Campari confirms its organic growth and outlook

Campari has recorded its sixth consecutive quarter of organic growth in net sales, closing the first nine months of 2026 with revenue of 2.289 billion, representing an overall increase of 0.4 per cent and organic growth of +2.9 per cent (+3.4% in the third quarter), with sales in 44 countries rising by mid-single to double-digit figures, driven primarily by aperitifs and tequila. The group has not disclosed any other metrics to the markets. Guidance for the current year remains unchanged, with the group expecting to outperform the sector with organic net sales growth of around 3 per cent. The growth drivers have been updated, showing a more sustained increase in Europe and more subdued activity in North America: in the United States, despite strong growth in aperitifs and tequila, the Group anticipates a marginal decline in net sales for the year, due to a more moderate performance in the second half of the year in certain categories and a high basis of comparison in the fourth quarter. In terms of adjusted EBIT margin on sales, the Group confirms its expectation of organic margin expansion, including an impact of 20 million resulting from US tariffs and the confirmed positive trend in the underlying gross margin. On the subject of customs tariffs, the Group reports that it has received a total of 15 million in refunds relating to US tariffs for 2025, part of which has been reinvested and part of which has been used to offset pressures on the cost of goods sold in the second half of the year.

“We have recorded our sixth consecutive quarter of organic net sales growth, whilst continuing to outperform the sector and gain market share in our key markets, thanks to our priority brands,” commented Campari’s CEO, Simon Hunt, in a statement. “ “Our strategy, based on more focused portfolio decisions, is delivering results, supported by significant investment in our brands, geographical expansion and the first encouraging contributions from innovations in new formats. At the same time, we continue to improve efficiency across all lines of the income statement, freeing up resources to reinvest in the most significant and profitable growth opportunities. “Looking ahead, we confirm our guidance for 2026 of organic net sales growth of around +3 per cent, despite the continuing challenging market environment,” concluded the CEO.

The scope of consolidation had a negative impact of 2.1 per cent on sales, as a result of the disposal of Cinzano and Averna, whilst the currency effect was -0.4 per cent, mainly attributable to the US dollar. Geographically, in Europe (46 per cent of the Group’s sales), sales grew by +3.8 per cent, driven mainly by the strong performance of Italia and the United Kingdom; in North America (36% of the Group’s sales), growth stood at 1%, with a positive contribution from all markets in the region. In Emerging Markets (11% of the Group’s sales), sales grew by +9.3%, whilst in Asia-Pacific and Global Travel Retail (7% of the Group’s sales), sales fell by 0.4%.