Campari Eyes 2026 Growth Despite Trade Headwinds

Davide Campari-Milano, known for brands like Aperol, Courvoisier, and Espolon, has projected cautiously optimistic guidance for 2026. The company anticipates its underlying sales growth in 2026 will mirror the pace seen last year. This outlook, however, acknowledges that growth will be tempered by external factors such as trade tariffs and currency exchange rates.

In 2025, Campari reported sales of 3.05 billion euros, an organic increase of 2.4%, aligning with expectations. Adjusted operating earnings reached 636.9 million euros, with adjusted net profit at 368.1 million euros. The company had previously identified 2025 as a transitional year due to trade war impacts.

A significant portion of Campari's revenue, approximately 44% last year, is generated in the U.S. and the Americas, making it susceptible to trade tariffs. The company expects these tariffs to affect earnings, while a weaker U.S. dollar will also impact performance. Despite these headwinds, Campari remains confident in its long-term strategy focused on innovation, geographic expansion, and financial discipline.

Looking ahead, Campari expects to achieve industry outperformance assuming stable operating conditions compared to 2025. The company also announced an increase in its dividend payout to 10 European cents per share, up from 6.5 cents in 2024, reflecting confidence in its financial stability and growth prospects.