H1‘26: Fewer bets, better delivery

研报英文原文证据摘录

H1‘26: Fewer bets, better delivery

Barclays | Davide Campari N.V.

broadly similar year on year and that the more important driver was execution, activations and

new occasions.

2. Aperol formats look genuinely incremental. Aperol grew +3.3% in H1, supported by the

core bottle and amplified by innovation. The new formats are being used to access occasions

where the brand previously did not participate Aperol On Tap does not just improve visibility at

festivals and high-footfall venues; management explicitly said it allows events to become sales

occasions. The results also frames RTS, Tap, To Go Can and future To Go Bottle as incremental

opportunities with gross profit per serve either at or close to par versus the traditional serve.

3. The US is still difficult, but Campari’s model appears to be working where it has focus.

North America grew +2.6%, with the US at +1.5%, driven by priority brands, Aperol and Espolòn,

particularly in the on-premise. The 21 US brand activators have now been in market for about

six months and management said covered accounts are seeing four-times the velocity of

uncovered accounts. The trade is recognising Campari’s willingness to invest in on-premise at a

time when many competitors are pulling back, and that on-trade investment can also create a

knock-on uplift in nearby off-trade.

4. Espolòn remains the key defence against tequila price pressure. Management

acknowledged competitor pricing activity is becoming more aggressive in some categories and

that there is “huge speculation” around tequila, which we infer relates partly to Diageo’s price

actions ahead of its CMD on 6 August. However, Campari said it is not seeing a meaningful read-

across to Espolòn. The defence is framed around brand equity built over 10-15 years, bartender