EC

Results Presentation

Full Year ended 31 December

2023

February 27, 2024

www.camparigroup.com @camparigroup CampariGroup CampariGroup@camparigroup

CONTACTS

investor. re lat ions@campari .com

3

> Best-in-class organic sales growth (+10.5%) in FY2023 (+10.6% in Q4)

• solid brand momentum driven by aperitifs, tequila and bourbon, continuing in Q4

• sustained and continued industry outperformance, underpinned by pricing across the portfolio,

driven by the US, core European and Asia Pacific markets

> EBIT-adj. organic growth of +15.5%, with +90bps accretion in FY2023 (+45.5% in Q4)

• when considering a normalised level of A&P (1), EBIT-adj. of €600.7 million, with organic

growth of +12.3% with +30bps accretion in FY2023, thanks to pricing and mix (+22.3% in Q4,

+120 bps)

> Negative FX effect on net sales of €(94.5) million in 2023 and of €(46.0) million on EBIT-adj.

largely due to the transactional effect of MXN as well as the depreciation of USD

> Net debt on EBITDA adj. of 2.5 times (2), slightly increased from 2.4 times as of 31 December 2022

> Basic EPS-adj of €0.35 (3) per share, +0.5% vs. FY2022. Proposed full year dividend of €0.065 per

share, an increase of +8.3% vs. last year

3

FY 2023

EBIT-adj.

€618.7 million

(+15.5% organic)

Another year of strong and profitable growth, consistently

delivering on strategy

3

Net sales

€2,918.6 million

(+10.5% organic)

(1) In line with guidance of organic A&P growing broadly consistently with topline organic growth (+/- 20bps)

(2) Does not include effects of the announced Courvoisier acquisition

(3) Refer to Annex ‘FY 2023 EPS adjusted: basic and diluted’ for details

Business scale increased by c.60% organically vs. 2019; strong brand momentum off a

new base across core categories and key markets supported by enhanced commercial

capabilities and boosted infrastructure

> Core exposure across three top outperforming spirits categories: step-up in

core aperitifs (organic growth of +84% since 2019), c.40% of sales today vs 35%

in 2019, bourbon (+50%), and tequila (+188%), doubling its % sales weight to 8%

of sales today

> Geographic diversification via route-to-market build, most notably in APAC,

doubling its % value weight to 4% (excl. Australia)

> Gross margin remains down -220bps organically (-270bps reported), largely

due to increase in agave purchase price alongside simultaneous strong growth of

Espolòn, general input cost inflation increases as well as incremental

depreciation linked to step-up in production capacity

> strong pricing power more than offsetting COGS inflation in value

> potential for gradual margin rebuild in the medium term

> EBIT margin trend benefitted from significant operating leverage after

sustained investment in brand building and business infrastructure

> continued brand building investments

> enhanced route-to-market with 26 direct markets (vs. 20 in 2019)

16.5%

10.7%

30.3%

5.6%

11.6%

Aperitifs Bourbon Tequila Rest of Portfolio Group

2019-2023 Organic Sales CAGR

4

22.1% -220 bps

+60 bps +160 bps 22.1%

-100 bps 21.2%

EBIT 2019 COGS A&P SG&A EBIT Org 23 Perimeter & FX

EBIT 2023

EBIT Margin progression since 2019

Consistently outperforming spirits sector in terms of Total Shareholder Return

(1) Source: Bloomberg. TSR calculated to February 22nd 2024 5

13.6%

9.9%

4.5%

7.5%

11.2%

8.3%

4.1%

7.6%

6.6%

3.7%

10.3%

5.6%

Campari Group Average Spirits Sector MSCI Europe Eurostoxx 600 Food & Bevs

Annualised Total Shareholder Return vs. main indexes and industry

Since IPO (July 2001) Since May 2007 Last 5 years (since Jan 2019)

Best-in-class growth: the Group is primed for the next stage of growth in a consistent

strategic framework with focused core strategies

Continued brand building

investments via proprietary

marketing model

Enhanced focus on core strategic

markets and categories

Continued reinvestment and

development of commercial capabilities

to support core category growth

M&A continues to be a

business priority alongside

organic growth

> Expansion into premium

cognac category via

Courvoisier acquisition in

2024

> Strengthened organization with

set up of dedicated function

responsible for accelerating

the integration of sales and

marketing activities

> Continued focus on premium

M&A within strict financial

framework to support the

Group’s expansion and deliver

superior financial returns

> Continuous reinvestments

from deflationary input costs

environment in brand building

leveraging sustained A&P

investment behind proprietary

marketing model to strengthen

brand equity and underpin

category growth

> Focus on differentiated

experiential and digital

campaigns across all brand-

market combinations, boosting

growth opportunities

> Continuous engagement

across all channels for core

brand building and occasion

ownership

> Further development of digital

capabilities across the organization

via accelerating digital

transformation programs, leveraging

Data & Analytics and Pricing &

Revenue Growth Management

> Investments into route-to-market

companies to continue increase scale

in local markets via effective

commercial and marketing

execution

> Focused CAPEX programs to boost

production capacity expansion to

support the expected brand growth

trajectory in core markets

> Espolòn set to join the Global Priority (1) brand

cluster combining strong US presence (Group’s

largest brand-market combination) and volume

unconstrained internationalization

opportunities

> Continue strengthening of aperitifs

leadership leveraging scalable model in

established, high potential, seeding markets

> Further premiumisation opportunities via

aged spirits portfolio in strategic US and Asia

> Opportunities for further step-up in under-

indexed APAC via strengthened commercial

capabilities and future Courvoisier

acquisition: a region that has grown ca.+80%

since 2019 organically

> Strategic organisational change via partial

business unit reconfiguration leading to one

combined EMEA region for the next phase of

growth (1)

6 (1) Refer to appendix for restated figures

FY 2023 net sales Organic Performance and Weight Breakdown

Positive growth across all regions, with the aperitifs, tequila and premium bourbon

outperforming

20.7%

18.7%

6.8%

7.7%

APAC

NCEE

SEMEA

AMERICAS

USA, 28%

Jamaica, 5%

Others , 11%

Italy, 17%

France, 6%

Others , 5%

Germany, 8%

UK , 3%

Others , 9%

Australia, 4% Others , 4%

3.9%

13.4%

10.8%

LOCAL PRIORITIES

REGIONAL PRIORITIES

GLOBAL PRIORITIES

Aperol, 24%

Campari, 11%

Wild Turkey, 8%

Jamaican Rums, 5%Grand Marnier, 5%SKYY , 4%

Regional Priorities; 26% (incl. Espolòn

8%)

Local Priorities, 8%

Rest Of Portfolio , 9%

Global Priorities 57%

Regional Priorities 26%

Local Priorities 8%

Rest of portfolio 9%

Americas 44%

SEMEA 28%

NCEE 21%

APAC 8%

7

AMERICAS

SEMEA

44%

28%

Organic Sales Growth:

+7.7%

Organic Sales Growth:

+6.8%

• Strong end to the year in the core US, with Q4 up +12.8%, largely thanks to Espolòn,

aperitifs, Russell’s Reserve and Appleton Estate, while Grand Marnier also returned

to growth. We continued to outperform the overall market in terms of both Nielsen and

NABCA indicators1

• Campari Group confirmed as the top value growth driver supplier for SGWS in

2023

• Aperol and Espolòn were 2 of the top 10 growth value drivers for SGWS in

2023

• Positive overall growth in Jamaica against a tough comparison base (FY 2022 +29.8%),

led by Magnum Tonic Wine, Appleton Estate and Wray&Nephew Overproof, while

Q4 declined slightly due to temporary phasing

• Overall positive performance for the rest of the region, with positive growth in Brazil and

Mexico offsetting weakness in Argentina, impacted by macro-economic woes

• Overall positive performance in Italy, consistently outperforming the market with

a positive end to the year (Q4 +4.1%), largely thanks to continued strength in the

aperitif portfolio, boosted by pricing and continued expansion of usage

occasions

• Overall positive growth in France (with a softer Q4 against a tough comparison base)

driven by core Aperol and Campari as well as Riccadonna sparkling wine, Trois

Rivieres, Picon and Champagne Lallier, benefitting from strong focus on own

portfolio

• Positive full year performance across the other markets including double-digit growth

in Spain and Greece thanks to continued positive momentum led by Aperol and

Campari. GTR also up double-digits with good momentum in Aperol, Campari,

Grand Marnier, SKYY Vodka and Frangelico. Persistent weakness remains in Nigeria

and South Africa affected by tough geopolitical and macro environments

Organic Sales Growth by Key Market

Organic Sales Growth by Key Market

FY 2023 net sales organic performance by key market

(1) US NielsenIQ & NABCA as of 30 December 2023

10.6%

7.2%

5.5%

OTHERS

FRANCE

ITALY

4.9%

2.4%

10.1%

OTHERS

JAMAICA

USA

8

ASIA PAC

21%

8%

Organic Sales Growth:

+18.7%

Organic Sales Growth:

+20.7%

• Strong outperformance in core Germany largely thanks to continued growth of

the core aperitif portfolio, helped also by robust pricing, with Aperol, Aperol

Spritz RTE, Campari and Crodino all growing double digits in the year, alongside

strong growth from the recent innovation Sarti Rosa. The market finished the year

well, with Q4 up +21.8% thanks to aperitifs, Cinzano Sparkling wine and Ouzo12

• Strong growth in the UK overall, in the context of a tough consumer environment,

with a very positive end to the year (Q4 +32.6%), thanks to continued momentum in

Magnum Tonic Wine, Aperol, Campari and Wray&Nephew Overproof

• Good underlying trends remain in other markets, such as Austria, Poland and the

Netherlands as well as Scandinavia, largely thanks to the aperitif portfolio

• Positive overall performance in Australia largely thanks to Aperol, Wild Turkey

RTD, Wild Turkey bourbon as well as Espolòn, off a small base. Slightly negative

Q4 results given the very tough comparison base (Q4 2022: +31.1%)

• Very positive growth elsewhere in Asia, with positive trends in South Korea

driven by high-end Wild Turkey offerings, The GlenGrant, X-rated and SKYY

Vodka. China registered positive overall growth against an easy comparison base,

thanks to SKYY and Aperol while Japan also registered very strong growth thanks

to brown spirits, SKYY RTD as well as Campari

Organic Sales Growth by Key Market

Organic Sales Growth by Key Market

NCEE

46.9%

5.3%

OTHERS

AUSTRALIA

14.5%

19.1%

23.9%

OTHERS

UK

GERMANY

FY 2023 net sales organic performance by key market

9

> Strong growth across all key markets thanks to continued healthy brand momentum, despite a weaker Q3 due to

unfavourable weather in Europe, boosted by price repositioning and strong consumption, in particular core Italy

(+8.2%), Germany (+32.9%), the US (+52.0%), France (+11.7%) and the UK (+28.9%)

> Strong brand momentum across all the other markets, particularly in Europe as Spain (+29.0%), Scandinavia (+31.7%),

Austria (+16.6%), Belgium (+15.7%) as well as Poland (+55.6%) all grew double digits. Elsewhere, Mexico

(+47.8%) and Canada (+31.0%) delivered strong growth while in Asia Pac, Australia grew double digits (+26.9%)

while New Zealand, China and India all grew triple digits. GTR was up +94.9%

> The Q4 performance was strong (+22.3%) thanks to the continued deseasonalisation activities across core

European markets and extension of drinking occasions

Aperol: +23.1% organic growth (24% of Group sales)

Italy

Germany

USA

France

UK

Top 5 markets

by value

(1) Internal data

(2) IWSR PCC Beer 2022 via market. Based on 2022 total population (latest available) from World Bank

(3) IWSR PCC BEER 2022 & internal data

(4) Internal data. 2013 as a base of EUR value.

Increased Market Diversification(4) (% total net sales value)

54%

0%

25%

19%

36%

3%

18%

32%

28%

4%

6%

30%

20%

1% 1%

3%

8% 12%

4-year organic sales

growth CAGR % (1)

% of Italy's Aperol

PCC (1)

Aperol PCC as a % of

Beer PCC (3)

Aperol PCC %

increase vs 2019

Italy 13% 100% 1.20% 27%

Germany 24% 45% 0.20% 48%

USA 32% 4% 0.03% 59%

France 39% 20% 0.25% 44%

UK 27% 9% 0.06% 46%

Austria 13% 68% 0.26% 22%

Switzerland 13% 49% 0.37% 15%

Australia 10% 9% 0.06% 8%

Spain 25% 12% 0.05% 49%

Belgium 16% 26% 0.18% 37%

Canada 17% 5% 0.04% 35%

Greece 28% 23% 0.28% 51%

Aperol Per Capita Consumption: lots of runway to go

2013: 1 2019: 2.4x 2023: 4.9x

0%

20%

40%

60%

80%

100%

2013 2019 2023

Italy Germany France UK USA Other markets 10

> Very positive overall performance, boosted by price repositioning, with growth largely driven by core Italy

(+8.9%), the US (+8.5%), Brazil (+34.8%) and Germany (+18.1%) thanks to continued momentum and high

consumption in the on-trade, underpinned by cocktail culture and high-end mixology as well as resilience

in the at-home mixology trend. The success of the consumer-driven Campari spritz further enhances the

aperitif category within core European markets while classic cocktails such as the Negroni, Negroni

Sbagliato, Americano, MiTo and Boulevardier continue to grow

> Very positive growth in core markets with continued momentum in Q4 (+15.8%)

Campari: +10.7% organic growth (11% of Group sales)

Italy

USA

Brazil

Germany

Jamaica

Top 5 markets

by value

Growing the Campari

Spritz moment across

core mature aperitif

markets, supported

by continued success

of the Negroni 11

> Strong brand momentum in a premiumising category, which is also picking up momentum

internationally, thanks to a positive performance driven by core US, Australia, Japan and South Korea

as well as GTR

> Sustained outperformance of premium and high-margin Russell’s Reserve, with strong double-

digit growth in the core US while Asia Pacific markets of Australia, South Korea and Japan also grew

Wild Turkey: +8.8% organic growth (8% of Group sales)

USA

Australia

South Korea

Japan

GTR

Top 5 markets

by value

Wild Turkey

Generations: A

Timeless Release

Paying Homage

to Three

Generations of

Bourbon-Making

Mastery

12

> Appleton Estate was positive overall (+13.5%) driven by very positive category trends and the

premiumisation of the brand in the core US

> Wray&Nephew Overproof only grew by +1.9% largely due to the shipment decline in H2 in core Jamaica

due to supply constraints, while the UK continues to outperform

Jamaican Rums: +7.0% organic growth (5% of Group sales)

Jamaica

USA

UK

Canada

Mexico

Top 5 markets

by value

Appleton Estate 21 ranked #2 in “Top 50 Best Spirits of 2023”

Appleton Estate 21 ranked #1 in ‘Best Luxury Rum 2023’

Appleton Estate 17 one of only 3 rums listed in ‘2023 Spirits Awards’

13

14

> Overall decline due to negative shipments performance impacted by the destocking in the core

US in the first nine months while the brand registered low-single-digit growth in Q4

> Continued marketing investment behind the brand, whilst destocking, to reinforce the brand’s

iconic liquid versatility, particularly in cocktails and mixology

> Continuous premiumisation opportunities via the Cuvées across core markets

Grand Marnier: -16.5% organic decline (5% of Group sales)

USA

Canada

France

GTR

Mexico

Top 5 markets

by value

Grand Encounter:

2023 campaign to

celebrate the magic

of unexpected

encounters &

reenforcing liquid credentials

15

> Positive overall thanks to growth in international markets, driven by China, Italy and GTR while

core vodka grew in the US. Q4 registered a decline largely driven by the flavours

> International development picking up pace thanks to continued marketing investment behind the

brand, reinforcing the premium credentials of the liquid

SKYY Vodka: +1.5% organic growth (4% of Group sales)

USA

Argentina

Germany

China

South Africa

Top 5 markets

by value

SKYY Vodka

continues to

engage with

consumers in

international

markets,

showcasing the

brand’s premiumness

> Sustained momentum in the core US (Q4 +30.9%) as the brand continues to gain

market share driven by both volume share gain and positive pricing.

Elsewhere, seeding international markets, benefitting from increased volume

allocation, such as Australia, Canada and Italy grew off a small base

> Thanks to the continued outperformance, Espolòn now accounts for 8% of the

Group’s net sales, in-line with other Global Priority brands which it is set to join

as of 2024

> Strong international growth potential: increased raw material supply and liquid

availability, after focused CAPEX programs, permits international expansion into

core markets beyond the core US through cocktail culture, namely the Paloma

& Margarita

USA

Australia

Canada

Italy

Mexico

Top 5 markets

by value

Espolòn: +35.7% organic growth (8% of Group sales)

16

13.8%

6.6%

3.6%

-3.9%

9.0%

MAGNUM TONIC WINE

THE GLENGRANT

APEROL SPRITZ RTE

CRODINO

SPARKLING WINE & VERMOUTH

ESPOLON

21.2%

35.7%

26%

Organic Sales Growth:

+13.4%

> Crodino: positive performance overall thanks to Germany, Switzerland, the

UK and France, offsetting a flattish Italy

> Aperol Spritz RTE: overall positive thanks to strong growth in core Germany

as well as positive pricing and growth in seeding markets such as Switzerland

and other Northern European markets

> The GlenGrant: strong performance overall, in particular within South Korea,

and Japan, driven by high-end expressions

> Magnum Tonic Wine: overall very positive performance thanks to core UK

and Jamaica

> Other brands: positive growth from other brands such as Montelobos, Ancho

Reyes, Lallier and Forty Creek

Regional priorities net sales grew +13.4% organically in 2023

REGIONAL PRIORITIES

ITALIAN SPECIALITIES

> Sparkling Wine & vermouth: positive performance largely thanks to good

momentum of Riccadonna in France and Cinzano Sparkling wine in core

Germany

> Italian specialties: positive growth of Braulio more than offset by the other

specialties

(1)

(1) Incl. Espolòn 8% 17

35.5%

4.3%

3.4%

2.3%

SKYY RTD

X-RATED

WILD TURKEY RTD

CAMPARI SODA

8%

Organic Sales Growth:

+3.9%

> Campari Soda: positive overall after a more positive Q4 result

in core Italy as well as favourable trends in international markets

such as Austria and Switzerland

> Wild Turkey RTD: positive performance overall driven by core

Australia

> X-Rated: overall positive thanks to China and South Korea

> SKYY RTD: strong growth in core Mexico and Japan

Local priorities net sales grew +3.9% organically in 2023

LOCAL PRIORITIES

18

Business development initiatives and new investments

> Strengthening of commercial capabilities in China

• New route-to-market model in China with a targeted regional distribution model, ahead of the Courvoisier

integration

• With a strong portfolio of brands, confident in successfully building the Chinese business using our

strengthened distribution platform in accordance with our strategy for the market

> Courvoisier acquisition

• Following the communication dated December 14th, 2023 regarding the exclusive negotiations with Beam

Suntory, Inc during which a put option was granted, on February 26th, 2024 Campari Group signed the

agreement to acquire the 100% of the outstanding share capital of Beam Holding France S.A.S., which in

turn owns 100% of the share capital of Courvoisier S.A.S., the owner of the Courvoisier brand

• Expected to close by 2024, as planned

> Relocation of Campari Group’s Headquarters

• The Group will undertake new investments into a real-estate project which will also host the new combined

EMEA region, creating a fully modernized working environment, leveraging our proprietary brand houses

and academies in the city centre, and reestablishing the Group’s bond with Milan

• The new HQ will serve as a pivotal, iconic, and accessible hub, attracting and retaining the best domestic

and international talents

19

20

> EBIT-adj. organic growth of +15.5%, +90bps organic margin accretion (Q4: +45.5%, +350bps accretion):

- gross profit increase of +11.2%, +30bps margin accretion in the full year (+13.7%, +160 bps in Q4), supported by pricing, positive mix and initial

benefit from agave, more than offsetting persisting input costs inflation and incremental fixed production costs linked to extra capex

- A&P increase of +5.5%, +80bps margin accretion (+180 bps in Q4) driven by reduced activations due to very poor weather conditions in peak

aperitifs season and A&P phasing

- A&P adjusted to a normalized level: +20bps accretive on topline, in line with guidance of organic A&P growing broadly consistently with

topline organic growth, (i.e. +/- 20bps)

- SG&A increase of +11.7%, -20bps margin dilution, reflecting the continuous investments in the business infrastructure, including commercial

and marketing capabilities as well as new route to markets in Asia Pacific and Greece. In Q4 SG&A grew +9.4%, +20bps accretive thanks to

strong topline growth

- EBIT-adj normalized for A&P of €600.7 million, up 12.3% organically, +30bps organic margin accretion (+22.3%, +120 bps in Q4)

> EBIT-adj. reported change of +8.6% in value, including:

- negative forex effect of -8.1% (or -€46.0 million, -80bps dilutive) vs. -3.5% (or -€94.5) on net sales, largely due to the transactional effect of MXN

as well as the depreciation of USD and other emerging markets currencies

- positive perimeter effect of +1.2% (or €6.6 million, neutral on margins) vs +1.2% (€31.3 million) on net sales, reflecting the consolidation of Picon

and Wilderness Trail Distillery, LLC as well as effects from agency distribution agreements

> EBITDA-adj. was €728.9 million, reported change of +10.4%, of which: +15.5% organic, +2.1% perimeter effect and -7.1% forex effect. On A&P

normalized basis EBITDA-adj. was €710.9 million, up +12.7% organically

24.7%

Double-digit EBIT-adjusted organic growth

€159.3

+30bps +80bps (20bps)

24.7%

+90bps organic

(80bps)

(1)

(+30bps on normalised basis)

(+20bps on normalised basis)

600.7

21 (1) Bps rounded to the nearest ten

42.2%

Change vs

FY 2022 EBIT-adj

margin

(%)

Net sales

organic growth

EBIT-adj.

organic growth

EBIT-adj. margin

org. progression

Gross margin org.

progression

A&P org.

progression

SG&A organic

progression

(%) (%) Bps bps bps bps

AMERICAS 20.4% 7.7% 9.0% 30 50 10 -40

SEMEA 15.6% 6.8% 20.8% 180 20 170 -10

NCEE 36.9% 18.7% 23.7% 150 -70 150 80

APAC 4.4% 20.7% -11.7% -200 210 -50 -360

TOTAL 21.2% 10.5% 15.5% 90 30 80 -20

EBIT-adjusted by region

(1) Bps rounded to the nearest ten

> Americas (42.2% of Group overall, up +9,0%), margin accretion of +30bps, driven by:

- gross margin accretion of +50bps due to favourable price/mix more than offsetting COGS inflation; A&P accretive of +10bps and SG&A dilutive by -40bps due to increased

investments in the commercial and marketing infrastructure

> SEMEA (20.3% of Group overall, up +20.8%), margin improvement of +180bps, driven by:

- gross margin expansion of +20bps driven by strong pricing including the increases introduced last fall as well as favourable sales mix, more than offsetting the COGS

inflation; A&P was highly accretive by +170bps due to cancelled summer activations due to very poor weather conditions, and A&P phasing into 2024. SG&A slightly dilutive

by -10bps with the strengthening of commercial capabilities in key markets mitigated by strong topline growth

> NCEE (35.9% of Group overall, up +23.7%), margin accretion of +150bps, driven by:

- gross margin dilution of -70bps, impacted by COGS inflation, only partially offset by pricing; A&P highly accretive by +150bps due to cancellation of summer activations due

to poor weather and A&P phasing; SG&A accretive by +80bps due to strong topline growth

> APAC (1.6% of Group overall, down -11.7%), margin dilution of -200bps, driven by:

- gross margin accretion of +210bps thanks to strong pricing, very favourable sales mix driven by continued premiumisation, which more than offset COGS inflation; A&P

and SG&A grew faster than topline, leading to margin dilution of -50bps and -360bps respectively, driven by robust investments behind premium brands and route-to-

market capabilities

EBIT-adj. REGIONAL WEIGHT (% of Group EBIT-adj.)

EBIT-adj. organic margin performance:

FY 2023

Weight %

FY 2022

Weight %

Margin growth drivers

AMERICAS SEMEA NCEE APAC

(1) (1) (1) (1) 20.3% 35.9% 1.6%

46.2% 17.8% 33.5% 2.6%

22

> Operating adjustments of €(78.5) million, mainly attributable to provisions linked to restructuring initiatives, including

change in route to market, non-recurring costs connected to IT investments aimed at strengthening systems supporting

commercial and marketing organisations, impairment of fixed assets, as well as last-mile long-term incentive schemes

> Total financial income/(expenses) were €(75.6) million, increased by €(44.9) million vs. 2022, of which:

• excluding the exchange effects, the financial expenses were €56.4 million (vs. €21.4 million in FY 2022), showing an

increase of €35.0 million due to the combined effect of the higher level of average net debt in 2023 (€1,732.7 million

vs. €1,037.4 million in FY 2022) and higher average cost of net debt (3.3% vs. 2.1% in FY 2022)

• exchange loss of €(19.2) million (vs. €(4.6) million loss in FY 2022), largely unrealised, linked to cross-currency

transactions involving certain emerging markets currencies (particularly Argentine Peso) for which hedging would not

be cost efficient hence not activated by the Group

> Hyperinflation and earn-out effects and the profit (loss) related to associates and joint ventures were respectively €10.3

million and €(8.3) million

> Profit before taxation was €466.5 million, slightly lower than prior year (€475.0 million). Profit before taxation-adjusted

was €544.2 million, up +1.2%

> Profit before taxation-adjusted excluding the unrealized exchange gain/(losses) was €563.4 million (vs. €542.6 million

in 2022), up +3.8%

Profit before taxation

Financial income/(expenses)

breakdown: FY 2023 FY 2022

Total financial expenses before

adjustments and exchange

gain/(loss)

(56.4) (21.4)

Exchange gain (losses) (19.2) (4.6)

Financial adjustements - (4.6)

Total financial income

(expenses) and adjustments

(75.6) (30.7)

FY 2023 FY 2022 total

change

€ million % sales € million % sales %

EBIT-adjusted 618.7 21.2% 569.9 21.1% 8.6%

Operating adjustments (78.5) -2.7% (58.3) -2.2% 34.7%

Operating profit = EBIT 540.2 18.5% 511.5 19.0% 5.6%

Financial income (expenses) and

adjustments (75.6) -2.6% (30.7) -1.1%

Hyperinflation and earn-out effects 10.3 0.4% 0.7 -

Profit (loss) related to associates and

joint ventures (8.3) -0.3% (6.6) -0.2% 26.3%

Profit before taxation 466.5 16.0% 475.0 17.6% -1.8%

Profit before taxation-adjusted 544.2 18.6% 538.0 19.9% 1.2%

23

FY 2023 FY 2022 change FY 2023 vs FY

2022

Reported Adjustements Adjusted Reported Adjustements Adjusted Reported Adjusted

Profit before taxation 466.5 (77.7) 544.2 475.0 (63.0) 538.0 -1.8% 1.2%

Taxation (134.0) 17.7 (151.8) (143.5) 8.2 (151.6) -6.6% 0.1%

Net profit 332.5 (59.9) 392.4 331.5 (54.8) 386.3 0.3% 1.6%

Non-controlling interests 2.0 2.0 (1.5) (1.5) -236.6% -236.6%

Group net profit 330.5 (59.9) 390.4 333.0 (54.8) 387.8 -0.7% 0.7%

Tax rate (reported/recurring effective) -28.7% -27.9% -30.2% -28.2%

Deferred tax on goodwill and brands (21.4) (17.2)

Recurring cash tax rate -24.0% -25.0%

Group net profit-adjusted

> Taxation totalled €134.0 million on a reported basis with recurring income taxes equal to €151.8 million

> Group net profit adjusted at €390.4 million, up +0.7%

• recurring tax rate at 27.9% in FY 2023, -30bps lower than FY 2022 (i.e. 28.2%), due to the favourable effect from

Argentina

• deferred tax relating to the amortization of goodwill and brands for tax purposes, amounted to €21.4 million, €4.2

million higher than last year, mainly due to the first-time inclusion of the deferred tax effect from Wilderness Trail

Distillery, LLC

• excluding the impact of the non-cash component linked to deferred taxes, recurring cash tax rate stood at 24.0% in FY

2023, down -100bps vs. FY 2022, thanks to a combination of lower recurring tax rate and higher deferred taxes

> Group net profit reported at €330.5 million, slightly down -0.7%; €349.7 million excluding the unrealized exchange

gain/(losses) as for pretax, up +3.6%

> Basic earnings per share-adjusted at €0.35, up +0.5% (Basic earnings per share at €0.29, -0.9% vs. 2022)

(1)

(1) Including deferred tax on goodwill and brands

(2) Excluding result relating to non-controlling interest

(3) Including other operating expenses and remeasurement of previously held joint-venture investments

(2)

(3)

24

Free cash flow reflects working capital evolution and extraordinary capex

> Recurring cash flow from operating activities before working capital changes of €582.3 million, up €19.0 million, or +3.4% vs. FY 2022. Key drivers:

• Increase in EBITDA adjusted of €68.6 million

• Higher taxes paid of €67.7 million, reflecting the positive business performance as well as unfavourable geographical mix and timing of tax disbursements from 2022 to 2023

• Effects from the hyperinflation accounting in Argentina and impairment of brands and goodwill had a positive effect of €14.6 million (vs. €6.7 million in FY 2022)

• Variation in accruals and other changes from operating activities of €26.7 million mainly related to share-based plans (vs. €16.6 million in FY 2022)

(1) Refer to next slide for details on operating working capital

> Recurring free cash flow was positive at €66.9 million, down €(293.6) million vs. FY 2022, due to:

• A negative cash effect from OWC(1) step-up of €362.2 million, significantly higher than last year (i.e. €83.9 million negative cash effect in FY 2022)

• Net interest paid of €40.8 million, €29.5 million higher vs. last year

• Maintenance capex of €112.4 million, up €4.9 million vs. last year. Extraordinary capex amounted to €183.3 million, mainly related to the production capacity expansion

projects, expected to continue in 2024-2025 according to announced capex plan

FY 2023 FY 2022 Δ FY 2023 vs FY 2022 Δ FY 2023 vs FY 2022

Total Recurring Total Recurring Total Recurring

€ million € million € million € million € million % € million %

EBITDA 650.4 602.0 48.4 8.0%

EBITDA adjusted 728.9 660.3 68.6 10.4%

Taxes paid (195.0) (188.0) (141.0) (120.3) (53.9) (67.7)

Effects from hyperinflation accounting in Argentina and impairment

of brands and goodwill 26.6 14.6 9.8 6.7 16.8 7.9

Accruals and other changes from operating activities 36.7 26.7 26.6 16.6 10.2 10.2

Cash flow from operating activities before working capital

changes 518.7 582.3 497.3 563.3 21.4 4.3% 19.0 3.4%

Change in OWC (at constant FX and perimeter) (362.2) (362.2) (83.9) (83.9) (278.3) (278.3)

Cash flow from operating activities 156.5 220.1 413.4 479.3 (256.8) -62.1% (259.3) -54.1%

Net interests paid (40.8) (40.8) (11.4) (11.4) (29.5) (29.5)

Capex (295.7) (112.4) (213.3) (107.5) (82.4) (4.9)

Free Cash Flow (FCF) (180.0) 66.9 188.7 360.5 (368.7) -195.4% (293.6) -81.4%

25

778.3

1,105.6

OWC at 31 December 2022ʿ¹ʾ

Organic Perimeter Forex OWC at 31 December 2023

Operating Working Capital increase largely driven by temporary step-up

in inventory (1)

(1) Refer to Annex ‘Operating working capital’ for details

(2) Values restated as a result of the purchase price allocation of Wilderness Trail Distillery, LLC. Positive restatement of €7.3m

> OWC as % of net sales at 37.9% as of 31 December 2023, vs. 28.8% as of 2022 year-end

> OWC increase of €327.4 million as of 31 December 2023 vs. 31 December 2022. Key drivers:

• Organic increase of €362.2 million, due to:

- increase in inventory of €251.8 million, of which an increase of €95.7 million in ageing liquid across whiskey, rum, tequila and

cognac in order to support the Group’s premiumization strategy. Excluding the ageing liquid, the step up of other inventory of

€149.0 million mainly consisted of additional production of finished goods due to temporary safety stock build associated with

significant capacity expansion initiatives as well as to underpin persistent seasonality observed during the winter months, which

characterized sustained customer demand towards the end of the year

- increase in receivables of €80.3 million driven by positive business performance and successful price increases

- slight decrease in payables of €30.1 million

• Perimeter effect of €(10.8) million, attributable to the first-time consolidation of new in-market companies (including New Zealand)

• Forex impact of €(24.0) million, mostly driven by the depreciation of the US and Jamaican dollar

% on net sales rolling 37.9%28.8%

€ million

Total: €327.4 million

362.2

(10.8) (24.0)

26

(2)

> Total capex investment of €295.7 million in FY 2023, of which extraordinary capex of €183.3

million, mainly linked to projects to enhance the Group’s production capacity and IT infrastructure

as well as ESG projects, brand houses and offices

> The Group confirms its commitment towards the 3-year €550-600 million extraordinary CAPEX

projects in 2023-2025 aiming at completing the expansion of the overall production capacity for

key categories (aperitifs, bourbon and tequila)

> Additional capex to support the Group’s move to New HQs in downtown Milan of initial investment of

c. €110million in 2024 plus renovations

Continued CAPEX investments to unlock further supply chain capacity

FY 2023 FY 2022 Change 2024-25 Guidance

€ million € million € million € million

Total capex 295.7 213.3 82.4

of which:

Maintenance capex 112.4 107.5 4.9 c. 4% of sales

Extraordinary capex (mainly incl. capacity expansion,

ESG projects, new offices, brand houses) 183.3 105.8 77.5

c. €500-550 million

(including capacity

expansion and new

HQ)

27

(1,555.3)

(1,853.5)

(180.0) (67.5) (13.0) (37.8)

Net debt at 31 December 2022ʿ¹ʾ

FCF Dividend Acquisitions Other including fx and put option

Net debt at 31 December 2023

(1) Values restated to reflect the purchase price allocation adjustment of the acquisition of Wilderness Trail Distillery, LLC. The net financial debt with reference to other financial assets and liabilities, included the post-closing

adjustment payment connected with Wilderness Trail Distillery, LLC , amounted to -€2.8 million.

(2) Last twelve months

(3) Does not include effects of the proposed Courvoisier acquisition

> Net financial debt at €1,853.5 million as of 31 December 2023, up €298.2 million vs. last year, reflecting the negative

free cash flow for €(180.0) million largely due to cash absorption for inventory build-up, extraordinary capex as well as

cash outlays for the dividend payment (€67.5 million), acquisitions of minority stakes and other investments (€13.0

million)

> Cash and equivalents amounted to €620.3 million as of 31 December 2023, up €184.9 million vs. 31 December 2022

> Long-term Eurobonds & term loan amounted to €1,907 million with an average nominal coupon of 3.77%

> Net debt to EBITDA adjusted (2) ratio at 2.5x as of 31 December 2023, slightly increased from 2.4x as of 31 December

2022

Increase in net debt mainly due to strong cash absorption by

temporary working capital increase and extraordinary capex

Total: €(298.2) million

2.4x 2.5x

€ million

28

(3)

• 2023 award of excellence: CDP-Climate Change score to A- up from B, higher than the Food & Beverage processing sector

average of B-

Strong acceleration in achievement of key environmental targets(1), recognition by CDP

in 2023 with new elevated rating

(1) New environmental targets announced in May 2023

(2) GHG emissions metric: kg of CO2/L from direct operations (Scope1&2) & total supply chain (Scope 1,2&3). Please see annex for further details

Environment (2) Responsible Practices People & Community

> GHG

emissions

intensity

(Scope 1 & 2)

> GHG

emissions

intensity

(Scope 1,2 &

3)

> Renewable

electricity

> Water usage

intensity (L/L)

> Waste to

Landfill (tons)

0.082 (-47%

vs. 2019 and - 2% vs. 2022)

1.037 (-19%

vs. 2019 and -

6% vs 2022. 2022)

93% electricity

from renewable sources

9.1 (-54% vs.

2019 and -8% vs. 2022)

791 (-90% vs.

2019 and -83% vs. 2022)

> Mandatory internal training

on Code on Commercial

Communication and

responsible alcohol

consumption

> Digital brands’ campaigns

on responsible drinking

> QR codes on physical labels

worldwide for nutritional

information, ingredients and

messages on responsible

drinking

> Partnership with the

International Bartenders

Association (IBA) for the

development of responsible

serving initiatives for

bartenders

> The injury frequency

index and severity index

declined by 11% and 26%,

respectively

> Target of 40% for female

representation at all

management levels by 2027

(in 2023: already 36%,

+5.5% vs. 2019)

> Voluntary Turnover rate

decreased from 9.2% to

7.4%

> New more inclusive

Parental Leave Policy to

be released in 2024

> Community projects: strong

commitment to work,

education and culture

> Gender Fair Pay: new top

workplace equity analysis to

address pay fairness and

equal opportunities

Target

-55% vs. 2019 by 2025, -70% vs. 2019 by 2030, Net Zero by 2050

-30% vs. 2019 by 2030, Net Zero by 2050

90% electricity from renewable sources by 2025

-60% vs. 2019 by 2025, -62% vs. 2019 by 2030

Zero Waste to Landfill by 2025

29

> Conclusion for 2023

• Continued best-in-class organic topline performance was achieved in 2023, despite macroeconomic challenges and the

expected consumption normalization after exceptional growth post-pandemic, thanks to very healthy brand momentum

• Trend in operating margin reflected positive mix and initial benefit from agave, more than offsetting persisting input costs

inflation and incremental fixed production costs linked to extra capex, as well as A&P phasing

> Looking at 2024

• Continued industry outperformance leveraging strong brands in growing categories in a normalizing macro

environment

• Agave trends and moderating inflationary environment expected to gradually reflect across P&L from second half of the

year, partially offset by incremental fixed production costs resulting from step up in production capacity as well as the carry

forward effect related to safety stock built in 2023 with high input costs, as well as negative forex from Mexican Pesos

• Sustained investments in brand building reflecting also A&P phasing from 2023, and investments in front-end

infrastructure

• High comparable basis in Q1 after pricing-related phasing last year

• The negative forex trends are expected to continue whilst easing vs. previous year. The perimeter will start reflecting the

addition of Courvoisier

> Strong focus on brand integration and relaunch of Courvoisier, once closed

> Medium-term outlook

• Confident in continued healthy brand momentum in key brand-market combinations as well as industry outperformance

leveraging strengthened portfolio and geographic exposure, as well as focus on Revenue Growth Management

• Consistent operating margin expansion driven by sales mix, pricing, input cost inflation easing and operational

efficiencies, with continuous reinvestment into brand building and marketing & commercial capabilities to fuel organic

topline growth

Conclusion & Outlook

30

Annex

Net sales by region & key market

Net sales by brand cluster

FY 2023 FY 2022 Change % of which: Q4 2023

€ m % € m % total organic perimeter forex Organic

Global Priorities 1,664.1 57.0% 1,549.5 57.4% 7.4% 10.8% 0.0% -3.4% 10.5% Regional Priorities 751.1 25.7% 686.0 25.4% 9.5% 13.4% 0.9% -4.8% 14.2% Local Priorities 242.2 8.3% 223.0 8.3% 8.6% 3.9% 5.1% -0.4% 6.7% Rest of portfolio 261.1 8.9% 239.1 8.9% 9.2% 6.7% 5.6% -3.1% 3.7% Total 2,918.6 100.0% 2,697.6 100.0% 8.2% 10.5% 1.2% -3.5% 10.6%

32

FY 2023 FY 2022 Change of which: Q4 2023

€ m % Group

sales € m

% Group

sales % organic perimeter forex

% organic

growth

Americas 1,282.6 43.9% 1,229.4 45.6% 4.3% 7.7% 1.0% -4.4% 11.1%

USA 813.1 27.9% 746.1 27.7% 9.0% 10.1% 1.7% -2.8% 12.8%

Jamaica 151.0 5.2% 151.9 5.6% -0.6% 2.4% - -3.0% -1.7%

Other countries 318.6 10.9% 331.4 12.3% -3.9% 4.9% -0.2% -8.6% 14.6%

Southern Europe, Middle East & Africa 804.5 27.6% 746.3 27.7% 7.8% 6.8% 1.4% -0.3% -1.1%

Italy 489.5 16.8% 462.9 17.2% 5.7% 5.5% 0.2% - 4.1%

France 171.7 5.9% 151.7 5.6% 13.2% 7.2% 6.1% - -6.3%

Other countries 143.2 4.9% 131.7 4.9% 8.7% 10.6% 0.1% -2.0% -10.2%

North, Central & Eastern Europe 601.3 20.6% 524.0 19.4% 14.8% 18.7% 0.5% -4.4% 26.3%

Germany 240.1 8.2% 193.6 7.2% 24.0% 23.9% - - 21.8%

United Kingdom 94.4 3.2% 80.9 3.0% 16.7% 19.1% - -2.4% 32.6%

Other countries 266.9 9.1% 249.5 9.2% 7.0% 14.5% 0.9% -8.4% 27.4%

Asia Pacific 230.2 7.9% 197.9 7.3% 16.3% 20.7% 3.2% -7.5% 7.6%

Australia 123.2 4.2% 124.9 4.6% -1.4% 5.3% 0.5% -7.2% -3.1%

Other countries 107.0 3.7% 72.9 2.7% 46.7% 46.9% 7.9% -8.1% 28.0%

Total 2,918.6 100.0% 2,697.6 100.0% 8.2% 10.5% 1.2% -3.5% 10.6%

33

EBIT-adjusted by region

Americas

FY 2023 FY 2022 Reported

change

Organic

change Perimeter FX

€ million % of sales € million % of sales % % % %

Net sales 1,282.6 100.0% 1,229.4 100.0% 4.3% 7.7% 1.0% -4.4%

Gross profit 702.8 54.8% 683.4 55.6% 2.8% 8.7% 0.8% -6.7%

A&P (233.3) -18.2% (224.2) -18.2% 4.1% 7.1% 1.6% -4.6% SG&A (208.3) -16.2% (196.0) -15.9% 6.3% 10.2% 1.2% -5.0%

EBIT-adj- 261.1 20.4% 263.2 21.4% -0.8% 9.0% 3.5% -16.3%

North, Central & Eastern Europe

FY 2023 FY 2022 Reported

change

Organic

change Perimeter FX

€ million % of sales € million % of sales % % % %

Net sales 601.3 100.0% 524.0 100.0% 14.8% 18.7% 0.5% -4.4%

Gross profit 400.4 66.6% 357.6 68.3% 12.0% 17.4% 0.4% -5.9%

A&P (93.5) -15.5% (88.5) -16.9% 5.7% 8.2% 0.0% -2.6% SG&A (84.9) -14.1% (78.3) -14.9% 8.4% 12.4% 0.0% -4.0%

EBIT-adj. 222.0 36.9% 190.9 36.4% 16.3% 23.7% 0.8% -8.1%

Asia Pacific

FY 2023 FY 2022 Reported

change

Organic

change Perimeter FX

€ million % of sales € million % of sales % % % %

Net sales 230.2 100.0% 197.9 100.0% 16.3% 20.7% 3.2% -7.5%

Gross profit 103.2 44.8% 88.8 44.9% 16.1% 26.4% 1.2% -11.4%

A&P (36.1) -15.7% (30.9) -15.6% 16.6% 24.5% -0.2% -7.7% SG&A (57.1) -24.8% (43.2) -21.9% 32.0% 40.6% 0.0% -8.6%

EBIT-adj. 10.0 4.4% 14.7 7.4% -31.6% -11.7% 7.5% -27.3%

Southern Europe, Middle East & Africa

FY 2023 FY 2022 Reported

change

Organic

change Perimeter FX

€ million % of sales € million % of sales % % % %

Net sales 804.5 100.0% 746.3 100.0% 7.8% 6.8% 1.4% -0.3%

Gross profit 493.7 61.4% 458.7 61.5% 7.6% 7.1% 1.0% -0.5%

A&P (131.2) -16.3% (135.3) -18.1% -3.0% -3.2% 0.5% -0.3% SG&A (237.0) -29.5% (222.2) -29.8% 6.6% 7.1% -0.1% -0.3%

EBIT-adj. 125.5 15.6% 101.2 13.6% 24.0% 20.8% 4.3% -1.1%

FY 2023 Consolidated P&L

(1) COGS = cost of materials, production and logistics expenses

(2) SG&A = selling, general and administrative expenses

(3) Bps rounded to the nearest ten

34

FY 2023 FY 2022 Reported change

Organic margin

accretion

(dilution) (3) Organic change Perimeter effect Forex impact

€ million % sales € million % sales % bps % % %

Net sales 2,918.6 100.0% 2,697.6 100.0% 8.2% 10.5% 1.2% -3.5%

COGS (1) (1,218.5) -41.7% (1,109.0) -41.1% 9.9% 30 9.6% 1.7% -1.4%

Gross profit 1,700.1 58.3% 1,588.6 58.9% 7.0% 30 11.2% 0.8% -5.0%

A&P (494.1) -16.9% (479.0) -17.8% 3.2% 80 5.5% 0.9% -3.2%

Contribution after A&P 1,206.0 41.3% 1,109.6 41.1% 8.7% 120 13.6% 0.8% -5.7%

SG&A (2) (587.3) -20.1% (539.8) -20.0% 8.8% (20) 11.7% 0.4% -3.2%

EBIT adjusted 618.7 21.2% 569.9 21.1% 8.6% 90 15.5% 1.2% -8.1%

Operating adjustments (78.5) -2.7% (58.3) -2.2% 34.7%

Operating profit (EBIT) 540.2 18.5% 511.5 19.0% 5.6%

Financial income (expenses) and adjustments (75.6) -2.6% (30.7) -1.1% 146.4%

Hyperinflation effects 10.3 0.4% 0.7 - 1384.0%

Profit (loss) related to associates and joint

ventures (8.3) -0.3% (6.6) -0.2% 26.3%

Profit before taxation 466.5 16.0% 475.0 17.6% -1.8%

Profit before taxation adjusted 544.2 18.6% 538.0 19.9% 1.2%

Taxation (134.0) -4.6% (143.5) -5.3% -6.6%

Net profit for the period 332.5 11.4% 331.5 12.3% 0.3%

Net profit for the period-adjusted 392.4 13.4% 386.3 14.3% 1.6%

Non-controlling interests 2.0 0.1% (1.5) -0.1% -236.6%

Group net profit 330.5 11.3% 333.0 12.3% -0.7%

Group net profit-adjusted 390.4 13.4% 387.8 14.4% 0.7%

Total depreciation and amortisation (110.2) -3.8% (90.5) -3.4% 21.8% (10) 15.3% 7.7% -1.2%

EBITDA-adjusted 728.9 25.0% 660.3 24.5% 10.4% 110 15.5% 2.1% -7.1%

EBITDA 650.4 22.3% 602.0 22.3% 8.0%

(1) COGS = cost of materials, production and logistics expenses

(2) SG&A = selling, general and administrative expenses

(3) Bps rounded to the nearest ten

Q4 2023 Consolidated P&L

35

Q4 2023 Q4 2022 Reported

change

Organic margin

accretion

(dilution) (3)

Organic

change

Perimeter

effect

Forex

impact

€ million % sales € million % sales % bps % % %

Net sales 717.3 100.0% 691.9 100.0% 3.7% 10.6% 0.7% -7.6%

COGS (1) (320.3) -44.7% (313.5) -45.3% 2.2% 160 6.8% 0.7% -5.3%

Gross profit 397.0 55.3% 378.5 54.7% 4.9% 160 13.7% 0.7% -9.5%

A&P (143.4) -20.0% (150.3) -21.7% -4.6% 180 1.6% 0.4% -6.6%

Contribution after A&P 253.6 35.4% 228.1 33.0% 11.2% 330 21.7% 0.9% -11.5%

SG&A (2) (155.5) -21.7% (150.5) -21.8% 3.3% 20 9.4% 0.6% -6.8%

EBIT adjusted 98.2 13.7% 77.6 11.2% 26.5% 350 45.5% 1.5% -20.6%

Operating adjustments (49.1) -6.8% (32.2) -4.7% 52.5%

Operating profit (EBIT) 49.1 6.8% 45.4 6.6% 8.0%

Financial income (expenses) and adjustments (25.1) -3.5% (19.8) -2.9% 27.0%

Hyperinflation effects 3.9 0.5% (0.1) 0.0% -4027.3%

Profit (loss) related to associates and joint

ventures (5.7) -0.8% (4.2) -0.6% 34.3%

Profit before taxation 22.2 3.1% 21.3 3.1% 4.1%

Total depreciation and amortisation (29.4) -4.1% (24.9) -3.6% 18.2% (10) 13.7% 6.8% -2.4%

EBITDA-adjusted 127.6 17.8% 102.5 14.8% 24.4% 360 37.8% 2.8% -16.1%

EBITDA 78.5 10.9% 70.3 10.2% 11.6%

FY 2023 EPS adjusted: basic and diluted

36

AnnexAnnex

(1) Shares outstanding exclude own shares

(2) The effect of the new shares issued in January to finance the Courvoisier acquisition is not reflected in the share count for EPS calculation

FY 2023 FY 2022(2)

Adjusted Reported Adjusted Reported

€ million € million € million € million

Group net profit adjusted € million 390.4 387.8

Group net profit ` 330.5 333.0

Weighted average of ordinary share outstanding number 1,127,727,622 1,126,061,579

Basic earnings per share adjusted € 0.35 0.29 0.34 0.30

Group net profit adjusted net of dilution € million 390.4 387.8

Group net profit net of dilution 330.5 333.0

Weighted average of ordinary share outstanding(2) number 1,127,727,622 1,126,061,579

Weighted average of shares from the potential exercise of stock options with dilutive effect number 11,444,340.8 14,158,632.0

Weighted average of ordinary shares outstanding net of dilution number 1,139,171,963 1,140,220,211

Diluted earnings per share adjusted € 0.34 0.29 0.34 0.29

Reclassified balance sheet Invested capital and resources

37

(1) Values restated to reflect the purchase price allocation adjustment of the acquisition of Wilderness Trail Distillery, LLC. Positive adjustment to total assets of €3.9 million

€ million 31 December 2023 31 December 2022 total change

fixed assets 4,115.4 3,981.0 134.4

other non-current assets and (liabilities) (375.9) (360.7) (15.2)

operating working capital 1,105.6 778.3 327.4

other current assets and (liabilities) (64.9) (165.7) 100.8

total invested capital 4,780.2 4,232.8 547.4

Group shareholders' equity 2,925.2 2,676.2 249.0

non controlling interests 1.6 1.4 0.3

net financial debt 1,853.5 1,555.3 298.2

total financing sources 4,780.2 4,232.8 547.4

(1)

38

Consolidated balance sheet (1 of 2) Assets

(1) Values restated to reflect the purchase price allocation adjustment of the acquisition of Wilderness Trail Distillery, LLC. Positive adjustment to total assets of €8.3 million

(1)

31 December 2023 31 December 2022 Change

€ million € million € million

ASSETS

Non-current assets

Property, plant and equipment 964.5 781.3 183.1

Right of use assets 65.4 68.4 (3.1)

Biological assets 22.8 17.5 5.3

Goodwill 1,850.8 1,878.5 (27.7)

Brands 1,155.8 1,183.1 (27.3)

Other intangible assets 56.1 52.1 4.0

Interests in joint-ventures 32.6 36.0 (3.4)

Deferred tax assets 78.9 72.6 6.3

Other non-current assets 22.9 24.1 (1.2)

Other non-current financial assets 9.8 48.2 (38.4)

Total non-current assets 4,259.6 4,161.9 97.8

Current assets

Inventories 1,237.4 1,004.6 232.8

Biological assets 15.1 7.1 8.0

Trade receivables 374.3 308.2 66.1

Other current financial assets 21.3 18.7 2.6

Cash and cash equivalents 620.3 435.4 184.9

Income tax receivables 46.1 19.1 27.0

Other current assets 101.4 60.3 41.1

Total current assets 2,415.9 1,853.4 562.5

Total assets 6,675.6 6,015.3 660.3

Consolidated balance sheet (2 of 2) Liabilities and shareholders’ equity

(1) Values restated to reflect the purchase price allocation adjustment of the acquisition of Wilderness Trail Distillery, LLC. Positive adjustment to total liabilities and shareholders’ equity of €8.3million

39

31 December

2023

31 December

2022 Change

€ million € million € million

LIABILITIES AND SHAREHOLDERS' EQUITY

Shareholders' equity

Issued capital and reserves attributable to shareholders of the

parent Company 2,925.2 2,676.2 249.0

Non-controlling interests 1.6 1.4 0.3

Total shareholders' equity 2,926.8 2,677.6 249.2

Non-current liabilities

Bonds 845.8 846.3 (0.5)

Loans due to banks 901.5 770.9 130.6

Other non-current financial liabilities 269.0 301.4 (32.4)

Post-employment benefit obligations 22.6 24.1 (1.4)

Provisions for risks and charges 41.4 39.0 2.4

Deferred tax liabilities 403.7 399.4 4.3

Other non-current liabilities 42.6 30.9 11.6

Total non-current liabilities 2,526.6 2,412.1 114.5

Current liabilities

Bonds 300.0 - 300.0

Loans due to banks 130.6 107.0 23.6

Other current financial liabilities 58.1 32.0 26.1

Trade payables 521.1 541.6 (20.5)

Income tax payables 22.3 72.5 (50.3)

Other current liabilities 190.2 172.5 17.6

Total current liabilities 1,222.1 925.6 296.5

Total liabilities 3,748.8 3,337.7 411.1

Total liabilities and shareholders' equity 6,675.6 6,015.3 660.3

(1)

Reclassified Cash flow statement

40 (1) Opening adjustment of €(2.8) million to reflect the purchase price allocation adjustment of the acquisition of Wilderness Trail Distillery, LLC

FY 2023 FY 2022 Change

€ million € million € million

EBITDA 650.4 602.0 48.4

Effects from hyperinflation accounting standard adoption 14.6 6.7 7.9

Accruals and other changes from operating activities 36.7 26.6 10.2

Goodwill, trademark and sold business impairment 11.9 3.1 8.9

Income taxes paid (195.0) (141.0) (53.9)

Cash flow from operating activities before changes in

working capital 518.7 497.3 21.4

Changes in net operating working capital (362.2) (83.9) (278.3)

Cash flow from operating activities 156.5 413.4 (256.8)

Net interests paid (40.8) (11.4) (29.5)

Capital expenditure (295.7) (213.3) (82.4)

Free cash flow (180.0) 188.7 (368.7)

Sale and purchase of brands and rights - (129.9) 129.9

(Acquisition) disposal of business (13.0) (432.0) 419.0

Dividend paid out by the Company (67.5) (67.6) 0.2

Other changes (incl. net purchase of own shares) (5.3) (112.0) 106.7

Total cash flow used in other activities (85.7) (741.6) 655.8

Change in net financial position due to operating

activities (265.7) (552.9) 287.2

Put option and earn-out liability changes 1.2 (186.0) 187.2

Increase in investments for lease right of use (14.0) (9.8) (4.3)

Net cash flow of the period = change in net financial

debt (278.5) (748.6) 470.1

Effect of exchange rate changes on net financial debt (19.6) 27.1 (46.7)

Net financial debt at the beginning of the period (1,552.5) (830.9) (721.6)

Opening adjustment(1) (2.8) - (2.8)

Net financial debt at the beginning of the period-

reclassified (1,555.3) (830.9) (724.4)

Net financial position at the end of the period (1,853.5) (1,552.5) (301.0)

41

Operating working capital

(1) Positive restatement of €7.3m to reflect the purchase price allocation adjustment of the acquisition of Wilderness Trail Distillery, LLC.

31 December 2023 31 December 2022ʿ¹ʾ Reported

change

Organic

change

Perimeter

effect

Forex

impact

€ million % sales € million % sales € million € million € million € million

Trade receivables 374.3 12.8% 308.2 11.4% 66.1 80.3 8.3 (22.5)

Total inventories, of which: 1,252.5 42.9% 1,011.7 37.5% 240.8 251.8 8.1 (19.2)

- maturing inventory 603.3 20.7% 516.0 19.1% 87.3 95.7 - (8.3)

- biological assets 15.1 0.5% 7.1 0.3% 8.0 7.1 - 0.9

- other inventory 634.1 21.7% 488.6 18.1% 145.4 149.0 8.1 (11.7)

Trade payables (521.1) -17.9% (541.6) -20.1% 20.5 30.1 (27.2) 17.7

Operating working capital 1,105.6 37.9% 778.3 28.8% 327.4 362.2 (10.8) (24.0)

Eurobonds and Term loans composition as of 31 December 2023

Financial debt details

(1) Floating interest rate linked to SOFR + spread

(2) Floating interest rate linked to Euribor + spread

(3) Values restated to reflect the purchase price allocation adjustment of the acquisition of Wilderness Trail Distillery, LLC. The net financial debt with reference to other financial assets and liabilities, included the post-closing adjustment payment connected with

Wilderness Trail Distillery, LLC , amounted to -€2.9 million.

(4) Including commitments for future minority purchases (including mainly Wilderness) and payable for future earn outs

Issue date Maturity Type Currency Coupon Outstanding

Amount (LC)

Outstanding

Amount

(€ million)

Original tenor As % of

total

Apr 5, 2017 Apr-24 Unrated Eurobond EUR 2.165% 150 150 7 years 8%

Apr 30, 2019 Apr-24 Unrated Eurobond EUR 1.655% 150 150 5 years 8%

Oct 6, 2020 Oct-27 Unrated Eurobond EUR 1.250% 550 550 7 years 29%

Dec 6, 2022 Dec-27 Term Loan USD 6.778% 407 357 5 years 19%

May 5, 2023 June-29 Term Loan EUR 5.225% 400 400 6 years 21%

May 11, 2023 May-30 Unrated Eurobond EUR 4.710% 300 300 7 years 16%

Total gross debt 1,907 100%

Average coupon 3.77%

42

€ million 31 December 2023 31 December 2022 (3) Change 31 December 2023 vs

31 December 2022

Short-term cash/(debt) 179.1 318.6 (139.5)

- Cash and cash equivalents 620.3 435.4 184.9

- Bonds and Bank loans (430.5) (107.0) (323.6)

- Others financial assets and liabilities (inc. leases) (10.7) (9.8) (0.8)

Medium to long-term cash/(debt) (1,797.5) (1,634.2) (163.4)

- Bonds and Bank loans (1,747.3) (1,617.3) (130.1)

- Others financial assets and liabilities (inc. leases) (50.2) (16.9) (33.3)

Liabilities for put option and earn-out payments (4) (235.1) (239.7) 4.6

Net cash/(debt) (1,853.5) (1,555.3) (298.2)

(2)

(1) Following the adoption of IAS 29 ‘Financial reporting Hyperinflationary economies’ in Argentina, the average exchange rate of Argentine Peso for FY 2023 and 2022 was adjusted to be equal to the rate as of 30

December 2023 and 30 December 2022 respectively

(2) On 2 March 2022, the European Central Bank (‘ECB’) decided to suspend the publication of Euro reference rate for the Russian Rouble until further notice. The Group has therefore decided to refer to alternative

reliable source for exchange rates based on executable and indicative quotes from multiple dealers.

Exchange rates effects

43

Average exchange rates Period end exchange rate

FY 2023 FY 2022 change FY 2023

vs FY 2022 31 December 2023 31 December 2022

change 31

December 2023 vs

31 December 2022

1 Euro 1 Euro % 1 Euro 1 Euro %

US Dollar 1.082 1.054 -2.6% 1.105 1.067 -3.5%

Canadian Dollar 1.460 1.370 -6.1% 1.464 1.444 -1.4%

Jamaican Dollars 166.714 161.777 -3.0% 170.623 161.803 -5.2%

Mexican peso 19.190 21.205 10.5% 18.723 20.856 11.4%

Brazilian Real 5.402 5.443 0.8% 5.362 5.639 5.2%

Argentine Pesoʿ¹ʾ 892.924 188.503 -78.9% 892.924 188.503 -78.9%

Russian Rubleʿ²ʾ 92.479 74.039 -19.9% 99.192 79.226 -20.1%

Great Britain Pounds 0.870 0.853 -2.0% 0.869 0.887 2.1%

Swiss Franc 0.972 1.005 3.4% 0.926 0.985 6.3%

Australian Dollar 1.628 1.517 -6.8% 1.626 1.569 -3.5%

Yuan Renminbi 7.659 7.080 -7.6% 7.851 7.358 -6.3%

Proforma 2023 net sales by region following regions reclassification

44

RESTATED 2023 SALES BY REGION

EUR m Q1 23 Q2 23 Q323 Q4 23 H1 23 9M 23 FY 23

AMERICAS 316.8 315.3 326.6 324.0 632.1 958.6 1,282.6

EMEA 299.9 420.5 357.6 327.8 720.4 1,078.0 1,405.8

APAC 51.2 54.1 59.3 65.5 105.4 164.7 230.2

Group 667.9 789.9 743.5 717.3 1,457.8 2,201.3 2,918.6

RESTATED 2023 ORGANIC SALES GROWTH BY REGION (%)

EUR m Q1 23 Q2 23 Q323 Q4 23 H1 23 9M 23 FY 23

AMERICAS 19.5% 3.4% 0.1% 11.1% 10.6% 6.5% 7.7%

EMEA 20.6% 12.6% 5.4% 10.7% 15.7% 12.0% 11.7%

APAC 14.5% 39.0% 27.4% 7.6% 26.2% 26.6% 20.7%

Group 19.6% 10.1% 4.4% 10.6% 14.2% 10.5% 10.5%

Proforma 2023 net sales by priority following Espolón reclassification and other

minor reclassifications (1)

45

RESTATED 2023 SALES BY PRIORITY

EUR m Q1 23 Q2 23 Q323 Q4 23 H1 23 9M 23 FY 23

GLOBAL PRIORITIES 438.3 531.8 497.3 430.4 970.1 1,467.4 1,897.8

REGIONAL PRIORITIES 127.9 138.2 136.2 167.9 266.0 402.2 570.1

LOCAL PRIORITIES 46.7 53.8 42.0 48.6 100.5 142.5 191.1

REST OF PORTFOLIO 55.0 66.2 68.0 70.3 121.2 189.2 259.5

Group 667.9 789.9 743.5 717.3 1,457.8 2,201.3 2,918.6

RESTATED 2023 ORGANIC SALES GROWTH BY REGION (%)

EUR m Q1 23 Q2 23 Q323 Q4 23 H1 23 9M 23 FY 23

GLOBAL PRIORITIES 25.6% 11.8% 6.7% 13.1% 17.5% 13.5% 13.4%

REGIONAL PRIORITIES 14.2% 1.4% -3.5% 8.2% 7.0% 3.0% 4.5%

LOCAL PRIORITIES 7.6% 14.4% -1.0% 8.7% 11.2% 7.2% 7.6%

REST OF PORTFOLIO -0.2% 12.8% 8.2% 3.4% 6.6% 7.2% 6.1%

Group 19.6% 10.1% 4.4% 10.6% 14.2% 10.5% 10.5%

(1) Espolón from Regional to Global Priorities. Cabo Wabo, Picon, X-Rated reclassified from Local Priorities to Regional Priorities. Mayenda from Rest of Portfolio to Regional Priority

Proforma 2023 segment reporting following regions reclassification

46

FY 2023 after reclassification published

net sales EBIT-adj. net sales EBIT-adj.

€ million % € million % € million % € million %

Americas 1,282.6 43.9% 261.1 42.2% 1,282.6 43.9% 261.1 42.2% SEMEA (Southern Europe, Middle East and Africa) - - - - 804.5 27.6% 125.5 20.3% NCEE (North, Central and Eastern Europe) - - - - 601.3 20.6% 222.0 35.9% EMEA 1,405.8 48.2% 347.5 56.2% - - - - APAC 230.2 7.9% 10.0 1.6% 230.2 7.9% 10.0 1.6% Group 2,918.6 100.0% 618.7 100.0% 2,918.6 100.0% 618.7 100.0%

H1 2023 after reclassification published

net sales EBIT-adj. net sales EBIT-adj.

€ million % € million % € million % € million %

Americas 632.1 43.4% 151.4 42.1% 632.1 43.4% 151.4 42.1% SEMEA (Southern Europe, Middle East and Africa) - - - - 441.3 30.3% 100.9 28.0% NCEE (North, Central and Eastern Europe) - - - - 279.1 19.1% 101.9 28.3% EMEA 720.4 49.4% 202.8 56.4% - - - - APAC 105.4 7.2% 5.6 1.5% 105.4 7.2% 5.6 1.5% Group 1,457.8 100.0% 359.7 100.0% 1,457.8 100.0% 359.7 100.0%

Extra information regarding our environmental achievements, next steps and targets (1)

47 (1) New environmental targets announced in May 2023

Next Steps – activities to reach targets

• efficiency projects, including energy recovery across all

production sites

• replace the usage of fossil fuels with more sustainable

alternatives

• partner with suppliers to drive CO2 down annually via

redesigning materials, optimising packaging weight, increasing

recycled content, switching to greener energy and technologies,

sustainable logistics

• Vinasse Treatment Plant project in Mexico to convert waste to

biogas thus reducing the use of heavy fuel in favour of low-

emitting renewable energy

• water usage projects to reduce consumption and specific local

projects in areas subject to water stress

• Thermal Vapor Recovery (TVR) system at the Glen Grant

distillery in Scotland allowing about 40% of water savings, 20%

of energy savings and 20% of CO2 emissions savings

• guarantee the safe return to the environment of wastewater

from direct operations

• invest in the global reduction program towards the zero

waste to landfill target by 2025

Target 2050Target 2030Target 2025

Net Zero

-70% vs. 2019

-30% vs. 2019

-62% vs. 2019

-55% vs. 2019

-60% vs. 2019

Zero waste to

landfill

0.082 (-47%

vs. 2019 and

-2% vs. 2022)

1.037 (-19%

vs. 2019 and

-6% vs. 2022)

93%

electricity

from

renewable sources

791 (-90% vs.

2019 and -

83% vs. 2022)

0.154

1.277

19.6

8,159

20232019

GHG emissions intensity

(kg of CO2/L) from direct operations (Scope 1&2)

GHG emissions intensity

(kg of CO2/L) from total

supply chain (Scope 1, 2 & 3)

Water usage intensity

(L/L)

Waste to landfill (tons)

Activity

started in

2020

Source renewable

electricity

9.1 (-54% vs.

2019 and -8% vs. 2022)

90% electricity

from renewable sources

• increase the number of plants using renewable energy

• Activation of the first Power Purchase Agreement (PPA) in

Italy, active from January 1, 2024, and covering about 30%

of the Group’s electricity needs in the country

• inclusion of ESG-based target as part of the long-term-

incentive plan for senior management

48

This document contains forward-looking statements that relate to future events and future operating, economic and financial results of Campari Group. By

their nature, forward-looking statements involve risk and uncertainty because they depend on the occurrence of future events and circumstances. Actual

results may differ materially from those reflected in forward-looking statements due to a variety of factors, most of which are outside of the Group’s control.

For information on the definition of alternative performance measures used in this presentation, see the paragraph ‘Definitions and reconciliation of the

Alternative Performance Measures (APMs or non-GAAP measures) to GAAP measures’ of the Management board report for the year ended 31

December 2023. Campari Group Annual Report for the year ended 31 December 2023.

Disclaimer

www.camparigroup.com @GruppoCampari CampariGroup CampariGroup@camparigroup

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CONTACTS

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