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Please ensure the documet is exported using the 'Best for printing' setting. Dark Colors Light Colors 100% 50% 25% 100% 50% 25% Campari Blue Premium Metallic 50% 50% 25% 25% Please ensure the documet is exported using the 'Best for printing' setting. 9M 2026 NET SALES Nine months ended September 30th, 2026 Investor Presentation OCTOBER 28TH, 2026
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Dark Colors Light Colors 100% 50% 25% 100% 50% 25% Campari Blue Premium Metallic 50% 50% 25% 25% Please ensure the document is exported using the 'Best for printing' setting.Please ensure the document is exported using the 'Best for printing' setting. 6 th consecutive quarter of organic growth; on track to reach c. +3% full year topline guidance 2 • Outperformance and share gains continuing in sell-out, also supported by progressive execution of convenience strategy • +2.9% organic topline growth (+3.4% in Q3) across most brand houses and regions in 9M with MSD-DD growth in 44 countries primarily driven by aperitifs and tequila • Convenience format innovations in only a few initial markets driving 1/3rd of 9M growth indicating significant geographic expansion opportunity • Full year guidance of c. +3% confirmed Moving Annual Total (MAT) 9M +2.4% +2.0% +3.9% +3.6% +3.4% Q4 24 +1.4% Q1 25 +0.5% Q2 25 Q3 25 +2.4% Q4 25 Q1 26 Q2 26 Q3 26 +2.9% 9M 26 Organic Topline Growth MAT = moving annual total (12 months to period end) Innovations include Aperol To Go can, Aperol on Tap, Campari Spritz RTS, 200ml Espolòn variant EXECUTIVE SUMMARY
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#1 Sharper portfolio choices Fewer bigger bets Portfolio streamlining #2 Win the first, shared drink #3 Expand Geographically • MSD-DD growth in 44 countries • Sarti Rosa rollout #4 Leverage our investments • Everything in place to grow • Extraordinary capex program near finalisation to support future cash flow conversion #5 Drive efficiency • Bold brand investments • Strong control on structure costs Winning the first shared drink Incremental consumption occasions via innovation
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Dark Colors Light Colors 100% 50% 25% 100% 50% 25% Campari Blue Premium Metallic 50% 50% 25% 25% Please ensure the document is exported using the 'Best for printing' setting.Please ensure the document is exported using the 'Best for printing' setting. Growth broad based across most regions and houses in 9M 4 REGIONS HOUSES OF BRANDS Notes: All data refers to 9M 2026. Local brands net sales organic change +2.3%. Perimeter -2.1% driven by the disposals of Cinzano and Averna. FX effect -0.4% mainly driven by the USD. The length of the bars represents % on total Group Net Sales in 9M 2026 APERITIFS AGAVE COGNAC & CHAMPAGNE WHISKEY & RUM N. AMERICA EUROPE APAC & GTR DEVELOPING MARKETS Campari Group +2.9% +9.3% +1.0% +3.8% - 0.4% +6.7% +6.5% - 10.0% +1.8% - 0.4% - 2.1% +0.4% Organic FX Perimeter Total €2,289 MLN Net Sales GROUP NET SALES
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Dark Colors Light Colors 100% 50% 25% 100% 50% 25% Campari Blue Premium Metallic 50% 50% 25% 25% Please ensure the document is exported using the 'Best for printing' setting.Please ensure the document is exported using the 'Best for printing' setting. +1% -3% -4% +2% +6% +1% 0% +6%+6% +3% +8% +31% Notes: All data reflecting YTD results. US sell-out data based on Nielsen off-premise including liquor channel and excluding RTD (October 3rd), NABCA excluding RTD (August) and Nielsen on-premise excluding RTD (September 5th). Europe sell-out data includes RTD based on Nielsen off-premise for Germany (September 6th) and UK (September 5th); Circana off-premise for Italy (September 6th) and Circana off-premise for France (September 13th). Total Europe sell-out also includes Spain, Austria, Belgium, Switzerland, Denmark, Czech, Slovakia and Greece • In the US, ongoing outperformance across all channels, especially in strategic on-premise and NABCA, driven by tequila and aperitifs including recent launch of Sarti Rosa • In Europe, outperformance across all markets, especially in core aperitifs bottle business with momentum gain supported by innovations and Sarti Rosa progressive rollout 5 +4%Europe (12 countries) -1% Campari GroupSpirits Sector Spirits Sector sell -out Campari Group sell-out Aperol, Campari, Sarti Rosa & Espolòn sell-out -4% -3% 0% -2% +1% +8% +5% +9% +11% % of Aperol, Campari, Sarti Rosa & Espolòn in total Spirits Sector sell -out Campari Group sell-out Aperol, Campari & Sarti Rosa sell -out Nielsen off-prem NABCA Nielsen on-prem % of Aperol, Campari & Sarti Rosa in total Ongoing outperformance driven by aperitifs and tequila 5 40% 59% 83%46% SELL - OUT US Value Growth (9M) Europe Value Growth (9M) 62% 48% 36% Italy Germany France UK
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Dark Colors Light Colors 100% 50% 25% 100% 50% 25% Campari Blue Premium Metallic 50% 50% 25% 25% Please ensure the document is exported using the 'Best for printing' setting.Please ensure the document is exported using the 'Best for printing' setting. Italy 16% Germany 8% France 5% UK 4% Other countries 13% Strong performance driven by aperitif portfolio including innovations 6 • Strong performance driven primarily by Italy and the UK as well as growth across all other countries • Excellent execution across the summer driving MSD growth momentum in aperitifs with positive Q3 trend in all brands & formats • Germany still impacted by consumer pressure, albeit with some support from innovations in Q3 (Aperol on Tap and Campari Spritz RTS) Composition and Organic Growth (9M) Key Highlights 46% of total Group Sales EUROPE Italy Germany France UK +3.7% - 1.4% - 1.4% +5.9% Other countries +9.4% +3.8% Organic Growth Organic Growth (MAT) +1.6% +2.1% +3.0% +3.7% Q4 24 0.0% Q1 25 +0.2% Q2 25 Q3 25 +1.6% Q4 25 Q1 26 +2.6% Q2 26 Q3 26 MAT = moving annual total (12 months to period end) Net Sales € 1,049 mln Organic Growth +3.8%
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Dark Colors Light Colors 100% 50% 25% 100% 50% 25% Campari Blue Premium Metallic 50% 50% 25% 25% Please ensure the document is exported using the 'Best for printing' setting.Please ensure the document is exported using the 'Best for printing' setting. US 26% Jamaica 5% Other countries 5% LSD growth driven by strong performance of priority brands 7 • All markets contributing to growth in 9M • Solid growth in the US in tequila and aperitifs while the rest of the portfolio impacted by challenging market context. Sell-in and sell- out broadly aligned in 9M • High comparison base in Jamaica (Q3’25: +52%), becoming more favourable in Q4 due to the Oct’25 hurricane Composition and Organic Growth (9M) Key Highlights 36% of total Group Sales +1.0% NORTH AMERICA +0.4% +4.0% +1.8% USA Jamaica Other countries Organic Growth Organic Growth (MAT) +0.1% +2.3% +2.6% Q4 24 -1.1% Q1 25 -2.8% Q2 25 -1.3% Q3 25 +0.2% Q4 25 Q1 26 Q2 26 +1.1% Q3 26 Net Sales € 831 mln Organic Growth +1.0%
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Dark Colors Light Colors 100% 50% 25% 100% 50% 25% Campari Blue Premium Metallic 50% 50% 25% 25% Please ensure the document is exported using the 'Best for printing' setting.Please ensure the document is exported using the 'Best for printing' setting. US deep - dive Strong performance in aperitifs and tequila; softness in the rest of the portfolio in 9M Share of US topline Key Brands Performance drivers Results & Actions 20% 30% 50% Rest of portfolio Aperol | Campari | Sarti Rosa Espolòn Wild Turkey | Russell's Reserve | Wray & Nephew Courvoisier | Grand Marnier Bold brand investments Geographic expansion Small size & variant expansion in Espolòn Challenging categories and pressured consumers Demand-led supply constraints in Russell’s Reserve Strong outperformance on sell-out across all channels Benefit of ongoing strength in on-premise and shifting consumer preferences Actions already underway to support future performance Courvoisier re-launch (Q4) Russell's Reserve supply to normalize from Q1’27 Strategy work ongoing in other brands House of Agave House of Aperitifs Notes: Arrows indicate contribution to 9M 2026 organic topline change High comparison base in rum 8
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Dark Colors Light Colors 100% 50% 25% 100% 50% 25% Campari Blue Premium Metallic 50% 50% 25% 25% Please ensure the document is exported using the 'Best for printing' setting.Please ensure the document is exported using the 'Best for printing' setting. Brazil 4% Argentina 2% Other countries 5% Solid momentum in the region with benefit of new structure 9 • Brazil driven by ongoing solid performance of Aperol & Campari • Argentina growing albeit with moderation due to higher comparison base effect for SKYY Cosmic • 17 seeding countries in growth • Positive trend in Courvoisier (E. Europe and S. Africa), local brands and early contribution of Sarti Rosa Key Highlights 11% of total Group Sales +9.3% Notes: Developing Markets include Brazil, Argentina, South Africa, Nigeria, Peru, Poland, other partnership markets in EMEA and South America DEVELOPING MARKETS +11.8% +19.8% +2.7% Composition and Organic Growth (9M) Organic Growth Brazil Argentina Other countries Organic Growth (MAT) +23.3% +17.1% +14.5% +13.2% +11.4% +15.9% +12.9% +12.2% Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 Net Sales € 240 mln Organic Growth +9.3% - Cosmic: Fruity bubble gum - Jungle: Strawberry & Vanilla
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Dark Colors Light Colors 100% 50% 25% 100% 50% 25% Campari Blue Premium Metallic 50% 50% 25% 25% Please ensure the document is exported using the 'Best for printing' setting.Please ensure the document is exported using the 'Best for printing' setting. Australia 3% GTR 2% Other countries 2% Resilient trend with MSD growth in Australia and GTR 10 • Solid momentum in Australia driven by DD growth in both Aperol and Espolòn with Wild Turkey benefitting from easier comparison base • GTR performance driven by strong European execution and encouraging momentum in Espolòn • Reset of other APAC markets will be completed by year-end Key Highlights 7% of total Group Sales - 0.4% APAC & GTR +6.1% +6.8% - 11.6% Composition and Organic Growth (9M) Organic Growth Australia GTR Other countries Organic Growth (MAT) +5.5% +4.0% +5.7% +5.5% +3.1% -1.6% Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 +2.4% Q1 26 Q2 26 Q3 26 +1.7% Net Sales € 170 mln Organic Growth - 0.4%
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Dark Colors Light Colors 100% 50% 25% 100% 50% 25% Campari Blue Premium Metallic 50% 50% 25% 25% CAMPARI 11 APEROL 11 Category approach driving 2/3 rd of House growth across all brands… Core bottle format contribution to 9M House of Aperitifs growth # of markets available CYNAR 5 CRODINO 3 SARTI 3 MONDORO 4 Taste profile House of Aperitifs deep - dive 11Note: # of markets available indicates those which are above a minimum commercial materiality threshold 6 Italy, Germany, UK, France, Switzerland & Austria # of initial markets with Spritz category approach in action with further rollout planned across more markets # of top markets making up 80% of sales Category approach in action Sweet Bitter 20+ 9 150+ 20+ 150+ 15+ The icon Non-alc. Bold and intense Complex and bitter Fruity and refreshing Floral and aromatic Key markets with strategy: Italy, Germany, UK, France – these are the 4 largest aperitif markets outside of the US. Switzerland and Austria also have a good presence across all the brands
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Dark Colors Light Colors 100% 50% 25% 100% 50% 25% Campari Blue Premium Metallic 50% 50% 25% 25% …with incremental benefits from initial rollout of new formats House of Aperitifs deep - dive 12Note: Key markets for rollout indicate the main markets contributing >80% of format topline in 9M 2026 RTS Tap To Go Can To Go Bottle (launched in Q4) 8 Key markets with innovations rolled out New formats share of premium beer in Italy c. 60 mln Incremental serves from convenience formats in 2026 1/3 rd of House of Aperitifs growth from convenience formats 1.6 % Key markets with innovations rolled out: Italy, Germany, UK, Belgium, Brazil, GTR, Austria, France Incremental consumption across new occasions Italy, Germany, Austria, UK, France Italy, Germany Italy UK, Belgium, GTR Brazil Per serves dashboard, total spritz serves from new format at 9M is 62mln, o/w 11mln is Italy Aperol RTS and 9mln is Germany Aperol RTS. Idea of the number is to say in 9M we served 60m Aperol through these formats that are incremental to the bottle
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Dark Colors Light Colors 100% 50% 25% 100% 50% 25% Campari Blue Premium Metallic 50% 50% 25% 25% 13 13
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Dark Colors Light Colors 100% 50% 25% 100% 50% 25% Campari Blue Premium Metallic 50% 50% 25% 25% 14 Video to play during the call
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Dark Colors Light Colors 100% 50% 25% 100% 50% 25% Campari Blue Premium Metallic 50% 50% 25% 25% Please ensure the document is exported using the 'Best for printing' setting. • Confirmed industry outperformance with c. +3% organic topline growth • Stronger growth in Europe • Lower growth in North America. In the US, despite strong growth in aperitifs and tequila, marginal topline decline expected in full year due to softer H2 in specific categories and high comparison base in Q4 • Confirmed organic accretion expectation in EBIT-adj. margin • Negative impact of €20 mln from US tariffs • Confirmed underlying positive organic gross margin trend • 2025 tariff refund of €15 mln re-invested and offsetting COGS pressure in H2 • Confirmed guidance of A&P step-up • Confirmed SG&A guidance of +70bps benefit vs previous full year guidance 2026 outlook confirmed 15 Organic • Perimeter impact of c.€(70) mln on topline and c.€(30) mln on EBIT-adj. mainly due to non-strategic brand disposals, based on closed transactions • FX subject to currency evolution with a negative impact expected mainly driven by USD FX & Perimeter • Comfortable level of leverage to be maintained considering tail-end of extraordinary capex program and OWC dynamics • Disciplined capital allocation with sustained growth momentum (c.4% of net sales disposed on a pro-forma basis(1)) • Enhanced shareholder returns with higher contribution from dividends leveraging strong cash conversion and continuing deleverage Balance Sheet & Capital Allocation OUTLOOK Notes: 2026 outlook first provided during 2025 full year earnings presentation on March 6th, 2026 and updated during 2026 first half earnings presentation on July 29th, 2026. US tariffs at 10% since February 20th, 2026, although potential remains regarding potential increase back up to 15% (1) Disposal of rhum agricole business, Cabo Wabo and Bisquit&Dubouchè closing expected in Q4 = = = = = = = = - +
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Please ensure the document is exported using the 'Best for printing' setting. UPCOMING EVENTS 16 UPCOMING EVENTS March 3 rd , 2027 March 4 th , 2027 Full year 2026 Results Conference call In Focus: Winning the first shared drink Investor event, London
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17 Annex
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Dark Colors Light Colors 100% 50% 25% 100% 50% 25% Campari Blue Premium Metallic 50% 50% 25% 25% Please ensure the document is exported using the 'Best for printing' setting.Please ensure the document is exported using the 'Best for printing' setting. Net sales by Region & House 18 9M 2026 9M 2025 change % of which: € million % sales € million % sales Total Organic Perimeter FX Europe 1,049 45.8% 1,029 45.1% +1.9% +3.8% -2.0% +0.2% North America 831 36.3% 853 37.4% -2.6% +1.0% -0.6% -3.0% Developing Markets 240 10.5% 216 9.5% +11.0% +9.3% -4.6% +6.3% APAC>R 170 7.4% 183 8.0% -7.1% -0.4% -6.8% +0.1% Total 2,289 100.0% 2,281 100.0% +0.4% +2.9% -2.1% -0.4% 9M 2026 9M 2025 change % of which: € million % sales € million % sales Total Organic Perimeter FX House of Aperitifs 1,116 48.7% 1,047 45.9% +6.6% +6.7% - -0.1% House of Whiskey&Rum 285 12.4% 323 14.2% -11.9% -10.0% - -1.9% House of Agave 230 10.0% 223 9.8% +3.3% +6.5% - -3.2% House of Cognac&Champagne 198 8.6% 198 8.7% -0.2% +1.8% - -2.0% Local Brands 461 20.1% 490 21.5% -5.8% +2.3% -9.9% +1.7% Total 2,289 100.0% 2,281 100.0% +0.4% +2.9% -2.1% -0.4% ANNEX Q3 2026 Q3 2025 change % of which: € million % sales € million % sales Total Organic Perimeter FX Total 777 100.0% 753 100.0% +3.2% +3.4% -2.4% +2.2%
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Dark Colors Light Colors 100% 50% 25% 100% 50% 25% Campari Blue Premium Metallic 50% 50% 25% 25% Please ensure the document is exported using the 'Best for printing' setting.Please ensure the document is exported using the 'Best for printing' setting. Net sales quarterly progression 19 ANNEX Net Sales 2026 2025 € mln Q1 Q2 H1 Q3 9M Q1 Q2 H1 Q3 9M Q4 FY Europe 275 423 698 351 1,049 272 423 695 334 1,029 337 1,366 North America 242 305 547 284 831 262 305 567 286 853 279 1,132 Developing Markets 78 83 162 78 240 74 75 148 68 216 84 300 APAC>R 48 58 106 64 170 58 60 118 64 183 71 254 Total 643 869 1,512 777 2,289 666 862 1,528 753 2,281 770 3,051 Net Sales Organic Growth 2026 2025 % Q1 Q2 H1 Q3 9M Q1 Q2 H1 Q3 9M Q4 FY Europe +1.9% +1.9% +1.9% +7.7% +3.8% -4.8% +3.3% +0.1% +3.0% +1.0% +3.5% +1.6% North America +2.2% +2.9% +2.6% -2.0% +1.0% -7.0% +1.4% -2.4% +4.1% -0.2% +1.3% +0.2% Developing Markets +12.7% +5.6% +9.1% +9.7% +9.3% -4.5% +17.3% +6.1% +12.8% +8.1% +19.9% +11.4% APAC>R -1.6% +1.5% +0.0% -1.3% -0.4% +14.0% -1.3% +5.3% +4.4% +5.0% +6.7% +5.5% Total +2.9% +2.5% +2.7% +3.4% +2.9% -4.2% +3.5% +0.1% +4.4% +1.5% +4.7% +2.4% Net Sales 2026 2025 € mln Q1 Q2 H1 Q3 9M Q1 Q2 H1 Q3 9M Q4 FY House of Aperitifs 289 451 741 375 1,116 290 428 718 329 1,047 291 1,338 House of Whiskey&Rum 87 102 189 96 285 100 111 210 113 323 103 426 House of Agave 60 90 150 80 230 63 85 148 74 223 69 292 House of Cognac&Champagne 62 63 125 73 198 64 60 124 74 198 105 303 Local Brands 144 164 308 154 461 149 178 327 163 490 202 692 Total 643 869 1,512 777 2,289 666 862 1,528 753 2,281 770 3,051 Net Sales Organic Growth 2026 2025 % Q1 Q2 H1 Q3 9M Q1 Q2 H1 Q3 9M Q4 FY House of Aperitifs +2.1% +5.2% +4.0% +12.7% +6.7% -1.4% +4.4% +2.0% -0.1% +1.3% +5.9% +2.3% House of Whiskey&Rum -5.0% -6.9% -6.0% -17.5% -10.0% -2.3% -0.6% -1.4% +18.7% +5.0% -4.6% +2.4% House of Agave +4.9% +8.4% +6.9% +5.6% +6.5% -1.6% +10.1% +5.0% +0.2% +3.3% +3.7% +3.4% House of Cognac&Champagne +3.5% +5.8% +4.6% -3.0% +1.8% -13.4% +8.4% -0.8% +16.4% +6.7% +26.1% +13.7% Local Brands +8.7% -1.9% +2.9% +1.1% +2.3% -9.3% -0.0% -4.4% +2.1% -2.3% +0.3% -1.5% Total +2.9% +2.5% +2.7% +3.4% +2.9% -4.2% +3.5% +0.1% +4.4% +1.5% +4.7% +2.4%
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Dark Colors Light Colors 100% 50% 25% 100% 50% 25% Campari Blue Premium Metallic 50% 50% 25% 25% Please ensure the document is exported using the 'Best for printing' setting.Please ensure the document is exported using the 'Best for printing' setting. Average exchange rates Period end exchange rates 9M 2026 9M 2025 Change 30 Sept 2026 31 Dec 2025 Change US Dollar 1.162 1.118 -3.7% 1.136 1.175 +3.5% Canadian Dollar 1.609 1.563 -2.8% 1.611 1.609 -0.1% Jamaican Dollars 183.123 177.477 -3.1% 179.983 186.719 +3.7% Mexican Peso 20.204 21.797 +7.9% 20.582 21.118 +2.6% Brazilian Real 5.979 6.317 +5.7% 5.908 6.436 +8.9% Argentine Peso (1) 1,728.837 1,593.742 -7.8% 1,728.837 1,707.561 -1.2% Russian Ruble (2) 90.985 94.730 +4.1% 94.464 92.496 -2.1% Great Britain Pounds 0.864 0.850 -1.5% 0.855 0.873 +2.1% Swiss Franc 0.924 0.939 +1.7% 0.948 0.931 -1.7% Australian Dollar 1.651 1.744 +5.7% 1.630 1.758 +7.9% Yuan Renminbi 7.926 8.070 +1.8% 7.613 8.226 +8.1% (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 a 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 rate effects 20 ANNEX
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Dark Colors Light Colors 100% 50% 25% 100% 50% 25% Campari Blue Premium Metallic 50% 50% 25% 25% Please ensure the document is exported using the 'Best for printing' setting.Please ensure the document is exported using the 'Best for printing' setting. Disclaimer 21 This document contains certain forward-looking statements relating to Campari Group. All statements included in this document concerning activities, events or developments that we expect, believe or anticipate will or may occur in the future are forward-looking statements. Forward-looking statements are based on current expectations and projections about future events and involve known and unknown risks, uncertainties and other factors, including, but not limited to, the following: volatility and deterioration of capital and financial markets, changes in general economic conditions, economic growth and other changes in business conditions, changes in government regulation and other economic, business and competitive factors affecting the businesses of Campari Group. Such factors include, but are not limited to: (i) changes in the laws, regulations or policies of the countries where Campari Group operates; (ii) the adoption, both at a global level and in the countries where Campari Group operates, of restrictive public policies that have an impact on the production, distribution, marketing, labelling, importation, price, sale or consumption of alcoholic products; (iii) long-term changes in consumers’ preferences and tastes, social or cultural trends resulting in a reduction in the consumption of products of the Campari Group as well as in purchasing patterns and the ability of Campari Group to anticipate these changes in the marketplace; and (iv) increased production costs and volatility of raw materials’ prices. Due to rounding, the numbers in this and other tables in this document may not always cast or calculate. Unless otherwise noted, commentary throughout this document refers to organic net sales movement for first nine months ended 30 September 2026 compared to first nine months ended 30 September 2025. Therefore, Campari and its affiliates, directors, advisors, employees and representatives, expressly disclaim any liability whatsoever for such forward-looking statements. Further information on the Campari Group and its activities, including those factors that may materially influence its financial results, are contained in the reports and documents of the Campari Group deposited with the AFM. These forward-looking statements speak only as of the date of this document and Campari does not undertake an obligation to update or revise any forward-looking statement, whether as a result of new information, future events and developments or otherwise, except as required by law.