Campari Group kicks off 2026 with 2.9% growth
Aperol owner Campari Group posted 2.9% organic sales growth in the first quarter (Q1) of 2026 with gains in all regions except Asia Pacific.
The Milan-headquartered company’s sales for the first three months of 2026 reached €643 million (US$757m).
This was down by 3.4% on a reported basis compared to the same period last year when sales totalled €666m (US$750m).
Campari Group CEO Simon Hunt called the company’s start to the year a “solid performance”.
After navigating a challenging 2025 with a return to growth, Hunt told investors in a call following its full-year results in March that the group would bet on its core brands.
“We started 2026 with a solid performance in our smallest quarter by executing our new strategy of fewer, bigger bets,” Hunt said of the company’s Q1 performance.
“Despite the challenging operating backdrop, we gained market share in nearly all our key markets globally, especially on our priority brands. At the same time, we made good progress on our more focused brand investments and innovation pipeline ready for our peak season.”
Looking across markets, in Europe where nearly half (43%) of Campari Group’s sales come from, the company registered a small increase of 1.9%. There were positive performances in the UK, Italy and Germany, but France was impacted by a ‘high comparison base in Campari’.
In North America, its second biggest base (representing 38% of total sales), the group also saw a slight growth uptick of 2.2%.
Campari Group noted its recovery in Jamaica was on track following the hurricane that hit the region in October last year. Jamaica, which makes up 5% of the group’s sales, recorded mid single-digit growth in Q1.
Elsewhere, in developing markets, the company saw double-digit growth of 12.7%, which was led by Brazil and Argentina. In Argentina, Skyy vodka’s Cosmic expression was said to have continued its rapid growth.
In Asia Pacific and global travel retail (GTR), which are grouped together by the company, sales declined by 1.6%.
This was weighed down by a 13.5% drop in GTR, which Campari attributed to ‘geopolitical events’. The group recently restructured its GTR leadership to strengthen its business in the channel.
Asia Pacific held firm however, managing a small 1.9% boost in growth, bolstered by double-digit gains for Aperol and Espolòn Tequila in Australia.
China and India were also both said to have enjoyed ‘solid growth’.
Portfolio performance
Brand-wise, Campari Group’s apéritifs, agave, other spirits, and Cognac and Champagne segments all grew. The whiskey and rum segment, however, suffered a 5% drop.
The company’s apéritifs division, which includes Aperol and Campari and accounts for 45% of revenue, was up by 2.1%.
Aperol was said to have shown ‘solid growth’ in Europe, which was supported by introductions of new formats such as its canned Aperol Spritz To Go cocktail. Aperol was also highlighted as a growth driver in the US, Brazil and Australia.
Campari Group’s agave arm, which is led by Espolòn and represents 9.4% of revenue, saw growth of 4.9%.
Espolòn’s blanco was highlighted for a strong showing in the US, as well as for its double-digit growth in Australia for both bottle and ready-to-drink formats.
Cognac and Champagne rose by 3.5%, although Courvoisier was affected by ‘a weak Cognac market in the US’, the group noted.
The group completed its billion-dollar acquisition of Courvoisier in May 2024 and launched a campaign for the brand in June last year, in a bid to reinvent the Cognac’s image for US consumers.
As Campari Group’s only spirits division to record a sales drop, whiskey and rum fell by 5%. The division’s brands include Wild Turkey Bourbon and Jamaican rums Appleton Estate and Wray & Nephew Overproof.
Looking ahead, the group maintained its 2026 forecast of 3% growth for the year – which it called an ‘industry outperformance’.
“This solid start means we are confirming our guidance for 2026,” Hunt added.
Additionally in its 2026 outlook, Campari Group said it would continue to focus on portfolio streamlining.
Last year, the company offloaded ‘non-core brands’ in Cinzano vermouth and Italian liqueurs Amaro Averna and Zedda Piras as part of the streamlining strategy.
Related news
Campari Group appoints new HR chief
