Campari Group has reported organic sales and profit growth for 2025, with the drinks business also increasing its dividend after reducing leverage ahead of target after the Board of Directors of Davide Campari-Milano N.V. approved the group’s annual report for the year ended 31 December 2025 this week.
Campari said its performance came despite a challenging operating environment, with organic growth recorded across 24 countries, all regions and all brand houses. Excluding the impact of the hurricane in Jamaica, underlying growth was 3%.
The business said aperitifs and tequila were key drivers of sell-out growth and share gains across most markets. Profitability was supported by improved gross margin, despite the impact of US tariffs, and by ongoing cost control measures, which also allowed further investment in brand building.
For the full year, net sales totalled €3.05 billion, up 2.4% on an organic basis, although down 0.6% on a reported basis. The company said reported performance was affected by a 3% foreign exchange impact, while perimeter effects were broadly neutral.
Adjusted EBIT rose 5.4% organically to €637 million, with the adjusted EBIT margin up 60 basis points to 20.9%. Adjusted EBITDA increased 7.6% organically to €785 million, giving an adjusted EBITDA margin of 25.7%.
Adjusted group net profit came in at €386 million, up 2.7%, while reported group net profit rose 71.7% to €346 million. Adjusted earnings per share increased 2.7% to €0.32, with reported earnings per share also up 71.7% to €0.29.
On the balance sheet, the group said strong cash generation helped accelerate deleveraging. Net debt to adjusted EBITDA stood at 2.5 times at the end of the year, compared with a peak of 3.6 times on 30 September 2024 following the Courvoisier acquisition. Campari said this meant it had reached its leverage target a year ahead of plan.
Recurring free cash flow totalled €571 million, with 73% conversion and the company has proposed a full-year dividend of €0.100 per share, up 54% on the previous year, representing a 35% payout ratio.
Simon Hunt, Chief Executive Officer, said, “In 2025, we navigated complexity with resilience and delivered solid organic growth in both topline and profitability while sharpening our strategic direction. Our team of Camparistas ensured our brands outperformed and gained market share in nearly all markets globally with growth across 24 countries and all of our brand houses.
“Strong business momentum and accelerated deleverage one year ahead of plan allowed us to step-up our dividend payout to further enhance shareholder returns, while we retain our financial flexibility. Looking forward into 2026, on an organic basis, we expect continued pace of underlying topline growth and improvement in profitability.
“Guided by our mission of winning the first, shared drink, every day, everywhere, we remain fully confident in delivering long-term margin accretive and cash generative growth focused on new formats for new occasions, fewer bigger bets and accelerated geographic expansion while we ensure continuous balance sheet discipline.”