Campari stock keeps outlook as aperitifs lift nine-month sales

Published on 11/11/2026 at 02:48 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Campari stock gets support from continued organic growth in aperitifs and tequila. North America remains the main pressure point.

Key takeaways for investors

Campari delivered 2.9 percent organic sales growth in the first nine months, extending its growth streak to six consecutive quarters.
Aperitifs and tequila led performance, while whiskey and rum remained under pressure.
Management retained its full-year organic sales growth outlook of about 3 percent, but expects a marginal decline in US sales.

Campari, NL0015435975, Illustration mit AI erstellt.

Campari Group reported continued organic sales growth for the first nine months of 2026 on October 28, extending its run to six consecutive quarters. In its official release, the spirits maker said organic sales rose 2.9 percent in the nine months ended September 30, with third-quarter growth accelerating to 3.4 percent.

Growth remains uneven across markets

Total net sales reached EUR 2.289 billion, up 0.4 percent on a reported basis. The result included a negative 2.1 percent perimeter effect, mainly from the disposal of Cinzano and Averna, and a negative 0.4 percent currency effect linked largely to the US dollar.

Aperitifs and tequila were the main growth drivers. Europe advanced 3.8 percent and developing markets rose 9.3 percent, while North America grew 1.0 percent over the nine-month period. Campari said the US market remains difficult and expects a marginal full-year sales decline there despite stronger demand for aperitifs and tequila.

Outlook stays unchanged

Management retained its outlook for about 3 percent organic top-line growth in 2026. It also confirmed its expectation of organic adjusted EBIT margin expansion, while noting a EUR 20 million impact from US tariffs and EUR 15 million in refunds related to 2025 tariffs.

The figures give investors a mixed picture: the group continues to build momentum in its core aperitif and agave categories, but weakness in parts of the North American portfolio and in whiskey and rum remains a constraint. The next focus is whether convenience formats, including ready-to-serve aperitif products, can broaden growth beyond the initial markets.

Campari's business and competitors

Davide Campari-Milano N.V. develops, markets and distributes alcoholic and non-alcoholic beverages across global markets, with aperitifs, tequila, spirits and related premium brands at the center of its portfolio. The group is headquartered in Sesto San Giovanni near Milan, Italy, while its official seat is in Amsterdam, the Netherlands. In the global spirits industry, Campari competes with diversified producers such as Diageo and Pernod Ricard, while its portfolio is more concentrated in aperitifs and tequila.