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Davide Campari-Milano (CPR) investor relations material
Davide Campari-Milano Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary29 Oct, 2025
Executive summary
Achieved resilient organic growth of +1.5% in net sales for the first nine months of 2025, with total reported net sales at €2,281 million, despite a challenging macroeconomic environment across all regions and outperformance in key markets, especially in sell-out versus the industry.
Maintained strong focus on commercial execution, brand investments, and cost containment, supporting profitability and positioning for market normalization.
Strategic priorities advanced: portfolio streamlining (disposals of Tannico, Cinzano, Australian plant), CapEx for production expansion, and a pause on M&A.
Leadership transition: Paolo Marchesini to become Vice Chairman after a long CFO tenure, with Francesco Mele appointed as new Group CFO effective November 2025.
Financial highlights
Net sales reached €2,281 million, up 1.5% organically and 0.2% reported year-over-year; Q3 organic growth was 4.4%.
Adjusted EBIT was €517.4 million (+3.6% reported, +1.4% organic), margin at 22.7% (up 80bps reported, flat organically).
Adjusted EBITDA was €629 million (+6.4% reported, +4.8% organic), margin at 27.6%.
Group pre-tax profit-adjusted at €440.4 million (-2.6% year-over-year); reported pre-tax profit at €398.8 million (-5.7%).
Gross margin improved by 90bps to 61.2% in 9M 2025, supported by input cost benefits and positive mix.
Outlook and guidance
Full-year guidance maintained for moderate organic topline growth and flattish EBIT-adjusted margin, with tariff impacts now absorbed and efficiency gains in COGS and SG&A offsetting higher A&P investments.
Guidance assumes no further deterioration in consumer confidence in Europe or the US, especially in the on-trade.
Medium- to long-term outlook expects a return to mid- to high-single-digit organic net sales growth and 200bps SG&A margin benefit over three years.
SG&A cost containment progress and targets
Courvoisier integration and market momentum?
Update on asset streamlining and deleverage plans
Tariff impact on 2026 EBIT outlook?
Aperol's long-term growth drivers in Europe?
Next steps for portfolio streamlining?
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Next Davide Campari-Milano earnings date
Q4 20254 Mar, 2026
Next Davide Campari-Milano earnings date
Q4 20254 Mar, 2026
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Frequently asked questions
The 162-year-old Italian beverage giant
With more than 160 years of experience, The Campari Group features a portfolio of well-known beverage brands and is one of the major players in the liquor industry. They are owners, producers, and sellers of legendary brands such as Campari, SKYY Vodka, Aperol, Appleton, Cinzano, and Wild Turkey. The group is also producers and distributors of, among others, Henkell Trocken, Lipton Ice Tea, and Jägermeister.
Founded in Italy 1860
Gaspare Campari founded the company in 1860 when he started a distillery, a bar, and a café called Caffé Camparino in Milan. When he passed away, one of his five sons, Davide Campari, took the throne. Davide truly boosted the company, developing the Sesto San Giovanni plants in 1904 and concentrating the production on only two products - the Bitters and the Cordials.
Negroni, nothing without the Campari Bitter
Most famous for their Campari Bitters (the key ingredient in the classic Negroni), which despite being in production for over 160 years, still is a staple bar cabinet. In 2021, the Campari-based Negroni took the number one spot as the Best Selling Cocktail, while Aperol Spritz placed sixth.
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