Results Presentation

First quarter ended 31 March 2023

May 2, 2023

+19.6%

Organic Sales

(+24.9% reported)

+32.0%

Organic EBIT-adj.

(+39.4% reported)

+220bps

Organic EBIT-adj. margin

expansion

Very solid start to the year in a small quarter

  • Continued strong organic sales performance
    • driven by aperitifs, tequila and bourbon thanks to solid brand momentum in a resilient consumer environment, particularly in the on-premise
    • benefitting from full effect of the previous year's multiple price increase rounds, favoured also by some temporary effects including some shipment phasing and early Easter calendar
  • Strong organic EBIT-adjgrowth and margin expansion driven by very positive sales mix (aperitifs), pricing effects as well as operating leverage on fixed costs, which more than offset the cost inflation
  • Excluding the estimated temporary effects, net sales organic growth in the quarter would be approx. 13%, with EBIT-adj. organic growth in line with net sales leading to flat EBIT-adj. organic margin
  • Full year guidance confirmed in the current volatile macro-environment

2

Good momentum across all regions, with high-margin aperitifs outperforming

Q1 2023 net sales Organic Performance and Weight Breakdown

AMERICAS

SEMEA

NCEE

APAC

19.5%

GLOBAL PRIORITIES

23.5%

REGIONAL PRIORITIES

16.0%

14.5%

LOCAL PRIORITIES

22.0%

27.3%

3.8%

Others ; 3%

Rest Of Portfolio ; 8%

Australia ; 4%

Others ; 8%

Local Priorities; 9%

Aperol; 22%

USA; 29%

UK ; 3%

Germany; 6%

Campari; 12%

Others ; 6%

Regional Priorities,

Jamaica; 6%

25% (of which

Espolòn 8%)

France; 5%

Wild Turkey; 9%

Others ; 13%

SKYY ; 6%

Grand Marnier; 5%

Italy; 18%

3

Jamaican Rums; 6%

Q1 2023 net sales organic performance by key market

AMERICAS

47%

Organic Sales Growth:

+19.5%

SEMEA

29%

Organic Sales Growth:

+23.5%

Organic Sales Growth by Key Market

  • Very strong start to the year in the US thanks to positive performance of core Espolòn

USA

23.0%

(+66.9%), Wild Turkey bourbon (+18.9%) as well as the aperitifs Aperol (+153.6%)

and Campari (+72.6%). Grand Marnier declined double digits, impacted by destocking

due to balancing out of inventory levels after normalisation of logistics

JAMAICA

17.9%

• Strong growth in Jamaica thanks to Wray&Nephew and Appleton Estate

• Overall double-digitgrowth was registered across the rest of the region, including

OTHERS

13.1%

Latin America

Organic Sales Growth by Key Market

• Continued strong momentum in Italy, despite the tough comparison base (+70.2% in

ITALY

21.6%

Q1 2022), led by Aperol (+32.9%), Campari (+18.6%) as well as Crodino (+19.2%),

benefiting from the full year effect of last year's multiple price increases rounds, favoured

also by shipment phasing and early Easter calendar

FRANCE

6.5%

• Positive underlying trends remain in France against a tough comparison base (+38.8%

in Q1 2022), driven by core Aperol and Campari as well as Lallier and Trois Rivières

• Positive performance across the other markets largely driven by continued strong

OTHERS

46.2%

momentum in both the on-premise and off-premise, led by Aperol and Campari. GTR

was up +126.5% with triple-digit growth in Aperol, Grand Marnier, The GlenGrant, SKYY

Vodka and Wild Turkey bourbon

4

Q1 2023 net sales organic performance by key market

NCEE

Organic Sales Growth by Key Market

• Strong start to the year in Germany as our brand portfolio momentum remains solid,

benefitting also from Easter calendar shift. Core Aperol grew +15.9%, alongside Ouzo 12

GERMANY

16% UK

OTHERS

Organic Sales Growth:

+16.0%

11.1%

21.5%

17.9%

(+15.2%) while Aperol Spritz RTE grew +24.9%. Non-alcoholic aperitif Crodino continues

to grow off a small base, up +15.1%. Campari was slightly negative after a significant

price repositioning and against a tough comparison base (+33.1% in Q1 2022)

• Positive overall performance in the UK mainly driven by continued positive trends in

Aperol, Magnum Tonic and Wray&Nephew, all up strong double digits

• Overall positive performance across markets including Austria, Switzerland and

Belgium, largely led by the aperitifs

Organic Sales Growth by Key Market

ASIA PAC

AUSTRALIA

8% OTHERS

Organic Sales Growth:

+14.5%

• Positive performance in Australia, largely led by Aperol and Wild Turkey bourbon,

5.1%

while the core Wild Turkey RTD temporarily declined due to trade reactions after last

year's supply constraints

• Continued positive momentum in South Korea (+90.9%), driven by high-end

30.4%

Wild Turkey offerings, X-Ratedand The GlenGrant

• China remains volatile, growing mid-single digits largely thanks to positive shipments

of core SKYY Vodka. Continued momentum elsewhere thanks to the Group's

enhanced investments across all levels

5

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Disclaimer

Davide Campari - Milano NV published this content on 02 May 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 02 May 2023 08:45:09 UTC.