Campari forecasts growth and boosts dividend after steady 2025 results
The Italian drinks group Campari expects to outperform the wider industry in 2026 despite tariffs and currency headwinds. Stronger profitability and brand investment have encouraged the company to raise its dividend by more than 50%.
Davide Campari-Milano is cautiously optimistic about 2026. Following positive annual results, the Italian group said it expects sales to continue growing and felt sufficiently confident to increase its dividend.
It said that this year it expects “industry outperformance.”
In 2025, the group’s sales increased organically by 2.4% to €3.05 billion, in line with predictions. Previously, the company had warned that it would be a year of transition while tariff spats hit sales and profit margins.
Adjusted operating earnings were €636.9 million, a 5.3% increase in the year, with adjusted net profit of €368.1 million.
Dividend rises as brand investment continues
It now expects underlying sales to grow at a similar pace this year and feels that it could pay a dividend of 10 cents a share, a more than 50% increase on last year’s 6.5 cents.
“We are investing behind our brands,” chief executive Simon Hunt said. “On an organic basis, we expect the continued pace of underlying topline growth and improvement in profitability”,
Of the company’s main brands, Aperol sales grew by 1% in the year but Campari’s were 2% lower and Grand Marnier suffered an 8% drop.
Partner Content
Tariffs and currency swings weigh on outlook
Like all other European producers, Campari was hit by President Donald Trump’s tariff policies because almost half of its sales come from North America.
“Assuming challenging but stable operating conditions compared to 2025, Campari Group expects to achieve industry outperformance,” the company said. “The impact of global trade tariffs will hit earnings while a weaker U.S. dollar will also drag performance, with further negative effects related to disposals of non-core brands.”
“We remain fully confident in delivering long-term margin accretive and cash-generative growth focused on new formats for new occasions, fewer bigger bets and accelerated geographic expansion while we ensure continuous balance sheet discipline,” Hunt said.
Portfolio streamlining signals strategic shift
Campari says it will continue to target streamlining its portfolio rather than pursuing bolt-on acquisitions.
Some analysts took that as a veiled rejection of the policies of former chief executive Bob Kunze-Concewitz, who orchestrated more than 20 acquisitions in his 15 years in the hot seat, culminating in the €1.2 billion purchase of Courvoisier in 2024, just as Cognac’s US fortunes were waning and on the eve of China’s effective embargo.
Kunze-Concewitz has now stepped down as a non-executive director and the board has been refreshed by the appointment of two additional members of the controlling Garavoglia family.
Campari said this marked “the start of a generational handover within Lagfin”, the family’s investment vehicle and Campari’s Luxembourg-based main shareholder.
Related news
Campari maintains growth outlook despite weaker-than-expected sales
Major spirits groups including Diageo and Campari face millions in refunds
