Davide Campari-Milano NV: Q2/H126 Results: H1 beat, margin upgrade to drive LSD EPS raise

研报英文原文证据摘录

Davide Campari-Milano NV: Q2/H126 Results: H1 beat, margin upgrade to drive LSD EPS raise

J P M O R G A N Europe Equity Research

29 July 2026

Davide Campari-Milano NV Neutral

CPRI.MI, CPR IM

Q2/H126 Results: H1 beat, margin upgrade to drive Price (29 Jul 26):€5.92

LSD EPS raise Price Target (Dec-27):€6.00

Our Take: Campari reported a beat on Q226 results. Q2 organic sales came in European Food Producers,

ahead +2.5% (vs BBG consensus +1.7%) driven by beats in all regions except Household & Personal Care

APAC & GTR. H1 adj. EBIT of €358m was +7% above consensus, with organic Products, Beverages & Tobacco

EBIT +8.5% (cons. +2.5%) supported by 130bps organic gross margin expansion Celine Pannuti, CFA AC

on better aperitivo mix, phasing of COGS productivity gains, and a more limited (44-20) 7134-7123

US tariff impact than anticipated. H1 EPS at €0.19 was a c.15% beat to consensus. celine.pannuti@jpmorgan.com

FY26 top line guide was re-iterated for industry outperformance, with the pace of Edward G Hockin

2025 full year underlying growth of c.3% expected to continue in 2026, although (44-20) 7742-6937

edward.hockin@jpmorgan.com

management upgraded adj. EBIT margin guidance for an “incremental uplift” (vs

Samuel Lewis

prior “contained accretion”) on the back of updated tariff headwind expectations

(44-20) 3493-6729

of €20m to operating profit (vs prior €30m). We note there is still further upside to samuel.lewis@jpmorgan.com

margins on potential tariff refunds (guided €15m) and lower H2 tariffs (JPMe €7m) Mafalda Gaspar

amounting to potential 4-5% EBIT upgrade. Besides the strong weather in July is (44-20) 7134-4642

providing upside to top line and margins in Europe, which could be evident in Q3 mafalda.gaspar@jpmorgan.com

reporting.