Campari Group has reported a solid and resilient performance for the first nine months of 2025, showing stability and strategic progress despite a persistently challenging operating environment.
The company’s third-quarter results confirmed positive momentum across all key regions, supported by robust brand performance, efficient cost management, and disciplined commercial execution.
Financial Overview
For the nine-month period ending September 2025, net sales reached EUR 2.281 billion, reflecting +1.5% organic growth and +0.2% on a reported basis. The result was supported by a +1.1% perimeter impact, primarily due to the Courvoisier acquisition, partially offset by agency brand terminations and co-packing adjustments. Adverse foreign exchange effects weighed in at -2.4%.
EBIT-adjusted stood at EUR 517 million, up +1.4% organically and +3.6% reported, corresponding to a 22.7% margin. EBITDA-adjusted increased +4.8% organically and +6.4% reported, reaching EUR 629 million and a 27.6% margin. The group pre-tax profit amounted to EUR 399 million, down -5.7% on a reported basis, with adjusted pre-tax profit at EUR 440 million (-2.6%). Meanwhile, the company continued deleveraging, with net debt to EBITDA-adjusted reduced to 2.9x, a notable improvement of 0.7x over the past twelve months.
Campari Group CEO Simon Hunt commented:
“In an ongoing challenging backdrop, we recorded resilient organic sales growth of +4.4% in the third quarter. Our pricing discipline and commercial execution drove sell-out outperformance across most markets. We continue to focus on cost containment, strategic investments, and balance sheet efficiency, supporting our long-term sustainable growth ambitions.”
Performance by Region
Americas (44% of total sales)
The Americas delivered +1% organic growth year-to-date, accelerating in Q3.
In the United States, sales were down -2% for the nine months but showed a positive trend in Q2 and Q3, driven by Espolòn, Courvoisier, and Campari, offsetting earlier destocking effects. Jamaica achieved +11% growth, supported by the recovery from last year’s hurricane and strong domestic demand. The rest of the region grew +3%, though Canada was affected by tariff-related trade disruptions (-13%).
EMEA (50% of total sales)
The EMEA region reported +2% growth, led by mixed performances across core markets.
Italy faced headwinds from consumer pressure in the on-premise sector, impacting Aperol, though Campari and Sarti Rosa performed well. Germany declined -3%, affected by de-listings and a competitive environment, but showed improvement in Q3. France grew +3%, supported by Aperol’s strong summer season, while the UK recorded a robust +11% increase, driven by aperitifs and Courvoisier. Other European markets, including Greece, Belgium, and GTR, expanded +6%, underscoring the region’s diversified growth.
Asia-Pacific (6% of total sales)
The APAC region advanced +5%, with broad-based growth.
Australia rose +6%, supported by strong double-digit gains in Aperol (+15%) and Espolòn RTD (+12%), partially offset by shipment phasing for Wild Turkey RTD. Emerging markets such as China, India, and South Korea also recorded growth, bolstered by Wild Turkey and Courvoisier’s reintroduction following the recent acquisition.
Performance by Brand House
House of Aperitifs (46% of total sales)
The category remained stable, with +1% growth overall.
While Aperol declined slightly (-1%) due to Italy’s on-premise weakness and German delistings, growth continued in other regions (+4%), supported by Sarti Rosa, Aperol Spritz, and Crodino’s double-digit expansion in non-alcoholic segments. Campari grew +2% in Q3 and +1% YTD, supported by the US and broader Americas.
House of Whiskey and Rum (14%)
This segment grew +5%, led by Wild Turkey (+14% in Q3), with strong US and Asian performance. Russell’s Reserve also grew, while the Jamaican rum portfolio expanded +16% (Q3: +45%) due to strong domestic and US demand for Wray & Nephew Overproof.
House of Agave (10%)
Agave spirits delivered +3% growth, with Espolòn leading (+3%), driven by Reposado (+11%) and expansion of RTDs in Australia. Montelobos also performed strongly in the US and Mexico.
House of Cognac and Champagne (9%)
This division rose +7%, led by Courvoisier (EUR 99 million in sales) with strong showings in the US, UK, and early recovery signs in China. Grand Marnier declined -14%, but stabilized in Q3. Lallier Champagne performed well (+13%), balancing softness in Bisquit.
Local Brands (21%)
Local brands decreased -2%, mainly due to the continued softness of SKYY (-2%) in the US, despite improvements in Argentina, Brazil, and China. Sparkling wines and vermouths grew +2%, maintaining steady contribution.
Source: Campari Group