Campari Posts 3.4% Organic Growth in Third Quarter, Confirms 2026 Guidance
Key Facts
Italian drinks group Campari said on October 28 that organic revenue rose 3.4% in the third quarter of 2026, beating market expectations despite a slowdown in North America, according to a Reuters summary. The company confirmed its guidance for full-year organic sales growth of about 3%, according to its official statement. The announcement came with results for the nine months ended September 30, which included an earnings call on the same day. The period showed 2.9% organic growth in net sales, while reported total net sales rose 0.4% to 2.289 billion euros. The results therefore combined organic growth with a smaller change in the reported figure, which Campari said reflected the effects of disposals and currencies.
Campari described the third quarter as the sixth consecutive quarter of organic sales growth, with growth of 3.4%. It said growth over the nine months extended across most brand groups and regions. The company added that 44 countries recorded mid-single-digit to double-digit growth over the same period. Regional figures showed varied performance: sales grew organically by 3.8% in Europe and 1.0% in North America. Growth in emerging markets was 9.3%, while Asia Pacific and Global Travel Retail declined 0.4% organically.
By product, aperitifs recorded the strongest growth among the product lines listed in the statement, with sales up 6.7% organically in the first nine months. The agave segment also grew 6.5% over the same period. By contrast, whiskey and rum sales fell 10.0% organically. The results show growth and weakness across the company’s portfolio moving along different paths, alongside differences in regional performance. The Reuters summary did not say that growth in other markets offset the slowdown in North America, while Campari’s figures show growth in Europe and emerging markets alongside slower growth in North America.
Campari said reported net sales in the nine months were weighed down by two factors in addition to organic growth. The perimeter effect was negative 2.1%, which the company attributed mainly to the disposal of the Cinzano and Averna brands. The currency effect was also negative 0.4%, driven mainly by the U.S. dollar. With organic growth of 2.9%, net sales ended the period up a reported 0.4%, at 2.289 billion euros. This breakdown explains the difference between the pace of organic growth and the change in reported sales over the period.
In the United States, the company said organic sales in North America grew 1.0% over the nine months, and that despite strong growth in aperitifs and agave, it expects full-year U.S. sales to decline marginally. It attributed the outlook to weaker second-half dynamics in specific categories and a high comparison base in the fourth quarter. On profitability, Campari maintained its forecast for an organic improvement in adjusted EBIT margin. Its estimate includes an impact of 20 million euros from U.S. tariffs, and the company said it had received a refund of 15 million euros in 2025 tariffs by the results announcement. It also confirmed an expected margin benefit of 70 basis points from controlling selling, general and administrative expenses.
Chief Executive Simon Hunt said the company’s strategy focuses on fewer, bigger bets, investing in brands and expanding geographically, and linking these priorities to results. On its outlook for the coming period, he said: "We confirm our full-year 2026 guidance for organic sales growth of around 3%, despite continued challenging market conditions." The outlook also includes an estimated negative impact from non-core disposals of about 70 million euros on sales and 30 million euros on adjusted EBIT. The company also noted a continuing negative currency impact, led by its dollar assumptions. Campari set October 28, 2026, as the date for its nine-month results and investor call, and issued its statement and guidance on that date.