Campari: confirms organic growth of 3% at the end of 2026

Positive performance from the first 9 months of Campari Group, which reports organic net sales growth of 2,9% (+3,4% in the third quarter) and confirms its outlook for 2026.

This is thanks to the sound trend across most brands and geographical areas, with sales increasing, often by double digits, in 44 countries and driven mainly by aperitifs and tequila.

Disposals weigh on performance, but Campari seeks new opportunities

January–September sales were 2.289 million euros, with an overall increase of 0,4%, broken down into organic growth, a perimeter effect of -2,1%, resulting from the disposal of Cinzano to Caffo, and of Averna and Zedda Piras to Illva Saronno Holding, plus a currency impact of -0,4%, mainly attributable to the US dollar.

The CEO, Simon Hunt adds: “We have continued our upward trajectory compared with sector performance and gained share in our key markets. Our strategy, based on more targeted portfolio choices, is delivering results, supported by significant investments in brands, geographical expansion and the first encouraging contributions from innovations in new formats. At the same time, we continue to improve efficiency across all lines of the income statement, freeing up resources to reinvest in the most significant and profitable growth opportunities”.

Campari Group's performance by geographical area

In Europe (46% of consolidated net sales), the Milan-based multinational recorded +3,8%, driven mainly by the performance of Italy and the United Kingdom and by growth in 13 other geographies. All aperitif-related activity performed strongly.

Germany, however, continued to be affected by pressure on consumption, although this was mitigated by the contribution of innovations, including Aperol on Tap and Campari Spritz ready-to-serve.

In North America (36%), the positive delta was one percentage point, with contributions from all markets in the region.

In the United States, growth was supported by the strong performance of tequila and, once again, aperitifs, while the rest of the portfolio continued to be affected by a challenging operating environment.

Sarti Rosa (alcoholic aperitif), introduced in the third quarter, received a very favourable initial response from consumers.

Overall, sell-in and sell-out in the States were broadly in line with the corresponding period in the first nine months.

Further south, in Jamaica, the Group benefited from an upward variation, despite a high comparison base in the previous year, which nevertheless became more favourable in the fourth quarter.

In emerging markets (11% of sales), Campari's performance was +9,3%, driven mainly by Brazil, with Aperol and Campari, Argentina and growth in a further 17 emerging markets.

Courvoisier excelled in Eastern Europe and South Africa, together with some local brands and the good initial contribution from the launch of Sarti Rosa.

In Asia Pacific (7% of sell-in, including local travel retail), a decline of 0,4% was recorded.

Australia delivered solid growth, mainly thanks to Aperol and Espolòn (tequila), while Wild Turkey benefited from a more favourable comparison base.

Global travel retail benefited from an excellent trend in Europe and the positive performance of Espolòn itself. The process of realigning the other Apac markets should be completed by the end of the year.

The forecasts 2026 in detail

The outlook for 2026, already announced in July, remains confirmed at organic growth of 3%, resulting from the combination of two factors: stronger growth in Europe and more moderate growth in North America (incidentally, Campari operates in approximately 190 countries).

In the United States, the Group forecasts a marginal decline, due to more moderate performance in the second half in some categories and a high comparison base in the fourth quarter.

In terms of adjusted EBIT on sales, Campari confirms its expectation of organic expansion, including an impact of -20 million arising from US tariffs and the reaffirmed positive trend in the underlying gross margin.

A total of 15 million euros in refunds relating to US tariffs 2025 were collected, partly reinvested and partly used to offset cost of goods sold pressures in the second half of the year.

The Group also expects an increase in advertising and promotional investment and a benefit of approximately 70 basis points on the margin arising from overhead costs.

A negative perimeter effect of approximately 70 million on net sales and 30 million on adjusted EBIT is then expected, attributable to the completed disposals of non-priority brands.

CAMPARI GROUP IN THE FIRST 9 MONTHS OF 2026

This article was translated from the original Italian version with the assistance of artificial intelligence. In case of discrepancies, please refer to the original Italian version.