In a year marked by geopolitical uncertainty, tariff pressures and uneven consumer demand, Campari Group closed 2025 with resilient organic growth across both topline and profitability metrics.
The Group reported organic net sales growth of +2.4% to €3,051 million, alongside a stronger +5.4% organic increase in EBIT-adjusted, confirming the strength of its portfolio and execution.
Excluding the impact of the hurricane in Jamaica, underlying organic growth would have reached +3%, highlighting the robustness of core demand trends. Importantly, organic growth was achieved across 24 countries, all regions, and all brand houses.
Profitability Strengthened Despite Tariff Headwinds
EBIT-adjusted reached €637 million with a 20.9% margin, reflecting +60 basis points of organic accretion. EBITDA-adjusted rose +7.6% organically to €785 million, with margin expanding to 25.7%.
Gross margin benefitted from COGS efficiencies and mix improvements, despite the impact of US tariffs. Meanwhile, disciplined SG&A containment generated +70 basis points of margin accretion, partially offsetting the deliberate step-up in advertising and promotional investments (+8.7% organically), aligned with the Group’s new portfolio strategy focused on “fewer, bigger bets.”
Net profit-adjusted increased +2.7% to €386 million, while reported net profit surged +71.7% to €346 million. EPS-adjusted stood at €0.32 (+2.7%).
Strong Cash Generation and Faster Deleveraging
Recurring free cash flow reached €571 million with a 73% conversion rate. Net financial debt declined to €1,958 million, bringing leverage down to 2.5x EBITDA — significantly below the 3.6x peak following the Courvoisier acquisition in 2024 and achieving the deleveraging target one year ahead of plan. Including treasury shares, leverage would stand at 2.2x.
This financial strength enabled the proposal of a €0.100 per share dividend, up +54% year-on-year.
CEO Simon Hunt emphasized resilience and strategic clarity: the Group not only outperformed the industry in sell-out terms — gaining share in nearly all markets — but also retained financial flexibility while accelerating shareholder returns.
Regional Performance Overview
- Americas (44% of sales): +2% growth. The US remained flat amid challenging conditions, with aperitifs and tequila offsetting softness in SKYY. Jamaica grew +1% despite hurricane disruption (underlying +15%).
- EMEA (50% of sales): +2% growth. The UK (+7%) and France performed strongly, driven by aperitifs and Courvoisier. Germany was impacted by de-listings but would have grown +3% excluding these effects.
- APAC (6% of sales): +4% growth, led by Australia (+7%) supported by Aperol and Espolòn.
Brand House Highlights
- House of Aperitifs (44% of sales): +2%, driven by Aperol, Sarti Rosa (triple-digit growth), and Crodino.
- House of Agave (10%): +3%, with Espolòn Reposado (+8%) and strong growth in seeding markets.
- House of Whiskey & Rum (14%): +2%, supported by Jamaican rum portfolio (+9%).
- House of Cognac & Champagne (10%): +14%, including Courvoisier contribution (€157 million).
- Local Brands (22%): -1%, with innovation in Argentina partially offsetting US category softness.
2026 Outlook: Disciplined Growth Amid Tariffs
For 2026, Campari expects continued organic topline growth and industry outperformance under stable but challenging conditions. EBIT-adjusted margin expansion is anticipated, though partially offset by an estimated €30 million tariff impact.
The Group confirms:
- No compromise on brand investments
- Continued SG&A efficiency (targeting 200bps benefit by 2027)
- Focus on portfolio streamlining (c.3% non-core brands disposed)
- Enhanced shareholder returns supported by strong cash generation
In the medium term, Campari targets mid-to-high single-digit organic growth, supported by premiumization, disciplined mix management and digital optimization.
Despite macroeconomic volatility, 2025 demonstrated that Campari’s strategy — centered on brand focus, operational discipline and geographic expansion — is delivering margin-accretive, cash-generative growth.
Source: Campari Group