(Alliance News) - Campari NV reported Tuesday that it closed the first quarter with a pretax profit of EUR145.0 million from EUR133.6 million as of March 31, 2023.

Net sales amounted to EUR663.5 million from EUR667.9 million in Q1 2023. Organic net sales growth was driven primarily by the continued strength of aperitifs, especially Campari and Aperol, despite the unfavorable comparison base, mainly due to the key EMEA and LATAM markets, while Espolòn in the U.S. continued to demonstrate sustained momentum.

Ebitda increased to EUR178.9 million from EUR177.3 million in the same period.

Ebit amounted to EUR149.2 million from EUR152.5 million in the first quarter of 2023.

Net debt as of March 31 was EUR1.31 billion, down from EUR1.85 billion as of Dec. 31, 2023, mainly due to the increase in liquidity from the equity and convertible debt issue made in January to finance the Courvoisier acquisition, partly mitigated by the increase in gross debt due to the convertible bonds, net of the equity component.

"The outlook remains unchanged," the statement said, "In organic terms, the group expects to continue to outperform the industry by leveraging the strength of brands in growth categories in a normalizing industry environment while the macroeconomic situation remains volatile.

Matteo Fantacchiotti, Chief Executive Officer, commented, "We started the year once again with momentum and resilient performance in a low-seasonal quarter and despite the expected unfavorable comparison base. Our outlook remains unchanged."

"Regarding the medium term," the CEO continues, "we remain confident in the continued momentum of growth to achieve a profitable performance. With the recent finalization of the Courvoisier acquisition, we are also proud to welcome this iconic cognac house to our portfolio of premium and globally prioritized brands, and we will work to fully exploit its potential."

Campari's stock rises 4.0 percent to EUR9.81 per share.

By Chiara Bruschi, Alliance News reporter

Comments and questions to redazione@alliancenews.com

Copyright 2024 Alliance News IS Italian Service Ltd. All rights reserved.