Campari closes 2024 with a modest increase in sales, which rose by 2,4% to 3,07 billion euros, but theNet income shows a significant decline, slipping 39% to 202 million euros. On an adjusted basis, profit falls by 3,7%, reaching 376 million, while theAdjusted Ebit stops at 605 million euros, recording a 2,5% drop compared to 2023 (19,7% of revenues).
Despite these difficulties, the CEO Simon Hunt, in office for just two months, nevertheless defines the results as positive, considering the particularly challenging year. For 2025, Campari expects moderate sales growth and an unchanged trend in adjusted EBIT, while the macroeconomic context remains uncertain, also due to the new import duties in the United States.
Campari 2024 accounts: solid sales, suffering profits
To tow the turnover it was there Americas, which represent 45% of total sales, with a growth of 4% and a holding of the US market, where the performances of stand out Espolón (+ 12%) and Aperol (+11%). Also good is theemea (+3%), while Italy closed down 4%, penalized by unfavorable weather conditions, trade tensions and reduced stocks by wholesalers. Pacific Asia in difficulty, with a 6% drop.
On the financial front, thenet borrowing at the end of the year it rose to 2,377 billion euros, compared to 1,854 billion in 2023, mainly due to acquisitions (577 million) and other operations, partially offset by a positive free cash flow (173 million). The new board for the next three years will see the confirmation of the current members, including the former CEO Bob Kunze-Concewitz as non-executive director, and the entry of Emma Marcegaglia.
Despite the contraction in profits, Campari confirmed a dividend stable 0,065 of euros per share, which will be paid on April 24 (subject to shareholder approval).
Brand performance: Aperol and Espolòn do well, whisky is struggling
On the brand front, House of Aperitif (43% of sales) closed 2024 with a 6% growth, thanks to a positive fourth quarter after a difficult season. Aperol marked a +5%, driven by the American market. House of Whiskey and Rum (14%) instead suffered a 6% drop, with difficulties for Wild Turkey e Russell's Reserve in the United States and Australia, despite double-digit growth in Japan and Europe. Excellent performance for House of Agave (+ 10%) and House of Cognac and Champagne (+ 2%). Courvoisier, which will enter the organic growth perimeter from 2025, recorded sales of 75 million euros and has already started investments in the United States and Asia Pacific. brands local (25% of sales) closed the year with a slight decline of 1%.
The tariff issue and the 2025 restructuring
One of the most critical factors for 2025 will be the impact of 25% import duties da Mexico, Canada (and soon Europe) imposed by the Trump administration. Campari estimates a negative effect of 90-100 million euros, with an initial impact of around 35 million already since March.
To face the challenges of 2025, the group has launched a cost containment plan, which should generate a benefit of 50 basis points on net sales, especially in the second half of the year. However, according to rumours, Campari is evaluating a corporate restructuring with a 10% cut in global workforce, equal to approximately 500 jobs, of which 100 in Italy.
Looking further ahead, the producer of Aperol and Campari bitters maintains the medium-term forecasts formulated last October, with the aim of returning to mid-to-high single digit organic growth in a more stable macroeconomic environment. The increase in EBIT margins will be supported by strategic corporate initiatives, which should generate a 200 basis point benefit in overhead costs on net sales by 2027.
