Campari sees Q1 sales drop amid tariff squeeze

By Hamish Graham

Published: 09 May, 2025

Italian drinks giant Campari Group has seen a –4.2% fall in organic net sales for Q1 of 2025. The company believes the drop has come amid ‘heightened macroeconomic volatility’, in part caused by the uncertainty caused by US tariffs during this period.

The Aperol-producer detailed that net sales for the period stood at €666mn, while EBIT-adjusted operating profits were €136 million, down –17.2%.

Organic net sales for Q1 in the Americas fell –6%, a region which represents 47% of total group sales. Sales figures for the US specifically declined –11%, with Campari touting the threat of tariffs leading to issues such as destocking.

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EMEA sales (46% of the business’ total) slipped –4%, with significant markets including Italy and Germany down –3% and –10% respectively.

The group’s aperitifs arm, which represents the majority of Campari’s sales at 44%, was down only –1% in terms of organic net sales, with the steadier performance partly buoyed by a growth in Aperol sales in the Americas of +8%.

Simon Hunt, CEO of Campari Group, detailed the company’s trajectory amid operational challenges.

He commented: “We are maintaining a prudent approach given the current uncertain operating environment, affected also by tariff threats. There was a soft start to the year impacted by heightened macroeconomic volatility in our smallest and lowest seasonality quarter, Easter timing in EMEA and logistic delays in the US market...

“We remain confident in the delivery of long-term sustainable growth by leveraging our powerful brand portfolio including accelerated geographic expansion utilising our existing footprint and focusing on the quality of commercial execution and pricing discipline.”

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