Campari Raises 2026 Profit Guidance After Tariff Benefit and Strong H1 Results
Campari's Financial Performance and Outlook
First-Half 2024 Results
MILAN, July 29 (Reuters) - Italian spirits group Campari on Wednesday raised its full-year operating profit expectations citing a €10 million benefit from a more favourable tariff environment.
Operating Profit and Market Expectations
• First-half adjusted operating profit rose 8.5% organically to €358 million ($407 million), beating market expectations.
• Analysts expected an operating profit of €331 million, according to a Visible Alpha consensus.
Net Sales Performance
• Organic net sales at the Aperol maker rose 2.5%, reaching €869 million, above analysts' expectations of €857 million.
Updated 2026 Guidance and Tariff Impact
Guidance Update from Campari CEO
• "Looking ahead, we are updating our 2026 guidance with incremental uplift to the EBIT-adjusted margin and re-confirming our topline organic growth of circa 3%", Campari Chief Executive Simon Hunt said in a statement.
Tariff Impact and Potential Refund
• The group now sees the full-year negative tariffs impact down to €20 million from €30 million.
• A potential refund of 2025 U.S. tariffs, for which a claim has been filed, is expected to largely offset second-half cost of goods sold pressures stemming from geopolitical events, mainly logistics-related costs, the company said.
Industry Context
Competitor Performance
• Earlier on Wednesday French spirits group Remy Cointreau reported stronger-than-expected first-quarter sales.
Currency Exchange Rate
($1 = 0.8787 euros)
(Reporting by Elisa AnzolinEditing by Keith Weir)
