Davide Campari-Milano NV: Q2/H126 Preview: Q2 to reassure on consistent growth of JPMe +2% despite tough comps

Research evidence excerpt

Davide Campari-Milano NV: Q2/H126 Preview: Q2 to reassure on consistent growth of JPMe +2% despite tough comps

J P M O R G A N Europe Equity Research

03 July 2026

Davide Campari-Milano NV Neutral

CPRI.MI, CPR IM

Q2/H126 Preview: Q2 to reassure on consistent growth Price (02 Jul 26):€5.49

of JPMe +2% despite tough comps Price Target (Dec-27):€6.00

We update our model ahead of H126 results scheduled for 29th July, taking into European Food Producers,

account the latest market data and conversations with the company. We forecast Q2 Household & Personal Care

+2.0% organic sales to €860m, with all four regions in positive growth. Despite Products, Beverages & Tobacco

tougher comps and a weak market environment in the US and key European Celine Pannuti, CFA AC

markets (Germany, Italy), we expect N. America to see less of an impact from (44-20) 7134-7123

inventory optimisation and Europe to benefit from a normalisation post retailer celine.pannuti@jpmorgan.com

disruption in Q1, albeit we note a €10m reversal of Easter phasing (which Edward G Hockin

benefitted Q2 last year). Quarter-to-date weather in Europe has been broadly in line (44-20) 7742-6937

edward.hockin@jpmorgan.com

with last year, although the impact from the recent heat wave on on-trade

Samuel Lewis

consumption is yet to be seen. Overall for H1, we see organic sales growth +2.4%

(44-20) 3493-6729

with Europe, North America, and APAC & GTR +LSD%, and Developing samuel.lewis@jpmorgan.com

Markets +HSD%. At the EBIT level, we believe the clouds on COGS inflation have Mafalda Gaspar

dissipated and we leave our profit forecasts unchanged with H1 organic EBIT (44-20) 7134-4642

+1.7%, though we note potential upside from tariffs. Our adj. EPS forecasts mafalda.gaspar@jpmorgan.com