Campari posts €777 million in third-quarter sales, with 3.4% organic growth

Key Facts

Campari said on the evening of October 28 that net sales reached €777 million in the third quarter of 2026, up 3.2% on a reported basis and 3.4% organically. The result exceeded the analyst consensus of €761.8 million, according to Investing.com. The gap between reported and organic growth in the quarter reflected a negative scope effect of 2.4%, offset by a positive currency effect of 2.2%, the company said. Chief Executive Simon Hunt said the group had delivered “its sixth consecutive quarter of organic revenue growth.” He added that Campari continued to outperform and gain market share in its key markets, particularly in aperitifs and tequila.

In the nine months ended September 30, sales were €2,289 million, up 0.4% on a reported basis and 2.9% organically. Compared with the same period in 2025, when the company recorded €2,280.7 million, organic growth rose from 1.5% to 2.9%, while reported sales growth increased from 0.2% to 0.4%. The difference between organic and reported growth reflected a negative scope effect of 2.1%, mainly due to the divestment of Cinzano and Averna. Currency movements also reduced sales by 0.4%, driven mainly by the U.S. dollar. In the third quarter of 2025, sales were €752.8 million, with organic growth of 4.4% despite a reported decline of 0.1%; third-quarter 2026 organic growth was therefore lower than a year earlier.

By geography, Europe accounted for 45.8% of nine-month sales and grew 3.8% organically, while North America represented 36.3% and grew 1.0%. Emerging markets, which account for 10.5% of sales, posted organic growth of 9.3%. Asia-Pacific and Global Travel, with a 7.4% share, declined 0.4%. The picture shifted in the third quarter: organic growth in Europe accelerated to 8%, while North America recorded a contraction of 2%. This divergence poses a challenge to full-year results, with the company expecting stronger performance in Europe and weaker performance in North America.

At the brand-house level, the Aperitifs house grew 6.7% organically and the Agave house 6.5% over the nine months, while the Whiskey and Rum house declined 10.0%. Gains in aperitifs and agave are consistent with Hunt’s reference to market-share gains in aperitifs and tequila. The company said 44 countries recorded growth ranging from mid-single digits to double digits. It also said new convenience-oriented consumption formats had begun contributing to performance. Growth across countries and categories was accompanied by a clear divergence among brands, with pressure most pronounced in whiskey and rum.

Campari reaffirmed its expectation of organic sales growth of around 3% in 2026, with U.S. sales expected to decline marginally over the year. The company attributed its U.S. outlook to weak performance in specific categories in the second half and a higher comparison base in the fourth quarter, despite strength in aperitifs and tequila. It also reaffirmed its expectation of organic expansion in adjusted operating margin, including an assumed impact of €20 million from U.S. tariffs. The company said it had collected €15 million in U.S. tariff refunds relating to 2025, using the amount partly for reinvestment and partly to offset cost-of-goods pressures in the second half of 2026. The group also expects a negative scope impact of about €70 million on sales and €30 million on adjusted operating profit for the year, due to the divestment of non-priority brands.

Campari shares fell 5.12% on Thursday morning, October 29, after the results were announced the previous evening, according to Investing.com. The report linked the share move to the company’s forecast of a marginal decline in U.S. sales over the year, despite quarterly sales exceeding the consensus. The stock’s performance comes amid diverging regional trends, with North America contracting in the third quarter and Europe accelerating. The company calendar set March 3, 2027, as the date for the board to approve the annual report for the year ended December 31, 2026. It also set April 15, 2027, for the annual general meeting to approve the annual report.