Campari Posts €777 Million in Third-Quarter Sales, With 3.4% Organic Growth
Key Facts
Campari said on October 28 that net sales reached €777 million in the third quarter of 2026, up 3.2% as reported and 3.4% organically. Sales were above Visible Alpha analysts’ consensus of €769 million, according to Reuters. The gap between reported and organic growth reflects the impact of changes in the group’s scope and currencies; scope had a negative impact of 2.4%, while currencies added 2.2% in the quarter. Chief Executive Simon Hunt said the company had delivered its "sixth consecutive quarter of organic revenue growth" as it continued to gain market share in its key markets. Hunt singled out aperitifs and tequila among the categories in which the group continued to outperform.
In the nine months ended September 30, net sales were €2,289 million, up 0.4% as reported and 2.9% organically. The exits from Cinzano and Averna cut sales through a negative scope impact of 2.1 percentage points, while currencies reduced the result by 0.4 percentage points, mainly driven by the U.S. dollar. These factors show how organic business growth outpaced the increase in reported revenue during the period. For the full year, Campari reaffirmed its forecast for organic sales growth of about 3% in 2026. It also expects a negative scope impact of about €70 million on sales and €30 million on adjusted operating profit, due to exits from non-priority brands.
The nine-month results varied by region in performance and scale. Europe, which accounted for 45.8% of sales, posted organic growth of 3.8%, while North America, the next-largest region at 36.3%, grew 1.0%. Emerging markets, which contributed 10.5% of sales, grew 9.3%, while Asia Pacific and Global Travel declined 0.4%, with a 7.4% share. In the third quarter alone, organic growth in Europe accelerated to 8%, while North America contracted 2%. The divergence puts the U.S. region, which represents more than a third of sales, at the center of the cautious outlook for the year.
By brand house, the Aperitifs House grew organically 6.7% over the nine months and the Agave House 6.5%, while the Whisky and Rum House declined 10.0%. Hunt said aperitifs and tequila supported market-share gains, in line with growth in the aperitifs and agave categories. Growth also spanned markets: the company said 44 countries recorded growth ranging from the mid-single digits to the double digits. It said new convenient consumption formats had begun to contribute to performance, without specifying the value of their contribution. The breadth of growth across markets contrasts with clear pressure from the decline in whisky and rum, making the different brand trajectories part of the quarterly picture alongside geographic distribution.
In the United States, the group expects sales to decline slightly over 2026 despite strong growth in aperitifs and tequila. It attributed this to weaker performance in specific categories in the second half of the year and a higher comparison base in the fourth quarter. Campari also reaffirmed its expectation of an improvement in the organic adjusted operating profit margin, factoring in a €20 million impact from U.S. tariffs. It said that, by the results announcement, it had received €15 million in U.S. tariff refunds relating to 2025. The company’s shares fell 2.4%, according to an October 28 report by Investing.com published alongside the U.S. decline forecast.
Management was scheduled to hold a call to discuss the results at 6:15 p.m. Central European Time on October 28, after the statement and presentation were published following the market close. The company’s financial calendar sets March 3, 2027, for the release of its 2026 financial-year results and a conference call. It also set April 15, 2027, for the annual general meeting. These dates follow the company’s decision to maintain its full-year organic growth guidance at about 3%. The full-year results will be a checkpoint for the guidance, including U.S. performance and the impact of scope and U.S. tariffs.