Campari maintains growth outlook despite weaker-than-expected sales
Campari has reported modest organic sales growth in the first quarter and reaffirmed its full-year guidance despite challenging market conditions. The Italian drinks group said strong performances from Aperol and key international markets supported continued market share gains.
Campari’s organic revenues rose 2.9% in the first three months of this year. At €643 million, they fell a little short of analysts’ expectations.
However, the Italian group reiterated its 2026 guidance. “Assuming a challenging but stable operating environment with no further deterioration, Campari expects to achieve industry outperformance with underlying growth of 3% expected to continue in 2026,” the company said.
Broad-based growth across markets
The Italian group said it had generated broad-based growth across its brand divisions and regions with 18 countries in growth, including core ones, as well as targeted inventory optimisation in the US on non-priority brands.
It said it “continued its strong industry outperformance” and enjoyed market share gains especially in the strategic on-trade channel.
Chief executive highlights focused strategy
Chief executive Simon Hunt said: “We started 2026 with a solid performance in our smallest quarter by executing our new strategy of fewer, bigger bets.
Partner Content
“Despite the challenging operating backdrop, we gained market share in nearly all our key markets globally, especially on our priority brands. At the same time, we made good progress on our more focused brand investments and innovation pipeline ready for our peak season.”
Aperol drives performance
Sales of aperitifs rose 2% on an organic basis in the quarter, while the whiskey and rum portfolio declined by 5%.
In Europe, the biggest region, which generates 43% of group sales, revenues rose by 1.9%, mainly driven by an ongoing strong trend in the UK as well as positive performance in Italy and Germany. The main driver of growth was the Aperol aperitif.
North and South America deliver gains
Aperol again led the way in North America, where sales grew by 2.2%, but tariffs continued to affect Courvoisier Cognac. Overall, the American tariffs are predicted to cost the company €30m in the full year.
Brazil and Argentina led the 12% growth in developing markets, where again Aperol recorded strong growth in 20 countries.
Asia Pacific remains weaker
However, the Asia Pacific and travel retail arm saw sales fall by 1.6% against the same quarter last year.
Related news
Campari forecasts growth and boosts dividend after steady 2025 results
Major spirits groups including Diageo and Campari face millions in refunds
