Campari Group (BIT:CPR) reported third-quarter sales of €777 million, exceeding analyst expectations of €761.8 million, as organic revenue growth continued across its principal markets. However, shares in the Italian spirits producer declined 5.12% on Thursday morning after the company forecast a marginal decrease in US net sales for the full financial year.
Campari maintained its group-wide outlook for organic net sales growth of approximately 3% in 2026, while indicating that market conditions and comparisons with the previous year would affect its US business.
Third-Quarter Sales Reach €777 Million
Campari recorded third-quarter sales of €777 million, above the analyst consensus estimate of €761.8 million.
Organic net sales increased 3.4% during the quarter, marking the company’s sixth consecutive quarter of organic growth.
For the nine months ended September 30, 2026, total net sales reached €2.289 billion, representing a reported increase of 0.4% compared with the corresponding period last year.
Organic sales growth for the nine-month period was 2.9%.
The figures reflected continued organic growth despite a smaller increase in reported revenue over the first nine months of the financial year.
Campari Maintains Full-Year Organic Sales Growth Guidance
Campari reaffirmed its expectation for organic net sales growth of approximately 3% for the full 2026 financial year.
The company maintained this forecast despite the market conditions affecting parts of its business, particularly in North America.
Chief Executive Officer Simon Hunt commented on the company’s trading performance:
“We have delivered our sixth consecutive quarter of organic net sales growth, while continuing to outperform the industry and gain share in our key markets, thanks to our priority brands,”
The company attributed its organic sales performance to its principal brands and activity across its geographic markets.
US Sales Expected to Decline Marginally in 2026
Campari revised its expectations for the US market and now anticipates a marginal decline in net sales for the full year.
The company cited reduced performance in certain product categories and a demanding comparison with the fourth quarter of the previous year.
North America represents approximately 36% of group sales.
Revenue in the region increased 1.0% organically during the reporting period, supported by sales of tequila and aperitif products in the United States.
However, the company reported differences in performance across its broader portfolio, with some categories facing lower demand.
The revised US outlook was announced alongside the third-quarter results and the confirmation of group-wide annual guidance.
Europe Records 3.4% Organic Growth
Europe, which accounts for approximately 46% of Campari’s group sales, reported organic revenue growth of 3.4%.
The company identified Italy and the United Kingdom as contributors to the region’s performance.
Sales growth in these markets supported the overall European result during the reporting period.
Europe remained the company’s largest geographic market by share of group sales.
Emerging Markets Grow 9.3%
Campari reported organic sales growth of 9.3% across its emerging markets.
The company identified Brazil and Argentina as the principal contributors to this increase.
The growth rate exceeded those reported in Europe and North America.
The geographic results showed differences in organic sales performance, with emerging markets recording the highest percentage growth among the regions highlighted.
Campari Expects Adjusted EBIT Margin Expansion
Campari maintained its expectation for an improvement in its organic adjusted EBIT margin for the full year.
The company’s outlook includes an estimated €20 million impact from US tariffs.
Campari also reported receiving €15 million in refunds relating to US tariffs imposed in 2025.
According to the company, part of the refunded amount was reinvested in the business, while the remainder was used to offset cost pressures.
The company retained its margin improvement outlook while incorporating the effects of tariffs and its updated expectations for US sales.
More About Campari Group
Campari Group (BIT:CPR) is an Italian producer and distributor of alcoholic beverages, including spirits and aperitifs.
The company operates across Europe, North America and emerging markets, with a portfolio that includes tequila and aperitif products.
Its financial performance is measured through reported and organic net sales growth, geographic revenue trends and adjusted EBIT margins.
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