Overview: Campari Group has recorded six consecutive quarters of organic growth following a 3.4% rise in third-quarter sales to €777 million. The Milan-headquartered conglomerate reported net sales totaling €2.28 billion for the first nine months of 2026, marking 2.9% organic growth. CEO Simon Hunt attributes the performance to bold brand investments and geographic expansion across key markets.
The Full Story
Campari Group said there was growth in the mid-single to double-digit range across all its brand houses and regions, spanning 44 countries. This was driven by Tequila and the House of Apéritifs division. In Europe, the company’s biggest market and its home base, sales increased by 3.8% for the nine months (up 8% in Q3), led by Italy and the UK. There was growth in 13 European countries, but Campari Group did note that Germany remained impacted by consumer pressure.
In North America, Campari’s second-biggest market representing 36% of total sales, there was a slight uptick of 1% for the nine months (down 2% in Q3). The US had solid growth in Tequila and apéritifs, but the rest of the portfolio felt the challenging operating environment. For the rest of the portfolio in the US, there were challenging categories and pressured consumers – plus demand-led supply constraints in Russell’s Reserve. In developing markets, highlighted as a significant opportunity by Hunt after Q1, there was growth of 9.3% during the first nine months of 2026 (up 10% in Q3). These regions represent 11% of total sales, with momentum driven by Brazil with Aperol and Campari, as well as Argentina with Skyy Cosmic.
Brand & Industry History
CEO Simon Hunt commenced the position on 1 January 2025. The group has begun its relaunch of Courvoisier, having acquired the Cognac from Suntory Global Spirits in May 2024 for US$1.17bn. Earlier this month, a global campaign titled Pass The Courvoisier was rolled out, while a China-exclusive Cognac called Reborn was also introduced to that market.
What This Means
Campari Group reiterated its guidance of 3% organic growth for the rest of the year. The company pointed to stronger growth in Europe, but expects lower growth in North America and marginal top-line decline in the US due to softer dynamics in the second half of the year and a high comparison base in the fourth quarter (Q4). The group has collected and partly reinvested the €15m (US$16.7m) from the 2025 US tariff refund, but expects a loss of €70m (US$77.9m) on revenue and €30m (US$33.4m) on adjusted earnings before interest and taxes (EBIT) through the impact of non-priority brand disposals.
Consumer Takeaway
Sarti Rosa launched in the US in Q3 to a strong initial response. Australia was listed for double-digit growth in both Aperol and Espolon, while GTR benefited from strong execution in Europe and encouraging momentum in Espolon. The House of Apéritifs drives two-thirds of the company’s growth, with its products covering different flavour profiles across the Spritz occasion, from sweet to bitter: Sarti (fruity and refreshing); Mondoro (floral and aromatic); Aperol (the icon); Crodino (non-alc); Campari (bold and intense); and Cynar (complex and bitter).
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