Davide Campari Milano N : Additional financial information at 31 March 2024

CAMPARI GROUP ADDITIONAL FINANCIAL INFORMATION FOR THE THREE MONTHS ENDED 31 MARCH 2024

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Campari Group-additional financial information for the three months ended 31 March 2024

Index
About this Report	5
Key Financial Highlights	6
Corporate Bodies	7
Campari Group Additional Financial Information for the three Months ended 31 March 2024	8
Campari Group and the Global Environment	8
Main Brand-Building Initiatives	9
Significant events during and after the end of the period	10
Acquisitions and Commercial Agreements	10
Group Significant Events and Corporate Actions	11
Group Financial Review	13
Sales Performance	13
Statement of Profit or Loss	18
Net Financial Debt	21
First quarter 2024 conclusion and outlook	22
Definitions and reconciliation of the Alternative Performance Measures (APMs or non-GAAP measures) to
GAAP measures	23

Index 3

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Relazione sulla Giestione 4

Campari Group Additional financial information for the three months ended 31 March 2024

About this Report

Note on presentation

The additional financial information for the three months ended 31 March 2024 was prepared using the same recognition and measurement criteria used to prepare the Group's annual consolidated financial statements at 31 December 2023, to which reference is made. This document has not been audited. The additional financial information provides a description of the significant events that occurred during and after the end of the period, the Group's sales performance, the Group's profit before taxation , its consolidated net financial debt and outlook.

Forward-looking statements

Campari Group's additional financial information contains forward-looking statements that reflect management's current view of the Group's future development. All statements other than statements of historical fact set forth in this additional financial in formation regarding Campari Group business strategy, such as future operations and businesses, management's plans and objectives, are forward-looking statements. In some cases, words such as 'may', 'will', 'expect', 'could', 'should', 'intend', 'estimate', 'anticipate', 'believe', 'outlook', 'continue', 'remain', 'on track', 'design', 'target', 'objective', 'goal', 'plan' and similar expressions are used to identify forward-looking statements that contain risks and uncertainties that are beyond the control of the Group and call for significant judgement. Should the underlying assumptions turn out to be incorrect or if the risks or opportunities described materialise, the actual results and developments may materially deviate (negatively or positively) from those expressed by such statements. The outlook is based on estimates made by Campari Group, utilising all available information at the time of completion of this additional financial information. The effects arising from intensification of the inflationary pressure mainly on input costs and interest rates, as well as the still persistent complicated and uncertain macro economic environment, may be materially different from management's expectations. Campari Group does not assume any obligations or liability in respect of any inaccuracies in the forward-looking statements made in this additional financial information or for any use by any third party of such forward-looking statements. Campari Group does not assume any obligation to update any forward-looking statements made in this additional financial information beyond statutory disclosure requirements.

Information on the figures presented

All references in this additional financial information are expressed in Euros (€).

For ease of reference, all the figures in this additional financial information are expressed in millions of € to one decimal place, whereas the original data is recorded and consolidated by the Group in €. Similarly, all percentages relating to changes between two periods or to percentages of net sales or other indicators are always calculated using the original data in €. The use of values expr essed in millions of € may therefore result in apparent discrepancies in both absolute values and data expressed as a percentage.

For information on the definition of the alternative performance measures' used, see paragraph 'Definitions and reconciliation of the Alternative Performance Measures ('APMs' or non-GAAP measures) to GAAP measures in the dedicated paragraph of this additional financial information.

The language of this additional financial information is English. Certain legislative references and technical terms have been cited in their original language so that the correct technical meaning may be ascribed to them under applicable law.

This additional financial information is not prepared in the European Single Electronic Format ('ESEF'), which is required for all natural and legal persons with securities listed on a European stock exchange with respect to annual IFRS consolidated financial statements only.

- Relazione finanziaria al 31 dicembre 2019

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Campari Group-Additional financial information for the three months ended 31 March 2024

Key Financial Highlights

for the three months ended 31 March

		2024	2023	change
						organic
				total	change
		€ million	€ million	%		%
Net sales(1)	663.5	667.9	-0.7%		0.2%
EBITDA	178.9	177.3	0.9%
EBITDA-adjusted(2)	181.1	184.2	-1.7%		0.6%
EBIT	149.2	152.5	-2.1%
EBIT-adjusted(2)	151.5	159.3	-4.9%		-2.3%
Group profit before taxation	145.0	133.6	8.6%
Group profit before taxation-adjusted(2)	147.3	139.2	5.8%
		at 31 March 2024	at 31 December 2023
		€ million	€ million
Net financial debt	1,315.3	1,853.5
Number of own ordinary shares held(3) (4)	29,497,962	29,617,742

1. Sales net of excise duties.
2. For information on the definition of alternative performance measures, see the paragraph 'Definitions and reconciliation of the Alternative Performance Measures (APMs or non-GAAP measures) to GAAP measures' of this additional financial information.
3. Ordinary shares.
4. The total number of issued ordinary shares after the capital increase approved by the Board of Directors on 14 December 2023 and the corresponding successful placement on 12 January 2024 is 1,231,267,738.

- Relazione finanziaria al 31 dicembre 2019

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Campari Group-Additional financial information for the three months ended 31 March 2024

Corporate Bodies

Board of Directors(1)
Luca Garavoglia(2)	Chairman
Matteo Fantacchiotti(3)	Chief Executive Officer
Paolo Marchesini(3)	Chief Financial and Operating Officer
Fabio Di Fede(3)	General Counsel and Business Development Officer
Eugenio Barcellona(2)	Director and member of the Control, Risks and Sustainability Committee and the Remuneration and
	Appointment Committee
Alessandra Garavoglia(2)	Director
Emmanuel Babeau(2)	Director and member of the Remuneration and Appointment Committee
Margareth Henriquez(2)	Director
Robert Kunze-Concewitz(2)	Director
Jean-Marie Laborde(2)	Director and member of the Control, Risks and Sustainability Committee
Christophe Navarre(2)	Director and member of the Remuneration and Appointment Committee
Lisa Vascellari Dal Fiol(2)	Director and member of the Control, Risks and Sustainability Committee
External auditor
Ernst&Young Accountants LLP

1. The Annual General Meeting held on 12 April 2022 appointed the new Board of Directors of Davide Campari-Milano N.V. (the 'Company' or 'Davide Campari' or 'Campari') for the three-year period 2022-2024 expiring at the end of the Annual General Meeting to be held in 2025, comprising Luca Garavoglia, Robert Kunze-Concewitz, Paolo Marchesini, Fabio Di Fede, Alessandra Garavoglia, Eugenio Barcellona, Emmanuel Babeau, Margareth Henriquez, Jean-Marie Laborde, Christophe Navarre and Lisa Vascellari Dal Fiol. The new Board of Directors, in the meeting held after the Annual General Meeting, confirmed for the same three-year period: (i) Luca Garavoglia as Chairman of the Board of Directors and (ii) Robert Kunze-Concewitz, Chief Executive Officer, Paolo Marchesini, Chief Financial Officer and Operating Officer and Fabio Di Fede, General Counsel and Business Development Officer, as Executive Directors. Alessandra Garavoglia, Eugenio Barcellona, Emmanuel Babeau, Margareth Henriquez, Jean-Marie Laborde, Christophe Navarre and Lisa Vascellari Dal Fiol qualify as Non-Executive Directors. Emmanuel Babeau, Margareth Henriquez, Jean-Marie Laborde, Christophe Navarre and Lisa Vascellari Dal Fiol are qualified as independent directors pursuant to the Dutch Corporate Governance Code. Eugenio Barcellona, Jean-Marie Laborde and Lisa Vascellari Dal Fiol were also appointed as members of the Control, Risks and Sustainability Committee. Eugenio Barcellona, Emmanuel Babeau and Christophe Navarre were also appointed as members of the Remuneration and Appointment Committee. The Annual General Meeting held on 11 April 2024 appointed Matteo Fantacchiotti as Executive Director of the Company and Robert Kunze-Concewitz as Non-Executive Director effective following his decision to resign as Executive Director and Chief Executive Officer of the Company, effective as of the 2024 Annual General Meeting.
2. Non-ExecutiveDirector.
3. Executive Director.

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Campari Group-Additional financial information for the three months ended 31 March 2024

Campari Group Additional Financial Information for the three Months ended 31 March 2024

Campari Group and the Global Environment

In the first three months of 2024, Campari Group showed a resilient performance in light of a tough comparison base as expected, in a small quarter, thanks to the contribution of a strong brand portfolio, especially aperitifs and tequila. The Group benefitted from last year's price increases mitigating the expected cost inflation while continuing to invest in its commercial infrastructure ahead of the newly acquired Courvoisier integration.

From a macroeconomic standpoint, the environment remains volatile, with global growth, according to OECD1 analysis, expected to slow to +2.9% in 2024, after a resilient 2023, due to tighter financial conditions, subdued global trade and persisting geopolitical tensions. Looking at the main regions, growth in the United States, supported by household spending and strong labour market conditions, is projected to moderate to +2.1% in 2024. Euro area growth, hindered by tight credit conditions, is projected at +0.6% in 2024. China's growth is expected to also ease to +4.7% in 2024 due to subdued consumer demand, high debt and a weak property market. Inflation is expected to return to 2% target in most G202 countries by 2025 but high geopolitical tensions still pose a significant risk to economic activity and inflation. Monetary policy is expected to remain prudent to ensure inflationary pressures are contained.

In terms of consumption trends in the key regions, in the United States, the total spirits market continued to show low single-digit growth, with Campari Group outperforming in the tequila and aperitif categories. In Europe, consumption trends for spirits&aperitifs slightly improved throughout the quarter, with pricing remaining positive but decelerating due to lapping effects. Campari Group continued to significantly outperform in Europe overall driven by its aperitif portfolio. In Asia-Pacific, market conditions show increasingly competitive off-premises trends.

1. Organization for Economic Cooperation and Development.
2. The Group of Twenty (G20) is the premier forum for international economic cooperation.

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Campari Group-Additional financial information for the three months ended 31 March 2024

Main Brand-Building Initiatives

The brand portfolio represents a strategic asset for Campari Group. Intangible assets are a key component of the market value of spirit products, reflecting the brand strength built over decades. The Group categorises its brands into three main priority clusters (global, regional and local) based on the geographic scale, business priority and growth potential of the brands.

With the aim of enhancing certain disclosures concerning net sales information, in response to evolving management strategies within its business operations, the Group has reorganised its brand clusters, with Espolòn being promoted to global priority starting from 1 January 2024. Global expansion for Espolòn is now enabled by unconstrained supply supported by the recent production capacity expansion. The decision is also supported by the consistently positive and increasing performance over the years for the brand in line with other global priority brands, with enduring business momentum within its category. Furthermore, to align with the comprehensive product portfolio review, minor adjustments have been made to the composition of regional priority clusters.

The main marketing initiatives focused on global and regional priority brands, as well as on the RARE division, undertaken in the first three months of 2024, are outlined below.

Global priorities

Aperol

Starting from the beginning of the year, the bond between Aperol and tennis was activated through the Australian Open sponsorship with an extensive campaign in Australia, New Zealand and Global Travel Retail ('GTR') to inspire and educate consumers on the '3,2,1 perfect serve'. During the winter season, the Aperol Winter Tour was launched in both the French and Italian Alps in key winter destinations such as Cortina and Courmayeur Super G ski world cup event with digital amplification throughout the winter season to share the orange apres-ski vibes, aimed at recruiting new consumers and educating existing consumers that Aperol Spritz is an all-season drink. In February, a communication spot was on air during Sanremo Festival, a famous cross-generational song festival in Italy driven by youth attracting record TV audiences, with the objective of reinforcing brand relevance and top of mind relevance.

Campari

Campari continued to champion the art of cinematic storytelling with a number of initiatives. Among these, Campari was the official sponsor at the Screen Actors Guild Awards held in Los Angeles and was co-partner of the 74th Berlinale film festival in Germany. Additionally, a multi-touchpoint amplification campaign was activated at Berlin Airport to engage travellers.

Grand Marnier

During the first part of the year, the brand was prominently featured on several occasions in the United States, including sponsorship of the post-event celebration of the NBA All-Starweekend festival, as well as being present at exclusive cocktail parties during the Grammy Awards weekend. In addition, within the activation Encounter on the road, an event at Miami Music Week was held to enhance the brand's cultural and musical blend and expand its consumer base.

SKYY

In relation to SKYY Infusions, the esteemed Beverage Testing Institute in the United States has bestowed a distinguished gold medal upon the Agave Lime Infusion, while in Argentina SKYY Infusions Blood Orange was launched through culturally relevant influencer partnerships and activations, with a comprehensive launch plan encompassing various marketing strategies.

Espolòn

Espolòn launched its first-ever limited edition design, the 25th Anniversary Edition, in collaboration with renowned artist Saner, to celebrate modern Mexico and the brand's connection to street art and design, with comprehensive marketing strategies.

Regional priorities

Among regional priority brands, some interesting initiatives were launched during the period. With respect to Crodino in Italy, a new communication campaign was activated during the Italian Sanremo Festival to reinforce Crodino's position as the leading non-alcoholic aperitif, while a 360° video strategy campaign was launched, focusing on multimedia platforms to enhance brand appeal among young individuals. At the Global Spirits Masters for Tequila&Mezcal awards, organized by 'the Spirits Business' publication in London, the tequila portfolio emerged as significant winner, affirming the quality of their products and their strong presence in the premium tequila market with brands like the global priority Espolòn and the regional tequila and mezcal portfolio, including Cabo Wabo, highlighting also the potential of Mayenda as an Ultra Premium Tequila brand and recognizing Montelobos as a standout in the mezcal category.

RARE division

With respect to the dedicated luxury RARE division, Champagne Lallier Réflexion R.020 was launched in France, Belgium and Italy, accompanied by the presence of esteemed press representatives and distinguished clients.

Additional financial information 9

Campari Group-Additional financial information for the three months ended 31 March 2024

Significant events during and after the end of the period

Acquisitions and Commercial Agreements

Acquisition of Courvoisier Cognac

On 30 April 2024, Campari Group completed the acquisition of 100% of Beam Holdings France S.A.S. (now renamed Courvoisier Holding France S.A.S.), which in turn owns 100% of Courvoisier S.A.S., the owner of the Courvoisier brand, according to the terms of the acquisition agreement previously disclosed. The closing of the agreement occurred subsequent to the successful and seamless completion of the consultation process with the French employees' representatives, the fulfilment of the appropriate regulatory processes, as well as the receipt of customary antitrust approvals.

The purchase price paid amounted to US$1.17 billion, corresponding to €1.08 billion at the hedged currency exchange rate. At closing, the book value of maturing inventory estimated at 30 April 2024 and included in the price paid was US$410 million.

In addition to the price paid, an estimated amount of approximately US$30 million (€28 million at closing date currency exchange rate) related to finished goods in the Beam Suntory Group's in-market companies will be paid by Campari Group according to a stock transfer agreement.

Therefore, the upfront enterprise value of US$1.20 billion (€1.11 billion) corresponding to the sum of the above purchase price paid and the value of finished goods stock take. In addition, an earn-out for a maximum amount of US$120 million (€112 million at the closing date currency exchange rate) will be payable in 2029 based on the achievement of net sales targets realised in full year 2028, as previously disclosed. Hence, should the earn-out be paid, the total enterprise value is confirmed at US$1.32 billion (€1.22 billion).

The purchase price and the finished goods stock take are still subject to the customary price adjustment mechanisms to be calculated in the 90 days after closing.

The transaction was financed in cash using the Group's available resources resulting from the combined offer directed to qualified investors on 10 January 2024. This offer consisted of the issuance of new ordinary shares for gross proceeds of approximately €650 million, as well as senior unsecured bonds that are convertible into new and/or existing ordinary shares of the Company due in 2029, resulting in gross proceeds of approximately €550 million (for more detailed information refer to Campari Group Annual report for the year ended 31 December 2023).

The consolidation effect of the acquisition will be reflected in Campari Group financials from the closing date onwards.

The acquired business includes an enviable inventory of maturing eaux-de-vie, consisting of well-balanced age profiles to support future brand development. Moreover, the acquisition perimeter includes the trademarks as well as comprehensive production facilities consisting of distillation, warehouses, vineyards, a visitor centre and château (hosting a museum), blending facilities, ageing cellars and an automated bottling plant.

As a premium cognac, Courvoisier is positioned to further strengthen Campari Group's portfolio of global brand priorities, particularly in aged spirits, as well as supporting future long-term premiumisation ambitions in key strategic segments for the Group. The brand, world-renowned and a global icon of luxury, presents the opportunity to strategically enhance our presence in one of the most significant spirit categories in the United States. Additionally, it promises to reshape Campari Group's growth profile in Asia and GTR through the expansion of its footprint of luxury expressions. Leveraging Campari Group's established leadership, focused approach and expertise in brand development, the Courvoisier brand stands to gain substantial benefits, capitalising on Campari Group's strengthened operational and business infrastructure.

New Route-to-Market in Greece

As of 1 January 2024, Campari Group entered the Greek market by leveraging on its subsidiary Campari Hellas S.A., which fully undertook the trading and distribution of alcoholic beverages of Campari Group for Greece. The strategic decision demonstrates the importance of the Greek market for the Group's growth trajectory, given the prospects and possibilities the country offers as one of the most popular summer destinations.

Distribution Agreements

From January 2024, Campari France is the exclusive distributor of Irish whiskeys Bushmills and The Sexton and of The Kraken rum owned by Proximo Spirits for the European territory of France and Monaco, across all trade channels. Proximo Spirits products will complete and reinforce Campari's position in two key segments of the market. From the same date, Campari Group is no longer distributing Beam Suntory brands in the French market as the distribution agreement expired at the end of 2023 with no extension.

Additional financial information 10