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Campari Group reports earnings growth with strong Q3 performance

The Group reported a “resilient” performance over these months, particularly supported by growth across all regions in the third quarter. Net sales – which totalled €2.281m – grew over those nine months by +1.5% organically and +0.2% on a reported basis, with organic growth being particularly strong in Q3 at +4.4% (and reported falling -0.1%).

In terms of Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA), the total sat at €629m and organic growth was up +4.8% in the first nine months of 2025 (+18.8% in Q3), while reported growth was up +6.4% (+17.6% in Q3). This puts its EBITDA-adjusted margin at 27.6%.

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Looking more closely at organic net sales across the first three quarters, Europe, the Middle East and Africa – an area that represents 50% of the group’s total sales – grew overall by +2%, with the UK putting on a particularly strong performance of +11% (or +17% excluding one-off bulk sale) and acceleration in Q3 driven by aperitifs including Aperol, Aperol Spritz and Courvoisier.

The Americas (44% of total group sales) grew by +1%, and Asia-Pacific grew +5%.

Focusing on organic net sales for brand categories, aperitifs grew by +1%, largely driven by Sarti Rosa and Aperol Spritz, while Aperol overall shrank by -1%, mainly due to a challenging Italian market. Campari grew +1% (excluding Brazil) and +2% in Q3.

Additionally, whiskey and rum registered +5% growth, agave saw +3% growth, while cognac and champagne grew +7% over the first three quarters of the company's financial year.

Simon Hunt, CEO, Campari Group, commented: “In an ongoing challenging backdrop, we recorded a resilient organic sales growth of +4.4% in the third quarter and we remain on track. This was achieved through our commercial execution and pricing discipline, which has delivered outperformance in sell-out across most geographies where we are continuing to gain share.

“We remain fully confident in the delivery of long-term sustainable growth and continuous financial deleverage.”

For the remainder of 2025, Campari Group expects moderate organic topline growth, if consumer confidence holds stable in Europe. In the medium term, the group is predicting a gradual return to mid-to-high single digit organic net sales.

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