Replay: Analyst Access: Barclays: Friday drinks with Laurence Whyatt: Our take on ABI, Diageo, Campari and CCH results

Research evidence excerpt

Replay: Analyst Access: Barclays: Friday drinks with Laurence Whyatt: Our take on ABI, Diageo, Campari and CCH results

Equity Research

11 May 2026

Replay: Analyst Access

Barclays: Friday drinks with

Laurence Whyatt: Our take on ABI,

Diageo, Campari and CCH results European Consumer Staples

Laurence Whyatt

In case you missed it, we bring a replay of our read of the +44 (0)20 7773 5324

recent ABI, Diageo, Campari and Coca-Cola HBC results. Key laurence.whyatt@barclays.com

Barclays, UK

takeaways below.

Please see below replay information for the event held on

Friday, 8 May 2026 at 2:00pm – 3:00pm London

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This transcript/recording is provided in an unedited format. Barclays is not responsible for the

recording quality or any transcription errors or omissions.

Below are our key takeaways from the call:

•• US alcohol demand is stabilising. Barclaycard data for April showed a 4.5% YoY recovery in

alcohol spend, reinforcing early-year signals from January and February and suggesting

improving momentum despite ongoing consumer confidence noise.

•• Campari’s share price reaction looks overdone. Q1 organic growth of c.3% was close to

Barclays expectations, guidance was unchanged, and the 15% share price sell-off appears

disconnected from underlying brand momentum.

•• Spritz is the standout growth engine at Campari. Aperol, Campari and the broader spritz

portfolio are delivering exceptional growth, particularly in the US on-trade, supported by a

step-change in salesforce investment and strong early velocity gains.

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