Campari Group posted 2.9 percent organic net sales growth in the first quarter of 2026. This is its seasonally weakest period. Reported sales reached €643 million, down 3.4 percent after foreign exchange and perimeter effects. The result confirms the full-year guidance and shows progress across 18 countries, with sell-out continuing to outperform the broader spirits market, particularly in on-premise.
The numbers hold up well against last year’s Q1 decline of 4.2 percent. Yet they also reveal a structural shift. The House of Aperitifs, which still makes up 45 percent of group sales, grew only 2.1 percent organically. This is solid but far from the double-digit rates that defined the brand for years. Core markets have reached high penetration. The aperitivo ritual has moved from novelty to everyday staple. Growth now requires heavier spending on new formats and geographies rather than simple rollout.
Regional drivers underline this mixed picture. Developing markets delivered strong 12.7 percent growth, led by Brazil and Argentina, where Aperol seeding in 20 countries is beginning to pay off under the new regional structure. North America advanced 2.2 percent, supported by Aperol and Espolòn in the US, though partly offset by inventory work on non-priority brands and phasing on Wild Turkey. Europe grew 1.9 percent, helped by the UK and steady trends in Italy and Germany, while France faced a tough base on Campari. APAC and global travel retail slipped 1.6 percent, mainly due to geopolitical pressure on GTR.
These patterns reflect Campari’s deliberate moves. On the defensive side, the group is streamlining its portfolio, including the Cinzano disposal, and tightening SG&A to free up resources. On the offensive side, it is pushing RTD extensions such as Aperol Ready-to-Drink and Campari Spritz Ready-to-Serve, seeding priority brands like Espolòn, Courvoisier and Crodino, and sharpening on-premise activation. Sell-out data confirms these efforts are protecting share even as the core aperitif engine matures.
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Management has been straightforward about the new cost structure. The 2026 outlook targets continued outperformance at roughly the 3 percent organic pace of 2025. Gross margin will absorb an estimated €30 million tariff headwind, partly offset by mix and moderate COGS relief. A&P spending is rising as a necessary investment to defend relevance, while SG&A discipline should deliver about 70 basis points of margin support. Adjusted EBIT margin is expected to show modest organic improvement, tilted toward the second half.
This profile is typical of a premium spirits company entering a harder phase. Brand health remains strong, balance-sheet discipline is intact, and leverage targets stay comfortable. Yet the path to medium-term mid-to-high single-digit growth now depends on whether the new bets can scale before maturity pressure on the flagship portfolio deepens.
Campari is not underperforming the cycle. It is operating inside it. The first-quarter result shows resilience and focus at a time when easy ritual export growth has faded. Peak season will test whether the combination of format innovation and geographic precision can sustain momentum in a more demanding environment.
