Campari Celebrates a Third Year of Robust Double-Digit Growth

Leading the ascent on the Milan Stock Exchange's MIB index this past Tuesday, Campari has announced its third successive year of impressive double-digit organic earnings growth for 2023. The spirit conglomerate, which is renowned for owning prominent brands such as Aperol Spritz, Espolon, and Wild Turkey, attributed its remarkable performance predominantly to the vigorous sales of aperitifs, tequilas, and bourbon.

A Year of Strong Sales Performance

For Campari, the last year was marked by an organic sales growth of 10.5%, surpassing the market consensus, which had predicted a growth of 9.9%. This significant increase in sales was a result of robust market performance across several regions, with notable demand in the USA, key European countries, and Asia.

Financial Highlights of 2023

The financial achievements of Campari in the 2023 fiscal year include a 25% increase in adjusted Ebitda on an organic basis, reaching 728.9 million euros. These figures reflect the company's solid business strategy and its strength in the beverage sector.

Looking Forward to 2024

Despite facing a normalization of the economic environment, Campari is optimistic about continuing to outperform the sector in the 2024 fiscal year. However, the company anticipates an unfavorable comparative effect in the first quarter due to price increases at the start of 2023. Nevertheless, this forecast has done little to dampen investor enthusiasm, as reflected by a 6.2% increase in the company's shares in early Tuesday afternoon trading on Euronext Milan.

Campari, growth, earnings