Strong growth driven by global priority brands, especially in the Americas, while Emea showed resilience despite the impact of particularly adverse weather. This is the summary of Campari’s performance in the first six months of 2024, which ended with organic growth of +3.8% in net sales, In acceleration above all in the second quarter closed with a +6.9%. It’s a pity that the market expected more and the group’s stock was one of the worst on the list, closing at 8.26 euros per share (-2.82%). 

The growth was driven by a continued strength of aperitifs thanks to Campari and Aperol, especially in the Americas and Germany while, as we have mentioned and posted in the official release, "The rest of Emea was penalised by particularly adverse weather, as well as the double-digit growth of Espolòn and Grand Marnier in the US". 

Adjusted EBITDA amounted to 418.8 million euros, an increase of +3.5% organically with a margin of 27.5%. Adjusted EBIT of 360 million euros, up +2.1% organically with a margin of 23.6% and an impact of -40 basis points on the margin compared to the first half of 2023 "mainly due to the negative effect of mix on the gross margin for rapid growth in Espolòn and the impact of weather particularly adverse in Emea on high-margin aperitifs". 

Net sales amounted to 1,523 billion euros, an increase of +3.8% organically: a rise driven by Courvoisier and third-party brands in distribution. The net profit of the group of 219,7 million Euro, in increase with a total variation of +1.3% while the adjusted net profit of the group is to 239 million, in increase of +2.2%. Net financial debt in relation to adjusted EBITDA is 3.5 times on a total basis, "including earn-out and put options for a total of 333.6 million Euro and incorporating the first consolidation of Courvoisier". 

As mentioned, however, despite the results, the stock exchange did not reward the stock that, in the session of yesterday 30 July, has even lost 8.5%: more than the performance, obviously "solid"The Italian company Campari, which was awarded the prize between January and June, is burdened by uncertainties about the future of the sector as a whole. On the other hand, one has only to look around to see that the concerns are still realistic: Today, another giant like Diageo has provided data and prospects for the future of the sector certainly not encouraging, as the company closed the second half of the fiscal year with net sales down by 1.4%.