Italy · Delayed Price · Currency is EUR Davide Campari-Milano Earnings Call Transcripts
Fiscal Year 2025
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Solid 2025 results with +2.4% organic growth, margin expansion, and strong cash flow conversion. Strategic investments and portfolio focus drove share gains across regions, while deleverage and a 54% dividend increase signal confidence in future growth.
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Resilient nine-month performance with +1.5% organic growth and flat EBIT-adjusted margin, supported by gross margin gains and cost containment. Portfolio streamlining, strong brand investments, and deleveraging continued, with guidance maintained for moderate growth and stable margins despite ongoing market challenges.
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Resilient H1 2025 results with flat organic growth and Q2 acceleration, driven by strong execution, brand investments, and outperformance in key markets. Guidance for moderate full-year growth and flattish margins is maintained, with tariff and FX risks noted.
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Q1 saw a 4.2% organic net sales decline due to timing and logistics, but April rebounded strongly. EBITDA margin was diluted, yet cost containment and brand activations are on track, with full-year guidance maintained despite tariff and FX risks.
Fiscal Year 2024
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2024 saw resilient 2.4% organic growth despite macro and weather headwinds, with strong performance in aperitifs and agave. 2025 is a transition year, with flat EBIT margin expected and tariff risks, but medium-term outlook remains positive for market share gains and margin accretion.
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Organic net sales rose 2.1% in the first nine months, but EBIT margin declined due to lower fixed cost absorption and higher SG&A from ongoing investments. The company is reorganizing into four 'houses of brands,' accelerating portfolio streamlining, and targeting a 200 basis point SG&A reduction by 2027.
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Organic net sales grew 3.8% year-over-year, with Q2 accelerating to 6.9% despite weather and macro headwinds. EBIT and net profit rose modestly, but gross margin was diluted by mix and inventory effects. Outlook remains positive, with 2025 expected to benefit from cost improvements.