Davide Campari-Milano NV (CPRI.MI): Significant beat and FY26E OSG guide reiterated. EBIT expectations raised & LSD upgrades likely. Stock should up MSD

Research evidence excerpt

Davide Campari-Milano NV (CPRI.MI): Significant beat and FY26E OSG guide reiterated. EBIT expectations raised & LSD upgrades likely. Stock should up MSD

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29 Jul 2026 13:00:32 ET │ 13 pages

Davide Campari-Milano NV (CPRI.MI)

Significant beat and FY26E OSG guide reiterated. EBIT expectations

raised & LSD upgrades likely. Stock should up MSD

CITI'S TAKE Buy

Short-Term View: Upside, expires 12-AUG-26

Campari Q2/H1 results have significantly beaten expectations, and

Price (28 Jul 26 17:30) €5.87 management has reiterated FY26 guidance for c.3% OSG and raised EBIT

Target price €7.50 expectations. Headline Q2 OSG was +2.5%, leaving reported H1 sales

+1.6% ahead. Despite planned increases in A&P spend, H1 EBIT was +8% Expected share price return 27.8%

above expectations, aided by the phasing of COGS productivity gains and Expected dividend yield 1.7%

a more limited US tariff impact than originally expected. The latter will Expected total return 29.5%

continue in H2 and underpins an increase to FY EBIT guidance. With Market Cap €7,228M

investors anticipating Q2 OSG closer to +1% than consensus’ +1.7%, US$8,230M

today’s solid beat, coupled with the better profit delivery and likely LSD

upgrades to FY26E consensus EPS should be well-received. Moreover, the

group has signed further non-core disposals in July with the sale of

Bisquit, Cabo-Wabo and a few other brands expected by Y/E. With stock Simon HalesAC

trading at an EV/EBITDA discount to peers, today’s results should be +44-20-7986-4049

enough to drive the stock up MSD. simon.hales@citi.com

H1 EBIT beat of c.8% — Campari Q2/H1 results are ahead of expectations. Headline

H1 OSG at +2.7% came ahead of consensus at +2.3% (Q2 +2.6% vs +1.7%) and H1

adj. EBIT growth of +8.5% was also ahead of consensus at +1.7%.