Davide Campari-Milano (CPR) Q3 2026 earnings summary

Executive summary

• 9M organic sales grew 2.9%, including 3.4% in Q3, marking a sixth consecutive quarter of growth across most brand houses and regions.

• 44 countries delivered mid-single- to double-digit growth; aperitifs and tequila drove share gains and sell-out outperformance.

• Execution remains focused on fewer, larger growth bets, with mid- to high-single-digit midterm growth ambition.

Financial highlights

• 9M net sales were €2,289m, up 0.4% reported: +2.9% organic, -2.1% perimeter and -0.4% FX.

• Q3 net sales were €777m, up 3.2% reported and 3.4% organically, with -2.4% perimeter and +2.2% FX effects.

• 2025 US tariff refunds of €15m were collected; part was reinvested and part used to offset H2 cost-of-goods pressure.

Outlook and guidance

• FY 2026 organic topline growth guidance was reaffirmed at ~3%, with stronger growth expected in Europe and lower growth in North America.

• Organic adjusted EBIT margin accretion was confirmed; underlying organic gross-margin trend is positive, A&P investment is stepping up and SG&A includes a 70 bps margin benefit.

• US full-year topline is expected to decline marginally, as softer H2 category trends and a high Q4 comparison offset aperitifs and tequila growth.

• Expected perimeter impact is ~€70m on topline and ~€30m on adjusted EBIT; FX is expected to be negative, mainly due to the USD.