Davide Campari - Campari Group annuncia i risultati annuali 2023

Another year of best-in-class strong and profitable growth, consistently delivering on strategy

Solid brand momentum driven by aperitifs, tequila and bourbon, continuing in the fourth quarter

Sustained and continued industry outperformance, driven by the US, core European markets

as well as Asia

Third consecutive year of double-digit organic growth across all operating profit indicators,

underpinned by pricing across the portfolio, more than offsetting input cost inflation, and sustained

reinvestment into brand building and strengthening of commercial capabilities

Continued progress on Sustainability agenda with upgrade in the CDP Climate Change Questionnaire

Rating from B to A- in second year of disclosure

Best-in-class performance in terms of Total Shareholder Return

Proposed full year dividend of €0.065 per share, an increase of +8.3% vs. the previous year

FULL YEAR 2023-RESULTS HIGHLIGHTS

• Net salesof €2,918.6 million, up +8.2% on a reported basis.

• 1. In the full year organic growth of +10.5%, thanks to solid brand momentum, in particular aperitifs, tequila and premium bourbon, and industry outperformance (+10.6% organic growth in the fourth quarter).
• EBIT-adjusted of €618.7 million, 21.2% on net sales, up +8.6% on a reported basis.
• 1. Organic growthof +15.5% in the full year, +90bps organic margin expansion driven by gross margin accretion (+30bps), A&P accretion (+80bps), SG&A dilution(-20bps). Organic growth of +45.5% in the fourth quarter, with margin accretion (+350bps), in part due to the phasing of A&P into early 2024.

1. Negative FX(-8.1%,or €(46.0) million), mainly driven by the transactional forex effect of MXN penalising tequila production costs, together with the depreciation of the US dollar and other emerging markets currencies. The perimeter effect was positive (+1.2%, or €6.6 million).

• 1. Adjusting A&P to a normalized level of +20bps accretive on topline, in line with guidance of organic A&P growing broadly consistently with topline organic growth (i.e. +/- 20bps), EBIT-adj. would be €600.7 million, up
     12.3% organically, +30bps organic accretion.
• EBITDA-adjustedof €728.9 million, 25.0% on net sales, up +15.5% organically (+10.4% reported growth).
• Group net profit-adjustedof €390.4 million, up +0.7%. Group net profit of €330.5 million, down -0.7%.
• Net financial debtof €1,853.5 million as of December 31 st, 2023, up €298.2 million vs. December 31 st20221, reflecting the negative free cash flow largely due to cash absorption for temporary production inventory build-upand extraordinary capex, as well as the dividend payment. Net debt to rolling EBITDA-adjusted ratio at 2.5 times as of December 31 st, 2023, compared with 2.4 times on December 31 st, 2022.
• Proposed full year dividend of €0.065 per share, an increase of +8.3% vs. the previous year.
• Best-in-classperformance in terms of Total Shareholder Return: +13.6% since IPO, +11.2% since May 2007 , +6.6% since January 2019 2.
• Espolònset to join the Global Priority brand cluster from 2024, accounting now for 8% of Group sales, combining strong US presence (Group's largestbrand-marketcombination) and strong and unconstrained international growth potential.
• Strategic organisational changevia partial business unit reconfiguration leading to one combined EMEA region 3 from 2024 for the next phase of growth.

1Values restated to reflect the purchase price allocation adjustment of the acquisition of Wilderness Trail Distillery, LLC . The net financial debt included the post- closing adjustment payment connected with Wilderness Trail Distillery, LLC , amounted to -€2.8 million.

1. Source: Bloomberg. IPO in July 2001 . TSR calculated to February 22 nd 2024.
2. Refer to Annual Report for restated figures.

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Milan , February 27 th,2024-The Board of Directors of Davide Campari-Milano N.V. (Reuters CPRI.MI-Bloomberg CPR IM) approved Campari Group's Annual Report for the year ended December 31st, 2023.

Bob Kunze-Concewitz , Chief Executive Officer: 'In 2023 we delivered another year ofbest-in-classorganic topline growththanks tovery healthy brand momentum,in particular fromaperitifs, tequila and bourbon, andindustry outperformancedespite macroeconomic challenges and the expected consumption normalisation after exceptional growthpost-pandemic.We achieved athird consecutive year ofdouble-digitorganic growth across all operating profit indicators, underpinned bypricing across the portfolio, which enabledto more than offset input costs inflationandsustained reinvestment into brand building and strengthening of distribution infrastructure for the next phase of growth.'.

Matteo Fantacchiotti,Deputy Chief Executive Officer: 'Leveraging the impressive results achieved under Bob's visionary leadership, I remainconfident in the strong business momentum across key brands and markets and about our very capable management team. Riding on ourcontinued industry outperformance, mainly thanks to the highly attractive aperitifs, tequila and bourbon portfolios,we will continue ourtransformational growth journey,leveraging Campari Group's key strategic pillars, combining organic and M&A growth, geographic and portfolio expansion, and balancing growth with returns. We remain committed to accelerate our digital transformation and to deliver business value through marketing and commercial effectiveness, while strengthening our organisational capabilities in line with our broader portfolio and geographical reach. All of this leveraging our strong team of talented Camparistas and maintaining our winning culture staying agile, entrepreneurial andlong-termfocused.'

OUTLOOK

For 2024 Campari Group remains confident on continued industry outperformance in a normalizing macro environment. Agave trends and moderating inflationary environment are expected to be gradually reflected across the P&L from the second half of the year, partially offset by incremental fixed production costs resulting from step up in production capacity as well as the carry forward effect related to safety stock built in 2023 with high input costs, as well as negative forex from the Mexican Pesos. Sustained investments in brand building, also reflecting A&P phasing from 2023, and investments in front-endinfrastructure are expected to continue. The negative forex trends are expected to continue whilst easing vs. the previous year, while the perimeter will start reflecting the addition of Courvoisier. In terms of phasing, the first quarter will also reflect a high comparable basis after pricing-related timing last year. Finally, Campari Group maintains a strong commitment to the integration of the announced acquisition of Courvoisier, once closed.

Looking at themedium-term, Campari Group remains confident in continued healthy brand momentum in key brand- market combinations as well as industry outperformance leveraging a strengthened portfolio and geographic exposure, as well as the focus on Revenue Growth Management. We expect consistent operating margin expansion driven by sales mix, pricing, input cost inflation easing and operational efficiencies, with continuous reinvestment into brand building and commercial capabilities to fuel organic topline growth.

REVIEW OF CONSOLIDATED SALES FOR THE FULL YEAR 2023 RESULTS

Analysis of organic net sales change by geography:

• Americas (44% of total Group sales) were up organically by +7.7%. The Group's largest market, the US, grew by +10.1%, or +12.8% in the fourth quarter, largely thanks to Espolòn, aperitifs, Russell's Reserve, and Appleton Estate , while Grand Marnier also returned to growth. Jamaica grew overall (+2.4%) in the full year against a tough comparison base (FY 2022 +29.8%), led by Magnum Tonic Wine, Appleton Estate and Wray&Nephew Overproof, while in Q4 sales declined slightly due to temporary phasing. Overall positive performance for the other markets, with positive growth in Brazil and Mexico offsetting weakness in Argentina , impacted by macro.
• SoutheEurope, Middle East and Africa 4 (28% of total Group sales) grew by +6.8%. The region's largest market, Italy , was up +5.5%, consistently outperforming the market with a positive end to the year (Q4 +4.1%), largely thanks to continued strength in the aperitif portfolio, boosted by pricing and continued expansion of usage occasions. France delivered overall positive growth of +7.2% (with a softer fourth quarter against a tough comparison base) driven by core

4 Includes Global Travel Retail.

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Aperol and Campari, as well as Riccadonna, Trois Rivières, Picon and Lallier, benefitting from strong focus on own portfolio. Other markets in the region registered an overall positive performance, including double-digit growth in Spain and Greece , led by Aperol and Campari. GTR was updouble-digits with good momentum in Aperol, Campari, Grand Marnier, SKYY Vodka and Frangelico, while weakness remains in Nigeria and South Africa , affected by tough geopolitical and macro environment.

• North, Central and EasteEurope (21% of total Group sales) grew organically by +18.7%. Germany registered strong growth of +23.9%, largely driven by the core aperitif portfolio, helped also by robust pricing, with Aperol, Aperol Spritzready-to-enjoy,Campari, and Crodino all growing double digits in the year, alongside strong growth in the recent innovation Sarti Rosa . The UK grew by +19.1% in a context of a tough consumer environment, with a very positive end to the year (Q4 +32.6%), thanks to continued momentum in Magnum Tonic Wine, aperitifs and Wray&Nephew Overproof. Good underlying trends remain in other markets, such as Austria , Poland , and the Netherlands as well as Scandinavia, largely thanks to the aperitif portfolio.
• Asia Pacific (8% of total Group sales) grew organically by +20.7%. Australia grew +5.3%, largely led by Aperol, Wild Turkeyready-to-drink,Wild Turkey bourbon, as well as Espolòn, off a small base. Slightly negative Q4 results given the very tough comparison base (Q4 2022: +31.1%). Other markets in the region registered an overall very positive performance (+46.9%), in particular South Korea , Japan and China .

Analysis of organic sales change by brand:

• Global Priorities (57% of total Group sales) registered an organic growth of +10.8%. Aperol grew +23.1% with strong growth across all key markets boosted by price repositioning and strong consumption, particularly in core Italy , Germany , the US, France , and the UK . The Q4 performance was strong (+22.3%) thanks to the continued deseasonalisation activities across core European markets and extension of drinking occasions. Campari delivered solid growth of +10.7%, boosted by price repositioning, with very positive performance in Q4 (+15.8%). The performance was largely driven by core Italy , the US, Brazil , and Germany thanks to continued momentum and high consumption in the on-trade, underpinned by cocktail culture and high-end mixology as well as resilience in the at-home mixology trend. The Wild Turkey franchise registered a very positive performance (+8.8%) overall, thanks to strong brand momentum in a premiumising category. The growth was led by the US, Australia , Japan and South Korea , as well as GTR, with sustained outperformance ofhigh-marginRussell's Reserve. Grand Marnier(-16.5%) was impacted by declining shipments due to the US destocking in the first nine months while low single digit growth was achieved by the brand in the fourth quarter. The Jamaican rum portfolio grew +7.0% overall, driven by core Jamaica , the US and the UK thanks to continued favourable category trends in premium rum. SKYY grew +1.5% overall thanks to growth in international markets such as China , Italy , and GTR, while the fourth quarter registered a decline largely due to flavours.
• Regional Priorities (26% of total Group sales) grew +13.4%. Espolòn grew strong double digits (+35.7%), thanks to continued strong momentum in the core US (Q4 +30.9%) as the brand continues to gain market share driven by both volume share gain and positive pricing thanks to its strong brand equity and premium price points. Elsewhere, seeding international markets, benefitting from increased volume allocation, such as Australia , Canada and Italy grew off a small base. The GlenGrant grew double digits driven by Asia and overall premiumisation, while Aperol Spritz ready-to-enjoy was up +6.6% and Magnum Tonic was up +21.2%. The other brands such as Crodino, Cinzano sparkling wines and vermouth were all positive while the Italian Specialities were negative overall, with growth in Braulio offset by weakness in the rest of the specialties.
• Local Priorities(8% of total Group sales) grew +3.9% with positive growth from Wild Turkey ready-to-drink,X-Ratedand SKYY ready-to-drink. Campari Soda was positive overall after a sequential acceleration in the fourth quarter.

REVIEW OF FULL YEAR 2023 RESULTS

Gross profit totalled €1,700.1 million, 58.3% of net sales, up by +7.0% in value on a reported basis. It grew organically by +11.2% with a margin accretion of +30 basis points (+13.7%, +160 bps in fourth quarter). The organic margin accretion was supported by pricing, positive mix and initial benefit from agave, more than offsetting persisting input costs inflation and incremental fixed production costs linked to extra capex.

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Advertising and Promotion expenses (A&P) were €494.1 million, 16.9% of net sales, up +3.2% in value on a reported basis. A&P increased organically by +5.5%, lower than net sales, thus generating margin accretion of +80 basis points driven by cancelled summer activations, due to very poor weather conditions, and A&P phasing into early 2024.

CAAP (Contribution after A&P) was €1,206.0 million, corresponding to 41.3% of net sales, up by +8.7% on a reported basis and up +13.6% organically.

Selling, general and administrative expenses (SG&A) totalled €587.3 million, 20.1% of net sales, up by +8.8% on a reported basis. This grew organically by +11.7%, generating -20bps margin dilution, continuous investments in the business infrastructure, including commercial and marketing capabilities as well as the setting up of a new route-to-market in Greece , and integration of Japan and New Zealand .

EBIT-adjusted was €618.7 million, corresponding to 21.2% of net sales, up by +8.6% on a reported basis. It grew organically by +15.5%, generating a margin accretion of +90 basis points.

On a normalized basis, adjusting for A&P to a normalized level of +20bps accretion (in line with guidance of organic A&P growing broadly consistently with topline organic growth, i.e. +/- 20bps), EBIT-adj.would be €600.7 million, up 12.3% organically (+30bps accretion).

The perimeter effect on EBIT-adjusted was +1.2% (or €6.6 million) thanks to the consolidation of Picon and Wilderness Trail Distillery, LLC . The FX effect on EBIT-adjusted was negative by -8.1% (or € (46.0) million), mainly driven by the transactional FX effect of Mexican peso as well as depreciation of the US dollar and other emerging markets currencies.

Operating adjustments were negative at €(78.5) million, mainly attributable to provisions linked to restructuring initiatives, including change in route to market, non-recurring costs connected to IT investments aimed at strengthening systems supporting commercial and marketing organisations, impairment of fixed assets, as well as last-milelong-term incentive schemes.

EBITDA-adjusted was €728.9 million, up by +10.4% on a reported basis (up organically +15.5%), corresponding to 25.0% of net sales.

EBIT (18.5% of net sales) and EBITDA (22.3% of net sales) were at €540.2 million and €650.4 million respectively.

Total financial income/(expenses) and financial adjustments adjustments were €(75.6) million, an increase of €(44.9) million vs. 2022. Excluding the exchange effects, mostly unrealized, the financial expenses were €56.4 million (vs. €21.4 million in FY 2022), showing an increase of €35.0 million due to the combined effect of the higher level of average net debt in 2023 (€1,732.7 million vs. €1,037.4 million in FY 2022) and higher average cost of net debt (3.3% vs. 2.1% in FY 2022).

Profit before taxation-adjusted was €544.2 million, up 1.2% vs. 2022. Profit beforetaxation-adjustedexcluding the mostly unrealised exchange gains/(losses) was €563.4 million, up +3.8% vs. 2022. Profit before taxation was €466.5 million,-1.8%.

Taxation totalled €134.0 million, on a reported basis. Recurring income taxes were equal to €151.8 million excluding positive tax adjustments totalling €17.7 million.

Group net profit at €330.5 million. Group net profit-adjusted5was €390.4 million, up +0.7% vs. 2022. Group net profit reported excluding the unrealized exchange gain/(losses) as for pretax, €349.7 million up +3.6%

Recurring cash flow from operating activities before working capital changes was €582.3 million, up €19.0 million, or +3.4% vs. FY 2022. Recurring free cash flow amounted to €66.9 million (down 81.4% from €360.5 million in 2022). This decrease was mainly driven by cash absorption related to the operating working capital driven by the rise of inventories supporting the positive business momentum and the Group's premiumisation strategy. Free cash flow was €(180.0) million (vs. €188.7 million in 2022).

Total capex investment of €295.7 million in FY 2022, of which extraordinary capex of €183.3 million, mainly related to the production capacity expansion projects, expected to continue in 2024-2025 according to the announced capex plan.

Net financial debt at €1,853.5 million as of 31 December 2023, up €298.2 million vs. 31 December 2022 (€1,555.3 million6), reflecting the negative free cash flow for €(180.0) million largely due to cash absorption for inventory build-up and extraordinary capex, as well as cash outlays for the dividend payment (€67.5 million), acquisitions of minority stakes and other changes.

1. Before total adjustments (including tax effects) of €(59.9) million (vs. €(54.8) million adjustments in 2022).
2. Values restated to reflect the purchase price allocation adjustment of the acquisition of Wilderness Trail Distillery, LLC , including a post-closing adjustment payment amounting to -€2.8 million.

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Net debt toEBITDA-adjustedratio at 2.5 times as of 31 December 2023 7, slightly increased from 2.4x as of 31 December 2022 .

SUSTAINABILITY

In 2023, the Group continued to make solid progress on its sustainability agenda. In particular, the Group improved its rating by the Carbon Disclosure Project (CDP) Climate Change questionnaire from B to A- in the second year of disclosure. The Group also made further progress towards its environmental targets: GHG emissions (measured as kg of CO2 per Litre) were reduced by 47% from direct operations (scope 1&2) vs. 2019; and by 19% vs. 2019 from total supply chain (scope 1, 2, 3); Water usage (L/L) was reduced by 54% vs. 2019; Waste to landfill was reduced by 90% vs. 2019, on track to achieve the 2025 target. Moreover, the Group sourced from renewable resources 93% of electricity used in plants worldwide, reaching the 90% target set in May 2023 . Finally, the Group continued to build on its pillars of Responsible practices, People and Community with a strong commitment across responsible drinking, inclusion, education and culture.

OTHER BUSINESS DEVELOPMENTS

Business Unit organizational changes. Starting 2024 a partial business unit reconfiguration will lead to a combined EMEA region, aimed at strengthening the Group's leadership position in this region, unlocking operational and commercial efficiencies. Hence, there will be three distinct geographical segments: ' Americas' , 'EMEA' (combining Europe and SoutheEurope Developing Markets, Middle East and Africa ), and' Asia-Pacific '.

Relocation of Campari Group's Headquarters. The Group will undertake new investments into a real-estate project which will also host the new combined EMEA region, creating a fully modernized working environment, leveraging our proprietary brand houses and academies in the city centre, and reestablishing the Group's bond with Milan . The new HQ will serve as a pivotal, iconic, and accessible hub, attracting and retaining the best domestic and international talents. Additional capex to support the Group's move to New HQs in downtown Milan are estimated into an initial investment of c. €110 million in 2024 plus renovations. The move is expected in 2027 after renovations.

Strengthening of commercial capabilities in China . The Group has announced the creation of a new route-to-market in China with a targeted regional distribution model, ahead of the Courvoisier integration. With a strong portfolio of brands, the Group is confident in successfully building the Chinese business using a strengthened distribution platform in accordance with the strategy for that market.

Signing of Courvoisier acquisition. Following the communication dated December 14, 2023 regarding the exclusive negotiations with Beam Suntory, Inc during which a put option was granted, on February 26, 2024 Campari Group signed the agreement to acquire the 100% of the outstanding share capital of Beam Holding France S.A.S., which in tuowns 100% of the share capital of Courvoisier S.A.S ., the owner of the Courvoisier brand. The deal is expected to close in 2024, as planned.

OTHER RESOLUTIONS

Dividend, Sustainability report and remuneration report. The Board of Directors proposed to the Shareholders' Meeting, a dividend of €0.065 per share for the year 2024, gross of withholding taxes, up +8.3% versus last year. The dividend will be paid on April 24th, 2024 (with an ex-date for coupon n. 4 of April 22nd, 2024 in accordance with the Italian Stock Exchange calendar, and a record date of April 23rd, 2024). The Board of Directors resolved to convene the Annual General Meeting on April 11th, 2024 to approve the Annual Report including, inter alia, the financial statements for the year ended 31st December 2023 , the non-financial disclosure, the corporate governance and the remuneration report.

Approval of newlong-termincentive plan. With the submission of the new remuneration policy to the Annual General Meeting on 11 April 2024 , the adoption of a new long-term variable incentive for senior management will be proposed to the shareholders. It will consist of a share-based incentive, combining restricted stock units ('RSU') and performance share units ('PSU'), the latter conditional in particular upon the achievement of a financial target (relative Total Shareholder Return) and a Sustainability target. Among the others, such equity-based award will aim at further aligning senior management commitment to long-term value creation, to shareholders' interests and to Campari Group's sustainability agenda.

* * *

7 Does not include effects of the announced Courvoisier acquisition.

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FILING OF DOCUMENTATION

The Annual Report as of 31st December 2023 (including, inter alia, the non-financial disclosure, the corporate governance report, the report of the non-executive directors, the statement and responsibilities in respect to the annual report, the remuneration report and the independent auditor's report) is available at the corporate offices of the Company in Sesto San Giovanni (MI), Via Franco Sacchetti 20, on the Company's website (https://www.camparigroup.com/en/page/investors),and by all other means allowed by applicable regulations.

The Annual report, inclusive of the management report, the full year consolidated financial statements and the Company only financial statements at 31 December 2023 , was prepared in accordance with the Dutch Civil Code and the applicable International Financial Reporting Standards (IFRS).

Disclaimer

This announcement may contain certain forward-looking statements, estimates and forecasts reflecting management's current views with respect to certain future events. These forward-looking statements include, but are not limited to, all statements other than statements of historical facts, including, without limitation, those regarding the Group's future financial position and results of operations, strategy, plans, objectives, goals and targets and future developments in the markets where the Group operates or intends to operate. Forward-looking information is based on information available to the Group as of today and is based on certain key assumptions; as such, forward-looking statements speak only as of the date of this announcement. No assurance can be given that such future results will be achieved; actual events may materially differ as a result of risks and uncertainties faced by the Group, which could cause actual result to vary materially from the future results indicated, expressed or implied in such forward-looking statements. Due to such uncertainties and risks, readers are cautioned not to place undue reliance on such forward-looking statements as a prediction of actual results. Except as required by applicable laws and regulations, the Group expressly disclaims any obligation or undertaking to update or revise any forward-looking statements contained herein to reflect any change in its expectations or any change in events, conditions or circumstances on which such statements are based; the Group expressly disclaims and does not assume any liability in connection with any inaccuracies in any of the forward-looking statements in this document, and in any related oral presentation, including responses to questions following the presentation, or in connection with any use by any third party. Further information on the Group and its activities, including those factors that may materially influence its financial results, are contained in the reports and documents of the Group deposited with the AFM and CONSOB.

For information on the definition of alternative performance measures used in this document, see the paragraph 'Definitions and reconciliation of the Alternative Performance Measures (APMs or non-GAAP measures) to GAAP measures' of the Management board report for the year ended 31 December 2023 . Campari Group Annual Report for the year ended 31 December 2023 .

ANALYST CONFERENCE CALL

Campari's management team will host a conference call to present the Group's Full Year 2023 Results today at 1:00 pm (CET) . To participate via webcast (listen only):

• https://event.choruscall.com/mediaframe/webcast.html?webcastid=49X1YxDd

To participate via audio and ask questions, please dial one of the following numbers:

• from Italy : (+39) 02 802 09 11
• from abroad: +44 1212 818004

Digital Playback:

• A digital playback of the conference call & webcast will be available from today, until Tuesday, March 5 th, 2024.
  (+39) 02 802 09 87

(Access code: 700915#)

(PIN: 915#)

Presentation slides:

The presentation slides are available to download from Campari's Investor Relations Home Page at the address:

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

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

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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 26 countries. Campari Group employs approximately 4,700 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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Consolidated net sales breakdown by brand cluster for the full year 2023

Consolidated net sales by geographic area for the full year 2023

Consolidated EBIT-adjusted by geographic area for the full year 2023

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Consolidated balance sheet as of 31 December 2023

1. Values restated to reflect the purchase price allocation adjustment of the acquisition of Wilderness Trail Distillery, LLC . Positive adjustment to total assets, liabilities and shareholders' equity of €8.3 million

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