- Solid growth driven by Global Priority brands, primarily in the Americas while EMEA remained resilient despite the impact of very poor weather
- Continued industry outperformance leveraging strong brand momentum, particularly in aperitifs and tequila
- Aperol spritz selected as the most popular cocktail in the US and also topping drinks trends in Germany
FIRST HALF 2024-KEY HIGHLIGHTS
Campari Group delivered a solid performance in the first six months of 2024 with organic growth of +3.8% in net sales, accelerating in the second quarter (+6.9%). Growth was driven by continued strength in aperitifs led by Campari and Aperol, especially in the Americas and Germany, while the rest of EMEA was impacted by very poor weather, as well as double digit growth in Espolòn and Grand Marnier in the US. EBIT-adjusted grew by +2.1% organically, with -40bps margin impact vs H1 2023 mainly due to negative mix effect on gross margin of fast growth in Espolòn and impact of very poor weather in EMEA on high-margin aperitifs.
• Net sales of €1,523.4 million, up +3.8% organically and +4.5% on a reported basis including perimeter impact of +1.2% driven by Courvoisier and agency brands and FX effect of -0.5%.
• EBIT-adjusted of €360.0 million, up +2.1% organically and +0.1% on a reported basis, with margin of 23.6%.
• EBITDA-adjusted of €418.8 million, up +3.5% organically and +1.9% on a reported basis, with margin of 27.5%.
• Group net profit at €219.7 million, up +1.3% on a reported basis. Group net profit-adjusted of €239.0 million, up +2.2%.
• Net debt to EBITDA-adj. at 3.5x on a reported basis (including earn-outs and put options for a total amount of €333.6 million as well as incorporating first-time consolidation of Courvoisier).
Milan, July 30th, 2024 - The Board of Directors of Davide Campari-Milano N.V. (Reuters CPRI.MI-Bloomberg CPR IM) approved the additional financial information for the six months ended June 30th, 2024.
Matteo Fantacchiotti, Chief Executive Officer: 'We recorded a solid performance in the first half of the year with acceleration in the second quarter, yet again outperforming the industry. In the remainder of the year, we expect to continue to outperform the industry leveraging our strong brands playing in growing categories in an environment currently showing softer market dynamics and increased price competition in core markets, while the macro remains volatile. On a full year basis, our ability to expand gross margin is expected to be impacted by some temporary headwinds (such as poor weather affecting high-margin aperitifs and agave supply contract renewals) guiding both unfavorable sales mix and shifting some of the related expected COGS benefits into next year. However, for the medium-term, we remain confident in the continued growth momentum and our ability to deliver profitable growth with consistent operating margin expansion.
We have palpable excitement in the organization around Courvoisier. In parallel to the first-time brand consolidation in the last two months of the semester, we started to enhance our capabilities to compete in this category and build this brand unleashing its long-term great potential.'.
Download press release:
https://www.camparigroup.com/sites/default/files/downloads/H1%202024%20Results%20Press%20Release.pdf
- Continued industry outperformance leveraging strong brand momentum, particularly in aperitifs and tequila
- Aperol spritz selected as the most popular cocktail in the US and also topping drinks trends in Germany
FIRST HALF 2024-KEY HIGHLIGHTS
Campari Group delivered a solid performance in the first six months of 2024 with organic growth of +3.8% in net sales, accelerating in the second quarter (+6.9%). Growth was driven by continued strength in aperitifs led by Campari and Aperol, especially in the Americas and Germany, while the rest of EMEA was impacted by very poor weather, as well as double digit growth in Espolòn and Grand Marnier in the US. EBIT-adjusted grew by +2.1% organically, with -40bps margin impact vs H1 2023 mainly due to negative mix effect on gross margin of fast growth in Espolòn and impact of very poor weather in EMEA on high-margin aperitifs.
• Net sales of €1,523.4 million, up +3.8% organically and +4.5% on a reported basis including perimeter impact of +1.2% driven by Courvoisier and agency brands and FX effect of -0.5%.
• EBIT-adjusted of €360.0 million, up +2.1% organically and +0.1% on a reported basis, with margin of 23.6%.
• EBITDA-adjusted of €418.8 million, up +3.5% organically and +1.9% on a reported basis, with margin of 27.5%.
• Group net profit at €219.7 million, up +1.3% on a reported basis. Group net profit-adjusted of €239.0 million, up +2.2%.
• Net debt to EBITDA-adj. at 3.5x on a reported basis (including earn-outs and put options for a total amount of €333.6 million as well as incorporating first-time consolidation of Courvoisier).
Milan, July 30th, 2024 - The Board of Directors of Davide Campari-Milano N.V. (Reuters CPRI.MI-Bloomberg CPR IM) approved the additional financial information for the six months ended June 30th, 2024.
Matteo Fantacchiotti, Chief Executive Officer: 'We recorded a solid performance in the first half of the year with acceleration in the second quarter, yet again outperforming the industry. In the remainder of the year, we expect to continue to outperform the industry leveraging our strong brands playing in growing categories in an environment currently showing softer market dynamics and increased price competition in core markets, while the macro remains volatile. On a full year basis, our ability to expand gross margin is expected to be impacted by some temporary headwinds (such as poor weather affecting high-margin aperitifs and agave supply contract renewals) guiding both unfavorable sales mix and shifting some of the related expected COGS benefits into next year. However, for the medium-term, we remain confident in the continued growth momentum and our ability to deliver profitable growth with consistent operating margin expansion.
We have palpable excitement in the organization around Courvoisier. In parallel to the first-time brand consolidation in the last two months of the semester, we started to enhance our capabilities to compete in this category and build this brand unleashing its long-term great potential.'.
Download press release:
https://www.camparigroup.com/sites/default/files/downloads/H1%202024%20Results%20Press%20Release.pdf
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