DAVIDE CAMPARI-MILANO N.V. HALF-YEAR REPORT AT 30 JUNE 2025

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Index

About this Report	4
Key Financial Highlights	5
Corporate Bodies	6
Management Board Report for the Half-Year ended 30 June 2025	7
Campari Group Half-Year Condensed Consolidated Financial Statements at 30 June 2025	43
Responsibilities in Respect of the Half-Year Condensed Consolidated Financial Statements at 30 June 2025	91
Independent auditor's review report	92

This document was not made available to the public with a signed version, which is retained at the Group corporate office.

About this Report

Note on presentation

The interim condensed Consolidated Financial statements for the six months ended 30 June 2025 have been prepared in accordance with the International Accounting Standards ('IAS') 34-'Interim Financial Reporting', as endorsed by the European Union. The interim condensed Consolidated Financial statements do not include all the information and disclosures required for the annual financial statements and should be read in conjunction with the Group's annual Consolidated Financial statements at 31 December 2024. Specific additional information is provided in the notes of this report in the event of material changes with respect to what was disclosed in the Group's annual Consolidated Financial statements at 31 December 2024.

Forward-looking statements

Campari Group's Half-Year Report contains forward-looking statements that reflect management's current view of the Group's future development. All statements other than statements of historical fact set forth in this Half-Year Report regarding the Group's business strategy, such as future operations and businesses, management's plans and objectives, are forward-looking statements. In some cases, words such as 'may', 'will', 'expect', 'could', 'should', 'intend', 'estimate', 'anticipate', 'believe', 'outlook', 'continue', 'remain', 'on track', 'design', 'target', 'objective', 'goal', 'plan' and similar expressions are used to identify forward-looking statements that contain risks and uncertainties that are beyond the control of the Group and call for significant judgement. Should the underlying assumptions turn out to be incorrect or if the risks or opportunities described materialise, the actual results and developments may materially deviate (negatively or positively) from those expressed by such statements. The outlook is based on estimates that Campari Group has made on the basis of all the information available at the time of completion of this Half-Year Report. The effects arising from the still persistent volatile macroeconomic environment may be materially different from management's expectations.

Campari Group does not assume any obligations or liability in respect of any inaccuracies in the forward-looking statements made in this Half-Year Report or for any use by any third party of such forward-looking statements. Campari Group does not assume any obligation to update any forward-looking statements made in this Half-Year Report beyond statutory disclosure requirements.

Information on the figures presented

All references in this Half-Year Report are expressed in €.

For ease of reference, all the figures in this Half-Year Report are expressed in millions of € to one decimal place, whereas the original data is recorded and consolidated by the Group in €. Similarly, all percentages relating to changes between two periods or to percentages of net sales or other indicators are always calculated using the original data in €. The use of values expressed in millions of € may therefore result in apparent discrepancies in both absolute values and data expressed as a percentage.

For information on the definition of the alternative performance measures used, see paragraph 'Definitions and reconciliation of the Alternative Performance Measures ('APMs' or non-GAAP measures) to GAAP measures in the dedicated paragraph of this Half-Year Report.

The language of this Half-Year Report is English. Certain legislative references and technical terms have been cited in their original language so that the correct technical meaning may be ascribed to them under applicable law.

This Half-Year Report is not prepared in the European Single Electronic Format ('ESEF'), which is required for all natural and legal persons with securities listed on a European stock exchange with respect to annual IFRS Consolidated Financial Statements only.

Key Financial Highlights

Financial Performance

for the six months ended 30 June 2025
	2025	2024	change
	€ million	€ million	% total	% organic
Net sales(1)	1,527.9	1,523.4	0.3 %	0.1 %
EBITDA	415.8	394.4	5.4 %
EBITDA-adjusted(2)	426.6	418.8	1.9 %	-1.0 %
EBIT	340.9	335.6	1.6 %
EBIT-adjusted(2)	351.8	360.0	-2.3 %	-5.6 %
Group(3) net profit	206.4	219.7	-6.0 %
Group(3) net profit-adjusted(2)	216.2	239.0	-9.5 %
Basic earnings per share (€)	0.17	0.18
Diluted earnings per share (€)	0.17	0.18
Basic earnings per share (€) adjusted(2)	0.18	0.20
Diluted earnings per share (€) adjusted(2)	0.18	0.20
Average number of employees	5,124	5,049
Number of employees at 30 June	4,994	5,235
Free cash flow(2)	34.9	(60.1)
Free cash flow adjusted(2)	113.0	130.8
	at 30 June 2025	at 31 December 2024
	€ million	€ million
Net financial debt(2)	2,381.9	2,376.9
	number	number
Own shares in shareholders' equity(4)	30,670,877	28,763,237

(1) Sales net of excise duties.

(2) For information on the definition of alternative performance measures, see the paragraph 'Definitions and reconciliation of the Alternative Performance Measures ('APMs' or non-GAAP measures) to GAAP measures of this Half-Year Report.

(3) Group refers to results attributable to owners of Davide Campari-Milano N.V..

(4) Ordinary shares.

Corporate Bodies

Board of Directors(1)

EY Accountants B.V.

Luca Garavoglia(2) Chairman Jean-Marie Laborde(2) Vice-Chairman and member of the Control, Risks and Sustainability Committee Simon Hunt Chief Executive Officer Paolo Marchesini Chief Financial and Operating Officer Fabio Di Fede Chief Legal and M&A Officer Eugenio Barcellona(2) Member of the Control, Risks and Sustainability Committee and of the Remuneration and Appointment Committee Alessandra Garavoglia(2) Emmanuel Babeau(2) Member of the Remuneration and Appointment Committee Margareth Henriquez(2) Robert Kunze-Concewitz(2) Christophe Navarre(2) Member of the Remuneration and Appointment Committee Emma Marcegaglia(2) Lisa Vascellari Dal Fiol(2) Member of the Control, Risks and Sustainability Committee External auditor

were appointed as members of the Remuneration and Appointment Committee. The Extraordinary General Meeting held on 15 January 2025 appointed Simon Hunt as Executive Director until the Annual General Meeting to be held in 2028.

¹ The Annual General Meeting held on 16 April 2025 appointed the Board of Directors of the Company for the three-year period 2025-2028 expiring at the end of the annual general meeting to be held in 2028, comprising Luca Garavoglia, Robert Kunze-Concewitz, Paolo Marchesini, Fabio Di Fede, Alessandra Garavoglia, Eugenio Barcellona, Emmanuel Babeau, Margareth Henriquez, Jean-Marie Laborde, Emma Marcegaglia, Christophe Navarre and Lisa Vascellari Dal Fiol. Luca Garavoglia, Alessandra Garavoglia, Eugenio Barcellona, Emmanuel Babeau, Margareth Henriquez, Robert Kunze-Concewitz, Jean-Marie Laborde, Emma Marcegaglia, Christophe Navarre and Lisa Vascellari Dal Fiol qualify as Non-Executive Directors. Emmanuel Babeau, Margareth Henriquez, Jean-Marie Laborde, Emma Marcegaglia, Christophe Navarre and Lisa Vascellari Dal Fiol qualify as independent directors pursuant to the Dutch Corporate Governance Code. The new Board of Directors, in the meeting held on 8 May 2025, confirmed for the same three-year period: (i) Luca Garavoglia as Chairman of the Board of Directors (ii) Jean-Marie Laborde as Vice-Chairman of the Board of Directors, and (iii) Paolo Marchesini, Chief Financial and Operating Officer and Fabio Di Fede, Chief Legal and M&A Officer. The Non-Executive Directors Eugenio Barcellona, Jean-Marie Laborde and Lisa Vascellari Dal Fiol were appointed as members of the Control, Risks and Sustainability Committee. The Non-Executive Directors Eugenio Barcellona, Emmanuel Babeau and Christophe Navarre

Simon Hunt took formally its office as Executive Director and Chief Executive Officer following the issuance of the residence permits for Italy. 2 Non-Executive Director.

Campari Group and the Macro Environment 8
Main Brand-Building Initiatives 8
House of Aperitifs 8
House of Whiskey&Rum 9
House of Agave 10
House of Cognac&Champagne 10
Significant Events of the Period 11
Acquisitions, Disposal and Commercial Agreements 11
Group Significant Events and Corporate Actions 11
Subsequent Events 13
Group Financial Review 14
Sales Performance 14
Statement of Profit or Loss 20
Profitability by Business Area 23
Operating Working Capital 25
Reclassified Statement of Cash Flows 26
Net Financial Debt 27
Capital Expenditure 28
Reclassified Statement of Financial Position 28
Half-Year 2025 Conclusion and Outlook 30
Definitions and Reconciliation of the Alternative Performance Measures ('APMs' or non 31 GAAP measures) to GAAP measures
Group Sustainability Performance Review 38
Stock Performance in the Capital Market 41
Other Information 42
Transactions with Related Parties 42

Campari Group and the Macro Environment

Over the past few years, the global economy has demonstrated resilience despite significant challenges, including the pandemic and energy crises.

In 2024, global growth remained robust, particularly in the United States and large emerging-market economies like China.

However, in the first half of 2025 the macroeconomic environment has become increasingly uncertain. Recent indicators point to a moderation in growth prospects, with declining business confidence and rising economic policy uncertainty, exacerbated by escalating trade tensions.

The United States's newly announced tariffs, and the threat of retaliatory measures, add to the volatility. Although some tariffs are temporarily suspended, their potential impact on global trade and growth could be significant. The United States beverage alcohol sector is among those at risk, while the full effects remain complex and unclear. According to the OECD, global GDP growth is projected to slow from 3.3% in 2024 to 2.9% in both 2025 and 2026, reflecting higher trade barriers in several G20 economies and increased geopolitical and policy uncertainty. In the United States, GDP growth is expected to slow down to 1.6% in 2025 and 1.5% in 2026, the Euro area is projected to grow by 1.0% in 2025 and 1.2% in 2026, while China's growth is forecast to slow from 5.0% in 2024 to 4.3% in 2026.

Trade policy changes are expected to weigh on investment and trade, while consumer spending is projected to soften due to lingering cost-of-living pressures and weaker labour market conditions. Rising trade costs, particularly in countries implementing new tariffs, are expected to exert upward pressure on inflation. However, this effect is expected to be partially mitigated by declining commodity prices¹ .

Main Brand-Building Initiatives

The brand portfolio represents a strategic asset for Campari Group. Intangible assets are a key component of the market value of spirit products, reflecting the brand strength built over decades.

While confirming the geographical regions Americas, EMEA and Asia-Pacific as the primary drivers for the business management and leadership enhancement, starting from 1 January 2025, the Group has implemented the announced new operating model based on four distinct Houses of Brands. This model aims to ensure increased synergies and efficiency and to adopt a brand-forward approach while effectively leveraging geographic expansion opportunities. The new operating model, comprising the House of Aperitifs, the House of Whiskey&Rum, the House of Agave and the House of Cognac&Champagne, facilitates better definition of category ambitions, stronger central coordination of marketing, increased efficiency, and more effective allocation of brand-building resources and investments. It also enhances marketing effectiveness by leveraging local marketing capabilities. The main marketing initiatives undertaken in the first half of 2025 are outlined as follows.

House of Aperitifs

Aperol

In the first months of 2025, the bond between Aperol and tennis was reactivated through the Australian Open sponsorship with campaigns in both Australia and New Zealand. During the winter season, Aperol Winter Tour was relaunched, spreading the brands' positive orange vibes around key locations of the Italian, French, Swiss and Austrian Alps. Moreover, Aperol Après Ski was unveiled in the United States, aiming at creating new moments of consumption also during the winter season. In April, Aperol returned for the third consecutive year as the official Spritz Partner of the Coachella Valley Music and Arts Festival in the United States and also returned as a key presence at Primavera Sound in Spain, delivering its signature atmosphere and reinforcing its connection to music and summer culture. Starting from May this year, Aperol raised a glass to the start of summer with the launch of its new global campaign L'unico per tutti, one of the Group's biggest campaigns over the last years with a launch across 30 countries (including key markets Italy and Germany), sending a universal message that reinforces the brand's place at the heart of social moments, wherever and whenever they happen. In addition, the Aperol Summer Program was launched with a kick-off in June with a vibrant global launch event in New York City, setting the tone for the summer season.

¹ OECD Economic Outlook, Tackling Uncertainty, Reviving Growth, June 2025.

Campari

Campari continued to strengthen its association with cinema in 2025 through relevant initiatives in key regional Film Festivals. Together with its local media partner, it lit up the 75th Berlinale Film Festival in Berlin, Germany, renewing its copartnership for the third consecutive year. Additionally, Campari was the official spirits sponsor of the 31st Screen Actors Guild Awards held in Los Angeles and proudly renewed the official partnership for the Festival de Cannes also this year. In early June, the brand brought Milan to life with a unique and immersive experience-The Red View at Torre Velasca-celebrating both its own heritage and the city where it was born.

Crodino

Crodino Non-Alcoholic Spritz shone brightly during the Bright Yellow Dry January campaign in the United Kingdom. The launch of the new campaign with a 0.0% alcohol claim was accompanied by a fully integrated launch across channels and digital platforms that successfully engaged a large number of highbrow media channels, celebrities and venues. As momentum builds in the fast-growing Non-Alcoholic category, a bold step forwards in the distinctive and premium non-alcoholic spritz offering was taken also with the launch of Crodino in the United States. Moreover, for the first time ever, Crodino has gone on a tour bringing its iconic Non-Alcoholic Spritz and Italian summer vibes to consumers in Switzerland, the United Kingdom, Belgium and Austria through Chiosco Crodino, its new kiosk format.

House of Whiskey&Rum

Wild Turkey and American Whiskey portfolio

During the 10th annual Behind the Barrel program in Kentucky, top bartenders of the United States participated in a multi-day educational experience on whiskey making for Wild Turkey, Russell's Reserve and Wilderness Trail, also joined by Master Distiller Jimmy Russell.

Wild Turkey Bourbon launched its coveted 8-yearold 101 Bourbon, previously offered exclusively in selected export markets, in the United States, supported by a comprehensive campaign targeting the engaged Bourbon community. Furthermore, Russell's Reserve released its coveted 13-year-old in the United States, with dedicated events throughout the months of June and July.

The GlenGrant

The GlenGrant globally unveiled the Splendours Collection, featuring the rare The GlenGrant 65- Year-Old at Art Basel Hong Kong. The event included a unique collaboration with Random International, a renowned artist group, showcasing 65 artworks, each symbolising the endless cycle of nature as well as The GlenGrant 65-Year-Old expression, highlighting the brand's dedication to crafting exquisite high-aged whiskies and thus reinforcing its status as a premier luxury single malt. In April, The Glen Grant unveiled Exploration No.1, finished in rum casks, as the first release in a collection of limited-edition single malt Scotch whiskies, available exclusively in the travel retail for a six-month-period, before being released to domestic markets

Appleton Estate

Appleton Estate released The Source, a 51-yearold, 100% pot still single cask rum, the world's oldest tropically aged rum and the brand's rarest to date, with only 25 decanters produced. The launch, led by Master Blender Joy Spence, reinforcing Appleton Estate's strong position in the luxury aged Rum category.

House of Agave

Espolòn

In the United States, Espolòn launched the Mercado Festival Experience with two weekends at the Innings and Extra Innings Festivals in Arizona. These events combined live music performances with baseball-themed activities, featuring nearly 20 artists across three stages.

In May, during the Cinco de Mayo campaign in the United States, Espolòn embraced the raw, do-ityourself ('DIY') ethos of magazine culture with a bold publication that challenged clichés and celebrated authentic Mexican-American creativity. Partnering with a Mexican-American fanzine collective, the punk spirit of Espolòn was brought to life. This event was amplified both on social media and in the on-premise via displays, merchandise and stands. The brand further launched a bold and culturally immersive activation in Peckham, London, one of the United Kingdom's most vibrant creative hubs. The Peckham Barrio campaign was designed to disrupt the tequila category and make Espolòn unmissable. The brand also partnered with Second Life Markets, a vibrant, fashion-forward marketplace in Australia, that celebrated personal style and sustainability. Guests could purchase curated vintage fashion pieces while sampling Espolòn ready-to-drink cocktails. The activation continued with seasonal market events in key Australian cities. Each event featured Espolònbranded bars, immersive brand storytelling, and community engagement through fashion and music. In addition, Espolòn was the main Tequila partner of the renowned Governors Ball, a major annual music event held in New York in June.

House of Cognac&Champagne

Courvoisier

In the first half of the year, the Moments That Made Us campaign launched in the United Kingdom, focusing on culturally relevant passion points for British consumers: celebrations, music and connection. Driven by a year-long partnership with Brit Awards 'Band of the Year' The Ezra Collective, the brand grabbed attention in London with a full tube takeover for Father's Day, followed by a four-day immersive consumer experience in the heart of the city.

The Bring Your Own Courvoisier Campaign was unveiled in the United States, positioning Courvoisier as the go-to spirit for at-home gatherings and entertaining, seeking to differentiate the brand from other Cognac brands while maintaining its passionate essence, building relevance for a new generation, and increasing consideration and conversion.

Grand Marnier

The special partnership with Grammy-winning rapper, entrepreneur and fashion icon, Future, first announced in 2024, grew scale this first half of the year through the Make it Grand campaign, underscoring the brand's commitment to owning cultural moments and strengthening its presence within the United States' spirits market. Additionally, Grand Marnier sponsored the opening and event celebrations of the highly anticipated NBA All-Star Weekend as well as through its return to The Roots Picnic festival for the second consecutive year.

Lallier

Lallier kicked off the year in style at the Oscars as the official champagne poured for the 97th edition of the Academy of Motion Picture Arts and Sciences®, creating buzz for the brand globally as all eyes turned to the star studded event. Lallier also continued to celebrate its two new Cuvées: Réflexions R.021 Brut and first-ever R.021 Brut Rosé through a global series of Michelin star chef partnerships and events in 7 geographies including the United States, France and Japan. Furthermore, Champagne Lallier, alongside Aperol and Campari, was one of the official partners of the glamorous and exclusive International Concours of Elegance ('ICE') organised in Saint Moritz.

Significant Events of the Period

Acquisitions, Disposal and Commercial Agreements

Portfolio Streamlining Initiatives

In the first half of 2025, Campari Group made significant progress in its portfolio streamlining strategy through targeted disposals, aimed at sharpening focus on the core spirits business, simplifying operations, and supporting financial deleveraging.

As of 21 May 2025, Campari Group, namely Campari Australia PTY Ltd., completed the sale of its bottling facility located in Derrimut announced in March 2025, to a local manufacturing organisation, Garage Beverages Manufacturing. Garage is a privately owned Australian business which has been manufacturing beverages, from concept to launch, from their site since 2011. Campari Australia purchased the Derrimut plant in 2013. Since then, the site has provided high quality manufacturing services to the Australian and New Zealand businesses, as well as third party customers. In 2024, the sold business reported net sales of €15.9 million at Group level. Together with the sale agreement, Campari Group entered into a long-term manufacturing agreement with the buyer for bottling its local products in the same site, aimed at enhancing efficiency and effectiveness. The disposal transaction involved the disposal of a group of net assets associated with the bottling plant. The assets were sold for an agreed price of AUD15.7 million, equivalent to €8.7 million based on the spot exchange rate as of 30 June 2025. The impact of the aforementioned transaction was recognised in Group's financials for the half-year ended 30 June 2025, in accordance with applicable accounting standards.

On 26 June 2025, the Group reached an agreement to sell Cinzano vermouth and sparkling wines to the private Italian spirits company Caffo Group 1915, the owner of the bitter brand Vecchio Amaro del Capo. The sale also includes Frattina grappa and sparkling wine business. In 2024, net sales of Cinzano and Frattina amounted to €75.0 million, with reported 5% CAGR over the last 4 years, and accounted for 2% of Campari Group's overall net sales. Reported CAAP (contribution after A&P) amounted to €21.0 million. The total consideration is €100.0 million for 100% of the share capital of the newly established company ('NewCo') (including the finished goods inventories held by Campari Group) on a cash free/debt free basis. The consideration, to be corresponded in cash, is subject to customary price adjustment mechanisms. The closing of the transaction is expected by the end of 2025.

The transaction foresees the contribution to NewCo of the Cinzano and Frattina businesses, including all intellectual property, finished goods inventories, certain employees, some production equipment in Italy, contractual relationships and other related assets. The production facilities in Italy and Argentina, where Campari Group also manufactures other brands, are excluded from the transaction perimeter.

As part of the transaction and effective from closing, Caffo Group 1915 and Campari Group will enter into a transitional manufacturing agreement in Italy and Argentina, as well as temporary distribution agreements whereby Campari Group will continue to distribute Cinzano products in certain markets such as Argentina, Spain, Mexico, Russia, South Korea and South Africa before transitioning to Caffo Group 1915's commercial footprint. The group of assets to be disposed of (current and non-current), along with the directly associated liabilities, has been classified as a disposal group held for sale in the Group Condensed Consolidated Financial Statements at 30 June 2025. Based on the net assets identified to be disposed of and their carrying amounts as of 30 June 2025, the transaction is expected to result in a pre-tax gain of approximately €60.0 million at closing, before deducting any related costs to sell and tax effects, in accordance with the applicable financial reporting standards.

Group Significant Events and Corporate Actions

Campari Group New Operating Model

As announced, starting from 1 January 2025, a new operating model has been introduced to ensure increased synergies and efficiency to drive structural decisions and ensure alignment with the Group's long-term objectives, focusing on a brand-building approach while effectively leveraging geographic expansion opportunities on key brand-market combinations. The implementation, which commenced in late 2024 with the establishment of the House of Brands, is progressing as planned. A strong emphasis has been placed on building the strategic roadmap to be set in motion for the years ahead. Following the implementation of the new business model, the net sales disclosures have been reviewed starting from 1 January 2025 and the classification of certain cost items in the statement of profit or loss, primarily related to Supply Chain functions that have progressively evolved into administrative and coordination roles, has been reclassified from 'Cost of sales' to 'Selling, general and administrative expenses'. To ensure consistency and comparability, comparative data for the six months ended 30 June 2024, have been restated accordingly to reflect this revised presentation and presented as '2024 reclassified' in the following disclosures.

The following table shows the net sales and statement of profit or loss originally published for the first half of 2024, which was re-presented based on the aforementioned changes.

for the six months ended 30 June 2024	published	House of Aperitifs	House of Whiskey& Rum	House of Agave	House of Cognac& Champagne	local brands	reclassification	total - after reclassification
	€ million	€ million	€ million	€ million	€ million	€ million	€ million	€ million
global priority brands	1,031.6
Aperol	398.5	398.5	-	-	-	-	-	-
Campari	178.9	178.9	-	-	-	-	-	-
Espolòn	129.7	-	-	129.7	-	-	-	-
Wild Turkey portfolio	109.2	-	109.2	-	-	-	-	-
Jamaican rums portfolio	76.3	-	76.3	-	-	-	-	-
Grand Marnier	70.1	-	-	-	70.1	-	-	-
SKYY	60.8	-	-	-	-	60.8	-	-
Courvoisier	8.0	-	-	-	8.0	-	-	-
regional priority brands	254.5
Sparkling Wines, Champagne&Vermouth	68.9	-	-	-	4.0	64.9	-	-
Other specialities	130.8	44.4	-	13.5	3.6	69.3	-	-
Other Whisk(e)y	20.7	-	11.7	-	-	9.0	-	-
Crodino	34.1	34.1	-	-	-	-	-	-
local priority brands	98.6
Campari Soda	45.6	45.6	-	-	-	-	-	-
Wild Turkey ready-to-drink	21.0	-	21.0	-	-	-	-	-
SKYY ready-to-drink	19.3	-	-	-	-	19.3	-	-
Ouzo 12	12.6	-	-	-	-	12.6	-	-
rest of the portfolio	138.8	8.8	-	0.1	0.4	129.6	-	-
Net sales	1,523.4	710.4	218.2	143.3	86.1	365.5	-	1,523.4
Cost of sales	(625.9)	-	-	-	-	-	12.9	(613.0)
Gross profit	897.5	-	-	-	-	-	12.9	910.4
Advertising and promotional expenses	(231.6)	-	-	-	-	-	-	(231.6)
Contribution margin	665.9	-	-	-	-	-	12.9	678.8
Selling, general and administrative expenses	(305.9)	-	-	-	-	-	(12.9)	(318.8)
Result from recurring activities (EBIT-adjusted)	360.0	-	-	-	-	-	-	360.0

Americas	2024 reclassified	reclassification	2024 published
	€ million	€ million	€ million
Net sales	687.5	-	687.5
Cost of sales	(301.6)	(6.4)	(308.1)
Gross profit	385.9	(6.4)	379.4
Advertising and promotional expenses	(106.5)	-	(106.5)
Contribution margin	279.3	(6.4)	272.9
Selling, general and administrative expenses	(117.4)	6.3	(111.1)
Result from recurring activities (EBIT-adjusted)	162.0	(0.2)	161.8

EMEA	2024 reclassified	reclassification	2024 published
	€ million	€ million	€ million
Net sales	743.2	-	743.2
Cost of sales	(261.1)	(5.2)	(266.2)
Gross profit	482.1	(5.2)	477.0
Advertising and promotional expenses	(108.7)	-	(108.7)
Contribution margin	373.4	(5.2)	368.3
Selling, general and administrative expenses	(171.1)	6.3	(164.8)
Result from recurring activities (EBIT-adjusted)	202.3	1.1	203.5

Campari Group Half-Year Report at 30 June 2025

Asia-Pacific	2024 reclassified	reclassification	2024 published
	€ million	€ million	€ million
Net sales	92.8	-	92.8
Cost of sales	(50.3)	(1.3)	(51.6)
Gross profit	42.5	(1.3)	41.2
Advertising and promotional expenses	(16.4)	-	(16.4)
Contribution margin	26.0	(1.3)	24.7
Selling, general and administrative expenses	(30.3)	0.3	(30.0)
Result from recurring activities (EBIT-adjusted)	(4.3)	(1.0)	(5.2)

Extraordinary General Meeting of Davide Campari-Milano N.V.

At the Extraordinary General Meeting of Davide Campari-Milano N.V., held on 15 January 2025, Simon Hunt was appointed as Executive Director of the Board of Directors of the Company until the Annual General Meeting in 2028, to serve as Chief Executive Officer.

Annual General Meeting of Davide Campari-Milano N.V.

The Annual General Meeting of shareholders ('AGM') held on 16 April 2025 approved the annual accounts for the financial year 2024 (including, inter alia, the financial statements for the year ended 31 December 2024, the sustainability report, the corporate governance and the remuneration report) and the distribution of a cash dividend of €0.065 per share outstanding, gross of withholding taxes. The total dividend amounted to €78.0 million and was paid starting from 24 April 2025 in accordance with the Italian Stock Exchange calendar.

Moreover, the AGM appointed the following members of the Board of Directors for the three-year period ending on the date of the Annual General Meeting to be held in 2028:

Luca Garavoglia as non-executive director;
Jean-Marie Laborde as non-executive director;
Paolo Marchesini as executive director;
Fabio Di Fede as executive director;
Robert Kunze-Concewitz as non-executive director;
Alessandra Garavoglia as non-executive director;
Eugenio Barcellona as non-executive director;
Emmanuel Babeau as non-executive director;
Margareth Henriquez as non-executive director;
Emma Marcegaglia as non-executive director;
Christophe Navarre as non-executive director;
Lisa Vascellari Dal Fiol as non-executive director.

Other AGM resolutions were the following:

authorisation for the Board of Directors to issue shares, grant rights to subscribe for shares and restrict or exclude pre-emptive rights for a period of five years from 16 April 2025 to 16 April 2030, in lieu of the authorisation expiring on 3 July 2025, i.e. five years after the Company's Articles of Association came into force. This authorisation will provide the Board of Directors with the flexibility to act swiftly when deemed appropriate, without prior approval from the shareholders;
amendment of the Company's remuneration policy to allow: (i) the introduction of additional short-term incentive ('STI') performance measures based on strategic objectives, in addition to the existing corporate financial targets; and (ii) the possibility for the Board of Directors to increase the fixed remuneration of the non-executive directors with the title of Chair and Vice-Chairman;
authorisation for the Board of Directors to purchase the Company's own shares, mainly aimed at the replenishment of the portfolio of treasury shares to serve the Group's current and future equity-based incentive plans, according to the limits and procedures provided by applicable laws and regulations. The authorisation is granted until 16 October 2026.

Subsequent Events

Subsequent events relating to corporate actions, significant events, acquisitions and commercial agreements and other significant events impacting results are reported in the dedicated note on 'Subsequent Events' in the Campari Group Half-Year Condensed Consolidated Financial Statements at 30 June 2025, to which reference is made.

Group Financial Review

Sales Performance

The nature, amount, timing and uncertainty of sales, as well as the corresponding cash flows, are affected by economic and business factors which differ across markets, also as a function of their different sizes and maturity profiles. These elements are primarily attributable to demographics and consumption habits and are also influenced by historical, social and climatic factors, local consumer taste preferences, propensity to consume, the market commercial structure in terms of the weight of the distribution channels (off-premise versus on-premise) as well as retailer concentration. As an effect of the above factors, the sales composition by brand differs from market to market. Consequently, the brand-building and sales infrastructure investments are allocated to respond to each market priority.

The Group's business units are organised by the subsequent geographical regions: Americas, Europe ('EMEA') and Asia-Pacific ('APAC'). To highlight the main business performance drivers in a diversified context and to assess the contribution of the different brands to the overall sales performance of the Group, further breakdowns by the newly introduced Houses of Brands model (House of Aperitifs, House of Whiskey&Rum, House of Agave and House of Cognac&Champagne) are provided to better explain their contribution to net sales. As indicated in the 'Group significant events and corporate actions', the categorisation of brands into the four distinct Houses aims to enhance category ambition, premiumisation and end-to-end responsibility for global category profit or loss and resource allocation. Although this new categorisation is effective as of 1 January 2025, the information presented below has been uniformly restated to ensure comparative consistency.

i. Key Highlights

In the first six months of 2025, Group net sales amounted to €1,527.9 million, with a reported increase of +0.3% compared with the same period of 2024. This increase was composed of a perimeter impact of +2.0%, mainly driven by Courvoisier, an exchange rate component at -1.8% and +0.1% organic performance. A solid start to the peak season, coupled with the normalisation of Easter-related phasing effects and the partial recovery of some logistical delays, as well as the inclusion of Courvoisier within the scope of organic growth as of May 2025, supported a return to positive organic performance in the first half of 2025. This was in line with expectations, despite a persistently challenging macroeconomic and trading environment.

		for the six months ended 30 June
	2025	2024	total change		six months change %, of which	organic change % by quarter
	€ million	€ million	€ million	total	organic	perimeter	exchange rate(1)	first	second
total	1,527.9	1,523.4	4.5	0.3 %	0.1 %	2.0 %	-1.8 %	-4.2 %	3.5 %

(1) Includes the effects associated with hyperinflation in Argentina.

An in-depth analysis by geographical region and core market of sales registered in the six months ended 30 June 2025 compared with the same period of 2024 is provided as follows. Unless otherwise stated, the comments relate to the organic change in each market.

ii. Organic Sales Performance of Operating Segments

The sales performance of the Group's operating segments in the first six months of 2025 compared with the same period of 2024 is provided in the following table.

			for the six months ended 30 June
Group net sales focus by region	2025		2024		total change six months change %, of which				second quarter
	€ million	%	€ million	%	€ million	total	organic	perimeter	exchange rate(1)	organic change %
Americas	666.2	43.6 %	687.5	45.1 %	(21.3)	-3.1 %	-1.0 %	1.8 %	-3.9 %	3.7 %
EMEA	770.4	50.4 %	743.2	48.8 %	27.2	3.7 %	0.7 %	2.7 %	0.3 %	3.8 %
Asia-Pacific	91.4	6.0 %	92.8	6.1 %	(1.3)	-1.5 %	4.1 %	-1.8 %	-3.7 %	-1.2 %
total	1,527.9	100.0 %	1,523.4	100.0 %	4.5	0.3 %	0.1 %	2.0 %	-1.8 %	3.5 %

(1) Includes the effects associated with hyperinflation in Argentina.

- Americas

The region, broken down into its core markets, recorded an overall organic decrease of -1.0%. The region is predominantly off-premise skewed, particularly North America.

				for the six months ended 30 June
% of Group total		2025		2024 total change				six months change %, of which		second quarter
		€ million	%	€ million	%	€ million	total	organic	perimeter	exchange rate(1)	organic change %
United States	27.6 %	421.0	63.2 %	423.8	61.6 %	(2.8)	-0.7 %	-3.3 %	3.7 %	-1.0 %	2.8 %
Jamaica	4.7 %	71.2	10.7 %	79.0	11.5 %	(7.8)	-9.8 %	-2.4 %	-5.0 %	-2.4 %	-7.7 %
Other countries of the region(1)	11.4 %	174.0	26.1 %	184.7	26.9 %	(10.7)	-5.8 %	4.8 %	0.4 %	-11.0 %	11.5 %
Americas	43.6 %	666.2	100.0 %	687.5	100.0 %	(21.3)	-3.1 %	-1.0 %	1.8 %	-3.9 %	3.7 %

(1) Includes the effects associated with hyperinflation in Argentina.

In the first six months of 2025, the United States, accounting for 27.6% of Group net sales, reported a -3.3% decrease in net sales, with organic growth in the second quarter of 2.8%, despite the ongoing challenging environment. The pressure due to destocking experienced in the first quarter 2025 has been mitigated and the impact of logistical delays has been partially absorbed. The positive performance in the second quarter 2025 was driven by continued double-digit growth in Espolòn (+10.8%) and Aperitifs (+9.8%), mainly Campari and Aperol, and was partially offset by persisting challenges in SKYY and a very challenging comparison base of Grand Marnier (+20.1% in the first six months of 2024 ).

Jamaica showed a slight reduction in performance of -2.4%, impacted by a high comparison base (+10.7% in the first six months of 2024), especially during the second quarter of the previous year (+32.4%), which was mainly impacted by the order catch-up after the supply shortages. In the first six months of 2025, positive local market dynamics supported the growth of core Wray&Nephew Overpoof (+2.7%), despite the challenging comparison base (+21.6% in the first six months of 2024), and Magnum Tonic Wine.

Other countries of the region showed a positive organic performance of +4.8% with positive results across the rest of the Americas region, especially in the second quarter of 2025 (+11.5%) mainly driven by Aperol, SKYY Vodka and Brazilian Brands.

- EMEA

The region, which is broken down by core markets in the following table, reported an organic increase of +0.7%. The weight of the off-premise and on-premise channels can vary significantly from country to country.

for the six months ended 30 June
% of Group total		2025		2024		total change	six months change %, of which			second quarter
		€ million	%	€ million	%	€ million	total	organic		perimeter exchange rate	organic change %
Italy	16.9 %	257.6	33.4 %	262.2	35.3 %	(4.6)	-1.7 %	-2.0 %	0.2 %	-	-1.4 %
Germany	7.8 %	119.5	15.5 %	125.2	16.8 %	(5.6)	-4.5 %	-4.7 %	0.2 %	-	-1.9 %
France	5.6 %	85.0	11.0 %	84.1	11.3 %	0.9	1.1 %	1.2 %	-0.1	-	3.0 %
United Kingdom	3.9 %	60.2	7.8 %	46.4	6.2 %	13.8	29.9 %	4.9 %	23.4 %	1.5 %	14.9 %
Other countries of the region	16.2 %	248.0	32.2 %	225.4	30.3 %	22.6	10.0 %	5.7 %	3.6 %	0.7 %	11.3 %
EMEA	50.4 %	770.4	100.0 %	743.2	100.0 %	27.2	3.7 %	0.7 %	2.7 %	0.3 %	3.8 %

In the first six months of 2025 within a challenging market environment, the performance in Italy remained overall resilient, showing a slight decrease of -2.0%. In this context, both Aperol and Campari maintained stable results, while Crodino, Aperol Spritz and Sarti Rosa recorded growth, supported by evolving consumer preferences towards convenience and the benefits of a diversified portfolio approach.

Germany showed moderating cumulative performance (-4.7%) with an improvement in the second quarter of 2025 of -1.9% compared to the first quarter (-10.1%). This trend reflected the impact of a challenging market backdrop and commercial dispute on a high comparison base of the first six months of 2024 which had recorded strong growth of +13.4%. These effects were partially offset by the strong ongoing trend of the Aperitifs brand Sarti Rosa, which has reached 9.4% of the country's sales.

In the first six months of 2025, France showed an increase of +1.2% with an acceleration in the second quarter of 2025 (+3%). The positive performance was mainly driven by the resilient performance in Aperitifs during the first six months of 2025 (+3.2%) partially offset by results of the local brands.

Performance in the United Kingdom reported a growth of +4.9% (with strong double-digit underlying growth of +13% excluding non-recurring bulk sales), driven by Aperitifs (+23.6%), primarily supported by the continued strong performance of Aperol, as well as Courvoisier, which benefited from new marketing campaign.

The other countries in the region showed a solid performance (+5.7%) with continued growth in Aperitifs (+6.1%) mainly driven by Global Travel Retail ('GTR'), Greece and Belgium. The growth was supported by a diversified portfolio strategy, alongside targeted brand-building initiatives in the Aperitifs segment and Courvoisier.

- Asia-Pacific

This region, which is predominantly off-premise skewed and whose market breakdown is shown as follows, recorded organic growth of +4.1%.

				for the six months ended 30 June
% of Group total		2025		2024		total change		six months change %, of which	second quarter
		€ million	%	€ million	%	€ million	total		organic perimeter	exchange rate	organic change %
Australia	3.2 %	49.2	53.8 %	48.3	52.1 %	0.8	1.7 %	10.3 %	-3.5 %	-5.0 %	4.6 %
Other countries
of the region	2.8 %	42.2	46.2 %	44.4	47.9 %	(2.2)	-4.9 %	-2.7 %	0.1 %	-2.4 %	-6.7 %
Asia-Pacific	6.0 %	91.4	100.0 %	92.8	100.0 %	(1.3)	-1.5 %	4.1 %	-1.8 %	-3.7 %	-1.2 %

Australia showed double-digit growth (+10.3%) in the first six months of 2025, mainly driven by the outperformance of Aperitifs (+21.5%), supported by a continued focus on accelerating on-premise activations. In addition, Espolòn ready-to-drink has now become the first brand in the tequila ready-to-drink category. Wild Turkey (+7%) and Wild Turkey ready-to-drink (+4.2%) also contributed positively, benefiting from a favourable comparison base.

Other countries of the region showed a resilient performance in the first six months of 2025 (-2.7%), mainly driven by Japan, South Korea, China and New Zealand, benefiting from route-to-market investments. This was partially offset by a negative trend in other APAC markets. Solid performances were recorded by Wild Turkey and Wild Turkey ready-to-drink as well as Russell's Reserve, SKYY Vodka and Espolòn.

Brand Contribution on Segments

The table shows contribution to consolidated net sales from four newly created category divisions and its main brands, as well as the most relevant region and markets. Several initiatives have been launched starting from 1 January 2025 to advance portfolio streamlining, aiming to enhance commercial focus on core priority brands.

Group percentage and net sales by priority six months change % compared with six months 2024, for the six months ended 30 June 2025					of which(1)
	%	€ million	total	organic	perimeter	exchange rate	main region/markets for brands
House of Aperitifs	47.0 %	717.8	1.0 %	2.0 %	-	-1.0 %	-
Aperol	26.3 %	401.3	0.7 %	1.2 %	-	-0.5 %	-
							Italy, EMEA
							Germany, EMEA
							United States, AMERICAS
Campari	11.2 %	170.8	-4.6 %	-2.0 %	-	-2.7 %	-
							Italy, EMEA
							Brazil, AMERICAS
							United States, AMERICAS
Crodino&Other Aperitifs(2)	9.5 %	145.7	9.7 %	9.8 %	-	-0.1 %	-
House of Whiskey&Rum	13.8 %	210.5	-3.6 %	-1.4 %	-	-2.2 %	-
Wild Turkey&Russell's Reserve	4.9 %	74.9	-9.7 %	-8.1 %	-	-1.6 %	-
							United States, AMERICAS
							Australia, APAC
							South Korea, APAC
Jamaican rums portfolio(3)	5.1 %	78.3	2.7 %	5.1 %	-	-2.5 %	-
							Jamaica, AMERICAS
							United States, AMERICAS
							United Kingdom, EMEA
Other Whiskey(4)	3.8 %	57.3	-3.0 %	-0.3 %	-	-2.6 %	-
House of Agave	9.7 %	148.4	3.5 %	5.0 %	-	-1.4 %	-
Espolòn	8.8 %	134.4	3.6 %	4.8 %	-	-1.2 %	-
							United States, AMERICAS
							Australia, APAC
							Canada, AMERICAS
Other(5)	0.9 %	14.0	2.8 %	6.7 %	-	-3.9 %	-
House of Cognac&Champagne	8.1 %	124.3	44.4 %	-0.8 %	46.1 %	-0.9 %	-
Grand Marnier	3.6 %	55.3	-21.2 %	-20.1 %	-	-1.1 %	-
							United States, AMERICAS
							Canada, AMERICAS
							France, EMEA
Courvoisier(6)	4.0 %	61.8	'-% (8)	'-% (8)	'-% (8)	'-% (8)	-
							United States, AMERICAS
							United Kingdom, EMEA
							South Africa, EMEA
Other Cognac&Champagne(7)	0.5 %	7.2	-4.7 %	-4.9 %	-	0.2 %	-
local brands	21.4 %	327.0	-10.5 %	-4.4 %	-2.5 %	-3.7 %	-
SKYY	3.8 %	58.2	-4.3 %	-4.4 %	-	0.2 %	-
Sparkling Wines&Vermouth	4.3 %	66.0	1.7 %	2.8 %	-	-1.1 %	-
Other	13.3 %	202.8	-15.4 %	-6.3 %	-3.8 %	-5.4 %	-
total	100.0 %	1,527.9	0.3 %	0.1 %	2.0 %	-1.8 %	-

(1) For information on reclassifications of comparative figures, refer to note 'Group Significant Events and Corporate Actions'.

(2) Includes Campari Soda, Aperol Spritz ready-to-enjoy, Sarti, Picon and Cynar.

(3) Includes Appleton Estate, Wray&Nephew Overproof and Kingston 62.

(4) Includes The GlenGrant, American Honey, American Honey ready-to-drink, Wild Turkey ready-to-drink and Wilderness Trail.

(5) Includes Montelobos, Cabo Wabo, Ancho Reyes, Espolòn ready-to-drink and Mayenda.

(6) Includes Salignac.

(7) Includes Bisquit&Dubouché and Lallier.

(8) Not meaningful data.

House of Aperitifs showed an overall resilient organic performance of +2.0%. The performance of Aperol of +1.2% overall in the first six months of 2025 was driven by solid growth in the Americas (+8.4%) and by stable results in EMEA (-0.3%). The United States showed an increase in sales (+0.7%) and an overall strong trend in the rest of the American region. The EMEA region recorded a broadly consistent overall performance. Italy remained stable in the first six months of 2025, while Germany was negatively impacted by a challenging environment and a particularly high comparison base of previous year. Excluding Italy and Germany, the rest of the EMEA region delivered a solid growth of +2.9%, driven by the United Kingdom, Greece and other markets reflecting growing consumer demand. The performance of Campari (-2.0%) was impacted by the Americas due to a high comparison base in Brazil despite the positive performance of the United States (+7.6%) and EMEA (+0.9%). Italy remained stable in the first six months of 2025 supported by the recovery in the second quarter of 2025, while Germany continued to face a challenging environment. The rest of the EMEA region recorded a strong performance (+5.6% excluding Italy and Germany) driven by the accelerating momentum of Campari spritz. Crodino&Other Aperitifs grew by +9.8% with Crodino showing a resilient performance across the EMEA region including Italy. Aperol Spritz continued to gain traction, capitalising on consumer trend towards convenience. Other Aperitif brands, particularly Sarti Rosa, continued to grow, further reinforcing the Group's leading position in the Aperitif category.

House of Whiskey&Rum reported an organic reduction of -1.4%. Wild Turkey&Russell's Reserve showed a reduction of -8.1% due to a soft trend for Wild Turkey in its core United States market, which offset resilient Asia-Pacific (+7.5%), including the key markets Australia and South Korea as well as EMEA albeit a small base. Resilient performance was achieved in Russell's Reserve, especially driven by the Single Barrel variant, in line with the premiumisation strategy. The Jamaican rums portfolio increased by +5.1%, with positive performance across core markets. The positive trend continued into the second quarter of 2025 despite a high comparison base in the same period of 2024 (+12.6%) especially driven by Wray&Nephew Overproof. Other Whiskey showed a flat performance (-0.3%) due to the positive results of the second quarter of 2025 (+5%) with consistent pressure across the portfolio, in line with category trends, while Wild Turkey ready-to-drink showed solid growth in the first six months of 2025 (+7%), supported by strong performance in its core markets Australia and Japan.

House of Agave reflected a positive performance of +5.0%, mainly due to Espolòn (4.8%), particularly in the core United States market. The second quarter of 2025 showed a double-digit positive result (+12.2%) and offset the negative effects of the logistic delay during the first quarter 2025. The positive performance in the first six months of 2025 was supported by a solid growth of the Reposado (+13.6%) and the Blanco categories (+4.4%). Seeding markets delivered steady increase off a small base, consistent with the Group's international expansion strategy, particularly in Australia, Canada, the United Kingdom and Italy. Other brands recorded sustained growth of +6.7% primarily driven by the sound performance of Montelobos in the United States and the continued success of Espolòn ready-to-drink in the core Australian market.

House of Cognac&Champagne showed an organic and relatively stable performance of -0.8% impacted by the challenging operating environment. Grand Marnier reported a decrease of -20.1% attributable to negative performance driven by the core United States market. This was due to a challenging comparison base (+20.1% in the first six months of 2024), along with ongoing destocking, logistical constraints and focus on pricing in a highly competitive market, aiming to protect brand equity. In the United States and the United Kingdom, progressive investments for Courvoisier were carried out in the first six months of 2025 with ongoing definition of brand strategy plan for Asia-Pacific given the current volatile environment, leading to the achievement of €61.8 million of sales (reported as perimeter until April 2025 and, starting in May 2025, integrated into the organic results). Other Cognac&Champagne recorded solid growth in the second quarter of 2025 (+12.1%) mainly driven by positive performance of Lallier in the United States.

Local brands were down by -4.4% organically. SKYY reported a negative trend (-4.4%) with some moderation in the second quarter of 2025. The positive performance in Argentina, Brazil and China was not able to offset the ongoing softness in the core United States, in line with other major players in the category. Sparkling Wines&Vermouth showed an increase of +2.8%, mainly driven by Riccadonna, Mondoro and Cinzano Sparkling wines. Other brands experienced an overall weakness with reported decrease of -6.3%, reflecting the impact of a challenging operating environment, alongside a contraction in non-core bulk sales and co-packing initiatives. This downturn was only partially offset by continued growth in Brazilian Brands and Magnum Tonic Wine.

iii. Perimeter Variation

The perimeter variation of +2.0% in the first half of 2025, as compared with the same period of 2024, was analysed in the following table. With regard to the sale of the bottling facility located in Australia (refer to the

'Significant events of the period'), the business was reported as an organic component up to the disposal date at the end of May 2025, with a negligible contribution reflected in June 2025.

perimeter variation
breakdown of the perimeter effect	€ million	% for the first six months of 2025
asset deals and business acquisitions	38.1	2.5 %
total asset deals and business acquisitions	38.1	2.5 %
new agency brands	2.2	0.1 %
discontinued agency brands	(9.7)	-0.6 %
total agency brands	(7.5)	-0.5 %
total perimeter effect	30.6	2.0 %

- Asset Deals and Business Acquisitions

In the first six months of 2025, business acquisitions contributed +2.5% to the Group's overall sales growth, primarily driven by the Courvoisier brands portfolio (Courvoisier and Salignac). This contribution reflected the integration of the acquired business into the Group's financials following the completion of the related transaction on 30 April 2024.

- Agency Brands Distribution

In the first half of 2025 the Group continued to streamline its portfolio of agency brands. The perimeter variation due to the agency brands and disposal of non-core assets in the six months ended 30 June 2025 was -0.5%.

iv. Exchange Rate Effects

The exchange rate effect for the six months ended 30 June 2025 was slightly negative at -1.8%. The following table shows, for the Group's most important currencies, the average exchange rates for the six months ended 30 June 2025 and the same period of 2024 respectively, and the spot rates at 30 June 2025, with the percentage change against the € compared with 31 December 2024.

		average exchange rates	spot exchange rates
	for the six months ended 30 June 2025	for the six months ended 30 June 2024	revaluation/(devaluation) vs. first half 2024	at 30 June 2025	at 31 December 2024	revaluation/(devaluation) vs. 31 December 2024
	1 Euro	: 1 Euro	%	1 Euro	: 1 Euro	%
US\$	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 Dollar	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 Pound	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 for both periods 2025 and 2024 was equal to the spot exchange rate at 30 June 2025 and at 30 June 2024 respectively, based on IFRS accounting requirements for hyperinflation.

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

Statement of Profit or Loss

Key Highlights

The following table shows the statement of profit or loss for the six months ended 30 June 2025 and a breakdown of the total change by organic, perimeter and exchange rate effects.

			for the six months ended 30 June
	2025		2024 reclassified		total change		of which organic		of which perimeter		of which due to exchange rates and hyperinflation
	€ million	%	€ million		% € million		% € million		% € million		% € million	%
Net sales(1)	1,527.9	100.0	1,523.4	100.0	4.5	0.3 %	1.8	0.1 %	30.6	2.0 %	(27.9)	-1.8 %
Cost of sales	(594.0)	(38.9)	(613.0)	(40.2)	18.9	-3.1 %	6.1	-1.0 %	(16.5)	2.7 %	29.4	-4.8 %
Gross profit	933.9	61.1	910.4	59.8	23.5	2.6 %	7.9	0.9 %	14.0	1.5 %	1.5	0.2 %
Advertising and promotional expenses	(254.0)	(16.6)	(231.6)	(15.2)	(22.4)	9.7 %	(18.9)	8.2 %	(6.9)	3.0 %	3.4	-1.5 %
Contribution margin	679.8	44.5	678.8	44.6	1.0	0.2 %	(11.0)	-1.6 %	7.1	1.1 %	4.9	0.7 %
Selling, general and administrative expenses	(328.1)	(21.5)	(318.8)	(20.9)	(9.3)	2.9 %	(9.1)	2.9 %	(5.3)	1.7 %	5.1	-1.6 %
Result from recurring activities
(EBIT-adjusted)(2)	351.8	23.0	360.0	23.6	(8.3)	-2.3 %	(20.1)	-5.6 %	1.8	0.5 %	10.0	2.8 %
Other operating income (expenses)	(10.8)	(0.7)	(24.4)	(1.6)	13.6	-55.7 %
Operating result (EBIT)	340.9	22.3	335.6	22.0	5.3	1.6 %
Financial income (expenses) and adjustments	(50.3)	(3.3)	(33.0)	(2.2)	(17.3)	52.4 %
Earn out income (expenses) and hyperinflation effect	4.7	0.3	10.2	0.7	(5.5)	-53.8 %
Profit (loss) related to joint-ventures and other investments	(1.5)	(0.1)	(2.1)	(0.1)	0.6	-28.6 %
Profit before taxation	293.9	19.2	310.7	20.4	(16.9)	-5.4 %
Profit before taxation adjusted(2)	304.2	19.9	333.3	21.9	(29.1)	-8.7 %
Non-controlling interests-before taxation	(0.6)	—	(4.4)	(0.3)	3.8	-85.9 %
Group profit before taxation	294.5	19.3	315.1	20.7	(20.6)	-6.5 %
Group profit before taxation adjusted(2)	304.8	19.9	337.7	22.2	(32.9)	-9.7 %
Taxation	(88.1)	(5.8)	(94.1)	(6.2)	6.0	-6.3 %
Net profit for the period	205.7	13.5	216.6	14.2	(10.9)	-5.0 %
Net profit for the period-adjusted(2)	215.5	14.1	235.9	15.5	(20.4)	-8.7 %
Non-controlling interests	(0.7)	—	(3.1)	(0.2)	2.4	-76.9 %
Group net profit	206.4	13.5	219.7	14.4	(13.3)	-6.0 %
Group net profit-adjusted(2)	216.2	14.1	239.0	15.7	(22.8)	-9.5 %
Total depreciation and amortisation	(74.9)	(4.9)	(58.8)	(3.9)	(16.1)	27.3 %	(16.0)	27.1 %	(2.7)	4.6 %	2.6	-4.5 %
EBITDA-adjusted(2)	426.6	27.9	418.8	27.5	7.8	1.9 %	(4.1)	-1.0 %	4.5	1.1 %	7.4	1.8 %
EBITDA	415.8	27.2	394.4	25.9	21.4	5.4 %

(1) Sales after deduction of excise duties.

The change in profitability for the six months ended 30 June 2025 shown as variation of percentage margin on net sales (basis points) and in percentage terms, is as follows(1) .

	for the first half of 2025 compared to the the first half of 2024
margin accretion (dilution) in basis point(2) and organic	total	organic bps	% organic
Net sales	-	-	0.1 %
Cost of sales	140	40	-1.0 %
Gross profit	140	40	0.9 %
Advertising and promotional expenses	(140)	(120)	8.2 %
Contribution margin	(10)	(80)	-1.6 %
Selling, general and administrative expenses	(50)	(60)	2.9 %
Result from recurring activities (EBIT-adjusted)	(60)	(130)	-5.6 %

(1) For information on the definition of alternative performance measures, see the paragraph 'Definitions and reconciliation of the Alternative Performance Measures ('APMs' or non-GAAP measures) to GAAP measures' of this Half-Year Report.

(2) There may be rounding effects given that the corresponding basis points have been rounded to the nearest ten.

Statement of Profit or Loss in Detail

The key profit or loss items for the six months ended 30 June 2025 are analysed below, while a detailed analysis of the 'sales performance' is included in the previous paragraph, to which reference is made.

Gross profit for the period amounted to €933.9 million, reflecting an overall increase of +2.6% compared to the first six months of 2024. As a percentage of net sales, the gross margin stood at 61.1%, higher than 59.8% reported in the same period of 2024, and resulting in an accretive effect of +140 basis points on a reported basis. The organic component was positive at +0.9%, mainly driven by a -1.0% reduction in the costs of sales, despite the increase in net sales. This was primarily driven by a favourable phasing in cost of sales, especially in agave, despite incorporating the effect of initial tariff impact starting from April. Exchange rate variation contributed positively by +0.2% (equivalent to an accretion of +120 basis points), while the perimeter was also positive at +1.5% (resulting in a dilution of -20 basis points).

Advertising and promotional expenses amounted to €254.0 million, reporting an increase of +9.7% compared with the first six months of 2024. In organic terms, the variation was positive by +8.2%, marginally dilutive of -120 basis points on profitability. This was primarily attributable to the front-loading of brand building investments ahead of the peak season (+18.8% in the second quarter of 2025), with a particular focus on supporting the Aperitifs portfolio. As a result, advertising and promotional expenses rose at 16.6% for the six months ended 30 June 2025 as a percentage of net sales, compared to 15.2% in the same period of the previous year. For the full year, they are expected to increase within a 17.0% - 17.5% range, reflecting continued strategic support for key growth drivers. Perimeter variation was positive at +3.0%, primarily associated with the activations of Courvoisier, and the exchange rate variation was -1.5%.

Contribution margin was €679.8 million for the six months ended 30 June 2025, with a reported increase of +0.2% compared to the first six months of 2024. As a percentage of sales, contribution margin stood at 44.5% (44.6% reported in the comparative period). The organic component was -1.6% with a dilutive effect on profitability (-80 basis points). The perimeter effect was positive at +1.1%, with a dilutive effect of -40 basis points on profitability, while the exchange rate effect of +0.7% led to an accretive impact on margins of +110 basis points.

Selling, general and administrative expenses amounted to €328.1 million in the first six months of 2025, up by +2.9% compared with the same period in 2024. As a percentage of sales, selling, general and administrative expenses represented 21.5% (20.9% in the comparative period). On an organic basis, an increase of +2.9% was reported (margin dilution of -60 basis points), mainly due to the carry forward effect of commercial investments in route to market, partially offset by the cost containment measures, which contributed to a progressive slowdown in growth in the second quarter of 2025. The cost containment program, launched in late 2024, is expected to deliver increasing benefits from the second half of 2025 onwards, with most of the planned initiatives already underway. The program remains on track to achieve a cumulated 200 basis point improvement in the selling, general and administrative expenses-to-sales ratio between 2025 and 2027, including a 50 basis point benefit anticipated in 2025.

The result from recurring operations (EBIT-adjusted) for the period was €351.8 million. The return on salesadjusted ('ROS') stood at 23.0%, down from 23.6% in the same period of 2024, resulting in a dilutive effect of -60 basis points on a reported basis. The organic component was -5.6%, with a profit dilution of -130 basis points on net sales. The impact of the exchange rate movements had an overall positive impact of +2.8% (+110 basis points accretive) mainly attributable to the depreciation of the Mexican Peso, partially offset by the negative effect of the Brazilian Real devaluation. The perimeter effect contributed positively at +0.5% (although it was dilutive by -40 basis points), reflecting the integration of the Courvoisier business through April 2025, partly offset by the discontinuation of agency brand distribution.

Other operating income (expenses) resulted in a net expense of €10.8 million, compared with €24.4 million reported in the first six months of 2024. The figure for the six months ended 30 June 2025 primarily reflected a fixed asset impairment loss of €4.5 million and costs for business disposal of €3.0 million, mainly occurred from the disposal of the bottling facility in Australia, €1.7 million were associated with the finance transformation program, and €1.8 million linked to last-mile long-term incentive schemes with retention purposes to be potentially awarded to senior management.

Operating result (EBIT) for the six months ended 30 June 2025 was €340.9 million, reflecting an increase of +1.6% compared with the first six months of 2024. ROS stood at 22.3% (22.0% reported in the same period of 2024).

Depreciation and amortisation totalled €74.9 million, overall up by +27.3% on the six months ended 30 June 2024, of which +27.1% was at organic level, reflecting the effects of the recent extraordinary investments, -4.5% related to exchange rate variations and +4.6% increase due to perimeter.

EBITDA-adjusted stood at €426.6 million, down by +1.9% compared to the same period of 2024 (-1.0% organic level, +1.8% exchange rate variations and +1.1% perimeter effect).

EBITDA was €415.8 million for the six months ended 30 June 2025, with a positive variation of +5.4% on a reported basis compared with the same period of 2024.

Net financial expenses totalled €50.3 million compared with €33.0 million reported in the same period of 2024, including the positive foreign exchange rate effect of cross-currency transactions of €0.5 million in the first six months of 2025 compared with the corresponding positive effect of €0.8 million reported for the six months ended 30 June 2024. Excluding these components, net financial expenses amounted totally to €50.8 million in the six months ended 30 June 2025, showing an increase of €17.0 million compared to the corresponding period of 2024. The variation was primarily driven by the effects of the Courvoisier acquisition, which led to a higher average net debt in the six months ended 30 June 2025 (€2,406.3 million at 30 June 2025 and €1,907.3 million at 30 June 2024) and to the interest income benefit in the first four months of 2024, supported by the significant cash position maintained ahead of the deal closing. The average cost of net debt was 4.3% (3.7% in the first six months of 2024). Excluding the aforementioned temporary benefit on available cash and on interest income impacting the 2024 results up to April 2025, the average cost of net debt in the first half of 2024 would have been 4.0%, slightly lower than the first half of 2025. A summary of the net financial expenses is provided in the following table.

	for the six months ended 30 June
	2025 2024
	€ million	€ million
Total interest expenses bond, loans and leases	(54.9)	(53.1)
Bank and other term deposit interest income	8.2	22.7
Other net expenses	(4.1)	(3.3)
Total financial expenses before exchange gain (losses)	(50.8)	(33.8)
Exchange gain (losses)	0.5	0.8
Financial income (expenses) and adjustments	(50.3)	(33.0)

Focusing in more detail on the composition of interest, the result for the six months ended 30 June 2025 was primarily influenced by the following key factors:

interest expenses on bonds and loans of €54.9 million, compared to €53.1 million recorded in the corresponding period of the previous year, primarily determined by the higher average net debt;
interest income of €8.2 million compared to the €22.7 million recorded for the six months ended 30 June 2024 accrued from the substantial liquidity available from the issuance of new ordinary shares and senior unsecured convertible bonds, which have contributed to the majority of the income stream.

The earn-out income (expenses) and hyperinflation effect was positive at €4.7 million and primarily related to remeasurement of earn-out liabilities.

Profit (loss) related to joint-ventures and other investments represented a net loss of €1.5 million, mainly related to the results of the Dioniso Group joint-venture.

Profit before taxation (Group and non-controlling interests) was €293.9 million, down -5.4% compared with the six months ended 30 June 2024. Profit before taxation as a percentage of sales was 19.2% (20.4% reported in the six months ended 30 June 2024). After excluding operating adjustments, the profit before taxationadjusted amounted to €304.2 million, down -8.7% compared to the six months ended 30 June 2024, adjusted accordingly.

Taxation amounted to €88.1 million on a reported basis in the six months of 2025. The reported tax rate was 30.0%, broadly in line with the reported tax rate of 30.3% in the same period of 2024. Excluding adjustments to operating, financial and fiscal expenses mentioned above (totalling €0.6 million in the first half of 2025 compared to €3.3 million in the first half of 2024), the normalised tax rate was 29.2% in the first six months of 2025, consistent with the 29.2% recognised in the previous year. Excluding the impact of the non-cash component attributable to the deferred taxes relating to the amortisation of goodwill and brands eligible for tax purposes (€6.9 million in the six months of 2025, down from €8.2 million in the six months of 2024 with the variance driven by the end of the tax amortisation period of the Wild Turkey and The GlenGrant brands), the cash tax rate was 26.9%, slightly above the 26.7% cash tax rate for the half year ended 2024, due to country mix effects.

Profit (loss) before taxation relating to non-controlling interests for the period under analysis was negative at €0.7 million, compared to a loss of €3.1 million in the year 2024.

Group net profit was €206.4 million in the six months of 2025, a decrease of -6.0% compared to 2024, with a sales margin of 13.5%, lower than 2024 (14.4%). Excluding the adjustments to the operating and financial result and the related tax effects and tax adjustments, the Group's net profit decreased by -9.5% to €216.2 million (€239.0 million in 2024 reported on a consistent basis).

Basic and diluted earnings per share were both €0.17. After excluding for the specific accounting adjustment mentioned above, both amounted to €0.18. Adjusted basic earnings per share and adjusted diluted earnings per share declined by -9.6% and -10.0%, respectively, versus 2024 on a consistent basis.

The recap of the adjustment items for the six months ended 30 June 2025 and 2024 are shown in the following table.

	for the six months ended 30 June
	2025	2024
	€ million	€ million
adjustments to operating income (expenses)	(10.8)	(24.4)
adjustments to financial income (expenses)	0.5	1.9
tax adjustments	0.6	3.3
total net adjustment	(9.7)	(19.3)

	for the six months ended 30 June
	2025				2024	changes
€ million	reported	adjustments	adjusted	reported	adjustments	adjusted	reported	adjusted
profit before taxation	293.9	(10.3)	304.2	310.7	(22.6)	333.3	-5.4%	-8.7%
total taxation	(88.1)	0.6	(88.7)	(94.1)	3.3	(97.4)	-6.3%	-8.9%
tax adjustments		(4.2)			-
tax effect on operating and financial adjustments		4.8			-
net profit for the period	205.7	(9.7)	215.5	216.6	(19.3)	235.9	-5.0%	-8.7%
tax rate (reported and adjusted)	-30.0%		-29.2%	-30.3%		-29.2%
deferred taxes on goodwill and trademarks		(6.9)	(6.9)		(8.2)	(8.2)
cash tax rate			-26.9%			-26.7%

Profitability by Business Area

A breakdown of the three geographical regions in which the Group operates is provided in the following tables and shows the percentage of sales and the operating result from recurring activities for each segment for the two periods under comparison. Please refer to the 'Sales performance' paragraph of this Management Board Report for a more detailed analysis of sales by business area for the period.

As a consequences of the implementation of the new operating model (refer to 'Significant event of the year') the data published for the half year ended 30 June 2024 have been reclassified (refer to '3 iv- Change in representation'). The following tables were presented with the reclassified data for 2024 period.

	for the six months ended 30 June
			2025	2024 reclassified
	net sales	% of total	result from recurring activities (EBIT-adjusted) (1)	% of total	net sales	% of total	result from recurring activities (EBIT-adjusted) (1)	% of total
	€ million	%	€ million	%	€ million	%	€ million	%
Americas	666.2	43.6 %	167.1	47.5 %	687.5	45.1 %	162.0	45.0 %
EMEA	770.4	50.4 %	193.3	54.9 %	743.2	48.8 %	202.3	56.2 %
Asia-Pacific	91.4	6.0 %	(8.6)	-2.4 %	92.8	6.1 %	(4.3)	-1.2 %
Total	1,527.9	100.0 %	351.8	100.0 %	1,523.4	100.0 %	360.0	100.0 %

(1) For information on the definition of alternative performance measures, see the paragraph 'Definitions and Reconciliation of the Alternative Performance Measures ('APMs' or non-GAAP measures) to GAAP measures' of this Half-Year Report.

- Americas

for the six months ended 30 June
	2025		2024 reclassified		total change		organic change		organic accretion/dilution of profitability
	€ million	%	€ million	%	€ million	%	€ million	%	basis points
Net sales	666.2	100.0	687.5	100.0	(21.3)	-3.1 %	(7.1)	-1.0 %	-
Gross margin	390.6	58.6	385.9	56.1	4.8	1.2 %	(2.0)	-0.5 %	30
Advertising and promotional expenses	(107.6)	(16.2)	(106.5)	(15.5)	(1.1)	1.0 %	(1.6)	1.5 %	(40)
Selling, general and administrative expenses	(115.9)	(17.4)	(117.4)	(17.1)	1.5	-1.2 %	(1.6)	1.4 %	(40)
result from recurring activities (EBIT adjusted) (1)	167.1	25.1	162.0	23.6	5.1	3.2 %	(5.2)	-3.2 %	(50)

- EMEA

			for the six months ended 30 June
	2025		2024 reclassified		total change		organic change		organic accretion/dilution of profitability
	€ million	%	€ million	%	€ million	%	€ million	%	basis points
Net sales	770.4	100.0	743.2	100.0	27.2	3.7 %	5.1	0.7 %	-
Gross margin	500.4	65.0	482.1	64.9	18.3	3.8 %	7.9	1.6 %	60
Advertising and promotional expenses	(128.7)	(16.7)	(108.7)	(14.6)	(20.0)	18.4 %	(15.1)	13.9 %	(190)
Selling, general and administrative expenses	(178.5)	(23.2)	(171.1)	(23.0)	(7.3)	4.3 %	(3.6)	2.1 %	(30)
result from recurring activities (EBIT adjusted) (1)	193.3	25.1	202.3	27.2	(9.1)	-4.5 %	(10.8)	-5.3 %	(160)

- APAC

for the six months ended 30 June
	2025		2024 reclassified		total change		organic change		organic accretion/dilution of profitability
	€ million	%	€ million	%	€ million	%	€ million	%	basis points
Net sales	91.4	100.0	92.8	100.0	(1.3)	-1.5 %	3.8	4.1 %	–
Gross margin	42.9	46.9	42.5	45.8	0.4	1.0 %	2.0	4.8 %	30
Advertising and promotional expenses	(17.8)	(19.4)	(16.4)	(17.7)	(1.3)	8.2 %	(2.1)	12.8 %	(150)
Selling, general and administrative expenses	(33.7)	(36.9)	(30.3)	(32.7)	(3.4)	11.3 %	(4.0)	13.0 %	(280)
result from recurring activities (EBIT-adjusted) (1)	(8.6)	(9.4)	(4.3)	(4.6)	(4.3)	102.0 %	(4.0)	94.7 %	(400)

EMEA is the Group's largest region in terms of net sales at 50.4%, and profitability at 54.9%, followed by Americas (net sales and profitability respectively 43.6% and 47.5%) and APAC (net sales and profitability respectively 6.0% and -2.4%).

Americas reported a result from recurring activities at 47.5% of the Group's overall result, up +3.2% corresponding to a slight dilution of -50 basis points, driven by gross margin accretion of +30 basis points due to positive evolution in cost of sales dynamics, supported by agave and other input costs only partially offset by negative sales mix effect and the impact of tariffs. Advertising and promotional expenses were dilutive by -40 basis points while general and administrative expenses also contributed with a -40 basis points dilution. These developments are aligned with the Group's strategic approach, which remains focused on sustaining brand investment and operational resilience amid ongoing market pressures. Both reported lines reflected a conscious allocation of resources aimed at preserving brand equity and driving long-term cost efficiency, in line with Groupwide trends.

EMEA reported a result from recurring activities at 54.9% of the Group's overall result (-4.5% compared to 2024). The region recorded an organic margin dilution of -160 basis points, primarily driven by gross margin accretion of +60 basis points largely attributable to a favourable sales mix, namely the increased contribution of aperitifs, with only limited benefit from pricing during peak season. Advertising and promotional expenses were dilutive by -190 basis points, reflecting continued strategic activations during peak season, with a particular focus on supporting the Aperitifs portfolio. Selling, general and administrative expenses were dilutive by -30 basis points driven by the carry-over effect of previous completion of business investments, as expected, with the overall trend remaining one of cost containment and efficiency, in line with the Group's strategic priorities.

APAC reported a result from recurring activities at -2.4% of the Group's overall result and organic margin dilution of -400 basis points with an overall contribution remaining relatively negligible within the broader context of the Group's operations. Gross margin was accretive by +30 basis points, mainly driven by the mix effect in Australia, while advertising and promotional expenses and selling, general and administrative expenses were incorporating the effects of brand building investments and the carry-over impact of commercial strengthening to support accelerated growth going forward, leading to margin dilution of -150 basis points and -280 basis points, respectively.

Operating Working Capital

The breakdown of the total change in operating working capital compared with the figure at 31 December 2024 is as follows.

		at 30 June 2025 at 31 December 2024	total change	organic	exchange rates, hyperinflation and other
	€ million	€ million	€ million	€ million	€ million
Trade receivables	408.4	425.8	(17.4)	(0.9)	(16.4)
Total inventories, of which:	1,703.5	1,703.1	0.4	89.8	(89.4)
- maturing inventory	1,116.8	1,127.0	(10.2)	45.9	(56.1)
- biological assets	27.1	21.3	5.8	6.3	(0.6)
- other inventory	559.6	554.8	4.8	37.5	(32.7)
Trade payables	(544.4)	(672.7)	128.2	101.3	27.0
Operating working capital	1,567.5	1,456.3	111.2	190.1	(78.9)
Sales in the previous 12 months rolling	3,074.2	3,069.7
Working capital as % of net sales rolling	51.0	47.4

At 30 June 2025 operating working capital amounted to €1,567.5 million, reporting a rise of €111.2 million compared to 31 December 2024 which, in terms of percentage over net sales, increased from 47.4% at the end of 2024 to 51.0% at the end of June 2025 on reported basis. The value growth was mainly related to organic growth of €+190.1 million caused by reduction in trade payables and a step-up in inventories, which was partially offset by held for sale transfer and negative exchange rate variation, for a total of €78.9 million.

Focusing exclusively on organic performance, trade receivables showed a negligible reduction of €0.9 million, broadly in line with the trend in net sales, despite a continued improvement in collection conditions throughout the semester. Inventories reported an organic increase of €89.8 million, primarily driven by a €45.9 million rise in maturing liquid across bourbon, scotch, rum and cognac reflecting the Group's strategic focus on premiumisation. Additionally, other inventory increased by €37.5 million, mainly in finished goods across various brands in the United States, anticipating tariff-related impacts, and in other geographies to restore stock levels in line with operational needs ahead of the summer peak season. It should be noted that, due to its nature, ageing liquid is comparable to invested capital as its growth profile is planned over a long-term horizon. Trade payables experienced an organic decrease of €101.3 million compared to 2024, largely driven by business dynamics, particularly in the last quarter of 2024, with phasing effects on suppliers rolling over into the 2025 period.

The decrease of €78.9 million related to the exchange rate component was primarily associated with inventories, which saw a reduction of €89.4 million. This was driven by maturing inventory for €56.1 million, mainly related to the stock held in the United States, Jamaica and in the United Kingdom.

Reclassified Statement of Cash Flows

The cash flows relating to changes in net financial debt components are not shown.

	for the six months ended 30 June
	2025	of which recurring	2024	of which recurring
	€ million	€ million	€ million	€ million
Operating result (EBIT)	340.9	-	335.6	-
Result from recurring activities (EBIT-adjusted)	-	351.8	-	360.0
Depreciation and amortisation	74.9	74.9	58.8	58.8
EBITDA	415.8	-	394.4	-
EBITDA-adjusted	-	426.6	-	418.8
Effects from hyperinflation accounting standard adoption	2.4	2.4	8.6	8.6
Accruals and other changes from operating activities	(48.2)	(11.8)	(8.8)	(8.8)
Goodwill, brand, tangible fixed assets impairment and business disposals results	7.5	-	0.9	-
Income taxes paid	(20.8)	(20.8)	(19.3)	(23.5)
Cash flow from operating activities before changes in working capital	356.8	396.5	375.9	395.2
Changes in net operating working capital	(190.1)	(190.1)	(190.9)	(190.9)
Cash flow from operating activities	166.7	206.4	185.0	204.3
Net interest paid	(50.1)	(50.1)	(26.0)	(26.0)
Capital expenditure	(81.7)	(43.2)	(219.0)	(47.5)
Free cash flow	34.9	113.0	(60.1)	130.8
(Acquisition) disposal of business	(1.0)	-	(1,120.6)	-
Issuing of new shares/capital increase net of related ancillary costs	-	-	643.3	-
Dividend paid out by the Company	(78.0)	-	(78.1)	-
Other items including net purchase of own shares	(20.3)	-	39.9	-
Cash flow invested in other activities	(99.3)	-	(515.6)	-
Total change in net financial debt due to operating activities	(64.4)	-	(575.6)	-
Put option and earn-out liability changes(1)	15.8	-	(99.2)	-
Increase in investments for lease right of use(2)	(3.5)	-	(7.1)	-
Net cash flow of the period=change in net financial debt	(52.1)	-	(682.0)	-
Effect of exchange rate changes	47.0	-	(17.7)	-
Net financial debt at the beginning of the period	(2,376.9)	-	(1,853.5)	-
Net financial debt at the beginning of the period-reclassified	(2,376.9)	-	(1,853.5)	-
Net financial debt at the end of the period	(2,381.9)	-	(2,553.2)	-

(1) This item, which is a non-cash item, was included purely to reconcile the change in financial debt relating to activities in the period with the overall change in net financial debt.

(2) For information on the value shown, please see note 5 ii-'Property, Plant and Equipment and Right-of-Use Assets by Nature' of the Campari Group Condensed Consolidated Financial Statements at 30 June 2025.

Key Highlights

At 30 June 2025, net cash flow showed a cash flow absorption of €52.1 million, also reflected as an equivalent increase in the net financial debt compared to 31 December 2024, to which a positive exchange rate effect of €47.0 million was added. The cash generation in terms of free cash flow on a reported basis was positive at €34.9 million in the first six months of 2025 compared to a negative free cash flow of €60.1 million reported in the same period of 2024. The recurring free cash flow was solid during the period totalling €113.0 million, compared to €130.8 million of generation in the first six months of 2024. In terms of percentages on EBITDAadjusted, recurring free cash flows totalled 26.5%, compared to 31.2% in the same period of 2024.

Analysis of the Consolidated Statement of Cash Flows

The following drivers contributed to the generation of the above-mentioned free cash flows in the first six months of 2025:

operating result (EBIT) amounted to €340.9 million, compared to €335.6 million in the same period of 2024, and included a negative effect of €10.8 million related to operating adjustments (negative €24.4 million in the first six months of 2024). Excluding operating adjustments, the result from recurring activities (EBIT-adjusted) amounted to €351.8 million (€360.0 million in the same period of 2024);
EBITDA amounted to €415.8 million increasing by €21.4 million on the previous year. Excluding the aforementioned non-recurring components, EBITDA-adjusted amounted to €426.6 million (€418.8 million in the first six months of the last year);
non-cash component arising from the application of the hyperinflation accounting standard in Argentina amounted to €2.4 million (€8.6 million in the period of comparison);

Campari Group Half-Year Report at 30 June 2025

accruals for provisions net of utilisations and other miscellaneous operating changes showed a negative effect of €48.2 million. The change is primarily attributable to the execution of the restructuring plan launched in late 2024, aimed at achieving cost containment objectives. At 30 June 2025, payments related to employee termination of €33.3 million (of which €24.8 million related to the restructuring program);
non-cash write-off losses related to tangible and intangible assets and business disposals stood at €7.5 million and related primarily to the impairment loss in connection with the disposal of the bottling facility in Australia (€6.8 million);
the cash financial impact deriving from the tax payments effected the first six months of 2025 was €20.8 million, broadly in line with the previous year;
working capital recorded a cash absorption of €190.1 million (refer to the paragraph 'Operating Working Capital' for details), broadly in line with the previous year;
net interest paid amounted to €50.1 million in the first half of 2025, compared to €26.0 million in the same period of 2024. The increase was primarily related to the higher interest received in the comparative period, driven by the significant positive cash position held ahead of the Courvoisier deal closing;
net investment in capital expenditure amounted to €81.7 million, of which the recurring component was €43.2 million. Extraordinary capital expenditure thus amounted to €38.5 million, confirming the Group's commitment to continue to invest in the expansion of its production capacity and efficiency to support long-term growth and sustainability initiatives.

Cash flow invested in other activities was negative at €99.3 million, compared to a negative absorption of €515.6 million in the first half of 2024 (the latter mainly due to the acquisition of the Courvoisier business net of the proceeds from the issuance of new Davide Campari-Milano N.V.'s shares) resulting primarily in:

dividends paid of €78.0 million;
other items including net sale of own shares for €20.3 million.

New lease changes, put option and earn-out liabilities changes are presented solely to reconcile net cash flows for the period with total net financial debt. These components collectively contributed to an improvement in net debt for €12.3 million.

Net Financial Debt

As of 30 June 2025, consolidated net financial debt amounted to €2,381.9 million, up by €5.1 million and broadly in line with the net debt of €2,376.9 million reported at 31 December 2024. Changes in the debt structure in the two periods under comparison are shown in the following table.

	at 30 June 2025	at 31 December 2024	total change	of which
				organic	exchange rates
	€ million	€ million	€ million	€ million	€ million
cash and cash equivalents	476.3	666.3	(190.0)	(173.5)	(16.5)
loans due to banks	(338.8)	(289.6)	(49.2)	(60.3)	11.2
lease payables	(18.8)	(18.8)	-	(0.7)	0.7
other financial assets and liabilities	(0.6)	(21.1)	20.5	20.2	0.2
short-term net financial position	118.1	336.9	(218.7)	(214.3)	(4.4)
bonds	(1,584.9)	(1,580.3)	(4.5)	(4.5)	-
loans due to banks	(735.6)	(916.5)	180.8	144.3	36.5
lease payables	(49.5)	(58.7)	9.2	6.9	2.3
other financial assets and liabilities	22.6	10.2	12.4	13.2	(0.9)
medium-/long-term net financial position	(2,347.5)	(2,545.3)	197.9	159.9	38.0
net financial debt before put option and earn-out	(2,229.3)	(2,208.5)	(20.9)	(54.4)	33.6
liabilities for put option and earn-out payments	(152.6)	(168.4)	15.8	2.3	13.5
net financial debt	(2,381.9)	(2,376.9)	(5.1)	(52.1)	47.0

As of 30 June 2025, net financial debt remains skewed into medium- to long-term maturities in line with Campari Group's long-term growth strategy, supported by significant credit lines available to the Group. Of these, €400.0 million are committed until 2029 (undrawn as of 30 June 2025) and €441.1 million are uncommitted (with €106.5 million drawn down at 30 June 2025).

The short-term net financial debt position was confirmed to be positive at €118.1 million, comprising cash and cash equivalents (€476.3 million) net of loans payable to banks (€338.8 million). The organic decrease of €214.3 million compared to 31 December 2024 was mainly driven by the dividend payment (€78.0 million), capital expenditure initiatives (€81.7 million), purchase of own shares (€21.6 million) and income taxes paid (€20.8 million). The ongoing execution of the restructuring plan disclosed in late 2024 also impacted the shortterm net financial debt position movements, with a related cash outflow for employee termination of €33.3 million (of which €24.8 million related to the restructuring program).

The medium to long-term financial debt position, primarily consisting of bonds and loans due to banks, totalled €2,347.5 million. The Group's bank loans include sustainability-linked facilities for an original nominal aggregated value of €450.0 million (€415.0 million at 30 June 2025), reinforcing the Group's commitment to its sustainability journey. These facilities provide for a variable interest rate component tied to the achievement of certain environmental, social, and governance ('ESG') targets identified by Campari Group and which are particularly focused on the reduction of emissions, responsible use of water and gender equality.

Furthermore, the Group's net financial debt position included liabilities of €152.6 million related to future commitments to acquire outstanding minority interests in controlled companies as well as liabilities for put options and earn-out payments.

Moreover, the reported variation in the net financial debt was impacted by positive exchange rate effects of €47.0 million, mainly driven by the devaluation of the US\$ against the € on the loans and liabilities for put option and earn-outs denominated in such currency.

At 30 June 2025, Campari Group's net debt/EBITDA-adjusted ratio¹ stood at 3.2 times, down from 3.5 times at 30 June 2024 and in line with the 3.2 times ratio reported at 31 December 2024. On a proforma basis, adjusting the ratios at 30 June 2024 and 31 December 2024 to reflect the simulated full-year EBITDA contribution of the newly acquired business, the index would remain unchanged.

Capital Expenditure

During the first half of 2025, net investments totalled €81.7 million, of which €43.2 million were recurring and €38.5 million were non-recurring.

The recurring investments were related to initiatives focused on continuously enhancing the supply chain, via efficiency improvements, sustainability-related initiatives and business infrastructure development. Specifically, they related to the following projects:

maintenance expenditure on the Group's operations and production facilities, offices and IT infrastructure which, although individually not material, amounted overall to €14.7 million;
the purchase of barrels for maturing bourbon and rum totalling €18.4 million, net of related disposals;
investments to develop biological assets, totalling €10.2 million.

In terms of non-recurring investments, initiatives associated with supply chain capacity expansion aimed at meeting anticipated long-term consumer demand were carried out for an amount of €31.0 million, net of the disposal related to the bottling facility in Australia (€8.6 million). The initiatives were primarily allocated in the United States to expand bourbon production capacity (€19.5 million), in Jamaica (€9.3 million), in Mexico to expand supply chain facilities for tequila production (€7.7 million). Moreover, €3.2 million were related to the real-estate project to host the Group's future new headquarters. Focusing on sustainability-related investments included in the aforementioned initiatives and totalling €7.7 million, they were primarily related to Jamaica (€6.7 million).

Additionally, the Group continued to pursue its digital transformation path, investing €4.2 million during the six months ended 30 June 2025. The investments also included an integrated transformation program designed to support the Group's strategic agenda: it enhances planning capabilities, drives actionable insights through improved external data connection and structures, thus achieving improved business outcomes.

Concerning the nature of investments, net purchases encompassed tangible assets totalling €60.2 million, biological assets namely related to agave plantations amounting to €10.2 million and intangible assets valued at €11.3 million.

Lastly, investments for the rights of use of third-party assets were related to tangible assets attributable to offices, plant and machinery and vehicles, which increased by €3.5 million during the period.

Reclassified Statement of Financial Position

The Group's financial position is shown in the following table in a summarised and in reclassified format, to highlight the structure of invested capital and financing sources.

¹ For information on the definition of alternative performance measures, see the paragraph 'Definitions and Reconciliation of the Alternative Performance Measures (APMs or non-GAAP measures) to GAAP measures' of this Management Board Report.

				of which
	at 30 June 2025	at 31 December 2024	total change	organic change	exchange rates, hyperinflation and other
	€ million	€ million	€ million	€ million	€ million
fixed assets	5,036.8	5,326.3	(289.5)	12.4	(301.9)
other non-current assets and (liabilities)	(403.2)	(457.1)	54.0	25.2	28.8
operating working capital	1,567.5	1,456.3	111.2	190.1	(78.9)
other current assets and (liabilities)	(109.8)	(93.3)	(16.5)	(63.6)	47.1
total invested capital	6,091.3	6,232.2	(140.9)	164.1	(305.0)
Group shareholders' equity	3,708.3	3,854.0	(145.7)	92.8	(238.5)
non-controlling interests	1.1	1.3	(0.2)	19.2	(19.4)
net financial debt	2,381.9	2,376.9	5.1	52.1	(47.0)
total financing sources	6,091.3	6,232.2	(140.9)	164.1	(305.0)

Invested capital at 30 June 2025 was €6,091.3 million, showing an overall decrease of €140.9 million compared with the figures at 31 December 2024. The variation of €305.0 million was mainly attributable to the effect of exchange rate movements most notably attributable to intangible assets including brands and goodwill (€191.4 million), as well as on inventory, primarily linked to maturing stock (€56.1 million), and the reclassification of the disposal group net assets related to the Cinzano and Frattina businesses, which were classified as held for sale and accordingly reported under current assets at 30 June 2025 (refer to paragraph 'Significant Events of the Period').

Focusing on the organic change, the most significant variations attributable to the invested capital referred to:

the increase of €190.1 million in operating working capital, mainly attributable to a decrease in trade payables largely driven by business dynamics and a rise of inventories level aligned with operational needs ahead of the summer peak season (refer to paragraph 'Operating Working Capital');
the change of €63.6 million in other current liabilities net of assets, mainly related to value added tax as well as excise taxes;
the increase of €12.4 million in fixed assets, mainly related to investments envisaged for enhancing supply chain capacity and efficiency and sustainability-related initiatives.

In terms of financing sources, significant changes occurred, notably, an overall decrease of €145.7 million in the Group's shareholders' equity. This decrease predominantly arose from the combined effect of the positive Group net results for the period of €206.4 million, dividend payment of €78.0 million, purchase of own shares of €21.6 million, as well as a decrease in non-monetary foreign currency effect of €244.8 million. The net financial debt variations reported an overall increase of €5.1 million (refer to the paragraph 'Net Financial Debt').

As a result of the changes mentioned above, the Group's financial structure showed a net debt to shareholders' funds ratio of 64.2% at the end of the period, slightly increased from 61.7% recorded at 31 December 2024.

Half-Year 2025 Conclusion and Outlook

The context of current uncertain economic environment and low visibility persisted also in the second quarter of 2025, albeit with some moderate improvement in sell-out in all key markets but Germany, and continuing sector outperformance. The third quarter, being a peak season for the Group's aperitif business, will be fundamental for clearer visibility.

Campari Group continues to maintain a prudent stance for the short-term and remains focused on what it can control, namely deleverage and cost management, as well as commercial execution and pricing discipline, with significant advancement on portfolio streamlining.

For 2025 the previously provided guidance¹ for the organic performance with moderate top-line growth and flat EBIT-adjusted margin before tariff impact remains the target. The negative impact from tariffs before possible mitigation actions, is expected ranging from a minimum of approximately €4 million, assuming EU tariffs are lifted and Canada/Mexico maintain exemption, to a maximum of €45 million on EBIT in 2025² (nil up to a maximum of approximately €90 million annualised) depending on confirmation of the scope and rates. Concerning foreign exchange, the weakening of the US dollar may result in potential additional adverse effects, while perimeter effect is expected to be negligible on EBIT.

	Scenario	Actual impact for the six months ended 30 June 2025	Expected 2025 full-year impact	Annualised impact
0% EU (for 2025, 10% until August) 38% of United States		c. €4 million	-
business 15% €2 million (for 2025, 10% until August)	c. €20 million	c. €35 million
Jamaica 3% of United States business	10%		c. €1 million	c. €2 million
Mexico and Canada 30% of United States business	USMCA exemption	-	-	-
	30% as of August		c. €20 million	c. €50 million

Probable outcome: €21 million in 2025 (€37 million annualised).

The Group's outlook for medium-/long-term is confirmed¹ , with 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 normalised macroeconomic environment, before impact of potential tariffs. The gross margin is expected to benefit from net sales growth with positive sales mix driven by aperitifs, tequila and premiumisation across the portfolio, as well as cost of sales efficiencies, before potential US tariffs impact. EBIT margin accretion is expected to be supported in the medium term by key company initiatives delivering a 200 basis points overall benefit on net sales in 3 years by 2027 and increased efficiency in brand building spend.

¹ Guidance confirmed based on announcement of 4 March 2025.

² Tariffs currently effective since 8 April 2025 for EU and Jamaica at 10%.

Definitions and Reconciliation of the Alternative Performance Measures ('APMs' or non-GAAP measures) to GAAP measures

This paragraph presents and comments on certain financial performance measures that are not defined in the IFRS (non-GAAP measures).

These measures, which are described below, are used to analyse the Group's business performance in the 'Key highlights' and 'Management board report' sections and comply with the Guidelines on Alternative Performance Measures issued by the European Securities and Markets Authority ('ESMA') in its communication ESMA/2015/1415.

The alternative performance measures listed below should be used to supplement the information required under IFRS to help readers of the Half-Year Report to gain a better understanding of the Group's economic, financial and capital position. They are applied to Group planning and reporting, and some are used for incentive purposes.

Alternative performance measures can serve to facilitate comparison with groups operating in the same sector, although, in some cases, the calculation method may differ from those used by other companies. They should be viewed as complementary to, and not replacements for, the comparable GAAP measures and movements they reflect.

FINANCIAL MEASURES USED TO MEASURE GROUP PERFORMANCE

Organic change

Campari Group shows organic changes to comment on its underlying business performance. By using this measure, it is possible to focus on the business performance common to both periods under comparison, and which management can influence. Organic change is calculated by excluding both the impact of currency movement against the € (expressed at average exchange rates for the same period in the previous year) and the effects of brand asset deals, business acquisitions and disposals, as well as the signing or termination of distribution agreements.

Specifically:

the exchange rate effects are calculated by converting the figures for the current period at the exchange rates applicable in the same period in the previous year. The exchange rate includes the effects associated with hyperinflationary economies;
the results attributable to businesses acquired or the conclusion of distribution agreements during the current year are excluded from organic change for 12 months from the date on which the transaction is closed;
the results attributable to businesses acquired or the conclusion of distribution agreements during the previous year are included in full in the figures for the previous year as from the closing date of the transaction, and are only included in the current period's organic change 12 months after their conclusion;
the results from business disposals or the termination of distribution agreements during the same period in the previous year are wholly excluded from the figures for that period and, therefore, from organic change;
the results from business disposals or the termination of distribution agreements during the current period are excluded from the figures for the same period in the previous year from their corresponding date of disposal or termination.

To mitigate the effect of hyperinflationary economies, the organic change for countries having to adopt the hyperinflationary methodology laid down in IFRS includes only the component attributable to volumes sold in relation to net sales, while the effects associated with hyperinflation, including price index variation and price increases, are treated as exchange rate effects.

The organic change as a percentage is the ratio of the overall value of the organic change, calculated as described above, to the overall value of the measure in question for the previous period under comparison.

Gross profit

Calculated as the difference between net sales and the cost of sales (consisting of their materials, production and distribution cost components).

Contribution margin

Calculated as the difference between net sales, the cost of sales (consisting of their materials, production and distribution cost components) and advertising and promotional expenses.

Other operating income (expenses)

Related to certain transactions or events identified by the Group as adjustment components for the operating result, such as:

gains (losses) on the disposal of tangible and intangible assets;
gains (losses) on the disposal of businesses;
penalties or gains arising from the settlement of tax disputes;
impairment losses on fixed assets (tangible and intangible);
restructuring and reorganisation costs;
ancillary expenses associated with acquisitions (disposals) of businesses or companies;
other non-recurring income (expenses).

These items are deducted from, or added to, the following measures: operating result (EBIT), EBITDA, profit or loss before taxation, the Group's profit before taxation, net profit and the Group's net profit for the period.

For a detailed reconciliation of the items that impacted on the alternative performance measures referred to above in the current and comparison periods, see the appendix at the end of this section.

The Group believes that properly adjusted measures help both management and investors to assess the Group's results and cash flows year on year on a comparable basis as well as against those of other groups in the sector, as they exclude the impact of certain items that are not relevant for assessing performance.

Operating result (EBIT)

Calculated as the difference between net sales, the cost of sales (in terms of their materials, production and distribution), advertising and promotional expenses, and selling, general and administrative expenses.

Result from recurring operations (EBIT-adjusted)

The operating result for the period before the other operating income (expenses) mentioned above.

EBITDA

The operating result before depreciation and amortisation of intangible assets with a finite life, property, plant and equipment and right of use assets.

EBITDA-adjusted

EBITDA, as defined above, excluding other operating income (expenses).

Adjustments to financial income (expenses)

Certain transactions or events identified by the Group as components adjusting the profit or loss before taxation related to events covering a single period or financial year, such as:

interest on penalties or gains arising from the settlement of tax disputes;
expenses related to the early settlement of financial liabilities or liability management operations, including financial liability remeasurement effects;
financial expenses arising from acquisitions (disposals) of businesses or companies;
other non-recurring financial income (expenses).

Put option, earn-out income (expenses)

Relates to the income (expenses) associated with the review of estimates and assessment of expected cash-out settlement for put option and earn-out agreements, also including the non-cash effect arising from the related actualisation.

Profit (loss) related to joint-ventures and other investments

Relates to the income (expenses) resulting from the application of the equity method in the valuation of the Group's interests in joint-ventures as well as from other investments. The item also includes any fair value reassessments of previously held Group interests in joint-ventures before their consolidation.

Profit (loss) before taxation-adjusted

Refers to the result before taxation for the period, excluding other operating income (expenses) and adjustments to financial income (expenses), as well as put option and earn-out income (expenses). It also excludes the profit (loss) associated with the reassessments of previously held joint-venture investments before their consolidation and any impairment related to investment initiatives, while including the result before taxation attributable to non-controlling interests.

Tax adjustments

Include the tax effects of transactions or events identified by the Group as components adjusting the taxation of the period related to events covering a single period or financial year, such as:

positive (negative) taxation effects associated with the operating and financial adjustments, as well as the put option, earn-out income (expenses) and the profit (loss) related to re-assessments of previously held jointventures before their consolidation;
non-recurring positive (negative) taxation effects.

Tax rate-adjusted

The tax rate-adjusted is calculated by deducting the tax adjustments mentioned above from the taxation. The new value of taxation-adjusted is then correlated to the profit or loss before taxation-adjusted.

Cash tax rate

The cash tax rate is calculated by deducting the tax adjustments mentioned above, and the deferred taxes on brands and goodwill which are relevant for tax purposes, from the taxation. The new value of cash taxation is then correlated to the profit or loss before taxation-adjusted.

Group's net profit-adjusted

The result for the period attributable to the Group (i.e. excluding the non-controlling interests result after taxation) before other operating income (expenses), adjustments to financial income (expenses), to put option and earn-out income (expenses) and the profit (loss) related to re-assessments of previously held joint-venture investments before their consolidation and any impairment related to investment initiatives, before the related taxation effect and before other positive/negative tax adjustments for the period.

Basic and diluted earnings per share-adjusted (basic/diluted EPS-adjusted)

Basic/diluted earnings per share before other operating income (expenses), adjustments to financial income (expenses), to put option, earn-out income (expenses) and the profit (loss) related to re-assessments of previously held joint-venture investments before their consolidation and any impairment related to investment initiatives, before the related taxation effect and before other positive (negative) tax adjustments for the period.

ROS (return on sales)

The ratio of the operating result (EBIT) to net sales for the period.

ROS-adjusted

The ratio of the result from recurring activities (EBIT-adjusted) to net sales for the period.

Operating working capital as percentage of net sales

The ratio is calculated by dividing the net sales on operating working capital balances based on the reported value at the closing date of the reference period; the net sales reference value is twelve months and is calculated based on the reported value at the closing date of the reference period, into which the portion of net sales recorded in the previous year is incorporated for the remaining months. Upon the occurrence of significant business acquisition (or disposal) transactions, a pro-forma index is calculated to take into account the annual effect on net sales of the business transaction (including for acquisition, excluding for a disposal) of the last twelve months, to ensure consistency in comparative terms with the previous year reported.

Reclassified statement of financial position

The items included in the reclassified statement of financial position are defined below as the algebraic sum of specific items contained in the financial statements: