Campari Group navigates tariffs with 2025 sales rise
Despite the ongoing challenge of US tariffs, Aperol producer Campari Group saw organic sales grow by 2.4% in 2025.
For the year ending 31 December 2025, Campari Group posted net sales of €3.051 billion (US$3.54bn). This was up by 2.4% organically from 2024, and down by 0.6% on a reported basis.
The group’s earnings before interest, taxes, depreciation and amortisation (EBITDA) reached €637 million (US$739.5m), which marked a 5.4% organic increase and 5% boost on a reported basis.
In the fourth quarter (Q4) of 2025, the group’s organic sales rose by 4.7%.
Last year, the Italian company undertook a strategy of streamlining its assets, which included the sale of its stake in joint venture Dioniso Group with Moët Hennessy, and two Italian liqueurs Amaro Averna and Zedda Piras to Illva Saronno.
Commenting on the group’s full-year performance, CEO Simon Hunt said: “In 2025, we navigated complexity with resilience and delivered solid organic growth in both top-line and profitability while sharpening our strategic direction.
“Our team of Camparistas ensured our brands outperformed and gained market share in nearly all markets globally with growth across 24 countries and all of our brand houses.
“Strong business momentum and accelerated deleverage one year ahead of plan allowed us to step-up our dividend payout to further enhance shareholder returns, while we retain our financial flexibility.”
Flat performance in US
Looking at country performances, the group’s sales in the US for 2025 were flat with the market affected by the ‘ongoing challenging backdrop’ caused by the impact of tariffs, while local brands in the US declined and there was ‘brand softness’ in Skyy vodka.
The US was also up by 6% in Q4, from a low comparison base of Q4 2024 where sales were down by 7%.
Jamaica managed to see small growth of 1% despite Hurricane Melissa’s impact on local consumption and tourism. Excluding the hurricane’s impact, sales in Jamaica were up by 5%.
Elsewhere ‘other markets’ in the Americas, which include Brazil and Argentina, were up by 8%. Canada, however, was down by 5% due to the ‘trade disruption’ from tariffs. Since March 2025, American products have been banned from Canadian shelves due to trade tensions, which would have impacted Campari’s Wild Turkey Bourbon and Skyy brands.
The Americas make up 44% of Campari Group sales and the region as a whole saw sales grow by 2% in 2025.
The Europe, the Middle East and Africa (EMEA) region, which represents half of the group’s sales, saw growth of 2%.
The UK led the way with 7% growth driven by Aperol, while other markets in the region – which include Greece and Belgium – posted 8% growth.
Despite a 1% decline for the year, Italy’s performance was called ‘resilient’ and the country turned things around in Q4 with a 5% rise. Germany, meanwhile, fell by 3% in 2025.
In Asia Pacific (APAC) there was 4% growth with Australia recording a 7% gain for the year.
Apéritifs and Tequila hold strong
The group’s House of Agave portfolio managed 3% growth. Its flagship Tequila, Espolòn, was up 3% with contrasting results for its main expressions; reposado grew by 8%, but blanco declined 1%.
Campari Group’s other agave brands, listed together, were up by 6%. Montelobos mezcal was singled out for its showing in the US and Mexico – as was Espolòn’s ready-to-drink range in Australia which rose by double digits.
The House of Apéritifs (accounting for 44% of total sales) business posted 2% growth in 2025, led by Aperol, Sarti Rosa, and Crodino.
Aperol recorded ‘resilient’ 1% growth despite ‘the challenging market context’ with a strong Q4 through its winter activations. Campari declined by 2% due to a high comparison base in Brazil, the hurricane in Jamaica and de-listing in Germany.
‘Other apéritifs’ were up 12% with Sarti Rosa leading the way with triple-digit growth.
The House of Whiskey and Rum division posted a slight uptick of 2%. Although Wild Turkey and Russell’s Reserve were down by 1% overall, Wild Turkey managed to grow by 2% in the US thanks to its new campaign.
Jamaican rum, which includes Appleton Estate and Wray & Nephew, was up by 9%.
House of Cognac and Champagne grew by 14%, but Grand Marnier liqueur was down 8%. Courvoisier, which was included in the group’s organic growth in May after its acquisition from Suntory Global Spirits, managed €157m (US$182.2m) net sales for the year.
Lastly, local brands (which make up 22% of the group’s sales) were down by 1%. Skyy managed 2% growth, which was attributed to the launch of Skyy Cosmic in Argentina, and which also offset some softness in the US.
Expectations for year ahead
In the medium term, Campari Group said it was confident in ‘delivering consistent outperformance that is both cash-generative and margin-accretive’. It is targeting single-digit organic growth.
For 2026, ‘assuming challenging but stable operating conditions compared to 2025’, the group expects to ‘achieve industry outperformance with continued pace of underlying organic top-line growth in 2026’.
“Looking forward into 2026, on an organic basis, we expect continued pace of underlying top-line growth and improvement in profitability,” Hunt added.
“Guided by our mission of winning the first, shared drink, every day, everywhere, we remain fully confident in delivering long-term margin accretive and cash generative growth focused on new formats for new occasions, fewer bigger bets and accelerated geographic expansion while we ensure continuous balance sheet discipline.”
Campari Group has also confirmed changes to its board of directors, with Alessandra Garavoglia, Robert Kunze-Concewitz and Paolo Marchesini all leaving their positions as directors.
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