Campari was by far the biggest riser on the Milan Stock Exchange's MIB index on Tuesday, after reporting a third consecutive year of double-digit organic earnings growth in 2023.
The spirits group, which notably owns the Aperol Spritz, Espolon and Wild Turkey brands, explained that its performance last year was mainly driven by buoyant sales of aperitifs, tequilas and bourbon.
In geographical terms, business was buoyed by the USA, key European markets and Asia.
Over the full 2023 financial year, organic sales growth reached 10.5%, well above the market consensus of 9.9%.
Adjusted Ebitda rose by 25% on an organic basis last year to 728.9 million euros.
Campari remains confident of outperforming the sector in fiscal 2024, despite the normalization of the economic environment.
However, it expects an unfavorable comparable effect in the first quarter of the year, after the price increases that characterized the beginning of 2023.
Despite these reservations, the share was up 6.2% early Tuesday afternoon on Euronext Milan.
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Davide Campari-Milano N.V. is one of the Italian's leading producers and distributors of spirits and wines. The activity is organized around three product families:
- spirits: rhums, vodkas, tequilas, whiskies, liqueurs, etc. (Campari, SKYY Vodka, Cynar, Aperol, Cabo Wabo, CampariSoda, Glen Grant, Ouzo 12, X-Rated, Dreher, Old Eight and Drury's brands);
- wines: Liebfraumilch, Cinzano, Mondoro, Riccadonna, Sella & Mosca and Teruzzi & Puthod brands;
- non-alcoholic beverages: aperitifs (Crodino brand), sodas (LemonSoda, OranSoda, PelmoSoda and TonicSoda) and mineral water (Crodo).
At the end of 2023, the group had 22 production sites worldwide.
Net sales are distributed geographically as follows: Southern Europe/Middle East/Africa (27.6%), Americas (43.9%), Northern Europe/Central Europe/Eastern Europe (20.6%) and Asia/Pacific (7.9%).