Slides
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Results Presentation First Quarter ended 31st March 2025 8th of May 2025
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Prudent approach in the current uncertain environment with continuous focus on long-term brand building and solidity of the business • Soft start to the year as expected in a backdrop of heightened macroeconomic volatility in our smallest and lowest seasonality quarter, impacted also by Easter timing and amplified by phasing • Outperformance continuing on sell-out across most geographies with strong bounce-back in April in markets impacted by Easter timing • Profitability also impacted by phasing of A&P and SG&A, as previously guided • Strong focus on protecting the present and positioning for the future: 2 Portfolio & Commercial Approach • Geographic expansion of brands ongoing utilising existing footprint • Emphasis on quality of commercial execution and pricing discipline Costs & Investments Balance Sheet & Capital Allocation • SG&A containment program on-track and expected to release benefits in H2, as previously guided. A&P investments continuing • Completion of extraordinary capex program on track • Strong balance sheet discipline with ongoing management of debt position to bring leverage to normalized levels • Progress on portfolio streamlining and not foreseeing acquisitions
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3 Net sales drivers in Q1 Net sales Q1 organic change contribution % absolute -4.2% -€28 mln Easter timing -1.5% -€10 mln US logistic delays -1.6% -€11 mln Underlying performance -1.1% -€7 mln €21 million phasing impacts, to reverse in the remainder of the year LSD negative underlying performance impacted mainly by the US and decrease in bulk sales in the UK. Rest of the world +1%
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Outperformance vs Spirits Sector Outperformance in sell-out across almost all markets, especially with strong bounce back in April in markets impacted by Easter timing and ongoing strong focus on price/mix in an uncertain market backdrop Notes: Sell-out data based on US Nielsen off-premise including liquor channel and excluding RTD (29nd of March for Q1 and 19th of April), NABCA excluding RTD (March) and Nielsen on-premise excluding RTD (22nd of February). Sell-out data based on Nielsen off-premise as of 23rd of March for Q1 and 20th of April for Germany and UK. Italy based on Circana data (23rd of March for Q1 and 20th of April) including only off-premise and France based on Circana data (30th March) including only off-premise. Total EMEA sell-out also including Switzerland, Benelux, Spain, Austria, Czech Rep, Slovakia, Greece, Hungary, Denmark. All Campari data excluding Courvoisier US Q1 2025 Value Growth Spirits Sector EMEA -11% -2% -2% -3% -4% 2% 0% Nielsen off-prem NABCA Nielsen on-prem Shipments Nielsen off-prem NABCA Nielsen on-prem • Sell-out aligned to sector in off-premise while NABCA and on-premise showing outperformance with ongoing pricing discipline. LSD growth ongoing across all channels in 12- month trailing data • Performance mainly driven by key accelerator brands: Aperol and Espolòn across all channels Q1 2025 Price / Mix 2% 1% 1% 0% 3% 3% Campari Group Italy Germany France UK • Sell-out outperformance / in line across almost all markets in sell-out with April YTD data showing strong bounce back following impact of Easter timing • Italy trending slightly below sector but with strong focus on on-premise activations to position ahead of peak season. Outperformance in UK, France and Germany in a subdued sector backdrop -3% 1% 2% -10% 0% -3% -2% -3% -6% 10% 5% -2% Circana off-prem Shipments Nielsen off-prem Shipments Circana off-prem Shipments Nielsen off-prem Shipments +1%EMEA -2% Campari Group Spirits Sector -3% Shipments 4 * * Excluding bulk * +2% +3%-2% -2% +2% +1% +8% -1% +13% -1% YTD - April
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House of Agave Net Sales Organic Growth and Weight Breakdown Performance impacted by uncertain macroeconomic environment, Easter timing, phasing and logistic delays HOUSE OF APERITIFS 44%AMERICAS 47% EMEA 46% APAC 7% AMERICAS EMEA APAC +2% +2% -20% Q1 2024 -6% -4% +11% Q1 2025 House of Aperitifs House of Whiskeys & Rum 5Notes: Brand composition and growth based on new Houses of Brands operating model. Details in annex. Courvoisier consolidated as of May 2024. (1) Including Salignac Q1 2025 net sales with +0.3% total growth of which -4.2% organic (CAGR vs 2019: +9%), +4.3% perimeter impact (€29 million) mainly driven by Courvoisier (€32 million1) and +0.2% FX effect ( €1 million) +8% +10% +10% CAGR ‘19 House of Cognac & Champagne HOUSE OF WHISKEYS & RUM 15% HOUSE OF AGAVE 9% HOUSE OF COGNAC & CHAMPAGNE 10% LOCAL BRANDS 22% Local Brands -1% -2% -2% Q1 2025 -13% -9% +6% -11% +6% Q1 2024 +9% -5% +14% +7% +25% CAGR ‘19 -2% +2% USA; 29% Jamaica; 5% Others; 13% Australia; 4%Others; 3% Italy; 16% Germany; 6% France; 5% United Kingdom; 4% Others; 15% Aperol; 23% Campari; 12% Crodino and Other Aperitifs; 9% Espolòn; 8%Other Agave Brands; 1% Wild Turkey & Russell’s Reserve; 6% Jamaican Rum Portfolio; 5% Other Whiskeys & Rum; 4% Grand Marnier; 4% Courvoisier; 5% Other Cognac & Champagne; 0.4% Local Brands; 22%
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Highly volatile operating environment and threat of tariffs leading to destocking, mainly in SKYY , Grand Marnier and Wild Turkey.Excluding logistic delays in Q1, performance -5%. Espolòn impacted by tough comparison base and softness in Blanco trends. Aperol remaining resilient Americas -6% mainly due to impact of weak operating environment and logistic delays in the US USA -11%29% Jamaican brands driving growth off a low base given supply constraints last year. Normalisation in the local operating environment also supporting, following the impacts of the hurricane in July 2024 Positive performance across rest of Americas (+7%) mainly driven by Aperol and SKYY , except for Brazil due to high comparison base (Q1 2024: +77%, 2-year stack +24%) Weight in Sales Organic Sales Growth AMERICAS Q1 CAGR ‘19 +5% Jamaica +5%5% +8% Others -2%13% +13% 6 47% -6% Q1 organic change
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EMEA -4% impacted by Easter timing in aperitifs mainly in core Italy and Germany Easter timing impacting most aperitifs while Aperol remaining resilient supported by dedicated activations on an easy comparison base. Flat performance excluding Easter impactItaly Germany France -3% -10% -2% 16% Easter timing and high comparison base in Aperol (Q1 2024: +25%) offsetting ongoing solid performance in aperitif brand Sarti Rosa, reaching 9% of Germany sales. Flat performance excluding Easter impact 6% Slight negative trend in an ongoing subdued market environment mainly due to local brands despite resilient performance in Aperitifs (+3%)5% EMEA Weight in Sales Organic Sales Growth Q1 CAGR ‘19 +6% +7% +44%1 UK Strong double-digit underlying growth driven by Aperitifs, mainly Aperol4% +16% Others -2% Ongoing growth in Aperitifs (+2%) mainly driven by GTR and Greece more than offset by softer trends mainly in South Africa and the Netherlands15% +12% (1) Impacted by change in RTM with direct distribution as of 2021 7 46% -4% Q1 organic change -13% (+10% excl. bulk sale)
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APAC +11% mainly driven by excellent execution in peak season in Australia as well as positive trends in China and South Korea Excellent execution in aperitifs at the Australian Open with accelerated focus on on-premise activations. Wild Turkey RTD and bottle benefitting from easy comparison base. Espolòn and Espolòn RTD reached 7% of country sales with solid growth Australia Others +16% +4% 4% China benefitting from prior RTM investments and South Korea growing off an easy comparison base. Performance driven by Wild Turkey bottle/RTD as well as Russell’s Reserve and SKYY3% 8 ASIA PACIFIC Weight in Sales Organic Sales Growth Q1 CAGR ‘19 +7% +16% 7% +11% Q1 organic change
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H O U S E S O F B R A N D S S T R U C T U R E A P E R I T I F S W H I S K E Y & R U M A G A V E C O G N A C & C H A M P A G N E Aperol | Campari | Sarti Rosa | Crodino | Picon | Cynar | Campari Soda | Aperol Spritz Wild Turkey | Russell’s Reserve | American Honey | The Glen Grant | Wilderness Trail | Appleton Estate | Wray & Nephew | Wild Turkey RTD Espolòn | Montelobos | Cabo Wabo | Ancho Reyes | Espolòn RTD Courvoisier | Grand Marnier | Lallier | Bisquit&Dubouché 9 House of Brands structure ensures increased synergies and efficiency, a brand-forward approach while effectively leveraging geographic expansion opportunities
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House of Aperitifs resilient with -1% despite Easter timing Aperol Campari 0% -5% 23% Trend impacted by Americas due to high comparison base in Brazil and softer trend in the US as well as Easter timing in Italy. Rest of EMEA trending positively (+8% excluding Italy) driven by acceleration in spritz trend 12% 10 HOUSE OF APERITIFS Weight in Sales Organic Sales Growth Q1 CAGR ‘19 +17% +13% 7% -6% FY; +4% Q4 organic change Crodino & Other Aperitifs +2%9% +9% Note: Other Aperitifs includes Cynar, Sarti Rosa, Aperol Spritz, Campari Soda, Picon and other smaller brands Crodino with resilient performance across EMEA while Italy impacted by Easter timing. Other aperitif brands continuing to grow supporting leadership position in the aperitif category Solid growth in the Americas (+8%) offset by Easter timing impact in EMEA. US flat despite high comparison base (+15% in Q1 2024) with 2-year stack at +7%. Resilient overall trend in the rest of EMEA including Italy (+2%) while Germany impacted by high comparison base 44% -1% Q1 organic change
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House of Whiskey & Rum -2%, House of Agave -2% Soft trend in core US offsetting solid growth in APAC, including core Australia and South Korea, as well as EMEA off a small base. Russell’s Reserve resilient, especially in Single Barrel variant, in line with premiumisation strategy Wild Turkey & Russell’s Reserve Jamaican Rum Portfolio Other Whiskey -6% +5% -6% 6% Core markets positive (Jamaica, US and UK) off an easy comparison base due to supply shortages last year and solid underlying trends5% 4% Espolòn -5% Core US impacted by decline in Blanco due to discipline in promo/pricing given tariff uncertainty as well as logistic delays, partially offset by solid trend in Reposado (+5%). Seeding markets growing off a small base, in line with international expansion strategy, especially GTR, Australia and Canada8% Other +29%1% HOUSE OF WHISKEY & RUM Weight in Sales Organic Sales Growth Q1 CAGR ‘19 +8% +10% +2% +27% +12% HOUSE OF AGAVE Pressure across all other whiskey, in line with category trends. Wild Turkey RTD with solid growth in Australia, its core market Strong trend driven by Montelobos and Ancho Reyes in the Americas as well as Espolòn RTD in core Australia Note: Other Whiskey includes American Honey, Glen Grant, Wild Turkey and American Honey RTD and other smaller brands. Other Tequila includes Cabo Wabo, Montelobos, Ancho Reyes and Espolòn RTD 11 15% -2% Q1 organic change 9% -2% Q1 organic change
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House of Cognac & Champagne impacted by challenging operating environment with ongoing focus on Courvoisier positioning Negative performance driven by core US mainly due to logistic delays as well as some destocking and focus on pricing in a highly competitive market. Focus on protecting brand equity Grand Marnier Courvoisier Other Cognac & Champagne -12% - -22% 4% 5% 0.4% HOUSE OF COGNAC & CHAMPAGNE Weight in Sales Organic Sales Growth Q1 CAGR ‘19 - -3% - +27% LOCAL BRANDS Progressive investment in the US and UK with ongoing definition of plan for APAC given current volatile environment. Brand to be consolidated into organic growth as of May 2025 Challenging operating environment leading to some weakness across brands in a small quarter as well as a reduction in non-core bulk and co-packing activities SKYY -8% -1%5% Sparkling Wines & Vermouth -5% +10%4% Other -11% +1%13% Trend impacted by Bisquit&Dubouché in South Africa as well as Lallier in the US and France, offsetting positive trend across various other countries Performance mainly impacted by Mondoro and partially offset by Riccadonna Q1 2025 sales: €32 mln in perimeter Note: Other Cognac & Champagne includes Lallier, Bisquit&Dubouché and Salignac. Other in local brands includes agency brands as well as bulk & co -packing, representing 4% of total Group sales. Courvoisier includes Salignac Negative trend in Core US, in line with other major players in the category, as well as supply issues more than offsetting growth in the rest of Americas as well as APAC 12 10% -13% Q1 organic change 22% -9% Q1 organic change
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13 Simon with Camparistas around the world
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14 Cost Containment Program Portfolio Streamlining Strategy Definition Update on strategic priorities • Business streamlining to enhance focus on core priority brands • Divestment of local bottling plant in Australia with closing expected by mid-2025. Move to outsourced bottling of local portfolio to increase efficiency and effectiveness • Streamlining of agency brand agreements • Timing of further potential disposals to be based on optimisation of proceeds • Cost containment program progressing on track to yield 50bps benefit on sales in 2025 (200bps in 3 years by 2027) • >70% of actions already started / ongoing with benefits to be visible from H2 onwards, as previously guided • Q1 already showing slowdown despite low base, to continue throughout the year • Strong focus in the organisation on building the strategic roadmap ahead. Houses focused on the consumer/brand and Regions focused on the customer/activations • Definition of portfolio strategy and brand ambition, focusing on key brand-market combinations to drive investment prioritisation and grounded in our areas of key competitive advantage 2 4 6 8 10 12 14 16 18 20 4% Q1 24 8% Q2 24 11% Q3 24 11% Q4 24 5% Q1 25 Quarterly SG&A Organic Growth Trend
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15 Australian Open Takeover & Full 360 activations
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16 Alps Takeover in more than 100 on-premise outlets in 24 ski resorts
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17 Partnership with THE ICE including Aperol, Campari and Lallier activations
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Campari: Berlinale, Ostend Film Festival, SAG Awards
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151.5 -16.5 -2.1 -7.6 10.7 136.1 Q1 2024 Gross margin A&P SG&A FX&Perimeter Q1 2025 • EBIT-adj. -17.2% organic with margin -310bps organic driven by: - Flat gross margin mainly driven by positive COGS evolution from supportive Agave costs and other input costs offset by negative mix due to lower share of US with minimal contribution from pricing. Espolòn gross margin nearing Group average in Q1 - A&P -90bps margin dilutive mainly due to accelerated on-premise activations for aperitifs including de-seasonalisation efforts in EMEA and peak season in Australia. A&P to sales of 13.8% (vs 12.9% in 2024). Full year expected to be in the normalised range of 17- 17.5% - SG&A -220bps margin dilutive impacted by low base of Q1 2024, carry-over effect from previous quarters and muted sales with cost containment efforts on-track and to be visible in H2 • EBIT-adj. reported change of -10.2% with perimeter effect of +2.5% (or €3.7 million, -30bps dilutive) mainly including Courvoisier contribution and FX effect of +4.6% (or €7.0 million, +100bps accretive) driven by devaluation of MXN flat -90bps -220bps -310bps organic EBIT-adj. impacted mainly by carryover effect of SG&A and A&P phasing despite flat gross margin in a small quarter Notes: Bps rounded to the nearest ten Q1 2024 incorporates reclassification between COGS and SG&A related to Supply Chain functions that have progressively evolved into administrative and coordination roles in the new operating model. Q1 2024 impact: €6.0 million 19 20.4% Note: Figures in € million +70bps 22.8% -17.2% Organic Growth A&P CAAP SG&A EBIT-adj.Net Sales Gross Profit -4.2% -4.3% +2.4% -6.1% +5.1% +7.1% FX & Perimeter -10.2% EBIT-adj. reported
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Q1 2025 Q1 2024 Change Change € million % sales € million % sales % € million EBIT-adj. 136.1 20.4% 151.5 22.8% (10.2)% (15.4) Operating adjustments (7.0) (1.1)% (2.2) (0.3)% 215.7% (4.8) Operating profit = EBIT 129.1 19.4% 149.2 22.5% (13.5)% (20.2) Financial income (expenses) (21.8) (3.3)% (11.9) (1.8)% 83.2% (9.9) Total financial income (expenses) before exchange gain (losses) (25.1) (3.8)% (12.1) (1.8)% 107.8% (13.0) Exchange gain (losses) 3.4 0.5% 0.2 0.0% 1493.0% 3.1 Hyperinflation effects and earn-out remeasurement 0.2 0.0% 8.1 1.2% (97.9)% (7.9) Profit (loss) related to associates and joint ventures (0.7) (0.1)% (1.1) (0.2)% (37.6)% 0.4 Pre-tax profit 106.7 16.0% 144.3 21.7% (26.0)% (37.5) Pre-tax profit-adj. 113.7 17.1% 146.5 22.1% (22.4)% (32.8) Non-controlling interest before tax (0.4) (0.1)% (0.7) (0.1)% (50.5)% 0.4 Group pre-tax profit 107.1 16.1% 145.0 21.9% (26.1)% (37.9) Group pre-tax profit-adj. 114.1 17.1% 147.3 22.2% (22.5)% (33.2) • Operating adjustments of €(7.0) million mainly driven by impairment of assets in connection with plant disposal • Total financial income (expenses)at €(21.8) million including: - Exchange gains (losses) of €3.4 million (vs €0.2 million in Q1 2024) benefitting from supportive trend in exchange rates - Excluding this, financial income (expenses) at €(25.1) million, aligned to expected run-rate, vs €(12.1) million in Q1 2024 which included benefit of interest income on higher cash position ahead of closing of Courvoisier acquisition. Average cost of net debt at 4.2% vs 3.1% in Q1 2024 which benefitted from higher cash position, excluding which, the ratio would have been 4.2% and therefore stable • Minimal impact of hyperinflation effects and earn-out remeasurement (€0.2 million) and profit (loss) related to associates and joint venture (€(0.7) million). Base of Q1 2024 impacted by hyperinflation in Argentina • Pre-tax profit-adj of €113.7 million, down -22.4%; Pre-tax profit of €106.7 million Group pre-tax profit 20
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€ million 31 March 2025 31 December 2024 Change Short-term cash (debt) 231.2 336.9 (105.7) - Cash and cash equivalents 586.7 666.3 (79.6) - Bonds - - - - Bank loans (324.8) (289.6) (35.2) - Others financial assets and liabilities (30.7) (39.8) 9.2 Medium to long-term cash (debt) (2,527.5) (2,545.3) 17.8 - Bonds (1,582.6) (1,580.3) (2.2) - Bank loans (899.2) (916.5) 17.3 - Others financial assets and liabilities (45.7) (48.5) 2.8 Liabilities for put option and earn-out payments (1) (163.7) (168.4) 4.7 Net cash (debt) (2,460.1) (2,376.9) (83.2) • Net financial debt at €2,460 million, relatively stable vs 31 December 2024 (+€83 million) with cash and cash equivalents at €587 million, down €(80) million vs 31 December 2024 mainly due to CAPEX initiatives and other commitments • Net debt to EBITDA-adj. at 3.4x (including earn-out and put options for a total amount of €163.7 million) compared to 3.2x in 2024 Net debt relatively stable vs year-end 2024 with leverage at 3.4x 21 (1) Including commitments for future minority purchases and and earn-outs (mainly Wilderness Trail Distillery, LLC & Courvoisier )
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Outlook
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Outlook (1) Refers to guidance provided on the 4th of March (2) Tariff impact based on 10% on European goods imported into the US for 90 days from 8th of April and 20% thereafter and 20% on Jamaican imports 23 Current uncertain macroeconomic environment and low visibility leading to continued economic pressure on consumers and uncertainty on trade in connection with tariffs In this backdrop, we remain prudent for the short-term with focus on what we can control (effective balance sheet and cost management as well as commercial execution and pricing discipline, with focus on portfolio streamlining while not foreseeing acquisitions) For 2025, previously provided guidance(1) remains the target, recognising that visibility is low. Expected negative impact from tariffs(1), not included in guidance, of c.€25 million on EBIT in 2025 before possible mitigation actions. Regarding FX, weakening USD with potential additional negative impact 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 before impact of potential tariffs • 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 supported also by key company initiatives delivering 200 bps overall benefit on net sales in 3 years by 2027 and increased efficiency in brand building spend
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Annex
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change % of which: Q1 2025 Q1 2024 Total change Organic margin change Organic Perimeter FX € million % sales € million % sales % bps % % % Net sales 665.6 100.0% 663.5 100.0% 0.3% -4.2% 4.3% 0.2% COGS (274.4) (41.2)% (276.3) (41.6)% (0.7)% 0 -4.2% 6.3% -2.8% Gross profit 391.2 58.8% 387.2 58.4% 1.0% 0 -4.3% 2.9% 2.4% A&P (92.1) (13.8)% (85.5) (12.9)% 7.7% -90 2.4% 4.6% 0.7% Contribution after A&P 299.1 44.9% 301.7 45.5% (0.9)% -90 -6.1% 2.4% 2.8% SG&A (163.0) (24.5)% (150.3) (22.6)% 8.5% -220 5.1% 2.4% 1.0% EBIT-adj. 136.1 20.4% 151.5 22.8% (10.2)% -310 -17.2% 2.5% 4.6% Operating adjustments (7.0) (1.1)% (2.2) (0.3)% 215.7% Operating profit (EBIT) 129.1 19.4% 149.2 22.5% (13.5)% Financial income (expenses) (21.8) (3.3)% (11.9) (1.8)% 83.2% Earn-out income (expenses) and hyperinflation effects 0.2 0.0% 8.1 1.2% (97.9)% Profit (loss) related to associates and joint ventures (0.7) (0.1)% (1.1) (0.2)% (37.6)% Pre-tax profit 106.7 16.0% 144.3 21.7% (26.0)% Pre-tax profit-adj. 113.7 17.1% 146.5 22.1% (22.4)% Non-controlling interests before tax (0.4) (0.1)% (0.7) (0.1)% (50.5)% Group pre-tax profit 107.1 16.1% 145.0 21.9% (26.1)% Group pre-tax profit-adj. 114.1 17.1% 147.3 22.2% (22.5)% Total depreciation and amortisation (37.6) (5.6)% (29.6) (4.5)% 26.9% 21.5% 7.0% -1.6% EBITDA-adj. 173.7 26.1% 181.1 27.3% (4.1)% -10.9% 3.2% 3.6% EBITDA 166.7 25.0% 178.9 27.0% (6.8)% Q1 2025 Consolidated P&L 25 COGS = cost of materials, production and logistics expenses SG&A = selling, general and administrative expenses Bps rounded to the nearest ten Note: Q1 2024 incorporates reclassification between COGS and SG&A related to Supply Chain functions that have progressively evolved into administrative and coordination roles in the new operating model. Q1 2024 impact: €6.0 million (Q2: €6.9 million, Q3: €6.2 million, Q4: €6.5 million ; FY 2024: €25.6 million)
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Q1 2025 Q1 2024 change % of which: € million % sales € million % sales Total Organic Perimeter FX House of Aperiitifs 289.6 43.5% 294.1 44.3% (1.5)% (1.4)% - (0.1)% House of Whiskey & Rum 99.8 15.0% 100.8 15.2% (1.0)% (2.3)% - 1.3% House of Agave 63.1 9.5% 62.6 9.4% 0.7% (1.6)% - 2.3% House of Cognac & Champagne 64.2 9.6% 36.3 5.5% 76.6 % (13.4)% 88.3 % 1.7% Local Brands 149.0 22.4% 169.6 25.6% (12.2)% (9.3)% (2.0)% (0.9)% Total 665.6 100.0% 663.5 100.0 % 0.3 % (4.2)% 4.3 % 0.2 % Q1 2025 Q1 2024 change % of which: € million % sales € million % sales Total Organic Perimeter FX AMERICAS 315.0 47.3% 321.4 48.4% (2.0)% (6.5)% 4.1% 0.4% USA 192.9 29.0% 193.9 29.2% (0.5)% (10.6)% 7.3% 2.8% Jamaica 34.9 5.2% 34.5 5.2% 1.3% 4.5% (5.3)% 2.0% Other countries 87.2 13.1% 93.0 14.0% (6.3)% (1.9)% 0.8% (5.2)% EMEA 305.9 46.0% 301.5 45.4% 1.5% (3.9)% 5.1% 0.3 % Italy 109.3 16.4% 112.2 16.9% (2.5)% (2.8)% 0.3% - France 32.3 4.9% 32.8 4.9% (1.5)% (1.6)% - - Germany 38.6 5.8% 42.6 6.4% (9.6)% (10.1)% 0.5% - United Kingdom 23.9 3.6% 16.8 2.5% 42.3% (12.6)% 52.7% 2.1% Other countries 101.8 15.3% 97.1 14.6% 4.9% (1.7)% 6.1% 0.5% APAC 44.7 6.7% 40.6 6.1% 10.2% 10.9 % 1.1% (1.8)% Australia 26.3 4.0% 23.1 3.5% 14.0% 16.4% (0.6)% (1.8)% Other countries 18.4 2.8% 17.5 2.6% 5.1% 3.5% 3.3% (1.8)% Total 665.6 100.0 % 663.5 100.0% 0.3% (4.2)% 4.3% 0.2% Net sales by region & key market Net sales by Houses of Brands 26
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Eurobonds and Term loans composition as of 31 March 2025 Financial debt (1) Floating interest rate linked to SOFR + spread (2) Floating interest rate linked to Euribor + spread and sustainability-linked (3) Floating interest rate linked to Euribor + spread 27 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 23.3% Dec 6, 2022 Dec-27 Term Loan (1) USD 5.99% 365 337 5 years 14.3% May 5, 2023 Jun-29 Sustainability linked Term Loan (2) EUR 3.81% 400 400 6 years 17.0% May 11, 2023 May-30 Unrated Eurobond EUR 4.71% 300 300 7 years 12.7% Jan 10, 2024 Jan-29 Convertible bond EUR 2.38% 550 550 5 years 23.3% June 18, 2024 Jun-31 Unrated Eurobond EUR 4.26% 220 220 7 years 9.3% Total nominal long-term gross debt 2,357 100% Average nominal coupon 3.34%
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Average exchange rates Period end exchange rate Q1 2025 Q1 2024 Change 31 March 2025 31 December 2024 Change US Dollar 1.052 1.086 3.2% 1.082 1.039 (3.9)% Canadian Dollar 1.511 1.464 (3.1)% 1.553 1.495 (3.8)% Jamaican Dollars 165.265 168.687 2.1% 170.289 161.513 (5.2)% Mexican peso 21.499 18.443 (14.2)% 22.063 21.550 (2.3)% Brazilian Real 6.161 5.376 (12.7)% 6.251 6.425 2.8% Argentine Peso (1) 1,158.150 927.230 (19.9)% 1,158.150 1,070.806 (7.5)% Russian Ruble (2) 98.348 98.684 0.3% 93.170 116.562 25.1% Great Britain Pounds 0.836 0.856 2.5% 0.835 0.829 (0.7)% Swiss Franc 0.946 0.950 0.4% 0.953 0.941 (1.2)% Australian Dollar 1.677 1.651 (1.5)% 1.732 1.677 (3.2)% Yuan Renminbi 7.655 7.805 2.0% 7.844 7.583 (3.3)% (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 Exchange rates effects 28
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Shareholding structure As of 31 March 2025 (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 Note: Total number of shares including the maximum amount of convertible shares of 44,489,500 corresponding to 1,275,757,238 29 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 637,774,699 51.80% 31,700,000 592,416,000 2,401,364,000 3,039,138,699 82.61% Other shareholders 562,620,244 45.69% 228,448 1,565,404 6,490,064 569,110,308 15.47% Treasury shares (3) 30,872,795 2.51% 39,768,490 40,000 39,928,490 70,801,285 1.92% Total 1,231,267,738 100.00% 71,696,938 594,021,404 2,447,782,554 3,679,050,292 100.00%
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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 forward- looking 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 three months ended 31 March 2025. Disclaimer 30
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