% in value, to 15.8% on net sales (+200 bps accretion)

• Organic decrease of -20.2% in value, driving +180 bps margin accretion, thanks to cost containment measures and postponement of some initiatives in the on-premise/GTR channels, enabling sustained reinvestments into digital brand building and online brand activation as well as e-commerce initiatives
• Forex and perimeter combined effect of +0.6% in value, +20 bps margin accretion

• SG&A: on a reported basis up +3.5% in value, to 26.1% on net sales (-320 bps dilution)

• Flat organically in value, driving -300 bps margin dilution, mainly due to the lower absorption of fixed costs given strong topline decline. The costs containment measures starting from the second quarter (-7.5% organic drop in Q2) were mainly related to the variable costs as no actions were taken at a structural cost level, confirming the Group's long-term development strategy
• Forex and perimeter combined effect of +3.3% in value, lower than topline change, leading to -20 bps margin dilution, primarily driven by the consolidation of the newly acquired businesses

Profit before tax

		H1 2020 H1 2019 % of sales €million 130.4 17.0% 180.3 (27.4) -3.6% (8.6) 103.0 13.4% 171.7			Reported change
	€million			% of sales	%
EBIT adjusted				21.3%	-27.7%
Operating adjustments				-1.0%	-
Operating profit = EBIT				20.2%	-40.0%
Net financial income (charges)	(19.2)	-2.5%	(15.1)	-1.8%	26.5%
Adjustments to financial income (charges)	1.6	0.2%	(0.0)	0.0%	-
Profit (loss) related to associates and joint ventures	(0.2)	0.0%	0.1	0.0%	-
Put option, earn out income (charges), hyperinflation effects and other	15.7	2.0%	(3.0)	-0.4%
Profit before tax	101.0	13.1%	153.7	18.1%	-34.3%

• Operating adjustments of €(27.4) million, mainly related to the impairment loss of €(16.3) million for Bulldog trademark, significantly impacted by COVID-19 given its strong exposure to the on-premise channel and GTR, the donations of €(2.7) million made by the Group to support the sanitary emergency and the acquisition transaction fees (1)

• Net financial charges were €19.2 million in H1 2020, higher vs. H1 2019:

• Negative exchange rate differences and effects on the current valuations of financial assets, generating €(3.9) million negative impact overall

• Increase of average cost of net debt to 3.9%(2) (vs. 3.7% in H1 2019), despite the slightly higher average indebtedness (€908.7 million in H1 2020 vs. €892.5 million in H1 2019), mainly due to the negative carry on the recent round of financing

• Put option and earn out income (expenses) was positive at €15.7 million, mainly attributable to the non-cash effects of the remeasurement and discounting to present value of estimated liabilities for future commitments relating to earn out and minority shareholdings in acquired businesses, amounting to €16.8 million

• Profit before tax was €101.0 million, down -34.3%

(1) Redominiciliation fees to be accounted for in H2 (2) Excluding FX effects, ancillary financial expenses and financial adjustments

Group net profit adjusted

	Actual	Actual	Reported
€ million	H1 2020	H1 2019	change
EBIT adjusted	130.4	180.3	-27.7%
Recurring net financial charges	(19.2)	(15.1)	-
Recurring put option costs and others	(1.1)	(2.9)	-
Profit before tax adjusted	110.1	162.3	-32.1%
Total recurring taxes, of which:	(32.7)	(45.6)	-
- Recurring cash tax	(26.0)	(37.7)	-
- Goodwill deferred tax	(6.7)	(7.9)	-
Non-controlling interests	(0.2)	0.0	-
Group net profit adjusted	77.6	116.7	-33.5%
Recurring cash tax rate	-23.6%	-23.2%	-
Recurring effective tax rate	-29.7%	-28.1%	-
Total adjustments net, of which	(4.7)	6.1	-
- Operating adjustments	(27.4)	(8.6)	-
- Financial adjustments	1.6	(0.0)	-
- Earn-out non-recurring revisions	16.6	0.0
- Patent box	0.0	12.5	-
- Fiscal effects on adjustments and other fiscal adjustments	4.5	2.2	-
Group net profit	73.0	122.8	-40.6%
Reported tax rate	-28.0%	-20.1%	-

Group net profit adjusted at €77.6 million, down -33.5% vs. H1 2019:

• Recurring effective tax rate at 29.7% in H1 2020, slightly up from 28.1% in H1 2019
• Adjusting the recurring effective tax rate for the goodwill deferred taxes, recurring cash tax rate at 23.6% in H1 2020, slightly up compared with last year (23.2% in H1 2019)

• Group net profit at €73.0 million, down -40.6% vs. H1 2019

Table of contents

Results Summary

Sales Results

• ‒ By region
• ‒ By brand

Operating Results by Region

Consolidated P&L

Cash Flow & Net Financial Debt

Marketing initiatives & Developments

Conclusion & Outlook

Annex

Free cash flow

	H1 2020		H1 2019		Δ H120 vs. H119		Δ H120 vs. H119
	Total	Recurring	Total	Recurring	Total		Recurring
	€ m	€ m	€ m	€ m	€ m	%	€ m	%
EBITDA adjusted	169.7	169.7	215.1	215.1	(45.4)	-21.1%	(45.4)	-21.1%
Taxes paid	(80.0)	(22.8)	(9.1)	(14.2)	(71.0)		(8.6)
Change in OWC (at constant FX and perimeter)	(55.4)	(55.4)	(77.2)	(77.2)	21.8		21.8
Financial income (expense), of which	(6.1)	(7.7)	(3.0)	(3.0)	(3.0)		(4.7)
Net interest paid	(7.7)	(7.7)	(3.0)	(3.0)	(4.7)		(4.7)
Financial adjustments	1.6	0.0	(0.0)	0.0	1.6		0.0
Capex (1)	(26.9)	(24.1)	(21.6)	(20.2)	(5.3)		(3.9)
Other non-cash items (2)	(5.9)	5.2	(23.0)	(14.3)	17.1		19.6
Free Cash Flow (FCF)	(4.5)	65.0	81.2	86.2	(85.7)	-105.6%	(21.1)	-24.5%

• Free cash flow were negative at €(4.5) million, down €(85.7) million vs. H1 2019. Recurring free cash flow at €65.0 million, down €(21.1) million vs. H1 2019. Key drivers:

• Decrease in EBITDA adjusted of €(45.4) million, negatively impacted by COVID-19
• Tax paid of €(80.0) million in H1 2020, much higher than H1 2019, mainly due to the non-recurring tax payment related to the sale of Villa Les Cèdres (completed in 2019), amounting to €60.1 million, net of the tail-end effect of the tax relief under the Patent Box regime relating to 2019
• OWC (3) increase of €55.4 million in H1 2020 (vs. increase of €77.2 million in H1 2019), mainly due to business seasonality
• Financial expenses of €6.1 million in H1 2020, of which recurring financial expenses of €7.7 million
• CAPEX of €26.9 million in H1 2020, of which maintenance CAPEX of €24.1 million
• Negative impact from other non-cash items of €(5.9) million in H1 2020, of which recurring at €5.2 million

Operating working capital(1)

• OWC increase of €50.2 million as of 30 June 2020 vs. 31 December 2019. Key drivers:

• Organic increase of €55.4 million, due to:
  • Increase in inventory of €59.2 million (of which ageing liquid increase of €22.3 million), mainly due to the business seasonality and stock increase in anticipation of the gradual re-opening of trade activities after the lockdown
  • Decrease in payables of €44.6 million
  • Decrease in receivables of €48.3 million
• Negative forex impact of €35.1 million
• Positive perimeter effect of €29.8 million due to consolidation of the French distributor and Champagne Lallier

• OWC as % of net sales at 42.2% as of 30 June 2020 (or 40.5% taking into account the twelve-month sales effect of the acquired businesses, broadly in line with H1 2019)

Net financial debt increased by €284.2 million

• Net financial debt at €1,061.5 million as of 30 June 2020, up €284.2 million from €777.4 million as of 31 December 2019, mainly driven by the acquisitions of RFD and Champagne Lallier as well as the investment in Tannico, the dividend payment and the share buyback (4) for an overall amount of €281.2 million

• Net debt to EBITDA adjusted ratio at 2.4x as of 30 June 2020 (vs. 1.6x as of 31 December 2019)

• (1) Including the acquisitions of RFD for €54.6 million and Champagne Lallier for €44.0 million (excluding estimated earn-out of €4.3 million) as well as the investment in Tannico for €23.7 million
• (2) Purchase of own shares net of sale of shares for stock option exercises
• (3) Mainly related to FX and earn-out
• (4) Excluding redomiciliation transaction and related shares acquired

Debt maturity(1)

• Net debt of €1,061.5 million as of 30 June 2020

• Gross debt (Eurobonds & term loan) of €1,181 million, of which long-term €600 million (2)

• Overall gross debt average coupon at 2.14%, of which long-term gross debt average coupon at 1.55%
• Fixed interest rate debt accounts for c. 58% of the overall long-term gross debt

(1) Refer to slide 56 'Financial debt details' for further informatinon (2) €581 million Eurobond expiring in September 2020 classified as short-term debt (3) Mainly related to leasing

Half Year results ended 30 June 2020

Table of contents

Results Summary

Sales Results

• ‒ By region
• ‒ By brand

Operating Results by Region

Consolidated P&L

Cash Flow & Net Financial Debt

Marketing initiatives & Developments

Conclusion & Outlook

Annex

Keeping momentum in aperitifs: Aperol

The sound of Togetherness

A dynamic video campaign featuring a series of scenes and sounds of consumers at home, showing their current moments of "conviviality" during the lockdown while enhancing the positive mood that people have in common with the willingness to feel all in tune. The video captures the joyful and colorful spirit of the brand, showing how Aperol can bring 'boundless bonds' to life. The campaign, born for the digital environment, has been launched in about 20 countries and amplified also in TV in Italy. established one (Italy). Watch the video here: https://www.youtube.com/watch?v=SOoff0RN7js

Going Digital – Global examples

During the COVID-19 pandemic a great number of Digital Experiences have been implemented across markets to entertain people with the positive and lighthearted mood of Aperol Spritz allowing Aperol Spritz to become the second most mentioned cocktail in last 3 months*

Italy - Together we can: several successful charity initiatives have been promoted by Aperol under 'Together we Can', strengthening the concept of Togetherness with mashup videos featuring 1,000 + consumers

UK – Aperol Spritz @ Home: a new at home moment on Aperol socialmedia channels leverages on the Spritz Squad to celebrate all the ways people are enjoying an Aperol Spritz at home, rewarding people who take part of Aperol Spritz kits, involving influencers and promoting ecommerce

Australia - share a Spritz @ 6pm: enhancing virtual connections and promoting at home consumption via Virtual Spritz moments, backed by partners (chefs, influencers, D.J's) including engaging content to inspire moments of Joy with consumers

Spain – Aperol Spritz Live Toast : under the #Moretogheterthanever activation, Aperol Spritz involved consumers connected by several Spanish cities to experience a Digital toast live enriched by DJ set and Music Concerts

Germany - Aperol Instadelivery: Aperol brings light-hearted moments also in times of lockdown! In April German consumers have been enabled to virtually cheer with their friends. 1919 Aperol Spritz kits were offered via Instagram and delivered to consumers door

USA – Elevate Summer Moments with Aperol Spritz At Home: Aperol is driving awareness and consideration by focusing on the power of the Aperol Spritz as the perfect summer cocktail. Driving the daytime occasion and recipe messaging while leveraging the at-home consumption moment through social media (Instagram, Facebook and Pinterest) a digital partnership with Spotify and paid search (Google, YouTube, Bing), and Spritz Kits for PR and influencers

*Sprinklr – Data from 1° March 2020 to 31° May 2020.

Keeping momentum in aperitifs: Campari

Negroni – Ready to Enjoy

The well-known cocktail, the 2nd most consumed cocktail in the world (according to Drinks 2019), from June, is on the shelves and ecommerce websites of some of Campari's main markets, from Europe, to the Americas and across to Asia. The original recipe will be also available in a smaller format (0,5cl), in a more premium and modern bottle, to replicate the experience of a timeless cocktail, at home

Going Digital – Global examples

Australia – Biennale of Sydney: Campari went online and invited people to live a Campari experience at home, where consumers logged on to the live online exhibition and attended to special events, workshops and drinks classes

Argentina - #unapartedevos: a dedicated online platform was set up to support the on-trade & bartenders with donation of products directed to bars, with proper digital amplification to raise money and awareness on the initiative

Italy & Germany – Drink Delivery Experience @ Home:

Collaborating with delivery companies, Campari oversaw the creation of a perfect serve kit according to local drinking strategies to educate consumers on how to make cocktails at home. Competitions were set up to win kits and then log on to attend virtual classes

UK - Campari Reopens: Campari virtually reopened some of the worlds best bars (Dante – NY; Drink Kong – Italy; Three Sheets – UK) to give consumers the opportunity to experience the feeling of being in a top end bar, drinking Campari cocktails, creating their own cocktails in a Campari masterclass with a world class bartender, all from the comfort of their own home

France - Unlock the unexpected: Campari unveiled a neverbefore-seen photo series created in the heart of 8 establishments that were then closed and were preparing to reopen; Campari proposed to the director and photographer Frédéric de Pontcharra to materialize his vision on this exceptional situation and to give substance to these sleeping establishments online where consumers could access the images

Brand releases

Bisquit&Dubouché

Following the first production in late 2019, Bisquit&Dubouché new VS and VSOP hit the shelves in the key Belgian market this spring, gaining visibility thanks to strong in-store theatralisation and personalized displays

Wild Turkey: Bottled in Bond

From the hallowed racks of the Camp Nelson warehouse comes the latest release in the award-winning Wild Turkey Master's Keep series – Master's Keep Bottled in Bond. The sixth global release designated worthy of the Master's Keep imprimatur, Master's Keep Bottled in Bond is a 17-year-old Kentucky straight bourbon whiskey. The bottling is only the second-ever Wild Turkey bourbon to carry the bottled-in-bond label - a certification that guarantees a strict production process and ensures incomparable flavor and consistency. Master's keep Bottled in Bond will be on shelves starting in June, 2020 at an RSP of \$175.00 USD

Virtual marketing initiatives

Grand Marnier – Grand Moments

This summer Grand Marnier launched a new global social media campaign to stimulate at home consumption by aiming to enable users to find their own Grand Moment in everyday life, finding their own new normality without losing a "Grand" mind-set. The social campaign will continue through other special activities involving international bartenders, who will host live sessions on Instagram with social pills by Master Blender Patrick Raguenaud to share insights about product heritage and quality

Bulldog Gin – World Gin Day

BULLDOG Gin marked World Gin Day on 13th June with a virtual house party in collaboration with DJ Mag, in aid of Nordoff Robbins - the largest independent music therapy charity in the UK. The virtual event was headlined by worldrenowned DJ Roger Sanchez and featured a stellar line-up of DJ sets, including BULLDOG favourite Siggy Smalls. 142k consumers tuned in from all over the world, resulting in a total campaign reach of over 196 million. If you missed the live stream, you can view here:

https://www.youtube.com/playlist?list=PLxGQNM\_MbRMjXaO kPTkkvAVmO8BOV8Xsf

SKYY Vodka – We are the Pride

The brand continues supporting the LGBTQ+ Community, launching a digital and social campaign in June called "We Are The Pride" that features pop star Kim Petras, "RuPaul's Drag Race" talents Violet Chachki and Heidi N. Closet and others. SKYY has also changed its online Pride banner advertising to read: "Black Queer Lives Matter" and, instead of sending people to SKYY's website, they are redirected to The Marsha P. Johnson Institute

Corporate and business initiatives

Re-domiciliation of Davide Campari Milano

• The transaction was completed on July 4th 2020 with the transfer to the Netherlands of the registered office and transformation of Davide Campari-Milano S.p.A. into a Naamloze Vennootschap (N.V.) governed by Dutch law and trading as D.C.M N.V effective from July 6th 2020

• The settlement of the withdrawn shares bought back by Campari was completed on July 7th with the cash outflow of approx. €65 million for 7.7 million shares. This implied a negative price difference, to be recognized in Q3 in the shareholders' equity, for an amount of €5.2 million (1) (well below the maximum acceptable amount set by Campari Group), based on the difference between the withdrawal price of €8.376 and the market closing price of €7.70 per share upon the transaction approval (June 22nd 2020)

• The Board of Directors resolved, on July 28th, 2020, to propose to the Extraordinary Shareholders' meeting called on September 18th, 2020, to grant shareholders holding special voting shares C (which, jointly with the underlying Ordinary Share, grant 10 voting rights), with the right to convert such shares into a special class shares granting multiple votes, each of which granting 20 voting rights (Special Ordinary Shares). The right to convert is in line with the Company's strategy to further strengthen the Group's stability and foster the development and the continuous involvement of a stable base of long-term shareholders(2)

Acquisition of Champagne Lallier

The transaction of Champagne Lallier was announced on May 5th 2020 and completed on June 10th 2020. With this acquisition, which marks the entry of the first Italian player in the Champagne category, Campari Group added a premium and historical champagne brand, Lallier, mainly sold in selected on-trade outlets and bottle shops, further extending its range of premium offerings to this key channel for brand building

Investment into Tannico

On June 29th 2020, Campari Group completed the acquisition of 49% interest in Tannico, the leading e-commerce platform for wines and premium spirits in Italy. Tannico is the market leader in online sales of wines and premium spirits in Italy, with a market share of over 30%. With over 7 million unique visitors in the last 12 months, Tannico represents a unique and strategic fit with our long-term business development goals, specifically regarding e-commerce and digital transformation

Restructuring program for the sugar business in Jamaica

In July 2020, the Group launched a restructuring program for the agricultural sugar business subsequent to the significant losses cumulated over the years, further penalized by the COVID-19. A consultation process with the local authorities and trade unions started with a view to reach the best possible outcome for the local community. A one-off provision, covering the expected restructuring costs associated with the project, will be included in the Group's results as a result of the consultation process

(1) An amount of €3.4 million based on the difference between the withdrawal price of €8.376 and the closing price upon the settlement date (July 7, 2020) of €7.94 per share (2) For further information refer to the press release published on July 28th, 2020

43

Table of contents

Results Summary

Sales Results

• ‒ By region
• ‒ By brand

Operating Results by Region

Consolidated P&L

Cash Flow & Net Financial Debt

Marketing initiatives & Developments

Conclusion & Outlook

Annex

Looking forward: confidence for the long-term business momentum

> Short-term:

• Uncertainty remains with regards to the extent and timing of the economic recovery in the context of the gradual lifting of the restrictive measures across different markets

• With most of its key markets being affected by COVID-19, the Group's business performance has been strongly impacted in the second quarter, the peak season for the high-margin and highly on-premise skewed aperitif business, whilst strong brand sell-out momentum in the off-premise continued across key markets, although shipments remained below positive consumption trends due to destocking

• Looking at the remainder of the year:

• With regards to the organic performance, while the COVID-19 impact is expected to continue to affect in particular the beginning of the third quarter, the negative impact could lessen with the gradual lifting of the restrictive measures across markets based on the current visibility. Moreover, shipments are expected to progressively catch up with the positive sell-out trends once the destocking activities are completed at wholesaler level
• On a reported basis, the full year results are expected to be impacted by incremental one-off costs for an overall estimated amount of approx. €25 million, in addition to the non-recurring costs registered in the first half, mainly related to business re-organization initiatives as well as the transaction fees in connection with the recent acquisitions and the transfer of the legal office to the Netherlands

• While the Group will continue to undertake all the necessary non-structural actions to contain the effects of the pandemic on the business in the short-term, it remains focused on pursuing its long-term strategy

• Long-term:

• The Group remains confident about the long-term consumption trends and growth opportunities. It will continue to leverage the strength and resilience of its brands, business model and strategy, ensuring it is strongly positioned and ready to accelerate the growth as soon as consumers can resume their habits in the on-premise

• As a committed and long-term brand builder, the Group will remain focused and highly engaged in the on-premise opportunity with its distinctive brand portfolio, firmly convinced that the out-of-home social experience and conviviality will remain essential to consumers' lifestyles

Table of contents

Results Summary

Sales Results

• ‒ By region
• ‒ By brand

Consolidated P&L

Net Financial Debt

Marketing initiatives

Conclusion & Outlook

Annex

• Annex 1 Net sales by region and key market
• Annex 2 Net sales by brand cluster
• Annex 3 Q2 2020 consolidated income statement
• Annex 4 Consolidated balance sheet at 30 June 2020 Invested capital and financing sources
• Annex 5 Consolidated balance sheet at 30 June 2020 Assets and liabilities
• Annex 6 H1 2020 consolidated cash flow
• Annex 7 Financial debt details
• Annex 8 Operating working capital
• Annex 9 Exchange rates effects

Net sales by region & key market

Consolidated Net sales by region
	H1 2020		H1 2019		Change		of which:		Q2 2020
	€ m	%	€ m	%	%	organic	perimeter	forex	organic
Americas	358.1	46.6%	384.6	45.3%	-6.9%	-7.6%	0.6%	0.1%	-13.5%
Southern Europe, Middle East & Africa	182.6	23.8%	243.6	28.7%	-25.1%	-32.8%	7.7%	0.0%	-39.8%
North, Central & Eastern Europe	172.0	22.4%	165.5	19.5%	3.9%	5.9%	-2.0%	0.1%	5.4%
Asia Pacific	55.9	7.3%	54.4	6.4%	2.9%	7.1%	0.0%	-4.2%	10.1%
Total	768.7	100.0%	848.2	100.0%	-9.4%	-11.3%	2.1%	-0.2%	-15.9%

Region breakdown by key market

Americas by market

		H1 2020		H1 2019	Change	of which:			Q2 2020
	€ m	%	€ m	%	%	organic	perimeter	forex	organic
USA	246.9	68.9%	248.8	64.7%	-0.8%	-4.1%	0.9%	2.5%	-8.6%
Jamaica	41.3	11.5%	47.1	12.2%	-12.3%	-8.9%	0.0%	-3.4%	-10.7%
Canada	28.0	7.8%	25.5	6.6%	10.0%	9.6%	0.1%	0.3%	9.8%
Brazil	11.9	3.3%	16.3	4.2%	-26.7%	-8.5%	0.0%	-18.2%	-4.3%
Mexico	8.6	2.4%	18.2	4.7%	-52.8%	-48.3%	0.2%	-4.7%	-72.6%
Other countries	21.4	6.0%	28.8	7.5%	-25.7%	-24.9%	0.2%	-1.0%	-42.8%
Americas	358.1	100.0%	384.6	100.0%	-6.9%	-7.6%	0.6%	0.1%	-13.5%

Net sales by region & key market

	H1 2020		H1 2019		Change	of which:		Q2 2020
	€ m	%	€ m	%	%	organic	perimeter	forex	organic
Italy	122.3	67.0%	182.8	75.0%	-33.1%	-33.1%	0.0%	0.0%	-39.3%
France	34.5	18.9%	19.5	8.0%	76.6%	-0.6%	77.2%	0.0%	25.1%
GTR	4.9	2.7%	13.7	5.6%	-64.7%	-60.7%	-4.0%	0.1%	-93.2%
Other countries	20.9	11.4%	27.6	11.3%	-24.2%	-40.0%	15.5%	0.2%	-64.5%
Southern Europe, Middle East & Africa	182.6	100.0%	243.6	100.0%	-25.1%	-32.8%	7.7%	0.0%	-39.8%

Southern Europe, Middle East & Africa by market

North, Central & Eastern Europe by market

		H1 2020		H1 2019	Change	of which:			Q2 2020
	€ m	%	€ m	%	%	organic	perimeter	forex	organic
Germany	77.3	45.0%	77.0	46.5%	0.5%	3.4%	-2.9%	0.0%	5.9%
Russia	15.6	9.0%	14.5	8.7%	7.4%	19.2%	-7.5%	-4.3%	7.7%
United Kingdom	23.1	13.4%	16.9	10.2%	36.1%	36.2%	0.0%	-0.1%	35.1%
Other countries	56.1	32.6%	57.1	34.5%	-1.8%	-3.2%	-0.1%	1.5%	-4.9%
North, Central & Eastern Europe	172.0	100.0%	165.5	100.0%	3.9%	5.9%	-2.0%	0.1%	5.4%

Asia Pacific by market

		H1 2020		H1 2019	Change		of which:		Q2 2020
	€ m	%	€ m	%	%	organic	perimeter	forex	organic
Australia	42.6	76.2%	37.7	69.2%	13.2%	18.7%	0.0%	-5.5%	19.2%
Other countries	13.3	23.8%	16.7	30.8%	-20.5%	-19.2%	0.0%	-1.4%	-8.7%
Asia Pacific	55.9	100.0%	54.4	100.0%	2.9%	7.1%	0.0%	-4.2%	10.1%

Net sales by brand cluster

Consolidated Net sales by brand

		H1 2020		H1 2019	Change		of which:		Q2 2020
	€ m	%	€ m	%	%	organic	perimeter	forex	organic
Global Priorities	452.1	58.8%	498.7	58.8%	-9.3%	-9.9%	0.0%	0.5%	-14.3%
Regional Priorities	124.5	16.2%	128.4	15.1%	-3.0%	-11.5%	8.3%	0.2%	-14.5%
Local Priorities	86.6	11.3%	102.0	12.0%	-15.1%	-13.1%	0.4%	-2.4%	-17.3%
Rest of portfolio	105.4	13.7%	119.0	14.0%	-11.5%	-15.5%	5.6%	-1.6%	-23.4%
Total	768.7	100.0%	848.2	100.0%	-9.4%	-11.3%	2.1%	-0.2%	-15.9%

Q2 2020 Consolidated income statement

	Q2 2020			Q2 2019	Reported change	Organic change	Forex impact	Perimeter effect
	€ million	% of sales	€ million	% of sales	%	%	%	%
Net Sales	408.5	100.0%	478.1	100.0%	-14.6%	-15.9%	2.2%	-0.9%
COGS (1)	(164.5)	-40.3%	(176.1)	-36.8%	-6.6%	-6.2%	3.8%	-4.2%
Gross Profit	244.0	59.7%	302.0	63.2%	-19.2%	-21.6%	1.3%	1.1%
A&P	(64.7)	-15.8%	(92.7)	-19.4%	-30.3%	-29.8%	0.2%	-0.7%
Contribution after A&P	179.3	43.9%	209.2	43.8%	-14.3%	-18.0%	1.7%	1.9%
SG&A (2)	(96.8)	-23.7%	(101.4)	-21.2%	-4.5%	-7.5%	4.9%	-1.9%
EBIT adjusted	82.5	20.2%	107.9	22.6%	-23.5%	-27.8%	-1.2%	5.5%
Operating adjustments	(21.8)	-5.3%	(7.9)	-1.6%	-
Operating profit (EBIT)	60.7	14.9%	100.0	20.9%	-39.3%
Net financial income (charges)	(6.4)	-1.6%	(6.8)	-1.4%	-6.3%
Financial adjustments	0.2	0.1%	(0.0)	0.0%	-
Profit (loss) related to associates and joint ventures	(0.3)	-0.1%	(0.1)	0.0%	-
Put option, earn out income (charges) and hyperinflation effects	16.3	4.0%	(2.7)	-0.6%	-
Profit before tax	70.5	17.3%	90.5	18.9%	-22.1%
Depreciation & Amortisation	(19.8)	-4.8%	(17.7)	-3.7%	12.1%	6.6%	8.0%	-2.5%
EBITDA adjusted	102.3	25.0%	125.5	26.3%	-18.5%	-22.9%	0.1%	4.4%
EBITDA	80.5	19.7%	117.7	24.6%	-31.6%

(1) COGS = cost of materials, production and logistics expenses

(2) SG&A = selling, general and administrative expenses

Annex - 3

Consolidated balance sheet

Invested Capital and Resources

€ million	30 June 2020	31 December 2019	Change
Fixed assets	3,068.1	3,054.9	13.2
Other net non-current assets / liabilities	(429.4)	(437.6)	8.2
Operating working capital	744.3	694.1	50.2
Other assets / liabilities	(106.0)	(147.8)	41.8
Invested capital	3,277.0	3,163.6	113.4
Group shareholder's equity	2,214.9	2,384.3	(169.4)
Non-controlling interests	0.6	1.9	(1.3)
Net financial position	1,061.5	777.4	284.2
Financing sources	3,277.0	3,163.6	113.4
% Net debt on equity	47.9%	32.6%

Consolidated balance sheet (1 of 2)

Assets

	30 June 2020	31 December 2019	Change
	€ million	€ million
ASSETS
Non-current assets
Property, plant and equipment	487.3	496.4	(9.1)
Right of use assets	78.8	80.5	(1.7)
Biological assets	6.7	3.9	2.8
Investment properties	1.3	1.1	0.2
Goodwill and brands	2,426.9	2,423.7	3.2
Intangible assets with a finite life	42.9	48.9	(6.0)
Investments in associates and joint ventures	24.2	0.5	23.7
Deferred tax assets	54.6	40.8	13.8
Other non-current assets	7.8	8.2	(0.4)
Other non-current financial assets	13.1	14.7	(1.6)
Total non-current assets	3,143.5	3,118.5	25.0
Current assets
Inventories	695.0	618.6	76.3
Biological assets	0.9	0.9	0.0
Trade receivables	282.2	316.8	(34.5)
Short-term financial receivables	9.4	8.3	1.1
Cash and cash equivalents	787.1	704.4	82.7
Income tax receivables	18.3	18.7	(0.4)
Other current asset	49.0	44.7	4.3
Total current assets	1,842.0	1,712.4	129.5
Assets held for sale	4.6	5.3	(0.7)
Total assets	4,990.0	4,836.2	153.8

Consolidated balance sheet (2 of 2)

Liabilities

	30 June 2020	31 December 2019	Change
	€ million	€ million
LIABILITIES AND SHAREHOLDERS' EQUITY
Shareholders' equity
- Share capital	58.1	58.1	(0.0)
- Reserves	2,156.8	2,326.2	(169.4)
Capital and reserves attributable to Parent Company	2,214.9	2,384.3	(169.4)
Non-controlling interests	0.6	1.9	(1.3)
Total shareholders' equity	2,215.5	2,386.2	(170.7)
Non-current liabilities
Bonds	349.4	349.4	0.1
Other non-current financial liabilities	640.8	460.2	180.6
Post-employment benefit obligations	34.6	33.4	1.1
Provisions for risks and charges	46.5	52.4	(5.9)
Deferred tax liabilities	388.5	384.5	4.0
Other non-current liabilities	22.2	16.2	6.0
Total non-current liabilities	1,482.0	1,296.1	185.9
Current liabilities
Payables to banks	253.4	34.4	218.9
Bonds	580.6	580.0	0.6
Other current financial liabilities	47.0	80.8	(33.8)
Trade payables	233.8	242.1	(8.3)
Income tax payables	31.5	75.1	(43.6)
Other current liabilities	146.4	141.5	4.8
Total current liabilities	1,292.6	1,153.9	138.7
Liabilities held for sale	-	-	-
Total liabilities	2,774.6	2,450.0	324.6
Total liabilities and shareholders' equity	4,990.0	4,836.2	153.8

H1 2020 consolidated cash flow

	30 June 2020	30 June 2019	Change
	€ million	€ million	€ million
EBITDA Adjusted	169.7	215.1	(45.4)
Goodwill, trademark and sold business impairment	(16.3)	-	(16.3)
Effects due to IAS 29 application	0.7	4.2
Provisions and other changes from operating activities	10.4	(23.0)	33.4
Income taxes paid	(80.0)	(9.1)	(71.0)
Cash flow from operating activities before changes in working capital	83.8	183.1	(99.2)
Changes in net operating working capital	(55.4)	(77.2)	21.8
Cash flow from operating activities	28.4	105.8	(77.4)
Net interests paid	(7.7)	(3.0)	(4.7)
Adjustments to financial income (charges)	1.6	(0.0)	1.6
Capital expenditure	(26.9)	(21.6)	(5.3)
Free cash flow	(4.5)	81.2	(85.7)
(Acquisition) disposal of companies or business division	(122.3)	-	(122.3)
Dividend paid out by the Parent Company	(62.9)	(57.3)	(5.6)
Other changes (incl. net puchase of own shares)	(95.7)	(13.2)	(82.5)
Total cash flow used in other activities	(280.8)	(70.5)	(210.3)
Exchange rate differences and other changes	(7.2)	(19.3)	12.1
Change in net financial position due to operating activities	(292.5)	(8.6)	(283.9)
Put option and earn-out liability changes	12.1	(0.8)	12.9
Effect of IFRS 16-'Leases' first application	-	(81.4)	81.4
Increase in investments for lease right of use	(3.7)	-	(3.7)
Net cash flow of the period = change in net financial position	(284.2)	(90.9)	(193.3)
Net financial position at the beginning of the period	(777.4)	(846.3)	68.9
Net financial position at the end of the period	(1,061.5)	(937.1)	(124.4)

Financial debt details

Issue date	Maturity	Type	Currency	Coupon	Outstanding Amount (€ million)	Original tenor	As % of total
Sep 30, 2015 (1)	Sep-20	Unrated Eurobond	EUR	2.75%	581	5 years	49%
Apr 5, 2017	Apr-22	Unrated Eurobond	EUR	1.768%	50	5 years	4%
Apr 5, 2017	Apr-24	Unrated Eurobond	EUR	2.165%	150	7 years	13%
Apr 23, 2019	Apr-24	Unrated Eurobond	EUR	1.655%	150	5 years	13%
Jul 31, 2019	Jul-24	Term Loan	EUR	1.25% +3m euribor	250	5 years	21%
Total gross debt					1,181		100%
Of which: medium-long term					600
Average cost of gross debt					2.14%

(1) Classified as short-term debt

Net financial debt composition as of 30 June 2020

€ million	30 June 2020	31 December 2019	Δ 30 June 2020 vs. 31 December 2019
Short-term cash/(debt) (A)	(75.0)	71.5	(146.5)
- Cash and cash equivalents	787.1	704.4	82.7
- Short-term debt	(862.2)	(633.0)	(229.2)
Medium to long-term cash/(debt) (B)	(825.7)	(666.1)	(159.6)
Debt relating to operating activities (A+B)	(900.7)	(594.6)	(306.1)
Liabilities for put option and earn-out payments (1)	(160.8)	(182.8)	21.9
Net cash/(debt)	(1,061.5)	(777.4)	(284.1)

(1) Including commitments for future minority purchases (including Grand Marnier) and payable for future earn-outs

Operating working capital

	30 June 2020		31 December 2019		Reported change	Organic change	Forex impact	Perimeter effect
	€ million	% sales	€ million	% sales		€million
Trade receivables	282.2	16.0%	316.8	17.2%	(34.5)	(48.3)	(25.0)	38.8
Total inventories, of which:	695.9	39.5%	619.5	33.6%	76.4	59.2	(18.4)	35.6
- maturing inventory	379.4	21.5%	364.7	19.8%	14.7	22.3	(7.6)	-
- biological assets	0.9	0.1%	0.9	0.0%	0.0	0.2	(0.1)	-
- other inventory	315.6	17.9%	253.9	13.8%	61.7	36.7	(10.7)	35.6
Trade payables	(233.8)	-13.3%	(242.1)	-13.1%	8.4	44.6	8.3	(44.6)
Operating working capital	744.3	42.2%	694.1	37.7%	50.2	55.4	(35.1)	29.8

Exchange rates effects

	Average exchange rate		Period end exchange rate
	H1 2020	change vs H1 2019	30 June 2020	change vs 30 June 2019
	: 1 Euro	%	: 1 Euro	%
US Dollar	1.101	2.6%	1.120	1.6%
Canadian Dollar	1.503	0.2%	1.532	-2.8%
Jamaican Dollar	153.453	-3.7%	156.607	-5.3%
Mexican Peso	23.860	-9.2%	25.947	-15.9%
Brazilian Real	5.416	-19.9%	6.112	-28.8%
(1) Argentine Peso	78.786	-38.4%	78.786	-38.4%
Russian Ruble	76.687	-3.9%	79.630	-10.1%
Australian Dollar	1.678	-4.6%	1.634	-0.6%
Chinese Yuan	7.747	-1.0%	7.922	-1.3%
British Pound Sterling	0.874	-0.1%	0.912	-1.7%
Swiss Franc	1.064	6.2%	1.065	4.3%

(1) Following the adoption of IAS 29-'Financial reporting Hyperinflationary economies' in Argentina, the average exchange rate of Argentine Peso for H1 2020 was adjusted to be equal to the rate as of 30 June 2020

Disclaimer

This document contains forward-looking statements that relate to future events and future operating, economic and financial results of Campari Group. By their nature, forward-looking statements involve risk and uncertainty because they depend on the occurrence of future events and circumstances. Actual results may differ materially from those reflected in forward-looking statements due to a variety of factors, most of which are outside of the Group's control.