Aperol proprietor Campari Group returned to progress within the second quarter (Q2) of 2025 and forecasts a possible tariff influence of as much as €45 million (US$51m).
The Italian spirits agency posted a flat efficiency within the first half (H1) of 2025, with a slight 0.1% natural progress in gross sales to €1.3 billion (US$1.7bn).
Gross revenue rose organically by 0.9% to €934 million (US$1.06bn) and its adjusted earnings earlier than curiosity and tax (EBIT) was €352 million (US$401m).
Mentioned to be an ‘encouraging begin to peak season’, Q2 (up by 3.5%) was a minor enchancment on the earlier quarter, when gross sales fell by 4.2%.
Campari Group’s CEO Simon Hunt mentioned the agency’s efficiency “stays on monitor” and “good progress has been made” in its strategic priorities, despite an atmosphere that “continues to be risky”.
In its outlook for the remainder of 2025, the group warned of the influence of tariffs. Ought to US president Donald Trump’s focused 15% tariff on European items be confirmed, the group suggests its earnings for the 12 months might be affected by as much as €45m (US$51m).
Nevertheless, if EU tariffs are lifted and solely taxes on Canada and Mexico stay, then the group has forecast a minimal detrimental influence of roughly €4m.
The group has beforehand warned the US tariffs may price its enterprise €100m (US$106m).
Regional efficiency
Trying throughout areas, the Americas, which symbolize 44% of the group’s gross sales, fell by 1% in H1 with an enchancment on final 12 months’s Q2 (up by 4%).
Within the US, which presents an ‘on-going difficult backdrop’, gross sales have been down by 3% in H1, however Q2 confirmed indicators of promise with a 3% upturn.
Espolòn Tequila and Campari Group’s apéritifs helped US gross sales climb again in Q2, however Skyy vodka skilled ‘persistent challenges’.
Europe, the Center East and Africa (EMEA), which accounts for 50% of the group’s gross sales, was up by 1% in H1.
Leads to its dwelling base of Italy have been flat for the group’s flagship apéritifs Aperol and Campari, however Crodino, Aperol Spritz and Sarti Rosa grew.
Germany was down by 5% in H1, France was up by 1% and the UK noticed a double-digit gross sales bounce of 13%. Campari Group famous progress within the UK was pushed by Aperol and its namesake Spritz.
Elsewhere, gross sales in different EMEA markets grew by 6%. World journey retail (GTR), Greece and Belgium have been highlighted for his or her efficiency, with apéritifs and Courvoisier Cognac driving progress.
Asia Pacific (APAC), the group’s smallest base with 6% of its complete gross sales, was up by 4%. Australia did the heavy lifting (up by 10%), however different APAC markets have been in decline by 3%.
Tequila in progress
Model-wise, the group’s largest spirits phase, Home of Apéritifs was up by 2% in H1. Aperol rose by 1% (and by 2% in Q2), pushed by progress within the Americas.
Campari, nevertheless, was down by 2% attributable to a excessive comparability base in Brazil. In any other case, Campari elevated by 8% within the US and 1% in EMEA.
The corporate’s different apéritif manufacturers grew by 10%, with Crodino and Sarti Rosa placing on robust shows.
Tequila’s efficiency gave motive for encouragement. Its Home of Agave portfolio represents 10% of gross sales and rose by 5%.
Espolòn was up by 5% (with reposado notably up by 14%) and different agave manufacturers rose by 7%, led by Espolòn’s ready-to-drink (RTD) product in Australia and mezcal model Montelobos within the US.
Whiskey and rum, which sit in the identical division and symbolize 14% of gross sales, noticed a 1% decline. Wild Turkey Bourbon was impacted by a ‘smooth efficiency’ in its core US market, however Jamaican rum (which incorporates Appleton Property) grew by 5%.
Cognac-based liqueur Grand Marnier slumped to a 20% drop attributable to a decline within the US and a excessive comparability base the place it was up by 20% in H1 2024.
Courvoisier gross sales, in the meantime, have been built-in into natural progress in Could. The Cognac model, which Campari acquired from Suntory World Spirits in Could 2024, posted web gross sales of €62m (US$70.7m).
US funding was a contributing issue – Campari debuted a marketing campaign within the area for Courvoisier over the summer season to spice up the model.
Native manufacturers (which symbolize 21% of group gross sales) declined by 4% with Skyy vodka lowering by the identical quantity. Inside this division, glowing wines and vermouth rose by 3% and the remainder of the portfolio was down by 6%.
Reflecting on the efficiency and the standing for the long run, Hunt mentioned: “We recorded a constructive natural topline progress in Q2, as anticipated, in early peak season. When it comes to sell-out, our outperformance is constant throughout most geographies with additional enchancment in Q2, pushed by apéritifs and Tequila.”
Medium-term steering
Within the medium time period, Campari Group reiterated that it goals to realize ‘mid to excessive single-digit natural web gross sales progress’.
Hunt continued: “Trying ahead, we verify that our beforehand offered steering for 2025 stays our goal, earlier than the influence of US tariffs, and the third quarter will probably be elementary for clearer visibility.
“We stay assured within the supply of long-term sustainable progress and enchancment in our stability sheet indicators together with our dedication to sustainable money stream technology and deleverage.”
Final month, Campari Group agreed to promote Cinzano vermouth and Fratinna to Caffo Group 1915 for €100m (US$117m).
Hunt mentioned the deal marked a “key step in our technique of streamlining our portfolio to extend concentrate on our key core manufacturers, additionally with a view to make sure stability sheet deleveraging”.
The group expects the divestment to deliver a pre-tax capital acquire of roughly €60m (US$68m) as soon as it’s finalised by the tip of the 12 months.
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