Davide Campari-Milano N.V.

Investor Presentation • Oct 29, 2025

Results Presentation First Nine Months ended 30th September 2025

29th of October 2025

Performance on-track with continued outperformance

• Industry outperformance continuing albeit with impact of challenging environment across all regions
• Solid profitability progression supported by gross margin accretion and visible SG&A savings more than offsetting ongoing increase in brand building investments as planned
• Full-year topline of moderate organic growth guidance confirmed incorporating a resilient Q3 performance. Guidance of flattish EBIT-adj. margin organic trend remains in place but now with tariff impact absorbed

Costs & Investments

Balance Sheet & Capital Allocation

Portfolio & Commercial Approach

• No compromise on brand building investments funded by visible deceleration in SG&A trend as planned as well as COGS efficiencies
• Completion of extraordinary capex program on track
• Advancement in portfolio streamlining with Tannico disposal in Q3 after Cinzano and Australian plant disposals in H1. No further acquisitions currently foreseen
• Leverage ratio down 0.7x to 2.9x in 12 months driven by business momentum and disciplined approach
• Geographic expansion of brands ongoing utilising existing footprint supported by marketing campaigns
• Continuous focus on quality of commercial execution and pricing discipline

Despite the challenging operating backdrop, we continue to grow organically across all regions with solid momentum

Net sales at €2,281 mln in 9M with +0.2% total growth of which:

• +1.5% organic growth (Q3: 4.4%) with positive trend across all regions
• US logistics delay impact of €11 mln from Q1 largely recovered in Q2 and Q3
• Germany de-listing impact of €8 mln (€3 mln in Q3)
• +1.1% perimeter impact of + €24 mln mainly driven by Courvoisier up to April net of agency brands and co-packing
• -2.4% FX effect of €(55) mln mainly driven by USD and Latin American currencies

Outperformance in sell-out across almost all markets during peak season in Q3 in a challenging backdrop

• In the US, ongoing outperformance in strategic on-premise and NABCA, driven by aperitifs and tequila
• In EMEA, outperformance across all markets
• Overall, shipments and sell-out relatively aligned across the US and EMEA

Americas +1% supported by acceleration in Q3 (+5%) with solid trend across the region

EMEA +2% in 9M (+4% in Q3) with broad-based growth across almost all countries

APAC +5% in 9M (+6% in Q3) supported by positive momentum across the region

House of Aperitifs resilient with +1% growth in 9M primarily driven by Sarti Rosa and Aperol Spritz

	9M	Q3
Aperol	-1%	-6%	Trend impacted by challenging market context in Italy due to pressured on-premise, Germany due to impact of de-listing and US due to inventory alignment post-tariff volatility. All other countries growing +4% in 9M (Q3: +1%)
Campari	-2%	-2%	Solid growth of +2% in Q3 and +1% in 9M across the US, Italy and the rest of Americas excluding Brazil. Overall change in Brazil was -16% in 9M impacted by high comparison base
Crodino & Other Aperitifs	+13%	+21%	Positive trend across all other aperitifs, especially driven by Sarti Rosa in both its core German market and expansion into other European markets as well as Aperol Spritz driven by convenience trends and Crodino, our non-alch. spritz, across all seeding European markets with double digit growth

Aperol geographic expansion and out-performance in sell-out continuing across key markets

		formanc ng conte		l-out	d	espite
1 Out	performance	vs Category		9M		Category
	Niels	sen off-prer	n	-4%		+1%
US	NAB	CA		+6%	•	-2%
	Niels	sen on-pren	n ⊣	-13%	•	+4%
ltoly	,	off-prem		+2%		+3%
Italy	/	on-prem		-7%		-3%
0		off-prem		-6%		-6%
Ger	many	on-prem	Incl. Sarti Rosa: -7 % 👚	-14%		-8%
Frai	100	off-prem		+3%	•	-2%
	100	on-prem	-	-11%	•	+4%
UK		off-prem	4	-10%	•	+9%
OIX		on-prem	4	-26%	•	+21%

• 11 countries representing 12% of Aperol top-line growing double-digit
• Strong outperformance in US strategic on-premise and NABCA
• European markets impacted by pressured consumers
• Pressure on consumers evident especially on on-premise trend in Italy. Stock in trade remains at relatively health levels
• Germany market impacted by overall weak macro backdrop as well as de-listing, impact on onpremise more pronounced with Sarti Rosa offsetting Aperol
• UK benefitting from favourable weather trends and excellent execution

House of Whiskey & Rum +5%, House of Agave +3% in 9M

Organic Sales Growth

03

9M

HOUSE OF WHISKEY & RUM

			WHISKEY & RUM AGAVE
Wild Turkey & Russell's Reserve	-1%	+14%	Strong growth in Q3 in core US benefitting from stock availability and encouraging results of new campaign, South Korea as well as China off a small base. Russell's Reserve supporting growth in the US and South Korea in Q3 with normalization of comparison base
Jamaican Rum Portfolio	+16%	+45%	Solid 9M growth of +16% with Q3 driven by easy comparison base due to the hurricane impact last year as well as solid underlying trends in core Jamaican marke and the US, especially in Wray&Nephew Overproof
Other Whiskey	0%	0%	Flat performance

Espolòn	+3%	-1%	Positive 9M performance mainly driven by Reposado (+11%) while Blanco remaining flat due to focus on pricing with Q3 impacted by phasing of shipments. Seeding markets continuing to expand double-digit off a small base, in line with international growth strategy
Other	+7%	+8%	Solid growth driven by Espolòn RTD in Australia as well as Montelobos in the US and Mexico

House of Cognac & Champagne supported by Courvoisier contribution

	Organic Sales Growth 9M	Q3
Grand Marnier	-14%	-1%	Stabilising performance in Q3, also supported by an easy comparison base (Q3 2024: -5%) with focus on pricing in a highly competitive market to protect brand equity
Courvoisier	€99 mln sales in 9M -	-	Brand included into organic growth as of May 2025 with performance supported by ongoing investment in the UK and US as well as initial re orders in China Best Cognac BevTest 2025
Other Cognac & Champagne	-3%	0%	Flat performance in Q3 mainly driven by ongoing positive performance of Lallier (+13%) offsetting some softness in Bisquit
SKYY	-2%	+3%	Positive performance in Q3 driven by Argentina, China and Brazil more than offsetting ongoing softness in core US, in line with other major players in the category
Sparkling Wines & Vermouth	+2%	0%	Trend mainly supported by positive Riccadonna in 9M
Other	-4%	+2%	Performance in Q3 supported by Brazilian Brands and Magnum Tonic Wine while 9M impacted by reduction in non-core bulk and co-packing

2025 Aperol Summer Activations & US Open

Partnership with Film Festivals: Venice (8th year), Locarno (5th year) and Toronto (2nd year); and annual Negroni Week

Espolòn summer activations

Wild Turkey New Marketing Campaign

Update on strategic priorities

Strategy

Update • Strategy Day upcoming on 6-7 November 2025 in Milan

Cost Containment Program

• Cost containment program on track to yield 50bps benefit on sales in 2025 (200bps in 3 years on an organic basis)
• Declining trend started in Q3, as planned

Quarterly SG&A Organic Growth Trend

Business Streamlining

Further progress in asset disposals

• H1: Disposal of Cinzano and Australian plant
• Q3: Divestment¹ of 50% stake in Tannico, the Italian online wine and spirits business, with limited impact on Group results. French e-comm platform Ventealapropriete.com remains within the scope of the 50-50% joint venture between Campari Group and Moët Hennessy
• Continuing streamlining of agency brand agreements

Timing of further potential disposals to be based on optimisation of proceeds with discussions currently ongoing

Flat 9M EBIT-adj. margin supported by gross margin accretion and cost containment benefits, offset by brand building investments as planned

• Accretive gross margin profile (9M +90bps) with +180bps in Q3 supported by positive mix and ongoing benefit of input costs, especially agave, as well as contained tariff impact of €4 mln (€6 mln in 9M) benefitting from pre-tariff in-house inventory position. Espolòn gross margin broadly at par with Group average as of Q3
• Continued A&P investments with 17.3% to sales as of 9M driven by acceleration during peak season with +9% organic growth vs 9M 2024 (-110bps). Full year guidance confirmed at 17-17.5%
• Cost containment efforts progressively supporting margin (+20bps in 9M), on track to reach +50bps accretion guidance driven by value reduction in SG&A in Q4
• EBIT-adj. at €517 mln in 9M with +1% organic growth despite ongoing brand investments and incorporating contained SG&A. Q3 accelerating with +19% organic growth, also supported by favourable comparison base
• EBIT-adj. contribution from perimeter (+€1.1 mln driven by Courvoisier until April, net of agency brands and co-packing) and FX (+€9.8 mln) mainly supported by devaluation of MXN offsetting negative impact from USD

Notes: Bps rounded to the nearest ten

Group pre-tax profit

	9M 2025		9M 2024		Change	Change
	€ million	% sales	€ million	% sales	%	€ million
EBIT-adj.	517.4	22.7 %	499.4	21.9 %	3.6 %	18.0
Operating adjustments	(41.9)	(1.8)%	(30.9)	(1.4)%	35.5 %	(11.0)
EBIT	475.5	20.8 %	468.5	20.6 %	1.5 %	7.0
Financial income (expenses)	(80.4)	(3.5)%	(57.7)	(2.5)%	39.5 %	(22.8)
Total financial income (expenses) before exchange gain (losses)	(76.5)	(3.4)%	(55.6)	(2.4)%	37.7 %	(21.0)
Exchange gain (losses)	(3.9)	(0.2)%	(2.1)	(0.1)%	87.4 %	(1.8)
Hyperinflation effects and earn-out remeasurement	4.9	0.2 %	9.6	0.4 %	(48.9)%	(4.7)
Profit (loss) related to associates and joint ventures	(2.1)	(0.1)%	(3.2)	(0.1)%	(34.8)%	1.1
Pre-tax profit	397.9	17.4 %	417.2	18.3 %	(4.6)%	(19.3)
Pre-tax profit-adj.	439.5	19.3 %	446.3	19.6 %	(1.5)%	(6.8)
Non-controlling interest before tax	(0.9)	(0.0)%	(5.8)	(0.3)%	(84.6)%	4.9
Group pre-tax profit	398.8	17.5 %	423.0	18.6 %	(5.7)%	(24.2)
Group pre-tax profit-adj.	440.4	19.3 %	452.1	19.9 %	(2.6)%	(11.7)

• Operating adjustments of €(41.9) mln, mainly driven by impairment of assets in connection with plant disposal in Q1 and severance payments¹
• Financial expenses of €(80.4) mln. Increase vs 9M 2024 driven by higher average net debt (€2,365 mln vs €2,071 mln last year) mainly due to the base effect of Courvoisier closing on cash and debt. Average cost of net debt at 4.3% vs 3.7% in 9M 2024
• Group pre-tax profit-adj. of €440.4 mln,-2.6%; Group pre-tax profit of €398.8 mln, -5.7%

Leverage ratio down to 2.9x supported by solid profitability

€ million	30 September 2025	30 June 2025	30 December 2024	30 September 2024	Change vs June'25	Change vs Dec'24	Change vs Sept'24
Short-term cash (debt)	170.7	118.1	336.9	173.8	52.6	(166.2)	(3.1)
- Cash and cash equivalents	509.2	476.3	666.3	436.6	32.9	(157.2)	72.6
- Bonds	-	-	-	-	-	-	-
- Bank loans	(316.9)	(338.8)	(289.6)	(226.0)	21.9	(27.2)	(90.8)
- Others financial assets and liabilities incl Joint-Ventures	(21.6)	(19.4)	(39.8)	(36.8)	(2.3)	18.2	15.1
Medium to long-term cash (debt)	(2,258.7)	(2,347.5)	(2,545.3)	(2,462.3)	88.7	286.6	203.6
- Bonds	(1,587.2)	(1,584.9)	(1,580.3)	(1,578.1)	(2.3)	(6.9)	(9.1)
- Bank loans	(644.5)	(735.6)	(916.5)	(836.0)	91.1	271.9	191.5
- Others financial assets and liabilities	(27.0)	(26.9)	(48.5)	(48.1)	(0.0)	21.6	21.2
Liabilities for put option and earn-out payments (1)	(152.4)	(152.6)	(168.4)	(275.5)	0.2	16.0	123.0
Net cash (debt)	(2,240.5)	(2,381.9)	(2,376.9)	(2,564.0)	141.5	136.4	323.5
Net debt to EBITDA-adj. (Leverage)	2.9x	3.2x	3.2x	3.6x

Leverage ratio evolution

• Net financial debt at €2,240 mln, improving vs 2024 (-€136 mln) thanks to positive cash generation, and before further benefits from the proceeds of Cinzano disposal
• Cash and cash equivalents at €509 mln, up vs H1 due to cash generation; and down -€157 mln vs 2024 mainly due to €78 mln dividend payment, CAPEX initiatives, loan repayments and employee termination payments
• Long-term Eurobonds & term loans amounted to €2,194 mln Leverage ratio at 2.9x, down from 3.6x in 9M 2024 and 3.2x at end-2024. Pro-forma including Cinzano disposal 2.85x(2)
• Earn-out and put options total €152.4 mln

¹⁹ (1) Including commitments for future minority purchases and earn-outs (mainly Wilderness Trail Distillery, LLC & Courvoisier)

⁽²⁾ Based on deal value of €100 mln and EBITDA-adj. impact of €(21) mln before distribution and manufacturing transition agreements

Outlook

Outlook

Resilient growth performance in an ongoing challenging backdrop with continued outperformance in sell-out across key markets. Solid profitability supported by focus on what we can control (effective balance sheet and cost management as well as commercial execution and pricing discipline with advancement on portfolio streamlining)

For 2025, we continue to expect moderate organic top-line growth assuming no further worsening of consumer confidence in Europe, especially impacting the on-trade, and in the US

On EBIT-adj. margin, we now expect flattish organic EBIT-adj. margin including tariff impact due to:

• Lower than previously guided negative impact from tariffs of c.€15 mln due to inventory position, assuming tariff stability
• Benefit of efficiency gains in COGS and SG&A more than offsetting re-investments in A&P in Q3

Limited overall impact in value terms in FX and perimeter on EBIT-adj. margin

Medium / Long-term outlook confirmed(1):

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

(1) Refers to guidance provided on March 4th ²⁰²⁵ 21

See you at our Campari Group Strategy Day on 6-7 November!

Annex

US Tariff potential scenarios and relative impacts

Probable scenario: c.€15 mln in 2025 (€37 mln annualised)

	Scenario	9M 2025 Actual Impact	2025 Impact	Annualised Impact
EU c. 38% of US business	15% (for 2025, 10% until August)		c. €15 mln	c. € 35 mln
Jamaica c. 3% of US business	10%	€6 mln	c. €1 mln	c. €2 mln
Mexico & Canada	USMCA exemption	-	-	-
c. 30% of US business	30%	-	c. €20 mln	c. €50 mln

Despite the challenging operating backdrop, we continue to grow across all regions with solid momentum

9M 2025 reported net sales of €2,281 mln with +0.2% total growth of which +1.5% organic (CAGR vs 2019: +9%), +1.1% perimeter impact ( €24 mln) mainly driven by Courvoisier up to April net of agency brands and co-packing with -2.4% FX effect ( €(55) mln) mainly driven by USD and Latin American currencies

Net Sales Organic Growth and Weight Breakdown

	9M 2025	9M 2024	CAGR '19
AMERICAS	+1%	+5%	+9%
EMEA	+2%	+1%	+10%
APAC	+5%	-10%	+10%

Net sales by region & key market

	9M 2025		9M 2024			change% of which:
	€ million	% sales	€ million	% sales	Total	Organic	Perimeter	FX
AMERICAS	996.2	43.7%	1,027.3	45.1%	(3.0)%	0.9%	0.9%	(4.8)%
USA	633.1	27.8%	647.8	28.4%	(2.3)%	(1.8)%	2.3%	(2.7)%
Jamaica	106.6	4.7%	105.5	4.6%	1.1%	11.4%	(5.6)%	(4.7)%
Other countries	256.5	11.2%	274.1	12.0%	(6.4)%	3.4%	0.2%	(10.0)%
EMEA	1,142.3	50.1%	1,102.1	48.4%	3.7%	1.7%	1.8%	0.2%
Italy	355.2	15.6%	363.1	15.9%	(2.2)%	(2.4)%	0.2%	-
France	126.4	5.5%	123.5	5.4%	2.3%	2.6%	(0.3)%	-
Germany	191.3	8.4%	196.3	8.6%	(2.5)%	(2.6)%	0.1%	-
United Kingdom	93.1	4.1%	73.9	3.2%	26.0%	11.2%	14.7%	0.1%
Other countries	376.3	16.5%	345.3	15.2%	9.0%	6.2%	2.3%	0.5%
APAC	142.2	6.2%	147.6	6.5%	(3.7)%	4.7%	(3.5)%	(4.9)%
Australia	72.9	3.2%	77.9	3.4%	(6.4)%	5.8%	(6.4)%	(5.8)%
Other countries	69.3	3.0%	69.8	3.1%	(0.7)%	3.5%	(0.3)%	(3.9)%
Total	2,280.7	100.0%	2,277.0	100.0%	0.2%	1.5%	1.1%	(2.4)%

Net sales by Houses of Brands

	9M 2025		9M 2024		change% of which:
	€ million	% sales	€ million	% sales	Total	Organic	Perimeter	FX
House of Aperitifs	1,046.7	45.9%	1,044.1	45.9%	0.2%	1.3%	-	(1.1)%
House of Whiskeys&Rum	323.1	14.2%	319.6	14.0%	1.1%	5.0%	-	(3.9)%
House of Agave	222.7	9.8%	221.9	9.7%	0.4%	3.3%	-	(2.9)%
House of Cognac&Champagne	198.4	8.7%	151.9	6.7%	30.6%	6.7%	26.1%	(2.2)%
Local Brands	489.8	21.5%	539.6	23.7%	(9.2)%	(2.3)%	(2.9)%	(4.0)%
Total	2,280.7	100.0%	2,277.0	100.0%	0.2%	1.5%	1.1%	(2.4)%

9M 2025 Consolidated P&L

change % of which:

	9M 2025		9M 2024			Organic margin change	Organic	Perimeter	FX
	€ million	% sales	€ million	% sales	%	bps	%	%	%
Net sales	2,280.7	100.0%	2,277.0	100.0%	0.2%		1.5%	1.1%	(2.4)%
COGS	(884.5)	(38.8)%	(925.0)	(40.6)%	(4.4)%	+90	(0.7)%	1.1%	(4.8)%
Gross profit	1,396.2	61.2%	1,352.0	59.4%	3.3%	+90	3.1%	1.0%	(0.8)%
A&P	(394.6)	(17.3)%	(365.2)	(16.0)%	8.0%	-110	8.7%	1.9%	(2.5)%
Contribution after A&P	1,001.6	43.9%	986.8	43.3%	1.5%	-20	1.0%	0.7%	(0.2)%
SG&A	(484.2)	(21.2)%	(487.4)	(21.4)%	(0.7)%	+20	0.6%	1.2%	(2.4)%
EBIT-adj.	517.4	22.7%	499.4	21.9%	3.6%	0	1.4%	0.2%	2.0%
Operating adjustments	(41.9)	(1.8)%	(30.9)	(1.4)%	35.5%
Operating profit (EBIT)	475.5	20.8%	468.5	20.6%	1.5%
Financial income (expenses)	(80.4)	(3.5)%	(57.7)	(2.5)%	39.5%
Earn-out income (expenses) and hyperinflation effects	4.9	0.2%	9.6	0.4%	(48.9)%
Profit (loss) related to associates and joint ventures	(2.1)	(0.1)%	(3.2)	(0.1)%	(34.8)%
Pre-tax profit	397.9	17.4%	417.2	18.3 %	(4.6)%
Pre-tax profit-adj.	439.5	19.3%	446.3	19.6 %	(1.5)%
Non-controlling interests before tax	(0.9)	(0.0)%	(5.8)	(0.3)%	(84.6)%
Group pre-tax profit	398.8	17.5%	423.0	18.6%	(5.7)%
Group pre-tax profit-adj.	440.4	19.3%	452.1	19.9%	(2.6)%
Total depreciation and amortisation	(111.3)	(4.9)%	(91.3)	(4.0)%	22.0%		23.0%	3.0%	(4.1)%
EBITDA-adj.	628.7	27.6%	590.7	25.9%	6.4%		4.8%	0.6%	1.0%
EBITDA	586.8	25.7%	559.8	24.6%	4.8%

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

Q3 2025 Consolidated P&L

change% of which:

	Q3 2025		Q3 2024		Total change	Organic margin change	Organic	Perimeter	FX
	€ million	% sales	€ million	% sales	%	bps	%	%	%
Net sales	752.8	100.0%	753.6	100.0%	(0.1)%		4.4%	(0.9)%	(3.6)%
COGS	(290.5)	(38.6)%	(312.0)	(41.4)%	(6.9)%	+180	(0.1)%	(2.0)%	(4.8)%
Gross profit	462.3	61.4%	441.6	58.6%	4.7%	+180	7.6%	(0.1)%	(2.8)%
A&P	(140.5)	(18.7)%	(133.6)	(17.7)%	5.2%	-90	9.6%	(0.0)%	(4.4)%
Contribution after A&P	321.8	42.7%	308.0	40.9%	4.5%	+90	6.7%	(0.1)%	(2.2)%
SG&A	(156.1)	(20.7)%	(168.6)	(22.4)%	(7.4)%	+180	(3.8)%	0.2%	(3.8)%
EBIT-adj.	165.6	22.0%	139.4	18.5%	18.8%	+270	19.5%	(0.5)%	(0.2)%
Operating adjustments	(31.1)	(4.1)%	(6.5)	(0.9)%	(379.7)%
Operating profit (EBIT)	134.6	17.9%	132.9	17.6%	1.3%
Financial income (expenses)	(30.1)	(4.0)%	(24.6)	(3.3)%	22.2%
Earn-out income (expenses) and hyperinflation effects	0.2	-%	(0.6)	(0.1)%	(128.4)%
Profit (loss) related to associates and joint ventures	(0.6)	(0.1)%	(1.1)	(0.1)%	(46.1)%
Pre-tax profit	104.0	13.8%	106.5	14.1%	(2.3)%
Pre-tax profit-adj.	135.4	18.0%	113.0	15.0%	19.7%
Non-controlling interests before tax	(0.3)	-%	(1.4)	(0.2)%	(80.4)%
Group pre-tax profit	104.3	13.9%	107.9	14.3%	(3.3)%
Group pre-tax profit-adj.	135.6	18.0%	114.4	15.2%	18.5%
Total depreciation and amortisation	(36.4)	(4.8)%	(32.5)	(4.3)%	12.2%		15.6%	- %	(3.4)%
EBITDA-adj.	202.1	26.8%	171.8	22.8%	17.6%		18.8%	(0.4)%	(0.8)%
EBITDA	171.0	22.7%	165.4	21.9%	3.4%

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

2024 P&L restatement for comparison purposes following the introduction of the Houses of Brands operating model in 2025

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

Restatement of 2024 base:

(1) Representation of 2024 net sales by key brand under the Houses of Brands operating model

(2) Reclassification of €25.6 million costs from COGS to SG&A related to some Supply Chain personnel related to support functions now covering administrative roles under the new operating model

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

Financial debt

Eurobond and Term loan composition as of 30 September 2025

Issue date	Maturity	Type	Currency	Coupon	Outstanding nominal amount (LC million)	Outstanding nominal amount (€ million)	Original tenor	As % of total
Oct 6, 2020	Oct-27	Unrated Eurobond	EUR	1.25%	550	550	7 years	25.1%
Dec 6, 2022	Dec-27	Term Loan(1)	USD	5.86%	245	209	5 years	9.5%
May 5, 2023	Jun-29	Sustainability linked Term Loan(2)	EUR	3.45%	365	365	6 years	16.6%
May 11, 2023	May-30	Unrated Eurobond	EUR	4.71%	300	300	7 years	13.7%
Jan 10, 2024	Jan-29	Convertible bond	EUR	2.38%	550	550	5 years	25.1%
June 18, 2024	Jun-31	Unrated Eurobond	EUR	4.26%	220	220	7 years	10.0%
Total nominal long-term gross debt						2,194		100%
Average nominal coupon						3.11%

⁽¹⁾ Floating interest rate linked to SOFR + spread; amortising with nominal payment schedule every 6 months

⁽²⁾ Floating interest rate linked to Euribor ⁺ spread and sustainability-linked, amortising with payment schedule once ^a year from ²⁰²⁵ onwards and bullet final payment 30

Exchange rates effects

		Average exchange rates		Period end exchange rate
	9M 2025	9M 2024	Change	30 September 2025	31 December 2024	Change
US Dollar	1.118	1.087	(2.8)%	1.174	1.039	(11.5)%
Canadian Dollar	1.563	1.479	(5.4)%	1.635	1.495	(8.6)%
Jamaican Dollars	177.477	169.646	(4.4)%	188.166	161.513	(14.2)%
Mexican peso	21.797	19.288	(11.5)%	21.531	21.550	0.1 %
Brazilian Real	6.317	5.694	(9.9)%	6.243	6.425	2.9 %
Argentine Peso(1)	1,593.742	1,082.809	(32.1)%	1,593.742	1,070.806	(32.8)%
Russian Ruble(2)	94.730	98.183	3.6 %	97.275	116.562	19.8 %
Great Britain Pounds	0.850	0.851	0.1 %	0.873	0.829	(5.1)%
Swiss Franc	0.939	0.958	2.0 %	0.936	0.941	0.5 %
Australian Dollar	1.744	1.642	(5.9)%	1.776	1.677	(5.6)%
Yuan Renminbi	8.070	7.824	(3.1)%	8.359	7.583	(9.3)%

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

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

Shareholding structure

As of 30 September 2025

Shareholders	Ordinary Shares (1)	% of Ordinary Shares	Special Voting Shares A(2)	Special Voting Shares B	Total Special Voting Shares A + Special Voting Shares B Voting rights	Total Ordinary Shares + Special Voting Shares A+ Special Voting Shares B Voting rights	% of Ordinary Shares and Special Voting Shares A and Special Voting Shares B Voting rights
Lagfin S.C.A., Société en Commandite par Actions	637,860,899	51.81%	31,700,000	592,416,000	2,401,364,000	3,039,224,899	82.61%
Other shareholders	560,792,359	45.55%	-	1,568,494	6,273,976	567,066,335	15.41%
Treasury shares(3)	32,614,480	2.65%	39,993,848	40,000	40,153,848	72,768,328	1.98%
Total	1,231,267,738	100.00%	71,693,848	594,024,494	2,447,791,824	3,679,059,562	100.00%

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

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

⁽³⁾ Including Special Voting Shares A and B transferred to the Company upon the sale of Qualifying Ordinary Shares by the selling shareholder in accordance with clause 11.5 of the SVS Terms. Treasury shares do not confer voting rights; however, they are nevertheless included in the calculation of voting rights for the purpose of determining quorum.

Disclaimer

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

For information on the definition of alternative performance measures used in this presentation, see the paragraph 'Definitions and reconciliation of the Alternative Performance Measures (APMs or non-GAAP measures) to GAAP measures' of the additional financial information for the nine months ended 30 September 2025.