Campari: Lagfin, agreement with Inland Revenue of 405 million over four years

Lagfin, the Luxembourg-based holding company of the Garavaglia family that controls Campari, has reached a settlement agreement with the Italian tax authorities that provides for the payment, diluted over a period of four years, of a total amount of €405 million, in exchange for the complete abandonment of the tax claim. By 31 December 2025, a first instalment of €152 million is expected to be paid, which Lagfin will meet with available and already set aside resources, and the balance in subsequent quarterly instalments of equal amounts starting from June 2027 until 30 September 2029.

Lagfin stresses in a note that it has 'always operated in full compliance with all applicable regulations, including the Italian tax law, and believes that the exit tax was not applicable'. "Despite the fact that the Garavaglia family's holding company "is certain that it would have prevailed in a dispute, the same would have inevitably continued for years, through the various levels of judgement, and this, while not being able to call into question Lagfin's control over Campari in any way, which could never have been affected, even in the event of losing the case, would have risked having a negative impact - the note continues - even on the Campari share price". Therefore, 'to protect all Campari shareholders, Lagfin has decided to enter into a settlement. Holding control of Campari is in fact at the heart of Lagfin's corporate purpose, which considers it its duty to do everything necessary to preserve the interests of those who have invested and will invest in Campari, keeping them unharmed by events that do not concern Campari," the note concludes.