Italian spirits group Campari has posted full-year sales growth ahead of analysts’ consensus, but warned it expects 2025 to be a “transition year” due to the impact of US tariffs.
In the last three months of 2024, organic sales at the Aperol and Wild Turkey maker rose 3.4%, resulting in full-year growth of 2.4%, to €3.07bn (£2.55bn) – ahead of an expected 1.7% rise.
Adjusted net income of €367m in Q4 and €605m in FY24 were also both ahead of expectations, although this was still down 2.5% on an organic basis across the full year.
Campari said it expects the potential 12-month impact of 25% tariffs on any imports from Mexico, Canada and Europe into the US to be between €90m-€100m before any potential mitigation actions. Some €35m impact is expected from tariffs on goods from Mexico and Canada, which came into force this week.
“Campari Group delivered positive results and outperformance vs competition again in 2024, which was a challenging year marked by the cyclical impacts of macroeconomic and geopolitical volatility,” said newly appointed CEO Simon Hunt. “Looking forward, following a transition period in 2025, we are very confident in our ability to deliver long-term sustainable outperformance.
“Our leadership position in aperitifs presents an ever-growing opportunity given evolving consumer trends which, combined with our tequila and premium spirits portfolio, also have significant potential for geographic expansion globally,” Hunt continued. “At the same time, we will maximise the potential of the group by driving efficiency and commercial execution while ensuring balance sheet and operating deleverage.”
Campari confirmed its medium-term guidance of mid to high-single-digit organic net sales growth, with margins expected to be broadly flat next year.
Bernstein analysts described the showing as a “solid finish”. Outlook for FY25 was “cautious” but with “lots of room to hope”, they said, adding US tariffs remained “a big threat”.
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