Davide Campari (CPRI.MI): Updating our estimates ahead of H1 26 results

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Davide Campari (CPRI.MI): Updating our estimates ahead of H1 26 results

Equity Research

25 June 2026 | 6:41PM BST

Davide Campari (CPRI.MI): Updating our estimates ahead of H1 26

results

Campari will report H1 26 results on the 29th July. We forecast +2.1% organic Olivier Nicolaï

+44(20)7774-2895 |

sales growth for Q2, slightly ahead of current Visible Alpha Consensus Data at +1.9%. olivier.nicolai@gs.com

Goldman Sachs International

In North America (+0.5%, Q2), we highlight the slower Nielsen trends vs Q1 and a

Tom Hulls

tougher comp, and are expecting further inventory adjustments, albeit smaller than +44(20)7774-7641 | tom.hulls@gs.com

in Q1, which saw a €10m headwind. In Europe (+2.1%), the ending of retailer Goldman Sachs International

Aron Adamskinegotiation disruptions in March will be supportive, but we flag unfavourable Easter +44(20)7774-6224 |

phasing and consumer environments (including the recent heatwave). Additionally, aron.adamski@gs.comGoldman Sachs International

Developing markets (+5.3%) and Asia Pacific & GTR (+6.5%) should see solid growth, Rebecca Ayo-Adebanjo

in our view. We expect margin delivery to be H2 weighted, with 22% in H1 (20.5%, +44(20)7552-2213 | rebecca.ayo- adebanjo@gs.com

FY26), considering the tariff base impacts and higher A&P increases in H1, partially Goldman Sachs International

offset by ongoing SG&A efficiency. Srikar Medisetti

+1(332)245-7675 |

srikar.medisetti@gs.com

Remain Neutral, with uncertainty on key European markets and back-half Goldman Sachs India SPL

weighted delivery. We remain Neutral rated on Campari, which trades on 16x CY27e Sam Darbyshire, CFA

+44(20)7051-9112 |

P/E, a level that screens as compelling vs history considering the recent pullback. sam.darbyshire@gs.com