Campari has delivered better than expected sales growth in its fiscal first half, bolstered by momentum across its aperitifs, agave and cognac and champagne divisions.
Sales at the Aperol brand owner climbed by 2.7% organically to €1.51bn in the six months to the end of June, ahead of the 2.4% increase forecast by analysts.
Growth was broad based and diversified, analysts noted, with mid-single digit growth in aperitifs (+4%), agave (+6.9%) and cognac and champagne (+4.6%), offset by weakness in whiskey and rum (-6%).
This pointed to “a higher degree of diversification at the group vs history, where growth was heavily driven by aperitif”, said Jeffries analysts.
Bernstein analysts were similarly upbeat: “This is easily the best [showing] in the spirits industry, with Brown-Forman & Rémy Cointreau posting flattish growth and Diageo & Pernod Ricard down in low single digits,” they said.
Meanwhile, adjusted operating profit grew 8.5% to €358m – also ahead of forecasts, as Campari benefitted from strong margin expansion, as well as tariff and phasing benefits. The full-year impact of tariffs at a group level was now expected to be just €20m, down from a previous estimate of €30m, Campari said.
The reduced tariff impact prompted Campari to up its guidance for full-year adjusted profit, while reaffirming organic sales growth guidance of 3% in FY26.
“We are delivering on our strategy and growing with solid results,” Campari CEO Simon Hunt said. “At the same time, we are growing and gaining share across all our key markets driven by our priority brands.
“Our strategy of fewer bigger bets including disposal of non-priority brands, innovation and geographic expansion is gaining traction while we continue to drive efficiency across each line of the P&L.”
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