- Financial performance in Q1, the smallest and lowest seasonality quarter, was softened by heightened macroeconomic volatility, Easter timing and phasing of investments as expected, amplified by logistic delays
- Prudent approach in the current uncertain operating environment, affected also by newsflow regarding tariffs. Cost containment on-track with ongoing commitment to deleverage, as well as focus on geographic expansion of brands, quality of commercial execution and pricing discipline
Milan, May 8th, 2025-The Board of Directors of Davide Campari-Milano N.V. (Reuters CPRI.MI-Bloomberg CPR IM) approved Campari Group's the additional financial information for the three months ended March 31st, 2025.
FIRST QUARTER 2025-RESULTS HIGHLIGHTS
Campari Group recorded a soft start to the year in Q1 2025, as expected, in a backdrop of heightened macroeconomic volatility in the smallest and lowest seasonality quarter with impact also due to Easter timing and amplified by some phasing. In the same period, profitability was also impacted by phasing of A&P and SG&A. On the other hand, sell-out outperformance continued in Q1 versus the spirits market across most geographies, with strong bounce back in April in markets impacted by Easter timing, demonstrating the ongoing strength of our brands.
• Net sales €666 million, down -4.2% organically and up +0.3% on a reported basis. The perimeter impact was +4.3% driven mainly by Courvoisier while FX effect was +0.2%.
• EBIT-adjusted €136 million, -17.2% organically and -10.2% on a reported basis with a margin of 20.4%.
• EBITDA-adjusted €174 million, -10.9% organically and -4.1% on a reported basis, with a margin of 26.1%.
• Group profit before taxation at €107 million, -26.1% on a reported basis. Group profit before taxation-adjusted of €114 million, -22.5%.
• Net debt to EBITDA-adjusted ratio at 3.4 times compared to 3.2 times in 2024, reflecting committed investments.
Simon Hunt, Chief Executive Officer: 'We are maintaining a prudent approach given the current uncertain operating environment, affected also by tariff threats. There was a soft start to the year impacted by heightened macroeconomic volatility in our smallest and lowest seasonality quarter, Easter timing in EMEA and logistic delays in the US market. At the same time, our outperformance in sell-out is continuing across most geographies, which demonstrates the strength of our brands. Looking forward, we confirm that our previously provided guidance for 2025 remains our target, while recognising that visibility is low. We remain confident in the delivery of long-term sustainable growth by leveraging our powerful brand portfolio including accelerated geographic expansion utilising our existing footprint and focusing on the quality of commercial execution and pricing discipline. At the same time, we commit to maximise the potential of the Group by driving efficiency through the already announced cost containment program while continuing to invest in brand building and completing our extraordinary capex program. We remain committed to deleverage and streamline the portfolio while not foreseeing acquisitions.'.
Download press release:
https://www.camparigroup.com/sites/default/files/downloads/Q1%202025%20Results%20Press%20Release_0.pdf
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