Davide Campari Milano N : Campari Group announces 2022 first half results

Strong performance with double-digit organic growth across all indicators,

also boosted by positive exchange rates effects

Very healthy brand momentum, particularly the high-margin aperitifs in European markets, benefiting

from a fully reopened on-premise as well as favorable weather conditions and pricing

Acquisition of Del Professore brand, a super premium craft vermouth

FIRST HALF 2022-RESULTS HIGHLIGHTS

• Strong double-digitorganic growth across all indicators continued in Q2, despite the tough comparison base, thanks to healthy aperitifs momentum driving positive mix.
• Reported net sales of €1,256.9 million, up +25.6% on a reported basis. Organic growth of +19.2% vs. the first half 2021 (+45.0% vs. the first half 2019 or 3-year organic CAGR of +13.2%). Organic growth of +12.5% in the second quarter despite the tough comparison base.
• EBIT-adjustedof €310.9 million, up +39.3% on a reported basis. Organic growth of +28.2% vs. the first half 2021 (+68.2% vs. the first half 2019 or 3-year organic CAGR of +18.9%), +170 basis points organic margin accretion. Organic growth of +14.8% in the second quarter, +50 basis points organic margin accretion.
• EBITDA-adjustedof €353.0 milion, 28.1% of sales, up +34.9%. Organic growth of +24.7% vs. the first half 2021.
• Positive FX effects (+6.9% on sales and +11.1% on EBIT-adjusted),mainly driven by strong USD.
• Group net profit-adjusted of €220.2 million, excluding net negative adjustments of -€21.1 million, up +40.4%.
• Free cash flow of €40.2 million. Recurring free cash flow of €98.4 million, or 27.9% of EBITDA-adjusted.
• Net financial debt of €1,005.1 million as of June 30th, 2022, up €174.1 million vs. December 31st 2021. Net debt to rolling EBITDA-adjusted ratio at 1.7 times as of June 30th, 2022, slightly increased from 1.6x as of 31 December 2021 and improved from 2.2x as of 30 June 2021.

Milan, July 27th 2022-The Board of Directors of Davide Campari-Milano N.V. (Reuters CPRI.MI-Bloomberg CPR IM) approved the half year financial report at June 30th, 2022.

Bob Kunze-Concewitz, Chief Executive Officer: 'Overall, we had a very strong performance in the first half, particularly the high-marginaperitifs in European markets, thanks to strong underlying momentum and on-premiserecovery, boosted by favorable weather conditions and pricing.

Looking at the remainder of 2022, though volatility and uncertainty remain due to the ongoing pandemic and geopolitical tensions, we remain positive on the underlying momentum of key brand-marketcombinations. Whilst our shipment performance is expected to reflect some temporary supply constraints, we expect to partially mitigate the less favorable sales mix and the accelerating inflationary pressures exacerbated by logistics costs, via planned price increases and operational efficiencies. We confirm our guidance of flat organic margin in EBIT-adjustedin 2022 on a full year basis(1). Regarding the exchange rate effect, we expect a continued positive contribution driven by the US dollar. Looking at the medium term, whilst the current challenges persist, we expect to continue benefitting from the positive trends in consumer preferences which favour our brand portfolio due to its exposure to outperforming spirits categories and its pricing power and brand equity.'.

1 Guidance provided upon full year 2021 results release on February 23rd 2022.

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SUMMARY FINANCIAL INFORMATION FOR THE FIRST HALF ENDED 30 JUNE 2022

	H1 2022	H1 2021	Reported	Organic	Perimeter	Forex
	€ million	€ million	Change	change	Impact	Impact
Net sales	1,256.9	1,000.8	25.6%	19.2%	-0.5%	6.9%
Gross profit	766.5	603.6	27.0%	19.0%	-0.1%	8.1%
% on sales	61.0%	60.3%
EBIT-adjusted	310.9	223.2	39.3%	28.2%	0.0%	11.1%
% on sales	24.7%	22.3%
EBIT	288.9	217.1	33.0%
Profit before taxation adjusted	304.3	213.1	42.8%
Profit before taxation	282.3	214.4	31.6%
Group net profit adjusted	220.2	156.8	40.4%
Group net profit	199.1	159.6	24.8%
EBITDA-adjusted	353.0	261.7	34.9%	24.7%	0.0%	10.1%
% on sales	28.1%	26.1%
EBITDA	330.9	255.7	29.4%
Free cash flow, of which:	40.2	82.9	-51.5%
Recurring free cash flow	98.4	141.6	-30.5%
Net financial debt at the end of the period	1,005.1

Org	Org
change
change
CAGR
vs. Q2	H1 2022-
2021	19
12.5%	13.2%
13.0%
14.8%	18.9%

13.8% 16.8%

REVIEW OF CONSOLIDATED SALES FOR THE FIRST HALF 2022 RESULTS

Group sales totalled €1,256.9 million, up +25.6% on a reported basis or +19.2% in organic terms (+12.5% in the second quarter). The perimeter effect was -0.5%while the FX effect was +6.9% (or €68.7 million) mainly driven by the strong US Dollar.

Analysis of organic change by geography:

• Sales in the Americas (44% of total Group sales) were up organically by +12.9%. The Group's largest market, the US, grew by +7.1%, thanks to continued growth across core brands and with a slight acceleration in Q2 despite a tough comparison base. Wild Turkey bourbon, Espolón, Aperol and Campari all grew double digits in the first half. Grand Marnier declined due to a tough comparison base and volumes constraints linked to glass availability. SKYY also declined. Canada grew by +4.5%. The rest of the region, including Jamaica, Brazil, Mexico and Argentina, grew by double digits thanks to good consumption trends.
• Sales in Southern Europe, Middle East and Africa2 (30% of total Group sales) grew by +28.1%. The region's largest market, Italy, was up +29.6%, as positive trends continued in Q2 thanks to continued 'revenge conviviality' in the on- premise, boosted also by very good weather. The aperitifs registered strong growth driven by Aperol (+35.4%), Campari (+48.1%) and Crodino (+33.5%). The amari also grew strongly. France grew +4.9%, within the context of a tough comparison base, mainly driven by Aperol and Riccadonna. Other markets in the region registered a positive performance largely thanks to the on-premise recovery. GTR was up +110.7% with recovery of international travels, broadly recovering the shortfall to pre-pandemic level.

2 Includes Global Travel Retail.

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• North, Central and Eastern Europe (19% of total Group sales) grew organically by +24.8%. Germany registered very strong growth of +34.8%, with continued outperformance in the second quarter thanks to resilient home consumption combined with a buoyant on-premise and favorable weather. The performance was largely led by the aperitifs, including the Aperol Spritz RTE. The UK grew by +18.5% mainly driven by Aperol and Magnum Tonic. The other markets in the region were also positive, largely led by the aperitifs, including Crodino, which continues to expand its international footprint.
• Sales in Asia Pacific (7% of total Group sales) grew organically by +7.8%. Australia grew +2.1% despite a slightly negative Q2, affected by very poor weather conditions and ocean freight constraints, which impacted in particular the availability of Wild Turkey RTD. The positive growth was largely driven by Campari and Wild Turkey bourbon. Other markets in the region registered an overall positive performance (+19.0%), in particular, South Korea (+124.7%). China was negative due to snap lockdowns in relation to the zero-Covid policy while Japan declined due to shipment phasing.

Analysis of organic change by brand:

• Global Priorities (60% of total Group sales) registered an organic growth of +22.2%. Aperol grew +37.3%, thanks to core Italy (+35.4%), Germany (+54.7%), France (+39.6%), Spain (+206.8%) and the US (+20.7%), as well as all other European markets. The performance was boosted also by favorable weather conditions. The Q2 performance was strong overall (+24.2%) despite the tough comparison base (Q2 2021 +69.5%), thanks to numerous activations across all markets and strong recruitment in the on-premise while sustained home-premise consumption remains. Campari delivered strong growth of +32.0% thanks to all major markets, including Italy (+48.1%), the US, Brazil, Jamaica, Germany, Nigeria and Spain. The brand continues to benefit from mixology trends, via proprietary cocktails such as the Negroni, Americano and Boulevardier as well as the success of the consumer-drivenCampari spritz. Wild Turkey registered solid growth, up +18.1%, mainly driven by the core US market and Australia as well as South Korea. SKYY declined -4.1% largely due to the US and China, partly mitigated by other international markets. Grand Marnier was flattish after weak shipments in Q2 in the core US due to a tough comparison base and glass constraints. Jamaican rum portfolio grew +15.6% overall against a tough comparison base, driven by the favorable category trends in premium rum.
• Regional Priorities (23% of total Group sales) recorded a positive performance (+22.6%). Espolòn grew by double digits (+20.3%) despite a tough comparison base, thanks to the core US. The performance was boosted also by pricing. Crodino grew by strong double digits driven by strong growth in core Italy as well as seeding markets. The GlenGrant grew double digits driven by premiumisation, in particular in South Korea, China and GTR. The other brands such as the Italian specialities, the sparkling wines and vermouths (Cinzano, Mondoro and Riccadonna) and Aperol Spritz ready-to-enjoy all delivered positive results.
• Local Priorities (8% of total Group sales) grew +6.9% with positive performance of Campari Soda, Wild Turkey ready- to-drink, SKYY ready-to-drinkand Cabo Wabo. X-rateddeclined driven by weak performance in China due to snap lockdowns.

REVIEW OF FIRST HALF 2022 RESULTS

Gross profit totalled €766.5 million, corresponding to 61.0% of net sales, up by +27.0% in value on a reported basis. It grew organically by +19.0%, containing the margin dilution at -10basis points as the strong sales mix driven by the outperformance of aperitifs as well as the positive effects of price increases largely offset the accelerating input costs inflation.

Advertising and Promotion expenses (A&P) were €202.8 million, corresponding to 16.1% of net sales, up by +25.3% in value on a reported basis. They increased organically by +18.7%, reflecting sustained investments behind key brands, +10 basis points margin accretive thanks to strong topline.

CAAP (Contribution after A&P) was €563.7 million, corresponding to 44.8% of net sales, up by +27.6% in value on a reported basis and up +19.1% organically.

Selling, general and administrative expenses (SG&A) totalled €252.7 million, corresponding to 20.1% of net sales, up by +15.7% in value on a reported basis. They grew organically by +9.8%, lower than net sales, hence generating a margin accretion of +170 basis points.

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EBIT-adjusted was €310.9 million, corresponding to 24.7% of net sales, up by +39.3% in value on a reported basis. It grew organically by +28.2% (+14.8% in the second quarter), generating an accretion of +170 basis points. The perimeter effect on EBIT-adjusted was neglectable. The forex effect on EBIT-adjusted was positive by +11.1% (or €24.8 million), mainly driven by the appreciation of the US Dollar.

Operating adjustments were negative at -€22.1million, mainly attributable to provisions linked to the Russia/Ukraine conflict (incl. IFRS9), restructuring initiatives and long-term retention schemes.

EBITDA-adjusted was €353.0 million, up by +34.9% in value on a reported basis (up organically +24.7%), corresponding to 28.1% of net sales.

EBIT (23.0% of net sales) and EBITDA (26.3% of net sales) were at €288.9 million and €330.9 million respectively.

Net financial expenses were €4.7 million. Excluding the exchange gains, the net financial expenses were €10.0 million, (vs. €13.0 million for the first half 2021), showing a decrease of €3.0 million thanks to the lower level of average debt in the first half 2022 (€890.2 million vs. €1,078.8 million in the first half 2021).

Profit before taxation was €282.3 million. Profit before taxation adjusted was €304.3 million, up +42.8% vs. the first half 2021.

Taxation totalled €82.7 million, on a reported basis. Recurring income taxes were equal to €83.8 million excluding positive tax adjustments totalling €1.0 million.

Group net profit at €199.1 million. Group net profit adjusted was €220.2 million, up +40.4% vs. the first half 2021.

Net financial debt at €1,005.1 million as of 30 June 2022, up €174.1 million vs. 31 December 2021 (€830.9 million), mainly due to the dividend payment, the purchase of own shares and acquisitions. Free cash flow of €40.2 million, down by -€42.7million vs. the first half 2021. Recurring free cash flow at €98.4 million, down by -€43.1 million mainly due to different payment cycles linked to tax and incentive plans.

Net debt to EBITDA-adjustedratio at 1.7 times as of 30 June 2022, modestly increased from 1.6 times as of 31 December 2021 and improved from 2.2x as of 30 June 2021.

OTHER RESOLUTION - CORPORATE BODIES

In line with the fact that he has been leading the Global IT and Supply Chain organizations in recent years, and as a recognition of his 25 years of service, Paolo Marchesini is promoted to Chief Operating Officer in addition to his role as Chief Financial Officer.

ACQUISITION OF DEL PROFESSORE BRAND

On July 15th 2022 Campari Group completed the acquisition of the Del Professore brand, a super premium craft vermouth. Del Professore was founded in 2013 in Rome by a group of bartenders led by Leonardo Leuci, known to have launched the Jerry Thomas Speakeasy in Rome, the first Italian bar to enter the 50 World's Best Bars. The Del Professore range comprises a vermouth range and a gin range. The transaction envisages also a consultancy contract with Leonardo Leuci who will continue acting as brand ambassador for Campari Group. The brand represents a perfect fit to the Group's RARE portfolio with synergies to its signature cocktails. Through this acquisition, the Group aims to solidify its position in the super premium craft vermouth and gin categories.

* * *

FILING OF DOCUMENTATION

The half year financial report at June 30th, 2022 is available to the general public on the Company's website (https://www.camparigroup.com/en/page/investors) and by all other means allowed by applicable regulations.

The Board of Directors is responsible for preparing the half year report, inclusive of the first half year condensed consolidated financial statements and the half year management report at June 30th, 2022, in accordance with the Dutch Financial Supervision Act and the applicable International Financial Reporting Standards (IFRS) for interim reporting, IAS 34-'Interim Financial Reporting'.

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Disclaimer

This press release contains certain forward-looking statements relating to the Campari Group. All statements included in this press release concerning activities, events or developments that we expect, believe or anticipate will or may occur in the future are forward-looking statements. Forward-looking statements are based on current expectations and projections about future events and involve known and unknown risks, uncertainties and other factors, including, but not limited to, the following: volatility and deterioration of capital and financial markets, changes in general economic conditions, economic growth and other changes in business conditions, changes in government regulation and other economic, business and competitive factors affecting the businesses of Campari Group. Such factors include, but are not limited to: (i) changes in the laws, regulations or policies of the countries where Campari Group operates; (ii) the adoption, both at a global level and in the countries where Campari Group operates, of restrictive public policies that have an impact on the production, distribution, marketing, labelling, importation, price, sale or consumption of alcoholic products; (iii) long-term changes in consumers' preferences and tastes, social or cultural trends resulting in a reduction in the consumption of products of the Campari Group as well as in purchasing patterns and the ability of Campari Group to anticipate these changes in the marketplace; and (iv) increased production costs and volatility of raw materials' prices. Therefore, Campari and its affiliates, directors, advisors, employees and representatives, expressly disclaim any liability whatsoever for such forward-looking statements.

These forward-looking statements speak only as of the date of this document and Campari does not undertake an obligation to update or revise any forward-looking statement, whether as a result of new information, future events and developments or otherwise, except as required by law.

ANALYST CONFERENCE CALL

At 1:00 pm (CET) today, July 27th, 2022, Campari's management will hold a conference call to present the Group's First Half

2022 Results. To participate, please dial one of the following numbers:

• from Italy: ([phone]
• from abroad: ([phone]

The presentation slides can be downloaded before the conference call from the main investor relations page on Campari Group's website, at https://www.camparigroup.com/en/page/investors.

A recording of the conference call will be available from today until Wednesday, August 3rd, calling the following number:

• ([phone] (Access code: 700915#, PIN: 915#)

FOR FURTHER INFORMATION
Investor Relations
Chiara Garavini	Tel. +39	02 6225330	Email: [e-mail]
Jing He	Tel. +39	02 6225832	Email: [e-mail]
Thomas Fahey	Tel. +44	(0)20 31009618	Email: [e-mail]
Corporate Communications
Enrico Bocedi	Tel. +39	02 6225680	Email: [e-mail]

https://www.camparigroup.com/en/page/investors

http://www.camparigroup.com/en

http://www.youtube.com/campariofficial

https://twitter.com/campari

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ABOUT CAMPARIGROUP

Campari Group is a major player in the global spirits industry, with a portfolio of over 50 premium and super premium brands, spreading across Global, Regional and Local priorities. Global Priorities, the Group's key focus, include Aperol, Campari, SKYY, Grand Marnier, Wild Turkey and Appleton Estate. The Group was founded in 1860 and today is the sixth-largest player worldwide in the premium spirits industry. It has a global distribution reach, trading in over 190 nations around the world with leading positions in Europe and the Americas. Campari Group's growth strategy aims to combine organic growth through strong brand building and external growth via selective acquisitions of brands and businesses.

Headquartered in Milan, Italy, Campari Group operates in 22 production sites worldwide and has its own distribution network in 23 countries. Campari Group employs approximately 4,000 people. The shares of the parent company Davide Campari-Milano N.V. (Reuters CPRI.MI - Bloomberg CPR IM) have been listed on the Italian Stock Exchange since 2001. For more information: http://www.camparigroup.com/en.Please enjoy our brands responsibly.

- Appendix to follow -

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