Davide Campari-Milano N.V.

Interim / Quarterly Report • Jul 31, 2025

Results Presentation First Half ended 30th June 2025

31st of July 2025

Industry outperformance continuing with improved sell-out across most geographies in Q2 supported by positive start to peak season

Positive Q2 organic topline growth including partial recovery of Q1 phasing effects, albeit with backdrop continuing to be volatile

Profitability supported by gross margin accretion and initial savings in SG&A while A&P weighing due to front-loading of peak season investments

Cash generating profile maintained

Costs & Investments

Balance Sheet & Capital Allocation

Portfolio & Commercial Approach

• Visible deceleration in SG&A trend with majority of benefits still to be released in H2, as previously guided. No compromise on brand building investments
• Completion of extraordinary capex program on track
• Significant advancement in portfolio streamlining with announced disposal of Cinzano and no further acquisitions currently foreseen
• Deleverage trend initiated supported by business momentum and disciplined approach
• Geographic expansion of brands ongoing utilising existing footprint supported by amplified marketing campaigns, especially on aperitifs
• Continuous focus on quality of commercial execution and pricing discipline

Topline organic growth of 3.5% in Q2, spread across almost all Houses and main markets

H1 2025 reported net sales of €1,528 mln with +0.3% total growth of which +0.1% organic on a base of +3.8% growth in H1 2024, +2.0% perimeter impact (€31 mln) mainly driven by Courvoisier in April partly offset by agency brands, and -1.8% FX effect (€(28) mln)

Outperformance in sell-out across almost all markets with acceleration at start of peak season in Q2

• In the US, outperformance in strategic on-premise and NABCA, driven by focus brands in aperitifs and tequila
• In EMEA, outperformance / in line across almost all markets with acceleration in Q2 except for Germany

Americas -1% supported by improving trend in Q2 (+4%) driven by the US and spread across other countries

EMEA +1% mainly driven by core aperitif business in the UK, France and the rest of EMEA

APAC +4% mainly driven by Australia

House of Aperitifs resilient with +2% growth and improving trend heading into peak season

Aperol with solid growth across the US, UK, France and Italy in sell-out

• Strong outperformance in UK and France as well as US NABCA and strategic on-premise
• Italy growing in line with the category off a higher base and with encouraging performance in early peak season
• Muted performance in Germany on a very high base and impacted by overall challenging market backdrop

House of Whiskey & Rum -1%, House of Agave +5%

House of Cognac & Champagne relatively stable supported by transition of Courvoisier into organic growth

Aperol Serves Summer with NYC Takeover

4 Campari: th year as Official Partner of the Festival de Cannes

Bartender of the Year partner & Red View Event @ Torre Velasca

Update on strategic priorities

Strategy

20 Update • Strategy Day planned for 6-7 November 2025 in Milan to communicate details of our strategic roadmap

Cost Containment Program

Portfolio Streamlining

• Cost containment program remaining on track to yield 50bps benefit on sales in 2025 (200bps in 3 years on an organic basis)
• Visible slowdown in pace of growth with declining trend to start in H2

• Significant advancement in portfolio streamlining to increase focus on core spirits business and achieve operational simplification and financial deleverage. Total of c.3% of total Group sales divested so far leading to decrease of Local Brands portfolio share in total Group sales from 25% to 22% on a pro-forma basis
  • Q1: Divestment of local bottling plant in Australia with closing finalized in May. Move to outsourced bottling of local portfolio to increase efficiency and effectiveness
  • Q2: Sale of Cinzano vermouth and sparkling wines(1)(2% of Group net sales from Local Brands portfolio) to the private Italian spirits company Caffo Group 1915 for €100 mln with transition production and distribution agreements in place. Closing expected by end-2025 with pre-tax capital gain of c.€60 mln(2)
  • Continuing streamlining of agency brand agreements
• Timing of further potential disposals to be based on optimisation of proceeds with discussions currently ongoing

Resilient gross margin and disciplined structure costs broadly offset by brand building investments as planned in Q2

• Resilient gross margin with acceleration in Q2 mainly due to phasing of input costs, especially agave, and incorporating contained initial tariff impact starting from April of €2 mln
• Step-up in A&P investments ahead of peak season reaching 18.8% in Q2 with full year guidance confirmed at 17-17.5%
• Cost containment efforts becoming visible in Q2 with <1% organic SG&A growth and declining trend in H2 to reach +50bps accretion guidance
• EBIT-adj. at €351.8 mln in H1 after positive contribution from perimeter (€1.8 mln driven by Courvoisier until April, net of agency brands) and FX (€10.0 mln) mainly supported by devaluation of MXN. Potential negative impact of weakening USD in H2

Analysis of Net Profit

				Annual change
H1 2025, € mln		Adjusted Adjustments	Reported	Adjusted	Reported
EBIT	351.8	(10.8)	340.9	-2%	2%
Financial income (expenses)	(50.8)	0.5	(50.3)	54%	52%
Total financial income (expenses) before exchange gain (losses)	(51.3)	0.5	(50.8)	52%	50%
Exchange gain (losses)	0.5		0.5	-32%	-32%
Hyperinflation effects and earn-out remeasurement	4.7		4.7	-54%	-54%
Profit (loss) related to associates and joint ventures	(1.5)	0.0	(1.5)	-29%	-29%
Pre-tax profit	304.2	(10.3)	293.9	-9%	-5%
Tax	(88.7)	0.6	(88.1)	-9%	-6%
of which: deferred tax on brands and goodwill	(6.9)		(6.9)	-16%	-16%
Net profit	215.5	(9.7)	205.7	-9%	-5%
Non-controlling interest before tax	(0.7)		(0.7)	-	-77%
Group net profit	216.2	(9.7)	206.4	-10%	-6%
Tax rate	(29.2)%		(30.0)%	-10bps	-30bps
Underlying cash tax rate	(26.9)%			+10bps
EPS basic	0.18		0.17	-10%	-6%
EPS diluted	0.18		0.17	-10%	-7%

• Contained operating adjustments of €(10.8) mln, mainly driven by impairment of assets in connection with plant disposal in Q1

• Reported financial expenses of €(50.3) mln. Increase vs H1 2024 driven by higher average net debt (€2,406 mln vs €1,907 mln last year) mainly due to the base effect of Courvoisier closing on cash and debt. Average cost of net debt at 4.3% vs 3.7% in H1 2024 (4.0% in H1 2024 excluding temporary available cash benefit)
• Relatively stable recurring tax rate of 29.2%, -10bps vs H1 2024. Recurring cash tax rate at 26.9%

Solid free cash flow generation

	H1 2025		H1 2024		Change		Change
	Total	Recurring	Total	Recurring	Total		Recurring
	€ million	€ million	€ million	€ million	€ million	%	€ million	%
EBITDA	415.8		394.4		21.4	5.4%
EBITDA-adj.		426.6		418.8			7.8	1.9%
Taxes paid & Other	(59.0)	(30.2)	(18.5)	(23.7)	(40.5)		(6.5)
Taxes paid	(20.8)	(20.8)	(19.3)	(23.5)	(1.5)		2.6	-%
Other(1)	(38.2)	(9.4)	0.7	(0.2)	(38.9)		(9.2)
Cash flow from operating activities before working capital changes	356.8	396.5	375.9	395.2	(19.1)	-5.1%	1.3	0.3%
Change in OWC (at constant FX and perimeter)	(190.1)	(190.1)	(190.9)	(190.9)	0.8		0.8
Cash flow from operating activities	166.7	206.4	185.0	204.3	(18.3)	-9.9%	2.0	1.0%
Net interests paid	(50.1)	(50.1)	(26.0)	(26.0)	(24.0)		(24.0)
Capex	(81.7)	(43.2)	(219.0)	(47.5)	137.3		4.3
Free Cash Flow (FCF)	34.9	113.0	(60.1)	130.8	95.0	-158.1%	(17.7)	-13.6%
Free Cash Flow conversion rate	8.4%	26.5%	(15.2)%	31.2%
Free Cash Flow conversion rate before OWC changes	54.1%	71.1%	33.2%	76.8%

• Recurring cash flow from operating activities before working capital (OWC) organic changes of €396.5 mln, stable vs H1 2024. FCF conversion before OWC change at 71.1% vs 76.8% in H1 2024
• Recurring free cash flow (FCF) at €113.0 mln, down €(17.7) mln vs H1 2024. Recurring FCF conversion at 26.5% (vs 31.2% in H1 2024)
  • Relatively stable OWC and maintenance capex trend, €(190.1) mln and €(43.2) mln, respectively
  • Increase in net interest paid of €(24.0) mln up to €(50.1) mln mainly due to the base effect of Courvoisier closing on cash and debt
• Reported free cash flow at €34.9 mln (vs €(60.1) mln in H1 2024)
  • Extraordinary capex of €38.5 mln, mainly related to finalization of capacity expansion program and ESG initiatives
  • Taxes paid and other(1) up by €40.5 mln mainly related to €33.3 mln cash effect of restructuring initiatives (employee terminations)

Solid balance sheet indicators

Solid	OWC % of net sales	OWC change
management of Operating	51.0% (vs 58.8% on 30 Jun 2024	€ (187) mln decrease vs 30 Jun 2024	Decrease in OWC by €187 mln vs 30 Jun 2024 with solid management considering seasonal trends and base effect of finished goods safety stock in aperitifs
Working Capital (OWC)	and 47.4% on 31 Dec 2024)	€ 111 mln increase vs 31 Dec 2024	Increase in OWC of €111 mln vs 31 Dec 2024 driven mainly by €46 mln increase in maturing liquid inventory and €38 mln increase in finished goods mainly due to safety stock in the US ahead of tariffs
CAPEX program	Total CAPEX	Extraordinary CAPEX
ongoing to support future growth	€ 82 mln (vs €219 mln in H1 2024)	€ 39 mln (vs €172 mln in H1 2024)	Maintenance CAPEX at 3% of sales, relatively in line with run-rate of c.4% Extraordinary CAPEX mainly related to capacity expansion program to be finalized in 2025 with c.€200 mln in total, followed by return to normalized run-rate in 2026
	Recurring FCF Conversion	Free Cash Flow	FCF conversion net of OWC change at 71%, vs 5-year average of 66% (58% after OWC change)
Positive Free Cash Flow	27% (vs 31% in H1 2024)	Total € 35 mln (vs €(60) mln in H1 2024)	Recurring free cash flow at €113 mln with slight decline y/y mainly due to increase in net interest paid of €(24) mln up to €(50) mln driven by the base effect of Courvoisier closing on cash and debt
(FCF)	71% net of OWC change (77% in H1 2024)	Recurring € 113 mln (vs €131 mln in H1 2024)	Positive total free cash flow at €35 mln (vs €(60) mln in H1 2024) mainly due to lower extraordinary CAPEX
Improving	Net Debt to EBITDA-adj.	Net Financial Debt	Net debt to EBITDA-adj at 3.2x (including earn-out and put options for a total of €153 mln)
trend in Leverage	3.2x (vs 3.5x on 30 Jun 2024 and 3.2x on 31 Dec 2024)	€ 2,382 mln (+€5 mln vs 31 Dec 2024)	Net financial debt relatively stable vs 31 Dec 2024 at €2,382 mln with cash and cash equivalents at €476 mln (-€190 mln compared to 2024) mainly due to €78 mln dividend payment, CAPEX initiatives, loan repayments, employee termination payment and share buyback of €22 mln

Outlook

Outlook

Uncertain macroeconomic environment and low visibility persisting in Q2 albeit with some moderate improvement in sell-out in all key markets but Germany, and continuing sector outperformance. Q3 peak season to be fundamental for clearer visibility

We continue to remain prudent for the short-term with focus on what we can control (effective balance sheet and cost management as well as commercial execution and pricing discipline with advancement on portfolio streamlining)

For 2025, previously provided guidance(1) for organic performance with moderate top-line growth and flattish EBIT-adj. margin before tariff impact remains the target

Expected negative impact from tariffs of minimum c.€4 mln, assuming EU tariffs are lifted and Canada/Mexico maintain exemption, to €45 mln maximum on EBIT in 2025(2) (nil up to maximum €90 mln annualised) depending on confirmation of the scope and rates, before possible mitigation actions. Regarding FX and perimeter, weakening USD with potential negative impact in FX while perimeter with expected negligible impact on EBIT

Medium / Long-term outlook confirmed(1):

• Confidence in continued outperformance and market share gains leveraging strong brands in growing categories with a gradual return in the medium-term to mid-to-high single digit organic net sales growth trajectory in a normalized macro environment before impact of potential US tariffs
• Gross margin to benefit from sales growth, positive sales mix driven by aperitifs, tequila and premiumization across the portfolio, as well as COGS efficiencies, before potential US tariffs impact
• EBIT margin accretion to be mainly supported by key company initiatives delivering 200 bps overall organic benefit on SG&A to net sales in 3 years

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Annex

US Tariff potential scenarios and relative impacts

	Scenario	H1 2025 Actual Impact	2025 Impact	Annualised Impact
EU c. 38% of US business	0% (for 2025, 10% until August)		c. €4 mln*	-
	15% (for 2025, 10% until August)	€2 mln	c. €20 mln	c. €35 mln
Jamaica c. 3% of US business	10%		c. €1 mln	c. €2 mln
Mexico & Canada	USMCA exemption	-	-	-
c. 30% of US business	30% as of August	-	c. €20 mln	c. €50 mln

10% tariffs currently effective on European and Jamaican imports as of April 8th 2025 * Includes tariff impact from H1 of €2 mln plus the additional 10% expected until August

Resilient performance across all regions mainly driven by aperitifs and agave in the first half

H1 2025 net sales of €1,528 million with +0.3% total growth of which +0.1% organic, +2.0% perimeter impact (€31 mln) mainly driven by Courvoisier until April, partly offset by agency brands and -1.8% FX effect (€(28) mln)

	H1 2025	H1 2024	CAGR '19
AMERICAS	-1%	+7%	+9%
EMEA	+1%	+3%	+10%
APAC	+4%	-11%	+10%

		H1 2025	H1 2024	CAGR '19
	House of Aperitifs	+2%	+5%	+14%
	House of Whiskeys & Rum	-1%	-2%	+8%
	House of Agave	+5%	+17%	+22%
	House of Cognac & Champagne	-1%	+13%	+2%
	Local Brands	-4%	-1%	+3%
AMERICAS 44% EMEA 50% APAC 6%	Local Brands; 21% Other Cognac & Champagne; 0.5% Courvoisier; 4% Grand Marnier; 4%	Aperol; 26%	HOUSE OF AGAVE 10%	HOUSE OF APERITIFS 47% HOUSE OF WHISKEYS & RUM 14% HOUSE OF COGNAC & CHAMPAGNE 8%
	Other Whiskeys & Rum; 4% Jamaican Rum Portfolio; 5% Wild Turkey & Russell's Reserve; 5% Other Agave Brands; 1% Espolòn; 9%	Campari; 11% Crodino and Other Aperitifs; 10%	LOCAL BRANDS 21%

Net Sales Organic Growth and Weight Breakdown

EBIT-adj. breakdown by region

H1 2025 margin growth drivers

	EBIT-adj margin	Net sales	EBIT-adj.	Organic bps impact vs H1 2024
		organic growth	organic growth	EBIT-adj. margin	Gross margin	A&P	SG&A
	%	y/y %	y/y %	bps	bps	bps	bps
AMERICAS	25.1%	(1.0)%	(3.2)%	(50)	30	(40)	(40)
EMEA	25.1%	0.7%	(5.3)%	(160)	60	(190)	(30)
APAC	-9.4%	4.1%	94.7 %	(400)	30	(150)	(280)
TOTAL	23.0 %	0.1%	(5.6)%	(130)	40	(120)	(60)

Regional Weight in Group EBIT-adj.

• Resilient gross margin evolution with Americas driven by phasing of agave benefits on tequila while in EMEA mainly due to positive mix
• A&P investments primarily in aperitifs, skewed to Q1 for APAC in Australia and to Q2 in EMEA with pre-loading ahead of peak season including new Aperol campaign
• Contained but still dilutive SG&A impact in Americas and EMEA while APAC incorporating carry-over impact of commercial strengthening

Group pre-tax profit

	H1 2025		H1 2024		Change	Change
	€ million	% sales	€ million	% sales	%	€ million
EBIT-adj.	351.8	23.0%	360.0	23.6 %	(2.3)%	(8.3)
Operating adjustments	(10.8)	(0.7)%	(24.4)	(1.6)%	(55.7)%	13.6
Operating profit = EBIT	340.9	22.3%	335.6	22.0 %	1.6%	5.3
Financial income (expenses)	(50.3)	(3.3)%	(33.0)	(2.2)%	52.4%	(17.3)
Total financial income (expenses) before exchange gain (losses)	(50.8)	(3.3)%	(33.8)	(2.2)%	50.5%	(17.0)
Exchange gain (losses)	0.5	0.0%	0.8	0.0%	(32.3)%	(0.2)
Hyperinflation effects and earn-out remeasurement	4.7	0.3%	10.2	0.7%	(53.8)%	(5.5)
Profit (loss) related to associates and joint ventures	(1.5)	(0.1)%	(2.1)	(0.1)%	(28.6)%	0.6
Pre-tax profit	293.9	19.2%	310.7	20.4%	(5.4)%	(16.9)
Pre-tax profit-adj.	304.2	19.9%	333.3	21.9%	(8.7)%	(29.1)

• Operating adjustments of €(10.8) mln mainly driven by impairment of assets in connection with plant disposal
• Reported financial income (expenses) at €(50.3) mln including:
• Exchange gains (losses) of €0.5 mln (vs €0.8 mln in H1 2024)
• Excluding this, financial expenses of €(50.8) mln. Increase vs H1 2024 driven by higher average net debt (€2,406 mln vs €1,907 mln last year) mainly due to the base effect of Courvoisier closing on cash and debt. Average cost of net debt at 4.3% vs 3.7% in H1 2024 (4.0% in H1 2024 excluding temporary available cash benefit)
• Hyperinflation effects and earn-out remeasurement of €4.7 mln related to remeasurement of put option liabilities. Profit (loss) related to associates and joint ventures of €(1.5) mln
• Pre-tax profit-adj of €304.2 mln, down -8.7%; Pre-tax profit of €293.9 mln

Group net profit-adjusted

			H1 2025		H1 2024	Change
€ million	Reported	Adjustments	Adjusted	Reported	Adjustments	Adjusted	Reported	Adjusted
Pre-tax profit	293.9	(10.3)	304.2	310.7	(22.6)	333.3	(5.4)%	(8.7)%
Taxation (1)	(88.1)	0.6	(88.7)	(94.1)	3.3	(97.4)	(6.3)%	(8.9)%
Net profit	205.7	(9.7)	215.5	216.6	(19.3)	235.9	(5.0)%	(8.7)%
Non-controlling interests	(0.7)		(0.7)	(3.1)		2.0	-%	-%
Group net profit	206.4	(9.7)	216.2	219.7	(19.3)	239.0	(6.0)%	(9.5)%
Tax rate (reported/recurring effective)(2)	(30.0)%		(29.2)%	(30.3)%		(29.2)%
Deferred tax on goodwill and brands	(6.9)		(6.9)	(8.2)		(8.2)
Recurring cash tax rate			(26.9)%			(26.7)%

• Taxation of €(88.1) mln on a reported basis with recurring income taxes equal to €(88.7) mln
• Group net profit-adjusted at €216.2 mln, down -9.5%
  • Recurring tax rate at 29.2%, aligned to H1 2024
  • Deferred tax relating to the amortization of goodwill and brands for tax purposes, amounted to €6.9 mln, -€(1.3) mln lower vs previous year, mainly due to the completion of selected trademark amortisations
  • Excluding the impact of the non-cash component linked to deferred taxes, recurring cash tax rate at 26.9%, relatively stable vs H1 2024
• Group net profit reported at €206.4 mln, down -6.0%

Operating Working Capital effectively managed considering seasonal trends

• Operating working capital (OWC) as % of net sales at 51.0% as of 30 June 2025 vs 47.4% as of 2024 year-end and 58.8% at 30 June 2024
• OWC increase of +€111 mln driven by:
  • Organic increase of €190 mln due to:
    • Increase in maturing inventory of €46 mln driven by ageing liquid across whisky and cognac
    • Increase in other inventory of €38 mln driven by increase in finished goods across various brands in the US ahead of tariffs
    • Decrease in trade payables of €101 mln largely driven by the base effect in the final quarter of 2024 with negligible impact of trade receivables. Trade payables up only €10 mln compared to June 2024 in line with seasonal trends
  • FX and perimeter impact of €(79) mln mainly driven by devaluation across various currencies with limited perimeter effect

€ million	30 June 2025	31 March 2025	31 December 2024	30 June 2024	Change vs Mar'25	Change vs Dec'24	Change vs June'24
Short-term cash (debt)	118.1	231.2	336.9	287.9	(113.1)	(218.8)	(169.8)
- Cash and cash equivalents	476.3	586.7	666.3	555.4	(110.4)	(190.0)	(79.1)
- Bonds	-	-	-	-	-	-	-
- Bank loans	(338.8)	(324.8)	(289.6)	(234.9)	(14.0)	(49.2)	(103.9)
- Others financial assets and liabilities	(19.4)	(30.7)	(39.8)	(32.7)	11.3	20.4	13.3
Medium to long-term cash (debt)	(2,347.5)	(2,527.5)	(2,545.3)	(2,507.5)	180.0	197.8	160.0
- Bonds	(1,584.9)	(1,582.6)	(1,580.3)	(1576.0)	(2.3)	(4.5)	(8.9)
- Bank loans	(735.6)	(899.2)	(916.5)	(889.5)	163.6	180.8	153.9
- Others financial assets and liabilities	(26.9)	(45.7)	(48.5)	(41.9)	18.8	21.6	15.0
Liabilities for put option and earn-out payments (1)	(152.6)	(163.7)	(168.4)	(333.6)	11.1	15.8	181.0
Net cash (debt)	(2,381.9)	(2,460.1)	(2,376.9)	(2,553.2)	78.2	(5.1)	171.3
Net debt to EBITDA-adj. (Leverage)	3.2x	3.4x	3.2x	3.5x

• Net financial debt at €2,382 mln, relatively stable vs 2024 (+€5 mln)

• Cash and cash equivalents at €476 mln (-€190 mln compared to 2024) mainly due to €78 mln dividend payment, CAPEX initiatives, loan repayments and employee termination payments
• Long-term Eurobonds & term loans amounted to €2,284 mln with an average nominal coupon of 3.24%
• Leverage ratio at 3.22x, down from 3.5x in H1 2024 following Courvoisier acquisition and in line with 3.24x in 2024. Pro-forma including Cinzano disposal 3.17x²
  • Earn-out and put options total €152.6 mln

Net debt waterfall

• Net financial debt at €2,382 mln, relatively stable vs 2024 (+€5 mln) with positive FCF and FX benefit offset by dividend payment of €78 mln and share buyback of €22 mln

H1 2025 Consolidated P&L

change % of which:

	H1 2025		H1 2024		Total change	Organic margin change	Organic	Perimeter	FX
	€ million	% sales	€ million	% sales	%	bps	%	%	%
Net sales	1,527.9	100.0 %	1,523.4	100.0 %	0.3%	0	0.1%	2.0%	-1.8%
COGS	(594.0)	(38.9)%	(613.0)	(40.2)%	(3.1)%	+40	-1.0%	2.7%	-4.8%
Gross profit	933.9	61.1 %	910.4	59.8 %	2.6%	+40	0.9%	1.5%	0.2%
A&P	(254.0)	(16.6)%	(231.6)	(15.2)%	9.7%	-120	8.2%	3.0%	-1.5%
Contribution after A&P	679.8	44.5 %	678.8	44.6 %	0.2%	-80	-1.6%	1.1%	0.7%
SG&A	(328.1)	(21.5)%	(318.8)	(20.9)%	2.9%	-60	2.9%	1.7%	-1.6%
EBIT-adj.	351.8	23.0%	360.0	23.6 %	(2.3)%	-130	-5.6%	0.5%	2.8%
Operating adjustments	(10.8)	(0.7)%	(24.4)	(1.6)%	(55.7)%
Operating profit (EBIT)	340.9	22.3%	335.6	22.0%	1.6%
Financial income (expenses)	(50.3)	(3.3)%	(33.0)	(2.2)%	52.4 %
Earn-out income (expenses) and hyperinflation effects	4.7	0.3%	10.2	0.7 %	(53.8)%
Profit (loss) related to associates and joint ventures	(1.5)	(0.1)%	(2.1)	(0.1)%	(28.6)%
Pre-tax profit	293.9	19.2%	310.7	20.4%	(5.4)%
Pre-tax profit-adj.	304.2	19.9%	333.3	21.9%	(8.7)%
Taxation	(88.1)	(5.8)%	(94.1)	(6.2)%	(6.3)%
Net profit for the period	205.7	13.5%	216.6	14.2%	(5.0)%
Net profit for the period-adj.	215.5	14.1%	235.9	15.5%	(8.7)%
Non-controlling interests	(0.7)	(0.0)%	(3.1)	(0.2)%	(76.9)%
Group net profit	206.4	13.5%	219.7	14.4%	(6.0)%
Group net profit-adj.	216.2	14.1%	239.0	15.7%	(9.5)%
Total depreciation and amortisation	(74.9)	(4.9)%	(58.8)	(3.9)%	27.3 %		27.1%	4.6%	-4.5%
EBITDA-adj.	426.6	27.9%	418.8	27.5%	1.9%		-1.0%	1.1%	1.8%
EBITDA	415.8	27.2%	394.4	25.9%	5.4%

COGS = cost of materials, production and logistics expenses

SG&A = selling, general and administrative expenses

Bps rounded to the nearest ten

Q2 2025 Consolidated P&L

change % of which:

	Q2 2025		Q2 2024		Total change	Organic margin change	Organic	Perimeter	FX
	€ million	% sales	€ million	% sales	%	bps	%	%	%
Net sales	862.3	100.0%	859.9	100.0%	0.3%		3.5%	0.2%	(3.4)%
COGS	(319.7)	(37.1)%	(336.7)	(39.2)%	(5.1)%	+70	1.6%	(0.3)%	(6.4)%
Gross profit	542.7	62.9%	523.2	60.8%	3.7%	+70	4.7%	0.5%	(1.5)%
A&P	(161.9)	(18.8)%	(146.1)	(17.0)%	10.8%	-130	11.5%	2.0%	(2.7)%
Contribution after A&P	380.8	44.2%	377.1	43.8%	1.0%	-60	2.0%	(0.0)%	(1.0)%
SG&A	(165.1)	(19.1)%	(168.5)	(19.6)%	(2.0)%	+50	0.9%	1.1%	(4.0)%
EBIT-adj.	215.7	25.0%	208.6	24.3%	3.4%	-10	2.9%	(0.9)%	1.4%
Operating adjustments	(3.8)	(0.4)%	(22.2)	(2.6)%	(82.9)%
Operating profit (EBIT)	211.9	24.6%	186.3	21.7%	13.7%
Financial income (expenses)	(28.5)	(3.3)%	(21.1)	(2.5)%	35.0%
Earn-out income (expenses) and hyperinflation effects	4.5	0.5%	2.1	0.2%	113.2%
Profit (loss) related to associates and joint ventures	(0.8)	(0.1)%	(0.9)	(0.1)%	(17.3)%
Pre-tax profit	187.1	21.7%	166.4	19.4%	12.4%
Pre-tax profit-adj.	190.5	22.1%	186.8	21.7%	2.0%
Total depreciation and amortisation	(37.3)	(4.3)%	(29.2)	(3.4)%	27.7%		32.8%	2.2%	(7.4)%
EBITDA-adj.	252.9	29.3%	237.7	27.6%	6.4%		6.6%	(0.5)%	0.4%
EBITDA	249.2	28.9%	215.5	25.1%	15.6%

COGS = cost of materials, production and logistics expenses SG&A = selling, general and administrative expenses Bps rounded to the nearest ten

P&L restatements related to implementation of the Houses of Brands operating model

2024	P&L published	House of Aperitifs	House of Whiskeys & Rum	House of Agave	House of Cognac & Champagne	Local brands	Reclassification	P&L after reclassification
	€ million	€ million	€ million	€ million	€ million	€ million	€ million	€ million
Global priority brands	2,050.2	-	-	-	-	-	-	-
Aperol	740.9	740.9	-	-	-	-	-	-
Campari	337.4	337.4	-	-	-	-	-	-
Espolòn	264.6	-	-	264.6	-	-	-	-
Wild Turkey portfolio	215.7	-	215.7	-	-	-	-	-
Jamaican rums portfolio	147.1	-	147.1	-	-	-	-	-
Grand Marnier	144.7	-	-	-	144.7	-	-	-
SKYY	127.3	-	-	-	-	127.3	-	-
Courvoisier	72.5	-	-	-	72.5	-	-	-
Regional priority brands	563.7	-	-	-	-	-	-	-
Sparkling Wines, Champagne&Vermouth	176.4	-	-	-	10.5	165.9	-	-
Other specialities	278.0	87.3	-	28.8	8.4	153.4	-	-
Other Whisk(e)y	45.2	-	25.9	-	-	19.3	-	-
Crodino	64.0	64.0	-	-	-	-	-	-
Local priority brands	188.2	-	-	-	-	-	-	-
Campari Soda	77.0	77.0	-	-	-	-	-	-
Wild Turkey ready-to-drink	48.7	-	48.7	-	-	-	-	-
SKYY ready-to-drink	36.8	-	-	-	-	36.8	-	-
Ouzo 12	25.7	-	-	-	-	25.7	-	-
Rest of the portfolio	267.6	20.1	-	1.0	2.1	244.5	-	-
Net sales	3,069.7	1,326.6	437.5	294.4	238.3	772.9	-	3,069.7
Cost of sales (COGS)	(1,303.0)	-	-	-	-	-	25.6	(1,277.4)
Gross profit	1,766.7	-	-	-	-	-	25.6	1,792.3
Advertising and promotional expenses	(513.3)	-	-	-	-	-	-	(513.3)
Contribution margin	1,253.4	-	-	-	-	-	25.6	1,279.0
Selling, general and administrative expenses (SG&A)	(648.4)	-	-	-	-	-	(25.6)	(674.1)
EBIT-adjusted	604.9	-	-	-	-	-	-	604.9

Reclassification of net sales according to new Houses of Brands operating model

Reclassification between COGS and SG&A related to Supply Chain functions that have progressively evolved into administrative and coordination roles in the new operating model

Quarterly reflection of reclassification between COGS and SG&A in 2024 as follows: Q1: €6.0 mln, Q2: €6.9 mln, Q3: €6.2 mln, Q4: €6.5 mln

Net sales by region & key market

	H1 2025		H1 2024			change % of which:
	€ million	% sales	€ million	% sales	Total	Organic	Perimeter	FX
AMERICAS	666.2	43.6%	687.5	45.1%	(3.1)%	(1.0)%	1.8%	(3.9)%
USA	421.0	27.6%	423.8	27.8%	(0.7)%	(3.3)%	3.7%	(1.0)%
Jamaica	71.2	4.7%	79.0	5.2%	(9.8)%	(2.4)%	(5.0)%	(2.4)%
Other countries	174.0	11.4%	184.7	12.1%	(5.8)%	4.8%	0.4%	(11.0)%
EMEA	770.4	50.4%	743.2	48.8%	3.7%	0.7%	2.7%	0.3%
Italy	257.6	16.9%	262.2	17.2%	(1.7)%	(2.0)%	0.2%	-
France	85.0	5.6%	84.1	5.5%	1.1%	1.2%	(0.1)%	-
Germany	119.5	7.8%	125.2	8.2%	(4.5)%	(4.7)%	0.2%	-
United Kingdom	60.2	3.9%	46.4	3.0%	29.9%	4.9%	23.4%	1.5%
Other countries	248.0	16.2%	225.4	14.8%	10.0%	5.7%	3.6%	0.7%
APAC	91.4	6.0%	92.8	6.1%	(1.5)%	4.1%	(1.8)%	(3.7)%
Australia	49.2	3.2%	48.3	3.2%	1.7%	10.3%	(3.5)%	(5.0)%
Other countries	42.2	2.8%	44.4	2.9%	(4.9)%	(2.7)%	0.1%	(2.4)%
Total	1,527.9	100.0%	1,523.4	100.0%	0.3%	0.1%	2.0%	(1.8)%

Net sales by Houses of Brands

	H1 2025		H1 2024		change % of which:
	€ million	% sales	€ million	% sales	Total	Organic	Perimeter	FX
House of Aperiitifs	717.8	47.0%	710.4	46.6%	1.0%	2.0%	-	-1.0%
House of Whiskey & Rum	210.5	13.8%	218.2	14.3%	-3.6%	-1.4%	-	-2.2%
House of Agave	148.4	9.7%	143.3	9.4%	3.5%	5.0%	-	-1.4%
House of Cognac & Champagne	124.3	8.1%	86.1	5.6%	44.4%	-0.8%	46.1%	-0.9%
Local Brands	327.0	21.4%	365.5	24.0%	-10.5%	-4.4%	(2.5)%	-3.7%
Total	1,527.9	100.0%	1,523.4	100.0%	0.3%	0.1%	2.0%	-1.8%

EBIT-adjusted by region

	H1 2025		H1 2024		Change % of which:
	€ million	% of ales	€ million	% of sales	Total	Organic	Perimeter	FX
Americas
Net sales	666.2	100.0	687.5	100.0	-3.1%	-1.0%	1.8%	-3.9%
Gross profit	390.6	58.6	385.9	56.1	1.2%	-0.5%	1.6%	0.1%
A&P	(107.6)	(16.2)	(106.5)	(15.5)	1.0%	1.5%	2.3%	-2.8%
SG&A	(115.9)	(17.4)	(117.4)	(17.1)	-1.2%	1.4%	1.5%	-4.1%
EBIT-adj.	167.1	25.1	162.0	23.6	3.2%	-3.2%	1.3%	5.2%
EMEA
Net sales	770.4	100.0	743.2	100.0	3.7%	0.7%	2.7%	0.3%
Gross profit	500.4	65.0	482.1	64.9	3.8%	1.6%	1.5%	0.6%
A&P	(128.7)	(16.7)	(108.7)	(14.6)	18.4%	13.9%	4.2%	0.3%
SG&A	(178.5)	(23.2)	(171.1)	(23.0)	4.3%	2.1%	1.8%	0.5%
EBIT-adj.	193.3	25.1	202.3	27.2	-4.5%	-5.3%	-0.1%	1.0%
APAC
Net sales	91.4	100.0	92.8	100.0	-1.5%	4.1%	-1.8%	-3.7%
Gross profit	42.9	46.9	42.5	45.8	1.0%	4.8%	1.0%	-4.7%
A&P	(17.8)	(19.4)	(16.4)	(17.7)	8.2%	12.8%	-0.8%	-3.8%
SG&A	(33.7)	(36.9)	(30.3)	(32.7)	11.3%	13.0%	1.9%	-3.7%
EBIT-adj.	(8.6)	(9.4)	(4.3)	(4.6)	102.0%	94.7%	0.7%	6.5%

Consolidated balance sheet (1 of 2)

Assets

	30 June 2025	31 December 2024	Change
	€ million	€ million	€ million
ASSETS
Non-current assets
Property, plant and equipment	1,361.5	1,421.3	(59.8)
Right of use assets	58.3	66.1	(7.8)
Biological assets	30.1	30.5	(0.5)
Goodwill	2,256.2	2,420.1	(164.0)
Brands	1,258.5	1,314.8	(56.3)
Intangible assets with a finite life	72.2	73.4	(1.3)
Interests in joint ventures	8.4	8.8	(0.5)
Deferred tax assets	93.9	101.5	(7.6)
Other non-current assets	95.4	98.3	(2.9)
Other non-current financial assets	22.6	10.2	12.4
Total non-current assets	5,257.0	5,545.1	(288.1)
Current assets
Inventories	1,676.4	1,681.8	(5.4)
Biological assets	27.1	21.3	5.8
Trade receivables	408.4	425.8	(17.4)
Other current financial assets	19.8	8.9	10.9
Cash and cash equivalents	476.3	666.3	(190.0)
Income tax receivables	18.8	37.7	(18.9)
Other current assets	110.6	96.3	14.3
Assets held for sale	31.3	-	31.3
Total current assets	2,768.6	2,938.2	(169.6)
Total assets	8,025.6	8,483.3	(457.7)

Consolidated balance sheet (2 of 2)

Liabilities and shareholders' equity

	30 June 2025	31 December 2024	Change
	€ million	€ million	€ million
LIABILITIES AND SHAREHOLDERS' EQUITY
Shareholders' equity
Issued capital and reserves attributable to shareholders of the parent Company	3,708.3	3,854.0	(145.7)
Non-controlling interests	1.1	1.3	(0.2)
Total shareholders' equity	3,709.4	3,855.3	(145.9)
Non-current liabilities
Bonds	1,584.9	1,580.3	4.5
Loans due to banks	733.3	916.2	(182.9)
Other non-current financial liabilities	201.3	223.8	(22.6)
Post-employment benefit obligations	24.4	25.8	(1.4)
Provisions for risks and charges	90.9	118.2	(27.3)
Deferred tax liabilities	469.6	498.2	(28.6)
Other non-current liabilities	15.9	23.5	(7.6)
Total non-current liabilities	3,120.3	3,386.1	(265.9)
Current liabilities
Bonds	-	-	-
Loans due to banks	338.8	289.6	49.2
Other current financial liabilities	42.3	52.3	(10.0)
Trade payables	544.4	672.7	(128.2)
Income tax payables	41.0	6.2	34.9
Other current liabilities	229.3	221.1	8.2
Liabilities held for sale	0.1	-	0.1
Total current liabilities	1,195.9	1,241.9	(45.9)
Total liabilities	4,316.2	4,628.0	(311.8)
Total liabilities and shareholders' equity	8,025.6	8,483.3	(457.7)

Reclassified Cash flow statement

	H1 2025	H1 2024	Change
	€ million	€ million	€ million
EBITDA	415.8	394.4	21.4
Income taxes and other changes (1)	(59.0)	(18.5)	(40.5)
Cash flow from operating activities before changes in working capital	356.8	375.9	(19.1)
Changes in net operating working capital	(190.1)	(190.9)	0.8
Cash flow from operating activities	166.7	185.0	(18.3)
Net interests paid	(50.1)	(26.0)	(24.0)
Capital expenditure	(81.7)	(219.0)	137.3
Free cash flow	34.9	(60.1)	95.0
(Acquisition) disposal of business	(1.0)	(1,120.6)	1,119.6
Issuing of new shares/capital increase net of related ancillary costs	-	643.3	(643.3)
Dividend paid out by the Company	(78.0)	(78.1)	0.1
Other changes (incl. net sale of own shares)	(20.3)	39.9	(60.2)
Total cash flow used in other activities	(99.3)	(515.6)	416.3
Change in net financial position due to operating activities	(64.4)	(575.6)	511.3
Put option and earn-out liability changes	15.8	(99.2)	115.0
Increase in investments for lease right of use	(3.5)	(7.1)	3.6
Net cash flow of the period = change in net financial debt	(52.1)	(682.0)	629.9
Effect of exchange rate changes on net financial debt	47.0	(17.7)	64.8
Net financial debt at the beginning of the period	(2,376.9)	(1,853.5)	(523.4)
Opening adjustments	-	-	-
Net financial position at the end of the period	(2,381.9)	(2,553.2)	171.3

(1) Including effects from hyperinflation accounting in Argentina, accruals and provisions, impairment of assets and other changes from operating activities

Operating working capital

	30 June 2025		31 December 2024		Reported change	Organic	Perimeter & FX	30 June 2024
	€ million	% sales rolling	€ million	% sales	€ million	€ million	€ million	€ million	% sales rolling
Trade receivables	408.4	13.3%	425.8	13.9%	(17.4)	(0.9)	(16.4)	497.3	16.7%
Total inventories, of which:	1,703.5	55.4%	1,703.1	55.5%	0.4	89.8	(89.4)	1,790.8	60.0%
- maturing inventory	1,116.8	36.3%	1,127.0	36.7%	(10.2)	45.9	(56.1)	1,043.3	35.0%
- biological assets	27.1	0.9%	21.3	0.7%	5.8	6.3	(0.6)	17.6	0.6%
- other inventory	559.6	18.2%	554.8	18.1%	4.8	37.5	(32.7)	730.0	24.5%
Trade payables	(544.4)	-17.7%	(672.7)	-21.9%	128.2	101.3	27	(534.0)	-17.9%
Operating working capital	1,567.5	51.0%	1,456.3	47.4%	111.2	190.1	(78.9)	1,754.2	58.8%

OWC as % of net sales at 51.0% as of 30 June 2025 vs 47.4% as of 2024 year-end and 58.8% at 30 June 2024

Financial debt

Eurobond and Term loan composition as of 30 June 2025

Issue date	Maturity	Type	Currency	Coupon	Outstanding nominal amount (LC million)	Outstanding nominal amount (€ million)	Original tenor	As % of total
Oct 6, 2020	Oct-27	Unrated Eurobond	EUR	1.25%	550	550	7 years	24.1%
Dec 6, 2022	Dec-27	Term Loan(1)	USD	6.02%	350	299	5 years	13.1%
May 5, 2023	Jun-29	Sustainability linked Term Loan(2)	EUR	3.43%	365	365	6 years	16.0%
May 11, 2023	May-30	Unrated Eurobond	EUR	4.71%	300	300	7 years	13.1%
Jan 10, 2024	Jan-29	Convertible bond	EUR	2.38%	550	550	5 years	24.1%
June 18, 2024	Jun-31	Unrated Eurobond	EUR	4.26%	220	220	7 years	9.6%
Total nominal long-term gross debt						2,284		100%
Average nominal coupon						3.24%

⁽²⁾ Floating interest rate linked to Euribor ⁺ spread and sustainability-linked, amortising with payment schedule once ^a year from ²⁰²⁵ onwards and bullet final payment 41

Exchange rates effects

		Average exchange rates		Period end exchange rate
	H1 2025	H1 2024	Change	30 June 2025	31 December 2024	Change
US Dollar	1.093	1.081	(1.1)%	1.172	1.039	(11.4)%
Canadian Dollar	1.540	1.469	(4.7)%	1.603	1.495	(6.7)%
Jamaican Dollars	172.687	168.160	(2.6)%	187.834	161.513	(14.0)%
Mexican peso	21.809	18.518	(15.1)%	22.090	21.550	(2.4)%
Brazilian Real	6.291	5.495	(12.7)%	6.438	6.425	(0.2)%
Argentine Peso(1)	1,391.439	975.388	(29.9)%	1,391.439	1,070.806	(23.0)%
Russian Ruble(2)	94.977	98.135	3.3%	92.355	116.562	26.2%
Great Britain Pounds	0.842	0.855	1.5%	0.856	0.829	(3.1)%
Swiss Franc	0.941	0.962	2.1%	0.935	0.941	0.7%
Australian Dollar	1.723	1.642	(4.7)%	1.795	1.677	(6.6)%
Yuan Renminbi	7.926	7.801	(1.6)%	8.397	7.583	(9.7)%

(1) The average exchange rate of the Argentine Peso was equal to the spot exchange rate at the reporting date

(2) On 2 March 2022, the European Central Bank ('ECB') decided to suspend the publication of Euro reference rate for the Russian Rouble until further notice. The Group has therefore decided to refer to alternative reliable source for exchange rates based on executable and indicative quotes from multiple dealers

Shareholding structure

As of 30 June 2025

Shareholders	Ordinary Shares (1)	% of Ordinary Shares	Special Voting Shares A(2)	Special Voting Shares B	Total Special Voting Shares A + Special Voting Shares B Voting rights	Total Ordinary Shares + Special Voting Shares A+ Special Voting Shares B Voting rights	% of Ordinary Shares and Special Voting Shares A and Special Voting Shares B Voting rights
Lagfin S.C.A., Société en Commandite par Actions	637,774,699	51.80%	31,700,000	592,416,000	2,401,364,000	3,039,138,699	82.61%
Other shareholders	562,822,162	45.71%	3,090	1,565,404	6,264,706	569,086,868	15.47%
Treasury shares(3)	30,670,877	2.49%	39,993,848	40,000	40,153,848	70,824,725	1.93%
Total	1,231,267,738	100.00%	71,696,938	594,021,404	2,447,782,554	3,679,050,292	100.00%

(1) Ordinary shares are listed, freely transferable and each of them confers the right to cast one vote

(2) Special Voting Shares do not confer economic right, are not listed and are not transferable. Each Special Voting Share A confers the right to cast one vote. Each Special Voting Share B confers the right to cast four votes

(3) Including Special Voting Shares A and B transferred to the Company upon the sale of Qualifying Ordinary Shares by the selling shareholder in accordance with clause 11.5 of the SVS Terms

Note: Total number of shares including the maximum amount of convertible shares of 44,489,500 corresponding to 1,275,757,238

For EPS calculation, basic outstanding shares at 1,200,860,676 and diluted at 1,262,014,976 as of H1 2025 43

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 forwardlooking statements due to a variety of factors, most of which are outside of the Group's control.

For information on the definition of alternative performance measures used in this presentation, see the paragraph 'Definitions and reconciliation of the Alternative Performance Measures (APMs or non-GAAP measures) to GAAP measures' half year management report ended 30th June 2025.