Slides
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Results Presentation First Nine Months ended 30th September 2025 29th of October 2025
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Performance on-track with continued outperformance Industry outperformance continuing albeit with impact of challenging environment across all regions Solid profitability progression supported by gross margin accretion and visible SG&A savings more than offsetting ongoing increase in brand building investments as planned Full-year topline of moderate organic growth guidance confirmed incorporating a resilient Q3 performance. Guidance of flattish EBIT-adj. margin organic trend remains in place but now with tariff impact absorbed 2 Portfolio & Commercial Approach • Geographic expansion of brands ongoing utilising existing footprint supported by marketing campaigns • Continuous focus on quality of commercial execution and pricing discipline Costs & Investments Balance Sheet & Capital Allocation • No compromise on brand building investments funded by visible deceleration in SG&A trend as planned as well as COGS efficiencies • Completion of extraordinary capex programon track • Advancement in portfolio streamlining with Tannico disposal in Q3 after Cinzano and Australian plant disposals in H1. No further acquisitions currently foreseen • Leverage ratio down 0.7x to 2.9x in 12 months driven by business momentum and disciplined approach
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Despite the challenging operating backdrop, we continue to grow organically across all regions with solid momentum 3 -3.9% 3.8% 4.0% -6.5% 3.7% 5.0% 10.9% -1.2% 6.0% Q1 Q2 CAMPARI GROUP AMERICASEMEA APAC 9M 24 9M 25 2.1% 1.5% -4.2% 3.5% 4.4% Net sales at €2,281 mln in 9M with +0.2% total growth of which: • +1.5% organic growth (Q3: 4.4%) with positive trend across all regions • US logistics delay impact of €11 mln from Q1 largely recovered in Q2 and Q3 • Germany de-listing impact of €8 mln (€3 mln in Q3) • +1.1% perimeter impact of + €24 mln mainly driven by Courvoisier up to April net of agency brands and co-packing • -2.4% FX effect of €(55) mln mainly driven by USD and Latin American currencies -1% +2% Underlying performance Notes: Local Portfolio organic change in 9M 2025 -2% (Q3: +2%) vs -3% in 9M 2024 Q3 +4.4%+2%
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+2% Outperformance vs Spirits Sector Outperformance in sell-out across almost all markets during peak season in Q3 in a challenging backdrop Notes: US sell-out data based on Nielsen off-premise including liquor channel and excluding RTD (4th of October), NABCA excluding RTD (September) and Nielsen on-premise excluding RTD (52-week data available only). Europe sell-out data based on Nielsen off-premise for Germany (21st of October) and UK (16th of October); Circana off-premise for Italy (14th of October) and Circana off-premise for France (22nd of October). Total EMEA sell-out also includes Switzerland, Benelux, Spain, Austria, Czech Rep, Slovakia, Greece, Hungary, Denmark. All data including Courvoisier and sector excluding RTD US 9M Value Growth Spirits Sector sell-out EMEA 9M Value Growth • In the US, ongoing outperformance in strategic on-premise and NABCA, driven by aperitifs and tequila • In EMEA, outperformance across all markets • Overall, shipments and sell-out relatively aligned across the US and EMEA Campari Group sell-out Italy Germany France UK +2% +1% -4% -5% +1% -3% +7% -2% Circana off-prem Nielsen off-prem Circana off-prem Nielsen off-prem EMEA -2% Campari Group Spirits Sector 4 H1 Q3 9M Aperol, Campari & Espolòn flat (Q3: -3%) +12%+9% (Q3: +8%) Rest of the portfolio -6% (Q3: -8%) -3%-7% (Q3: -7%) Spirits sector -3% (Q3: -4%) +1%-3% (Q3: -2%) Campari Group -4% (Q3: -6%) +5%-1% (Q3: -1%) Δ -1pp +4pp % in total: Nielsen off-prem NABCA Nielsen on-prem 37% 42% 56% +2% +1% +2% +1% -5% -5% -3% -6% +1% +1% 0% -2% +6% -2% +9% -2% +2% ShipmentsUS -2% Shipments +2pp
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9M performance supported by positive trend in Q2 (+3%) and Q3 (+1%) in an ongoing challenging backdrop but offset by destocking impact in Q1. 9M trend mainly driven by Espolòn, Courvoisier, Wray&Nephew Overproof and stable trend in aperitifs with positive Campari offsetting inventory alignment post-tariff volatility in Aperol in Q3. Continued category and brand softness in SKYY Americas +1% supported by acceleration in Q3 (+5%) with solid trend across the region USA -2% Solid growth of +11% in 9M with strong Q3 due to base effect of hurricane last year as well as supportive underlying market trends. Growth primarily driven by Wray&Nephew Overpoof and Magnum Tonic Wine Positive trend across the region in 9M with flat Q3 trend impacted mainly by Canada (-13%) due to trade disruption in connection with tariffs. Campari Group became #2 premium spirits player in Brazil supported by strength of Campari and Brazilian Brands Organic Sales Growth AMERICAS 9M Jamaica +11% Others +3% 5 28% 5% 11% USA Jamaica Others 44% +1% 9M , +5% Q3 organic change +1% +52% Q3 +0.5%
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EMEA +2% in 9M (+4% in Q3) with broad-based growth across almost all countries Trend impacted by challenging market conditions in the on-premise due to pressured consumer leading to impact on Aperol. Portfolio approach driving resilience with growth across other spirits including Campari and especially Sarti Rosa Italy Germany France -2% -3% +3% Positive underlying performance in Q3 in a very challenging market backdrop and incorporating impact of de-listing (€3 mln in Q3 impacting mainly Aperol) with growth mainly driven by Sarti Rosa. Sarti Rosa now contributing >10% of net sales and becoming #2 biggest brand in Campari Group’s net sales in Germany after Aperol Positive performance in 9M mainly driven by Aperol with +6% growth in Q3 incorporating impact of peak season and favourable comparison base EMEA Organic Sales Growth 9M UK Strong double-digit growth with acceleration in Q3 driven by aperitifs, mainly Aperol and Aperol Spritz, as well as Courvoisier, supported by the ongoing marketing campaign Others +6% 16% 8% 6% 4% 16% Italy Germany France UK Others Positive trend across all countries in 9M, especially Greece, Belgium and GTR driven by aperitifs and Courvoisier 6 50% +2% 9M, +4% Q3 organic change +11% -3% +1% +6% +22% +7% Q3 +17% excl. one-off bulk sale
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APAC +5% in 9M (+6% in Q3) supported by positive momentum across the region Solid +6% growth in 9M with Q3 performance incorporating +15% growth in Aperol supported by strong focus on activations and +12% growth in Espolòn bottle/RTD, which continues to lead the tequila RTD category, but offset by Wild Turkey RTD due to phasing of shipments leading into key summer selling period Australia Others +6% +4% Positive momentum in Q3 leading to +4% growth in 9M, mainly driven by China, India and South Korea. Growth supported by Wild Turkey/Russell’s Reserveas well as initial re-orders in Courvoisier following clearing of trade channels after acquisition 7 ASIA PACIFIC Organic Sales Growth 9M Australia Others 6% +5% 9M, +6% Q3 organic change -2% +14% Q3 3% 3%
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House of Aperitifs resilient with +1% growth in 9M primarily driven by Sarti Rosa and Aperol Spritz Aperol Campari -1% -2% Solid growth of +2% in Q3 and +1% in 9M across the US, Italy and the rest of Americas excluding Brazil. Overall change in Brazil was -16% in 9M impacted by high comparison base 8 HOUSE OF APERITIFS Organic Sales Growth 9M 7% -6% FY; +4% Q4 organic change Crodino & Other Aperitifs +13% Note: Other Aperitifs includes Cynar, Sarti Rosa, Aperol Spritz, Campari Soda, Picon and other smaller brands Positive trend across all other aperitifs, especially driven by Sarti Rosa in both its core German market and expansion into other European markets as well as Aperol Spritz driven by convenience trends and Crodino, our non-alch. spritz, across all seeding European markets with double digit growth Trend impacted by challenging market context in Italy due to pressured on-premise, Germany due to impact of de-listing and US due to inventory alignment post-tariff volatility. All other countries growing +4% in 9M (Q3: +1%) 26% 11% 10% Aperol Campari Others 46% +1% 9M, flat Q3 organic growth -6% -2% +21% Q3 0% -5%Aperol & Aperol Spritz
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Rapid expansion in 11 seeding markets Jamaica India Poland Peru South Africa Czech Republic New Zealand Netherlands Australia Mexico UK > +40% +20-40% Q3 Org. Growth 12% of total Aperol shipments (vs 9% in 2019) Solid performance in sell-out despite challenging context Nielsen off-prem NABCA Nielsen on-prem US -4% +6% +13% 9M Category +1% -2% +4% Outperformance vs Category +10-20% Aperol geographic expansion and out-performance in sell-out continuing across key markets Italy +2% +3%off-prem Germany -6% -6%off-prem France +3% -2%off-prem UK +10% +9%off-prem -7% -3%on-prem -14% -8%on-prem +11% +4%on-prem +26% +21%on-prem • 11 countries representing 12% of Aperol top-line growing double-digit • Strong outperformance in US strategic on-premise and NABCA • European markets impacted by pressured consumers • Pressure on consumers evident especially on on-premise trend in Italy. Stock in trade remains at relatively health levels • Germany market impacted by overall weak macro backdrop as well as de-listing, impact on on- premise more pronounced with Sarti Rosa offsetting Aperol • UK benefitting from favourable weather trends and excellent execution Notes: US sell-out data based on Nielsen off-premise including liquor channel and excluding RTD (4th of October), NABCA excluding RTD (September) and Nielsen on-premise excluding RTD (52-week data available only). Europe sell-out data based on Nielsen off-premise for Germany (21st of October) and UK (16th of October); Circana off-premise for Italy (14th of October) and Circana off-premise for France (22nd of October). Europe sell-out data based on Nielsen C&C for Germany (21st of October) and Nielsen CGA UK (6th of September); Circana on-premise for Italy (August) and Circana on-premise for France (June) Incl. Sarti Rosa: -7% 9
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9% Espolòn 1% Other 5% 5% 4% Wild Turkey & Russell’s Reserve Jamaican Rum Portfolio Other Whiskey House of Whiskey & Rum +5%, House of Agave +3% in 9M Strong growth in Q3 in core US benefitting from stock availability and encouraging results of new campaign, South Korea as well as China off a small base. Russell’s Reserve supporting growth in the US and South Korea in Q3 with normalization of comparison base Wild Turkey & Russell’s Reserve Jamaican Rum Portfolio Other Whiskey -1% +16% 0% Solid 9M growth of +16% with Q3 driven by easy comparison base due to the hurricane impact last year as well as solid underlying trends in core Jamaican market and the US, especially in Wray&Nephew Overproof Espolòn +3% Positive 9M performance mainly driven by Reposado (+11%) while Blanco remaining flat due to focus on pricing with Q3 impacted by phasing of shipments. Seeding markets continuing to expand double-digit off a small base, in line with international growth strategy Other +7% Organic Sales Growth 9M HOUSE OF AGAVE Flat performance Solid growth driven by Espolòn RTD in Australia as well as Montelobos in the US and Mexico 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 10 14% +5% 9M, +19% Q3 organic change 10% +3% 9M, +0.2% Q3 organic change +14% +45% Q3 0% -1% +8% HOUSE OF WHISKEY & RUM
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4% 4% 13% SKYY Sparkling Wines & Vermouth Other Grand Marnier Courvoisier Other House of Cognac & Champagne supported by Courvoisier contribution Stabilising performance in Q3, also supported by an easy comparison base (Q3 2024: -5%) with focus on pricing in a highly competitive market to protect brand equity Grand Marnier Courvoisier Other Cognac & Champagne -14% -3% HOUSE OF COGNAC & CHAMPAGNE Organic Sales Growth 9M - - LOCAL BRANDS Brand included into organic growth as of May 2025 with performance supported by ongoing investment in the UK and US as well as initial re- orders in China Performance in Q3 supported by Brazilian Brands and Magnum Tonic Wine while 9M impacted by reduction in non-core bulk and co-packing SKYY -2% Sparkling Wines & Vermouth +2% Other -4% Flat performance in Q3 mainly driven by ongoing positive performance of Lallier (+13%) offsetting some softness in Bisquit Trend mainly supported by positive Riccadonna in 9M Note: Other Cognac & Champagne includes Lallier, Bisquit&Dubouché. Other in local brands includes agency brands as well as bulk & co -packing, representing 3% of total Group sales, rest are smaller bran ds. Courvoisier includes Salignac Positive performance in Q3 driven by Argentina, China and Brazil more than offsetting ongoing softness in core US, in line with other major players in the category 11 9% +7% 9M, +16% Q3 organic change 21% -2% 9M, +2% Q3 organic change -1% Q3 0% +2% +3% 0% €99 mln sales in 9M 0.5% 4% 4% Best Cognac BevTest 2025
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12 2025 Aperol Summer Activations & US Open
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Partnership with Film Festivals: Venice (8th year), Locarno (5th year) and Toronto (2nd year); and annual Negroni Week
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Espolòn summer activations
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Wild Turkey New Marketing Campaign
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16 Cost Containment Program Business Streamlining Update on strategic priorities Further progress in asset disposals • H1: Disposal of Cinzano and Australian plant • Q3: Divestment1 of 50% stake in Tannico, the Italian online wine and spirits business, with limited impact on Group results. French e-comm platform Ventealapropriete.com remains within the scope of the 50-50% joint venture between Campari Group and Moët Hennessy • Continuing streamlining of agency brand agreements Timing of further potential disposals to be based on optimisation of proceeds with discussions currently ongoing • Cost containment program on track to yield 50bps benefit on sales in 2025 (200bps in 3 years on an organic basis) • Declining trend started in Q3, as planned -5 0 5 10 15 20 4.2% Q1 24 7.7% Q2 24 10.9% Q3 24 11.4% Q4 24 5.1% Q1 25 0.9% Q2 25 -3.8% Q3 25 Quarterly SG&A Organic Growth Trend Strategy Update • Strategy Day upcoming on 6-7 November 2025 in Milan (1) Divestment completed on 6 October 2025
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61.2% 17.3% 21.2% 22.7% 58.8% 13.8% 24.5% 20.4% 62.9% 18.8% 19.1% 25.0% 61.4% 18.7% 20.7% 22.0% Gross Margin A&P / Net Sales SG&A / Net Slaes EBIT-adj. Margin 9M Q1 Q2 Q3 • Accretive gross margin profile (9M +90bps) with +180bps in Q3 supported by positive mix and ongoing benefit of input costs, especially agave, as well as contained tariff impact of €4 mln (€6 mln in 9M) benefitting from pre-tariff in-house inventory position. Espolòn gross margin broadly at par with Group average as of Q3 • Continued A&P investments with 17.3% to sales as of 9M driven by acceleration during peak season with +9% organic growth vs 9M 2024 (-110bps). Full year guidance confirmed at 17-17.5% • Cost containment efforts progressively supporting margin (+20bps in 9M), on track to reach +50bps accretion guidance driven by value reduction in SG&A in Q4 • EBIT-adj. at €517 mln in 9M with +1% organic growth despite ongoing brand investments and incorporating contained SG&A. Q3 accelerating with +19% organic growth, also supported by favourable comparison base • EBIT-adj. contribution from perimeter (+€1.1 mln driven by Courvoisier until April, net of agency brands and co-packing) and FX (+€9.8 mln) mainly supported by devaluation of MXN offsetting negative impact from USD Flat 9M EBIT-adj. margin supported by gross margin accretion and cost containment benefits, offset by brand building investments as planned Notes: Bps rounded to the nearest ten 17 Organic bps y/y flat +70 -110 -90 -130 +20 -220 +50 flat -310 -10 9M FX & Perimeter +80bps Reported EBIT-adj. +80bps +1%+3% +9% +1%Organic change y/y -4% +5% +2% +12% +5% +1% -17% +3% +180 +8% Q3 FX & Perimeter +80bps Reported EBIT-adj. +350bps -90 +10% +180 -4% +270 +19% +90 +2%Net Sales Organic y/y -4% +3% +4%
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9M 2025 9M 2024 Change Change € million % sales € million % sales % € million EBIT-adj. 517.4 22.7 % 499.4 21.9 % 3.6 % 18.0 Operating adjustments (41.9) (1.8)% (30.9) (1.4)% 35.5 % (11.0) EBIT 475.5 20.8 % 468.5 20.6 % 1.5 % 7.0 Financial income (expenses) (80.4) (3.5)% (57.7) (2.5)% 39.5 % (22.8) Total financial income (expenses) before exchange gain (losses) (76.5) (3.4)% (55.6) (2.4)% 37.7 % (21.0) Exchange gain (losses) (3.9) (0.2)% (2.1) (0.1)% 87.4 % (1.8) Hyperinflation effects and earn-out remeasurement 4.9 0.2 % 9.6 0.4 % (48.9)% (4.7) Profit (loss) related to associates and joint ventures (2.1) (0.1)% (3.2) (0.1)% (34.8)% 1.1 Pre-tax profit 397.9 17.4 % 417.2 18.3 % (4.6)% (19.3) Pre-tax profit-adj. 439.5 19.3 % 446.3 19.6 % (1.5)% (6.8) Non-controlling interest before tax (0.9) (0.0)% (5.8) (0.3)% (84.6)% 4.9 Group pre-tax profit 398.8 17.5 % 423.0 18.6 % (5.7)% (24.2) Group pre-tax profit-adj. 440.4 19.3 % 452.1 19.9 % (2.6)% (11.7) • Operating adjustments of €(41.9) mln, mainly driven by impairment of assets in connection with plant disposal in Q1 and severance payments1 • Financial expenses of €(80.4) mln. Increase vs 9M 2024 driven by higher average net debt (€2,365 mln vs €2,071 mln last year) mainly due to the base effect of Courvoisier closing on cash and debt. Average cost of net debt at 4.3% vs 3.7% in 9M 2024 • Group pre-tax profit-adj. of €440.4 mln, -2.6%; Group pre-tax profit of €398.8 mln, -5.7% Group pre-tax profit 18(1) Severance payments to the CFOO, including the Last Mile Incentive, following the consensual termination of his CFOO responsib ilities and in line with the remuneration policy and existing agreements, totaling €33.8 million, of which €31.2 million accrued in 2025 and to be mostly settled by the end of the year
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€ million 30 September 2025 30 June 2025 30 December 2024 30 September 2024 Change vs June’25 Change vs Dec’24 Change vs Sept’24 Short-term cash (debt) 170.7 118.1 336.9 173.8 52.6 (166.2) (3.1) - Cash and cash equivalents 509.2 476.3 666.3 436.6 32.9 (157.2) 72.6 - Bonds - - - - - - - - Bank loans (316.9) (338.8) (289.6) (226.0) 21.9 (27.2) (90.8) - Others financial assets and liabilities incl Joint-Ventures (21.6) (19.4) (39.8) (36.8) (2.3) 18.2 15.1 Medium to long-term cash (debt) (2,258.7) (2,347.5) (2,545.3) (2,462.3) 88.7 286.6 203.6 - Bonds (1,587.2) (1,584.9) (1,580.3) (1,578.1) (2.3) (6.9) (9.1) - Bank loans (644.5) (735.6) (916.5) (836.0) 91.1 271.9 191.5 - Others financial assets and liabilities (27.0) (26.9) (48.5) (48.1) (0.0) 21.6 21.2 Liabilities for put option and earn-out payments (1) (152.4) (152.6) (168.4) (275.5) 0.2 16.0 123.0 Net cash (debt) (2,240.5) (2,381.9) (2,376.9) (2,564.0) 141.5 136.4 323.5 Net debt to EBITDA-adj. (Leverage) 2.9x 3.2x 3.2x 3.6x • Net financial debt at €2,240 mln, improving vs 2024 (-€136 mln) thanks to positive cash generation, and before further benefits from the proceeds of Cinzano disposal • Cash and cash equivalents at €509 mln, up vs H1 due to cash generation; and down -€157 mln vs 2024 mainly due to €78 mln dividend payment, CAPEX initiatives, loan repayments and employee termination payments • Long-term Eurobonds & term loans amounted to €2,194 mln Leverage ratio at 2.9x, down from 3.6x in 9M 2024 and 3.2x at end-2024. Pro-forma including Cinzano disposal 2.85x(2) • Earn-out and put options total €152.4 mln Leverage ratio down to 2.9x supported by solid profitability 19(1) Including commitments for future minority purchases and earn -outs (mainly Wilderness Trail Distillery, LLC & Courvoisier ) (2) Based on deal value of €100 mln and EBITDA-adj. impact of €(21) mln before distribution and manufacturing transition agreements 2.5 3.0 3.5 4.0 4.5 3.6x 30-Sep-24 3.2x 31-Dec-24 3.4x 31-Mar-25 3.2x 30-Jun-25 2.9x 30-Sep-25 Leverage ratio evolution
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Outlook
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Outlook (1) Refers to guidance provided on March 4th 2025 21 Resilient growth performance in an ongoing challenging backdrop with continued outperformance in sell-out across key markets. Solid profitability supported by focus on what we can control (effective balance sheet and cost management as well as commercial execution and pricing discipline with advancement on portfolio streamlining) For 2025, we continue to expect moderate organic top-line growth assuming no further worsening of consumer confidence in Europe, especially impacting the on-trade, and in the US On EBIT-adj. margin, we now expect flattish organic EBIT-adj. margin including tariff impact due to: - Lower than previously guided negative impact from tariffs of c.€15 mln due to inventory position, assuming tariff stability - Benefit of efficiency gains in COGS and SG&A more than offsetting re-investments in A&P in Q3 Limited overall impact in value terms in FX and perimeter on EBIT-adj. margin 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 • 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 mainly supported by key company initiatives delivering 200 bps overall organic benefit on SG&A to net sales in 3 years
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22 See you at our Campari Group Strategy Day on 6-7 November!
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Annex
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9M 2025 Actual Impact 30% US Tariff potential scenarios and relative impacts 24 EU c. 38% of US business Mexico & Canada c. 30% of US business 2025 Impact Annualised Impact Scenario c. €50 mlnc. €20 mln - 15% (for 2025, 10% until August) c. € 35 mlnc. €15 mln Jamaica c. 3% of US business 10% c. €2 mlnc. €1 mln €6 mln Probable scenario: c.€15 mln in 2025 (€37 mln annualised) USMCA exemption - - -
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House of Agave Net Sales Organic Growth and Weight Breakdown Despite the challenging operating backdrop, we continue to grow across all regions with solid momentum HOUSE OF APERITIFS 46%AMERICAS 44% EMEA 50% APAC 6% AMERICAS EMEA APAC +5% +1% -10% 9M 2024 +1% +2% +5% 9M 2025 House of Aperitifs House of Whiskeys & Rum 25 +9% +10% +10% CAGR ‘19 House of Cognac & Champagne HOUSE OF WHISKEYS & RUM 14% HOUSE OF AGAVE 10% HOUSE OF COGNAC & CHAMPAGNE 9% LOCAL BRANDS 21% Local Brands +1% +5% +3% 9M 2025 +7% -2% +5% -6% +14% 9M 2024 +8% -3% +13% +8% +24% CAGR ‘19 +3% +3% USA; 28% Jamaica; 5% Others; 11% Australia; 3%Others; 3% Italy; 16% Germany; 8% France; 6% United Kingdom; 4% Others; 16% Aperol; 26% Campari; 11% Crodino and Other Aperitifs; 10% Espolòn; 9%Other Agave Brands; 1% Wild Turkey & Russell’s Reserve; 5% Jamaican Rum Portfolio; 5% Other Whiskeys & Rum; 4% Grand Marnier; 4% Courvoisier; 4% Other Cognac & Champagne; 0.5% Local Brands; 21% 9M 2025 reported net sales of €2,281 mln with +0.2% total growth of which +1.5% organic (CAGR vs 2019: +9%), +1.1% perimeter impact ( €24 mln) mainly driven by Courvoisier up to April net of agency brands and co-packing with -2.4% FX effect ( €(55) mln) mainly driven by USD and Latin American currencies
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9M 2025 9M 2024 change% of which: € million % sales € million % sales Total Organic Perimeter FX House of Aperitifs 1,046.7 45.9% 1,044.1 45.9% 0.2% 1.3% - (1.1)% House of Whiskeys&Rum 323.1 14.2% 319.6 14.0% 1.1% 5.0% - (3.9)% House of Agave 222.7 9.8% 221.9 9.7% 0.4% 3.3% - (2.9)% House of Cognac&Champagne 198.4 8.7% 151.9 6.7% 30.6% 6.7% 26.1% (2.2)% Local Brands 489.8 21.5% 539.6 23.7% (9.2)% (2.3)% (2.9)% (4.0)% Total 2,280.7 100.0% 2,277.0 100.0% 0.2% 1.5% 1.1% (2.4)% 9M 2025 9M 2024 change% of which: € million % sales € million % sales Total Organic Perimeter FX AMERICAS 996.2 43.7% 1,027.3 45.1% (3.0)% 0.9% 0.9% (4.8)% USA 633.1 27.8% 647.8 28.4% (2.3)% (1.8)% 2.3% (2.7)% Jamaica 106.6 4.7% 105.5 4.6% 1.1% 11.4% (5.6)% (4.7)% Other countries 256.5 11.2% 274.1 12.0% (6.4)% 3.4% 0.2% (10.0)% EMEA 1,142.3 50.1% 1,102.1 48.4% 3.7% 1.7% 1.8% 0.2% Italy 355.2 15.6% 363.1 15.9% (2.2)% (2.4)% 0.2% - France 126.4 5.5% 123.5 5.4% 2.3% 2.6% (0.3)% - Germany 191.3 8.4% 196.3 8.6% (2.5)% (2.6)% 0.1% - United Kingdom 93.1 4.1% 73.9 3.2% 26.0% 11.2% 14.7% 0.1% Other countries 376.3 16.5% 345.3 15.2% 9.0% 6.2% 2.3% 0.5% APAC 142.2 6.2% 147.6 6.5% (3.7)% 4.7% (3.5)% (4.9)% Australia 72.9 3.2% 77.9 3.4% (6.4)% 5.8% (6.4)% (5.8)% Other countries 69.3 3.0% 69.8 3.1% (0.7)% 3.5% (0.3)% (3.9)% Total 2,280.7 100.0% 2,277.0 100.0% 0.2% 1.5% 1.1% (2.4)% Net sales by region & key market Net sales by Houses of Brands 26
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change % of which: 9M 2025 9M 2024 Total change Organic margin change Organic Perimeter FX € million % sales € million % sales % bps % % % Net sales 2,280.7 100.0% 2,277.0 100.0% 0.2% 1.5% 1.1% (2.4)% COGS (884.5) (38.8)% (925.0) (40.6)% (4.4)% +90 (0.7)% 1.1% (4.8)% Gross profit 1,396.2 61.2% 1,352.0 59.4% 3.3% +90 3.1% 1.0% (0.8)% A&P (394.6) (17.3)% (365.2) (16.0)% 8.0% -110 8.7% 1.9% (2.5)% Contribution after A&P 1,001.6 43.9% 986.8 43.3% 1.5% -20 1.0% 0.7% (0.2)% SG&A (484.2) (21.2)% (487.4) (21.4)% (0.7)% +20 0.6% 1.2% (2.4)% EBIT-adj. 517.4 22.7% 499.4 21.9% 3.6% 0 1.4% 0.2% 2.0% Operating adjustments (41.9) (1.8)% (30.9) (1.4)% 35.5% Operating profit (EBIT) 475.5 20.8% 468.5 20.6% 1.5% Financial income (expenses) (80.4) (3.5)% (57.7) (2.5)% 39.5% Earn-out income (expenses) and hyperinflation effects 4.9 0.2% 9.6 0.4% (48.9)% Profit (loss) related to associates and joint ventures (2.1) (0.1)% (3.2) (0.1)% (34.8)% Pre-tax profit 397.9 17.4% 417.2 18.3 % (4.6)% Pre-tax profit-adj. 439.5 19.3% 446.3 19.6 % (1.5)% Non-controlling interests before tax (0.9) (0.0)% (5.8) (0.3)% (84.6)% Group pre-tax profit 398.8 17.5% 423.0 18.6% (5.7)% Group pre-tax profit-adj. 440.4 19.3% 452.1 19.9% (2.6)% Total depreciation and amortisation (111.3) (4.9)% (91.3) (4.0)% 22.0% 23.0% 3.0% (4.1)% EBITDA-adj. 628.7 27.6% 590.7 25.9% 6.4% 4.8% 0.6% 1.0% EBITDA 586.8 25.7% 559.8 24.6% 4.8% 9M 2025 Consolidated P&L 27 COGS = cost of materials, production and logistics expenses SG&A = selling, general and administrative expenses Bps rounded to the nearest ten Note: 9M 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. 9M 2024 impact: €19.1 mln (Q1: €6.0 mln, Q2: €6.9 mln, Q3: €6.2 mln, Q4: €6.5 mln; FY 2024: €25.6 mln)
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change% of which: Q3 2025 Q3 2024 Total change Organic margin change Organic Perimeter FX € million % sales € million % sales % bps % % % Net sales 752.8 100.0% 753.6 100.0% (0.1)% 4.4% (0.9)% (3.6)% COGS (290.5) (38.6)% (312.0) (41.4)% (6.9)% +180 (0.1)% (2.0)% (4.8)% Gross profit 462.3 61.4% 441.6 58.6% 4.7% +180 7.6% (0.1)% (2.8)% A&P (140.5) (18.7)% (133.6) (17.7)% 5.2% -90 9.6% (0.0)% (4.4)% Contribution after A&P 321.8 42.7% 308.0 40.9% 4.5% +90 6.7% (0.1)% (2.2)% SG&A (156.1) (20.7)% (168.6) (22.4)% (7.4)% +180 (3.8)% 0.2% (3.8)% EBIT-adj. 165.6 22.0% 139.4 18.5% 18.8% +270 19.5% (0.5)% (0.2)% Operating adjustments (31.1) (4.1)% (6.5) (0.9)% (379.7)% Operating profit (EBIT) 134.6 17.9% 132.9 17.6% 1.3% Financial income (expenses) (30.1) (4.0)% (24.6) (3.3)% 22.2% Earn-out income (expenses) and hyperinflation effects 0.2 -% (0.6) (0.1)% (128.4)% Profit (loss) related to associates and joint ventures (0.6) (0.1)% (1.1) (0.1)% (46.1)% Pre-tax profit 104.0 13.8% 106.5 14.1% (2.3)% Pre-tax profit-adj. 135.4 18.0% 113.0 15.0% 19.7% Non-controlling interests before tax (0.3) -% (1.4) (0.2)% (80.4)% Group pre-tax profit 104.3 13.9% 107.9 14.3% (3.3)% Group pre-tax profit-adj. 135.6 18.0% 114.4 15.2% 18.5% Total depreciation and amortisation (36.4) (4.8)% (32.5) (4.3)% 12.2% 15.6% - % (3.4)% EBITDA-adj. 202.1 26.8% 171.8 22.8% 17.6% 18.8% (0.4)% (0.8)% EBITDA 171.0 22.7% 165.4 21.9% 3.4% Q3 2025 Consolidated P&L 28 COGS = cost of materials, production and logistics expenses SG&A = selling, general and administrative expenses Bps rounded to the nearest ten Note: Q3 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. Q3 2024 impact: €6.2 mln (Q1: €6.0 mln, Q2: €6.9 mln, Q3: €6.2 mln, Q4: €6.5 mln; FY 2024: €25.6 mln)
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2024 P&L restatement for comparison purposes following the introduction of the Houses of Brands operating model in 2025 (1) Representation of 2024 net sales by key brand under the Houses of Brands operating model (2) Reclassification of €25.6 million costs from COGS to SG&A related to some Supply Chain personnel related to support functions now covering administrative roles under the new operating model 29 2024 P&L published House of Aperitifs House of Whiskeys & Rum House of Agave House of Cognac & Champagne Local brands Reclassification P&L after reclassification € million € million € million € million € million € million € million € million Global priority brands 2,050.2 - - - - - - - Aperol 740.9 740.9 - - - - - - Campari 337.4 337.4 - - - - - - Espolòn 264.6 - - 264.6 - - - - Wild Turkey portfolio 215.7 - 215.7 - - - - - Jamaican rums portfolio 147.1 - 147.1 - - - - - Grand Marnier 144.7 - - - 144.7 - - - SKYY 127.3 - - - - 127.3 - - Courvoisier 72.5 - - - 72.5 - - - Regional priority brands 563.7 - - - - - - - Sparkling Wines, Champagne&Vermouth 176.4 - - - 10.5 165.9 - - Other specialities 278.0 87.3 - 28.8 8.4 153.4 - - Other Whisk(e)y 45.2 - 25.9 - - 19.3 - - Crodino 64.0 64.0 - - - - - - Local priority brands 188.2 - - - - - - - Campari Soda 77.0 77.0 - - - - - - Wild Turkey ready-to-drink 48.7 - 48.7 - - - - - SKYY ready-to-drink 36.8 - - - - 36.8 - - Ouzo 12 25.7 - - - - 25.7 - - Rest of the portfolio 267.6 20.1 - 1.0 2.1 244.5 - - Net sales 3,069.7 1,326.6 437.5 294.4 238.3 772.9 - 3,069.7 Cost of sales (COGS) (1,303.0) - - - - - 25.6 (1,277.4) Gross profit 1,766.7 - - - - - 25.6 1,792.3 Advertising and promotional expenses (513.3) - - - - - - (513.3) Contribution margin 1,253.4 - - - - - 25.6 1,279.0 Selling, general and administrative expenses (SG&A) (648.4) - - - - - (25.6) (674.1) EBIT-adjusted 604.9 - - - - - - 604.9 Quarterly impact of COGS and SG&A restatement in 2024 as follows: Q1: €6.0 mln, Q2: €6.9 mln, Q3: €6.2 mln, Q4: €6.5 mln Restatement of 2024 base:
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Eurobond and Term loan composition as of 30 September 2025 Financial debt (1) Floating interest rate linked to SOFR + spread; amortising with nominal payment schedule every 6 months (2) Floating interest rate linked to Euribor + spread and sustainability-linked, amortising with payment schedule once a year from 2025 onwards and bullet final payment 30 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 25.1% Dec 6, 2022 Dec-27 Term Loan(1) USD 5.86% 245 209 5 years 9.5% May 5, 2023 Jun-29 Sustainability linked Term Loan(2) EUR 3.45% 365 365 6 years 16.6% May 11, 2023 May-30 Unrated Eurobond EUR 4.71% 300 300 7 years 13.7% Jan 10, 2024 Jan-29 Convertible bond EUR 2.38% 550 550 5 years 25.1% June 18, 2024 Jun-31 Unrated Eurobond EUR 4.26% 220 220 7 years 10.0% Total nominal long-term gross debt 2,194 100% Average nominal coupon 3.11%
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Average exchange rates Period end exchange rate 9M 2025 9M 2024 Change 30 September 2025 31 December 2024 Change US Dollar 1.118 1.087 (2.8)% 1.174 1.039 (11.5)% Canadian Dollar 1.563 1.479 (5.4)% 1.635 1.495 (8.6)% Jamaican Dollars 177.477 169.646 (4.4)% 188.166 161.513 (14.2)% Mexican peso 21.797 19.288 (11.5)% 21.531 21.550 0.1 % Brazilian Real 6.317 5.694 (9.9)% 6.243 6.425 2.9 % Argentine Peso (1) 1,593.742 1,082.809 (32.1)% 1,593.742 1,070.806 (32.8)% Russian Ruble (2) 94.730 98.183 3.6 % 97.275 116.562 19.8 % Great Britain Pounds 0.850 0.851 0.1 % 0.873 0.829 (5.1)% Swiss Franc 0.939 0.958 2.0 % 0.936 0.941 0.5 % Australian Dollar 1.744 1.642 (5.9)% 1.776 1.677 (5.6)% Yuan Renminbi 8.070 7.824 (3.1)% 8.359 7.583 (9.3)% (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 31
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Shareholding structure As of 30 September 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. Treasury shares do not confer voting rights; however, they are nevertheless included in the calculation of voting rights for the purpose of determining quorum. Note: Total number of shares including the maximum amount of convertible shares of 44,489,500 corresponding to 1,275,757,238 32 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 637,860,899 51.81% 31,700,000 592,416,000 2,401,364,000 3,039,224,899 82.61% Other shareholders 560,792,359 45.55% - 1,568,494 6,273,976 567,066,335 15.41% Treasury shares (3) 32,614,480 2.65% 39,993,848 40,000 40,153,848 72,768,328 1.98% Total 1,231,267,738 100.00% 71,693,848 594,024,494 2,447,791,824 3,679,059,562 100.00%
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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 nine months ended 30 September 2025. Disclaimer 33