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H1 2026
RESULTS
First Half ended 30 June 2026
Investor Presentation
29 JULY 2026
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Solid start to peak season confirming growth trajectory 2
EXECUTIVE SUMMARY
•64% recurring FCF conversion before OWC changes with total recurring FCF conversion at 4% impacted by operating working capit al seasonality;
extraordinary capex program on -track to be finalized by end -2026 •Leverage relatively stable at 2.6x reflecting operating working capital seasonality and supported by business momentum. Portfolio streamlining ongoing with disposals of the rhum agricole business, Bisquit & Dubouché and Cabo Wabo •Improvement in maturity profile of funding base with the issuance of a €600 mln 7-year Eurobond under the newly set -up EMTN program EBIT -adj.
margin
+130bps
organic
Outperformance Organic topline +2.7% in H1 (Q2 +2.5%), also supported by aperitif innovation pipeline. Ongoing outperformance on sell -out across the board
Solid gross
margin profile+130bps organic accretion mainly driven by positive contribution of sales mix , input costs and tariff impact
Focused brand
buildingA&P to sales at 17.4%, -50bps organic due to peak season brand building as planned
Operating
leverage +60bps organic SG&A benefit on sales in H1, on -track to achieve +70bps in full year 2026 P&L Balance sheetH2 guidance prevent consensus increase Leverage – NFP 206 EBITDA in line w/ last year → 2.6x (mention seasonality, lease renewal of NYC 100mln) M&A – sign something before July
One -off:
-Martinique 60mln (35mln liquid, 45mln fixed,
capital injection)
-20mln liquid for Bisquit Opportunity to write down also CVR 30mln provision existing Balance sheet to include comment on maturity
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Growth broad based across regions and houses 3
REGIONS
HOUSES OF BRANDS
Notes: Local brands net sales organic change +2.9% in H1 2026 . Perimeter -2.0% driven by the disposal of Cinzano as well as impact of the disposal of Averna following the closing on May 28th, 2026 . FX effect -1.8% mainly driven by the US dollar. The length of the bars represents% on total Group Net Sales in H1 2026
APERITIFS
AGAVE
COGNAC & CHAMPAGNE
WHISKEY & RUM
N. AMERICA
EUROPE
APAC & GTR
DEVELOPING
MARKETS
Campari Group
+2.7%
+9.1%
+2.6%
+1.9%
0.0%
+4.0%
+6.9%
-
6.0%
+4.6%
-
1.8%
-
2.0%
-
1.0%
Organic
FX
Perimeter
Total
€1,512
MLN
Net Sales
GROUP NET SALES
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+1%
-2%-3%+2%+5%
-1%0%+3%+4%
+1%+6%+8%Italy Germany France UK Notes: All data reflecting YTD results. US sell -out data based on Nielsen off -premise including liquor channel and excluding RT D (11th of July), NABCA excluding RTD (May) and Nielsen on -premise excluding RTD (16th of May). Europe sell -out data includes RTD based on Nielsen off -premise for Germany (14th of June) and UK (15th of June); Circana off -premise for Italy (14th of June) and Circana off -premise for France (21st of June). 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 solid growth in aperitifs and tequila •In Europe, outperformance across all markets , especially in aperitifs 4+2% Europe -1%Campari Group Spirits SectorSpirits Sector sell -out Campari Group sell -out Aperol, Campari, Espolòn sell -out
-5%-4%+1%
-4%0%+9%
+2%+8%+12%% of Aperol, Campari, Espol ònin totalSpirits Sector sell -out Campari Group sell -out Aperol, Campari & Sarti Rosa Nielsen off -prem NABCA Nielsen on -prem% of Aperol, Campari, Sarti Rosa in total Ongoing outperformance in sell -
out 438% 57% 80% 43%
SELL
-
OUT US Value Growth Europe Value Growth 60% 42% 28%Driver on other portfolio:
Italy – Campari Soda Germany – Skyy and Ouzo France – Grand Marnier, Trois Rivieres
UK – CVR
US off -prem – WT&RR, SKYY, CVR US on -prem – CVR –ve, Grand Marnier
flat
US NABCA – WT&RR, SKYY, CVR
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17% 7%
6% 4%
12% Solid performance driven by aperitif portfolio & convenience strategy 5•Growth almost across the board including positive Italy, strong UK and continued expansion into seeding markets. Germany impacted by consumer pressure. Excluding Germany, Europe growth at + 2.9% •Aperitif portfolio strategy on track mainly driven by solid growth in Aperol, Campari and Sarti Rosa •Convenience strategy progressing with roll-out of innovations across various markets as planned Composition and Organic Growth
(H1)
Key Highlights
46%
of total
Group Sales
EUROPE
Italy
Germany
France
UK
+1.4%
-
2.7%
+0.9%
+4.3%
Other countries
+5.5%
+1.9%
Organic Growth
+1.6% +1.6%+2.6%
H2 24+0.2%
H1 25 H2 25 H1 26
Organic Growth
(MAT)
Q3 24+1.6%
Q4 240.0%
Q1 25+0.2%
Q2 25 Q3 25+1.6%
Q4 25 Q1 26 Q2 26
MAT = moving annual total (12 months to period end)
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26% 5%
5% Growth driven by strong performance of priority brands 6•Solid momentum in the US in priority brands especially in the on -
premise . Strong growth in Aperol supported by focused investments and high single digit growth in Espolòn, in both Blanco and Reposado. Strong start with Sarti Rosa following June launch •Robust trend in Jamaica benefitting from faster hurricane recovery and pricing benefit •All other countries growing Composition and Organic Growth
(H1)
Key Highlights
36%
of total
Group Sales
+2.6%
NORTH AMERICA
+1.5%
+8.8%
+2.8%
USA
Jamaica
Other countries
Organic Growth
+0.1%+2.6%
H2 24 H1 25+0.2%
H2 25 H1 26-2.8%
Organic Growth
(MAT)
Simulation: If H1 inventory optimization was 18m (10m in Q1 and 8m in Q2): H1 organic +5.7%. US team shared days down as -7 days in Q1 and -13 days in Q2 (4m is c.1% on US organic growth)
Q3 24+0.1%
Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26-1.1%
-2.8%-1.3%+0.2%Espolon US +7%
Blanco: +6%
Reposado+: +8%
(o/w Reposado +6%, Anejo +12%)
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4% 2%
4% Widespread growth across the region 7•Brazil driven by strong momentum of Aperol, partially offset by some phasing in Campari •Argentina benefitting from ongoing strength of SKYY Cosmic off an easy comparison base ahead of launch in Jun’25 •Other countries benefitting from geographic expansion focus including positive momentum in Courvoisier
Key Highlights
11%
of total
Group Sales
+9.1%
Notes: Developing Markets include Brazil, Argentina, South Africa, Nigeria ,Peru, Poland, other partnership markets in EMEA and Sout h America
DEVELOPING MARKETS
+2.3%
+34.0%
+5.6%
Composition and Organic Growth
(H1)
Organic Growth
Brazil
Argentina
Other countries
+23.3%
+11.4%+12.9%
H2 24+14.5%
H1 25 H2 25 H1 26
Organic Growth
(MAT)
Organic growth: Peru +3mln (riccadonna + Aperol), other DM EU +2.4mln, SA 0mln
+17.7%
Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26+17.1%
+11.4%
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3% 2%
2% Resilient trend with solid performance in Australia and GTR 8•Solid momentum in Australia despite high comparison base of +10% driven by double digit growth in both Aperol and Espolòn, partially offset by flattish Wild Turkey •GTR driven by strong European performance in aperitifs, Espolòn and Courvoisier offsetting impact of geopolitical events •Other countries impacted mainly by South Korea due to the completion of the distribution company integration offsetting growth in China and India
Key Highlights
7%
of total
Group Sales
0.0%
APAC & GTR
+2.6%
+6.0%
-
6.8%
Composition and Organic Growth
(H1)
Organic Growth
Australia
GTR
Other countries
+4.0%+5.5%
+3.1%
-1.6%
H2 24 H1 25 H2 25 H1 26
Organic Growth
(MAT)
Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26+4.0%
+2.4%
-1.6%
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Accelerating growth into peak season supported by excellent execution, brand investments and innovation 9
HOUSE OF BRANDS
Aperitifs
29% 11%
9% 49%
of total
Group Sales
Aperol
+3.3%
Campari
Other brands
+2.3%
+8.8%
Composition
+4.0%
Key Highlights
•Aperol benefitting from positive trend in bottle amplified by launch of innovations as part of convenience strategy, particularly Tap in early peak season. All regions contributed to the positive trend •Campari with solid performance in Europe, including initial benefits of Campari Spritz RTS launch, and North America •Sarti Rosa growing rapidly via geographic expansion and ongoing growth in core Germany (52% of total in H1 vs 96% in 2023)
Organic Growth
o/w Campari
+1.3%
Notes: Aperol includes Aperol bottle, Aperol Spritz RTS, Aperol on Tap, Aperol To Go Can, Aperol Soda. Campari includes Campa ri bottle, Campari Spritz RTS
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Aperol entire format line -
up and roll -
out 10
Bottle
RTS Tap
To Go Can To Go Bottle
Where Globally
2 key markets, 15 seeding markets 9
European markets
UK, Belgium,
Austria, GTRSelected seeding
markets
Main
occasionOn-premise, At -home, Perfect serve & ritualAt-home, over ice ConvenienceHigh velocity on -premise, Music & Sport venuesOn-the-goOn-the-go or
on-premise alternative
Gross Margin
vs Group avg +++ par
CLOSE TO PAR
PAR -
Notes: Gross profit per serve refers to gross profit divided by the number of serves per formatOpportunity Existing Incremental Incremental+ Incremental+ Incremental+
APEROL DEEP
-
DIVE
26% 19%
13% 6%
4% 32%
H1 202525%
18% 13%
6% 5%
33%
H1 2026Italy
Germany
USA
France
UK OthersTop 5 markets org. sales +3%
Other markets
share +40bps
Launch
1919
2011 Italy
2022 outside of Italy
Summer 2026
(pilot in 2025)
April 2026
TBC +
+++ +
++
N/AGross profit
per serve
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Wild Turkey mainly impacted by demand -
led supply constraints and South Korea; Strong growth in
Espol
ò
n continuing
HOUSE OF BRANDS
Whiskey & Rum
Agave
4% 5%
3% 12%
of total
Group Sales
-
6.0%
Wild Turkey &
Russell’s Reserve
-
6.6%
Jamaican Rums
Other brands
+0.2%
-
13.7%
Key Highlights
•Wild Turkey impacted by challenging US category trends, demand -led supply constraints in Russell’s Reserve as well as completion of distribution company integration in South Korea •Jamaican Rums benefitting from solid consumption dynamics in Jamaica, offset by high comparison base in the US •Other brands impacted by other whiskey
Composition
Organic Growth
9% 1%
10%
of total
Group Sales
Espol
òn
+8.2%
+6.9%
Other brands
-
5.5%
Composition
Organic Growth
11
Key Highlights
•Strong trend in Espolòn driven by balanced growth in both Blanco and Reposado, also supported by launch of Extra Añejo .
Ongoing benefit from geographic expansion, albeit with majority of the growth driven by core US •Other brands with minor contribution
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2015 2025Pack innovation Strong outperformance and ample room for growth
12Peer #1
19%
Peer #2
9%
Peer #3
9%
Peer #4
8%
Peer #5
6%Espolòn
4%Others
45% US Tequila market growth was led by
Super Premium+
from 2015 -22, but over the last 3 years has been led by
Premium, where
Espolòn sits and
continues to
outperform
Ongoing share gains Notes: Reposado+ refers to all the variants excluding Blanco Sources: IWSR and NielsenIQ . Note Espolòn sits within the Premium segment. Nielsen off -premise data YTD as of 11th July, NABCA YTD as of May and Nielsen on -premise data YTD as of 16th of May2015 -22 2022 -25
+33% +19%
+7% +1%CAGR
+24% +2%
+18% +5%
Peer #1
13%
Peer #2
11%
Peer #3
6%
Peer #4
6%
Peer #5
6%
Peer #6
5%Espolòn
5%Others
52% Further opportunities to unlock
6th rank
(4.4% market share)Note for Script:
only a few months after launch, it (200ml bottle) already contributed to c.7% of US Espolon H1 organic growth Adding colour on state level growth including Florida outperformance
US ESPOL
Ò
N DEEP
-
DIVE
17th rank
(1.1% market share)
Variant innovation10%
of US tequila <375ml and growing rapidlyPics of the bottle sizes from here:
https://www.totalwin
e.com/p/2126282771
-1 43%
of Espol òn is
Reposado+ and
growing faster
Espolòn
#2 in premium
Premium
Standard / ValueSuper Premium+
Reposado+
Blanco: +7.8%
Repo: +6.7%
Repo+: 8.8%
NEW
200ml
375ml 750ml 1 litre 1.75 litre 85 super premium +
reposition
We continue to solidify, 2nd in top 10 tequila in USNielsen off -prem 1 of only 4
growing brands
tequila brand in USNielsen on -prem Only double -
digit growing
in tequilaNABCA
+70bps
share gain
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Growth in Cognac & Champagne as well as Local Brands 13
HOUSE OF BRANDS
Cognac & Champagne 4% 4% 0% 8%
of total
Group Sales4%
16% 20%
of total
Group Sales
+4.6%
+2.9%
SKYY
+5.7%
Other brands
+2.3%
+6.3%
+5.0%
-
13.6%
Local Brands
Composition
Composition
Courvoisier
Grand Marnier
Other brands
Key Highlights
•Solid performance in Courvoisier driven by developing markets and APAC. US with stable trend despite category pressure •Grand Marnier benefitting from an easy comparison base
Key Highlights
•Positive trend in SKYY supported by strong performance of SKYY Cosmic in Argentina •Other brands mainly driven by growth in sparkling wines as part of aperitif portfolio strategyCheck C&C
Other brands
rounding
patch once
get RB20.4%
Organic Growth
Organic Growth
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Organic
bps y/y
+130bps organic EBIT -
adj. margin expansion supported by pull -
forward of gross margin benefit with A&P and SG&A as planned 14• Solid accretion in gross margin ( +130 bps organic) supported by a combination of positive mix due to the solid performance of aperitifs in early peak season , tail-end of agave benefit, phasing of COGS productivity gains, as well as more limited US tariff impact of €7 mln (vs €2 mln in H1 2025) • A&P at 17.4% of sales ( -50bps organic) driven by brand building investments for peak season and to support innovation pipeline as planned • SG&A containment efforts continuing to support margin (+60 bps organic), on track to reach +70bps benefit by end -
2026 as guided • EBIT -adj. at € 358 mln (23.7% margin) with +8.5% organic growth and net impact of € (23) mln from perimeter and FX • EBITDA -adj. at €430 mln, +6.5% organic and +0.8% reported Organic
change y/y
+4.8%
+130
+5.9%
-
50
+0.1%
+60
+8.5%
+130
H162.6%
23.7%17.4%
21.5%
Gross Margin A&P / Net Sales SG&A / Net Sales EBIT -adj. Margin
MARGIN EVOLUTION
Notes: Tariff impact calculated as US = 15% until 20 February and 10% thereafter in H1; Jamaica = 10%FX
Perimeter
Total
-
50 -
10 +70
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Positive evolution in P&L supported by business momentum 15H1 2026 Adjusted Adjustments ReportedAnnual change
Adjusted Reported
€ mln € mln € mln % % Net Sales 1,512 1,512 -1.0% -1.0%
EBIT 358 (109) 249 +1.8% -26.8%
Operating adjustment breakdown Restructuring and reorganisation costs (4) Goodwill, brand, tangible fixed asset impairment (10) Income (expenses) from business disposals 19 Remeasurement of assets classified as held for sale and other impairment charges associated with business disposal initiatives(82)
Other (32)
Financial income (expenses) (44) 5 (38) -13.6% -23.5% Total financial income (expenses) before exchange gain (losses) (44) 5 (39) -13.9% -23.7% Exchange gain (losses) 0 - 0 Earn -out income (expenses) and hyperinflation effects (0) (0) (0) Profit (loss) related to joint -ventures and other investments (0) - (0) Pre -tax profit 314 (104) 211 +3.3% -28.3% Tax (88) 6 (82) -1.2% -7.4% of which: deferred tax on brands and goodwill (7) (7) -5.3% -5.3% Net profit 226 (98) 129 +5.1% -37.3% Non -controlling interests 0 0 Group net profit 226 (98) 129 +4.7% -37.7% Tax rate (27.9)% (38.8)% -130bps +880bps Underlying cash tax rate (25.8)% -110bps EPS basic 0.19 0.11 +4.8% -37.6% EPS diluted 0.19 0.11 +5.3% -35.8%•Group net profit -adj. +4.7% mainly driven by positive evolution of EBIT -adj. and favorable financial expenses •EBIT operating adjustments of €(109) mln mainly driven by €(82) mln impact related to write -down of assets marked for disposal, additional fixed asset and brand impairments net of €19 mln Averna and Zedda Piras disposal capital
gain
•Adjusted financial expenses of €(44) mln with decrease driven by lower average net debt at €2,043 mln vs €2,284 mln last year with average cost of net debt stable at 4.3%.
€5 mln gain due to the bond liability management •Recurring tax rate of 27.9%, -130bps vs H1 2025 due to favourable country mix . Recurring cash tax rate at 25.8% P&L
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Solid balance sheet indicators 16OWC change OWC % of net sales 52% (vs 51% on 30 Jun 2025, 44% on 31 Dec 2025) € 12 mln increase vs 30 Jun 2025 € 246 mln increase vs 31 Dec 2025OWC as % of sales at 52%, similar to same period last year and seasonally higher vs year -end mainly due to build -up of finished goods inventory for peak season and select increase in maturing liquid Recurring € 19 mln (vs €113 mln in H1 2025) Total € (78) mln (vs €35 mln in H1 2025)Free Cash Flow Recurring FCF Conversion Recurring FCF before OWC change conversion at 64%, in -line with 5 -year average of 68% Recurring FCF at €19 mln impacted by operating working capital seasonalitySolid management of
Operating Working
Capital (OWC)
Comfortable
LeveragePositive recurring
Free Cash Flow
(FCF)CAPEX program
in late stage of finalizationMaintenance CAPEX contained at 3% of sales, slightly below run -rate of c.4% Extraordinary CAPEX at 2% of sales including tail of production capacity enhancement program with finalisation expected in 2026 for a total of c.€100 mln€ 75 mln (vs €82 mln in H1 2025)€ 34 mln (vs €39 mln in H1 2025)Total CAPEX Extraordinary CAPEX
2.6x
(vs 3.2x on 30 Jun 2025, 2.5x on 31 Dec 2025)Leverage Net Debt € 2,068 mln (€(314) mln vs 30 Jun 2025, €110 mln vs 31 Dec 2025 )Leverage comfortable at 2.6x Slight increase in net debt vs 31 Dec 2025 mainly due to dividend payment and seasonality in OWC4% (vs 27% in H1 2025) 64% before OWC change (71% in H1 2025) Notes: Free Cash Flow conversion calculated as recurring FCF/EBITDA. Leverage is calculated as Nebt debt to EBITDA -adj.
BALANCE SHEET
. [Considering the current value of own shares, not included in the net debt value, leverage would be at 2.2xRecurring before OWC 5 -year
average 68%
Address question on 4% FCF (owc dec’25 in script or Q&A) significant increase in payable due to acceleration of capex towards the end of
the year
What’s new?
To continue…
Brand innovation
•Fewer bigger bets •RTD, RTS, Tap; Sarti Rosa expansion
Bolder investments
•+21 HC for Aperol US push •Step -up in A&P
Stronger execution
•New regional structure & team •Enhanced focus on RGM 2026 so far – doing exactly what we said we would do
Cost discipline
•SG&A and COGS containment •A&P efficiency gains Balance sheet focus
•Comfortable leverage
•Solid cash flow with seasonal trends 17
Ongoing portfolio streamlining 4 % of portfolio disposedDisposals Vermouth & Sparkling Wine 2% of Group Net Sales
derrimut
Australia production facility E-comm. platform Amaro and myrtle liqueur 1% of Group Net SalesCognac and tequila <1% of Group Net SalesRhum agricole <1% of Group Net Sales2026
2025
18Newly signed – expected closing end -2026
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• Confirmed industry outperformance with c.3% organic topline growth • Raised organic accretion expectation in EBIT -adj. margin oAdditional c.€10 mln benefit from more favourable tariff environment (expected negative impact of €20 mln vs previous €30 mln ) o Confirmed underlying organic gross margin trend with H1 phasing not altering full year expectation o Potential upside from 2025 tariff refund, for which a claim has been made, to reasonably offset projected COGS pressure in H2 from geopolitical events, mainly logistics o Confirmed guidance of A&P step -up o Confirmed SG&A guidance of +70bps benefitvs previous full year guidance 2026 outlook updated with incremental uplift to EBIT -
adj. margin
19
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(1)
• 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 and portfolio streamlining (c.4% of net sales disposed on a pro -forma basis including recent disposal announcements(1)) • Enhanced shareholder returns with higher contribution from dividends leveraging strong cash conversion and continuing delever age
Balance
Sheet
&
Capital
Allocation
OUTLOOK
Notes: 2026 outlook first provided during 2025 full year earnings presentation on the 6th of March 2026. US tariffs at 10% since 20th of February and this rate re -confirmed on 24th of July, although a second pending investigation could increase the rate to 15% (1) Including impact of the Averna and Zedda Piras disposal which closed on 28th of May. Disposal of rhum agricole business , Cabo Wabo and Bisquit&Dubouchè closing expected in Q4+ = = = =+=
20
Annex
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Net sales organic growth and composition 21
ANNEX
REGIONS
BRANDS
House of Aperitifs House of Agave House of Cognac & ChampagneHouse of Whiskey & Rum North AmericaEurope Asia -Pacific & GTRDeveloping Markets Local BrandsWeight H1 2025 CAGR ‘19 H1 2026 Weight H1 2025 CAGR ‘19 H1 2026 46% +0.1% +8.9% +1.9% 36% -2.4% +6.3% +2.6% 11% +6.1% +19.9% +9.1% 7% +5.3% +8.8% +0.0%49% +2.0% +12.1% +4.0% 12% -1.4% +5.8% -6.0% 10% +5.0% +19.8% +6.9% 8% -0.8% +3.0% +4.6% 20% -4.4% +3.0% +2.9% Italy 17%Germany 7%France 6%
UK 4%
Others 12%
US 26%
Jamaica 5%Others 5%Brazil 4%Argentina 2%Others 4%Australia 3%GTR 2%Others 2%Aperol 29%
Campari 11%
Others 9%
Wild Turkey & Russell’s Reserve 4%Jamaican Rum 5%Others 3%Espolòn 9%Others 1%Courvoisier 4%Grand Marnier 4%Others 0.4%SKYY 4%Others 16%
Campari Group
+2.7%
-
1.8%
-
2.0%
-
1.0%
Organic
FX
Perimeter
Total
€1,512
MLN
Net Sales
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Net sales by Region 22
ANNEX
H1 2026 H1 2025 change % of which:
€ mln % sales € mln % sales Total Organic Perimeter FX Europe 698 46.2% 695 45.5% +0.5% +1.9% -1.6% +0.2% Italy 259 17.2% 258 16.9% +0.7% +1.4% -0.8% +0.0% Germany 113 7.5% 120 7.8% -5.2% -2.7% -2.5% +0.0% France 86 5.7% 85 5.6% +0.8% +0.9% -0.0% +0.0% United Kingdom 61 4.0% 60 3.9% +0.8% +4.3% -0.5% -3.0% Other countries 179 11.8% 172 11.3% +3.8% +5.5% -3.4% +1.7% North America 547 36.2% 567 37.1% -3.5% +2.6% -0.4% -5.6%
USA 398 26.3% 421 27.5% -5.3% +1.5% -0.4% -6.4%
Jamaica 73 4.8% 71 4.7% +2.4% +8.8% +0.0% -6.5% Other countries 76 5.0% 75 4.9% +1.2% +2.8% -1.4% -0.2% Developing Markets 162 10.7% 148 9.7% +9.0% +9.1% -3.9% +3.8% Brazil 67 4.4% 62 4.1% +7.0% +2.3% -0.1% +4.7% Argentina 37 2.4% 25 1.7% +43.7% +34.0% -6.8% +16.6% Other countries 58 3.8% 60 3.9% -3.7% +5.6% -6.7% -2.6%
APAC & GTR 106 7.0% 118 7.7% -10.6% +0.0% -9.0% -1.6%
Australia 45 3.0% 49 3.2% -8.8% +2.6% -14.7% +3.3%
GTR 27 1.8% 27 1.8% +0.7% +6.0% -2.6% -2.7%
Other countries 34 2.2% 42 2.8% -19.9% -6.8% -6.5% -6.6% Total 1,512 100.0% 1,528 100.0% -1.0% +2.7% -2.0% -1.8%
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Net sales by House 23
ANNEX
H1 2026 H1 2025 change % of which:
€ mln % sales € mln % sales Total Organic Perimeter FX House of Aperitifs 741 49.0% 718 47.0% +3.2% +4.0% +0.0% -0.8% Aperol Franchise 438 29.0% 428 28.0% +2.3% +3.3% +0.0% -0.9% Campari Franchise 173 11.5% 171 11.2% +1.5% +2.3% +0.0% -0.8% Other brands 129 8.5% 119 7.8% +8.7% +8.8% +0.0% -0.1% House of Whiskey & Rum 189 12.5% 210 13.8% -10.3% -6.0% +0.0% -4.3% Wild Turkey & Russell’s Reserve 66 4.4% 75 4.9% -11.9% -6.6% +0.0% -5.4% Jamaican Rums 74 4.9% 78 5.1% -5.1% +0.2% +0.0% -5.3% Other brands 49 3.2% 57 3.8% -15.3% -13.7% +0.0% -1.6% House of Agave 150 9.9% 148 9.7% +1.2% +6.9% +0.0% -5.7% Espolon 137 9.1% 134 8.8% +2.1% +8.2% +0.0% -6.1% Other brands 13 0.8% 14 0.9% -7.9% -5.5% +0.0% -2.4% House of Cognac & Champagne 125 8.3% 124 8.1% +0.7% +4.6% +0.0% -3.9% Courvoisier 64 4.2% 62 4.0% +3.7% +6.3% +0.0% -2.6% Grand Marnier 55 3.6% 55 3.6% -0.7% +5.0% +0.0% -5.7% Other brands 6 0.4% 7 0.5% -13.8% -13.6% +0.0% -0.2% Local Brands 308 20.3% 327 21.4% -5.9% +2.9% -9.2% +0.4%
SKYY 60 4.0% 58 3.8% +3.9% +5.7% +0.0% -1.8%
Other brands 247 16.3% 269 17.6% -8.1% +2.3% -11.2% +0.9% Total 1,512 100.0% 1,528 100.0% -1.0% +2.7% -2.0% -1.8%
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Net sales quarterly progression 24
ANNEX
Net Sales 2025 2026
€ mln Q1 Q2 H1 Q3 9M Q4 FY Q1 Q2 H1
Europe 272 423 695 334 1,029 337 1,366 275 423 698 North America 262 305 567 286 853 279 1,132 242 305 547 Developing Markets 74 75 148 68 216 84 300 78 83 162 Asia -Pacific>R 58 60 118 64 183 71 254 48 58 106 Total 666 862 1,528 753 2,281 770 3,051 643 869 1,512 Net Sales Organic Growth 2025 2026
% Q1 Q2 H1 Q3 9M Q4 FY Q1 Q2 H1
Europe -5% +3% +0% +3% +1% +3% +2% +2% +2% +2% North America -7% +1% -2% +4% -0% +1% +0% +2% +3% +3% Developing Markets -4% +17% +6% +13% +8% +20% +11% +13% +6% +9% Asia -Pacific>R +14% -1% +5% +4% +5% +7% +6% -2% +2% +0% Total -4% +3% +0% +4% +2% +5% +2% +3% +3% +3% Net Sales 2025 2026
€ mln Q1 Q2 H1 Q3 9M Q4 FY Q1 Q2 H1
House of Aperitifs 290 428 718 329 1,047 291 1,338 289 451 741 House of Whiskey&Rum 100 111 210 113 323 103 426 87 102 189 House of Agave 63 85 148 74 223 69 292 60 90 150 House of Cognac&Champagne 64 60 124 74 198 105 303 62 63 125 Local Brands 149 178 327 163 490 202 692 144 164 308 Total 666 862 1,528 753 2,281 770 3,051 643 869 1,512 Net Sales Organic Growth 2025 2026
% Q1 Q2 H1 Q3 9M Q4 FY Q1 Q2 H1
House of Aperitifs -1% +4% +2% -0% +1% +6% +2% +2% +5% +4% House of Whiskey&Rum -2% -1% -1% +19% +5% -5% +2% -5% -7% -6% House of Agave -2% +10% +5% +0% +3% +4% +3% +5% +8% +7% House of Cognac&Champagne -13% +8% -1% +16% +7% +26% +14% +3% +6% +5% Local Brands -9% -0% -4% +2% -2% +0% -1% +9% -2% +3% Total -4% +3% +0% +4% +2% +5% +2% +3% +3% +3%
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Consolidated P&L
25
ANNEX
Notes: COGS = cost of materials, production and logistics expenses; SG&A = selling, general and administrative expenses Bps rounded to the nearest tenchange % of which:
H1 2026 H1 2025 Total changeOrganic margin changeOrganic Perimeter FX € mln % sales € mln % sales % bps % % % Net sales 1,512 100.0% 1,528 100.0% -1.0% 0 +2.7% -2.0% -1.8%
COGS (566) (37.4)% (594) (38.9)% -4.7% +130 -0.6% -3.6% -0.6%
Gross profit 946 62.6% 934 61.1% +1.3% +130 +4.8% -1.0% -2.5%
A&P (264) (17.4)% (254) (16.6)% +3.7% -50 +5.9% -0.4% -1.8%
Contribution after A&P 683 45.2% 680 44.5% +0.4% +70 +4.4% -1.2% -2.8%
SG&A (325) (21.5)% (328) (21.5)% -1.0% +60 +0.1% +0.3% -1.3%
EBIT -adj. 358 23.7% 352 23.0% +1.8% +130 +8.5% -2.5% -4.1% Operating adjustments (109) (7.2)% (11) (0.7)% nm Other income (expenses) from business disposals — -% — -% nm Operating profit (EBIT) 249 16.5% 341 22.3% -26.8% Financial income (expenses) (38) (2.5)% (50) (3.3)% -23.5% Total financial income (expenses) before exchange gain (losses) (39) (2.6)% (51) (3.3)% -23.7% Exchange gain (losses) — -% 1 -% nm Earn -out income (expenses) and hyperinflation effects — -% 5 0.3% nm Profit (loss) related to joint -ventures and other investments — -% (1) (0.1)% nm Pre -tax profit 211 13.9% 294 19.2% -28.3% Pre -tax profit -adj. 314 20.8% 304 19.9% +3.3% Taxation (82) (5.4)% (88) (5.8)% -7.4% Net profit for the period 129 8.5% 206 13.5% -37.3% Net profit for the period -adj. 226 15.0% 215 14.1% +5.1% Non -controlling interests — -% (1) -% nm Group net profit 129 8.5% 206 13.5% -37.7% Group net profit -adj. 226 15.0% 216 14.1% +4.7% Total depreciation and amortisation (72) (4.8)% (75) (4.9)% -3.7% -2.5% -% -1.2%
EBITDA -adj. 430 28.4% 427 27.9% +0.8% +6.5% -2.1% -3.6%
EBITDA 322 21.3% 416 27.2% -22.7%
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EBIT
-
adj. by region 26
ANNEX
Notes: Bps rounded to the nearest tenH1 2026 H1 2025Organic margin change change % of which:
€ mln % sales € mln % sales bps Total Organic Perimeter FX
Europe
Net sales 698 100% 695 100% +0.5% +1.9% -1.6% +0.2% EBIT -adj. 177 25% 168 24% +100 +5.4% +6.3% -1.8% +1.0%
North America
Net sales 547 100% 567 100% -3.5% +2.6% -0.4% -5.6% EBIT -adj. 144 26% 149 26% +160 -3.3% +8.7% -0.9% -11.1%
Developing Markets
Net sales 162 100% 148 100% +9.0% +9.1% -4.0% +3.8% EBIT -adj. 40 25% 37 25% +170 +8.8% +16.5% -7.9% +0.2% Asia -Pacific & GTR Net sales 106 100% 118 100% -10.6% 0.0% -9.0% -1.6% EBIT -adj. (4) -4% (3) -2% 0 +42.0% -1.7% +54.0% -10.3%
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Group net profit adjusted 27
ANNEX
H1 2026 H1 2025 Change € mln Adjusted Adjustments Reported Adjusted Adjustments Reported Adjusted Reported Pre-tax profit 314 (104) 211 304 (10) 294 +3.3% -28.3% Taxation (1)(88) 6 (82) (89) 1 (88) -1.2% -7.4% Net profit 226 (98) 129 215 (10) 206 +5.1% -37.3% Non -controlling interests 0 0 2 (1) -% -% Group net profit 226 (98) 129 216 (10) 206 +4.7% -37.7% Tax rate (reported/recurring effective) (2) (27.9)% (38.8)% (29.2)% (30.0)% Deferred tax on goodwill and brands (7) (7) (7) (7) Underlying cash tax rate (25.8)% (26.9)% Notes: (1) Including deferred tax on goodwill and brands; (2) Including result relating to non -controlling interest
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Consolidated balance sheet (1 of 2)
28ASSETS
ANNEX
30 June 2026 31 December 2025 Change € mln € mln € mln
ASSETS
Non -current assets Property, plant and equipment 1,476 1,449 27 Right of use assets 63 62 0 Biological assets 18 30 (12) Investment properties — — — Goodwill 2,272 2,233 39 Brands 1,126 1,144 (18) Intangible assets with a finite life 84 87 (3) Interests in associates and joint ventures 10 10 — Deferred tax assets 92 73 19 Other non -current assets 34 37 (2) Other non -current financial assets 26 22 4 Total non -current assets 5,202 5,148 54
Current assets
Inventories 1,745 1,687 58 Biological assets 30 34 (5) Trade receivables 416 327 89 Other current financial assets 15 16 (1) Cash and cash equivalents 698 703 (6) Income tax receivables 19 16 3 Other current assets 125 103 22 Assets held for sale 36 78 (42) Total current assets 3,082 2,963 119 Total assets 8,284 8,111 172
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Consolidated balance sheet (2 of 2)
29LIABILITIES AND SHAREHOLDERS’ EQUITY
ANNEX
30 June 2026 30 June 2025 Change € mln € mln € mln
LIABILITIES AND SHAREHOLDERS' EQUITY
Shareholders' equity
- Share capital 37 36 1
- Reserves 3,763 2,889 874 Issued capital and reserves attributable to shareholders of the parent Company 3,992 3,863 129 Non -controlling interests 1 1 (1) Total shareholders' equity 3,993 3,864 128 Non -current liabilities Bonds 1,888 1,590 298 Loans due to banks 493 628 (135) Other non -current financial liabilities 144 139 6 Post -employment benefit obligations 22 22 (1) Provisions for risks and charges 51 61 (10) Deferred tax liabilities 466 451 15 Other non -current liabilities 33 19 14 Total non -current liabilities 3,098 2,910 187
Current liabilities
Bonds — — — Loans due to banks 235 272 (38) Other current financial liabilities 46 70 (23) Trade payables 610 715 (104) Income tax payables 84 52 32 Other current liabilities 210 228 (18) Liabilities held for sale 9 — 9 Total current liabilities 1,194 1,336 (143) Total liabilities 4,291 4,247 44 Total liabilities and shareholders' equity 8,284 8,111 173
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Reclassified cash flow statement 30
ANNEX
Note: (1) Including effects from hyperinflation accounting in Argentina; goodwill, brand, tangible fixed assets and sold busi nes s impairment; accruals and other changes from operating activitiesH1 2026 H1 2025 Change € mln € mln € mln
EBITDA 322 416 (94)
Income taxes and other adjustments (1)(32) (59) 27 Cash flow from operating activities before changes in working capital 290 357 (67) Changes in net operating working capital (254) (190) (64) Cash flow from operating activities 36 167 (131) Net interest paid (39) (50) 11 Capital expenditure (75) (82) 7 Free cash flow (78) 35 (113) (Acquisition) disposal of business 96 (1) 97 Dividend paid out by the Company (120) (78) (42) Other changes (incl. net purchase of own shares) 11 (20) 31 Total cash flow used in other activities (13) (99) 86 Change in net financial position due to operating activities (91) (64) (27) Put option and earn -out liability changes (3) 16 (19) Increase in investments for lease right of use (9) (4) (6) Net cash flow of the period = change in net financial debt (103) (52) (51) Effect of exchange rate changes on net financial debt (7) 47 (54) Net financial debt at the beginning of the period (1,958) (2,377) 419 Net financial position at the end of the period (2,068) (2,382) 314
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30 June
202631 December
202530 June
2025Change vs 31 December 2025 Total Organic Perimeter FX € mln % sales € mln % sales € mln % sales € mln € mln € mln € mln Trade receivables 416 13.7% 327 10.7% 408 13.3% 89 80 (1) 10
Total inventories,
of which:1,774 58.4% 1,721 56.4% 1,704 55.4% 53 60 (38) 31
- maturing inventory 1,199 39.5% 1,172 38.4% 1,117 36.3% 27 26 (15) 16
- biological assets 30 1.0% 34 1.1% 27 0.9% (5) (6) (1) 2
- other inventory 546 18.0% 515 16.9% 560 18.2% 31 40 (22) 12 Trade payables (610) -20.1% (715) -23.4% (544) -17.7% 104 114 2 (11)
Operating working
capital1,580 52.0% 1,334 43.7% 1,568 51.0% 246 254 (37) 29 Operating working capital 31
ANNEX
% on rolling net sales€ mln
1,568
1,3341,580 254 29 OWC as of 30 June 2025OWC as of 31 December 2025Organic Perimeter FX OWC as of 30 June 2026(37)246 43.7% 52.0% 51.0%12
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CAPEX
32
ANNEX
€ mln H1 2026 H1 2025 2025 2024 2023 2022 2026 Guidance Total CAPEX 75 82 271 441 296 213 Maintenance CAPEX 41 43 127 140 113 107 c.4% of sales % of sales 2.7% 2.8% 4.2% 4.6% 3.9% 4.0% Extraordinary CAPEX 34 39 143 301 183 106c. €100 mln with tail
of program
finalizationNew HQ 10 3 11 97 18 -
Other 24 36 132 204 185 106
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Free cash flow 33
ANNEX
Note: Free Cash Flow conversion calculated as FCF/EBITDA (1) Other including effects from hyperinflation accounting in Argentina, accruals and provisions, impairment of assets and ot her changes from operating activities H1 2026 H1 2025 Change Change Total Recurring Total Recurring Total Recurring € mln € mln € mln € mln € mln % € mln %
EBITDA 322 416 (94) -22.7%
EBITDA -adj. 430 427 3 +0.8%
Taxes paid & Other (1)(32) (72) (59) (30) 27 (42) Taxes paid (59) (59) (21) (21) (38) (38) Other (1)27 (13) (38) (9) 65 (4) Cash flow from operating activities before working capital changes 290 358 357 396 (67) -18.8% (38) -9.6% Change in OWC (at constant FX and perimeter) (254) (254) (190) (190) (64) (64) Cash flow from operating activities 36 104 167 206 (131) -78.6% (102) -49.5% Net interest paid (39) (44) (50) (50) 11 6 Capex (75) (41) (82) (43) 7 2 Free Cash Flow (FCF) (78) 19 35 113 (113) -323.6% (94) -83.0% Free Cash Flow conversion rate -24.3% 4.5% 8.4% 26.5% Free Cash Flow conversion rate before OWC changes 54.8% 63.5% 54.1% 71.1%
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Net debt
34
ANNEX
€ mln30 June
202631 December
202530 June
2025Change vs
Dec’25Change vs
Jun’25
Short -term cash (debt) 435 380 118 55 317
- Cash and cash equivalents 698 703 476 (6) 221
- Bonds - - - - -
- Bank loans (235) (272) (339) 38 104
- Others financial assets and liabilities incl Joint -Ventures (28) (51) (19) 23 (9) Medium to long -term cash (debt) (2,411) (2,249) (2,347) (162) (63)
- Bonds (1,888) (1,590) (1,585) (298) (303)
- Bank loans (493) (628) (736) 135 243
- Others financial assets and liabilities (30) (31) (27) 1 (3) Liabilities for put option and earn -out payments current (3) (3) (3) - -
Liabilities for put option and earn -out payments non current (2)(89) (86) (150) (2) 61 Net cash (debt) (2,068) (1,958) (2,382) (110) 314 Net debt to EBITDA -adj. (Leverage) 2.6x 2.5x 3.2x322
(78)(110)(75)
(120)(8) -2000200400
H1 2026
EBITDATaxes paid
& otherOWC Net interest paidCAPEX FCF Dividend Net impact
of disposalsOther
including FX
and put optionTotal net
cash/(debt)
change(32)
(254)(39)961,9582,068
31 December
202530 June
2026+110
Leverage 2.5x 2.6xBreakdown of Change in Net Debt (€ mln) Net Debt (€ mln) (1) Proceeds from the disposal of Averna and Zedda Piras business completed in May 2026 (2) Including commitments for future minority purchases and earn -outs (mainly Wilderness Trail Distillery, LLC)Cash impacted mainly by:
Dividend payment c100mln Capex 40mln (TBC)
Averna +96mln
OWC -266 mln Not impacting net debt, but funds from bond issuance used to pay back term
loans
(1)
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Financial debt
35Eurobond and Term Loan Composition (30 June 2026) Issue date Maturity Type Currency Coupon Original nominal amount (LC mln)Outstanding nominal amount (LC mln)Outstanding nominal amount (€ mln)Original tenor As% of total Oct 6, 2020 Oct -27 Unrated Eurobond EUR 1.25% 550 254 254 7 years 10.8% Dec 6, 2022 Dec -27 Term Loan (1) USD 5.09% 420 113 99 5 years 4.2% May 5, 2023 Jun-29 Term Loan (2) EUR 3.54% 400 330 330 6 years 14.0% May 11, 2023 May -30 Unrated Eurobond EUR 4.71% 300 300 300 7 years 12.7% Jan 10, 2024 Jan-29 Convertible bond EUR 2.38% 550 550 550 5 years 23.4% June 18, 2024 Jun-31 Unrated Eurobond EUR 4.26% 220 220 220 7 years 9.3% June 10, 2026 Jun-33 Unrated Eurobond EUR 4.25% 600 600 600 7 years 25.5% Total nominal gross debt 2,353 100% Average nominal coupon 3.48%
ANNEX
Note: (1) Floating interest rate linked to SOFR + spread; amortising with nominal payment schedule every 6 months ; (2) Float ing interest rate linked to Euribor + spread and sustainability -linked, amortising with payment schedule once a year from 2025 onwards and bullet final payment •On 10 June 2026, €600 mln senior unsecured fixed rate notes with 7 years maturity targeted at institutional investors were placed with a fixed annual c oupon of 4.25% •On 17 June 2026, a tender offer on outstanding bonds with original amount €550 mln , coupon 1.250% and maturity 6 October 2027 was concluded with a nominal amount of €296 mln repurchased at 97.868% •48% of total nominal gross debt outstanding maturing after 2029
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Shareholding structure (30 June 2026) 36Shareholders Ordinary Shares (1)% of Ordinary SharesSpecial Voting Shares A (2)Special Voting Shares BTotal Special Voting Shares A + Special Voting Shares B Voting rightsTotal 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 618,985,722 50.3% - 615,316,000 2,461,264,000 3,080,249,722 81.9% Other shareholders 580,376,570 47.1% - 366,934 1,467,736 581,844,306 15.5% Treasury shares (3)31,905,446 2.6% 43,893,848 6,141,560 68,460,088 100,365,534 2.7% Total 1,231,267,738 100.0% 43,893,848 621,824,494 2,531,191,824 3,762,459,562 100.0%
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(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 quo rum .
Note: Total number of shares including the maximum amount of convertible shares of 44,489,500 corresponding to 1,275,757,238
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Average exchange rates Period end exchange rates H1 2026 H1 2025 Change 30 June 2026 30 June 2025 Change US Dollar1.167 1.093 -6.3% 1.139 1.175 +3.1% Canadian Dollar1.608 1.540 -4.2% 1.622 1.609 -0.8% Jamaican Dollars183.626 172.687 -6.0% 179.213 186.719 +4.2% Mexican peso20.376 21.809 +7.0% 19.903 21.118 +6.1% Brazilian Real6.012 6.291 +4.6% 5.900 6.436 +9.1% Argentine Peso (1) 1,687.324 1,391.439 -17.5% 1,687.324 1,707.561 +1.2% Russian Ruble (2) 89.238 94.977 +6.4% 89.887 92.496 +2.9% Great Britain Pounds0.867 0.842 -2.9% 0.862 0.873 +1.3% Swiss Franc0.918 0.941 +2.6% 0.922 0.931 +1.0% Australian Dollar1.661 1.723 +3.7% 1.654 1.758 +6.3% Yuan Renminbi8.010 7.926 -1.0% 7.731 8.226 +6.4% (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 Russia n 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 37
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Disclaimer
38This document contains certain forward -looking statements relating to Campari Group. All statements included in this document co ncerning activities, events or developments that we expect, believe or anticipate will or may occur in the future are forward -looking sta tements.
Forward -looking statements are based on current expectations and projections about future events and involve known and unknown r isks, uncertainties and other factors, including, but not limited to, the following: volatility and deterioration of capital and fi nan cial markets, changes in general economic conditions, economic growth and other changes in business conditions, changes in government regul ation 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 glob al level and in the countries where Campari Group operates, of restrictive public policies that have an impact on the production, distribution, m arketing, 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 patt erns and the ability of Campari Group to anticipate these changes in the marketplace; and (iv) increased production costs and volatility o f raw materials’ prices. Figures are unrounded. Due to rounding, the numbers in this and other tables in this document may not always cast or cal culate.
Unless otherwise noted, commentary throughout this document refers to organic net sales movement for first half ended 30 June 2026 compared to first half ended 30 June 2025. Therefore, Campari and its affiliates, directors, advisors, employees and represen tatives, expressly disclaim any liability whatsoever for such forward -looking statements. Further information on the Campari Group and its activiti es, including those factors that may materially influence its financial results, are contained in the reports and documents of the Campari Gro up deposited with the AFM. These forward -looking statements speak only as of the date of this document and Campari does not undertake an obli gation to update or revise any forward -looking statement, whether as a result of new information, future events and developments or otherw ise, except as required by law.