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ANNUAL REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
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Index | 3

Campari Group annual report for the year ended 31 December 2024

Index

Management Board report for the year ended 31 December 2024 ................................................................ | 7
Campari Group Consolidated Financial statements at 31 December 2024 ................................................. | 231
Davide Campari-Milano N.V. - Company only financial statements at 31 December 2024 ...................... | 329
Other information ........................................................................................................................................................ | 400
Proposal for the appropriation of profit ........................................................................................................... | 400
Independent auditor’s report ............................................................................................................................ | 401
Limited assurance report of the independent auditor on the sustainability statement ............................ | 409

This document was not made available to the public with a signed version, which is retained at the Group corporate office.
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1 Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to
information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC.

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Campari Group annual report for the year ended 31 December 2024

About this report
Note on presentation
These financial statements for the year ended 31 December 2024 was prepared in accordance with the International Financial
Reporting Standards, issued by the International Accounting Standards Board (‘IASB’), as adopted by the European Union and with
Part 9 of Book 2 of the Dutch Civil Code. The designation IFRS also includes International Accounting Standards (‘IAS’) as well as
all the interpretations of the International Financial Reporting Standards Interpretation Committee (‘IFRS IC’), formerly the Standard
Interpretations Committee (‘SIC’).
These Sustainability statements for the year ended 31 December 2024 were prepared in accordance with the new European
Sustainability Reporting Standards (‘ESRS’) as adopted by the European Commission and compliant with the double materiality
assessment process carried out to identify the information reported pursuant to the ESRS, as well as with the reporting
requirements provided for in Article 8 of Regulation (EU) 2020/852 ('Taxonomy Regulation').
In accordance with articles 15 and 18 of Commissione Nazionale per le Società e la Borsa ('CONSOB') Regulation 20249 of 28
December 2017 concerning ‘Conditions for the listing of shares of parent companies that control companies incorporated under and
regulated by the law of countries other than EU Member States’, the Parent Company Davide Campari Milano N.V. has identified its
significant subsidiaries as defined article 15, paragraph 2, of the above-mentioned Regulation, and verified that the conditions set
out in paragraphs b) and c) of article 15 have been met.
Forward-looking statements
Campari Group’s annual report 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 annual report 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 that Campari Group has made on the basis of all the information available at the time of completion of this annual report.
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.
Factors that could cause the actual results and developments to differ from those expressed or implied by the forward-looking
statements are included in the section ‘Risk Management and Internal Control System’ of this annual report. These factors may not
be exhaustive and should be read in conjunction with the other cautionary statements included in this report. Forward-looking
statements made in this annual report shall be evaluated in the context of these risks and uncertainties.
Campari Group does not assume any obligations or liability in respect of any inaccuracies in the forward-looking statements made in
this annual report 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 annual report beyond statutory disclosure requirements.
Information on the figures presented
All references in this annual report are expressed in €.
For ease of reference, all the figures in this annual report 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 expressed 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 annual
report.
The language of this annual report 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.
European Single Electronic Format requirements
The Transparency Directive 1 requires all natural and legal persons with securities listed on a European stock exchange to prepare
their annual financial reports in compliance with the European Single Electronic Format (‘ESEF’). The entire annual financial report,
i.e., including ad minima the audited financial statements and the Management Board Report, shall be prepared in xHTML format.
Specifically, issue rs preparing IFRS consolidated financial statements shall mark up those using Inline XBRL and prepare a single
report ESEF compliant package. Campari Group managed ESEF by leveraging on a dedicated IT software, allowing to comply with
the new regulation. In accordance with ESEF Regulation, Campari Group implemented the 2022 ESEF XBRL Taxonomy file as
reference taxonomy for the 2024 ann ual accounts. This annual report is therefore ESEF compliant.
For 2024, general tagging of the Sustainability statement under Corporate Sustainability Reporting Directive is not applied, as the
related European Single Electronic Format has not been formally adopted.
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Campari Group annual report for the year ended 31 December 2024

Management Board report for the year ended 31 December 2024
Index- Management Board Report

About this report ................................................................................................................................................ | 5
Campari Group’s identity and business overview ................................................................................... | 8
Campari Group at a glance ....................................................................................................................... | 8
Key highlights ............................................................................................................................................... | 8
Financial performance ............................................................................................................................ | 8
Environmental sustainability performance ........................................................................................... | 9
Campari Group and the macro environment ........................................................................................ | 10
Our world ....................................................................................................................................................... | 10
Our business in a nutshell ......................................................................................................................... | 12
Strongly positioned for future growth: our ambition roadmap ........................................................ | 13
Risk management and internal control system ......................................................................................... | 22
Performance review for the year ended 31 December 2024 .................................................................. | 28
Sustainability statement .................................................................................................................................. | 65
Other ESG information ..................................................................................................................................... | 191
Governance ......................................................................................................................................................... | 198
Corporate bodies ..................................................................................................................................... | 198
Shares and Shareholding Structure ...................................................................................................... | 199
Corporate Governance Report .............................................................................................................. | 200
Remuneration report ............................................................................................................................... | 218
Statement and Responsibilities in respect to the annual report ....................................................... | 228

Campari Group’s identity and business overview | 8

Campari Group annual report for the year ended 31 December 2024

Campari Group’s identity and business overview
Campari Group at a glance
Campari Group was founded in 1860, the year Gaspare Campari invented the bright red bittersweet aperitif in
downtown Milan. Since then, Campari Group has grown to become the sixth-largest global player in the spirits
industry, featuring a diverse portfolio of over 50 premium and super-premium brands with international appeal.
This report not only provides a detailed overview of the Group financial performance, but also highlights on
strategic initiatives and dedication to creating sustainable, long-term value for our stakeholders.
Campari Group invites you to delve into the highlights of the past year, explore its strategic vision, and learn
about its plans to continue the journey of excellence and innovation in the years to come.
Key highlights
Financial performance

| for the year ended 31 December 2024 |  |
| 2024 | 2023 | change
| € million | € million | % total | % organic
Net sales(1) | 3,069.7 | 2,918.6 | 5.2% | 2.4%
EBITDA | 520.0 | 650.4 | -20.0% |
EBITDA-adjusted(2) | 732.6 | 728.9 | 0.5% | 0.1%
EBIT | 392.4 | 540.2 | -27.36% |
EBIT-adjusted(2) | 604.9 | 618.7 | -2.2% | -2.5%
Group(3) net profit | 201.6 | 330.5 | -39.0% |
Group(3) net profit-adjusted(2) | 376.0 | 390.4 | -3.7% |
Basic earnings per share (€) | 0.17 | 0.29 |  |
Diluted earnings per share (€) | 0.17 | 0.29 |  |
Basic earnings per share (€) adjusted(2) | 0.31 | 0.35 |  |
Diluted earnings per share (€) adjusted(2) | 0.31 | 0.34 |  |
Average number of employees | 5,114 | 4,764 |  |
Free cash flow | 173.0 | (180.0) |  |
Free cash flow adjusted(2) | 586.2 | 66.9 |  |
Net financial debt | 2,376.9 | 1,853.5 |  |

(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 annual report.
(3)Group refers to results attributable to owners of Davide Campari-Milano N.V..

key figures by geographical area for the year 2024
€ million/number | AMERICAS | EMEA | Asia-Pacific | total
net sales | 1,388.5 | 1,464.7 | 216.5 | 3,069.7
EBIT-adjusted | 282.6 | 322.8 | (0.4) | 604.9
employees as of 31 December 2024 | 2,060 | 2,660 | 534 | 5,254

key figures by geographical area for the year 2023
€ million/number | AMERICAS | EMEA | Asia-Pacific | total
net sales | 1,282.6 | 1,405.8 | 230.2 | 2,918.6
EBIT-adjusted | 261.1 | 347.5 | 10.0 | 618.7
employees as of 31 December 2023 | 2,039 | 2,394.0 | 500.0 | 4,933.0

1 The 2024 environmental data presented in the table pertains to the Group's scope including Courvoisier. Moreover 'L' means produced litres.
2 The GHG Protocol Corporate Standard classifies a company’s GHG emissions into three ‘scopes’. Scope 1 emissions are direct emissions from owned or
controlled sources. Scope 2 emissions are indirect emissions from the generation of purchased energy.
3 Scope 3 emissions are all indirect emissions (not included in scope 2) that occur in the value chain of the reporting company, including both upstream and
downstream emissions.
4 The previous value reported in 2023 disclosure (1.037) was recalculated in 2024.

Campari Group’s identity and business overview | 9

Campari Group annual report for the year ended 31 December 2024

Environmental sustainability performance
Aligned with Campari Group’s short-to medium-term roadmap focusing on defined sustainability priorities, the
table below show the 2024 environmental performance compared to the 2023 data(1).

| 2024 | 2023
GHG emissions intensity (kg of CO2/L) from direct operations (Scope 1&2)(2) | 0.075 | 0.082
GHG emissions intensity (kg of CO2/L) from total supply chain (Scope 1, 2&3)(3) | 0.985 | 1.050(4)
Water usage intensity (L/L) | 6.2 | 9.1

| 2024 | 2023
Electricity from renewable sources (%) | 96.1% | 93%
Waste to landfill (%) | 1.1% | 1.4%

CDP-Corporate questionnaire | 2024 | 2023
B for Climate Change (Management level) A- for Water Security (Leadership level) | A- for Climate Change (Leadership level)

1 1 Organisation for Economic Cooperation and Development, Economic Outlook, December 2024.

Campari Group’s identity and business overview | 10

Campari Group annual report for the year ended 31 December 2024

Campari Group and the macro environment
In 2024, the Group's performance showed solid growth driven by Global Priorities, primarily in the Americas and
EMEA, in a softened market context.
In terms of the macroeconomic scenario, over the past few years, the global economy has shown impressive
resilience in the face of significant challenges like the pandemic and the energy crisis. During 2024, global
growth has remained stable, and inflation has continued to decrease. The global economy remains resilient,
with moderating inflation and reviving global trade. Lower inflation helps boosting real household income and
spending, though consumer confidence has not fully recovered. Labour market pressures ease, though
unemployment generally remains at or near historical lows. Real interest rates are restrictive, but lower nominal
yields show early signs of revival in housing and credit markets, moreover, headline inflation has returned to
target in many economies.
Global GDP growth is projected at 3.2% this year, 3.3% in 2025 and 2026. Furthermore, low inflation, steady
employment growth, and less restrictive monetary policy are expected to support demand, despite fiscal policy
tightening. Differences across countries will fade as growth in the United States eases and Europe's recovery
gains pace, while stimulus measures are expected to support growth in Asia, mainly in China. Inflation is
forecast to moderate to 3.5% in 2025 and 2.9% in 2026 in the G20 countries and projected to be back to target
in almost all major economies by the end of 2025 or early 2026 1. Nonetheless, significant downside risks
anyway remain including continuous geopolitical tensions, potential oil price spikes, trade policy uncertainty, and
financial vulnerabilities. Anyway, there are also uncertain factors such as improved consumer confidence, early
resolution of geopolitical conflicts, and positive supply shocks, such as stronger-than-expected labour force
growth or a more vigorous revival of investment as financing conditions improve, that could generate positive
evolution and result in stronger growth than expected.
Our world
The defining aspects of Campari Group’s culture and the constituent elements of its identity are: Corporate tag
line, Mission, Values and Behaviours.
Corporate tag line
‘Toasting Life Together’ is at the core of the Group’s culture. It is what unites Camparistas and is deeply felt by
all employees worldwide. It revolves around Campari Group’s story made of celebrations that have been
achieved through time by individuals who are passionate about what they do and put their efforts into ensuring
that the business is successful. However, ‘Toasting Life Together’ is more than just that. It also means
recognizing the role that the Group’s brands and drinks play in convivial moments, celebrating life in a positive
and responsible way.
Mission
‘The smallest big company in the spirits industry building iconic brands and superior financial returns together
with inspired and passionate Camparistas’.
Values
- Integrity-Campari Group recruits, develops and rewards employees that work with the utmost integrity and
transparency. Integrity means being a responsible corporate citizen and treating all Group stakeholders
correctly and with respect. Most importantly, it means ensuring that fairness, honesty and consistency are the
hallmarks of business transactions and the guiding light for employees’ professional lives.
- Passion-Camparistas are passionate about the Group’s industry, company and brands. They are passionate
about everything that is done to build the brands and Camparistas go the extra mile to ensure a very positive
experience to the consumers, customers and partners with the Group’s brands and people, every day.
- Pragmatism-The Group encourages and rewards pragmatic problem-solving in all functions at all levels.
Simplicity is at the heart of all actions and this unique structure enables all Camparistas to take decisions as
close to the customer and consumer as possible, whilst benefiting from synergies and know-how throughout
the Group.
- Together-is a team philosophy: it underlines both the nature of the Group’s business and the joint effort of
Camparistas (including partners and customers) around the world, working with passion behind every brand
or cocktail being served. Together means avoiding silos, proactively breaking any cultural, organisational and
geographical barriers, working cross-functionally and moving in the same direction, to reach a shared goal.
Behaviours
- Be humble and hungry-The world is changing fast. Camparistas do not rest on their laurels, and they know
when it is time to move forward. They are constantly looking for opportunities to do things better, without fear
of making mistakes. Success must be earned every day.

Campari Group’s identity and business overview | 11

Campari Group annual report for the year ended 31 December 2024

- Build more value together-Talent wins games, but teamwork and intelligence win championships.
Camparistas believe diversity of thought creates value and supports innovation, and good advice can come
from anybody. In such a team there are only two options: make progress or make excuses. In the Campari
Group organisation, accountability is key and it ties commitment to the result. Although doing things alone is
quicker, it does not achieve the same results as doing them together; studies show that working in isolation
causes inefficiencies affecting the whole organisation. Everyone embraces their own responsibilities, but a
job is considered incomplete if it is not supported by others’ knowledge, experience, advice, or even just
encouragement. Sharing knowledge and best practices with others is the way Camparistas work, accepting
failures and helping others to do the same, with honesty and courage.
- Embrace the challenge and drive the change-In new ideas the Group sees potential opportunities, not
threats. Camparistas enjoy meeting high standards that are within reach and do not strive for impossible
goals. The pursuit of excellence is gratifying and healthy, the pursuit of perfection is frustrating and a terrible
waste of time. A defensive attitude towards change is self-defeating.
- Keep it simple and do more with less-Prioritizing the necessary and eliminating the unnecessary is a
condition to reduce overload and work more effectively, avoiding excess of inputs and procedures. According
to Pareto’s Principle only 20% of factors produce roughly 80% of results. Every day, Camparistas strive to
keep under control what the 20% is: this also includes looking for best practices and scalable solutions, in
order to achieve excellent results, while optimizing time.
- Respect others and the planet-Camparistas behave as proper members of the Company community and
responsible citizens of this planet, and proactively commit to their development. Camparistas value diversity,
respect every opinion and firmly believe that diverse teams of non-experts perform better than non-diverse
teams of experts.

Campari Group’s identity and business overview | 12

Campari Group annual report for the year ended 31 December 2024

Our business in a nutshell
Campari Group, founded in 1860 by Gaspare Campari with the creation of the iconic bright, red and bittersweet
aperitif in Milan, has grown into a multinational entity with a diverse portfolio of spirits and beverages, that enjoy
international appeal. This growth has been driven by both organic expansion and strategic acquisitions.
The Group aims to create and share long-term value with stakeholders, focusing on profitable growth, strong
cash generation, and becoming a leading player in the global spirits industry by combining brand building,
entrepreneurial drive, and operational efficiency.
The management believes that the Group's performance underlines the strength of its core brands and its
consistent commitment to long-term goals. Campari Group is well-positioned for future growth, leveraging on the
expansion of the international footprint of its enhanced brand portfolio, as well as on external growth through
acquisitions. The Group also benefits from its robust business operating model and infrastructure and extensive
distribution network in both developed and emerging economies, where it has made significant investments in
recent years.
Additionally, Campari Group is committed to addressing climate change as one of the greatest challenges for
the future of the planet as well as sustainability priorities, which have materialised in a short- to medium-term
roadmap focusing on environment, people, responsible practices and community involvement, supporting
various global and local sustainability projects.
- A history of entrepreneurship
Campari Group's expansion has been driven by intense acquisition activity and organic growth, the two pillars of
its growth strategy. The first acquisition in 1995 marked the beginning of a strategy that combines and balances
organic and external growth. Since then, nearly 40 acquisitions, for a total value of approximately €5.0 billion
have added over 50 premium brands to the Group, each with a unique history and identity, enriching the
Group’s portfolio. More recently, the Group has announced its intention to streamline its portfolio via possible
disposal of non-core assets, to further enhance its focus on key strategic priority brands. Moreover, in line with
its premiumisation strategy aiming to foster long-term future growth, the Group has undertaken significant
investments in maturing liquids in recent years, anticipating future demand for its aged product portfolio.
- Organisation roles and responsibilities
Headquartered in Milan, Italy, Campari Group is organised into centrally based corporate functions and regional
business units. The central functions are responsible for defining, guiding, coordinating, and supervising the
implementation of corporate strategies, ensuring compliance with Group guidelines and policies. These
functions include global brand strategies and consumer engagement, global supply chain, as well as group
finance, tax, global business services, legal and business development, public affairs and sustainability, internal
audit, human resources, IT and corporate communications.
The Group’s business includes sales of spirits on the markets that are affected by economic factors influenced
by homogeneous elements, although markets have different sizes and maturity profiles. These elements are
primarily attributable to geographical areas’ features and the related breakdown by countries and secondarily
attributable to the development of brand clusters (global, regional and local) and the related breakdown by
brands. From 1 January 2024, the Group's business units are organised by the following geographical regions:
'Americas', 'EMEA' (combining Europe and Southern Europe developing markets, Middle East and Africa) and
'Asia-Pacific. The in-market companies, organised alongside regional business units, are responsible for
implementing the Group's centrally defined strategy, key policies, and guidelines to support the international
development of its global brands. Additionally, their objective is to ensure the execution of brand-building
strategies for local and regional brands in their portfolios, develop commercial strategies with the company’s
customers, as well as build capabilities.
From 2025 the Group has further strengthened its operating model via the introduction of a fit-for-purpose
organisation designed to better support the growth of our brands with consumers around the world. Therefore,
to fully exploit the long-term potential of the Group’s diversified portfolio with increasing share of aged premium
spirits, Campari Group’s operating model will evolve towards an organisation that combines four newly created
Houses of Brands, interacting with the existing three regions, including House of Cognac&Champagne, House
of Aperitifs, House of Whisk(e)y and Rum as well as the House of Agave. According to the new model, the
Houses of Brands will be capable of enhancing the definition of the category ambition and also fuelling Campari
Group's premiumisation journey via a more focused and effective allocation of brand building resources and
investments in marketing, commercial, innovation and upstream supply chain, strictly coordinating with business
units which continue to identify the Group's internal organisational structure and the way financial information is
presented.

Campari Group’s identity and business overview | 13

Campari Group annual report for the year ended 31 December 2024

Strongly positioned for future growth: our ambition roadmap
i. Growth Strategy
Campari Group’s growth strategy aims to combine organic growth through strong brand building with
shareholder value-enhancing acquisitions. The Group's strategic vision is fuelled by the ambition to achieve or
strengthen a significant presence in key geographic markets.
Organic growth. The Group is continuously leveraging on the expansion of the international footprint of its own
enriched brand portfolio, aiming to drive faster growth of Global Priorities, incubate Regional Priorities with best-
in-class marketing, innovation and brand building and generate steady growth in key Local Priorities through
periodical renewals. It aims to continuously leverage rigorous cost discipline to reinvest savings in strategic
brand building and develop the Group’s presence in high-potential markets.
External growth. Campari Group focuses its external growth efforts on spirits, aiming to seek acquisitions on a
selective basis in markets where the Group controls its distribution, and to identify speciality brands with strong
equity and pricing power, while maintaining financial discipline. In addition to acquiring businesses that have
reached a meaningful scale on a stand-alone basis in given markets, thus giving the Group the critical mass to
build new distribution capabilities, the Group also remains committed to achieving potential synergies from
acquiring brands and/or businesses in markets where it has already established a strong presence.
Campari Group's growth plan focuses on a series of key priorities designed to enhance organisational agility,
enabling the Group to promptly address risks and seize opportunities both externally and internally. The Group
aims to expand its global leadership in the Aperitifs category, encompassing both alcoholic and non-alcoholic
segments. Additionally, Campari Group aims to accelerate the growth of its spirits portfolio and strengthen its
market presence in key regions such as Asia-Pacific.
To achieve these objectives, a comprehensive omnichannel strategy is being developed to foster brand
preference and ensure consistent consumer and customer experiences worldwide, reflecting the high
aspirational character of our brands and the Mediterranean lifestyle.
Moreover, Campari Group remains deeply committed to sustainable development, guided by a well-defined
framework with specific short-, medium-, and long-term commitments to create value across all business areas
and for key stakeholders.
ii. Key Strengths and Enablers
To achieve its medium-term ambitions, Campari Group leverages the following key strengths and enablers:
a) digital transformation;
b) empowered brand portfolio, brand building, innovation, consumer engagement and marketing capabilities;
c) strengthened route-to-market;
d) strengthened global supply chain;
e) strong cash flow generation and financial debt profile to fuel external growth and investments in business
infrastructure;
f) strong commitment to sustainability roadmap.
a) Digital transformation
Historically, the Group has demonstrated exceptional agility in addressing challenges, effectively combining the
robustness of a large organisation with resilience and an entrepreneurial spirit. A pivotal factor in Campari
Group’s agility is its commitment to digital transformation, to which the Group has allocated substantial
resources.
In fact, in 2024 Campari Group launched 'One Plan', an integrated transformation program designed to support
the Group's strategic agenda. This investment aims to enhance planning capabilities, driving actionable insights
through improved external data connection and structures, and achieve improved business outcomes. By
leveraging these enhanced capabilities, the program will identify and realise new sources of growth, profit and
productivity. The benefits of One Plan include improved forecast accuracy, enhanced decision-making and a
superior end-user experience. Additionally, the program will prepare the Group for the future by keeping it
aligned with industry trends and enable further innovation. This includes next-generation integrated planning
through the connection of planning systems and the use of external data, generative artificial intelligence
solutions ('AI') as well as other digital tools for which the Group already implemented guidelines for internal
usage.

Campari Group’s identity and business overview | 14

Campari Group annual report for the year ended 31 December 2024

b) Empowered brand portfolio, brand building, innovation, consumer engagement and marketing capabilities
The brand portfolio represents a strategic asset for Campari Group, with intangible assets playing a key role in
the market value of spirit products and reflecting the brands’ strengths built over many years. The Group’s
diversified portfolio includes brands across a wide range of categories such as aperitifs, vodka, liqueurs, bitters,
whisk(e)y, tequila, rum, gin, cognac, champagne and non-alcoholic aperitifs.
Until full year 2024 the Group categorized its brands into three main clusters based on geographic scale,
business priority and growth potential: global, regional and local priorities. The eight Global Priorities (Aperol,
Campari, Espolòn, SKYY, Wild Turkey, Grand Marnier, Jamaican rums as well as Courvoisier, which was
acquired in 2024) are high-margin brands with strong market positioning in their core markets with potential to
expand their footprints internationally.
Moreover, the Group manages a pool of Regional Priorities brands, which currently still have limited scale but
potential for expansion in their regions. Local Priorities brands operate mainly in domestic markets with
significant sales growth and mix improvement potential. The rest of the portfolio category includes agency
brands and other non-strategic own brands, which the Group has progressively streamlined and divested in
recent years to focus on its owned core brands. In line with its premiumisation strategy, Campari Group
launched RARE, a division aimed at becoming a leading purveyor of luxury offerings in key global market,
aiming to unlock and accelerate the growth of the Group’s existing and future portfolio of super-premium
products and above.
In 2025, the newly introduced model, Houses of Brands, will be capable of enhancing the definition of the
category ambition and also fuelling the Group’s premiumisation journey via a more focused and effective
allocation of brand building resources and investments in marketing, commercial, innovation and upstream
supply chain, strictly coordinating with Business Units which continue to identify the Group's internal
organisational structure and the way financial information is presented.
The Group believes that with proper development, brand life can be indefinite: investments in brand-building fuel
and protect the long-term value of the brands. The Group is committed to marketing investments aiming to
strengthen brand recognition and reputation in key markets and new high-potential regions. By positioning its
brands clearly and consistently, Campari Group strives to grow and maintain market share. Brand image is
crucial as consumers are willing to pay higher prices for trusted brands, allowing companies to command higher
prices, improve the mix, generate higher returns in the medium- to long-term and build premium positioning.
The Group’s main marketing focus is to create a clear, distinctive, and enduring strategy to build and develop
each product, making them premium, dynamic and contemporary across diverse markets and consumer
audiences. The central marketing strategy is developed by the Group’s global strategic marketing team, and
internationally by local markets. This centralised approach also includes product innovations, giving a global
identity and strategic guideline tailored to local markets.
Campari Group leverages traditional media and new technologies, which are considered strategic due to their
interactive, customisable, and measurable properties, and thus fitting both the on-premise as well as the off-
premise channel. In fact, the Group has a growing focus on digital and social media, also building partnerships
with influences. Moreover, Campari Group has accelerated its digital transformation, including online sales, to
respond to changing circumstances and consumer behaviour, as well as further build momentum for its premium
portfolio. Brand houses, which promote visibility of the Group’s unique brands, remain a key pillar of the brand-
building activities.

Campari Group’s identity and business overview | 15

Campari Group annual report for the year ended 31 December 2024

House of Aperitifs
brand identity(1) | main brand-building during the year 2024
Aperol
Aperol is about joy of life. Bright orange in colour, it is low in alcohol content and has a unique bittersweet taste deriving from a secret recipe that has remained unchanged since its creation. Aperol Spritz is the quintessential social signature drink that perfectly expresses the brands ‘Contagious joy of life’. Aperol was founded in 1919 in Padova, an invention of brothers Silvio and Luigi Barbieri. Aperol became part of Campari Group’s brand portfolio in 2003 through the acquisition of Barbero 1891 S.p.A., achieving new records of popularity and diffusion at international level. Thanks to its easy taste and versatile consumption occasions as well as the continuous marketing support behind it, Aperol has grown by over ten times since its acquisition, while becoming an iconic brand both in Italy and in international markets. The brands’ core markets are Italy, Germany, the United States, France and the United Kingdom. | The music platform continues to be a key channel for the brand with multiple activations around the globe to increase relevance and equity. Starting in February with a communication campaign during the Sanremo Festival, arguably the most famous cross-generational song festival in Italy, the brand has then sponsored Coachella in the United States with a global amplification plan for a second year, as well as sponsoring multiple local music festivals in Canada. In addition, the brand returned again to Primavera Sound in Spain, followed by pan European activations: in Germany with the Aperol Sunday Vibes and an extensive TV media campaign, in the United Kingdom with Aperol Spritz Aperidisco at the Battersea Power station in London, as well as in Belgium, Austria and Italy by sponsoring locally relevant Music Festivals to connect to the younger generations. In Greece, on-premise activations and marketing throughout the cities picked-up pace. With respect to tennis, the bond between Aperol and tennis was initiated through the Australian Open sponsorship (for the seventh year), with an extensive campaign in Australia, New Zealand and Global Travel Retail (‘GTR’), as well as with the US Open (for the second consecutive year), focusing on brand awareness, utilising extensive media coverage, influencer partnerships, and on-site activations to promote Aperol as the ultimate daytime drink. During the winter season, the Aperol Winter Tour was launched in both the French and Italian Alps in key winter destinations during skiing World Cup events, while in Austria a fully immersive Aperol Spritz winter experience was built with premium on-trade activation and an experiential consumer event. At the end of the year the Aperol Christmas Campaign was launched in the United Kingdom, aimed to drive frequency among existing and lapsed Aperol drinkers, while Aperol End of the Year Take Over, a local sponsorship in Brazil, was launched in key locations with personalised activations for each party, elevating Aperol as the perfect partner to accompany Brazilian consumers in the most special moments.
Campari
Campari is the iconic, unforgettable Italian red bitter with its ethos of Red Passion. Vibrant red in colour, Campari has a unique and multi layered taste and is extremely versatile, offering boundless and unexpected possibilities. As a source Campari is the Group’s signature brand. With a history beginning in 1860, it is a timeless, sophisticated and quality brand, but at the same time always evolving and avant-garde, representing a symbol of Italian excellence. Today the brand is sold in over 190 countries and, with its unmistakable red colour, the heart of many famous classic cocktails around the world, including the Negroni and Americano. In recent years, consumers have been increasingly embracing bitters and showing growing interest in classic cocktails and aperitifs. Campari, being a key ingredient in this arena, is capitalizing this positive trend for further expansion, providing a more sophisticated Spritz option for bitter taste lovers. The brand has a well- diversified geographic exposure with key international markets for the Campari brand being Italy, Brazil. the United States, Germany and Jamaica. | Campari continued to champion the art of cinematic storytelling with a number of initiatives. Among these, Campari was an official partner at the Festival de Cannes (for the third consecutive year) with a stunning Hyde Beach and the unique Campari Lounge overlooking the iconic red carpet at Palais de Festival, while hosting unforgettable evenings, serving signature Campari cocktails. In addition, Campari was the official spirits sponsor at the 30th annual Screen Actors Guild Awards held in Los Angeles, as well as official co-partner of the 74th Berlinale Film Festival in Germany (for the second consecutive year), the official partner of the Locarno Film Festival and for the first year the official red carpet cocktail partner of the Toronto International Film Festival. For the seventh year in a row, Campari renewed its presence as the main sponsor of the 81st Venice International Film Festival with several activities, including a one-night-only Red Carpet of lights at the Nicelli Airport, celebrating a party of passion, mystery, and elegance. In Switzerland, the brand returned for the second year to Art Basel, one of the world’s most prestigious art fair, continuing its long history of collaborating with contemporary artists and creatives. At the end of the year the Campari Negroni Room initiative was launched in key Italian cities, aimed to enhance Campari's association with Negroni through immersive experiences.
Non-alcoholic Crodino
Crodino is a single-serve non-alcoholic aperitif, produced since 1964. It was acquired by the Group in 1995. Over the years the brand has gradually expanded to some international markets and the Group is expecting to further expand the brand both domestically and internationally, leveraging the positive trend of low-alcohol/non-alcoholic drinks. The key market is Italy, while it is expanding its footprint internationally, mainly in seeding markets such as Switzerland, Germany and Benelux. | With respect to Crodino, a new communication campaign was launched in Italy during the Italian Sanremo Festival to reinforce Crodino’s position as the leading non-alcoholic aperitif, while a 360-degree video strategy campaign was launched, focusing on multimedia platforms to enhance brand appeal among young individuals. In Antwerp (Belgium) the brand was one of the main sponsors of the Drip Festival, as well as Asfalt Festival in Gent (Belgium) with a big Liquid to Lips activation. In addition, the Christmas 2024 Communication campaign, aimed to drive awareness of the new and taller 17.5cl format and sustain rotation frequency during the peak season through an integrated video and social media strategy.
Aperol Spritz ready-to-enjoy
Aperol Spritz ready to enjoy is a convenient aperitivo drink made with selected and high-quality ingredients. Each ready-to-serve bottle features the unchanged and secret Aperol recipe made with citrus oil infused with precious herbs and roots, as well as dry sparkling wine and a dash of soda. The key markets for this brand are Italy and Germany. Moreover, the brand is being progressively introduced in new markets, such as Germany, Italy, the United States, Austria and Switzerland.
Campari Soda
Campari Soda is a single-serve alcoholic aperitif with its unique and incomparable flavour. This icon of the Italian aperitivo is presented in its signature bottle designed in the 1930s by Fortunato Depero. It was created in 1932 and is considered the first pre-mixed drink in the world. Italy is its core market. In terms of key marketing initiatives, a video strategy campaign has been activated in key moments during the year to support the sell-out. The brand exploited its unbreakable connection with the world of design during Milan Design Week 2024 bringing to life a 360 activation to increase relevance, while the Kappa X Campari Soda capsule collection was launched, aiming to attract younger consumers across Italy through a partnership with brand Kappa.

(1)Only main brands are presented in this table, while also other brands are included in the House of Aperitifs cluster, such as Sarti, Picon or Cynar.

Campari Group’s identity and business overview | 16

Campari Group annual report for the year ended 31 December 2024

House of Whiskeys&Rum
brand identity | main brand-building during the year 2024
Wild Turkey
Wild Turkey is an American icon. It has been the authentic Kentucky Straight Bourbon Whiskey for over 100 years, with the original distillation and maturing process that has never been changed since it was first introduced. The brand was acquired by Campari Group in 2009 and under the guidance of Master Distiller Jimmy Russell, who has worked in the distillery for over 70 years, the Wild Turkey Bourbon offering has seen extraordinary growth. Russell’s Reserve is a whiskey born in the rick house, an exemplary Kentucky Straight craft whiskey that explores the benefits of extended ageing. Russell’s Reserve bourbon and rye are a product of time, place, and masterful maturation, each reflective of the environment and magic that unfolds in the barrel and represent the very best in American Whiskey. The Group’s key focus area to further develop the Wild Turkey portfolio is to premiumise the offering through the introduction of more premium extensions and limited editions, for both the Wild Turkey and Russell’s Reserve brand. The United States is the biggest market for the Wild Turkey portfolio, followed by Australia, South Korea, Japan and Canada. | Wild Turkey The new Jimmy Russell Wild Turkey Experience brand house was opened in Lawrenceburg, building on its established Kentucky roots to offer immersive whiskey experiences, celebrate its heritage and strengthen its position as a global premium American icon. Jimmy Russell’s 70th anniversary as the world’s longest-serving spirits Master Distiller was celebrated in September with a special limited-edition Wild Turkey Jimmy Russell’s 70th Anniversary 8-Year-Old, which was launched firstly in the United States. Moreover, the 10th edition of the annual limited release series, Wild Turkey Master’s Keep, showcased Triumph, a 10-year-old Kentucky rye whiskey. Russel's Reserve Driven by a commitment to release just the highest quality offerings, only when they are at their peak of maturity, Master Distiller Eddie Russell and his team identified a particular 15-year small-batch bourbon as this year's gold standard from the historic distillery and thus the Russell’s Reserve 15-year- old Kentucky Straight Bourbon Whiskey, the first ever 15-year-old offering, was launched as a limited edition. The third release of the Single Rickhouse series, Russell's Reserve Single Rickhouse 2024 from Camp Nelson B, featured a rare release from a single rick house, with supporting activities including a press tasting and an ‘Ask Me Anything’ session with Bruce Russell
Jamaican Rums
The Jamaican sumptuous rums characteristics are alive, vivid and rich with complex flavours and aromas. The portfolio was acquired by the Group in 2012. It includes mainly Appleton Estate and Wray and Nephew Overproof, a high-proof white rum, continuing to develop its reputation as a mixologist’s favourite due to the depth of its flavour, versatility, and quality. The rum category continues to innovate and increase its premium positioning through the launch of more high-end propositions, ranging from the Signature release to the 21-year-old,from sumptuous cocktail rums to luxurious sipping rums, remaining true to its roots and Jamaican flavour. The Jamaican rum portfolio has grown positively in recent years both in its domestic Jamaican market and in international markets, especially the United States, the United Kingdom, Canada and Mexico. | Appleton Estate The brand continued its journey to become the ultimate luxury rum, engaging consumers in a series of high-touch rum Masterclasses at the world’s most prestigious art fair, Art Basel in Switzerland. In terms of innovations and exclusively for the Canadian market, Appleton Estate launched an 8-year-old Double Cask rum, an innovative rum finished in Speyside scotch barrels, while one of the rarest and most exclusive releases of the collection to date the Appleton Estate Hearts Collection (1998 release) was launched with successful press tastings and events across the European markets. Wray & Nephew Overproof In its homeland of Jamaica, Wray & Nephew is omnipresent: in 2024, the brand signed on as the title sponsor of the Jamaican Premier League. With annual presence across events like Notting Hill Carnival in the United Kingdom and the annual Pull Up event series in the United States, the brand also continued to have a meaningful presence in markets beyond Jamaica.
Other Wisk(e)y(1)
The GlenGrant is an ultra-premium single malt Scotch whisky brand, established in 1840 in Rothes, Scotland. It was acquired by the Group in 2006. The brand has reached a fairly diversified geographic exposure and in recent years the Group has decided to increase its long-term strategic focus on higher margin and longer aged ultra-premium and luxury expressions of the brand. The key markets for the brand are South Korea, Japan and Global Travel Retail. Wilderness Trail whiskeys are for discerning craft bourbon and rye enthusiasts looking for something new – a whiskey that is a little bit science and a little bit rock and roll. Unlike most American whiskeys, Wilderness Trail uses a sweet mash fermentation technique, rather than the more widely sour mash, along with a proprietary infusion mashing process that better maintains grain integrity while using as little energy as possible. The ultimate result is a softer, more grain-flavour-forward-finish that has become a hallmark of all Wilderness Trail’s world-class whiskeys. The brand’s key market is the United States. Wild Turkey ready-to-drink is a genuine drink with its authentic bourbon characteristic. the core market of this brand is Australia, followed by Japan. | In terms of innovations, The GlenGrant launched ‘The Glasshouse Collection’, featuring the brand’s permanent prestige range of whiskies, including new 25- year-old and 30-year-old expressions, and partnered with artist Lachlan Turczan for an installation.

(1)Other Whisk(e)y also includes American Honey.

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Campari Group annual report for the year ended 31 December 2024

House of Agave
brand identity | main brand-building during the year 2024
Espolòn
Espolòn is an award-winning premium tequila made from hand harvested 100% blue weber agave. It is distilled and bottled at Casa San Nicolas distillery in Los Altos, in the Jalisco region of Mexico. Espolòn was founded in 1998 by Maestro Cirilo Oropeza, who dreamed of creating a tequila that blends Mexican tradition with modern production techniques. Acquired by the Group in 2008, Espolòn has been re-launched as a premium tequila brand and since then, recorded a strong growth, proving itself as one of the key players in an ever-growing tequila category. The core markets for Espolòn are the United States and Australia, moreover, it is continuing to expand to other international markets, such as Canada, Italy and more. | The first global campaign for the brand To the Bone was launched in the United Stated and Australia: a departure from the traditional industry-standard backdrop of agave fields, the new campaign was shot in the inspiring, creative hub of Mexico City, highlighting the contemporary, unstated vibrancy of Mexican culture, that is at the core of the brand, and aiming to become the most irreverent and iconic premium tequila globally. Espolòn launched its 25th Anniversary Edition, the first-ever limited edition, in collaboration with renowned Mexican artist Saner, to celebrate modern Mexico and the brand’s connection to street art and design. Moreover, the brand was the main tequila partner of the renowned Governor’s Ball Music Festival in New York. During the fall the new limited-edition Flor de Oro, the first tequila of its kind (a marigold-infused reposado tequila) was released, aiming to reinforce the brand's authentic Mexican heritage and premium perception. This special seasonal release was launched in the United States and GTR markets with a special release celebrating the Day of the Dead, supported by media and events. In November, Espolòn became the official tequila sponsor of the 25th Annual Latin Grammy Week and partnered with renowned Grammy nominated Latin Music Superstar Álvaro Díaz, celebrating Latin creativity and culture through various events, including the 25th Annual Latin GRAMMY Awards® ceremony, and introducing ‘The Calavera Collection: Los Mavericks Edition’ with custom merchandise and sneakers.
Mexican specialities
Cabo Wabo shines with smooth, authentic flavour and unique personality. It is created with respect of the long-standing tequila traditions in Mexico. A tequila made with an undeniably American spirit. It embodies the freedom to live, work and play hard. The brand’s top market is the United States. Montelobos is born from centuries of ancient mezcalero craft and enlightened by the methodical pursuit of true perfection. Meticulously crafted, sustainable, artisanal-produced and strikingly balanced, Montelobos is an experience unto itself. Its key markets are Mexico and the United States. Ancho Reyes is a craft Mexican liqueur made from the beloved and unique Ancho Chile, inspired from a 1920s recipe from the town of Puebla in Mexico. Spicy, rich, and uniquely influenced by the old-world liqueurs that made their way to Mexico, Ancho Reyes evokes a sense of timelessness with authentic flavours of Mexico. Its key markets are Mexico and the United States. | At the Global Spirits Masters for Tequila&Mezcal awards, organised by ‘The Spirits Business’ publication in London, the Group’s tequila and mezcal portfolio emerged as significant winner affirming the quality of products and their strong presence in the premium market with brands like Cabo Wabo and recognizing Montelobos as a standout in the mezcal category. With respect to the Montelobos brand, it held its annual best in class 3-day experiential event around Dia de los Muertos, 'Noche de Lobos' in Oaxaca, Mexico, aimed to position Montelobos as a top mezcal brand, educate on the category, and build advocacy with top tier trade, media, influencers and brand partners around the world,

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Campari Group annual report for the year ended 31 December 2024

House of Cognac&Champagne
brand identity | main brand-building during the year 2024
Grand Marnier
Grand Marnier cognac and orange liqueur is the iconic spirit of vibrant French lifestyle around the world. In its unique and timeless bottle, which evokes the silhouette of the Cognac copper still, it is made from the unique combination of the finest French cognacs and essence of exotic bitter oranges. Created in 1880, Grand Marnier is one of the world’s most recognised and storied spirits brands with a rich history and strong presence in premium on-trade outlets. It was acquired by Campari Group in 2016 and following the acquisition, the Group has relaunched the brand through a new marketing campaign emphasizing the heritage and quality of the brand as well as redefining the brand’s drinking strategy by focusing on mixology, classic cocktails, particularly the Grand Margarita which leverages the buoyant trend of premium tequila, and long drinks. Aiming to further premiumise the offerings, the Group also launched a selection of high-end expressions of Grand Marnier, such as Grand Marnier Cuvée du Centenaire and the Grande Cuvée Quintessence. The United States is the biggest market for the brand, followed by Canada, France, Global Travel Retail and Italy. | Given its affinity with the rap and hip-hop scene as well as a younger multicultural consumer profile especially in the United States, Grand Marnier has launched many initiatives and partnerships to strengthen its image within these communities. Accordingly, the brand sponsored the post-event celebration of the NBA All-Star Weekend Festival featuring a surprise performance by hip-hop icon 2 Chainz, with whom a partnership agreement has been started and will include various events and marketing initiatives in the upcoming period. In fact, 2 Chainz was also present at the New York Fashion Week to celebrate the fusion of Grand Marnier, music and fashion, collaborating with designer Brandon Blackwood, while in collaboration with him The Rouge Room was launched, a digital content series celebrating the power of unexpected collaborations. Moreover, the brand was celebrated at exclusive cocktail parties during the Grammy Awards weekend, and within the activation Encounter on the road, an event held at Miami Music Week to enhance the brand’s cultural and musical blend and expand its consumer base. A summer campaign was launched in major cities in Canada, aimed at enhancing the perception of Grand Marnier as a viable alternative in the Margarita, the country’s most popular cocktail. A special partnership with grammy winning rapper, entrepreneur and fashion icon, Future, was launched at the end of the year, featuring exclusive Grand Margarita tasting events and promotional activities in key cities in the United States. In France, Grand Marnier continued to conquer the hearts of bartenders, with the Grand Margarita remaining at the heart of cocktail masterclasses and bar takeovers. Finally, Grand Marnier was also an official sponsor of the World’s 50 Best Bars in Madrid, hosting an exclusive bartender evening at the heart of the city pre-event.
Courvoisier
Maison Courvoisier was founded in 1828, by Félix Courvoisier in Jarnac, the Charente region of France. Courvoisier is the youngest and most awarded of the ’big four’ historical cognac houses and received the title of Official Supplier to the House of the Emperor by Napoléon III, supplied the royal courts of Europe. Courvoisier has a range of expressions that appeals to a variety of cognac preferences and lifestyles, including VS, VSOP, XO, XO Royal and the ultimate expression of the House, L'Essence de Courvoisier. Based on the joyful, generous, and sophisticated house style and commitment to community and craftsmanship, Courvoisier continues to value its relationships with local artisans and winegrowers to produce its high-quality, award-winning cognac portfolio. The core markets for Courvoisier are the United States and the United Kingdom. | Campari Group launched the reopening of Maison Courvoisier in the heart of Jarnac after a multi-year restoration, transforming the historic home into a showcase of Cognac heritage, led by renowned designers Gilles&Boissier. Covered by top press from around the globe, this beautiful space also features a visitor centre for year-round tastings and custom bottling experiences. During the launch event 14 key writers and influencers were invited to experience its nearly 200 years of history and exceptional design first-hand including Forbes, Elle Decoration, Architectural Digest and Sunday Times SA. At the end of 2024, Courvoisier was announced as the Official Cognac Sponsor of GQ's Men of the Year rolling out a robust 360 media and e- commerce plan building relevance, driving consideration, and increasing conversion for the brand. Man of The Year received strong numbers hitting a huge audience of red-carpet viewers during the livestream and impressions. Every year, GQ highlights the most influential people in fashion, entertainment, and sports, including cultural pioneers such as Dwayne 'The Rock' Johnson, Pharrell Williams, and Shaboozey who all received their own personalized Courvoisier bottle at the event. The United Kingdom and South African markets were also highly active with a series of influencer programmes set to celebrate the end of year and festive season. An exclusive Friendsgiving supper club in partnership with tastemaker Jesse Jenkins took place in London pairing Courvoisier cocktails with show-stopping dishes.
Champagne Lallier
Champagne Lallier was founded in 1906 in Aӱ, one of the few villages classified as ‘Grand Cru’, and a prestigious name embodying Champagne magnificent heritage. Lallier stands as a modern and respected Champagne House, thriving on the reputed vineyards elevated through progressive savoir- faire. Its distinctive winemaking philosophy aims at enhancing the individuality of a terroir. The key markets are France, the United States and Italy. | With respect to Champagne Lallier, the brand sponsored sommelier events aimed at high-profile global sommeliers to generate reach and affinity for the brand. Champagne Lallier Réflexion R.020 was launched in the brand’s core markets, and was introduced to esteemed representatives of the press and distinguished clients. R.021, the latest iteration of the product, and the first created by Dominique Demarville from vine to bottle launched in France. The Lallier Réflexions platform, launched in 2023 to reinforce Lallier awareness, collaborates annually with new craftspersons and local chefs. For 2024 and 2025, the platform features British ceramicist Olivia Walker, who created a porcelain diptych inspired by R.021 wines, with local launches and food pairings in key markets.
Bisquit
The House of Bisquit Cognacs was founded in 1819 in the heart of France, from the spirit of one man: Alexandre Bisquit. While discovering the world to promote his Cognacs, he understood how important it is to give things time and to cultivate privileged moments as Time is what you make it. A life philosophy that he decided to implement for the elaboration of his Cognac.

Campari Group’s identity and business overview | 19

Campari Group annual report for the year ended 31 December 2024

Local brands
brand identity | main brand-building during the year 2024
SKYY
SKYY Vodka was acquired by the Group in 2001, born in San Francisco in 1992 and is steeped with the innovative and progressive spirit of California. Conceived by a first-generation American inventor looking to create the world's smoothest vodka, SKYY revolutionized vodka quality with its proprietary quadruple-distillation and triple-filtration process. SKYY has recently added more character to its liquid, now made with water enhanced by minerals, including Pacific minerals sourced from the San Francisco Bay Area, and filtered through California Limestone for fresher tasting cocktails. With its iconic, cobalt-blue bottle, which reflects the name of the product, SKYY was the first vodka to introduce packaging as a ‘style image’. The United States has been the biggest market for SKYY. At the same time, SKYY has expanded into many international markets which represent key growth drivers for the brand. Key markets outside of the United States include Argentina, Germany, China and South Africa. | The new digital global campaign Embrace Every Y was firstly launched in the core United States market, celebrating the spirit of innovation and bold creativity that the brand has embodied since its inception in San Francisco in 1992. In May the brand was the official Vodka Partner of Electric Daisy Festival Las Vegas, the biggest electronic dance music festival in the United States.
Sparkling Wines&Vermouth
The Cinzano portfolio includes on the one hand sparkling wines and on the other hand vermouth and therefore offers a wide range of quality products that are suitable for different occasions and tastes. The portfolio was acquired by the Group in 1999. The key markets for Cinzano sparkling wines are Germany and Mexico. The key market for Cinzano vermouth is Argentina. Mondoro is an Italian superior quality sparkling wine brand. Its elegant taste and prestigious, sensual bottle design are a symbol of taste and quality. Riccadonna is one of Campari Group's historical brands and offers a range of dry and sweet sparkling wines. The brand was founded in 1921 and acquired by the Group in 2003. The key markets for Mondoro and Riccadonna are France and South America.
SKYY ready-to-drink
SKYY Vodka ready-to-drink offers the taste of the premium SKYY vodka in a convenient format with soda and various flavoured ingredients, ready to be enjoyed in any social moment of consumption. Mexico is the core market for the brand.

c) Strengthened route-to-market
In recent years, the Group has invested significantly in reinforcing its distribution capabilities across on-premise
and off-premise channels in international markets. The strategy involves establishing its own distribution
network in each country (‘direct market’), selling to retailers and wholesalers through its internal sales
organisation whenever the critical mass reached in a given market makes a direct investment financially
attractive. Establishing direct markets increases focus on the Group’s own brands, improves working capital
management and achieves financial benefits.
Currently Campari Group’s distribution network largely reflects the structure of the three regional business units,
and broadly covers core markets in Europe and the Americas, as well as APAC, with direct networks in 26
markets: 7 in the Americas (the United States, Jamaica, Canada, Brazil, Mexico, Argentina and Peru), 13 in
EMEA (Germany, Italy, France and Martinique, Spain, Russia, Switzerland, Austria, Benelux, the United
Kingdom, Ukraine, South Africa and Greece) and 6 in Asia-Pacific (Australia, China, South Korea, India as well
as New Zealand and Japan). In markets without own local sales organisations (‘third-party markets’), the Group
works with local independent importers or local partnerships.
The Group remains committed to establishing and sustaining a leading position in all direct markets
emphasizing its own brands and leveraging on a scalable business model throughout the organisation.
Approximately 93.0% of the Group’s consolidated net sales in 2024 was generated by its direct markets.
d) Strengthened global supply chain
Over the years the Group has significantly expanded its supply chain capabilities, bringing bottling activities to
the core markets like the United States and Australia. At 31 December 2024, the Group owns 25 production
sites across various countries, including Italy, France, Scotland, Greece, the United States, Canada, Jamaica,
Mexico, Brazil, Argentina and Australia.
The Global Supply Chain (‘GSC’) structure is optimized to have central GSC design solutions, while regional
teams manage their execution locally. This approach ensures more consistency, reduced IT complexity and cost
efficiency, and is supported by recent tech investments in SAP Integrated Business Planning systems for Supply
Chain powered by SAP HANA for the implementation of automated, tightly coordinated supply chain planning
processes. The GSC operates an end-to-end supply solution covering the functions of planning, logistics,
engineering, manufacturing, transformation, quality, environment, global research and development. Moreover,
this organisational structure clearly ensures the separation of roles and responsibilities between marketing and
sales organisations, responsible for sales and marketing activities, and the GSC organisation, responsible for
coordinating all supply chain activities.
GSC’s strategy aims at providing a high-quality, customer-centric supply chain that is globally leveraged, with
focus on margin protection, which has become increasingly crucial in the current global macroeconomic
landscape. It consistently ensures optimal efficiency levels and oversees demand planning to provide accurate
forecasts for future demand. The primary objective is to optimize inventory levels while maintaining high
customer service standards.

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Campari Group annual report for the year ended 31 December 2024

Furthermore, with the objective of fostering sustained long-term growth, in 2024 the Group continued its
extraordinary investment plan to substantially expand production capacity, finished product storage, and site
utilities, driven by positive demand expectations, particularly for aperitifs, bourbon and tequila.
Externally, GSC ensures that the Group’s products are offered with the right quality to consumers, meet
regulatory requirements and food safety and quality standards, which is guaranteed through rigorous inspection
and analysis. Also, the monitoring and addressing of consumer complaints is part of its role, aiming to ensure
the right level of customer service.
Campari Group’s environmental and sustainability strategy is embedded in the comprehensive engagement of
all production activities and the entire value chain aiming at optimizing energy consumption, including the
transition to renewable energy sources, decarbonisation, minimizing water and waste, and ensuring compliance
with local regulatory environmental standards, thus minimizing the environmental footprint.
e) Strong cash flow generation and financial debt profile to fuel external growth and investments in business
infrastructure
Campari Group has a solid track record of acquisitions and confirmed this strategy in 2024. Since 1995, the
Group has completed a total of nearly 40 acquisitions for an overall amount of approximately €5.0 billion. In
2024, the largest deal in the Group’s history was completed (the purchase price paid amounted to US$1.2
billion, corresponding to €1.1 billion at the hedged currency exchange rate). The brand strategic assessment
and way forward are expected to be ready at the end of 2024 for launch and rollout in 2025 with focus on
structural reset of brand health and profitability with clear long-term roadmap. More recently, the Group has
announced its intention to streamline its portfolio via possible disposal of non-core assets, to further enhance its
focus on key strategic priority brands.
The continuous commitment to an efficient working capital management and strong cash flow generation over
the past years, driven by sustained operating performance, has enabled rapid deleveraging after acquisitions,
while maintaining a disciplined approach to financial management across the whole organisation and focusing
on a conservative leverage profile.
Net financial position management is characterised by the following features:
- predominant medium- and long-term exposure balanced by positive short-term net financial position;
- focus on an optimized leverage profile, internally measuring the indebtedness ratio with the aim to retain it at
a manageable level;
- flexibility guaranteed namely by no covenants on existing debts and strong financial structure boosted by
liquidity and available credit lines, aligning the credit profile with optimal market opportunities;
- adeptly balancing the current profile between variable and fixed rates and dynamically leveraging market
conditions, aiming to minimise exposure to risks and navigate the substantial market volatility stemming from
the prevailing macroeconomic environment;
- optimizing the Group’s debt structure by extending the average maturity of its liabilities while benefiting from
favourable market conditions;
- exposure to exchange rate risk, namely deriving from financial requirements connected with business
development, managed primarily through ‘natural hedges’ achieved through the modulation of debt exposure
as well as the stipulation of derivative contracts only with hedging purposes;
- embedding sustainability-linked components in new facilities or loans, considering the Group’s goal of fully
integrating its sustainability strategy into its business activity.
f) Strong commitment on sustainability roadmap
The Group strategy, values and priorities are integrated with Campari Group key ESG topics, principal risks,
core KPIs, targets and the Group contributions to the sustainable development goals. This approach offers a
holistic view of the business and its influence on the broader spirits sector, intertwined with a culture of ethics
that permeates the entire Group. This ensures that every aspect of the Group operations is consistently
managed with probity and integrity. Campari Group constantly comes across new opportunities to generate
positive economic, social and environmental impacts. As a result, the Group sustainability commitments are
formalised and articulated in a roadmap endorsed by top management, with support from all major global
functions. This roadmap directs investments and drives performance towards specific priorities within each area,
reflecting the Group’s values and culture. It has led to the identification of key actions in the sustainability areas
deemed most relevant for a company in the spirits sector. During 2024, the Group worked on the internal
implementation of the regulatory requirements arising from the Corporate Sustainability Reporting Directive
(‘CSRD’). In particular the Group reviewed and integrated the following activities to ensure compliance for the
first integrated annual report disclosures at 31 December 2024 based on the new regulatory environment: i) EU
taxonomy disclosure; ii) double materiality assessment; iii) European Sustainability Reporting Standards
(‘ESRS’) with a gap analysis compared to what was disclosed in the 2023 sustainability disclosure.
Although the updated double materiality assessment did not result in significant changes to the overarching
strategic objectives, it did drive the establishment of targets for other critical areas and the prioritisation of

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Campari Group annual report for the year ended 31 December 2024

material topics. Building on the insights gained from the current assessment, the Group is refining the
methodology for the next phase of sustainability due diligence assessment. For additional information please
refer to the 'Sustainability statement' -section.
iii. Key Company Initiatives
2024 was a year marked by a challenging backdrop due to macroeconomic, sectorial and climatic factors.
During the year, Campari Group also completed its largest ever acquisition with Courvoisier. Throughout this
period, the Group has shown significant resilience and adaptability while maintaining its focus on medium- to
long-term strategy. In order to further accelerate its growth and profitability going forward, the Group has defined
some strategic actions to increase focus, simplification and cost containment. Accordingly, Campari Group will
launch the following three key actions which will be rolled out gradually over the coming months consisting of
three main components:
- implementation of a New Operating Model (‘House of Brands’)
- management of Portfolio Optimization
- execution of a Cost Containment Program.
- New Operating Model – Houses of Brands: the House of Brands model is the new Operating Model that
Campari Group aims to adopt, revolving around the interaction between the existing regional business units
and four newly created category divisions: House of Aperitifs, House of Whisk(e)y and Rum, House of
Agave, and House of Cognac&Champagne. This model aims to enhance category ambition, premiumisation
and end-to-end responsibility for global category profit or loss and resource allocation. Moreover, it will
enable better definition of category ambitions, stronger central coordination of marketing, increased
efficiency, and more effective allocation of brand-building resources and investments. It will also enhance
marketing effectiveness by leveraging local marketing capabilities. The new Operating Model has three key
objectives: i) enhance focus on strategic brands and streamline and rationalise brand portfolio with possible
disposal of non-core assets, ii) create entrepreneurial mindset in category and brand organisation, as well as
iii) simplify and streamline strategy and planning processes.
- Portfolio Optimization: in line with the strategy to continuously enhance focus on core priority brands,
portfolio optimization involves streamlining the brand portfolio by disposing of non-core brands as well as
reallocating resources to the Group’s core priority brands. This strategy aims to maximise returns as well as
overall profitability and support growth consistently with the House of Brands model. Since 2013, the Group
has completed over 10 disposals for a total amount of approximately €500 million.
- Cost Containment Program: the Cost Containment Program is a set of initiatives designed to create
efficiency in structure costs through better resource allocation, simplification and end-to-end process review.
It includes technology infrastructure investments and a comprehensive review of all functional organisations
and is expected to lead to operating margin accretion, comprehensive selling, general and administrative
expenses savings, and improved business insights through next generation planning processes while
maintaining business investments to support growth going forward. The program will also contribute to the
overall financial health and sustainability of Campari Group and is comprised of the following design
principles: i) alignment to the new operating model, ii) delayering, iii) process simplification and automation,
iv) prioritizing activities and initiatives, v) holistic cost reasoning, vi) functional accountability, vii) year-over-
year productivity.
The program will stem from reorganization and policy reviews, including labour cost reductions across the
organisation and containment of selling, general and administrative expenses, in line with the new operating
model. The project will be gradually rolled out over the coming months, starting in 2025. Implementation
involves a detailed analysis of the operating model, simplification of key processes, and alignment of resources.
The financial impact was recorded in the Group’s results for the year ended 31 December 2024 the restructuring
initiative line totalling €102.6 million.

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Campari Group annual report for the year ended 31 December 2024

Risk management and internal control system
The risk management and internal control system is an integral part of Campari Group’s operations and culture
and supports the efficiency and effectiveness of business processes, the reliability of financial and sustainability
information and compliance with laws and regulations.
The Group has a risk management system in place aimed at identifying, assessing, taking action and monitoring
opportunities or risks and events that could have an impact on Campari Group’s strategic, operational, financial,
compliance and ESG-related business objectives. The goal is to strike a balance between mitigating the
adverse impact of risks while maximising the ability to create value for its stakeholders. Campari Group has
implemented the Self-Risk Assessment (‘SRA’) to determine, assess and monitor corporate risks, as well as the
Fraud Risk Assessment (‘FRA’) to identify, assess and monitor fraud risks. Both initiatives enable self-
assessment and direct participation by operational management and/or other operators responsible for risk
assessment.
The SRA and FRA involve individuals globally at local, business unit and group level, and their objectives can be
summarised as follows:
- help the business to promptly identify corporate and fraud risks and consequently make strategic and
operational decisions;
- strengthen the understanding of the Group’s risk profile to allow decision-makers to analyse corporate and
fraud risks and monitor how they evolve over time;
- ensure the traceability of risk assessment activities that provide the foundation for the financial and
sustainability information communicated to stakeholders.
To assess the effectiveness of this framework and identify opportunities for improvement, the internal control
system is subject to annual verification and updating to ensure that it is always a suitable instrument of control
over the business’s principal areas of risk. Campari Group operates at three levels of internal control:
- first level: structures responsible for individual risks, for their identification, measurement and management,
as well as for performing the necessary checks;
- second level: departments responsible for supporting management with setting policies and procedures and
developing processes and controls to manage risks and issues;
- third level: this provides independent and objective assurance of the adequacy and effective operation of the
first and second levels of control and, in general, of the overall way of managing risks. This activity is carried
out by the Internal Audit function, which operates independently; assessment of the controls may require the
definition of compensating controls and plans for remediation and improvement. The results of the monitoring
activity are subject to periodic review by management.
In accordance with international best practices and in line with the Group’s values and ethical principles, the
controls put in place by Campari Group can be preventive (i.e. designed to prevent errors or fraud) or detective
(i.e. designed to reveal errors or fraud that have already occurred). An assessment of the design and operating
effectiveness of key controls is carried out by the Internal Audit function.
The Control, Risks and Sustainability Committee, External Auditors and Board of Directors monitor the
effectiveness of Campari Group’s internal control and risk management system. In 2024, Campari Group’s risk
management and internal control system operated as designed, as no significant failings were identified in both
financial and sustainability disclosures. For more detailed information on the main features of the risk
management and internal control system in relation to the sustainability reporting process, which were
enhanced according to the new CSRD requirements, please refer to the 'Risk management and internal controls
over sustainability reporting' in the 'Sustainability statement' section in the 2024 Management Board Report.
i. Risk appetite
The principal risks have been categorized by their relationship to strategic, operational, financial, compliance or
ESG-related business objectives and linked to the related underlying driver.
Campari Group sets its risk appetite within risk-taking and risk acceptance parameters driven by the applicable
laws, the Code of Ethics, core values and corporate policies. Campari Group operates within a relatively low
overall risk range inherent to its activities and strategy. The Group’s risk appetite differs by risk category, as set
out below:

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Campari Group annual report for the year ended 31 December 2024

Risk Category | Category Description | Risk Appetite
Strategic | Risks related to Campari Group’s business strategy that could affect its long-term positioning and performance. | Campari Group is prepared to take risks in a responsible way that takes stakeholders’ interests into account and is consistent with the Group’s growth strategy by maintaining a very disciplined financial approach.
Operational | Risks impacting internal processes, people, systems and/or external resources that affect the Group’s ability to pursue its strategy. | Campari Group looks to mitigate operational risks to the maximum extent based on cost/ benefit considerations.
Financial | Risks relating to the uncertainty of return and financial loss due to financial performance. | Campari Group has a cautious approach with respect to financial risks. Through debt capital market transactions, cash balances and bank credit line agreements, Campari Group seeks to maintain a debt/capital structure profile that achieves investment in long- term goals and rewards stakeholders.
Compliance | Risks of non-compliance with laws, regulations, local standards, Code of Ethics, internal policies and procedures. | Campari Group has a cautious approach with respect to Compliance risk and holds itself and its employees responsible for acting with honesty, integrity and respect and strives to comply with the Group’s Code of Ethics, applicable laws and regulations at all times everywhere the Group operates.
ESG-related | Risk from insufficient ESG analysis not meeting stakeholders’ expectations as well as execution of effective sustainability strategies, and risk of not properly delivering the Group’s commitment to social and environmental targets, leading to business, financial and reputational damage or legal action. | Campari Group adopts a prudent strategy towards ESG initiatives, focusing on clearly defining and executing sustainable business objectives. The Group is committed to continuously enhancing its engagement with stakeholders, recognizing the increasing demand for transparent disclosure of its social, governance, and environmental impacts. Campari Group strives to mitigate ESG risks to the greatest extent possible, balancing economic and strategic considerations to ensure the protection and long-term sustainability of the Group's assets. All ESG-related risks are covered in the Double Materiality Assessment section of the Sustainability statements included in this Annual report.

ii. Main risks for Campari Group
The Group systematically assesses risks of various natures that could influence sustainable business
operations. These risks are categorized according to their overall exposure, assigning them a designated
priority. This classification enables a focused approach towards addressing the most pertinent risks. The
expectation is that these risks will be mitigated through meticulously planned initiatives, aiming to restrict them
to a level aligning with the predetermined risk appetite. This approach is consistently maintained with the
foresight that risk management will be an integral part of regular business proceedings.
The results of the risk assessment for 2024 were managed in consistency with the double materiality
assessment (‘DMA’) performed on ESG-related topics. This approach has been pivotal in shaping the Group’s
annual strategy, identifying concrete actions and establishing comprehensive risk mitigation processes. These
outcomes strengthen the development of policies, procedures and controls, while also defining the scope of
internal audit activities and guiding the business planning and performance management processes.
The main risks to which the Group is exposed are noted in the next paragraph. Although the principal risks
reported are largely similar compared to what was disclosed in the Campari Group Annual Report at 31
December 2023.
The representation does not include all possible risks associated with Campari Group’s business and the order
of presentation does not imply a list of priorities. Additional risks not known or currently deemed to be less
significant could have a negative effect on the Group’s performance.
As cautionary notice, it is important to highlight that within the current macroeconomic landscape, production
activities, the entire value chain, and the execution of Campari Group’s strategies are susceptible to the impacts
of climate change. These impacts encompass both acute and extreme unpredictable events, as well as chronic
factors such as rising temperatures and drought, presenting physical risks. These risks have the potential to
disrupt local supply chains, modify industrial processes, impact sales seasonality and cause damage to
products, consequently disrupting production at certain facilities.

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Campari Group annual report for the year ended 31 December 2024

Risk area | Risk category | Sub-risks and definitions | Remediation actions and mitigation plans
Risks relating to Campari Group’s dependence on consumer preferences and habits and propensity to spend | Strategic risks | A critical success factor in the beverage industry is the ability to interpret consumer preferences and tastes and to continually adapt sales strategies to anticipate market trends and developments. Preferences and tastes can change in unpredictable ways due to a variety of factors, such as changes in demographics, consumer health and wellness, concerns about obesity or alcohol consumption, product attributes and ingredients and negative publicity resulting from regulatory action or litigation against Campari Group. If the Group’s ability to understand and anticipate consumer tastes and expectations and to manage its own brands were to cease or decline significantly, this could have a major impact on its activities and operating results. Moreover, the unfavourable economic situation in certain markets, the heightened macroeconomic volatility, inflation, a downturn in economic conditions or a rise in prices that may reduce disposable income may dampen consumer confidence, making consumers less likely to buy drinks and reduce their demand for products in the spirits and wine categories in general. Unfavourable economic conditions could also cause governments to increase taxes on beverage alcohol to attempt to raise revenue, reducing consumers’ willingness to buy products. In terms of consumption trends, the total spirits market showed sign of slowdown/softening in 2024 after years of buoyant consumption. | Campari Group leverages a diversified portfolio of brands to ensure coverage of consumer occasions, trends and prices and constantly monitors consumer trends at market and brand level. Campari Group is continuing to monitor the macroeconomic scenario and the markets in which it operates, the behavioural patterns of its consumer base, the Group’s financial position and the results of its operations.
Risks relating to dependency on the sale of key products and the seasonality of certain Campari Group products | Strategic risks | A significant proportion of Campari Group’s sales are focused on certain key brands, such as Campari Group Global Priorities. Accordingly, any factor adversely affecting the sale of these key products could adversely affect Campari Group’s results from operations and cash flows. In addition, sales of certain Campari Group products are affected by seasonal factors due to different consumption patterns or consumer habits. In particular, aperitif consumption tends to be concentrated in the hottest months of the year (May to September), whereas sales of other products, such as sparkling wines and spirits, are concentrated in the last quarter (September to December). Seasonal consumption cycles in the markets in which Campari Group operates may have an impact on its financial results and operations. Although Campari Group has a global presence, most of its revenue is in the northern hemisphere, and unseasonably cool or wet weather in the summer months can affect sales volumes. | Mitigation actions include investments in products’ success and growth to increase brand value and the Group’s diversified portfolio of products and brands. In order not to be excessively exposed to seasonal peaks in wintertime, the Group is developing initiatives to de-seasonalize the consumption moments of the main brands, with particular attention to the aperitif segment, guaranteeing constant consumption throughout the year. The initiatives were carried out through the development and strengthening of Group communication via a multiple-channel approach and focusing particularly on digital channels used by consumers to inform themselves about brands and products and the related consumption experiences.
Risks relating to acquisitions | Strategic risks | Campari Group expects that the ongoing consolidation within the spirits business will continue. It will therefore continue to evaluate potential acquisitions, incurring additional indebtedness to finance them. If the pursuit of an opportunity is successful, the subsequent integration of the businesses acquired poses significant challenges in terms of effort and costs that may have an adverse effect on Campari Group’s financial performance and cash flows from its operations. This is the case if the Group is unable to implement its acquisition strategy and/or realise the full intended benefits of synergies, namely in case of acquisitions in markets outside of those in which the Group currently operates due to unfamiliar regulatory and competitive environment. | Campari Group performs in-depth preliminary analyses supported by actual and prospective economic data to select acquisitions that are optimally compatible with the Group's long-term objectives. After the acquisition, the Group constantly monitors the contribution of new businesses acquired to the overall Group’s performance and the cash flow generation through the synthetic net debt/EBITDA index. Dedicated procedures and internal resources have been established and allocated to oversee and coordinate the integration of newly acquired business, aiming to make the integration process as smooth and efficient as possible.

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Campari Group annual report for the year ended 31 December 2024

Risk area | Risk category | Sub-risks and definitions | Remediation actions and mitigation plans
Risks relating to adverse macroeconomic and business conditions and instability in the countries in which the Group operates | Strategic risks | Global economic conditions and conditions specific to the markets in which Campari Group operates could substantially affect its profitability and cash flows. Operating in emerging markets makes the Group vulnerable to various risks inherent in international business, including exposure to an often unstable local political and economic environment which may impact the ability of the Group to trade locally and the ability of the Group’s counterparties to meet their financial obligations, exchange-rate fluctuations (and related hedging issues), export and import quotas and limits or curbs on investment, advertising or repatriation of dividends. Inflation, geopolitical tensions, the economic slowdown in some countries, as well as introduction of potential import duties affecting spirit products in some countries are likely to lead to lowering marginality and cash generation, increased volatility and generally remain threats to global stability and growth. It is difficult to determine the breadth and duration of the economic and financial market problems and their potential effects on consumers of the Group’s products and its suppliers, customers and business in general. Continuation or a further worsening of financial and macroeconomic conditions could materially and adversely affect Campari Group’s sales, profitability and results from its operations. | The Group takes remedial actions by continuously monitoring global geopolitical developments that may necessitate a reassessment of corporate strategies and/or the implementation of protective measures to safeguard its competitive position and performance. Furthermore, the Group actively evaluates the markets in which it operates and analyses customer behaviour to promptly address potential challenges.
Risks relating to market competition and the consolidation of participants in the beverage industry | Strategic risks | The Group is part of the alcoholic and non- alcoholic beverage sector, where there is high competition and a vast number of operators. The main competitors are large international groups operating aggressive strategies at a global level and benefiting from significant financial resources and a very diversified portfolio of brands and geographical areas, which could imply a reduction in the number of distribution outlets available to the Group or involve higher distribution costs. The Group’s competitive position vis-à-vis these major global players makes its exposure to market competition particularly significant. The second layer of competitors are independent wholesalers and retailers which offer other products, sometimes including their own brands, which directly compete with Campari Group’s products by limiting available shelf space in retail stores. If independent wholesalers and retailers give higher priority to other brands, purchase less or devote inadequate promotional support to Campari Group brands, it could materially and adversely affect the Group’s sales and reduce the Group’s competitiveness. | The Group constantly monitors the industry dynamics of mergers and acquisitions and the initiatives taken by competitors, regularly invests in advertising and promotion initiatives to reinforce its brand equity in order to ensure the success and growth of its product, as well as to expand its customer base. E-commerce is also becoming an alternative to traditional distribution channels, which is monitored as an opportunity for the Group to gain greater flexibility.
Risk of reputation and branding | Strategic risks | Brands represent a key asset and might be exposed to several threats, including unauthorised reproduction/imitation of products and negative social media coverage. In particular, inadequate brand protection or poor intervention to address counterfeiting of the Group’s products increases the threats posed by illicit products, including harm to consumers and damage to the Group’s and brands’ reputation. In addition, the constant increase in the number and importance of social media exposes the Group to the risk of harmful media messages as it might be a victim of a malicious attack or as a consequence of a communication incident. As a result, the Group’s products and reputation might be negatively or not correctly perceived by the public, impacting the brands’ performance and cash flows. | The Group constantly monitors the markets in which it operates as well as customers’ behavioural patterns. In addition, social media guidelines were implemented, and an internal awareness initiative on social media security was launched.

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Campari Group annual report for the year ended 31 December 2024

Risk area | Risk category | Sub-risks and definitions | Remediation actions and mitigation plans
Risks relating to the disruption or termination of Campari Group’s arrangements with the Group’s third-party manufacturers or distributors | Strategic risks | The production and distribution of the Campari portfolio is carried out, for the vast majority, directly by Campari Group. However, Campari Group relies upon third parties (including key customers in specific geographies) to distribute, and in some cases also produce or co-pack, its own brands in a number of markets under licensing arrangements. The use of or reliance on third parties for these functions entails risks, including the risk of termination of licenses and delays or disruptions in production and distribution. Disruption or termination of Campari Group’s present arrangements with these third parties without having suitable alternative arrangements in place could have a material adverse effect on the Group’s business, resulting from its operations and/or financial condition. | The Group put into practice the signing of licensing agreements with various trusted third parties to avoid concentration on a few counterparties.
Exchange-rate and other financial risks | Strategic and Financial risks | While Campari Group reports its financial results in €, the Group’s portfolio of brands generates sales and costs throughout the world in a variety of currencies. With the Group’s international operations outside the € area growing, significant fluctuation in exchange rates could have a negative impact on the Group’s activities and operating results. In general, economic volatility or failure to react quickly enough to changing monetary policies and economic conditions (including currency instability) could impact the Group’s financial performance. | The Group closely monitors its performance and key business drivers by region to be able to quickly adapt to changing market conditions. Furthermore, permanent Group operations in countries such as the United States, the United Kingdom, Australia, Jamaica, Brazil, Canada, Russia and Argentina allow this risk to be partially hedged, given that both costs and revenues are broadly denominated in the same currency. For a more comprehensive analysis of the Group’s financial risks, please refer to note 7 ii.-‘Nature and extent of the risks arising from financial instruments’ of Campari Group Consolidated Financial statements at 31 December 2024.
Risk relating to unavailability and cost of materials | Operational risks | The Group’s ability to produce and sell products depends upon the availability of key materials and services. The current geopolitical and macroeconomic landscape continues to affect international trade, in terms of disruptions/bottlenecks in transport and high cost of components/raw materials. The risk is that the Group could face unpredictable events in terms of supply challenges that could have a negative impact on the Group’s results and cash flow. In addition, changes in exchange rates, and inflation on prices for raw materials or commodities (alcohol, aromatic herbs, sugar, agave and cereals) may not be offset by higher prices applied on the sale of the Group’s products. The price of raw materials depends on a vast multiplicity of unpredictable factors out of the Group’s control. The risk is that the Group could face negative effects on its financial results and cash flows. | To mitigate those risks, safety stocks are kept available in key locations; capital investments are made to increase the Group’s production capability and, whenever possible, contracts with multiple suppliers are in place. In addition, the Group has implemented actions to reduce fluctuations in raw material prices, including signing co- investment agreements with local agricultural producers to ensure an adequate supply of high-quality agave. The benefits of these investments will probably only be observable in the medium term, given the long natural growing process of plants such as agave. Moreover, to mitigate these risks of energy price increases resulting in higher transportation, freight and other operating costs for the Group with an indirect impact on the purchase of key packaging and ancillary materials, such as glass, the Group is constantly reviewing procurement policies to maximise efficiency and the collaboration with key suppliers.

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Campari Group annual report for the year ended 31 December 2024

Risk area | Risk category | Sub-risks and definitions | Remediation actions and mitigation plans
Risk relating to disruption in information technology systems | Operational risks | The Group depends on its information technology and data processing systems to operate its business. Campari Group is engaged in major projects that leverage digitalisation and expand on smart working in the Group’s offices. More flexible working methods are being promoted as they can bring benefits for both Camparistas and the Group, encouraging a better work-life balance, attracting and retaining personnel and increasing employees’ responsibilities in pursuing the Group’s objectives and results. The digitalisation that the Group has undertaken has entailed a greater exposure to risks deriving from cyberattacks, in addition to those related to significant system malfunctions or disruptions, problems connected to migrations affecting key IT systems, to ineffective security measures and power outages. All the aforementioned events could adversely affect the Group’s business continuity and its ability to compete. Additionally, stringent personal data protection regulations and the Network and Information Security ('NIS') directive are increasing the risks associated with regulatory non-compliance. | The Group conducts cyber risk analysis to assess the main risks related to cyber security and evaluate the controls in place to mitigate these risks. Based on the outcomes of this analysis, areas for improvement in cyber security measures are identified and action plans are developed. These action plans include reviewing existing cyber security organisational and technological measures, such as the processes within the Group Security Operations Center (‘SOC’), to enhance the Group’s cyber security detection and incident response capabilities 24x7, as well as processes to improve the management of access to the Group technological systems through employees’ and third parties’ digital identities (i.e. usernames and passwords). Additionally, new technologies are being implemented, including a new antispam solution, new vulnerability management systems covering various levels of the Group’s infrastructure, and a continuous threat monitoring system that simulates real-world cyber-attacks to identify weaknesses and provide insights on how to fix them. The pilot for the implementation of a data loss prevention system has also started to ensure that specific controls are in place to protect documents containing the Group’s personal and business data according to its confidentiality level. The Group also takes into great consideration the ‘human factor’ and has implemented awareness campaigns to heighten employees’ awareness of cyber risks. The Security Awareness program is moving towards a ‘Cyber Security Culture’ adoption program including a constant simulated phishing campaign, tailored communications and training to different organisational levels of the Group (including the C- level suite) and mandatory training on cyber security for all employees. The Group is committed to staying abreast of any new regulations and directives concerning cyber security and business continuity such as the second release of the Network and Information Security Directive or the Critical Entities Resilience Directive. This involves continuous monitoring of legislative changes and regulatory updates to ensure compliance and mitigate risks. The Legal&Compliance department, in collaboration with the IT and Cyber Security team, strives to regularly review and update internal policies and procedures to align with the latest regulatory requirements. By proactively monitoring and adapting to regulatory changes, the Group aims to maintain robust cyber security measures and ensure business continuity, thereby safeguarding its operations and protecting stakeholders' interests.
Tax risks and changes in fiscal regulations | Compliance risks | Distilled spirits and wines are subject to import duties or excise taxes in many countries where the Group operates. An increase in import duties or excise taxes could adversely affect profit margins or sales revenue by reducing overall consumption or encouraging consumers to switch to lower-taxed categories of alcoholic beverages. Furthermore, significant changes to the international tax environment or tax-related changes in any of the markets in which the Group operates could alter the Group’s results, leading to an increase in the effective tax rates and/or unexpected tax exposures and uncertainty that could increase the Group’s overall business costs. | The Group has in force a Tax Strategy focused on compliance with applicable laws and regulations. The Group adopts a transparent attitude towards the tax authorities and applies a transfer pricing policy among all Group companies based on the arm’s length principle to ensure that profits are taxed in a consistent manner. The Group regularly reviews its business strategy and tax approach in light of legislative and regulatory changes and assesses the likelihood of any negative results of potential tax inspections to determine the adequacy of its tax provisions. The Group’s Tax Strategy, recently approved by the Board of Directors of Davide Campari-Milano N.V., is available on the Group’s Corporate website. In addition, Davide Campari-Milano N.V. has recently implemented a Tax Control Framework, a model through which it identifies, monitors and manages the tax risks, thus minimizing the risk of tax law violations and/or failing to implement relevant changes in tax regulations.
Risks relating to legislation on the beverage industry | Compliance risks | Activities relating to the alcoholic beverages and soft drinks industry, production, distribution, export, import, sales and marketing are governed by complex national and international legislation, often drafted with somewhat restrictive aims. The requirement to make the legislation governing the health of consumers, particularly young people, ever more stringent could, in the future, lead to the adoption of new laws and regulations aimed at discouraging or reducing the consumption of alcoholic drinks. Such measures could include restrictions on advertising or tax increases for certain product categories, leading to a fall in demand for the Group’s products. | Campari Group is committed to constantly publicising messages and models of behaviour associated with responsible consumption and serving of alcoholic drinks through its communication channels, and continuously monitors any changes in the legislation applicable to the beverage industry.

Performance review | 28

Campari Group annual report for the year ended 31 December 2024

Performance review for the year ended 31 December 2024
Index- Performance review

Significant events during the period ............................................................................................................ | 29
Acquisitions and commercial agreements .............................................................................................. | 29
Group significant events and corporate and sustainable actions ....................................................... | 30
Group financial review ..................................................................................................................................... | 33
Sales performance ..................................................................................................................................... | 33
Statement of profit or loss ........................................................................................................................ | 39
Profitability by business area .................................................................................................................. | 43
Operating working capital ........................................................................................................................ | 45
Reclassified statement of cash flows ...................................................................................................... | 45
Net financial debt ........................................................................................................................................ | 47
Capital expenditure .................................................................................................................................... | 49
Reclassified statement of financial position ........................................................................................... | 50
Reconciliation of the Company and Group net profit and shareholders’ equity ............................... | 50
Conclusion and Outlook .................................................................................................................................. | 51
Definitions and reconciliation of the Alternative Performance Measures (APMs or non- GAAP measures) to GAAP measures ...................................................................................................................... | 52
Group Sustainability performance review .................................................................................................. | 58
Stock performance in the capital market .................................................................................................... | 61

Performance review | 29

Campari Group annual report for the year ended 31 December 2024

Significant events during 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. (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 after 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$1.2 billion, corresponding to €1.1 billion at the hedged currency
exchange rate. In addition to the price paid, an amount related to finished goods has been agreed following a
dedicated stock transfer agreement. The standard price adjustment mechanisms resulted in an additional
payment obligation of US$7.7 million (€7.2 million at the exchange rate on the closing date), which was paid in
the last quarter of 2024. Moreover, a contractually defined earn-out estimated at US$67.9 million on an
undiscounted basis (€48.7 million discounted at the closing date currency exchange rate), will be payable in
2029 based on the achievement of net sales targets realized in full year 2028.
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 Davide Campari-Milano N.V. 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 was 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 the Group’s 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.
Additional Acquisition E ndeavours
In September 2024, Campari Group announced the completion of the acquisition of a 14.6% minority stake in
Capevin Holdings Proprietary Limited, with an additional 0.7% through a transaction related to the first one
finalised in October 2024, thus leading to a total stake of 15.4%. The target South African holding company
indirectly owns 100% of CVH Spirits Limited, a Scottish company operating in the production and
commercialisation of renowned Single Malt Whiskies Bunnahabhain, Deanston, Tobermory and Ledaig, and
Blended Whiskies Scottish Leader and Black Bottle. Campari Group also holds distribution rights for brands
from the CVH Spirits Limited portfolio in France and South Korea. In accordance with Capevin Holdings
Proprietary Limited's memorandum of incorporation, Campari Group has exercised its right to appoint a board
member and has additional governance rights to protect its minority position. The purchase price paid in
September 2024 amounted to GBP69.6 million (corresponding to €82.6 million at the exchange rate of the
transaction date) plus GBP3.5 million (€4.2 million at the relative exchange rate of the transaction date) for the
additional stake subsequently acquired. The transaction was financed using available cash.
Moreover, in September 2024 and November 2024 respectively, the Group finalised negotiations to acquire the
remaining 49% minority interests in Licorera Ancho Reyes y cia, S.A.P.I. de C.V. and Casa Montelobos, S.A.P.I.
de C.V., (for a final consideration amounting to €55.2 million) as well as in Trans Beverages Company Ltd. (for a
final amount of €21.9 million), subsequently renamed Campari Korea Ltd.. The final considerations were
confirmed to be aligned with the estimated debts recognised previously and represented as 'Liabilities for put
option and earn-out payments' in the consolidated accounts.
Furthermore, in December 2024, the remaining 40% minority interest in Thirsty Camel Ltd. (effectively renamed
as Campari New Zealand Ltd. starting from 1 January 2025) was acquired. The consideration paid was broadly
in line with the related non-controlling interests previously recognised at Group level.
As all companies were already under Campari Group's control and included within its consolidation perimeter,
the above-mentioned transactions had no material impact on the Group economic results.

Performance review | 30

Campari Group annual report for the year ended 31 December 2024

New Route-to-Market and Distribution Agreements Evolution
As of 1 January 2024, Campari Group entered the Greek market by leveraging on its subsidiary Campari Hellas
S.A., which undertook the trading and distribution of the Group’s portfolio for Greece. The strategic decision
demonstrates the importance of the Greek market for the Group’s growth trajectory, given the prospects and
opportunities the country offers, particularly for aperitifs, as one of the most popular summer destinations.
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. From October 2024,
Campari Japan entered into an exclusive distribution agreement for Jägermeister products in the Japanese
market.
Group significant events and corporate and sustainable actions
Annual General Meeting of Davide Campari-Milano N.V. and Board member changes
The Annual General Meeting of shareholders held on 11 April 2024 (‘AGM’) approved the annual accounts for
the financial year 2023 (including, inter alia, the financial statements for the year ended 31 December 2023, the
non-financial disclosure, the corporate governance and the remuneration report) and the distribution of a cash
dividend of €0.065 per share outstanding, gross of withholding taxes, up by +8.3% compared with the previous
financial year. The total dividend amounted to €78.1 million and was paid on 24 April 2024 in accordance with
the Italian Stock Exchange calendar. The AGM granted discharge to the Executive and Non-Executive directors
in office in 2023 in relation to the performance of their respective duties pursuant to applicable regulation. Other
AGM resolutions were the following:
- adoption of a new Company remuneration policy aimed at providing a compensation structure that allows
Campari to attract and retain the most highly qualified executive talent and to motivate such executives to
achieve business and financial goals that create value for shareholders and other stakeholders consistently
in line with the Group’s core business and leadership values;
- approval of a Long-Term Incentive Plan (‘LTI Plan’) for the Company’s Lead Team with the aim of creating a
link between the Company’s performance and the Company’s Lead Team members: the latter will be
awarded a right to receive a number of Campari shares for free, subject to i) their continued directorship or
employment relationship during a three-year vesting period and ii) the achievement of certain performance
targets; as well as approval of a LTI Plan for eligible employees of the Group, aimed at rewarding selected
employees of the Group for their active participation in Group performance and to foster retention. The
eligible employees will be awarded a right to receive for free a number of Campari shares, subject to their
continued employment during a three-year vesting period. All details of the plans are available at https://
www.camparigroup.com/en/page/group/governance in the ‘Lead Team LTI Information Document’ and in the
‘LTI Information Document’, prepared in accordance with Article 84-bis of the 11971 Regulation;
- approval of a LTI Plan for the Company’s Chief Financial and Operating Officer (‘CFOO’), aimed at rewarding
the CFOO, who has provided the Company with extraordinary value during a long-standing managerial
period, and ensuring retention of the CFOO with a long-term vision. The Company’s CFOO will be awarded a
right to receive for free a number of Campari shares, subject to his continued directorship relationship during
an eight-year vesting period and the achievement of certain performance targets, as further explained in
accordance with Article 114-bis of the 11971 Regulation;
- authorisation of the Board of Directors to purchase the Company’s own shares, mainly aimed at the
replenishment of the portfolio of own shares to serve the current and future equity-based incentive plans for
the Group’s management, according to the limits and procedures provided by the applicable laws and
regulations. The authorisation is granted until 11 October 2025.
Following the decision of Robert Kunze-Concewitz to resign as Executive Director and Chief Executive Officer of
the Company, effective as of the 2024 AGM, Matteo Fantacchiotti was appointed as Executive Director of the
Company by the AGM and subsequently Chief Executive Officer by the Board of Directors on 15 April 2024. Due
to Matteo Fantacchiotti’s resignation for personal reasons, effective 18 September 2024, the Board decided to
appoint Paolo Marchesini (Chief Financial and Operating Officer) and Fabio Di Fede (Chief Legal and M&A
Officer) as ad interim co-Chief Executive Officers. Considering these Board changes, Paolo Marchesini and
Fabio di Fede have also been appointed as executive members of a Leadership Transition Committee, chaired
by Bob Kunze-Concewitz. This Committee has been entrusted with overseeing the selection of the new Chief
Executive Officer, to be proposed to the Board of Directors following a thorough evaluation of both internal and
external candidates, in line with best governance practices. Simultaneously, Jean-Marie Laborde, currently
serving as a member of the Board of Directors of Davide Campari-Milano N.V. and the Control, Risks, and
Sustainability Committee, has been appointed Vice Chairman.

Performance review | 31

Campari Group annual report for the year ended 31 December 2024

On 4 December 2024 the Board of Directors announced that Simon Hunt has been selected as the nominee for
Chief Executive Officer of Campari Group. In accordance with Dutch law, the Board of Directors has resolved to
call an Extraordinary General Meeting on 15 January 2025 to appoint Simon Hunt as Executive Director of
Davide Campari-Milano N.V.. During that extraordinary meeting a large majority of shareholders approved the
appointment of Simon Hunt as Executive Director of the Board of Directors of the Company until the Annual
General Meeting to be held in 2028.
Financial Debt Management
In addition to the funding mentioned above related to the Courvoisier acquisition, on 18 June 2024 Davide
Campari-Milano N.V. successfully completed the placement of an unrated 7-year bond targeted at institutional
investors for €220.0 million in principal aggregate amount of notes maturing on 25 June 2031, paying a fixed
annual coupon of 4.256% and issued at an issue price of 100% of the principal amount. The notes were
admitted to trading on Euronext Access Milan on 25 June 2024. The funds raised from the issuance will be
allocated towards general corporate purposes, encompassing capital investments aimed at fostering the
Group's growth. Through this transaction, which follows the repayment of the two bonds that expired in April
2024 for an overall amount of €300.0 million, Davide Campari-Milano N.V. intends to optimize its debt structure
by extending the average maturity of its liabilities while benefiting from favourable market conditions.
Reorganization of Brand clusters and Business Unit Reconfiguration
The Group undertook a partial business unit reconfiguration, resulting in the combined EMEA region starting
from 1 January 2024. The unified European area is aimed at strengthening the Group's leadership position in
this region, unlocking operational and commercial efficiencies. Therefore, to enhance disclosure concerning net
sales information, from 2024 the Group is overseen through distinct business units organised by the following
geographical regions: 'Americas', 'EMEA' (combining Europe and Southern Europe Developing Markets, Middle
East and Africa), and 'Asia-Pacific'.
The following table highlights the changes that affected the Group's net sales data, published during 2023,
which are re-presented combined, with reference to the new EMEA region. Despite the changes mentioned
being applicable from 1 January 2024, the table is shown to guarantee comparative consistency.

| for the year ended 31 December 2023
Group net sales focus by region | after reclassification | published
€ million | % | € million | %
Americas | 1,282.6 | 43.9% | 1,282.6 | 43.9%
Southern Europe, Middle East and Africa | - | - | 804.5 | 27.6%
North, Central and Eastern Europe | - | - | 601.3 | 20.6%
EMEA | 1,405.8 | 48.2% | - | -
Asia-Pacific | 230.2 | 7.9% | 230.2 | 7.9%
total | 2,918.6 | 100.0% | 2,918.6 | 100.0%

Simultaneously, the Group reorganised its brand clusters, with Espolòn being promoted to global priority brand
status effective from the same date. Global expansion for Espolòn is now enabled by an unconstrained supply
supported by the recent production capacity expansion. Furthermore, to align with the comprehensive product
portfolio review, minor adjustments have been made to the composition of regional priority clusters.
The following table highlights the changes that affected the Group's net sales data published during 2023, which
are re-presented with reference to the brand clusters review, despite the changes mentioned being applicable
from 1 January 2024, to guarantee comparative consistency.

| for the year ended 31 December 2023
Group net sales focus by priorities | after reclassification | published
€ million | % | € million | %
global priority brands | 1,897.8 | 65.0% | 1,664.1 | 57.0%
regional priority brands | 570.1 | 19.5% | 751.1 | 25.7%
local priority brands | 191.1 | 6.5% | 242.2 | 8.3%
rest of the portfolio | 259.5 | 8.9% | 261.1 | 8.9%
total | 2,918.6 | 100.0% | 2,918.6 | 100.0%

Performance review | 32

Campari Group annual report for the year ended 31 December 2024

| for the year ended 31 December 2023
| after reclassification | published
€ million | € million
global priority brands | 1,897.8 | 1,664.1
Aperol | 703.5 | 703.5
Campari | 309.6 | 309.6
Espolòn | 233.2 | -
Wild Turkey portfolio | 226.9 | 226.9
Jamaican rums portfolio | 156.5 | 156.5
Grand Marnier | 143.2 | 143.2
SKYY | 124.4 | 124.4
regional priority brands | 570.1 | 751.1
Sparkling Wines, Champagne&Vermouth | 158.8 | -
Other specialities | 289.8 | -
Other Whisk(e)y | 57.7 | -
Crodino | 63.9 | 63.9
Espolòn | - | 233.2
Sparkling Wine&vermouth | - | 150.5
Italian specialities | - | 79.7
Magnum Tonic | - | 52.5
Aperol Spritz RTE (ready-to-enjoy) | - | 38.7
The GlenGrant | - | 31.1
other | - | 101.5
local priority brands | 191.1 | 242.2
Campari Soda | 78.7 | 78.7
Wild Turkey ready-to-drink | 48.6 | 48.6
SKYY ready-to-drink | 40.8 | 40.8
Ouzo | 23.0 | -
X-Rated | - | 12.3
other | - | 61.8
rest of the portfolio | 259.5 | 261.1
total | 2,918.6 | 2,918.6

For more detailed information refer to the Campari Group annual report for the year ended 31 December 2023.
Future Relocation of Campari Group’s Headquarters
Campari Group undertook new investments in a real-estate project to host its new headquarters and the new
combined EMEA region, creating a fully modernised working environment, leveraging its proprietary brand
houses and academies in the city centre, thus re-establishing its bond with Milan. The new headquarters will
serve as a pivotal, iconic and accessible hub, attracting and retaining the best domestic and international talent.
Additional capital expenditure to support the Group’s move to new headquarters in downtown Milan is estimated
at an initial investment of approximately €110.0 million in 2024 plus renovation. The move is expected to take
place in 2027 following renovation.

Performance review | 33

Campari Group annual report for the year ended 31 December 2024

Group financial review
Sales performance
The nature, amount, timing and uncertainty of sales, as well as the corresponding cash flows, are affected by
economic and business factors which differ across markets, also as a function of their different sizes and
maturity profiles. These elements are primarily attributable to demographics, consumption habits and are also
influenced by historical, social and climatic factors, local consumer taste preferences, propensity to consume,
the market commercial structure in terms of the weight of the distribution channels (off-premise versus on-
premise) as well as retailer concentration. As an effect of the above factors, the sales composition by brand
differs from market to market. Consequently, the brand-building and sales infrastructure investments are
allocated to respond to each market priority.
Starting from 1 January 2024, the Group implemented a partial business unit reconfiguration which combined
the EMEA region (combining Europe and Southern Europe Developing Markets, Middle East and Africa), aiming
to enhance the Group's leadership position in this region, unlocking operational and commercial efficiencies.
Following the aforementioned changes, the Group's business units are organised by the subsequent
geographical regions: 'Americas', 'EMEA' and 'Asia-Pacific'.
To highlight the main business performance drivers in a diversified context and to assess the contribution of the
different brands to the overall sales performance of the Group, further breakdowns by brand category (global,
regional and local brands) and for major brands are provided to better explain their contribution to the region.
The categorisation of brands into three main clusters (global priorities, regional priorities and local priorities) is
based on their scale, growth potential and business prio rity. As indicated in the ‘Group significant events and
corporate actions’, effective as of 1 January 2024, the Group also reorganised its brand clusters, applying
modifications with a retrospective approach. Although the changes mentioned are applicable from 1 January
2024, the information presented below has been uniformly restated to ensure comparative consistency.
i. Key highlights
In 2024, Group net sales amounted to €3,069.7 million, with a reported increase of +5.2% compared with the
same period of 2023 with solid growth driven by global priorities, primarily in the Americas and EMEA, in a
softened market context. This increase was composed of organic growth of +2.4%, driven by global priorities,
primarily in the Americas and EME A, notwithstanding the negative impact of poor weather especially in Europe,
pressure on disposable income from inflation, challenging trading conditions an d a perimeter impact of +2.7%
mainly driven by Courvoisier, while the exchange rate component was negligible at +0.1%.

| for the year ended 31 December |  |  |  |  |  |  |  |
| 2024 | 2023 | total change | full year change %, of which | organic change % by quarter
| € million | € million | € million | total | organic | perimeter | exchange rate(1) | first | second | third | fourth
total | 3,069.7 | 2,918.6 | 151.1 | 5.2% | 2.4% | 2.7% | 0.1% | 0.2% | 6.9% | -1.4% | 3.4%

(1)Includes the effects associated with hyperinflation in Argentina.
To mitigate the effect of hyperinflationary economies, the organic change for countries having to adopt the
hyperinflationary methodology laid down in IFRS (i.e. Argentina) includes only the component attributable to
volumes sold in relation to net sales, while the effects associated with hyperinflation, including price index
variation and price increases, are treated as exchange rate effects. As regards the ongoing business in Russia-
Ukraine, it continued to have a limited impact on the Group’s consolidated results.
An in-depth analysis by geographical region and core market of sales registered in 2024 compared with the
same period of 2023 is provided below. Unless otherwise stated, the comments relate to the organic change in
each market.
ii. Organic sales performance of operating segments
The sales performance of the Group’s operating segm ents in 2024 co mpared with the same period of 2023 is
provided in the table below.

Performance review | 34

Campari Group annual report for the year ended 31 December 2024

| for the year ended 31 December |  |  |  |  |  |
Group net sales focus by region | 2024 | 2023 | total change | full year change %, of which | fourth quarter organic change %
€ million | % | € million | % | € million | total | organic | perimeter | exchange rate(1)
Americas | 1,388.5 | 45.2% | 1,282.6 | 43.9% | 105.8 | 8.3% | 3.6% | 3.7% | 0.9% | -
EMEA | 1,464.7 | 47.7% | 1,405.8 | 48.2% | 58.9 | 4.2% | 2.7% | 1.9% | -0.3% | 6.7%
Asia-Pacific | 216.5 | 7.1% | 230.2 | 7.9% | (13.6) | -5.9% | -5.8% | 1.6% | -1.8% | 4.3%
total | 3,069.7 | 100.0% | 2,918.6 | 100.0% | 151.1 | 5.2% | 2.4% | 2.7% | 0.1% | 3.4%

(1)Includes the effects associated with hyperinflation in Argentina.
- A mericas
The region, broken down into its core markets below, recorded an overall organic increase of +3.6%. The region
is predominantly off-premise skewed, particularly North America.

|  | for the year ended 31 December |  |  |  |  |  |
% of Group total | 2024 | 2023 | total change | full year change %, of which | fourth quarter organic change %
€ million | % | € million | % | € million | total | organic | perimeter | exchange rate(1)
US | 28.0% | 860.2 | 62.0% | 813.1 | 63.4% | 47.1 | 5.8% | - | 5.8% | - | -6.5%
Jamaica | 4.8% | 148.2 | 10.7% | 151.0 | 11.8% | (2.7) | -1.8% | 1.1% | -1.4% | -1.5% | 1.5%
Other countries of the region(1) | 12.4% | 380.1 | 27.4% | 318.6 | 24.8% | 61.5 | 19.3% | 14.1% | 0.6% | 4.6% | 18.1%
Americas | 45.2% | 1,388.5 | 100.0% | 1,282.6 | 100.0% | 105.8 | 8.3% | 3.6% | 3.7% | 0.9% | -

(1)Includes the effects associated with hyperinflation in Argentina.
In 2024, the United States , accounting for 28.0% of Group net sales, showed flat full year performance in a
softened market context, with a fourth quarter (-6.5%) impacted by a high base (fourth quarter 2023: +12.8%).
Espolòn (+11.8% in 2024 and +38.1% in 2023) and Aperol (+10.9% in 2024 and +52.0% in 2023), despite tough
comparison bases, as well as Grand Marnier, continued to outperform the industry, offset by persisting
challenges in SKYY and some softness in Wild Turkey.
In the fourth quarter, Jamaica showed low single-digit growth (+1.5% while full year 2024 was +1.1%) with
normalisation following the impact of the hurricane in July. Performance was driven by Appleton Estate and
Magnum Tonic Wine during the year, supported by price increases offsetting supply challenges, mainly in Wray
and Nephe w Overproof.
Ongoing solid performance (+14.1%) was registered across the rest of the region, mainly driven by double-
digit growth in Brazil due to aperitifs and local Brazilian brands. Sustained performance in the other markets was
mainly driven by Aperol.
- EMEA
The region, which is broken down by core markets in the table below, reported an organic increase of +2.7%.
The predominance between off-premise and on-premise channels varies by country.

|  | for the year ended 31 December |  |  |  |  |  |
% of Group total | 2024 | 2023 | total change | full year change %, of which | fourth quarter organic change %
€ million | % | € million | % | € million | total | organic | perimeter | exchange rate
Italy | 15.3% | 469.0 | 32.0% | 489.6 | 34.8% | (20.6) | -4.2% | -4.3% | 0.1% | - | 0.9%
Germany | 8.2% | 253.2 | 17.3% | 240.1 | 17.1% | 13.1 | 5.5% | 5.1% | 0.4% | - | 3.6%
France | 5.2% | 160.1 | 10.9% | 171.6 | 12.2% | (11.5) | -6.7% | 0.2% | -6.9% | - | 9.4%
United Kingdom | 3.8% | 116.3 | 7.9% | 94.4 | 6.7% | 21.9 | 23.2% | -5.8% | 26.4% | 2.6% | 0.2%
Other countries of the region | 15.2% | 466.2 | 31.8% | 410.1 | 29.2% | 56.0 | 13.7% | 12.5% | 2.9% | -1.8% | 14.8%
EMEA | 47.7% | 1,464.7 | 100.0% | 1,405.8 | 100.0% | 58.9 | 4.2% | 2.7% | 1.9% | -0.3% | 6.7%

In Italy, performance stabilised in the fourth quarter (+0.9%), mainly driven by Aperol and Campari, confirming
their ongoing leading position and brand health in the market following a challenging period impacted by poor
weather, commercial dispute and wholesalers de-stocking leading to a full year decrease of -4.3%.
Solid ongoing performance in Germany (+5.1%) was driven by further reinforcement of aperitifs leadership with
Aperol as well as Sarti Rosa (5.6% of Germany sales compared to 1.4% last year) with continued gains in brand
health indicators.
France showed stable full year performance (+0.2%) with a favourable fourth quarter (+9.4%) benefiting from an
easy comparison base (fourth quarter 2023: -6.4%) in an ongoing subdued market environment, mainly driven
by Campari and Picon.

Performance review | 35

Campari Group annual report for the year ended 31 December 2024

Performance in the United Kingdom was stable in the fourth quarter 2024 (+0.2%) despite an ongoing
challenging operating environment. Negative full year performance (-5.8%) was driven by the impact of supply
constraints in Jamaican rums and Magnum Tonic Wine as well as a challenging comparison base.
The other countries in the region showed double-digit growth (+12.5%) driven by a positive contribution from
most markets, mainly driven by aperitifs as well as Espolòn off a small base. The biggest drivers of growth are
GTR and Greece (which now contributes 1% of Group sales benefiting from recent local route-to-market
investments) as well as Spain and the Netherlands.
- A sia-Pacific
This region, which is predominantly off-premise skewed and whose market breakdown is shown in the table
below, recorded organic change of -5.8%.

|  | for the year ended 31 December |  |  |  |  |  |
% of Group total | 2024 | 2023 | total change | full year change %, of which | fourth quarter organic change %
€ million | % | € million | % | € million | total | organic | perimeter | exchange rate
Australia | 3.8% | 115.8 | 53.5% | 123.2 | 53.5% | (7.4) | -6.0% | -5.5% | 0.1% | -0.7% | 2.1%
Other countries of the region | 3.3% | 100.8 | 46.5% | 107.0 | 46.5% | (6.2) | -5.8% | -6.1% | 3.3% | -3.1% | 7.1%
Asia-Pacific | 7.1% | 216.5 | 100.0% | 230.2 | 100.0% | (13.6) | -5.9% | -5.8% | 1.6% | -1.8% | 4.3%

Australia showed positive fourth-quarter performance (+2.1%), mainly driven by aperitifs during peak season,
to be further supported by a focused on-premise strategy in the upcoming period. Espolòn grew rapidly both in
bottled and newly launched RTD formats off a small base. Full year performance was -5.5%. Excluding co-
packing activities, it was flat in full year and +5.0% in the fourth quarter of 2024.
Regarding the other countries of the region, a positive performance was achieved in the fourth quarter
(+7.1%), mainly driven by China and India, benefiting from RTM investments which previously weighed on
performance. Full year performance (-6.1%) was driven by Wild Turkey bottle and Ready-To-Drink innovation in
Japan and positive performance in China.
- B rand contribution on segments
The table shows the brand contribution to consolidated net sales and the most relevant segment and markets
for each brand. While the global priority cluster includes brands with a globally diversified geographic exposure
(either current or potential), regional priorities are concentrated in a limited number of countries within the same
region, while local priorities focus on one main domestic market.

Performance review | 36

Campari Group annual report for the year ended 31 December 2024

Group percentage and net sales by priority for the year ended 31 December 2024 | full year change % compared with full year 2023, of which(1) | fourth quarter organic change % compared with fourth quarter 2023 | main region/markets for brands
| % | € million | total | organic | perimeter | exchange rate
global priority brands | 66.8% | 2,050.2 | 8.1% | 3.6% | 3.8 | 0.6% | 4.1% | -
Aperol | 24.1% | 740.9 | 5.3% | 5.1% | - | 0.2% | 13.7% | -
|  |  |  |  |  |  |  | Italy, EMEA
|  |  |  |  |  |  |  | Germany, EMEA
|  |  |  |  |  |  |  | US, AMERICAS
|  |  |  |  |  |  |  | France, EMEA
|  |  |  |  |  |  |  | United Kingdom, EMEA
Campari | 11.0% | 337.4 | 9.0% | 8.8% | - | 0.2% | 12.8% | -
|  |  |  |  |  |  |  | Italy, EMEA
|  |  |  |  |  |  |  | Brazil, AMERICAS
|  |  |  |  |  |  |  | US, AMERICAS
|  |  |  |  |  |  |  | Germany, EMEA
|  |  |  |  |  |  |  | Jamaica, AMERICAS
Espolòn | 8.6% | 264.6 | 13.5% | 13.7% | - | -0.3% | 0.2% | -
|  |  |  |  |  |  |  | US, AMERICAS
|  |  |  |  |  |  |  | Australia, APAC
|  |  |  |  |  |  |  | Canada, AMERICAS
|  |  |  |  |  |  |  | Italy, EMEA
|  |  |  |  |  |  |  | GTR, EMEA
Wild Turkey portfolio(2)(3) | 7.0% | 215.7 | -4.9% | -4.2% | - | -0.7% | -2.8% | -
|  |  |  |  |  |  |  | US, AMERICAS
|  |  |  |  |  |  |  | Australia, APAC
|  |  |  |  |  |  |  | South Korea, APAC
|  |  |  |  |  |  |  | Japan, APAC
|  |  |  |  |  |  |  | Canada, AMERICAS
Jamaican rums portfolio(4) | 4.8% | 147.1 | -6.0% | -5.2% | - | -0.8% | -5.1% | -
|  |  |  |  |  |  |  | Jamaica, AMERICAS
|  |  |  |  |  |  |  | US, AMERICAS
|  |  |  |  |  |  |  | United Kingdom, EMEA
|  |  |  |  |  |  |  | Canada, AMERICAS
|  |  |  |  |  |  |  | Mexico, AMERICAS
Grand Marnier | 4.7% | 144.7 | 1.1% | 1.3% | - | -0.2% | -10.6% | -
|  |  |  |  |  |  |  | US, AMERICAS
|  |  |  |  |  |  |  | Canada, AMERICAS
|  |  |  |  |  |  |  | France, EMEA
|  |  |  |  |  |  |  | GTR, EMEA
|  |  |  |  |  |  |  | Italy, EMEA
SKYY(2) | 4.1% | 127.3 | 2.3% | -8.5% | - | 10.8% | -1.8% | -
|  |  |  |  |  |  |  | US, AMERICAS
|  |  |  |  |  |  |  | Argentina, AMERICAS
|  |  |  |  |  |  |  | Germany, EMEA
|  |  |  |  |  |  |  | China, APAC
|  |  |  |  |  |  |  | South Africa, EMEA
Courvoisier(5) | 2.4% | 72.5 | - | - | - | - | - | -
|  |  |  |  |  |  |  | US, AMERICAS
|  |  |  |  |  |  |  | United Kingdom, EMEA
regional priority brands | 18.4% | 563.7 | -1.1% | -1.6% | - | 0.5% | 0.5% | -
Sparkling Wines, Champagne&Vermouth | 5.7% | 176.4 | 11.1% | 10.3% | - | 0.8% | 10.3% |
Other specialities(6) | 9.1% | 278.0 | -4.1% | -4.9% | - | 0.8% | -0.1% |
Other Whisk(e)y(7) | 1.5% | 45.2 | -21.6% | -19.9% | - | -1.7% | -31.5% |
Crodino | 2.1% | 64.0 | 0.3% | 0.1% | - | 0.2% | -0.1% |
local priority brands | 6.1% | 188.2 | -1.5% | -0.7% | - | -0.9% | 0.3% | -
Campari Soda | 2.5% | 77.0 | -2.2% | -2.3% | - | - | -1.2% |
Wild Turkey ready-to-drink(8) | 1.6% | 48.7 | 0.3% | 1.2% | - | -0.9% | 1.0% |
SKYY ready-to-drink | 1.2% | 36.8 | -9.8% | -6.7% | - | -3.1% | - |
Ouzo 12 | 0.8% | 25.7 | 11.6% | 11.6% | - | 0.1% | 3.4% |
rest of the portfolio | 8.7% | 267.6 | 3.0% | 4.8% | 1.9% | -3.8% | 8.6% | -
total | 100.0% | 3,069.7 | 5.2% | 2.4% | 2.7% | 0.1% | 3.4% | -
(1)For information on reclassifications of comparative figures, refer to note ‘Significant events during and after the end of the period’. (2) Excludes ready-to-drink. (3)Includes American Honey. (4)Includes Appleton Estate, Wray&Nephew Overproof and Kingston 62. (5)Excluding Salignac. (6)Includes Braulio, Cynar, Averna, Frangelico, Del Professore, Ancho Reyes, Montelobos, Cabo Wabo, Bisquit&Dubouché, Bulldog, Trois Rivières, Picon, Maison La Mauny, Magnum Tonic, Aperol Spritz ready-to-enjoy and X-Rated. (7)Includes The GlenGrant, Forty Creek and Wilderness Trail. (8)Includes American Honey ready-to-drink.

Focusing on the key brands driving the aforementioned performance by segment, the main drivers by brand-
category and by brand are reported below.

Performance review | 37

Campari Group annual report for the year ended 31 December 2024

Global priority brands reported resilient performance of +3.6% overall. Double-digit growth for Aperol in the
fourth quarter (+13.7%) was driven especially by the United States, Germany and Italy. Full year growth (+5.1%)
was mainly driven by the Americas, including the United States, Canada and seeding markets like Mexico and
Brazil, as well as Germany, Greece, Spain, GTR and Australia, partially offset by softened trends in Italy during
peak season. Campari recorded solid ongoing growth in the fourth quarter (+12.8%), leading to solid +8.8% full
year growth driven by the Americas, especially Brazil, as well as GTR, France and Greece. Espolòn continued
double-digit growth (+13.7%) on a high comparison base (full year 2023: +35.7%) led by the core United States
market and seeding markets like Australia, Italy and GTR off a small base, in line with the international
expansion strategy. Wild Turkey showed soft full year performance (-4.2%) driven by the core United States
and Australia, offsetting solid growth in Japan and other European markets off a small base. Russell’s Reserve
grew by +2.1% in the full year and +9.3% in the fourth quarter with an impact on volumes offset by price
repositioning against a backdrop of ongoing competition. Jamaican Rums declined in the fourth quarter
(-5.1%), albeit with decelerating pace in comparison with the third quarter of 2024, across all core markets (the
United States, Canada, the United Kingdom and Jamaica) due to supply constraints offsetting the positive
contribution from Jamaica in the full year due to strong first half of the year performance. Grand Marnier grew
by +1.3% on a full year basis, mainly driven by the core United States (+2.6%) and GTR. Decline in the fourth
quarter (-10.6%) was driven by the United States with a focus on pricing in a highly competitive market. SKYY
was down b y -8.5% with decelerating pace in the fourth quarter (-1.8%). The t rend was mainly driven by the
core United States in line with other major players in the category, more than offsetting growth in the rest of the
Americas as well as GTR off a small base. Courvoisier was incorporated into the Group’s global priority brands
as of May 2024 and generated sales of €72.5 million (excluding Salignac) primarily in the United States and the
United Kingdom, accounting for 2.4% of total net sales. The integration of the new business is progressing in
line with plan, with strengthening of sales capabilities in core focus markets underway, primarily the United
States, the United Kingdom and China. Concomitantly, commercial actions are ongoing with a focus on (i)
clearing of trade channels, (ii) renegotiation of commercial agreements to re-align the pricing structure and (iii)
start of brand-building investments. The brand is to be consolidated into organic growth as of May 2025.
Regional priority brands showed an organic decrease of -1.6%. Sparkling Wines, Champagne&Vermouth
reported solid growth (+10.3%), driven particularly by Lallier Champagne across various countries, including
Australia, the United Kingdom, Italy and France supported by increased focus and the launch of the new
Reflexion R.020 edition during the year; solid growth for Mondoro Sparkling Wine and Cinzano Vermouth. Other
specialities were down by -4.9%, with positive performance of Picon and Aperol Spritz RTE offset by Magnum
Tonic due to supply constraints and X-Rated in the Asia-Pacific region. The performance of other Whisk(e)y
(-19.9%) was impacted by pressure on the category, albeit with positive trends ongoing in Japan. Core no-
alcohol Crodino (+0.1%) showed solid growth across EMEA excluding Italy (+18.7% in 2024) while Italy was
impacted by variant discontinuation (excluding this impact, Italy +3%).
The local priority brands showed a negligible organic reduction of -0.7%. Campari Soda (-2.3%) was impacted
by poor weather in the core Italian market in the second quarter of the year. Wild Turkey ready-to-drink
(+1.2%) grew, driven mainly by ongoing positive results in Japan off a small base. SKYY ready-to-drink (-6.7%)
was impacted by the highly competitive core Mexican market. Ouzo 12 reported solid positive double-digit
growth (+11.6%) mainly thanks to the core market Germany as well as the United States and GTR off a small
base.
The rest of the portfolio reported positive growth of +4.8% mainly driven by Sarti Rosa and the Brazilian
brands.
iii. Perimeter variation
The perimeter variation of 2.7% in 2024, as compared with sales in 2023 , is analysed in the table below.

perimeter variation |  |
breakdown of the perimeter effect | € million | % on 2023
asset deals and business acquisitions | 74.6 | 2.6%
total asset deals and business acquisitions | 74.6 | 2.6%
new agency brands | 36.2 | 1.2%
discontinued agency brands | (33.3) | -1.1%
total agency brands | 2.9 | 0.1%
total perimeter effect | 77.5 | 2.7%

Performance review | 38

Campari Group annual report for the year ended 31 December 2024

- Asset deals and business acquisitions
In the year 2024, the contribution to sales from business acquisitions amounted to +2.6% at overall Group level
and was comprised of the Courvoisier brands (Courvoisier and Salignac), since the business has been
integrated into the Group since the completion of the transaction on 30 April 2024.
- Agency brands distribution
The perimeter variation due to the agency brands in the year ended 31 December 2024 was +0.1%, mainly
related to the sales generated by Miraval, which was exclusively distributed in the United States and France
markets, and the Proximo portfolio in France, offset by the discontinuation of other agency brands.
iv. Exchange rate effects
The exchange rate effect for the year ended 31 December 2024 was slightly positive at +0.1% due to the
offsetting effect of the depreciation and appreciation against the € of the Group’s key currencies. The exchange
rate effect includes the impact of applying the IAS29 Hyperinflation principle in Argentina. Moreover, as a
prudent measure to strip out the effects of the local high inflation rate, the exchange rate effect also includes the
pricing component.
The table below shows, for the Group’s most important currencies, the average exchange rates for the year
ended 31 December 2024 and the same period of 2023 respectively, and the spot rates at 31 December 2024,
with the percentage change against the € compared with 31 December 2023.

| average exchange rates | spot exchange rates
| for the year ended 31 December 2024 | for the year ended 31 December 2023 | revaluation/(devaluation) vs. nine months 2023 | at 31 December 2024 | at 31 December 2023 | revaluation/(devaluation) vs. 31 December 2023
| 1 Euro | : 1 Euro | % | 1 Euro | : 1 Euro | %
US$ | 1.082 | 1.082 | - | 1.039 | 1.105 | 6.4%
Canadian Dollar | 1.482 | 1.460 | -1.5% | 1.495 | 1.464 | -2.0%
Jamaican Dollar | 169.267 | 166.714 | -1.5% | 161.513 | 170.623 | 5.6%
Mexican Peso | 19.825 | 19.190 | -3.2% | 21.550 | 18.723 | -13.1%
Brazilian Real | 5.827 | 5.402 | -7.3% | 6.425 | 5.362 | -16.6%
Argentine Peso(1) | 1,070.806 | 892.924 | -16.6% | 1,070.806 | 892.924 | -16.6%
Russian Ruble(2) | 100.374 | 92.479 | -7.9% | 116.562 | 99.192 | -14.9%
Great Britain Pound | 0.847 | 0.870 | 2.8% | 0.829 | 0.869 | 4.8%
Swiss Franc | 0.953 | 0.972 | 2.0% | 0.941 | 0.926 | -1.6%
Australian Dollar | 1.640 | 1.628 | -0.7% | 1.677 | 1.626 | -3.0%
Yuan Renminbi | 7.786 | 7.659 | -1.6% | 7.583 | 7.851 | 3.5%
(1)The average exchange rate of the Argentine Peso for both 2024 and 2023 was equal to the spot exchange rate at 31 December 2024 and at 31 December 2023 respectively, based on IFRS accounting requirements for hyperinflation. (2) On 2 March 2022, the European Central Bank (‘ECB’) decided to suspend the publication of € reference rate for the Russian Ruble until further notice. The Group has therefore decided to refer to an alternative reliable source for exchange rates based on executable and indicative quotes from multiple dealers.

Performance review | 39

Campari Group annual report for the year ended 31 December 2024

Statement of profit or loss
Key highlights
The table below shows the statement of profit or loss for the year ended 31 December 2024 and a breakdown of
the total change by organic, perimeter and exchange rate effects.

| for the year ended 31 December |  |  |  |  |  |  |  |
| 2024 | 2023 | total change | of which organic | of which perimeter | of which due to exchange rates and hyperinflation
| € million | % | € million | % | € million | % | € million | % | € million | % | € million | %
Net sales(1) | 3,069.7 | 100.0 | 2,918.6 | 100.0 | 151.2 | 5.2% | 70.5 | 2.4% | 77.5 | 2.7% | 3.2 | 0.1%
Cost of sales | (1,303.0) | (42.4) | (1,218.5) | (41.7) | (84.5) | 6.9% | (29.7) | 2.4% | (55.9) | 4.6% | 1.1 | -0.1%
Gross profit | 1,766.7 | 57.6 | 1,700.1 | 58.3 | 66.6 | 3.9% | 40.7 | 2.4% | 21.6 | 1.3% | 4.3 | 0.3%
Advertising and promotional expenses | (513.3) | (16.7) | (494.1) | (16.9) | (19.2) | 3.9% | (5.2) | 1.1% | (13.4) | 2.7% | (0.6) | 0.1%
Contribution margin | 1,253.4 | 40.8 | 1,206.0 | 41.3 | 47.4 | 3.9% | 35.5 | 2.9% | 8.2 | 0.7% | 3.7 | 0.3%
Selling, general and administrative expenses | (648.4) | (21.1) | (587.3) | (20.1) | (61.2) | 10.4% | (50.7) | 8.6% | (11.4) | 1.9% | 1.0 | -0.2%
Result from recurring activities (EBIT-adjusted)(2) | 604.9 | 19.7 | 618.7 | 21.2 | (13.7) | -2.2% | (15.2) | -2.5% | (3.2) | -0.5% | 4.7 | 0.8%
Other operating income (expenses) | (212.6) | (6.9) | (78.5) | (2.7) | (134.0) | 170.7% |  |  |  |  |  |
Operating result (EBIT) | 392.4 | 12.8 | 540.2 | 18.5 | (147.8) | -27.4% |  |  |  |  |  |
Financial income (expenses) and adjustments | (88.9) | (2.9) | (75.6) | (2.6) | (13.3) | 17.5% |  |  |  |  |  |
Earn out income (expenses) and hyperinflation effect | 11.6 | 0.4 | 10.3 | 0.4 | 1.4 | 13.1% |  |  |  |  |  |
Profit (loss) related to joint-ventures and other investments | (59.5) | (1.9) | (8.3) | (0.3) | (51.2) | 617.0% |  |  |  |  |  |
Profit before taxation | 255.6 | 8.3 | 466.5 | 16.0 | (210.9) | -45.2% |  |  |  |  |  |
Profit before taxation-adjusted(2) | 522.8 | 17.0 | 544.2 | 18.6 | (21.4) | -3.9% |  |  |  |  |  |
Non-controlling interests-before taxation | (11.9) | (0.4) | 1.8 | 0.1 | (13.7) | -753.1% |  |  |  |  |  |
Group profit before taxation | 267.5 | 8.7 | 464.7 | 15.9 | (197.2) | -42.4% |  |  |  |  |  |
Group profit before taxation adjusted(2) | 534.7 | 17.4 | 542.4 | 18.6 | (7.7) | -1.4% |  |  |  |  |  |
Taxation | (63.0) | (2.1) | (134.0) | (4.6) | 71.1 | -53.0% |  |  |  |  |  |
Net profit for the period | 192.6 | 6.3 | 332.5 | 11.4 | (139.9) | -42.1% |  |  |  |  |  |
Net profit for the period-adjusted(2) | 367.0 | 12.0 | 392.4 | 13.4 | (25.4) | -6.5% |  |  |  |  |  |
Non-controlling interests | (9.0) | (0.3) | 2.0 | 0.1 | (11.0) | -545.1% |  |  |  |  |  |
Group net profit | 201.6 | 6.6 | 330.5 | 11.3 | (128.9) | -39.0% |  |  |  |  |  |
Group net profit-adjusted(2) | 376.0 | 12.2 | 390.4 | 13.4 | (14.4) | -3.7% |  |  |  |  |  |
Total depreciation and amortisation | (127.7) | (4.2) | (110.2) | (3.8) | (17.4) | 15.8% | (15.6) | 14.2% | (2.7) | 2.5% | 0.9 | -0.8%
EBITDA-adjusted(2) | 732.6 | 23.9 | 728.9 | 25.0 | 3.7 | 0.5% | 0.4 | 0.1% | (0.5) | -0.1% | 3.8 | 0.5%
EBITDA | 520.0 | 16.9 | 650.4 | 22.3 | (130.3) | -20.0% |  |  |  |  |  |

(1)Sales after deduction 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.
The change in profitability for the year ended 31 December 2024 shown as variation of percentage margin on
net sales (basis points) and in percentage terms, is as follows(1).

| for the year ended 2024 compared to the year ended 2023
margin accretion (dilution) in basis point(2) and organic | total | organic bps | % organic
Net sales | - | - | 2.4%
Cost of sales | (70) | - | 2.4%
Gross profit | (70) | - | 2.4%
Advertising and promotional expenses | 20 | 20 | 1.1%
Contribution margin | (50) | 20 | 2.9%
Selling, general and administrative expenses | (100) | (120) | 8.6%
Result from recurring activities (EBIT-adjusted) | (150) | (100) | -2.5%

Performance review | 40

Campari Group annual report for the year ended 31 December 2024

| fourth quarter 2024 compared to fourth quarter 2023
margin accretion (dilution) in basis point(2) and organic | total | organic bps | % organic
Net sales | - | - | 3.4%
Cost of sales | (60) | 40 | 2.5%
Gross profit | (60) | 40 | 4.1%
Advertising and promotional expenses | 130 | 170 | -5.4%
Contribution margin | 70 | 210 | 9.5%
Selling, general and administrative expenses | (110) | (170) | 11.4%
Result from recurring activities (EBIT-adjusted) | (40) | 40 | 6.6%
(1)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. (2)There may be rounding effects given that the corresponding basis points have been rounded to the nearest ten.

The perimeter component for the year ended 31 December 2024 reflected the integration of the Courvoisier
business from May 2024 onwards with negligible contribution in terms of EBIT due to the reinvestment into the
business brand building and commercial capabilities. In addition, the perimeter included the net effect of new
agency brands, including the Miraval and Proximo Spirits brands, which were more than offset by the
discontinuation of other agency business in France.
The exchange rate effect was slightly positive during the period, mainly driven by the positive impact of the US$,
Great Britain Pound and Mexican Peso, offset by other American currencies.
Statement of Profit or Loss in detail
The key profit or loss items for the year ended 31 December 2024 are analysed below, while a detailed analysis
of the ‘sales performance’ is included in the previous paragraph, to which reference is made.
Gross profit for the period amounted to €1,766.7 million, representing an increase of 3.9% compared to 2023
driven by top-line performance despite a challenging comparison base offsetting the increase in cost of sales.
As a percentage of net sales, gross margin stood at 57.6%, below the 58.3% reported in 2023, and hence
generating a dilutive effect of 70 basis points on a reported basis. The organic component was 2.4%, with a flat
effect on margin (0 basis points organic variation) with positive price impact, mainly skewed in the first quarter
due to carry-over effect, offset by cost of sales inflation on high-cost stock and the impact of lower volume on
fixed production costs as well as a negative mix effect in a challenging peak season for the high margin aperitifs.
Espolòn's contribution to margin was positive in 2024 thanks to the impact of declining agave cost, mainly
skewed in the fourth quarter with positive price impact offset by mix. In the fourth quarter, organic gross profit
benefited from a higher increase in net sales than cost of sales with a positive effect on margin (40 basis points
organic variation), thanks to a more efficient absorption of fixed production costs due to increased production
volume, despite mix being negatively affected by Espolòn's growth. Full year exchange rate variation was
positive at 0.3% (equivalent to an accretion of 10 basis points), while the perimeter was positive at 1.3%
(resulting in a dilution of 80 basis points).
Advertising and promotional expenses amounted to €513.3 million, reporting a 3.9% increase compared with
2023. In organic terms, the variation was positive by 1.1%, thus generating an organic accretive effect of 20
basis points on profitability, impacted mainly by lower activations during peak season due to poor weather
especially in Europe. Advertising and promotional expenses remained stable as a percentage of net sales on an
annual basis (16.7% for the year ended 31 December 2024, broadly in line with the 16.9% reported in 2023)
below normalized levels of 17-17.5%. Perimeter and exchange rate variation were both negligible at 2.7% and
0.1% respectively.
Contribution margin was €1,253.4 million for the year ended 31 December 2024, with a reported increase of
3.9% compared to 2023. As a percentage of sales, contribution margin stood at 40.8%. The organic growth
component was 2.9% with an accretive effect on profitability (20 basis points). The perimeter effect was positive
at 0.7%, with an 80 basis points dilutive effect on profitability, while the exchange rate effect of 0.3% led to an
accretive impact on margins of 10 basis points.
Selling, general and administrative expenses amounted to €648.4 million in 2024, up by 10.4% compared
with 2023. As a percentage of sales, they amounted to 21.1% (20.1% in 2023). At organic level, selling, general
and administrative expenses increased by 8.6%, therefore generating a dilutive effect on margins of 120 basis
points. The variation was largely due to the finalization of planned business investments, especially in route-to-
market, in the context of a more moderate top-line growth trend period which led to lower absorption of fixed
costs.

Performance review | 41

Campari Group annual report for the year ended 31 December 2024

The result from recurring operations (EBIT-adjusted) for the period was €604.9 million. The return on sales-
adjusted (‘ROS’) stood at 19.7%, down from 21.2% in the same period of 2023, resulting in a dilutive effect of
150 basis points on a reported basis. The organic component was -2.5% with a profit dilution of 100 basis points
on net sales. The impact of the exchange rate variation was positive at 0.8% (10 basis points accretive). The
perimeter effect was negative at -0.5% (60 basis points dilutive), mainly due to the net effect of the Courvoisier
business contribution from May 2024 onwards, Miraval and Proximo, partly offset by the termination of some
agency brands in France.
Other operating income (expenses) comprised a net expense of €212.6 million compared with €78.5 million
reported in 2023. The primary factors impacting 2024 were attributable to restructuring initiatives for €102.6
million, representing one of several key initiatives aimed at enhancing performance, alongside efforts to drive
growth, improve profitability, streamline processes and contain costs. At Group level, the program is projected to
achieve an improvement of 200 basis point of Selling, general and administrative expenses over the three-year
period from 2025 to 2027, encompassing both personnel and non-personnel expenses. Included in the 2024
consolidated financial statements, the programme underwent a comprehensive evaluation and estimation
process to ensure compliance with applicable accounting standards and accurate forecasting of expected costs
which covered the full scope of the plan with partial payment made by 31 December 2024.
Other operating income (expenses) also comprised the non-cash effect of the impairment of brands and fixed
assets (€56.8 million) and acquisition costs (totalling €12.3 million) primarily related to the Courvoisier deal,
penalties from the settlement of legal disputes (€5.4 million), non-recurring costs linked to finance transformation
(€4.9 million), last-mile long-term incentive schemes with retention purposes to be potentially awarded to senior
management (€2.5 million) as well as associated route-to-market changes (€25.9 million of which €16.0 million
cash neutral).
Operating result (EBIT) for the year ended 31 December 2024 was €392.4 million, reflecting a decrease of
-27.4% compared with 2023. ROS stood at 12.8% (18.5% reported in 2023).
Depreciation and amortisation totalled €127.7 million, up by +15.8% on the year ended 31 December 2023, of
which +14.2% was at organic level, -0.8% related to exchange rate variations and +2.5% increase due to
perimeter.
EBITDA-adjusted stood at €732.6 million, up by 0.5% compared to 2023 (0.1% organic level, 0.5% exchange
rate variations and nil perimeter effect).
EBITDA was €520.0 million for the year ended 31 December 2024, with a variation of -20.0% on a reported
basis compared with 2023.
Net financial expenses totalled €88.9 million compared with €75.6 million reported in 2023, including the
negative foreign exchange rate effect of cross-currency transactions of €9.0 million compared with the
corresponding negative effect of €19.2 million recorded for the year ended 31 December 2023, benefiting from a
supportive trend in exchange rates despite the ongoing inability to mitigate exposure to certain currencies
through derivative agreements. Excluding these components, net financial expenses amounted to €79.9 million
in the year ended 31 December 2024, showing an increase of €23.5 million compared to 2023. The growth was
driven by the higher average net debt in the year ended 31 December 2024 (€2,132.6 million at 31 December
2024 and €1,732.7 million at 31 December 2023), mainly due to the Courvoisier acquisition combined with the
increased average cost of financing in a higher interest rate environment, partially offset by the benefit of
temporary significant cash position ahead of the Courvoisier closing and debt repayments. The average cost of
net debt was 3.8% (3.3% in 2023). A summary of the net financial expenses is provided in the table below.

| for the year ended 31 December
| 2024 | 2023
| € million | € million
Total interest expenses bond, loans and leases | (111.4) | (70.8)
Bank and other term deposit interest income | 36.3 | 21.7
Other net expenses | (5.4) | (7.3)
Total financial expenses before exchange gain (losses) | (79.9) | (56.4)
Exchange gain (losses) | (9.0) | (19.2)
Total financial income (expenses) | (88.9) | (75.6)

Focusing in more detail on the composition of interest, the result for the year ended 31 December 2024 was
primarily influenced by the following key factors:
1 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’ in this Management Board Report.

Performance review | 42

Campari Group annual report for the year ended 31 December 2024

- interest expenses on bonds and loans of €111.4 million, compared to €70.8 million recorded in the
corresponding period of the previous year, primarily determined by the higher average net debt and
incremental level of interest associated with the renegotiation of bonds and loans in the ordinary course of
business, within a higher interest rate environment;
- interest income accrued from substantial liquidity available from the issuance of new ordinary shares and
senior unsecured convertible bonds which contributed to the majority of the €36.3 million income stream with
a factual increase, compared to the €21.7 million recorded in 2023.
Earn-out income (expenses) and hyperinflation effect was positive at €11.6 million and mainly related to
hyperinflation in Argentina.
Profit (loss) related to joint-ventures and other investments represented a net loss of €59.5 million, mainly
related to the non-cash effect of the impairment of the investments in Dioniso Group and Monkey Spirits.
Profit before taxation (Group and non-controlling interests) was €255.6 million, -45.2% compared with
2023. Profit before taxation as a percentage of sales was 8.3% (16.0% reported in 2023). After excluding
operating adjustments, the profit before taxation-adjusted amounted to €522.8 million, down -3.9% compared
to the year ended 31 December 2023, adjusted accordingly.
Group profit before taxation amounted to €267.5 million, -42.4% on the comparative 2023 period. The Group’s
profit before taxation as a percentage of sales was 8.7%, compared with the 15.9% reported in the year ended
31 December 2023. After excluding operating adjustments, the Group profit before taxation-adjusted
amounted to €534.7 million, -1.4% on the figure reported in the year ended 31 December 2023, adjusted
accordingly.
Taxation amounted to €63.0 million on a reported basis in 2024 . The reported tax rate for the year was 24.6%,
a decrease from the reported tax rate of 28.7% in 2023 due to benefit deriving from the Italian Patent Box (€6.5
million referred to 2024 and €18.4 million from the recapture of previous year's tax credit), partly offset by
country mix. Excluding adjustments to operating, financial and fiscal expenses and the extraordinary tax effect
mentioned above (totalling €92.8 million in 2024 compared to €17.7 million in 2023), the normalized tax rate was
29.8% in 2024, up from the 27.9% recognised in 2023 driven by country mix. Excluding the impact of the non-
cash component attributable to the deferred taxes relating to the amortisation of goodwill and brands eligible for
tax purposes (€16.4 million in 2024, down from €21.4 million in 2023 with the variance driven by the end of the
tax amortisation period of the Wild Turkey and The GlenGrant brands), the cash tax rate for 2024 was 26.6%,
above the 24.0% cash tax rate calculated for 2023.
Profit (loss) before taxation relating to non-controlling interests for the period under analysis was negative
at €9.0 million, compared to a gain of €2.0 million in the year 2023 .
Group net profit was €201.6 million in 2024, a decrease of -39.0%% compared to 2023, with a sales margin of
6.6%, lower than 2023 (11.3%). Excluding the adjustments to the operating and financial result and the related
tax effects and tax adjustments, the Group’s net profit decreased by 3.7% to €376.0 million (€390.4 million in
2023 reported on a consistent basis).
Basic and diluted earnings per share 1 were both €0.17. Once adjusted for the aforementioned components,
adjusted basic earnings amounted to €0.31 and adjusted diluted earnings amounted to €0.31. Adjusted basic
earnings per share and adjusted diluted earnings per share were up by -9.5%% and -9.0%% respectively,
compared to 2023 measured on a consistent basis.
The profit before taxation and the net profit, reported and adjusted to take into account other operating income
and expenses and adjustments to financial income and expenses, together with the related tax effects and other
tax adjustments, are shown below.

Performance review | 43

Campari Group annual report for the year ended 31 December 2024

| for the year ended 31 December
| 2024 | 2023
| € million | € million
adjustments to operating income (expenses), of which: |  | (212.6) |  | (78.5)
restructuring and reorganization costs | (102.6) |  | (19.6) |
fees from acquisition/disposals of business or companies, route to market changes and indemnities from contract resolutions | (38.1) |  | (17.0) |
non-recurring costs related to IT system implementation | - |  | (13.3) |
finance transformation costs | (4.9) |  | - |
last mile long-term incentive schemes with retention purposes | (2.5) |  | (10.0) |
impairment of tangible assets, brands and business disposed | (56.8) |  | (11.9) |
net penalties or gains arising from the settlement of tax and legal disputes | (5.4) |  | (8.4) |
Ukraine and Russia conflict costs | - |  | (2.3) |
capital gains (losses) on the disposal of tangible and intangible assets | - |  | 7.6 |
other adjustments of operating income (expenses) | (2.3) |  | (3.6) |
adjustments to financial income (expenses) |  | 0.5 | - | (0.1)
adjustment related to remeasurement in joint ventures and associates |  | (55.1) | - | 0.9
total adjustments |  | (267.2) | - | (77.7)
tax adjustments, of which: |  | 92.8 | - | 17.7
tax adjustments | 30.2 |  | (2.6) |
tax effect on operating and financial adjustments | 62.6 |  | 20.3 |
total net adjustment |  | (174.4) |  | (59.9)

| for the year ended 31 December |  |
| 2024 | 2023 | changes
€ million | reported | adjustments | adjusted | reported | adjustments | adjusted | reported | adjusted
profit before taxation | 255.6 | (267.2) | 522.8 | 466.5 | (77.7) | 544.2 | -45.2% | -3.9%
total taxation | (63.0) | 92.8 | (155.7) | (134.0) | 17.7 | (151.8) | -53.0% | 2.6%
tax adjustments |  | 30.2 |  |  | (2.6) |  |  |
tax effect on operating and financial adjustments |  | 62.6 |  |  | 20.3 |  |  |
net profit for the period | 192.6 | (174.4) | 367.0 | 332.5 | (59.9) | 392.4 | -42.1% | -6.5%
tax rate (reported and adjusted) | -24.6% |  | -29.8% | -28.7% |  | -27.9% |  |
deferred taxes on goodwill and trademarks |  | (16.4) | (16.4) |  | (21.4) | (21.4) |  |
cash tax rate |  |  | -26.6% |  |  | -24.0% |  |

Profitability by business area
A breakdown of the three geographical regions in which the Group operates is provided below and shows the
percentage of sales and the operating result from recurring activities for each segment for the two periods under
comparison.
Please refer to the ‘Sales performance’ paragraph of this Management Board Report for a more detailed
analysis of sales by business area for the period.

| for the year ended
| 2024 | 2023
| net sales | % of total | result from recurring activities (EBIT-adjusted) (1) | % of total | net sales | % of total | result from recurring activities (EBIT-adjusted) (1) | % of total
| € million | % | € million | % | € million | % | € million | %
Americas | 1,388.5 | 45.2% | 282.6 | 46.7% | 1,282.6 | 43.9% | 261.1 | 42.2%
EMEA | 1,464.7 | 47.7% | 322.8 | 53.4% | 1,405.8 | 48.2% | 347.5 | 56.2%
Asia-Pacific | 216.5 | 7.1% | (0.4) | -0.1% | 230.2 | 7.9% | 10.0 | 1.6%
Total | 3,069.7 | 100.0% | 604.9 | 100.0% | 2,918.6 | 100.0% | 618.7 | 100.0%

(1)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.

Performance review | 44

Campari Group annual report for the year ended 31 December 2024

Americas

| for the year ended |  |  |  |  |
| 2024 | 2023 | total change | organic change | organic accretion/dilution of profitability
| € million | % | € million | % | € million | % | € million | % | basis points
Net sales | 1,388.5 | 100.0 | 1,282.6 | 100.0 | 105.8 | 8.3% | 46.5 | 3.6% | -
Gross margin | 753.8 | 54.3 | 702.8 | 54.8 | 51.0 | 7.3% | 29.8 | 4.2% | 30
Advertising and promotional expenses | (243.3) | (17.5) | (233.3) | (18.2) | (10.0) | 4.3% | (2.8) | 1.2% | 40
Selling, general and administrative expenses | (227.9) | (16.4) | (208.3) | (16.2) | (19.6) | 9.4% | (17.8) | 8.5% | (80)
result from recurring activities (EBIT- adjusted) (1) | 282.6 | 20.4 | 261.1 | 20.4 | 21.5 | 8.2% | 9.1 | 3.5% | -

(1)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.
EMEA

| for the year ended |  |  |  |  |
| 2024 | 2023 | total change | organic change | organic accretion/dilution of profitability
| € million | % | € million | % | € million | % | € million | % | basis points
Net sales | 1,464.7 | 100.0 | 1,405.8 | 100.0 | 58.9 | 4.2% | 37.3 | 2.7% | -
Gross margin | 916.2 | 62.5 | 894.1 | 63.6 | 22.1 | 2.5% | 15.6 | 1.7% | (60)
Advertising and promotional expenses | (234.3) | (16.0) | (224.7) | (16.0) | (9.6) | 4.3% | (2.3) | 1.0% | 30
Selling, general and administrative expenses | (359.1) | (24.5) | (321.9) | (22.9) | (37.2) | 11.6% | (27.8) | 8.6% | (130)
result from recurring activities (EBIT- adjusted) (1) | 322.8 | 22.0 | 347.5 | 24.7 | (24.8) | -7.1% | (14.5) | -4.2% | (160)

(1)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.
APAC

| for the year ended |  |  |  |  |
| 2024 | 2023 | total change | organic change | organic accretion/dilution of profitability
| € million | % | € million | % | € million | % | € million | % | basis points
Net sales | 216.5 | 100.0 | 230.2 | 100.0 | (13.6) | -5.9% | (13.3) | -5.8% | –
Gross margin | 96.7 | 44.7 | 103.2 | 44.8 | (6.4) | -6.2% | (4.6) | -4.5% | 60
Advertising and promotional expenses | (35.7) | (16.5) | (36.1) | (15.7) | 0.3 | -0.9% | (0.1) | 0.2% | (100)
Selling, general and administrative expenses | (61.4) | (28.4) | (57.1) | (24.8) | (4.3) | 7.6% | (5.1) | 8.9% | (390)
result from recurring activities (EBIT-adjusted) (1) | (0.4) | (0.2) | 10.0 | 4.4 | (10.4) | -103.9% | (9.8) | -97.8% | (430)

(1)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.
EMEA is the Group’s largest region in terms of net sales, at 47.7%, and profitability, at 53.4%, followed by
Americas (net sales and profitability respectively 45.2% and 46.7%) and APAC (net sales and profitability
respectively 7.1% and -0.1%).
Americas reported a result from recurring activities at 46.7% of Group overall, up 8.2%, and flat margin, driven
by gross margin accretion of 30 basis points due to the favourable price impact in Jamaica and Brazil;
advertising and promotional expenses were accretive by 40 basis points in a muted on-premise environment
and selling, general and administrative expenses were dilutive by -80 basis points due to planned investments in
the commercial and marketing infrastructure with accelerated focus on efficiency gains.
EMEA reported a result from recurring activities at 53.4% of Group overall (-7.1% compared to 2023) and
organic margin dilution of -160 basis points, driven by gross margin dilution of -60 basis points caused by a less
favourable sales mix due to softened trend in aperitifs during peak season; advertising and promotional
expenses were accretive by 30 basis points due to lower activations during peak season. Selling, general and
administrative expenses were dilutive by -130 basis points driven by new route-to-market investments (Greece),
completion of committed business investments and lower fixed cost abortion on moderate top-line growth trend.

Performance review | 45

Campari Group annual report for the year ended 31 December 2024

APAC reported a result from recurring activities at -0.1% of Group overall and organic margin dilution of -430
basis points with an overall contribution remaining relatively negligible within the broader context of the Group's
operations. Gross margin was accretive by 60 basis points, mainly driven by the mix effect in Japan (thanks to
the growth in more premium whiskey) and China (supported by route-to-market investments); advertising and
promotional expenses and selling, general and administrative expenses were impacted by investments in route-
to-market capabilities in the region to support accelerated growth going forward, leading to margin dilution of
-100 basis points and -390 basis points respectively.
Operating working capital
The breakdown of the total change in operating working capital compared with the figure at 31 December 2023
is as follows.

| at 31 December 2024 | at 31 December 2023 | total change | organic | perimeter | exchange rates and hyperinflation
| € million | € million | € million | € million | € million | € million
Trade receivables | 425.8 | 374.3 | 51.6 | 54.5 | 3.4 | (6.4)
Total inventories, of which: | 1,703.1 | 1,252.5 | 450.7 | (6.5) | 441.3 | 15.8
- maturing inventory | 1,127.0 | 603.3 | 523.7 | 106.7 | 394.3 | 22.7
- biological assets | 21.3 | 15.1 | 6.2 | 8.7 | 0.1 | (2.6)
- other inventory | 554.8 | 634.1 | (79.2) | (121.9) | 47.0 | (4.3)
Trade payables | (672.7) | (521.1) | (151.6) | (126.1) | (30.1) | 4.6
Operating working capital | 1,456.3 | 1,105.6 | 350.6 | (78.0) | 414.7 | 14.0
Sales in the previous 12 months rolling | 3,069.7 | 2,918.6 |  |  |  |
Working capital as % of net sales rolling | 47.4 | 37.9 |  |  |  |

At 31 December 2024, operating working capital amounted to €1,456.3 million, marking an increase of € 350.6
million compared to 31 December 2023. This increase was primarily due to the Courvoisier business acquisition,
which contributed €414.7 million. The existing business registered an organic decrease of €78.0 million, partially
offset by exchange rate variations of €14.0 million, thus leading to a reduction of percentage of net sales from
37.9% at the end of 2023 to 34.6% at the end of 2024 on a like-for-like comparison base. Including the impact of
the Courvoisier acquisition, working capital as a percentage of net sales stood at 47.4% at the end of 2024 on a
reported basis.
Focusing solely on organic performance, trade receivables increased by €54.5 million, persistently mirroring the
positive performance of net sales, notwithstanding the steadily progressing improvement in collection conditions
during the year. Inventory saw a slight organic decrease of €6.5 million, primarily driven by a significant
reduction in other inventory represented namely by finished products, by €121.9 million. This decrease was
partially offset by an increase of €106.7 million in maturing liquid across bourbon, Scotch, rum and cognac
supporting the strategic focus on premiumisation. It should be noted that, due to its nature, ageing liquid is
comparable to invested capital as its growth profile is planned over a long-term horizon. Trade payables
experienced an organic increase of €126.1 million compared to 2023, largely driven by the business dynamics,
especially in the final quarter of 2024.
The increase of €14.0 million related to the exchange rate component was primarily associated with inventories,
which saw a rise of €15.8 million. This was driven by maturing stock valued at €22.7 million, located in the
United States, Jamaica and the United Kingdom, and was impacted by the revaluation of the US$, Jamaican
Dollar and Great Britain Pound.
The effect of the first consolidation of Courvoisier, following its acquisition completed on 30 April 2024, led to a
substantial increase in operating working capital by €414.7 million. This rise was essentially attributed to
maturing inventory of cognac valued at €394.3 million, which was recorded at fair market values in accordance
with applicable accounting standards within the context of a business combination (refer to the paragraph
‘Acquisitions and commercial agreements’ in the events section of the Management Board Report).
Reclassified statement of cash flows
The table below shows a simplified and reclassified version of the cash flow statement in the Consolidated
Financial statements. The main classification consists of the representation of the change in net financial debt at
the end of the period as the final result of the total cash flow generated (or absorbed). Therefore, the cash flows
relating to changes in net financial debt components are not shown.

Performance review | 46

Campari Group annual report for the year ended 31 December 2024

| for the year ended 31 December
| 2024 | of which recurring | 2023 | of which recurring
| € million | € million | € million | € million
Operating result (EBIT) | 392.4 | - | 540.2 | -
Result from recurring activities (EBIT-adjusted) | - | 604.9 | - | 618.7
Depreciation and amortisation | 127.7 | 127.7 | 110.2 | 110.2
EBITDA | 520.0 | - | 650.4 | -
EBITDA-adjusted | - | 732.6 | - | 728.9
Effects from hyperinflation accounting standard adoption | 16.8 | 16.8 | 14.6 | 14.6
Accruals and other changes from operating activities | 84.2 | 45.3 | 36.7 | 26.7
Goodwill, brand, tangible fixed assets and sold business impairment | 56.8 | - | 11.9 | -
Income taxes paid | (85.3) | (89.7) | (195.0) | (188.0)
Cash flow from operating activities before changes in working capital | 592.5 | 705.0 | 518.7 | 582.3
Changes in net operating working capital | 78.0 | 78.0 | (362.2) | (362.2)
Cash flow from operating activities | 670.5 | 783.0 | 156.5 | 220.1
Net interest paid | (57.0) | (57.0) | (40.8) | (40.8)
Capital expenditure | (440.5) | (139.8) | (295.7) | (112.4)
Free cash flow | 173.0 | 586.2 | (180.0) | 66.9
(Acquisition) disposal of business | (1,220.3) | - | (13.0) | -
Issuing of new shares/capital increase net of related ancillary costs | 643.3 | - | - | -
Dividend paid out by the Company | (78.1) | - | (67.5) | -
Other items including net purchase of own shares | 16.7 | - | (5.3) | -
Cash flow invested in other activities | (638.4) | - | (85.7) | -
Total change in net financial debt due to operating activities | (465.5) | - | (265.7) | -
Put option and earn-out liability changes(1) | (11.1) | - | 1.2 | -
Increase in investments for lease right of use(2) | (18.8) | - | (14.0) | -
Net cash flow of the period=change in net financial debt | (495.3) | - | (278.5) | -
Effect of exchange rate changes | (28.1) | - | (19.6) | -
Net financial debt at the beginning of the period | (1,853.5) | - | (1,552.5) | -
Opening restatements(3) | - | - | (2.8) | -
Net financial debt at the beginning of the period-reclassified | (1,853.5) | - | (1,555.3) | -
Net financial debt at the end of the period | (2,376.9) | - | (1,853.5) | -
(1)This item, which is a non-cash item, was included purely to reconcile the change in financial debt relating to activities in the period with the overall change in net financial debt. (2)For information on the value shown, please see note 4 ii-‘Property, plant and equipment-right-of-use assets by nature’ of the Campari Group-consolidated financial statements at 31 December 2023. (3)For information on reclassifications of comparative figures, refer to note 2 vi.-‘Reclassification of comparative figures at 31 December 2022’ of Campari Group Consolidated Financial statements at 31 December 2023. The reclassification is related to the post-closing adjustment payment connected with Wilderness Trail Distillery, LLC. Net financial debt at the beginning of the period post-reclassifications was €1,555.3 million.

Key highlights
At 31 December 2024, net cash flow showed a cash flow absorption of €495.3 million, also reflected as an
equivalent increase in the net financial debt compared to 31 December 2023, to which a negative exchange rate
effect of €28.1 million was added. The cash generation in terms of free cash flow on a reported basis was
positive at €173.0 million in 2024 compared to a negative free cash flow of €180.0 million reported in 2023. The
main driver of the change was due to the different contribution of operating working capital evolution compared
to the last year, which showed a cash generation of €78.0 million in 2024. The recurring free cash flow was
strong during the period and amounted to €586.2 million, compared with a positive recurring cash flow of €66.9
million in 2023. In terms of percentages on EBITDA-adjusted, recurring free cash flows totalled 80.0%,
compared to 9.2% in the same period of 2023.
Analysis of the consolidated statement of cash flows
The following drivers contributed to the generation of the above-mentioned free cash flows in 2024:
- operating result (EBIT) amounted to €392.4 million, compared to €540.2 million in 2023, and included a
negative effect of €212.6 million related to operating adjustments (€78.5 million in 2023). Excluding operating
adjustments, the result from recurring activities (EBIT-adjusted) amounted to €604.9 million (€618.7 million in
2023);
- EBITDA amounted to €520.0 million decreasing by €130.3 million on the previous year. Excluding the
aforementioned non-recurring components, EBITDA-adjusted amounted to €732.6 million (€728.9 million in
2023);
- non-cash component arising from the application of the hyperinflation accounting standard in Argentina
amounted to €16.8 million in 2024 (€14.6 million in 2023);
- accruals for provisions net of utilizations and other miscellaneous operating changes showed a positive effect
of €84.2 million. E xcluding non-recurring provisions related to restructuring initiatives (€72.1 million) as well

Performance review | 47

Campari Group annual report for the year ended 31 December 2024

as carving out the payment of non-recurring last mile long-term incentive schemes with retention purposes
(€33.2 million), accruals and other changes from recurring operating activities amounted to €45.3 million;
- non-cash write-off losses related to tangible and intangible assets stood at €56.8 million and related
principally to the impairment loss of €50.8 million attributable to the Cabo Wabo, Wilderness and Bulldog
brands;
- the cash financial impact deriving from the tax payments effected during 2024 was €85.3 million, a decrease
of €109.7 million compared to the previous year. The amount paid included refunds of tax credits totalling
€4.4 million, which pertained to the Courvoisier business prior to acquisition but were received after its
completion. Consequently, this effect was classified as a non-recurring item and excluding the latter, taxes
paid amounted to €89.7 million, a decrease of €98.3 million compared to the same period of the previous
year. This variation was primarily due to cash phasing effects based on tax calendars and the use of tax
credits from previous years. Moreover, the benefit derived from the Italian Patent Box (€6.5 million referred to
2024 and €18.4 million from the recapture of previous year's tax credit) is not yet reflected and will have a
cash benefit impact on tax payments starting from 2025;
- working capital recorded a cash generation of €78.0 million (refer to the paragraph ‘Operating working
capital’ for details);
- interest paid, net of interest received, stood at €57.0 million in 2024 (€40.8 million in 2023);
- net investment in capital expenditure amounted to €440.5 million, of which the recurring component was
€139.8 million. Extraordinary capital expenditure amounted to €300.7 million, confirming the Group’s
commitment to continue to invest in the expansion of its production capacity and efficiency to support long-
term growth and sustainability initiatives. Additionally, the extraordinary capital expenditure also included the
Group’s real-estate project in the heart of Milan.
Cash flow invested in other activities was negative at €638.4 million, compared to a negative absorption of
€85.7 million in 2023 resulting primarily in:
- the purchase of the Courvoisier business for a total consideration of €1,121.5 million, inclusive of the net
financial positions acquired, as well as the acquisition of the 15.4% minority stake in Capevin Holdings
Proprietary Limited for €87.8 million (GBP74.0 million inclusive of acquisition-related fees) and the capital
contribution amounting to €11.0 million in the Dioniso joint-venture (contribution equally supported by Moët
Hennessy);
- the proceeds from the issuance of new ordinary shares net of related fees for €643.3 million;
- dividends paid of €78.1 million;
- other items including net sale of own shares for €16.7 million.
New lease changes, put option and earn-out liabilities changes are presented solely to reconcile net cash
flows for the period with total net financial debt. These components collectively contributed total net debt
absorption of €29.9 million.
Net financial debt
As of 31 December 2024, consolidated net financial debt amounted to €2,376.9 million, up by €523.4 million
compared with €1,853.5 million reported at 31 December 2023, driven by a perimeter increase of €1,269.0
million, partially compensated by the issuance of ordinary shares (€650.0 million). Organically, the net financial
position decreased by €123.7 million, remaining focused on medium to long-term maturities. This aligns with
Campari Group’s long-term growth strategy, supported by substantial credit lines totalling €825.9 million. Of
these, €400.0 million are committed until 2029 (undrawn as of 31 December 2024) and €425.9 million are
uncommitted, with €144.1 million drawn down at 31 December 2024). Changes in the debt structure in the two
periods under comparison are shown in the table below.

Performance review | 48

Campari Group annual report for the year ended 31 December 2024

| 31 December | of which
| 2024 | 2023 | total change | organic | issuance of ordinary shares | perimeter | exchange rates
| € million | € million | € million | € million | € million | € million | € million
cash and cash equivalents | 666.3 | 620.3 | 46.0 | 609.0 | 650.0 | (1,208.6) | (4.4)
bonds | - | (300.0) | 300.0 | 300.0 |  |  |
loans due to banks | (289.6) | (130.6) | (159.1) | (153.8) |  | (11.5) | 6.3
lease payables | (18.8) | (16.0) | (2.8) | (2.7) |  | (0.1) |
other financial assets and liabilities | (21.1) | 5.3 | (26.4) | (26.8) |  |  | 0.4
short-term net financial position | 336.9 | 179.1 | 157.7 | 725.7 | 650.0 | (1,220.2) | 2.2
bonds | (1,580.3) | (845.8) | (734.5) | (734.5) |  |  |
loans due to banks | (916.5) | (901.5) | (15.0) | 6.0 |  |  | (20.9)
lease payables | (58.7) | (60.0) | 1.3 | 2.8 |  | (0.1) | (1.4)
other financial assets and liabilities | 10.2 | 9.8 | 0.4 | 0.3 |  |  |
medium-/long-term net financial position | (2,545.3) | (1,797.5) | (747.8) | (725.4) |  | (0.1) | (22.3)
net financial debt before put option and earn-out | (2,208.5) | (1,618.4) | (590.1) | 0.3 | 650.0 | (1,220.3) | (20.1)
liabilities for put option and earn-out payments | (168.4) | (235.1) | 66.7 | 123.4 |  | (48.7) | (8.0)
net financial debt | (2,376.9) | (1,853.5) | (523.4) | 123.7 | 650.0 | (1,269.0) | (28.1)

Below is a deep dive on the business development initiatives affecting the perimeter in the net financial debt
position for the period, split by items.

| Courvoisier cognac business(1) | joint-ventures and third- party investments(2) | total perimeter
| € million | € million | € million
net impact on cash and cash equivalents | (1,109.8) | (98.8) | (1,208.6)
net financial assets (debt) acquired in business combinations | (11.7) | - | (11.7)
other financial debt for contingent considerations | (30.3) | - | -
total acquisition effect on closing date | (1,121.5) | (98.8) | (1,220.3)
settlement or (recognition) of put option liabilities | (48.7) | - | (48.7)
Net effect of (acquisitions) disposals over net financial debt | (1,170.2) | (98.8) | (1,269.0)
of which reported at 31 December 2024 |  |  |
net impact on cash and cash equivalent | (1,109.8) | (98.8) | (1,208.6)
net impact on net financial debt other than cash and cash equivalent | (60.4) | - | (60.4)

(1)Courvoisier Holding France S.A.S. acquisition completed in April 2024 (refer to ‘Significant events during the period’ paragraph of this additional financial
information).
(2)Acquisition of a minority stake of 15.4% in Capevin Holdings Proprietary Limited and capital contribution in the Dioniso joint-venture.
The short-term net financial debt position, mainly consisting of cash and cash equivalents (€666.3 million)
net of loans due to banks (€289.6 million), was positive at € 336.9 million, thus increasing compared with 31
December 2023. The main transactions that impacted the cash position in 2024 were the following:
- the issuance of new ordinary shares (for €650.0 million) and 5-year convertible bonds (for €550.0 million),
leading to a total gross amount cashed in of €1,200.0 million, primarily used to support the acquisition of
Courvoisier business, as well as to capitalise on market conditions optimizing the funding structure;
- the issuance of a new unrated 7-year bond on 18 June 2024 for a nominal amount cashed in of €220.0
million allocated for general corporate purposes;
- the repayment of unrated bonds issued in 2017 and 2019 with maturity in April 2024 for a total overall
amount cashed out of €300.0 million;
- the outlay for acquiring a minority stake of 15.4% in Capevin Holdings Proprietary Limited for €87.8 million
(€86.8 million and acquisition-related fees for €1.0 million);
- the outlay for acquiring the remaining 49% stakes in Licorera Ancho Reyes y cia, S.A.P.I. de C.V. and Casa
Montelobos, S.A.P.I. de C.V. as well as in Trans Beverages Company Ltd. (€55.2 million and €21.9 million
respectively) impacting liabilities for put option and earn-out payments;
- the capital contribution in the Dioniso joint-venture (contribution of €11.0 million equally supported by Moët
Hennessy);
- capital expenditure initiatives (€440.5 million), the dividend payment (€78.1 million) and income taxes paid
(€85.3 million).
The medium to long-term financial debt position primarily consisted of bonds and loans due to banks
totalling €2,545.3 million, increasing by €747.8 million, primarily related to the issue of the aforementioned
bonds.
The Group's bank loans include sustainability-linked facilities for an original nominal aggregated value of €450.0
million, reinforcing the Group's dedication to its sustainability journey. These facilities provide for a variable
interest rate component tied to the achievement of certain ESG targets identified by Campari Group and which
1 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 Management Board Report.

Performance review | 49

Campari Group annual report for the year ended 31 December 2024

are particularly focused on the reduction of emissions, as well as the responsible use of water and gender
equality.
The Group’s net financial debt position included liabilities of €168.4 million related to future commitments to
acquire outstanding minority interests in controlled companies as well as liabilities for put options and earn-out
payments, including the earn-out related to the Courvoisier acquisition. The net decrease of €66.7 million
observed during the period can be attributed to the interplay of the following factors:
- the above-mentioned acquisition of the remaining 49% minority interests in Licorera Ancho Reyes y cia,
S.A.P.I. de C.V. and Casa Montelobos, S.A.P.I. de C.V.. The total consideration was confirmed to be aligned
with the estimated debt previously recognised. Since the companies were already under Campari Group's
control and included within its consolidation perimeter, hence in the estimated put option and earn-out
liabilities, the transaction had no material impact on the Group’s figures;
- net effect from remeasurement of the estimated liabilities resulted in a total net decrease of €45.6 million,
primarily related to Wilderness Trail Distillery, LLC and exchange rate fluctuations (€8.0 million);
- the recognition of the Courvoisier earn-out of liability assessed at €48.7 million at the acquisition date and
payable in 2029, contingent upon achievement net sales targets realized in full year 2028.
At 31 December 2024, Campari Group’s net debt/EBITDA-adjusted ratio 1 was 3.2 times, compared with 2.5 at
31 December 2023. At 31 December 2024, the increase in the ratio was primarily attributable to a temporary rise
in financial leverage resulting from the Courvoisier acquisition, as opposed to the increase in adjusted EBITDA,
which contributed for only eight months. The proforma index-adjusted at 31 December 2024, taking into account
a simulated annual effect on EBITDA of the new business in the last 12 months, would be unchanged and equal
to 3.2 times, assuming the same contained impact from the new business on a conservative basis.
Capital expenditure
During 2024, net investments totalled €440.5 million, of which €139.8 million were recurring and €300.7 million
were non-recurring.
The recurring investments were related to initiatives focused on continuously enhancing the supply chain, via
efficiency improvements, sustainability-related initiatives and business infrastructure development.
Specifically, they related to the following projects:
- maintenance expenditure on the Group’s operations and production facilities, offices and IT infrastructure
which, although individually not material, amounted overall to €71.1 million;
- the purchase of barrels for maturing bourbon and rum totalling €52.7 million, net of related disposals;
- investments to develop biological assets, totalling €15.9 million.
In terms of non-recurring investments, €96.9 million were related to the real-estate project to host the Group's
future new headquarters. Moreover, initiatives associated with supply chain capacity expansion aimed at
meeting anticipated long-term consumer demand were carried out for an amount of €187.7 million. The
initiatives were primarily allocated in the United States to expand bourbon production capacity (€53.7 million), in
Jamaica (€38.4 million), in Mexico to expand supply chain facilities for tequila production (€40.6 million), in Italy
to enhance the manufacturing footprint for aperitifs (€19.9 million), in France to modernise the production
process for cognac (€19.5 million), as well as in the United Kingdom (€3.1 million).
Focusing on sustainability-related investments included in the initiatives listed above (€55.7 million in 2024),
they were allocated to Jamaica (€32.6 million), Mexico (€13.6 million), the United Kingdom (€2.5 million) and
Martinique (€1.9 million).
Additionally, the Group continued to pursue its digital transformation path, investing €16.2 million during the
year. The investments also include an integrated transformation programme designed to support the Group's
strategic agenda: it enhances planning capabilities, drives actionable insights through improved external data
connection and structures, thus achieving improved business outcomes.
Concerning the nature of investments, net purchases encompassed tangible assets totalling €387.0 million,
biological assets namely related to agave plantations amounting to €15.9 million and intangible assets valued at
€37.6 million.
Lastly, investments for the rights of use of third-party assets were related to tangible assets attributable to
offices, plant and machinery and vehicles, which increased by €18.8 million during the period.

Performance review | 50

Campari Group annual report for the year ended 31 December 2024

Reclassified statement of financial position
The Group’s financial position is shown in the table below in summary and in reclassified format, to highlight the
structure of invested capital and financing sources.

| 31 December | of which
| 2024 | 2023 | total change | organic change | perimeter | exchange rates and hyperinflation
| € million | € million | € million | € million | € million | € million
fixed assets | 5,326.3 | 4,115.4 | 1,210.9 | 296.2 | 823.5 | 91.2
other non-current assets and (liabilities) | (457.1) | (375.9) | (81.2) | 13.1 | (77.0) | (17.3)
operating working capital | 1,456.3 | 1,105.6 | 350.6 | (78.0) | 414.7 | 14.0
other current assets and (liabilities) | (93.3) | (64.9) | (28.3) | (34.9) | 9.6 | (3.0)
total invested capital | 6,232.2 | 4,780.2 | 1,452.0 | 196.4 | 1,170.7 | 84.9
Group shareholders' equity | 3,854.0 | 2,925.2 | 928.8 | 981.1 | (98.8) | 46.5
non-controlling interests | 1.3 | 1.6 | (0.3) | (11.1) | 0.5 | 10.2
net financial debt | 2,376.9 | 1,853.5 | 523.4 | (773.7) | 1,269.0 | 28.1
total financing sources | 6,232.2 | 4,780.2 | 1,452.0 | 196.4 | 1,170.7 | 84.9

Invested capital at 31 December 2024 was €6,232.2 million, an increase of €1,452.0 million compared with the
figures at 31 December 2023. This change was primarily related to the Courvoisier acquisition, completed on 30
April 2024. It was mainly driven by fixed assets, particularly intangible assets for brand and goodwill, and
inventory, primarily related to maturing stock. All reported values at the acquisition date were recorded at fair
market values in accordance with applicable accounting standards for business combination (refer to the
paragraph ‘Acquisitions and commercial agreements’ in the events section of the Management Board Report).
Focusing on the organic change, the most significant variations attributable to the invested capital referred to:
- the increase of €296.2 million in fixed assets, mainly related to investments envisaged for enhancing supply
chain capacity and efficiency, sustainability-related initiatives, as well as the real-estate project for the
Group’s headquarters in Italy;
- the decrease of €78.0 million in operating working capital, mainly attributable to an increase in trade
payables largely driven by business dynamics, especially in the final quarter of 2024, partially offset by an
increase in trade receivables, followed by the positive performance of net sales (refer to paragraph
‘Operating working capital’ for more information);
- the change of €34.9 million in other current liabilities net of assets, mainly related to value added tax as well
as excise taxes.
Moreover, invested capital at 31 December 2024 was significantly impacted by non-monetary foreign currency
exchange effects, resulting in a net increase of €84.9 million.
In terms of financing sources, significant changes occurred, notably an overall increase of €928.8 million in the
Group’s shareholders’ equity. This increase predominantly arose from the combined effect of issuance of new
ordinary shares for gross proceeds of €650.0 million, the Group results for the period of €201.6 million, dividend
payment of €78.1 million as well as an increase in non-monetary foreign currency effect of €46.5 million. The net
financial debt variations totalling €523.4 million were primarily related to the successful placement of senior
unsecured convertible bonds due in 2029 with an aggregate principal amount of €550.0 million as well as the
placement of an unrated bond issue due in 2031 for €220.0 million in principal aggregate amount (for more
detailed information, refer to the paragraph ‘Net financial debt’ in this Management Board Report).
As a result of the changes mentioned above, the Group’s financial structure showed a net debt to shareholders’
funds ratio of 61.7% at the end of the period, slightly decreased from 63.4% recorded at 31 December 2023.
Reconciliation of the Company and Group net profit and shareholders’ equity
For information related to the reconciliation between the result for the period and shareholders’ equity for the
Group with the same items of the Parent Company Davide Campari-Milano N.V., please refer to paragraph
‘Shareholders’ equity’ in the Company only financial statement at 31 December 2024.

Performance review | 51

Campari Group annual report for the year ended 31 December 2024

Conclusion and Outlook
The full-year 2024 results demonstrated resilient performance in an environment marked by macroeconomic
and geopolitical volatility.
In the context of the current low visibility as to the duration of cyclical macro headwinds, 2025 is expected to be
a transition year. Moderate organic full-year net sales growth is expected to continue, with an improving trend in
the second half of 2025. The timing of Easter will drive a phasing of shipments leading to a low single-digit
negative growth in the first quarter, mainly driven by the European markets, followed by a progressive
improvement as markets continue to get back to normal consumption patterns.
Organic EBIT-adjusted margin is expected to be directionally flat for the year. Gross margin trends will be
determined based on the sales mix evolution despite confirmed cost of sales tailwinds. The step-up of
reinvestment in advertising and promotion initiatives is intended to restore to a historic normalized range of
17-17.5% of net sales. The initiated selling, general and administrative expenses containment program is
confirmed to deliver approximately 50 basis points of benefit on sales in 2025, phased into the second half of
the year. Accordingly, EBIT-adjusted performance is projected to be skewed into the second half of 2025 due to
adverse phasing of gross margin improvement, adverting and promotion spending and selling, general and
administrative expenses savings.
The 25% tariffs on imports from Mexico, Canada and Europe into the United Stated are estimated to have an
annualized potential impact of approximately €90.0 to €100.0 million before any potential mitigation actions,
which are currently under assessment and not included in the aforementioned guidance.
Medium- to long-term outlook announced on 29 of October 2024, is confirmed with confidence in continued
outperformance and market share gains leveraging strong brands in growing categories, leading to a gradual
return to mid-to-high single digit organic net sales growth trajectory in the medium-term in a normalized macro
environment before the impact of potential tariffs. Gross margin is expected to benefit from sales growth with
positive sales mix driven by aperitifs, tequila and premiumisation across the portfolio, as well as cost of sales
efficiencies. EBIT-adjusted margin accretion is expected to be also supported by the key company initiatives
delivering 200 basis points overall benefit on selling, general and administrative expenses over net sales in
three years by 2027 and increased efficiency in brand building spending.

Performance review | 52

Campari Group annual report for the year ended 31 December 2024

Definitions and reconciliation of the Alternative Performance Measures (APMs or non-
GAAP measures) to GAAP measures
This paragraph presents and comments on certain financial performance measures that are not defined in the
IFRS (non-GAAP measures).
These measures, which are described below, are used to analyse the Group's business performance in the 'Key
highlights' and 'Management board report' sections and comply with the Guidelines on Alternative Performance
Measures issued by the European Securities and Markets Authority ('ESMA') in its communication
ESMA/2015/1415.
The alternative performance measures listed below should be used to supplement the information required
under IFRS to help readers of the annual report to gain a better understanding of the Group's economic,
financial and capital position. They are applied to Group planning and reporting, and some are used for
incentive purposes.
Alternative performance measures can serve to facilitate comparison with groups operating in the same sector,
although, in some cases, the calculation method may differ from those used by other companies. They should
be viewed as complementary to, and not replacements for, the comparable GAAP measures and movements
they reflect.
FINANCIAL MEASURES USED TO MEASURE GROUP PERFORMANCE
Organic change: Campari Group shows organic changes to comment on its underlying business performance.
By using this measure, it is possible to focus on the business performance common to both periods under
comparison, and which management can influence. Organic change is calculated by excluding both the impact
of currency movement against the € (expressed at average exchange rates for the same period in the previous
year) and the effects of brand asset deals, business acquisitions and disposals, as well as the signing or
termination of distribution agreements.
Specifically:
- the exchange rate effects are calculated by converting the figures for the current period at the exchange
rates applicable in the same period in the previous year. The exchange rate includes the effects associated
with hyperinflationary economies;
- the results attributable to businesses acquired or the conclusion of distribution agreements during the current
year are excluded from organic change for 12 months from the date on which the transaction is closed;
- the results attributable to businesses acquired or the conclusion of distribution agreements during the
previous year are included in full in the figures for the previous year as from the closing date of the
transaction, and are only included in the current period's organic change 12 months after their conclusion;
- the results from business disposals or the termination of distribution agreements during the same period in
the previous year are wholly excluded from the figures for that period and, therefore, from organic change;
- the results from business disposals or the termination of distribution agreements during the current period
are excluded from the figures for the same period in the previous year from their corresponding date of
disposal or termination.
To mitigate the effect of hyperinflationary economies, the organic change for countries having to adopt the
hyperinflationary methodology laid down in IFRS includes only the component attributable to volumes sold in
relation to net sales, while the effects associated with hyperinflation, including price index variation and price
increases, are treated as exchange rate effects.
The organic change as a percentage is the ratio of the overall value of the organic change, calculated as
described above, to the overall value of the measure in question for the previous period under comparison.
Gross profit: calculated as the difference between net sales and the cost of sales (consisting of their materials,
production and distribution cost components).
Contribution margin: calculated as the difference between net sales, the cost of sales (consisting of their
materials, production and distribution cost components) and advertising and promotional expenses.
Other operating income (expenses): related to certain transactions or events identified by the Group as
adjustment components for the operating result, such as:
- capital gains (losses) on the disposal of tangible and intangible assets;
- capital gains (losses) on the disposal of businesses;
- penalties or gains arising from the settlement of tax disputes;
- impairment losses on fixed assets (tangible and intangible);
- restructuring and reorganization costs;
- ancillary expenses associated with acquisitions (disposals) of businesses or companies;

Performance review | 53

Campari Group annual report for the year ended 31 December 2024

- other non-recurring income (expenses).
These items are deducted from, or added to, the following measures: operating result (EBIT), EBITDA, profit or
loss before taxation, the Group's profit before taxation, net profit and the Group's net profit for the period.
For a detailed reconciliation of the items that impacted on the alternative performance measures referred to
above in the current and comparison periods, see the appendix at the end of this section.
The Group believes that properly adjusted measures help both management and investors to assess the
Group's results and cash flows year on year on a comparable basis as well as against those of other groups in
the sector, as they exclude the impact of certain items that are not relevant for assessing performance.
Operating result (EBIT): calculated as the difference between net sales, the cost of sales (in terms of their
materials, production and distribution), advertising and promotional expenses, and selling, general and
administrative expenses.
Result from recurring operations (EBIT-adjusted): the operating result for the period before the other
operating income (expenses) mentioned above.
EBITDA: the operating result before depreciation and amortisation of intangible assets with a finite life, property,
plant and equipment and right of use assets.
EBITDA-adjusted: EBITDA, as defined above, excluding other operating income (expenses).
Adjustments to financial income (expenses): certain transactions or events identified by the Group as
components adjusting the profit or loss before taxation related to events covering a single period or financial
year, such as:
- interest on penalties or gains arising from the settlement of tax disputes;
- expenses related to the early settlement of financial liabilities or liability management operations, including
financial liability remeasurement effects;
- financial expenses arising from acquisitions (disposals) of businesses or companies;
- other non-recurring financial income (expenses).
Put option, earn-out income (expenses): relates to the income (expenses) associated with the review of
estimates and assessment of expected cash-out settlement for put option and earn-out agreements, also
including the non-cash effect arising from the related actualisation.
Profit (loss) related to joint-ventures and other investments: relates to the income (expenses) resulting from
the application of the equity method in the valuation of the Group's interests in joint-ventures as well as from
other investments. The item also includes any fair value reassessments of previously held Group interests in
joint-ventures before their consolidation.
Profit (loss) before taxation-adjusted: refers to the result before taxation for the period, excluding other
operating income (expenses) and adjustments to financial income (expenses), as well as put option and earn-
out income (expenses). It also excludes the profit (loss) associated with the reassessments of previously held
joint-venture investments before their consolidation and any impairment related to investment initiatives, while
including the result before taxation attributable to non-controlling interests.
Tax adjustments: include the tax effects of transactions or events identified by the Group as components
adjusting the taxation of the period related to events covering a single period or financial year, such as:
- positive (negative) taxation effects associated with the operating and financial adjustments, as well as the put
option, earn-out income (expenses) and the profit (loss) related to re-assessments of previously held joint-
ventures before their consolidation;
- non-recurring positive (negative) taxation effects.
Tax rate-adjusted
The tax rate-adjusted is calculated by deducting the tax adjustments mentioned above from the taxation. The
new value of taxation-adjusted is then correlated to the profit or loss before taxation-adjusted.
Cash tax rate
The cash tax rate is calculated by deducting the tax adjustments mentioned above and the deferred taxes on
brands and goodwill which are relevant for tax purposes from the taxation. The new value of cash taxation is
then correlated to the profit or loss before taxation-adjusted.

Performance review | 54

Campari Group annual report for the year ended 31 December 2024

Group’s net profit-adjusted: the result for the period attributable to the Group (i.e., excluding the non-
controlling interests result after taxation) before other operating income (expenses), adjustments to financial
income (expenses), to put option and earn-out income (expenses) and the profit (loss) related to re-
assessments of previously held joint-venture investments before their consolidation and any impairment related
to investment initiatives, before the related taxation effect and before other positive/negative tax adjustments for
the period.
Basic and diluted earnings per share-adjusted (basic/diluted EPS-adjusted): basic/diluted earnings per
share before other operating income (expenses), adjustments to financial income (expenses), to put option,
earn-out income (expenses) and the profit (loss) related to re-assessments of previously held joint-venture
investments before their consolidation and any impairment related to investment initiatives, before the related
taxation effect and before other positive (negative) tax adjustments for the period.
ROS (return on sales): the ratio of the operating result (EBIT) to net sales for the period.
ROS-adjusted: the ratio of the result from recurring activities (EBIT-adjusted) to net sales for the period.
Operating working capital as percentage of net sales
The ratio is calculated by dividing the net sales on operating working capital balances based on the reported
value at the closing date of the reference period; the net sales reference value is twelve months and is
calculated based on the reported value at the closing date of the reference period, into which the portion of net
sales recorded in the previous year is incorporated for the remaining months. Upon the occurrence of significant
business acquisition (or disposal) transactions, a pro-forma index is calculated to take into account the annual
effect on net sales of the business transaction (including for acquisition, excluding for a disposal) of the last
twelve months, to ensure consistency in comparative terms with the previous year reported.
Reclassified statement of financial position
The items included in the reclassified statement of financial position are defined below as the algebraic sum of
specific items contained in the financial statements:
Fixed assets: calculated as the algebraic sum of:
- property, plant and equipment;
- right of use assets;
- biological assets;
- investment property;
- goodwill;
- brands;
- intangible assets with a finite life.
Other non-current assets and liabilities: calculated as the algebraic sum of:
- other non-current assets;
- deferred tax assets;
- other non-current financial assets;
- deferred tax liabilities;
- post-employment benefit obligations;
- provisions for risks and charges;
- investments in joint-ventures.
- other non-current liabilities;
- other non-current financial liabilities.
Operating working capital: calculated as the algebraic sum of:
- inventories;
- biological asset inventories;
- trade receivables;
- trade payables.
Other current assets and liabilities: calculated as the algebraic sum of:
- income tax receivables;
- other current assets;
- income tax payables;
- other current liabilities;
- other current financial assets;
- other current financial liabilities;
- assets and liabilities held for sale.

Performance review | 55

Campari Group annual report for the year ended 31 December 2024

Invested capital: calculated as the algebraic sum of the items listed above and in particular:
- fixed assets;
- other non-current assets and liabilities;
- operating working capital;
- other current assets and liabilities.
Financing sources: calculated as the algebraic sum of:
- Group shareholders' equity;
- non-controlling interests;
- net financial debt.
Net financial debt: calculated as the algebraic sum of:
- cash and cash equivalents;
- lease receivables;
- bonds;
- loans due to banks;
- lease payables;
- liabilities for put option and earn-out payments;
- other current and non-current financial assets and liabilities.
Organic change reported in operating working capital, net financial debt and reclassified financial
position items
The organic change is calculated by excluding, from the overall change of the period, the exchange rate effects
and the perimeter effect. The perimeter effect represents the items of the business acquired and sold as well as
the items connected with brand asset deals, at the date of their transaction.
Capital expenditure
This item includes the cash flow from the purchase of intangible and tangible fixed assets net of disposals made
during the period.
Recurring capital expenditure
This item shows the net cash flows from purchases/disposals relating to projects managed in the ordinary
course of business.
Reclassified statement of cash flows
The reclassified statements show a simplified and reclassified version of the cash flow statement disclosed in
the Consolidated Financial statements. The main classification consists of the representation of the change in
net financial debt at the end of the period as the final result of the total cash flow generated (or absorbed). The
total cash flows generated (or used) in the period thus correspond to the change in net financial debt.
Free cash flow
This is a liquidity measure and provides useful information to the readers of the report about the amount of cash
generated, which can be used for general corporate purposes, after payments for interest, direct taxes, capital
expenditure, and excluding income from the sale of fixed assets. Free cash flow shall be considered in addition
to, not as a substitute for, or superior to, cash flow from operating activities prepared in accordance with GAAP.
Recurring free cash flows: cash flows that measure the Group’s self-financing capacity, calculated on the
basis of cash flows from operations, before the other operating income and expenses referred to above, and
adjusted for interest, net direct taxes paid and cash flows used in capital expenditure attributable to ordinary
business before the income/losses component arising from the sale of fixed assets.
Recurring provisions and operating changes: these include provisions and operating changes, excluding the
other operating income and expenses referred to above.
Recurring taxes paid: these include taxes paid, excluding cash flows from tax incentives and from the disposal
of the Group's non-strategic assets.
Debt/EBITDA-adjusted ratio
The net debt/EBITDA-adjusted ratio is used by management to assess the Group's level of financial leverage,
which affects its capacity to refinance its debt by the set maturity dates and to obtain further financing to invest
in business development. The Group's debt management objective is based on the achievement of an optimal
and sustainable level of financial solidity while maintaining an appropriate level of flexibility with regard to
funding options. The Group monitors changes in this measure on an ongoing basis. Net debt is the Group's net
financial debt reported at the closing date of the reference period; the Group's EBITDA-adjusted for the past 12
months is calculated based on the reported value at the closing date of the reference period, into which the

Performance review | 56

Campari Group annual report for the year ended 31 December 2024

portion of EBITDA-adjusted recorded in the previous year is incorporated for the remaining months. Upon the
occurrence of significant business acquisition (disposal) transactions, a pro-forma index-adjusted is calculated
to take into account the annual effect on EBITDA of the business transaction (including for acquisition, excluding
for a disposal) of the last twelve months, to ensure consistency in comparative terms with the previous year
reported.
Appendix of alternative performance indicators
For the year ended 31 December 2024.

For the year ended 31 December 2024 | EBITDA | EBIT | profit before taxation | Group net profit | basic earnings per share | diluted earnings per share
| € million | % on sales | € million | % on sales | € million | % on sales | € million | % on sales | € | €
alternative performance measure reported | 520.0 | 16.9% | 392.4 | 12.8% | 255.6 | 8.3% | 201.6 | 6.6% | 0.17 | 0.17
restructuring and reorganization costs | (102.6) | -3.3% | (102.6) | -3.3% | (102.6) | -3.3% | (102.6) | -3.3% | (0.09) | (0.08)
impairment of tangible assets, brands and business disposed | (56.8) | -1.8% | (56.8) | -1.8% | (56.8) | -1.8% | (56.8) | -1.8% | (0.05) | (0.05)
last mile long-term incentive schemes with retention purposes | (2.5) | -0.1% | (2.5) | -0.1% | (2.5) | -0.1% | (2.5) | -0.1% | - | -
fees from acquisition/disposals of business or companies | (12.3) | -0.4% | (12.3) | -0.4% | (12.3) | -0.4% | (12.3) | -0.4% | (0.01) | (0.01)
net expenses from route to market changes and indemnities from contract resolutions | (25.9) | -0.8% | (25.9) | -0.8% | (25.9) | -0.8% | (25.9) | -0.8% | (0.02) | (0.02)
net penalties or gains arising from the settlement of tax and legal disputes | (5.4) | -0.2% | (5.4) | -0.2% | (5.4) | -0.2% | (5.4) | -0.2% | - | -
finance transformation costs | (4.9) | -0.2% | (4.9) | -0.2% | (4.9) | -0.2% | (4.9) | -0.2% | - | -
other adjustments of operating income (expenses) | (2.3) | -0.1% | (2.3) | -0.1% | (2.3) | -0.1% | (2.3) | -0.1% | - | -
financial interest on tax litigation | - | - | - | - | 0.5 | -% | 0.5 | -% | - | -
impairment related to investment initiatives | - | - | - | - | (55.1) | -1.8% | (55.1) | -1.8% | (0.05) | (0.04)
tax adjustments | - | - | - | - | - | -% | 92.8 | 3.0% | 0.08 | 0.07
total adjustments | (212.6) | -6.9% | (212.6) | -6.9% | (267.2) | -8.7% | (174.4) | -5.7% | (0.15) | (0.14)
alternative performance measure adjusted | 732.6 | 23.9% | 604.9 | 19.7% | 522.8 | 17.0% | 376.0 | 12.2% | 0.31 | 0.31

For the year ended 31 December 2024 |  | basic | diluted (1)
Group net profit adjusted | € million | 376.0 | 390.2
outstanding shares | n. | 1,200,346,949 | 1,250,652,701
earnings per share adjusted | € | 0.31 | 0.31

(1)Both Group net profit-adjusted and outstanding shares are calculated also including the dilution from convertible instrument effect.

For the year ended 31 December 2024 | Free cash flow
| € million
alternative performance measure reported | 173.0
impairment of assets | 56.8
other changes from operating activities | (212.6)
non-recurring taxes paid | 4.4
changes in other non-financial assets and liabilities | 38.9
net cash flow from non-recurring investments | (300.7)
total adjustments | (413.2)
alternative performance measure adjusted (recurring free cash flow ) | 586.2

For the year ended 31 December 2024
€ million
EBITDA-adjusted at 31 December 2024 | 732.6
net financial debt at 31 December 2024 | 2,376.9
net debt/EBITDA-adjusted ratio | ratio 3.2
rolling twelve months EBITDA adjusted for business acquisition | 748.5
net debt/EBITDA-adjusted for business acquisition ratio | ratio 3.2

Performance review | 57

Campari Group annual report for the year ended 31 December 2024

For the comparative figures for the year ended 31 December 2023.

For the year ended 31 December 2023 | EBITDA | EBIT | profit before taxation | Group net profit | basic earnings per share | diluted earnings per share
| € million | % on sales | € million | % on sales | € million | % on sales | € million | % on sales | € | €
alternative performance measure reported | 650.4 | 22.3% | 540.2 | 18.5% | 466.5 | 16.0% | 330.5 | 11.3% | 0.29 | 0.29
net expenses from acquisition/disposals of business or companies and indemnities from contract resolutions | (17.0) | -0.6% | (17.0) | -0.6% | (17.0) | -0.6% | (17.0) | -0.6% | (0.02) | (0.01)
restructuring and reorganization costs | (19.6) | -0.7% | (19.6) | -0.7% | (19.6) | -0.7% | (19.6) | -0.7% | (0.02) | (0.02)
last mile long-term incentive schemes with retention purposes | (10.0) | -0.3% | (10.0) | -0.3% | (10.0) | -0.3% | (10.0) | -0.3% | (0.01) | (0.01)
Ukraine and Russia conflict | (2.3) | -0.1% | (2.3) | -0.1% | (2.3) | -0.1% | (2.3) | -0.1% | - | -
impairment of assets | (11.9) | -0.4% | (11.9) | -0.4% | (11.9) | -0.4% | (11.9) | -0.4% | (0.01) | (0.01)
net penalties or gains arising from the settlement of tax and legal disputes | (8.4) | -0.3% | (8.4) | -0.3% | (8.4) | -0.3% | (8.4) | -0.3% | (0.01) | (0.01)
non-recurring costs related to IT system implementation | (13.3) | -0.5% | (13.3) | -0.5% | (13.3) | -0.5% | (13.3) | -0.5% | (0.01) | (0.01)
capital (gains) losses on the disposal of tangible and intangible assets | 7.6 | 0.3% | 7.6 | 0.3% | 7.6 | 0.3% | 7.6 | 0.3% | 0.01 | 0.01
other net (gain) expenses | (3.6) | -0.1% | (3.6) | -0.1% | (3.6) | -0.1% | (3.6) | -0.1% | - | -
adjustments to financial income (expenses) | - | - | - | - | (0.1) | - | (0.1) | - | - | -
profit (loss) related to re-assessments of previously held joint-ventures | - | - | - | - | 0.9 | - | 0.9 | - | - | -
tax adjustments | - | - | - | - | - | - | 17.7 | 0.6% | 0.02 | 0.02
total adjustments | (78.5) | -2.7% | (78.5) | -2.7% | (77.7) | -2.7% | (59.9) | -2.1% | (0.05) | (0.04)
alternative performance measure-adjusted | 728.9 | 25.0% | 618.7 | 21.2% | 544.2 | 18.6% | 390.4 | 13.4% | 0.35 | 0.34

For the year ended 31 December 2023 |  | basic | diluted
Group net profit-adjusted | € million | 390.4 | 390.4
outstanding shares | n. | 1,127,727,622 | 1,139,171,963
earnings per share-adjusted | € | 0.35 | 0.34

For the year ended 31 December 2023 | Free cash flow
| € million
alternative performance measure reported | (180.0)
impairment of assets | 11.9
other changes from operating activities | (78.5)
non-recurring taxes paid | (7.0)
changes in other non-financial assets and liabilities | 10.0
net cash flow from non-recurring investments | (183.3)
total adjustments | (246.9)
alternative performance measure-adjusted (recurring free cash flow ) | 66.9

For the year ended 31 December 2023
€ million
rolling twelve months EBITDA-adjusted PY | 728.9
net financial debt at 31 December 2023 | 1,853.5
net debt/EBITDA-adjusted ratio | ratio 2.5

Performance review | 58

Campari Group annual report for the year ended 31 December 2024

Group Sustainability performance review
In a world where environmental, social and governance (‘ESG’) protection is not merely an option but an
imperative, Campari Group is focused on spearheading change through sustainable innovation and responsible
practices in the management of its business activities, consistently in line with the system of values that has
always guided it and that it considers of fundamental importance for the Group's sustainable growth.
During 2024, the Group was engaged in the analysis of non-financial information required according to the
Corporate Sustainability Reporting Directive (‘CSRD’). In particular, the Group reviewed and integrated the
following activities to ensure compliance for the first integrated annual report at 31 December 2024: i) EU
taxonomy disclosure; ii) double materiality analysis; iii) European Sustainability Reporting Standards (‘ESRS’)
with a gap analysis compared to what was disclosed in the 2023 sustainability disclosure (for comprehensive
information refer to the 'Sustainability statement' included in the Management Board Report).
By embedding ESG principles into every facet of its operations, the Group is committed to foster a culture of
sustainability. Below are highlights of some initiatives realized throughout the year.
The Group joined the UN Global Compact in May 2024: a call to companies to conduct their operations and
strategies according to ten universal principles in human rights, labour, environment and anti-corruption. In
alignment with the UN Global Compact, Campari Group continues to take action in support of the sustainable
development goals and operating responsibly to create a brighter future and a better society.
Environment(1)
During the year, the Group has actively pursued initiatives to enhance environmental sustainability, prioritizing
GHG emissions, water and renewable source usage and waste. These efforts have been essential in fostering a
culture of responsibility and long-term stewardship, creating a lasting positive impact on the planet and future
generations.

| 2024 | 2023 | 2019 baseline | Target 2025 | Target 2030 | Target 2050
GHG emissions intensity (kg of CO2/L) from direct operations (Scope 1&2)(2) | 0.075 (including Courvoisier, -51.2% vs. 2019 and -8.8% vs. 2023) | 0.084 (excluding Courvoisier, -45.7% vs. 2019 and +1.4% vs. 2023) | 0.082 (-47% vs. 2019 and -2% vs. 2022) | 0.154 | -55% vs. 2019 (previous target of -20% already achieved) | -70% vs. 2019 (previous target of -30% already achieved) | Net Zero
GHG emissions intensity (kg of CO2/L) from total supply chain (Scope 1, 2&3)(3) | 0.985 (including Courvoisier, -23.3% vs. 2019 and -6.2% vs. 2023) | 1.038 (excluding Courvoisier, -19.1% vs. 2019 and -1.1% vs. 2023) | 1.050(4) (-19% vs. 2019 and -6% vs. 2022) | 1.284 | - | -30% vs. 2019
Water usage intensity (L/L) | 6.2 (including Courvoisier, -68.3% vs. 2019 and -32.1% vs 2023) | 6.9 (excluding Courvoisier, -64.6% vs. 2019 and -24.1% vs. 2023) | 9.1 (-54% vs. 2019 and -8% vs. 2022) | 19.6 | -60% vs. 2019 | -62% vs. 2019 | -

(1)The environmental data presented in the table pertains to the Group's scope including Courvoisier (first 2024 column) and excluding Courvoisier (second 2024
column). Since the targets refer to the scope before the Courvoisier integration, they exclude Courvoisier. Targets including Courvoisier will be updated
accordingly during 2025.
(2)The GHG Protocol Corporate Standard classifies a company’s GHG emissions into three scopes. Scope 1 emissions are direct emissions from owned or
controlled sources. Scope 2 emissions are indirect emissions from the generation of purchased energy.
(3)Scope 3 emissions are all indirect emissions (not included in Scope 2) that occur in the value chain of the reporting company, including both upstream and
downstream emissions.
(4)The previous value reported in 2023 disclosure (1.037) was recalculated in 2024.

| 2024 | 2023 | Target 2025
| including Courvoisier | excluding Courvoisier
Electricity from renewable sources (%) | 96.1% | 96.0% | 93% | 90%
Waste to landfill (% over total waste) | 0.9% | 1.1% | 1.4% | Zero waste to landfill

| 2024 | 2023
CDP-Climate Change score | B for Climate Change (Management level) A- for Water Security (Leadership level) | A- (higher than the Food&Beverage processing sector average of B-)

In 2024, the Group results on energy and emission intensity in direct operations reflected changes in volume
and product mix. This was driven by a reduction in distilled production, which was less than the decline in
bottled production, and the baseload effect of reduced operations in several plants. Despite these challenges,

Performance review | 59

Campari Group annual report for the year ended 31 December 2024

the Group continued to invest in energy efficiency and decarbonization initiatives, including heat pumps, boiler
upgrades, and thermal vapour recovery in Rothes distillery in Scotland, to partially offset the negative volume-
mix influences. The Group successfully reduced intensity emissions from direct operations by 8.8% compared to
the previous year, achieving a total reduction of about 7,518 tons of CO2e in 2024. Likewise, the GHG
emissions intensity performance for the total supply chain saw a reduction from the previous year, mainly due to
adjusted purchased goods and services in response to declining volumes, packaging optimizations, improved
supplier performance (disclosures through supplier engagement), and the carry-over effect of goods purchased
but not consumed in the last quarter of 2023. Overall, the intensity emissions of the Group value chain were
reduced by 6.2% compared to 2023.
In 2024, the Group continued local interventions and investments in production plants in line with its global water
reduction program. The Thermal Vapour Recompression system was completed at the Rothes distillery in
Scotland, significantly reducing cooling water consumption and recovering energy. A major impact on water
intensity improvements came from water reuse initiatives in Jamaica. The Group continues to ensure the safe
return of 100% of wastewater from operations to the environment, with no major incidents reported.
Furthermore, the ongoing expansion project for vinasse treatment at the tequila distillery was initiated .
The Group consistently achieved its target of sourcing electricity from renewable sources. The newly acquired
Courvoisier cognac business operates on 100% renewable power. As part of the Group decarbonisation
program, the production of on-site solar installations increased by 63% compared to 2023 and the photovoltaic
system installations was expanded at several production sites. Notably, while the Group's first Power Purchase
Agreement (wind power, baseload contract) in Italy was already in place in 2023, it was in 2024 that the Group
fully reaped its benefits.
During the year the Group's waste to landfill was 0.9% of the total waste generated (and 1.1% excluding
Courvoisier for a like-for-like comparison), equating to 261 tonnes less of waste to landfill compared to 2023.
Regarding Courvoisier's operations, the company also maintains a zero-waste-to-landfill policy, further
underscoring the Group's commitment to sustainable waste management practices.
In 2024, Campari Group reported its climate-related progress to the Carbon Disclosure Project ('CDP') for the
third time in the Climate Change section and for the first time in the Water Security section. The CDP is a non-
profit organization that promotes transparency and action on environmental issues. It helps investors and
companies make informed decisions and encourages leadership in climate action. CDP scores range from D- to
A. In 2024 Campari Group received a ‘B’ score for Climate Change, making a modest drop from its 2023 score
of 'A-', and an 'A-' score for Water Security. These ratings highlight the Group's effective environmental impact
management and its strong strategies for assessing water-related risk.
Responsible practices
Over the years, Campari Group has spearheaded a range of initiatives to promote responsible drinking, with a
strong focus on education, awareness and harm reduction. These efforts have been instrumental in fostering a
culture of moderation and accountability, generating a positive impact on individuals and communities alike. As a
leading force in the spirits industry, the Group upholds a commitment to quality and responsibility, demonstrated
through strategic communication projects, initiatives and training programs - both independently and in
collaboration with industry partners and trade associations.

| 2024 | 2023 | Target 2026
Responsible drinking | - Launch of the first corporate responsible drinking campaign - Launch of a pilot project in the EU to display QR codes on physical labels worldwide for nutritional information, ingredients and messages on responsible drinking - Bartender Hero training is further promoted through in-person masterclasses in partnership with the International Bartenders Association (IBA). | - Mandatory internal training on Code on Commercial Communication and responsible alcohol consumption - Digital brands’ campaigns on responsible drinking - Partnership with the International Bartenders Association (‘IBA’) for the development of responsible serving initiatives for bartenders | Educational sessions on responsible consumption of alcoholic beverages for 100% of Camparistas by 2026

Building on years of dedication to this cause, Campari Group actively engages employees and bartenders to
raise awareness about conscious and responsible consumption. Reinforcing this commitment, in 2024, the
Group took a significant step forward in consumer transparency by making all of its products available on
camparigroup.info, a dedicated digital labelling platform designed to provide key product information and
p romoting responsible consumption.

Performance review | 60

Campari Group annual report for the year ended 31 December 2024

Starting from 10 December 2024, a global communication campaign on responsible drinking ‘Take Time to
Taste’ has been launched, aimed at raising consumer awareness of a responsible approach to alcoholic
beverages, prioritizing moderation and responsibility. The campaign has also been published on the Group’s
official social channels featuring three great classics of Italian aperitivo, Aperol Spritz, Americano and Negroni,
elevating time as a key ingredient to fully experience moments of conviviality and togetherness, focusing on the
importance of responsible consumption. The communications also include messages for responsible and
moderate drinking that encourage combining the consumption of alcoholic beverages with food, staying
hydrated, observing drink-driving rules and respecting others and their choices.
Our People
Throughout the year, the Group has undertaken several impactful initiatives, reinforcing its commitment to
people-centric sustainability. These actions and results listed below have fostered inclusivity, equity, safety and
empowerment, creating meaningful value for our communities and stakeholders.

Female representation at management and senior management levels | 2024 | 2023 | target 2027
38.3% | 36.8% | 40% by 2027

| 2024 | 2023
Gender Equality and Equal Pay | - New more inclusive Parental Leave Policy released in 2024 - Gender Pay Gap -6.8% (adjusted pay gap 2.0%) | - Gender Fair Pay: new top workplace equity analysis to address pay fairness and equal opportunities - Gender Pay Gap -5.1% (adjusted pay gap 2.0%)
Health and Safety (1) | - The rate of recordable work-related accidents was 5.38 - The severity index was 0.20 | -

(1)The metrics for the comparative year were not reported when calculated using 2023 measurement standards, as these differ from European Sustainability
Reporting Standards.
In 2024, Campari Group reinforced its commitment to diversity, equity, inclusion, health, and safety through
several key initiatives. The Group earned Fair Pay Workplace certification, recognizing its dedication to
equitable compensation. The certification process revealed an unadjusted median gender pay gap in Total
Actual Cash of 18.53%, meaning men earned 81.47 cents for every dollar earned by women. However, after
accounting for legitimate factors, the gap narrowed to near parity, with women earning 99.65 cents for every
dollar earned by men. To maintain pay equity, the Group will continue monitoring and reporting.
Campari Group also strengthened workplace safety and well-being by implementing targeted measures across
all production sites, benefiting both employees and contractors.
In June 2024, the Group approved a Global Parental Leave Policy designed to support Camparistas during one
of life’s most significant milestones. The policy ensures consistent leave duration (establishing a comprehensive
framework for minimum leave periods for both primary and secondary caregivers), eligibility criteria and benefits
offered across all countries, creating a more equitable and inclusive workplace and is part of the Group’s
commitment to enabling caring and career and to creating the best Camparista experience.
In September 2024, the Group was awarded Fair Pay certification by the non-profit organisation Fair Pay
Workplace. This milestone underscores the Group’s ongoing commitment to ensuring that everyone receives
fair compensation for their hard work, earning equal pay for equal work, regardless of gender.
1 International Monetary Fund, World Economic Outlook

Performance review | 61

Campari Group annual report for the year ended 31 December 2024

Stock performance in the capital market
The global economy
Global macroeconomic conditions in 2024 have reflected a complex mix of ongoing recovery, persistent
challenges and evolving dynamics in multiple areas. Global growth has stabilized after the COVID-19 pandemic,
impact on inflation and supply chain disruptions. The latest estimates released in October 2024 by the
International Monetary Fund ('IMF') expect global growth in 2025 to be stable versus the 3.2% that is forecasted
for 2024. The highest contribution is expected to come from Asian emerging markets and the United States,
mitigating weakness in the Euro area. The strategies implemented by central banks in the past to increase
interest rates to fight inflation trends is bringing the expected results with global headline inflation expected to
fall from an annual average of 6.7% in 2023 to 5.8% in 2024 and 4.3% in 2025 according to IMF’s latest
estimates as of October 2024. Trade relationships are influenced by the ongoing geopolitical tension, in
particular between United States and China. Stronger protectionist policies could heighten trade tensions,
decrease market efficiency, and cause further disruptions to supply chains.
Regarding the Group's largest market, the United States, GDP is expected to grow by +2.2% in 2025 while the
second largest market Italy is forecasted to grow by +0.8% in 2025, below the general Euro area at +1.2%.
Regarding the Group’s other key markets in Europe, GDP in Germany is expected to grow by +0.8% in 2025, in
France by +1.1% and in the United Kingdom by +1.5%. Australia, the main market for the Group in the Asia-
Pacific region, is expected to register growth of +2.1% in 2025. As a key emerging market for the Group, Brazil
is expected to grow by +2.2% in 2025, and China by +4.5% in the same period 1.
Spirits sector
In the spirits industry, 2024 has seen a further normalisation of consumption compared to previous years,
influenced by persistently high inflation and lower consumer confidence. As a result, wholesalers and
distributors have engaged in destocking to align with current consumer demand. Additionally, the spring and
summer weather conditions, particularly in countries with a strong aperitif culture, negatively affected
consumption, especially within the on-premise channel. Ready-to-drink ('RTD') products continue to be a
growing trend in regions like the United States, with strong growth partially offsetting the more moderate
performance in the bottled category.
Financial markets
The year 2024 was positive year overall for equity markets, continuing the trend from 2023. At the same time,
volatility levels remained high throughout the year due to factors such as geopolitical tensions, prolonged
inflation, the continuation of the Russia-Ukraine conflict and the breakout of further conflicts in the Middle East.
During 2024, the FTSE MIB Index increased by +12.6%, led by the financial sector. In Europe, the MSCI Europe
Index registered performance of +5.7%, while in the United States, the S&P 500 Index increased by +23.3%
overall. Driven by some of the sector-specific challenges impacting consumer staples, the MSCI Europe
Consumer Staples Index decreased by -5% during the same period.
Regarding exchange rate fluctuation over the year 2024, many Group currencies depreciated vs. the €,
including the Canadian Dollar (-1.5%), the Jamaican Dollar (-1.5%) and the Mexican Peso (-3.2%). The British
Pound appreciated (+2.8%) vs. the € as well as the Swiss Franc (+2%). The US$ remained flat compared to
2023.
Stock performance in the capital market
During 2024, the Campari Group stock price decreased by -41.1% in absolute terms, underperforming the
STOXX Europe 600 Food&Beverage Index by -28.2%. It also underperformed the FTSE MIB Index by -53.7%
during the same period. This performance was driven by a general de rating of spirits companies due to the
sector-specific cyclical impacts as well as company-specific impacts throughout the year.
1 Refer to ‘Governance’ section in the 2024 Annual Report for additional information regarding the composition of the share capital and details on major
shareholders.

Performance review | 62

Campari Group annual report for the year ended 31 December 2024

Performance of the Campari stock and the main benchmark indices from 1 January 2024 to 31
December 2024
Note: The STOXX Europe 600 Food & Beverage Price Index is a capitalisation-weighted index which includes European companies operating in the food and
beverage industry
Davide Campari-Milano N.V. stock
Shares 1
As of 31 December 2024, the total share capital of Davide Campari-Milano N.V. (including Special Voting
Shares) was equal to €36,790,503.
The total share capital consisted of 1,231,267,738 ordinary shares with a nominal value of €0.01 each, for a
total of €12,312,677; 71,696,938 Special Voting Shares A with a nominal value of €0.1 each, and 594,021,404
Special Voting Shares B with a nominal value of €0.04 each, for a total of €36,790,503. Further information is
available on Campari Group’s website: Investors | Campari Group.
Dividend
The Board of Directors voted to propose to the Annual General Meeting (‘AGM’) a dividend of €0.065 per share
for the year 2024, gross of withholding taxes, in line with the previous year.
The dividend will be paid on 24 April 2025 (with an ex-date for coupon n. 5 of 22 April 2025 in accordance with
the Italian Stock Exchange calendar, and a record date of 23 April 2025). The Board of Directors resolved to
convene the AGM on 16 April 2025 to approve, inter alia, the Financial Statements for the year ended 31
December 2024 as well as the Remuneration Report (advisory vote).
Information on the Campari stock and valuation indicators
The tables below show the performance of the Campari stock and the main valuation indicators used by
Campari in the last five years.

Year | Minimum price | Maximum price | Average price | Price on 31 December | Change in Campari stock | Change in FTSE MIB | Relative performance of Campari(1) | Average daily trading volume | Average daily trading value | Stock market capitalisation at 31 December | Annualized Total Shareholder Return
| € | € | € | € | % | % | % | millions of shares | € million | € million | %
2024 | 5.58 | 10.08 | 8.42 | 6.02 | -41.09% | +12.63% | -53.72% | 10.0 | 84.0 | 7,410 | -40.7%
2023 | 9.56 | 12.93 | 11.26 | 10.22 | +7.71% | +28.03% | -20.32% | 4.5 | 50.9 | 11,866 | +8.3%
2022 | 8.65 | 12.87 | 10.05 | 9.48 | -26.22% | -13.31% | -12.91% | 2.0 | 20.2 | 11,017 | -25.8%
2021 | 8.68 | 13.47 | 11.10 | 12.86 | +37.63% | +23.00% | +14.63% | 1.7 | 11.1 | 14,913 | +38.4%
2020 | 5.54 | 9.85 | 8.25 | 9.34 | +14.74% | -5.42% | +20.16% | 2.6 | 21.0 | 10,849 | +15.6%

(1)Compared with the FTSE MIB index.

Performance review | 63

Campari Group annual report for the year ended 31 December 2024

The table below provides information on the main valuation indicators for Campari stock in the last five years.

Year | Basic earnings per share(1) | Diluted earnings per share (1) (2) | Price/ shareholders' equity per share | Gross dividend per share (€)(3) | Payment date | Dividend Paid (€) | Price/net profit per share (1) | Dividend/net profit per share (1) (3) | Dividend/ price per share(3)
2024 | 0.17 | 0.17 | 1.92 | 0.065 | Apr-25 | 78.2 | 35.8 | 0.388 | 0.012
2023 | 0.29 | 0.29 | 4.06 | 0.065 | Apr-24 | 78.1 | 34.9 | 0.236 | 0.006
2022 | 0.30 | 0.29 | 4.12 | 0.060 | Apr-23 | 67.5 | 32.1 | 0.202 | 0.006
2021 | 0.25 | 0.25 | 6.3 | 0.060 | Apr-22 | 67.6 | 50.9 | 0.239 | 0.005
2020 | 0.17 | 0.16 | 5.43 | 0.055 | Apr-21 | 61.6 | 56.4 | 0.328 | 0.006

(1)Based on net profit (not adjusted for non-recurring components) and total number of shares of 1,200,346,949 for 2024.
(2)For the purposes of calculating the diluted earnings (loss) per share, the weighted average of outstanding shares is adjusted in line with the assumption that all
potential shares with a diluting effect will be converted. The total # of shares used for 2024 is 1,250,652,701.
(3)Dividend relating to the year. Proposed dividend for the 2024 financial year.
Investor relations
In compliance with both applicable Italian and Dutch laws, Davide Campari-Milano N.V. (as a Dutch company
listed on the Italian Stock Exchange) transmits any regulated information through the transmission system 1Info
SDIR, managed by Computershare S.p.A., and files such information through ‘Loket AFM’ to the AFM (Authority
for the Financial Markets), which makes it available on its website’s relevant register at www.afm.nl.

Performance review | 64

Campari Group annual report for the year ended 31 December 2024

Intentionally blank page

Sustainability statement | 65

Campari Group annual report for the year ended 31 December 2024

Sustainability statement
Index-Sustainability statement

General information .......................................................................................................................................... | 66
Basis for preparation .................................................................................................................................. | 66
The Sustainability Governance model .................................................................................................... | 68
Campari Group’s Value Chain .................................................................................................................. | 77
Engagement with stakeholders ................................................................................................................ | 78
Presentation of the results of the double materiality assessment process ...................................... | 80
List of datapoints in cross-cutting and topical standards that derive from other EU legislation .... | 87
Reconciliation table related to General information .............................................................................. | 92
Environmental information ............................................................................................................................. | 94
ESRS E1 Climate Change ........................................................................................................................ | 94
ESRS E3 Water and marine resources .................................................................................................. | 109
ESRS E4 Biodiversity and ecosystems .................................................................................................. | 114
ESRS E5 Resource use and circular economy ..................................................................................... | 120
EU Taxonomy disclosures ........................................................................................................................ | 124
Reconciliation table related to Environmental information .................................................................. | 138
Social information ............................................................................................................................................. | 141
ESRS S1 Own workforce .......................................................................................................................... | 141
ESRS S2 Workers in the value chain ..................................................................................................... | 167
ESRS S4 Consumers and end-users ..................................................................................................... | 175
Reconciliation table related to Social information ................................................................................. | 183
Governance information .................................................................................................................................. | 186
ESRS G1 Business conduct ..................................................................................................................... | 186
Reconciliation table related to Business conduct .................................................................................. | 190

1 Intern: student or recent graduate undergoing a supervised work experience for a limited period of time with a specific, non-regular, employment contract with
Campari Group.
2 Casual worker: worker working for Campari Group on an ongoing contract with no end date and with no guaranteed working hours (as usually irregular), having
a specific, non-regular, employment contract with Campari Group.
3 Agency worker: worker supplied to Campari Group by an employment (staffing/workforce resourcing) agency, with which they have an employment contract.

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Campari Group annual report for the year ended 31 December 2024

General information
This section addresses the requirements of the Dutch Civil Code, and of the Dutch Decree on Non-Financial
Information (‘Besluit bekendmaking niet-financiële informatie’), which is a transposition of Directive 2014/95/EU
‘Disclosure of non-financial and diversity information’ into Dutch law.
At Campari Group, the concept of Environmental, Social and Governance (‘ESG’) was adopted to articulate its
influence on the surrounding world and on the Group’s commitment to eliminating, mitigating, or reducing
adverse impacts: it strives to manage risks effectively while seizing opportunities for positive change. This
introduction outlines Campari Group’s approach to managing ESG priorities and evaluating its performance in
these areas. In the following sections, detailed disclosures were provided to delve into Campari Group’s
materiality assessment process, which enables the identification of the most significant ESG issues to Campari
Group stakeholders. These material topics were aligned with the Group’s growth strategies and will be
incorporated into its sustainability roadmap. The Sustainability information sections provide a detailed overview
of the Group’s impacts, strategic approach and progress made, as well as the related performance metrics and
targets for each key area. Please note that, if not otherwise stated, no metric provided in this Sustainability
Statement is validated by an external body other than the assurance provider.
In 2023, the Group began preparing to comply with the Corporate Sustainability Reporting Directive (‘CSRD’),
actively involving a wide range of stakeholders throughout the process. This new regulation introduced by the
European Union mandates companies to disclose sustainability-related information starting from the reporting
year 2024. The law aims to enable investors and stakeholders to evaluate investment risks associated with
climate change and other sustainability-related factors. Additionally, it seeks to enhance transparency regarding
a company’s impact on people and the environment, as well as the influence of external environmental and
societal factors on the Group itself.
The reported disclosures were based on the new European Sustainability Reporting Standards (‘ESRS’) as
adopted by the European Commission and compliant with the double materiality assessment process carried
out to identify the information reported pursuant to the ESRS, as well as with the reporting requirements
provided for in Article 8 of Regulation (EU) 2020/852 ('Taxonomy Regulation').
Since 2004, Campari Group, headquartered in Sesto San Giovanni (Milan), has been developing a proprietary
direct distribution network, which has grown from 5 to 26 markets worldwide in 16 years. The Group brought the
bottling activities in the core markets and, since 2004, has been increasing the number of production sites
around the world from 8 to 25 at 31 December 2024: Italy (4), Greece, Scotland, Jamaica (3), France (7),
Australia, Mexico (3), United States (2), Canada, Argentina, and Brazil. For general information on Campari
Group and highlights on financial performances please refer to the ‘Campari Group at a glance’ and
‘Performance review’ chapters of the Management Board Report.
On 31 December 2024, the total workforce consisted of 5,560 people, of whom 5,254 were Campari Group
employees (Camparistas: of whom 5,122 had a permanent contract), 129 interns 1, 54 casual workers 2 and 123
agency workers 3. Camparistas by region, gender and professional category (for further information about
headcount of employees by geographical areas refer to 'ESRS S1 - Metrics and Targets related to Own
workforce').
No entity-specific information was identified to be reported.
The Reconciliation tables required by the European Sustainability Reporting Standards, are presented at the
end of each chapter to ensure transparency by linking sustainability data with Sustainability statement. They
enhance stakeholders' understanding, support comparability, and strengthen trust in corporate reporting,
aligning with European standards for accuracy and accountability.
Basis for preparation
On 4 March 2025 the Board of Directors of the Parent Company approved the Sustainability statement of
Campari Group for the year ended 31 December 2024 and authorized them for issue.

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Campari Group annual report for the year ended 31 December 2024

The preparation of the Sustainability statement requires management to exercise judgement, make estimates,
and apply assumptions that influence the reported amounts and disclosures. These e stimates and assumption s
are informed by experience and other factors deemed reasonable under the prevailing circumstances. They are
subject to continuous review and reassessment. Key Performance Indicators (‘KPIs’) involve a heightened level
of judgement and complexity. Consequently, changes in the underlying assumptions and estimates could lead to
outcomes differing from those reflected in the Sustainability statement included in this Annual Report. The
indicators subject to significant judgement in this estimation are those referring to Scope 3 emissions, with
particular reference to the categories 'Capital goods', 'Employee commuting', 'Upstream leased assets' and
'Investments', the data of water discharged, waste and materials in resources inflows of Casa Lumbre and the
data of materials in resource inflows of Courvoisier. For more information on estimates refer to the following
chapters: 'Climate change commitments, Actions and Metrics' in the 'ESRS E1 Climate Change' section, 'Metrics
and Targets related to water and marine resources' in the 'ESRS E3 Water and marine resources' section,
'Metrics and Targets related to resource use and circular economy' in the 'ESRS E5 Resource use and circular
economy'.
The Sustainability statement of Campari Group was prepared on a consolidated basis, with the scope of
consolidation matching that of the Consolidated Financial Statements at 31 Dec ember 2024 (please refer to the
note 2 v.-'Principles of control and consolidation' of the Campari Gro up Co nsolidated Financial statements). With
regard to investments, such as joint-ventures where Campari Group did not have direct operational control, full
consolidation was not considered in the Sustainability statement. Regarding the acquisitions made during the
year, they have been reflected in these statements; however, they did not contribute to the previously defined
ESG strategic objectives for 2024. This is due to the common delay between the closing of a business
transaction and its full integration into sustainability goals. As for the Courvoisier business, it will be incorporated
into the revised strategic sustainability objectives planned for 2025.
The material impacts, risks and opportunities connected to the Sustainability statement pertains to the Group's
entire value chain, which has been assessed as part of its double materiality assessment.
In alignment with the CSRD requirements, the materiality assessment was revised in 2024 based on the newly
introduced principle of Double Materiality, reflecting the implementation of the CSRD within the European
context.
The reporting period applicable to these Sustainability statement aligns with the reporting period of the
Consolidated Financial Statements. Furthermore, the Sustainability statement encompasses the following time
intervals:
- short-term time horizon: defined as one year from 31 December 2024.
- medium-term horizon: spanning from the conclusion of the short-term reporting period up to five years;
- long-term horizon: extending beyond five years.
The data relating to previous years is reported for comparative purposes on a voluntary basis, to allow
performance to be assessed on a multi-annual basis. In the event that the indicator measured in comparative
periods proves not to be fully aligned with the new CSRD requirements, these are not included.
Data collection and monitoring were managed through the Group’s sustainability platforms (i.e., Enablon,
SuccessFactors for data related to Campari Group's own workforce and Dynamics Quality for complaints
information) and included all information related to headcounts (‘Social Information’ chapter) and the main
environmental Key Performance Indicators (‘KPIs’) (‘Environmental Information' chapter). With the exception of
Scope 3 emissions, all environmental data refer to the Group's own plants, while offices are not included in the
calculation.
Some disclosures are incorporated by reference, such as those concerning the description of business activities
and markets served, and ESG considerations in remuneration. Wherever information is incorporated by
reference, this is explicitly indicated.
For 2024, general tagging of the Sustainability statement under CSRD is not applied, as the European Single
Electronic Format (ESEF) has not been formally adopted.

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Campari Group annual report for the year ended 31 December 2024

The Sustainability Governance model
Sustainability core commitments
In 2020 Campari Group formalised and disclosed its sustainability commitments into a roadmap, providing a
strategic framework to guide investments and performance in alignment with the Group’s values. In 2024, the
Group continued implementing the initiatives to achieve global targets while integrating regulatory requirements
arising from the CSRD, including revising its materiality analysis based on the double materiality principle under
the European Sustainability Reporting Standards. Material topics are detailed in the 'Presentation of the results
of the double materiality assessment process' section and will inform the Group's evolving strategy. For the
broader Campari business strategy, please refer to the ‘Strongly positioned for future growth: our ambition
roadmap’ paragraph of the Management Board Report.
As its business grows, Campari Group constantly encounters new opportunities to generate positive economic,
social and environmental impacts. Campari Group’s approach to sustainability identifies the following four areas
through which the Group’s commitment to creating value in each business area is structured:
a) our people: for its people, the Group prioritises health, safety, and diversity, equity, and inclusion (DEI),
fostering a collaborative and inclusive culture through a dedicated DEI strategy;
b) responsible practices: the Group responsible drinking strategy is aimed at educating and sensitising
employees, bartenders, and consumers on mindful alcohol consumption;
c) the environment: the Group environmental goals target energy, emissions, water, and waste reduction by
2025 and 2030, with a net zero ambition by 2050;
d) community involvement: i n the broader context of sustainability, it is essential to implement the initiatives
outlined above with a comprehensive approach that prioritises the needs and well-being of local
communities. This means not only considering material ESG impacts, but also ensuring that these actions
are aligned with the cultural, social, and economic realities of the communities involved.
Sustainability targets are set, tracked, and reported annually in the Sustainability statement, ensuring
transparency and accountability. The targets have been voluntarily adopted in 2020, revised in 2023 and
established by the functions responsible for their management and the implementation of related actions. As
explained in detail in the sustainability-specific topics related to the material ESG components in the following
section of this Sustainability statement, targets are set in alignment with industry trends and reporting standards
through a rigorous process involving benchmark analyses, business insights, and stakeholder comparisons.
This ensures targets are ambitious yet achievable, supporting strategic planning and continuous improvement.
With a 5- to 10-year horizon, Campari Group can effectively plan, implement, and refine sustainable practices.
The Campari Group’s sustainabili ty core commitments are disclosed below.

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Campari Group annual report for the year ended 31 December 2024

Our people Ensuring health and safety, diversity, equity and inclusion, enhances employee satisfaction and innovation. Strategic alignment: a motivated and diverse workforce drives better business performance and supports the Group's goal of being an employer of choice. | Responsible practices Promoting responsible sourcing, communication and granting access to qualified information, enhances brand trust and loyalty. Strategic alignment: by implementing the Global Strategy on Responsible Drinking and responsible communication initiatives, Campari Group reinforces its reputation for high quality and responsible consumption. This directly supports its strategic objective of maintaining strong brand equity and consumer trust.
Diversity, Equity and Inclusion, learning and development, health and safety - Diversity, Equity and Inclusion (‘DEI’): consistent and intentional strategy on Diversity, Equity and Inclusion that will sustain and enable continuous workplace improvement and business results. Specific targets on female representation are: at least 33.33% female Executive Directors by the Board of Directors’ renewal in 2028; at least 40% female Non-Executive Directors by the Board of Directors’ renewal in 2025; at least 40% female members of Management by the end of 2027. - Development Culture: establishing integrated processes across the organisation to support the development of Camparistas at individual and company level. - Sustainable improvement in the health and safety management system through the realisation of initiatives in specific fundamental areas. | Education and involvement with regard to responsible drinking - Continuous training for the global marketing community on the principles of responsible marketing, with yearly targets; - Ensure Responsible Drinking Messages ('RDMs') are included in 100% of marketing and communications for alcoholic products; - Educational sessions on responsible consumption of alcoholic beverages for 100% Camparistas by 2026; - Continue to ensure that the products' information is available to consumers for all the Group’s products on camparigroup.info; - Launch the first corporate responsible drinking campaign by end of 2024.
Environment Energy efficiency, decarbonisation, waste and water management reduce operational costs and carbon footprint. Strategic alignment: setting environmental targets and focusing on sustainability practices ensures long- term operational efficiency and risk management. This aligns with the Group's strategic goal of sustainable growth and resilience against climate-related risks. | Community involvement Balancing global sustainability goals with local priorities fosters more inclusive and equitable outcomes, helping to build lasting partnerships, create positive, long-term change, foster goodwill and enhance brand reputation. Strategic alignment: initiatives such as sharing health and safety best practices, providing educational support, engaging in community service and promoting art and culture strengthen Campari Group’s social licence to operate. These efforts align with the Group’s goal to create positive social impact, build strong community ties and ensure long-term brand loyalty and market presence. By embedding sustainability into its core strategy, Campari Group addresses key environmental and social challenges while unlocking opportunities for growth and resilience.
Energy and GHG emissions - Achieve net-zero emissions by 2050 or, hopefully, sooner. - Reduce greenhouse gas (‘GHG’) emissions intensity (kg CO2 /L) from direct operations by 55% by 2025, by 70% by 2030 and by 30% from the total Supply Chain by 2030, with 2019 as a baseline. - 90% renewable electricity in all Group’s production sites by 2025. Water - Reduce water usage intensity (L/L) by 60% by 2025 and by 62% by 2030, with 2019 as a baseline. - Continue to ensure the safe return of wastewater from direct operations to the environment. Waste - Zero waste to landfill from direct operations by 2025. | Exporting best practices across key markets - Strong commitment to work, education and culture will continue to be key for Campari Group. - Best local practices, will be exported to other geographies around the world. - Continuous involvement in the art world through sponsoring major events, collaborating with renowned artists and further developing iconic brand houses and the Campari Gallery. - Strong support to business partners through activations and events, being committed to playing a major role in the comeback of the on-premise channel. - Strong support to foundations around the world, to promote assistance, training, education and charity in favour of Camparistas and local communities.

These initiatives are in line with Campari Group’s goal of fully integrating its sustainability strategy into its
business activity, aimed at contributing to the attainment of the United Nations Sustainable Development Goals
(‘SDGs’) established under the UN 2030 Sustainable Development Agenda and insights gathered through
stakeholder engagement. Campari Group contributes to the attainment of 11 of the 17 Sustainable Development
Goals (‘SDGs’), which promotes the active participation of all stakeholders (i.e., private sector, public sector,
institutions and local communities). In particular, the objectives shown in the table below were linked to the
sustainability topics that constituted the starting point for conducting the Group 2024 Double Materiality
Assessment (‘DMA’).

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Campari Group annual report for the year ended 31 December 2024

SDGs | Campari Group topics | Campari Group commitments
1-No Poverty | Remuneration policies Relationships and initiatives for the community Activities supporting foundations | Exporting best practices across key markets - Strong commitment to work, education and culture will continue to be key for Campari Group. - Best local practices will be exported to other geographies around the world. - Supporting foundations in the world, to promote assistance, training, education and charity in favour of Camparistas and local communities Learning and development, health&safety - Development culture: establishing integrated process across the organisation to support the development of Camparistas at individual and company level. - Sustainable improvement in the health and safety management system through the realisation of initiatives within specific fundamental areas. Education and involvement on responsible drinking - Ad hoc and continuous training for the global marketing community going into digital communication in great depth - Educational sessions on responsible drinking for 100% of Camparistas - Responsible serving project for bartenders to be leveraged at global level.
4-Quality Education | Employee training and development Relationships and initiatives for the community Activities supporting foundations
8-Decent Work and Economic Growth | Value generated and distributed to stakeholders Economic sustainability Job creation Diversity, equal opportunities and inclusion Training and employee development Human rights Recruitment, turnover and pension policies Talent attraction Remuneration policies Industrial relations Work-life balance Employee satisfaction Health and safety
3-Good Health and Well- being | Health and safety Emissions Waste Water | Energy and GHG emissions - Achieve net-zero emissions by 2050 or, hopefully, sooner. - Reduce greenhouse gas (GHG) emissions from direct operations (Scope 1 and 2) by 55% by 2025, by 70% by 2030 and by 30% for the total Value Chain by 2030. - 100% renewable electricity for European production sites by 2025. Water - Reduce water usage (L/L) by 60% by 2025 and by 62% by 2030. - Return 100% of wastewater from Campari Group operations to the environment safely. Waste - Zero waste to landfill within 2025.
6-Clean Water and Sanitation | Water
7-Affordable and Clean Energy | Energy Renewable energy
12-Responsible Consumption and Production | Emissions Energy Water Waste Materials Supply chain transparency and traceability Product quality Food safety
13-Climate Action | Emissions Energy Suppliers-Qualification and evaluation with respect to environmental criteria
5-Gender Equality | Diversity, equal opportunities and inclusion Remuneration policies Human rights | Diversity, Equity and Inclusion - Consistent and intentional strategy on Diversity, Equity and Inclusion that will sustain and enable continuous workplace improvement and business results.
10-Reduced Inequalities | Diversity, equal opportunities and inclusion Remuneration policies Human rights Indirect economic impact on communities Initiatives for the community Activities of the Foundations
17-Partnerships for the Goals | Business relations with responsible and transparent partners Relations with institutions Projects and initiatives on sustainability | Exporting best practices across key markets - Continuous involvement in the world of art, through sponsoring major events, collaboration with renowned artists and further developing iconic brand houses and the Campari Gallery. - Strong support to business partners through activations and events, being committed to playing a major role in the comeback of the on-premise channel.

As sustainable finance grows, investors increasingly offer sustainability-linked loans with lower capital costs for
companies that meet defined sustainability targets. This improved access to capital reduces costs. In 2023 the
Group has adopted sustainable finance instruments, aligning funding with ESG commitments, and launched an
€800.0 million sustainability-linked facility, comprising a €400.0 million term facility and a €400.0 million revolving
facility, backed by nine banks. The facility’s interest rate varies based on ESG targets related to emissions
reduction, water conservation, and gender equality, with annual adjustments based on performance. For the
year ended 31 December 2024 the saving in financial costs was €154.4 thousand (refer to '3-x. Financial
income and expenses' in the Campari Group Consolidated Financial statements) The strategy is in line with the
Group's goal to increase transparency and improve sustainability disclosures, ensuring comparability.

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Campari Group annual report for the year ended 31 December 2024

Due diligence process
The following table provides a mapping of how Campari Group applies the core elements of due diligence in
relation to people and the environment and where they are presented in this Sustainability Statement.

Core elements of Due Diligence | Paragraph in the Sustainability Statement
Embedding sustainability due diligence in governance, strategy, and business model | The role of the management and supervisory bodies; Risk management and internal controls over sustainability reporting; Technical competences over ESG matters; Committees; Presentation of the results of the Double Materiality Assessment process
Engaging with affected stakeholders in all key steps of the sustainability due diligence | The role of the management and supervisory bodies; Presentation of the results of the Double Materiality Assessment process; Engagement with stakeholders; Risk management and internal controls over sustainability reporting
Identifying and assessing adverse impacts | Risk management and internal controls over sustainability reporting; Presentation of the results of the Double Materiality Assessment process
Taking actions to address those adverse impacts | Reference to Topical ESRS, which reflect the set of actions, including transition plans, through which impacts are addressed, in particular: E1: Transition Plan for Climate change; Climate change commitments, Actions and Metrics; E3: Policies, Actions and Impact, Risk and Opportunity related to Water and marine resources; E4: Strategy, Policies and Actions related to Biodiversity and ecosystem; E5: Policies and Actions related to Resource use and circular economy; S1: Policies and Actions related to Own workforce; S2: Strategy, Policies and Actions related to Workers in the value chain; S4: Strategy, Policies and Actions related to Consumers and end-users
Tracking effectiveness of these efforts and communicating | Reference to Topical ESRS, which reflect the set of the metrics and targets, in particular: E1: Climate change commitments, Actions and Metrics; E3: Metrics and Targets related to water, marine resources and water consumption disclosures; E4: Metrics and Targets related to Biodiversity and ecosystem; E5: Metrics and Targets related to Resource use and circular economy; S1: Metrics and Targets related to Own workforce; S2: Impacts, risks and opportunities related to Workers in the value chain; S4: Metrics and Targets related to Consumers and end-users

The role of the management and supervisory bodies
The Campari Group corporate governance framework complies with the Dutch Civil Code, the Dutch Corporate
Governance Code and all applicable laws and regulations. It is also closely aligned with the Group’s strategy.
The company operates under its Articles of Association and adheres to internal procedures. The roles of the
management and supervisory bodies in overseeing sustainability impacts, risks, and opportunities are
represented below. Details regarding the management and supervisory bodies expertise and competencies in
sustainability-related matters are provided in 'ii. Board of Directors' paragraph in the ‘Governance’ section of the
Management Board Report while information about business conduct matters is reported in 'Governance and
Policies related to Business conduct' in the ‘ESRS G1 Business conduct' section.
Corporate bodies
Board of Directors
The Company has adopted a one-tier governance structure. It has a board of directors (‘Board of Directors’)
consisting of 11 directors, comprising both executive directors, having responsibility for the day-to-day
management of the Company (‘Executive Directors’), and non-executive directors (‘Non-Executive Directors’),
not having such day-to-day responsibility but in charge of supervising the Executive Directors.
The Board of Directors is entrusted with the management of the Company. Each Director has a duty to the
Company to properly perform the tasks assigned to them and to act in the Company’s corporate interest.
In accordance with the DCGC, the Board of Directors focuses on sustainable long-term value creation for the
Company and its affiliated enterprise, taking into account the stakeholders’ interests relevant to this context.
The Board of Directors was appointed by the General Meeting held on 12 April 2022. The Directors will remain
in office for a three-year period expiring at the closure of the Annual General Meeting to be held in 2025. On 4
December 2024 the Board of Directors announced that Simon Hunt had been selected as the nominee for Chief
Executive Officer of Campari Group. The selection was the result of a thorough assessment of both internal and
external candidates by the Remuneration and Appointment Committee, the Leadership Transition Committee
and the Board of Directors. In accordance with Dutch law, the Board of Directors called an ad hoc General
Meeting on 15 January 2025 to appoint Simon Hunt as Executive Director of Davide Campari-Milano N.V..

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Campari Group annual report for the year ended 31 December 2024

The table below shows the members of the Board of Directors at 31 December 2024.

Name | Principal position | Nationality | Gender | Age range
Luca Garavoglia | Chairman | Swiss | M | > 50
Jean-Marie Laborde | Independent Director(1) Vice-Chairman of the Board | French | M | > 50
Paolo Marchesini | Executive Director, Chief Financial Officer and Operating Officer and interim co-Chief Executive Officer | Italian | M | > 50
Fabio Di Fede | Executive Director, Chief Legal and M&A Officer and interim co-Chief Executive Officer | French | M | > 50
Eugenio Barcellona | Independent Director(1) (2) | Italian | M | > 50
Emmanuel Babeau | Independent Director(2) | French | M | > 50
Alessandra Garavoglia | Independent Director | Maltese | F | > 50
Robert Kunze-Concewitz | Independent Director | Austrian | M | > 50
Margareth Henriquez | Independent Director | Venezuelan | F | > 50
Christophe Navarre | Independent Director(2) | Belgian | M | > 50
Lisa Vascellari Dal Fiol | Independent Director(1) | Italian | F | 30-50

(1)Member of the Control, Risks and Sustainability Committee.
(2)Member of the Remuneration and Appointments Committee.
The Board of Directors, through the Executive Directors and relevant corporate functions, is responsible for
ensuring that the organisation exercises due diligence to identify and manage its impacts on the economy,
environment, and people as well as the development and approval of the organisation's mission in line with its
strategies, policies, and objectives concerned with sustainable development. The Board discusses the results of
such processes and evaluates their adequacy in dedicated meetings at least annually, when approving the
Annual Report including the Sustainability statement, together with the relevant corporate functions.
In this respect, Non-Executive Directors help influence long-term value by:
- overseeing the progress of the Global Sustainability Strategy and, as part of the Board of Directors,
approving the Sustainability statement contained in the Management Report of the Annual Report.
- serving as members of the Control, Risks, and Sustainability Committee, periodically examining ESG
matters, such as sustainability, diversity, and climate-related matters, as well as ensuring that appropriate
actions are taken and reflected in the Sustainability disclosure.
For further information on the composition (i.e., tenure, other positions and commitments, competencies
relevant to the impacts of the organisation, etc.), nomination and selection, conflicts of interest and the Board of
Directors’ performance evaluation, refer to the ‘Corporate Governance’ section of the Campari Group
Consolidated Financial statements at 31 December 2024. At 31 December 2024, 8 out of 11 Board of Directors
are independent (72.7%) and 3 are women (27.3%). Employee representation is ensured by the Head of Human
Resources who is member of the Sustainability Committee and Global Leadership teams.
Committees
Campari Group’s Board of Directors has established internal committees: the Control and Risks and
Sustainability Committee ('CRSC'), acting as an audit committee according to Dutch law and to the Dutch
Corporate Governance Code (‘DCGC’), the Remuneration and Appointment Committee and the Sustainability
Committee. The Board of Directors shall determine the composition of these committees.
The current members of the Control and Risks and Sustainability Committee are Jean-Marie Laborde
(Chairman), Eugenio Barcellona, and Lisa Vascellari Dal Fiol. In addition to its responsibilities for risk
management and compliance oversight, the committee assumes responsibility for sustainability matters,
ensuring that Campari Group operates in accordance with environmental, social, and governance standards and
effectively manages its stakeholder relationships.
The Remuneration and Appointment Committee is responsible for formulating and submitting clear and
comprehensible proposals to the Board of Directors regarding remuneration. Its duties include proposing the
remuneration framework for individual Executive Directors, monitoring the adequacy and implementation of the
company’s remuneration policy, and preparing the remuneration report. These activities are conducted in
alignment with the requirements of the DCGC and applicable legal provisions. The Remuneration and
Appointment Committee is currently led by Eugenio Barcellona, with further membership from Emmanuel
Babeau and Christophe Navarre.
The Sustainability Committee is established by the Board of Directors under the supervision of the Control,
Risks and Sustainability Committee with new terms of reference detailing the functioning of the Sustainability
Committee approved by the Board of Directors on 29 October 2024. The Committee consists of seven
members, representing all the Campari Group’s corporate functions contributing to the sustainability strategy,

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Campari Group annual report for the year ended 31 December 2024

aiming at providing a comprehensive view of the Group’s sustainability scenario, supporting the management,
overseeing sustainability in a focused and coordinated way across the company and making sure that the ESG
factors can permeate the whole organisational structure and its processes. Specifically, the members of the
Committee are: the Group Head of Public Affairs, Communications and Sustainability (Committee Chairperson),
the Group Head of FP&A, Consolidated IFRS and CSRD Reporting, Investor Relations, Corporate
Finance&Brand Valuations, OnePlan, the Group Head of Human Resources, the Head of Global Quality, R&D
and Environmental Sustainability, the Group Head of Brands and Strategy, the Group Internal Audit Senior
Director, and the Corporate Sustainability Manager (acting as Committee Secretary). Individual members of
these functions, comprising key department managers, participate in various matters depending on their
expertise. This group of functions reports to the respective line managers and provides updates to Global Public
Affairs, Communications & Sustainability and Group FP&A, Consolidated IFRS and CSRD Reporting, Investor
Relation & Corporate Finance, who jointly oversee the overall reporting, strategy, cohesion as well as
compliance over law and legislation on ESG matters. The Global Head of Public Affairs, Communications and
Sustainability reports to the Chairman and Group FP&A, Consolidated IFRS and CSRD Reporting, Investor
Relation & Corporate Finance reports to the CFOO, who in turn reports to the CEO. The Sustainability
Committee is responsible for stakeholder engagement, setting sustainability targets, monitoring progress, and
delivering results. It reports directly or indirectly to the members of the Board of Directors, at least once a year in
respect of approval of Sustainability matters, and on a regular basis to the CRSC. It prepares and shares a
report with the CRSC after each meeting to inform the committee about the subject of the meetings, the
progress of the strategy and the decisions taken. The CRSC oversees the Sustainability Committee’s activities
and sustainability impacts, risks and opportunities related to the Group’s operations, value chain and
interactions with stakeholders, monitoring the progress of the Global Sustainability Strategy, reporting to the
Board of Directors on a quarterly basis.
The above committees have complementary roles, and they provide guidance and oversee the management’s
impact on economic, environmental and social issues. While the committees provide guidance and have
supervisory roles, the Board of Directors is ultimately accountable for the opinions and recommendations
formulated by these bodies. Each committee operates strictly within the scope of authority explicitly conferred by
the Board of Directors and cannot exercise powers that exceed those available to the Board of Directors as a
wh ole. For further information on the composition, appointment and selection of the committees, please refer to
the ‘Corporate Governance’ section of the Campari Group Annual Report.
Supervisory Body
In addition to the Non-Executive Directors responsible for supervising the activities of the Executive Directors,
Campari Group has established a supervisory body (‘Organismo di Vigilanza’) in accordance with its
‘Organisation, Management, and Control Model’ (the ‘Model’), pursuant to Italian Legislative Decree 231 of 8
June 2001, with a focus on offences against the public administration, corporate and financial offences and
breaches of health and safety regulations at work. The Supervisory Body is currently composed of the
independent professionals Enrico Colombo (Chairman), Fabio Facchini, and Lisa Vascellari Dal Fiol.
Internal audit
As Chief Financial and Operating Officer (‘CFOO’), Paolo Marchesini is responsible for overseeing the
functionality of the internal control and risk management system.
The Board of Directors appointed the Head of Internal Audit following a proposal from the Chief Financial and
Operating Officer and along with the opinion of the Control, Risks and Sustainability Committee. The Head of
Internal Audit does not have any operating responsibilities and does not report to any managers working in
operational areas, including administration and finance. Instead, he reports to the Chairman directly.
The Internal Audit is an independent function in charge of assuring that the company’s internal control, risk
management and governance processes operate effectively. It periodically reports findings, conclusions and
recommendations to the Board of Directors and the Control, Risks and Sustainability Committee.
Internal auditors operate in conformity with applicable laws and regulations and the activities of the department
are conducted in accordance with the Institute of Internal Auditors' International Standards for the Professional
Practice of Internal Auditing (IIA Standards) as well as the organisation’s Code of Ethics.
In addition, the Internal Audit function has adopted data analytics, continuous monitoring, and process mining
methodologies to improve operational efficiency for compliance and audit purposes. Specifically in relation to
ESG topics, a comprehensive self-risk assessment at each legal entity level is conducted on bi-annual basis,
while a self-risk assessment review at group functions level is managed annually.
For more information about the risk assessment approach followed, refer to the ‘Risk management and internal
control system’ chapter.

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Campari Group annual report for the year ended 31 December 2024

In line with best practice provision 2.6.1 of the DCGC and applicable law, Campari Group has set the ‘Campari
Safe Line’, a whistleblowing system, available to employees, customers and suppliers, i.e., the Campari Group’s
stakeholders, to report any breaches of the Code of Ethics or irregularities in the application of internal
procedures. This policy was inspired by the 2019 Whistleblowing Directive, officially known as EU Directive (EU)
2019/1937. There was no concrete evidence identified of functions or roles particularly exposed to corruption or
bribery risks. However, the Corruption Perception Index (‘CPI’) was considered a useful indicator for identifying
higher-risk geographies. Campari Group’s stakeholders may report any breaches, even if only suspected, using
the following means:
- ordinary mail addressed to the company, to the attention of the Supervisory Body or the Head of the Internal
Audit function;
- e-mail to: organismo231@camparigroup.com; or
- through the ‘Campari Safe Line’ service, described below.
Reports to the ‘Campari Safe Line’ may be submitted, in various languages, by telephone, e-mail, post, fax or
online. The procedure for reporting actual or suspected irregularities within Campari Group is published on the
Group’s Corporate website (https://www.camparigroup.com) and is available to all Camparistas through the
internal portal. The channels are also reported in the Group's Suppliers Code. Each report must be fully
documented and addressed to the Chairman of the Board of Directors and the Head of the Internal Audit
function in strict confidence. This dedicated information channel is, in fact, confidential and maintains the
anonymity of the individuals making the report. Whistleblowers are guaranteed maximum protection, ensuring in
advance that they are safeguarded against any act of retaliation or discrimination, direct or indirect, due to
whistleblowing. For more information on the internal policy for training over business conduct refer to ‘ESRS G1
Governance information’ in the Sustainability Statement.
For complementary information regarding risk management and internal controls over sustainability reporting
refer to the dedicated paragraph ‘Risk management and internal controls over sustainability reporting'.
Statutory audit of the accounts
The Company has an external auditor (‘practitioner’), i.e., EY Accountants B.V., in charge of examining the
Financial statements approved by the Board of Directors and of consequently expressing a conclusion in a form
that conveys whether, based on the procedures performed and evidence obtained, matters have come to the
practitioner’s attention to cause the practitioner to believe the subject matter information is materially misstated.
In addition EY Accountants B.V. verified, through a limited assurance engagement in accordance with Dutch law,
including Dutch Standard 3810N, 'Assurance-opdrachten inzake duurzaamheidsverslaggeving' (Assurance
engagements relating to sustainability reporting), which is a specified Dutch standard that is based on the
International Standard on Assurance Engagements (ISAE) 3000 (Revised), 'Assurance engagements other than
audits or reviews of historical financial information', the Sustainability statement included in the Management
Board Report is in compliance with the ESRS Standards.
Technical competences over ESG matters
The Board of Directors and Control, Risks and Sustainability Committee are committed to continuously
enhancing their skills and expertise to effectively oversee sustainability matters. This includes developing
specific knowledge and experience in areas related to environmental, social, and governance (ESG) issues,
tailored to each member's respective field of expertise. During 2024 one independent member of the Board of
Directors who is part also of the Control, Risks and Sustainability Committee, was designated to cover more
specific topics on sustainability and he/she has embarked on a comprehensive training program focused on
sustainability, having developed significant expertise in Sustainability and ESG through various courses focused
on Sustainability Strategy and Governance, ESG strategy at the board level, gender equality in capital markets,
and greenwashing. Additionally, another Independent Director and member of the Control, Risk and
Sustainability Committee contributed to corporate and financial law literature, focusing on governance issues,
the relationship between corporate purpose and ESG principles, and relevant legal frameworks. To further
advance the collective knowledge, skills, and experience in sustainable development, the Chairman, CEO,
CFOO, Chief Legal and M&A Officer, and the Head of Supply Chain have participated in induction sessions on
sustainability and will take part in specific initiatives related to ESG matters. The induction covered several
important topics: the evolution of sustainability legislation at the European level, highlighting how laws have
developed over time with a stronger focus on ESG criteria; the main elements of the CSRD, outlining its
requirements for companies to disclose detailed information on sustainability issues and the resulting
implications for Campari Group, including compliance requirements and necessary strategic adjustments; the
presentation of the double materiality assessment carried out and the results identifying the key sustainability
topics; the main outcomes of a gap analysis that compares current practices with best practices and regulatory
requirements, highlighting areas for improvement to meet new standards. Finally, the strategic actions that
Campari Group should focus on from 2025 onwards to enhance sustainability practices and comply with new

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Campari Group annual report for the year ended 31 December 2024

regulations were outlined. Moreover, the CFOO also oversees the management of the Supply Chain function
and therefore monitors and is constantly updated on environment and health and safety topics.
Administrative, management, and supervisory bodies assess CVs for relevant education and experience. They
review past projects and leadership roles, focusing on achievements. Both technical and soft skills, such as
strategic thinking and communication, are evaluated. Continuous education through training and certifications is
also considered to ensure a well-rounded set of skills for effective oversight. Through continuous training and
updates, the Group ensures that the administrative bodies possess the necessary skills for managing impacts,
risks, and opportunities. Specifically, they are kept informed about performance related to environmental targets,
ensuring that the IROs linked to ESRS-E1, ESRS-E3, and ESRS-E5 (for waste-related aspects) are properly
considered. Regarding responsible practices, they are engaged on topics related to responsible consumption of
alcoholic beverages, applicable to ESRS-S4. Concerning people management topics, they are informed about
working conditions and equal treatment and opportunities for all (ESRS-S1). Other topics resulting material,
based on the assessment of double materiality, will be gradually integrated into the Group's sustainability
strategy with specific information provided to top management. For more information and description of how the
administrative, management and supervisory bodies determine whether appropriate skills and expertise are
available to oversee sustainability matters please refer to the CV illustrated in the ‘Corporate Governance
Report’ under the Governance section.
Leadership and oversight over ESG-related matters
The management and supervisory bodies play a pivotal role in ensuring effective governance and strategic
oversight. The Board of Directors is responsible for the company’s day-to-day operations, including the
integration of sustainability into business strategy and achieving long-term value creation. It is responsible for
assessing the overall adequacy of the organisation's internal controls to ensure the integrity and credibility of
sustainability reporting, addressing risks and opportunities and ensuring that management decisions align with
the company’s objectives, stakeholder interests, and regulatory requirements. The Control, Risks and
Sustainability Committee plays a key role in providing independent oversight and guidance and in evaluating the
Group's sustainability strategy by reviewing reports that address the quality, health, safety, and environmental
aspects of all the Group’s production facilities. Both bodies collaborate closely to maintain a balance between
economic performance, environmental stewardship, and social responsibility, with a shared commitment to
ethical governance and sustainable development.
The Company encourages an open and constructive dialogue with the stakeholders. ESG discussions with
investors take place mostly during investor roadshows, conferences, company visits and General Meetings,
which provide a forum for shareholders to engage with the Board of Directors. During the Annual General
Meeting, stakeholders also have an opportunity to submit questions for the Board of Directors. Any critical
concerns, discovered or detected also through internal risk management and control systems, are promptly
addressed. No material concern was identified or communicated during the 2024 reporting period.
The Board of Directors reviews and approves ESG-related material topics resulting from the DMA assessment
in a dedicated meeting before year-end. Material impacts, risks, and opportunities are integrated into the
strategic planning by the establishment of risk assessments and opportunity analyses; for example, during major
transactions sustainability due diligence – which includes identifying any potential regulatory, environmental, or
social risks associated – is conducted to ensure alignment with the Group’s sustainability goals and overall
strategy. In 2025 the sustainability strategy will be updated based on the results of the DMA. The Board ensures
that material ESG issues are incorporated into the business strategy as they might affect the Group’s long-term
goals and competitiveness. The full set of information included in the Sustainability Declaration is reviewed and
approved within the Annual Report, on an annual basis in the context of the meeting for the approval of the
financial statements normally held in the first months of each financial year. The same set of documents is also
reviewed by the Annual General Meeting.
Apart from the roles of the Control, Risks and Sustainability Committee and the Board, management of the
impacts on the economy, environment and people, induced by the organisation, falls within the scope of the
corporate function Global Public Affairs, Corporate Communications and Sustainability, and particularly the team
dedicated to Corporate Sustainability. It shall report to the Executive Managing Directors at least once a year in
respect of approval of the 'Sustainability statement', and on a regular basis to the Control, Risks, and
Sustainability Committee.
Integration of sustainability-related performance in incentive schemes
To substantiate the top management's dedication to sustainability, ESG-related objectives are embedded within
the performance metrics for executive members. In 2024, with the submission of the new Remuneration Policy
to the Annual General Meeting on 11 April 2024, the adoption of a new long-term variable incentive for senior

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Campari Group annual report for the year ended 31 December 2024

management has been proposed to the shareholders. It consists of a share-based incentive, combining
restricted stock units (RSU) and performance share units (PSU), the latter conditional upon the achievement of
a financial target (relative total shareholder return) and a sustainability target (renewable electricity
consumption). Among the others, such equity-based award aims at further aligning the Executive Directors’
commitment to sustainable long-term value creation with shareholders’ interests and with the Campari Group’s
sustainability agenda, following the implementation of the revised EU Shareholder Rights Directive. Specifically,
as of 2024, the senior management team Long-term incentive (‘LTI’) program included Restricted Performance
Unit (2/3) and Performance Share Units (1/3) which are awarded annually and have a three-year vesting period.
90% of the PSU are linked to TSR (Total Shareholder Return), in line with best practices for consumer
companies while 10% is linked to renewable energy sourcing. With respect to CFOO the Annual General
Meeting of 11 April 2024 approved a Last Mile Incentive plan, with the purpose to reward the CFOO, who has
provided the Company with extraordinary value during a long-standing managerial period, and to ensure his
retention over the long-term. The CFOO will be awarded a right to receive for free a number of Campari shares,
subject to (i) the uninterrupted directorship relationship with the Company until the vesting date under the terms
and conditions set forth in the plan rules; and (ii) the achievement of at least one of the envisaged key
performance indicators stated in the plan agreement. In particular, one of the key performance indicators is ESG
related and is based on the quantity of renewable electricity supplied in the Group's production sites starting
from full year 2024 to full year 2031. A comprehensive breakdown of ESG targets, along with the 2024
performance outcomes, is provided in the 'Remuneration Report' included into the 'Governance' section.
Risk management and internal controls
Developing an effective internal control system for ESG compliance under the CSRD requires a structured and
integrated approach. This system, while serving as an additional layer, is an integral part of the Group’s risk
management system framework (refer to 'Risk management and internal controls system' section in the
Management Board Report). Campari Group started to align its processes with CSRD requirements to ensure
accurate reporting, risk mitigation, and sustainable value creation. This involves establishing specific
governance frameworks, identifying key ESG metrics, implementing data collection and validation processes,
and fostering accountability across all levels of the organization. By embedding ESG considerations into existing
internal controls, the Group can enhance transparency, meet stakeholder expectations, and drive long-term
strategic alignment.
The main risks identified in relation to the sustainability reporting process are data consistency and accuracy.
Data consistency refers to the challenge of maintaining uniform information across different systems, reports,
and time periods. This often arises due to the multiple data sources adopted by the Group, varying reporting
standards, including the transition from GRI and ESRS, and human error, which can introduce discrepancies.
Data accuracy involves ensuring the correctness and precision of the reported data and can be compromised by
measurement errors, incomplete data sets, and potential misrepresentation.
Internal controls related to sustainability reporting vary depending on the specific reporting area, as multiple
internal functions contribute to the process based on the ESG topic. The majority of reported relevant metrics
and targets are managed by the direct impacted functions. Data collection is undertaken locally and double-
checked at country and regional levels. At group level, control measures and mitigation controls are
implemented to ensure accurate and complete reporting of ESG-related metrics as part of the Campari Group
Annual Report, including Internal Audit activities, to ensure maximum data consistency. The adoption of various
IT platforms covering many of the ESG topics, enables monitoring of the Group’s performance more effectively
and establishes internal targets for overall improvement in the medium- and long-term. In 2024, the Group
began developing a roadmap aimed at achieving robust readiness for its sustainability KPIs within a medium-
term horizon.
For an overview of the main ESG-related business risk to which the Group is exposed refer to ‘ii. Main risks for
Campari Group’ in the ‘Risk Management and Internal Control System’ in Management Board Report. These
risks constitute a comprehensive enterprise risk framework for Campari ESG matters and have been thoroughly
considered in the development of the 2024 DMA. No significant risks of material adjustment are anticipated
during the upcoming annual reporting period for the going concern assumption, with respect to the carrying
amounts of assets and liabilities reported in the Campari Group Consolidated Financial statements.
During 2024, internal audit controls were strengthened to address the requirements of the CSRD, including, for
example, the Double Materiality Assessment process, the sustainability reporting perimeter and the analysis of
Impacts, Risks, and Opportunities, as part of the updated internal audit engagement over sustainability
reporting. While not all IROs have been fully analysed, a progressive approach is currently being developed to
achieve full coverage in the coming years. The results and main findings of the analysis performed by the
Internal Audit function in 2024 have been communicated to the Corporate Sustainability and Consolidated IFRS
and CSRD Reporting teams for their evaluation and integration into the assessments. The Group is committed
to increasing and consolidating controls throughout 2025 and reporting internally to the CRSC.

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Campari Group annual report for the year ended 31 December 2024

Campari Group’s Value Chain
The Group operates comprehensively, managing the entire production chain from sourcing raw materials to
executing sales through a strategically defined distribution network. This approach is underpinned by active
brand value management, ensuring a well-curated and diverse product portfolio that meets the needs of
customers across regions and categories (for additional information on the Group’s business model refer to the
‘Campari Group’s identity and business overview’-section of the Management Board Report).
To effectively identify Impacts, Risks and Opportunities ('IROs') connected to the Campari Group business, a
preliminary activity was carried out to understand the Group’s value chain. The activity involved the engagement
of the Corporate Sustainability function for a general overview of the Campari business. Additionally, the Global
Procurement, Global Logistics and the Global Environmental Sustainability functions were involved to provide
more detailed information relating to the upstream, own operations and downstream phases of the value chain.
Campari Group carried out an in-depth analysis to precisely define its business model and operational activities,
including a detailed mapping of the value chain, identifying key actors related to both upstream and
downstream, as well as the main areas of focus within the chain, such as the procurement of critical raw
materials and the organisation and structure of logistics. Stakeholders were engaged through dedicated
interviews, meetings and focus groups.
The value chain within Campari Group operates encompassing the various activities that companies engage to
produce, market, and distribute their products: it is essential for understanding how value is created and
delivered to consumers. The key components of the beverage and spirits value chain applicable to Campari
Group are represented below:
- Agricultural Production: the value chain begins with the cultivation of raw materials, such as grains (for
spirits), grapes (for wine), fruits (for flavored beverages), and other botanicals. This stage involves farming
practices, crop management, and securing high-quality ingredients.
- Raw Material and Water Sourcing: after agricultural production, raw materials are sourced from farmers or
agricultural suppliers via purchase agreements; water is source from surface water-rivers, groundwater,
rainwater and municipalities. The Group may establish direct relationships with suppliers to ensure high
quality and sustainability, sometimes engaging in vertical integration.
- Processing and Manufacturing (Campari Group own operations): in this phase, raw materials are processed
and transformed into beverages. This could involve fermenting, distilling, filtering, ageing, and bottling.
Quality-control measures are implemented to ensure consistency and safety throughout the manufacturing
process.
- Packaging (Campari Group own operations): once the beverages are produced, they are packaged for sale.
Packaging is vital as it impacts the product's shelf life, marketing appeal and consumer convenience.
Packaging is mainly composed by glass, metal and paper.
- Marketing and Branding (Campari Group own operations): effective marketing strategies are crucial for
establishing brand identity and attracting consumers. This stage includes advertising, promotions, social
media campaigns, sponsorships, and events focused on enhancing brand visibility and consumer
engagement.
- Distribution and Logistics: efficient distribution is key to ensuring that products reach retailers, wholesalers
and, ultimately, consumers. This involves managing supply chain logistics, warehousing, inventory levels,
and transportation. The Group may leverage third-party distributors or establish their own distribution
networks.
- Retail and Sales: products are sold through a variety of channels, including supermarkets, convenience
stores, specialist shops, bars, restaurants, and online platforms. Point-of-sale strategies and promotions
often play a significant role in influencing consumer purchasing decisions.
- Customer Engagement and Support: building a relationship with consumers is increasingly important in the
beverage and spirits industry. This consists of customer support services, event experiences, feedback
collection, and engaging with customers through social media and loyalty programs.
- Regulatory Compliance and Quality Assurance: given the nature of the industry, compliance with regulations
concerning production, labelling, distribution, and marketing is critical. Campari Group must ensure
adherence to health and safety standards, as well as local, national, and international laws. Campari Group
does not have banned products across markets.
- Recycling and Sustainability Initiatives: sustainability practices are becoming more prominent within the
beverage and spirits industry. Campari Group focuses on recycling in its own operations, minimizing waste,
reducing water usage, and adopting environmentally friendly practices throughout its operations. The Group
is not active directly in stand-alone post-consumptions initiatives.
The value chain for Campari Group focuses heavily on quality, branding, and consumer preferences.

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Campari Group annual report for the year ended 31 December 2024

The table below provides an overview of how Campari Group acquires, develops, and safeguards these inputs
to maintain a seamless and efficient value chain.
Table 1 - Visual representation of Campari Group value chain
Campari Group’s core business delivers moments of enjoyment through its product offerings, yet its dedication
to responsible practices remains a cornerstone of value creation for stakeholders. The Group has developed a
comprehensive global strategy encompassing short- and medium-term initiatives, both internal and external, to
promote awareness and education among key stakeholders, including Camparistas, bartenders, and
consumers, on the principles of responsible consumption and communication regarding its products and
alcoholic beverages as a whole.
In late 2024, further underscoring this commitment, the Group launched a global campaign on responsible
consumption targeting external stakeholders. In the realm of sustainable supply chain management, Campari
Group initiated a new sustainable procurement roadmap in 2024, which included a Human Rights Due Diligence
process aimed at safeguarding the rights of workers throughout its value chain.
Environmental sustainability is another key focus area, with particular emphasis on energy and emissions,
water, and waste. The Group has set ambitious reduction and efficiency targets for 2025 and 2030, supported
by global projects designed to achieve these goals and ultimately reach net-zero emissions by 2050 or sooner, if
possible. Throughout 2024, Campari Group reaffirmed its commitment to the Net Zero roadmap by
implementing initiatives to minimise environmental impacts across manufacturing, materials, and services while
integrating sustainable practices throughout its value chain.
Additionally, the Group remains devoted to fostering community projects, particularly in education, culture, and
employment, further reinforcing its commitment to social responsibility.
Engagement with stakeholders
Recognizing the importance of fostering consistent and effective stakeholder interactions, Campari Group
actively engages in an ongoing dialogue with its stakeholders, integrating their feedback and needs into daily
business operations. Stakeholders are defined as individuals, groups, or organisations that can influence or be
influenced by the Group's activities. In the table below there is a summary of the stakeholders who have direct
contact with Campari Group employees, along with the related engagement methods and material topics
addressed in daily operations. The process is led by the Corporate Sustainability function, as outlined in the
'Role of Management and Supervisory Body' section, in continuous dialogue with the Campari Group contact
functions.
The value delivered to Campari Group’s stakeholders is shaped by the Group’s efforts and external factors,
such as market dynamics and the quality of stakeholder relationships. Stakeholders contribute to the Group’s
performance by challenging its practices, voicing concerns, providing constructive feedback, and collaborating
to address shared challenges.
Stakeholder perspectives are indirectly integrated into the governance framework via the Sustainability
Committee and the CRSC which serve as intermediaries, embedding sustainability and corporate responsibility
into decision-making processes. This structured approach strengthens stakeholder relationships, fostering trust
and long-term commitment. To further enhance this connection, Campari Group has developed and adopted the

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Campari Group annual report for the year ended 31 December 2024

Stakeholder Dialogue Policy, approved by the Board of Directors on 14 December 2023 (for more details, see
the Governance Information section in the Management Board Report).
In the 2024 Double Materiality assessment, external stakeholder perspectives were incorporated indirectly
through the involvement of Campari Group’s relevant contact functions: cross-functional knowledge exchange
provided a foundation for integrating stakeholder interests. Direct engagement was complemented by involving
a sustainable procurement expert in the analysis of specific IROs and RES.m HUB in corroborating the overall
DMA process. This ensured a more structured, expert-driven, and sustainability-focused approach to effective
stakeholder dialogue. This process will be further refined in 2025.
External stakeholders whose view was indirectly considered in the 2024 DMA.

Campari Group Contact Function | Stakeholder | Reasons for engagements | Channels of Dialogue | Key Topics
Investor Relations, Finance, Corporate Sustainability | Shareholders, Asset managers, Investors, Financial and sustainability analysts, Credit institutions | - Funding | - Shareholders’ meetings | - Financial performance and business strategy
- Maintain and enlarge investor base | - Management Board reports | - Governance and remuneration policies
- Improve corporate reputation | - Press releases, investor presentations, and meetings | - Diversity and equity
- Build credibility and trust | - Analyst calls | - GHG emissions
- Strategic guidance and expertise | - Roadshows and investor conferences | - ESG monitoring of the value chain
- Market validation | - Requests via email and questionnaires | - Community engagement
- Accelerate growth | - Dedicated email: investor.relations@campari.com | - Water management
Customer Marketing and Sales Functions, Logistics, Corporate and Environmental Sustainability | Customers and Distributors | - Maintain and increase distribution and sales channels | - Responses to requests and questionnaires | - Scope 3 GHG emissions
- Meet ESG due diligence requirements | - Campari Academies | - Contractual terms and payment practices
- Education on responsible serving | - Events | - Compliance with Campari policies
- Commercial visits | - Human rights
- Working conditions
- Responsible serving (bartenders)
Procurement, Corporate and Environmental Sustainability | Suppliers | - Meet ESG requirements | - Sedex | - Scope 3 GHG emissions
- Collaborate on ESG topics to achieve goals | - Co-development and innovation projects | - Biodiversity
- Improve corporate reputation | - Business meetings | - Water management
- Reduce sustainability-related risks | - Supplier Code | - Packaging and circularity
- Build long-term relationships | - Third-party verifications | - Contractual terms
- Sharing, validation, and certification of reports | - Compliance with policies
- Human rights
- Working conditions
Public Affairs, Corporate Sustainability | Industry Associations | - Develop shared positions | - Regular meetings | - Responsible drinking
- Represent industry interests | - Preparation and sharing of best practices | - Sector interests
- Collaborate on ESG projects | - Participation in roundtables and association activities | - Regulatory evolution
- Stay updated on regulations and trends | - Environmental topics
Public Affairs | Public Institutions | - Share industry views and positions | - National and international conferences | - Sector-specific concerns
- Engagement via associations and meetings | - Transparent communication
- Written communication | - Compliance with laws
- Sound business management
Public Affairs, Corporate Sustainability | NGOs, Foundations, and Local Communities | - Collaborate to address community needs | - Partnerships and memberships in networks | - Social and environmental impacts
- Provide opportunities for positive social impact | - Meetings and written communication | - Community investments and support
- Community support and corporate volunteering
- Events
HR | Workers' Representatives and Trade Unions | - Meet employee expectations | - Collective bargaining | - Human rights
- Ensure legislative compliance | - Meetings with union representatives | - Working conditions
- Reduce risk of strikes | - Conferences | - Secure employment
- Protect corporate reputation | - Equal treatment
- Freedom of association

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Campari Group annual report for the year ended 31 December 2024

Campari Group Contact Function | Stakeholder | Reasons for engagements | Channels of Dialogue | Key Topics
Tax Department | Tax Authorities | - Legislative compliance | - Respond to requests | - Tax compliance
- Effective communication | - Provide updates on guidelines and requirements | - Tax regulations
- Transparency
HR, Environmental Sustainability, Corporate Sustainability | Schools, Universities, and Research Institutes | - Attract talent | - Responses to surveys | - Education
- Collaborate on projects | - Joint industry labs | - Job creation
- Enhance reputation | - Corporate volunteering | - Innovation
- Contribute to research | - Projects and partnerships | - Quality
- Provide training opportunities | - Graduate programs
Public Affairs, Marketing, Corporate Sustainability | Consumers | - Meet consumer expectations | - Events | - Product quality
- Enhance reputation | - Brand houses and flagships | - Information transparency
- Promote responsible drinking | - Communication campaigns | - Responsible communication
- Market research | - Data privacy
- Focus groups
HR, Health and Safety, Workers’ Representatives | Employees | - Meet employee expectations | - Internal surveys | - Health and safety
- Ensure workplace equity | - Whistleblowing channels | - Equal treatment
- Attract and retain talent | - Meetings | - Professional development
- Performance evaluations | - Welfare
- Training programs | - Compensation
Corporate Communications, Investor Relations, PR | Press | - Build brand awareness | - Press releases | - Transparent communication
- Manage public perception | - Websites | - Information on corporate topics
- Share announcements | - Interviews | - Statements from management
- Handle crises | - Events
Corporate Communications, Campari Gallery, Foundations | Schools and Universities | - Attract talent | - Graduate programs | - Partnerships
- Collaborate on research and development | - Presentations | - Financing
- Build corporate reputation | - Guided tours | - Sustainability
- Projects supported by foundations | '- Values and culture

External stakeholders directly involved in the 2024 DMA.

Stakeholder | Reasons for engagements
External consultants on Sustainable Procurement | Direct involvement in double materiality analysis for all procurement-related topics
Research Centre for Responsibility, Ethics and Sustainability in Management (RES.m HUB) of the Università Cattolica del Sacro Cuore. | Corroborating the DMA process and output as independent research institute considered to be an expert on sustainability

During the year ended 31 December 2024 no amendment to the Group’s strategy and business model have
occurred as a result of stakeholder engagement.
Presentation of the results of the double materiality assessment process
In 2024 Campari Group’s risk assessment process for identifying and evaluating material impacts, risks, and
opportunities related to ESG topics has been improved in an effort to meet with the requirements of the
Corporate Sustainability Reporting Directive ('CSRD').
A comprehensive analysis was conducted to evaluate the impacts, risks, and opportunities associated with
environmental, social, and governance factors, also examining their interaction with Campari Group’s strategic
goals and business model. This evaluation integrates insights from internal and external stakeholder
engagements, addressing both impact materiality and financial significance. The outcome provides a detailed
perspective on the most material impacts, risks, and opportunities across the entirety of the Group value chain.
No entity-specific impacts, risks and opportunities resulted from the DMA process. Details on the process steps
taken in the double materiality assessment are described below.
According to the new definition of materiality provided by ESRS, a sustainability matter is relevant when it meets
the criteria defined for i) impact materiality or ii) for financial materiality or for iii) both. The concept of double
materiality, introduced by CSRD, stands out for its dual focus, integrating both impact materiality (inside-out
perspective) and financial materiality (outside-in perspective). This approach represents a transformative shift in
how businesses understand and report their activities' significance. On the one hand, impact materiality focuses
on how a company’s activities, operations, and decisions affect the environment, society and economy. On the
other hand, financial materiality examines how sustainability matters could affect the company’s financial
position, performance and long-term value creation focusing on the risks and opportunities associated with
environmental, social, and governance factors that could influence their financial performance. These two facets

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Campari Group annual report for the year ended 31 December 2024

are not only complementary but deeply interconnected. Double Materiality allows undertakings to develop a
more holistic understanding of their sustainable impact, fostering transparency and responsibility.
According to ESRS indications, Campari Group has consequently adopted a structured approach to
implementing the double materiality through a five-phase assessment process developed taking into
consideration the short, medium and long-term horizon reported in the 'Basis of preparation' section, and shown
below:
a) Understanding. Campari Group undertook a thorough analysis to accurately understand its operational
activities, processes and value chain (‘Campari Group’s identity and business overview’ section of the
Management Board Report). This included a detailed mapping of its value chain (‘Campari Group’s Value
Chain’ chapter) and the identification key actors, both upstream and downstream, as well as the primary
areas of interest within the chain, such as procurement of most critical raw materials and logistics
organisation and structure. The analysis was performed in strong collaboration with all supply chain function
senior managers, internal experts and employees responsible for the various steps via internal surveys and
meetings. The results were reviewed with the support of an external expert. Additionally, other stakeholders
were systematically identified to evaluate specific topics. Engagement plans were developed to identify
relevant experts, define their roles in the upcoming assessment phase, understand the broader context
(including business, value chain, and related activities), and establish a strategy for effective stakeholder
involvement ( ‘Engagement with stakeholders’ chapter) .
b) Identification. Campari Group conducted a comprehensive analysis to establish a list of its potential IRO s
connected to its value chain including own operations. This analysis was informed by in-depth research
activities, desk analysis, benchmarking against industry peers and competitors and alignment with sector
standards. Stakeholder engagement played a critical role in this phase, providing valuable input to identify
and validate the IROs, based on the ESRS topics.
c) Assessment. The preliminary long list of IROs underwent a comprehensive assessment through a
questionnaire assessment. Stakeholder insights were integrated into the Double Materiality Assessment to
enhance the evaluation of each item on the list, according to each of the characteristics required by the
standards and time horizon in line with ESRS requirements, resulting in an overall value for each item, as
follows:
• positive impacts, such as benefits for people that are caused, contributed to, or directly linked to
Campari Group's activities, have been assessed based on their scale and scope;
• negative impacts, such as harm to people and/or the environment caused, contributed to, or directly
linked to Campari Group's activities, have been assessed based on their scale, scope, irremediability,
and likelihood (the latter applying only to potential impacts);
• for risks and opportunities, those that have a material influence (or are likely to have a material
influence) on Campari Group’s cash flows, development, performance, position, cost of capital or
access to finance, the likelihood and the severity have been assessed, taking into consideration any
effects due to dependencies identified, as requested by ESRS indications.
For each relevant topic, where stakeholder input was essential, participants were invited to provide
qualitative and quantitative feedback on specific parameters based on a scoring scale for each of the
characteristics listed above, addressing both the inside-out perspective, related to Impact Materiality, and the
outside-in perspective, tied to Financial Materiality concerning risks and opportunities. In the case of a
potential negative human rights impact, the severity of the impact, increased by 25%, takes precedence over
its likelihood.
Furthermore, to conduct a proper understanding and assessment of material IROs, the impact materiality
assessment process considers disaggregation by country and by significant site or by significant asset, if
relevant. With reference to financial materiality, the disaggregation by country, by significant site, and by
significant asset has not been included in the definition of the 2024 Double Materiality Assessment,
considering the top-down approach applied at Group level.
d) Definition. To identify and prioritise the relevant IROs for Campari Group, a materiality threshold has been
defined as half of the maximum possible impact value and half of the maximum possible financial value for
impact materiality and financial materiality, respectively, representing the upper median threshold of
significance. Prioritisation facilitated the focused allocation of efforts and resources towards topics of genuine
relevance to the Group. The entire process underwent a comprehensive review by the internal department
responsible for the coordination and management of CSRD topics, to ensure both oversight and validation of
the process and its outcomes. In parallel, a detailed gap analysis was performed comparing the information
requirements of the ESRS based on the material items identified against data points already available. The
results of the gap analysis were embedded in the disclosures provided in the dedicated Sustainability
statement sections ‘Environmental information’, ‘Social information’ and ‘Governance information’.
e) Validation. Engagement with key stakeholders and senior management was conducted to validate areas of
impact identified through the materiality process. For both internal and external stakeholders, this was

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Campari Group annual report for the year ended 31 December 2024

achieved through video calls, where the outcomes of the double materiality assessment were reviewed and
confirmed. Senior management participated in dedicated meetings to discuss and validate the finalized list of
material topics. The main internal functions involved were Corporate Sustainability, Finance, Legal, Internal
Audit, Supply chain, Procurement, Logistics, HR and the other items listed in the stakeholder engagement
disclosed in the dedicated paragraph. A shortlist of material topics was consequently derived from the above-
described rigorous validation steps:
• Internal Validation: Reviewed by management teams of relevant subject matter experts and the Control
Risks and Sustainability Committee.
• Executive Approval: The Company Board of Directors as well as the Control Risks and Sustainability
Committee approved the 2024 double materiality assessment, with the Supervisory Body informed of
the process and results.
• External Validation: The shortlist and results were positively corroborated with external stakeholders
represented by an independent research institute recognised as an authority in the field of sustainability,
the Research Centre for Responsibility, Ethics, and Sustainability in Management (RES.m HUB) at the
Università Cattolica del Sacro Cuore (Catholic University of the Sacred Heart, Milan), thereby
reinforcing the credibility and rigour of the assessment.
f) Ongoing review. The double materiality assessment will undergo an annual review to ensure that material
impacts, risks, and opportunities are updated based on evolving insights and stakeholder feedback.
List and description of the 2024 material impacts, risks and opportunities (IROs) outcome
The Campari Group 2024 materiality assessment process facilitates the identification and prioritisation of the
ESG topics that are most material and of paramount significance to stakeholders. With a steadfast commitment
to delivering sustainable, long-term value for our stakeholders, this evaluation ensures that our ESG strategy
remains aligned with stakeholder expectations and responsive to evolving external trends.
A mapping from the material risks, impacts and opportunities and the connection with the associated European
Sustainability Reporting Standards disclosure requirements is represented as follows.
A detailed list of the material topics identified in the DMA process and the related connection with the ESRS
reference and position along the value chain is represented below.
In the spirits industry, the harm from irresponsible drinking of alcoholic beverages is high. Recently, there has
been a trend towards moderate consumption and demand for non-alcoholic products, reducing the likelihood of
negative impacts. Although this negative impact could be seen as particularly significant in those countries
where the incidence of irresponsible consumers is highest, the Group is committed to promoting remediation
activities regardless of geography. In addition the negative consequences could be counteracted with a certain
choral effort, which includes on the one hand raising awareness on the part of the manufacturers and industry
associations to moderate consumption, and on the other hand the necessary involvement of the Governments in
defining clear laws on the subject (i.e., prohibition for minors, regulations on alcohol and driving, etc.) and in

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Campari Group annual report for the year ended 31 December 2024

guaranteeing support for people in need. As a result, the initiatives promoted by the Group enhance and
advocate responsible drinking, with an effort to counteract irresponsible consumption.

ESRS | Topic | Sub-Topic | Sub sub-topic | IROs | IRO description | Position along the Value Chain | Time horizons | Connections
E1 | Climate Change | Climate Change adaptation | - | Risk | Failed transition to a lower-carbon and energy-efficient economic system | Own Operations | Long-term | Technologies
Climate Change mitigation | - | Risk | Natural disasters | Upstream & Own Operations | Long-term | Climate
- | Impact (negative; actual) | Contributions to GHG emissions | Across | All | -
Energy | - | Impact (negative; actual) | Increasing energy consumption and contributing to negative environmental impacts due to manufacturing activities | Across | All | -
Opportunity | Reducing the energy consumption of the Company's operations | Upstream & Own Operations | Long-term | Market
E3 | Water and marine resources | Water | Water consumption | Risk | Potential negative financial externalities due to increasing global water scarcity | Upstream & Own Operations | Medium-term and Long-term | Nature
Water discharges | Impact (negative; actual) | Water supply depletion due to the need to treat process wastewater. | Upstream & Own Operations | All | -
Water withdrawals | Opportunity | Improving water management systems efficiency especially in water-stressed areas | Upstream & Own Operations | Long-term | Technologies
E4 | Biodiversity and ecosystems | Direct impact drivers of biodiversity loss | Land-use change | Impact (negative; actual) | Ongoing loss of biodiversity, deterioration of soil and ecosystem resilience in farming activities of ingredient production and directly managed crops (i.e., Vineyards in France) | Upstream & Own Operations | Medium-term and Long-term | -
E5 | Resource use and circular economy | Resources inflows, including resource use | - | Impact (negative; actual) | Usage of virgin and non- recycled materials in product's packaging impacting the environment | Upstream & Own Operations | Medium-term and Long-term | -
Resource use and circular economy | Waste | - | Impact (negative; actual) | Production and disposal of waste | Own Operations | Short-term and Medium-term | -

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Campari Group annual report for the year ended 31 December 2024

ESRS | Topic | Sub-Topic | Sub sub-topic | IROs | IRO description | Position along the Value Chain | Time horizons | Connections
S1 | Own Workforce | Working conditions | Health and safety | Impact (negative; actual) | Negative externalities on employees due to accidents | Own Operations | All | -
Risk | Potential H&S incidents resulting in injuries/ deaths | Own Operations | Short-term | Human capital
Freedom of association, the existence of works councils and the information, consultation and participation rights of workers | Impact (positive; actual) | Promoting participation in framework of national and supranational trade associations to safeguard general interest and actively contributing to the development at sectorial level | Own Operations | Medium-term and Long-term | -
Secure employment | Risk | Own operations management issues related to labour and ethics may lead to regulatory fines, increased long-term operational costs, and reputational harm for entities | Own Operations | Long-term | Human capital
Equal treatment and opportunities for all | Training and skills development | Impact (positive; actual) | Promotion of a culture of quality and responsibility through communications projects and actions conducted (i.e. specific educational training courses) towards internal workers aimed at educating consumers on the responsible consumption of alcoholic beverages and on the importance of quality vs quantity | Own Operations | All | -
Opportunity | Ability to attract and retain people | Own Operations | Long-term | Human capital
Gender equality and equal pay for work of equal value | Risk | Failure to enforce and apply Diversity, Equity&Inclusion policies and practices resulting in discrimination cases | Own Operations | Medium-term and Long-term | Human capital
Other work- related rights | Privacy | Impact (negative; potential) | Safeguard of data for all stakeholders (employees) | Own Operations | Medium-term and Long-term | -
S2 | Workers in the value chain | Working conditions | Health and safety | Impact (negative; actual) | Negative externalities on workers in the value chain due to accidents | Upstream and Downstream | All | -
Other work- related rights | Privacy | Impact (negative; potential) | Safeguard of data for all stakeholders (workers in the value chain) | Upstream and Downstream | Medium-term and Long-term | -

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Campari Group annual report for the year ended 31 December 2024

ESRS | Topic | Sub-Topic | Sub sub-topic | IROs | IRO description | Position along the Value Chain | Time horizons | Connections
S4 | Consumers and end- users | Information- related impacts for consumers and/or end- users | Access to (quality) information | Impact (negative; potential) | Failure to communicate all the necessary information related to Campari's product including nutritional values | Downstream | Long-term | -
Privacy | Impact (negative; potential) | Safeguard of data for all stakeholders (consumers) | Downstream | Long-term | -
Social inclusion of consumers and/or end- users | Responsible marketing practices | Impact (positive; actual) | Ability to promote a marketing communication always able to maintain a high level of corporate integrity, business ethics, and social responsibility which leads to increased consumer trust and loyalty, improved brand reputation, increased customer satisfaction and active consumer involvement | Own Operations and Downstream | Medium-term and Long-term | -
Impact (positive; actual) | Promotion of a culture of quality and responsibility through communications projects and actions conducted (i.e., specific educational training courses) towards internal workers and external stakeholder (i.e., consumers) aimed at educating consumers on the responsible consumption of alcoholic beverages and on the importance of quality vs quantity | Own Operations and Downstream | All | -
Risk | Potential social repercussion on the company due to a lack of awareness activities | Across | Medium-term and Long-term | Human capital
Risk | Inability to interpret consumer preferences and to continually adapt strategies accordingly | Own Operations and Downstream | Long-term | Consumers
G1 | Business conduct | Corruption and bribery | Incidents | Impact (negative; potential) | Fines and reputational damage deriving from unethical business practices, including fraud and corruption may result in negative impact on Campari operations | Across | Long-term | -
Management of relationships with suppliers including payment practices | - | Impact (positive; actual) | Fostering responsible sourcing practices by engaging directly with suppliers | Across | All | -
- | Risk | Disruptions in transport | Own Operations and Upstream | Long-term | Market

In evaluating the impacts, risks, and opportunities associated with identified material topics, including climate
change, the Group has assessed their effects on the Consolidated Financial Statements regarding financial
position, performance, and cash flows:
- 2024 Analysis: the analysis conducted in 2024 did not identify any issues that could not be managed within
the ordinary course of business. Furthermore, no material ESG issues were identified that would have a
significant impact on the financial position or performance.
- Climate Change Impact: the anticipated effects of climate change are not expected to materially affect the
Group’s financial performance over the specified going concern period.
- Sensitivity of Biological Goods: agricultural ingredients remain at risk primarily due to water scarcity and
rising temperatures. To mitigate and minimise these risks, the Group has established contingency plans for
alternative sourcing of biological assets, which remained dormant in 2024. Additionally, proactive measures
to address water scarcity risks have been initiated, including capital expenditures (Capex) eligible under
CSRD requirements in the United Kingdom and Jamaica.

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Campari Group annual report for the year ended 31 December 2024

- Impact on Cash Flow Forecasts: the implications of climate change have been factored into cash flow
projections used for impairment assessments of non-current assets, including goodwill.
- Non-Current Asset Valuation: the potential impact of climate change on residual values, useful lives, and
depreciation methods for non-current assets was evaluated, with no triggering factors identified in 2024.
No significant risk of material adjustment was identified within the next annual reporting period to carrying the
amounts of assets and liabilities reported in related financial statements.
Campari Group has been managing sustainability matters for years, with identified impacts already integrated
into the Group’s sustainability strategy, thus confirming that no impacts have occurred outside the scope of its
ordinary business operations that would necessitate adjustments to its business model, value chain, or strategic
and decision-making processes:
- Material Impacts, Risks and Opportunities: the current and anticipated effects of material impacts, risks, and
opportunities have not led to changes in the Group’s business model or strategy, as the core topics were
already integrated into the existing strategy. Any new topics identified will be thoroughly considered in the
near future. Responses to these factors remain aligned with the Group’s established frameworks and do not
require significant strategic adjustments.
- Connection to Strategy and Business Model: the undertaking's strategy and business model
comprehensively consider most of the material impacts identified by the Group and newly identified topics
will be incorporated into actions and targets starting from 2025 onwards.
- Resilience of Strategy and Business Model: t he Group’s strategy and business model have demonstrated
resilience thanks to the robust experience in effectively addressing material impacts and risks while
maintaining the capacity to capitalize on material opportunities.
Moreover, the results from the DMA were considered in the updates of the Group Sustainability Strategy with
particular focus for the Sustainable Procurement Roadmap starting from 2025.
There are no impacts, risks and opportunities that were not covered by ESRS Disclosure Requirements in the
following section of the Sustainability statement.
For some impacts, disaggregation is particularly relevant. Specifically, the impact contributing to GHG emissions
and energy consumption is more significant for sites where distilleries are located. Regarding Scope 3
emissions, the categories that contribute the most are the purchase of goods and services (66%), transport and
upstream and downstream distribution (17%), and capital goods (11%), which together account for 95% of the
total Scope 3 impact.
In terms of direct impact drivers of biodiversity loss, disaggregation is relevant because the Group’s operations
in France are adjacent to an area important for biodiversity. Specifically, the Lallier production site is located in
Oger, in the Champagne region of France, which is a UNESCO World Heritage Site. Another area of concern is
Mexico, where there is a risk of deforestation connected with the cultivation of agave.
For waste disposal, the topic is particularly relevant for those sites where distilleries are located, as it is
important to rely on waste treatment plants for processing by-products originating from the distillation process.
The impact related to the usage of only virgin or non-recycled materials further exploits natural resources and is
particularly important for specific materials used in packaging, namely glass, cardboard, and aluminum.
The possible negative impacts on employees, which may result from falls, transportation accidents, equipment-
related accidents, and heat-related illness or injury, apply to all Campari Group sites but are particularly relevant
in plants and factories where the risk and severity of accidents are higher than in offices. Regarding positive
impacts, engagement with suppliers and commercial partners to define and adopt sustainable and responsible
practices with regards to the sourcing of materials is relevant. Efforts aimed at reducing Scope 3 emissions
highlight that the hotspot of emissions is the glass industry, concentrated in Italy, the United States and in Brazil.
Relationships with suppliers is particularly important when addressing social issues, such as human rights. The
priority countries of interest are Jamaica and Mexico, where there are agricultural supply chains with a higher
risk of human rights not being respected and where it becomes particularly essential to implement and enforce
sustainable and ethical practices. The double materiality assessment identifies material sustainability topics. For
each material topic, the ESRS provide specific disclosure requirements, outlining what information needs to be
disclosed and how it should be presented. This alignment ensures that the disclosed information is relevant,
comprehensive, and transparent. In the 2024 Campari Group’s Sustainability statement, these material related
disclosure requirements are detailed, showing how each material topic is addressed. This connection between
material topics and disclosure requirements ensures that stakeholders receive a clear understanding of the
company's impacts, risks, and opportunities in relation to key material topics. By following this process, the
Group can provide transparent, relevant, and comprehensive information to its stakeholders, enhancing their
understanding of the company’s impact and performance.
1 Regulation (EU) 2019/2088 of the European Parliament and of the Council of 27 November 2019 on sustainability-related disclosures in the financial services
sector (Sustainable Finance Disclosures Regulation) (OJ L 317, 9.12.2019, p. 1)
2 Regulation (EU) n. 575/2013 of the European Parliament and of the Council of 26 June 2013 on prudential requirements for credit institutions and investment
firms and amending Regulation (EU) n. 648/2012 (Capital Requirements Regulation ‘CRR’) (OJ L 176, 27.6.2013, p. 1).
3 Regulation (EU) 2016/1011 of the European Parliament and of the Council of 8 June 2016 on indices used as benchmarks in financial instruments and financial
contracts or to measure the performance of investment funds and amending Directives 2008/48/ EC and 2014/17/EU and Regulation (EU) n. 596/2014 (OJ L
171, 29.6.2016, p. 1).
4 Regulation (EU) 2021/1119 of the European Parliament and of the Council of 30 June 2021 establishing the framework for achieving climate neutrality and
amending Regulations (EC) n. 401/2009 and (EU) 2018/1999 (‘European Climate Law’) (OJ L 243, 9.7.2021, p. 1).
5 Commission Delegated Regulation (EU) 2020/1816 of 17 July 2020 supplementing Regulation (EU) 2016/1011 of the European Parliament and of the Council
as regards the explanation in the benchmark statement of how environmental, social and governance factors are reflected in each benchmark provided and
published (OJ L 406, 3.12.2020, p. 1).
6 Commission Implementing Regulation (EU) 2022/2453 of 30 November 2022 amending the implementing technical standards laid down in Implementing
Regulation (EU) 2021/637 as regards the disclosure of environmental, social and governance risks (OJ L 324,19.12.2022, p.1.).
7 Commission Delegated Regulation (EU) 2020/1818 of 17 July 2020 supplementing Regulation (EU) 2016/1011 of the European Parliament and of the Council
as regards minimum standards for EU Climate Transition Benchmarks and EU Paris-aligned Benchmarks (OJ L 406, 3.12.2020, p. 17).

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Campari Group annual report for the year ended 31 December 2024

List of datapoints in cross-cutting and topical standards that derive from other EU
legislation

Disclosure Requirement and related datapoint | SFDR reference 1 | Pillar 3 reference 2 | Benchmark Regulation reference 3 | EU Climate Law reference 4 | Paragraph title in the 2024 Sustainability Statement | Not material
ESRS 2 GOV-1 Board's gender diversity paragraph 21 (d) | Indicator number 13 of Table #n. 1 of Annex 1 | - | Commission Delegated Regulation (EU) 2020/1816 Annex II 5 | - | The role of the management and supervisory bodies | -
ESRS 2 GOV-1 Percentage of board members who are independent paragraph 21 (e) | - | - | Delegated Regulation (EU) 2020/1816, Annex II | - | The role of the management and supervisory bodies | -
ESRS 2 GOV-4 Statement on due diligence paragraph 30 | Indicator number 10 Table #n. 3 of Annex 1 | - | - | - | Due diligence process and human rights | -
ESRS 2 SBM-1 Involvement in activities related to fossil fuel activities paragraph 40 (d) i | Indicators number 4 Table #n. 1 of Annex 1 | Article 449a Regulation (EU) No 575/ 2013; Commission Implementing Regulation (EU) 2022/2453 Table 1: Qualitative information on Environmental risk and Table 2: Qualitative information on Social risk 6 | Delegated Regulation (EU) 2020/1816, Annex II | - | - | Not material
ESRS 2 SBM-1 Involvement in activities related to chemical production paragraph 40 (d) ii | Indicator number 9 Table #n. 2 of Annex 1 | - | Delegated Regulation (EU) 2020/1816, Annex II | - | - | Not material
ESRS 2 SBM-1 Involvement in activities related to controversial weapons paragraph 40 (d) iii | Indicator number 14 Table #n. 1 of Annex 1 | - | Delegated Regulation (EU) 2020/1818, Article 12(1) Delegated Regulation (EU) 2020/1816, Annex II 7 | - | - | Not material
ESRS 2 SBM-1 Involvement in activities related to cultivation and production of tobacco paragraph 40 (d) iv | - | - | Delegated Regulation (EU) 2020/1818, Article 12(1) Delegated Regulation (EU) 2020/1816, Annex II | - | - | Not material
ESRS E1-1 Transition plan to reach climate neutrality by 2050 paragraph 14 | - | - | - | Regulation (EU) 2021/1119, Article 2(1) | Transition Plan for Climate change | -

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Campari Group annual report for the year ended 31 December 2024

Disclosure Requirement and related datapoint | SFDR reference 1 | Pillar 3 reference 2 | Benchmark Regulation reference 3 | EU Climate Law reference 4 | Paragraph title in the 2024 Sustainability Statement | Not material
ESRS E1-1 Undertakings excluded from Paris- aligned Benchmarks paragraph 16 (g) | - | Article 449a Regulation (EU) No 575/2013; Commission Implementing Regulation (EU) 2022/2453 Template 1: Banking book- Climate Change transition risk: Credit quality of exposures by sector, emissions and residual maturity | Delegated Regulation (EU) 2020/1818, Article12.1 (d) to (g), and Article 12.2 | - | Governance and policies related to Climate change mitigation and adaptation and Energy | -
ESRS E1-4 GHG emission reduction targets paragraph 34 | Indicator number 4 Table #n. 2 of Annex 1 | Article 449a Regulation (EU) No 575/2013; Commission Implementing Regulation (EU) 2022/2453 Template 3: Banking book – Climate change transition risk: alignment metrics | Delegated Regulation (EU) 2020/1818, Article 6 | - | Climate change commitments, Actions and Metrics | -
ESRS E1-5 Energy consumption from fossil sources disaggregated by sources (only high climate impact sectors) paragraph 38 | Indicator number 5 Table #n. 1 and Indicator n. 5 Table #2 of Annex 1 | - | - | - | Climate change commitments, Actions and Metrics | -
ESRS E1-5 Energy consumption and mix paragraph 37 | Indicator number 5 Table #n. 1 of Annex 1 | - | - | - | Climate change commitments, Actions and Metrics | -
ESRS E1-5 Energy intensity associated with activities in high climate impact sectors paragraphs 40 to 43 | Indicator number 6 Table #n. 1 of Annex 1 | - | - | - | Climate change commitments, Actions and Metrics | -
ESRS E1-6 Gross Scope 1, 2, 3 and Total GHG emissions paragraph 44 | Indicators number 1 and 2 Table #n. 1 of Annex 1 | Article 449a; Regulation (EU) No 575/ 2013; Commission Implementing Regulation (EU) 2022/ 2453 Template 1: Banking book – Climate change transition risk: Credit quality of exposures by sector, emissions and residual maturity | Delegated Regulation (EU) 2020/1818, Article 5(1), 6 and 8 (1) | - | Climate change commitments, Actions and Metrics | -
ESRS E1-6 Gross GHG emissions intensity paragraphs 53 to 55 | Indicators number 3 Table #n. 1 of Annex 1 | Article 449a Regulation (EU) No 575/ 2013; Commission Implementing Regulation (EU) 2022/ 2453 Template 3: Banking book – Climate change transition risk: alignment metrics | Delegated Regulation (EU) 2020/1818, Article 8(1) | - | Climate change commitments, Actions and Metrics | -
ESRS E1-7 GHG removals and carbon credits paragraph 56 | - | - | - | Regulation (EU) 2021/1119, Article 2(1) | - | Not Material
ESRS E1-9 Exposure of the benchmark portfolio to climate-related physical risks paragraph 66 | - | - | Delegated Regulation (EU) 2020/1818, Annex II Delegated Regulation (EU) 2020/1816, Annex II | - | - | Omission for the first year of disclosure

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Campari Group annual report for the year ended 31 December 2024

Disclosure Requirement and related datapoint | SFDR reference 1 | Pillar 3 reference 2 | Benchmark Regulation reference 3 | EU Climate Law reference 4 | Paragraph title in the 2024 Sustainability Statement | Not material
ESRS E1-9 Disaggregation of monetary amounts by acute and chronic physical risk paragraph 66 (a) ESRS E1-9 Location of significant assets at material physical risk paragraph 66 (c). | - | Article 449a Regulation (EU) No 575/ 2013; Commission Implementing Regulation (EU) 2022/ 2453 paragraphs 46 and 47; Template 5: Banking book - Climate change physical risk: Exposures subject to physical risk. | - | - | - | Omission for the first year of disclosure
ESRS E1-9 Breakdown of the carrying value of its real estate assets by energy-efficiency classes paragraph 67 (c). | - | Article 449a Regulation (EU) No 575/ 2013; Commission Implementing Regulation (EU) 2022/ 2453 paragraph 34; Template 2:Banking book -Climate change transition risk: Loans collateralised by immovable property - Energy efficiency of the collateral | - | - | - | Omission for the first year of disclosure
ESRS E1-9 Degree of exposure of the portfolio to climate- related opportunities paragraph 69 | - | - | Delegated Regulation (EU) 2020/1818, Annex II | - | - | Omission for the first year of disclosure
ESRS E2-4 Amount of each pollutant listed in Annex II of the E- PRTR Regulation (European Pollutant Release and Transfer Register) emitted to air, water and soil, paragraph 28 | Indicator number 8 Table #n. 1 of Annex 1 Indicator number 2 Table #n. 2 of Annex 1 Indicator number 1 Table #n. 2 of Annex 1 Indicator number 3 Table #n. 2 of Annex 1 | - | - | - | - | Not material
ESRS E3-1 Water and marine resources paragraph 9 | Indicator number 7 Table #n. 2 of Annex 1 | - | - | - | Policies, Actions and Impact, Risk and Opportunity related to Water and marine resources | -
ESRS E3-1 Dedicated policy paragraph 13 | Indicator number 8 Table 2 of Annex 1 | - | - | - | - | Omission for the first year of disclosure
ESRS E3-1 Sustainable oceans and seas paragraph 14 | Indicator number 12 Table #n. 2 of Annex 1 | - | - | - | - | Not material
ESRS E3-4 Total water recycled and reused paragraph 28 (c) | Indicator number 6.2 Table #n. 2 of Annex 1 | - | - | - | Metrics and Targets related to water, marine resources and water consumption disclosures | -
ESRS E3-4 Total water consumption in m 3 per net revenue on own operations paragraph 29 | Indicator number 6.1 Table #n. 2 of Annex 1 | - | - | - | Metrics and Targets related to water, marine resources and water consumption disclosures | -
ESRS 2 IRO-1 – E4 paragraph 16 (a) i | Indicator number 7 Table #n. 1 of Annex 1 | - | - | - | Impacts, risk and opportunities related to Biodiversity and ecosystems | -
ESRS 2 IRO-1 – E4 paragraph 16 (b) | Indicator number 10 Table #n. 2 of Annex 1 | - | - | - | - | Not material

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Campari Group annual report for the year ended 31 December 2024

Disclosure Requirement and related datapoint | SFDR reference 1 | Pillar 3 reference 2 | Benchmark Regulation reference 3 | EU Climate Law reference 4 | Paragraph title in the 2024 Sustainability Statement | Not material
ESRS 2 IRO-1 – E4 paragraph 16 (c) | Indicator number 14 Table #n. 2 of Annex 1 | - | - | - | - | Not material
ESRS E4-2 Sustainable land / agriculture practices or policies paragraph 24 (b) | Indicator number 11 Table #n. 2 of Annex 1 | - | - | - | Strategy, Policies and Actions related to Biodiversity and ecosystem | -
ESRS E4-2 Sustainable oceans / seas practices or policies paragraph 24 (c) | Indicator number 12 Table #n. 2 of Annex 1 | - | - | - | - | Not material
ESRS E4-2 Policies to address deforestation paragraph 24 (d) | Indicator number 15 Table #n. 2 of Annex 1 | - | - | - | Strategy, Policies and Actions related to Biodiversity and ecosystem | -
ESRS E5-5 Non- recycled waste paragraph 37 (d) | Indicator number 13 Table #n. 2 of Annex 1 | - | - | - | Metrics and Targets related to Resource use and circular economy | -
ESRS E5-5 Hazardous waste and radioactive waste paragraph 39 | Indicator number 9 Table #n. 1 of Annex 1 | - | - | - | Metrics and Targets related to Resource use and circular economy | -
ESRS 2- SBM3 - S1 Risk of incidents of forced labour paragraph 14 (f) | Indicator number 13 Table #n. 3 of Annex I | - | - | - | Strategy related to Own workforce Material impacts, risks and opportunities and their interaction with strategy and business model Policies and Actions related to Own Workforce Deep dive on human rights | -
ESRS 2- SBM3 - S1 Risk of incidents of child labour paragraph 14 (g) | Indicator number 12 Table #n. 3 of Annex I | - | - | - | Strategy related to Own workforce Material impacts, risks and opportunities and their interaction with strategy and business model Policies and Actions related to Own Workforce Deep dive on human rights | -
ESRS S1-1 Human rights policy commitments paragraph 20 | Indicator number 9 Table #n. 3 and Indicator number 11 Table #n. 1 of Annex I | - | - | - | Strategy related to Own workforce Polices and Actions related to Own workforce | -
ESRS S1-1 Due diligence policies on issues addressed by the fundamental International Labor Organisation Conventions 1 to 8, paragraph 21 | - | - | Delegated Regulation (EU) 2020/1816, Annex II | - | Strategy related to Own workforce Polices and Actions related to Own workforce | -
ESRS S1-1 processes and measures for preventing trafficking in human beings paragraph 22 | Indicator number 11 Table #n. 3 of Annex I | - | - | - | Strategy related to Own workforce Polices and Actions related to Own workforce | -
ESRS S1-1 workplace accident prevention policy or management system paragraph 23 | Indicator number 1 Table #n. 3 of Annex I | - | - | - | Strategy related to Own workforce Polices and Actions related to Own workforce | -

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Disclosure Requirement and related datapoint | SFDR reference 1 | Pillar 3 reference 2 | Benchmark Regulation reference 3 | EU Climate Law reference 4 | Paragraph title in the 2024 Sustainability Statement | Not material
ESRS S1-3 grievance/ complaints handling mechanisms paragraph 32 (c) | Indicator number 5 Table #n. 3 of Annex I | - | - | - | Polices and Actions related to Own workforce Processes to remediate negative impacts and channels for own workforce to raise concerns | -
ESRS S1-14 Number of fatalities and number and rate of work-related accidents paragraph 88 (b) and (c) | Indicator number 2 Table #n. 3 of Annex I | - | Delegated Regulation (EU) 2020/1816, Annex II | - | - | -
ESRS S1-14 Number of days lost to injuries, accidents, fatalities or illness paragraph 88 (e) | Indicator number 3 Table #n. 3 of Annex I | - | - | - | - | -
ESRS S1-16 Unadjusted gender pay gap paragraph 97 (a) | Indicator number 12 Table #n. 1 of Annex I | - | Delegated Regulation (EU) 2020/1816, Annex II | - | - | -
ESRS S1-16 Excessive CEO pay ratio paragraph 97 (b) | Indicator number 8 Table #n. 3 of Annex I | - | - | - | Metrics and Targets related to Own workforce | -
ESRS S1-17 Incidents of discrimination paragraph 103 (a) | Indicator number 7 Table #n. 3 of Annex I | - | - | - | - | -
ESRS S1-17 Non- respect of UNGPs on Business and Human Rights and OECD Guidelines paragraph 104 (a) | Indicator number 10 Table #n. 1 and Indicator n. 14 Table #n. 3 of Annex I | - | Delegated Regulation (EU) 2020/1816, Annex II Delegated Regulation (EU) 2020/1818 Art 12 (1) | - | - | Not material
ESRS 2- SBM3 – S2 Significant risk of child labour or forced labour in the value chain paragraph 11 (b) | Indicators number 12 and n. 13 Table #n. 3 of Annex I | - | - | - | Strategy, Policies and Actions related to Workers in the value chain | -
ESRS S2-1 Human rights policy commitments paragraph 17 | Indicator number 9 Table #n. 3 and Indicator n. 11 Table #1 of Annex 1 | - | - | - | Strategy, Policies and Actions related to Workers in the value chain | -
ESRS S2-1 Policies related to value chain workers paragraph 18 | Indicator number 11 and n. 4 Table #n. 3 of Annex 1 | - | - | - | Strategy, Policies and Actions related to Workers in the value chain | -
ESRS S2-1 Non- respect of UNGPs on Business and Human Rights principles and OECD guidelines paragraph 19 | Indicator number 10 Table #n. 1 of Annex 1 | - | Delegated Regulation (EU) 2020/1816, Annex II Delegated Regulation (EU) 2020/1818, Art 12 (1) | - | Strategy, Policies and Actions related to Workers in the value chain | -
ESRS S2-1 Due diligence policies on issues addressed by the fundamental International Labor Organisation Conventions 1 to 8, paragraph 19 | - | - | Delegated Regulation (EU) 2020/1816, Annex II | - | Strategy, Policies and Actions related to Workers in the value chain | -
ESRS S2-4 Human rights issues and incidents connected to its upstream and downstream value chain paragraph 36 | Indicator number 14 Table #n. 3 of Annex 1 | - | - | - | Strategy, Policies and Actions related to Workers in the value chain | -

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Disclosure Requirement and related datapoint | SFDR reference 1 | Pillar 3 reference 2 | Benchmark Regulation reference 3 | EU Climate Law reference 4 | Paragraph title in the 2024 Sustainability Statement | Not material
ESRS S3-1 Human rights policy commitments paragraph 16 | Indicator number 9 Table #n. 3 of Annex 1 and Indicator number 11 Table #1 of Annex 1 | - | - | - | - | Not material
ESRS S3-1 non- respect of UNGPs on Business and Human Rights, ILO principles or OECD guidelines paragraph 17 | Indicator number 10 Table #n. 1 Annex 1 | - | Delegated Regulation (EU) 2020/1816, Annex II Delegated Regulation (EU) 2020/1818, Art 12 (1) | - | - | Not material
ESRS S4-1 Policies related to consumers and end- users paragraph 16 | Indicator number 9 Table #n. 3 and Indicator number 11 Table #n. 1 of Annex 1 | - | - | - | Impact, risk and opportunity related to Consumers and end-users | -
ESRS S4-1 Non- respect of UNGPs on Business and Human Rights and OECD guidelines paragraph 17 | Indicator number 10 Table #n. 1 of Annex 1 | - | Delegated Regulation (EU) 2020/1816, Annex II Delegated Regulation (EU) 2020/1818, Art 12 (1) | - | Impact, risk and opportunity related to Consumers and end-users | -
ESRS S4-4 Human rights issues and incidents paragraph 35 | Indicator number 14 Table #n. 3 of Annex 1 | - | - | - | Strategy, Policies and Actions related to Consumers and end-users Impact, risk and opportunity related to Consumers and end-users | -
ESRS G1-1 United Nations Convention against Corruption paragraph 10 (b) | Indicator number 15 Table #n. 3 of Annex 1 | - | - | - | - | Not material
ESRS G1-1 Protection of whistle- blowers paragraph 10 (d) | Indicator number 6 Table #n. 3 of Annex 1 | - | - | - | - | Not material
ESRS G1-4 Fines for violation of anti- corruption and anti- bribery laws paragraph 24 (a) | Indicator number 17 Table #n. 3 of Annex 1 Delegated | - | Delegated Regulation (EU) 2020/1816, Annex II) | - | Governance and policies related to Business conduct | -
ESRS 2 GOV-1 Percentage of board members who are independent paragraph 21 (e) | Indicator number 16 Table #n. 3 of Annex 1 | - | - | - | The role of the management and supervisory bodies | -

Reconciliation table related to General information

Standard ESRS | Sustainability statement paragraph | Notes
General |  |
ESRS 2 BP-1 - General basis for preparation of the Sustainability statement | Basis for preparation For more details related to the scope of the document please refer to note 2 '5-Principles of control and consolidation' of the Campari Group- Consolidated Financial statements at 31 December 2024’). |
ESRS 2 BP-2 - Disclosures in relation to specific circumstances | General information Basis for preparation For more details related to the incorporation by reference applied by Campari Group please refer to Appendix section of the 'Sustainability statement' | ESRS 2 BP-2 par 10.b is not applicable since the improvements planned to increase accuracy is underway ESRS 2 BP-2 par. 11.a-b.i are not applicable ESRS 2 BP-2 par. 13-14 are not applicable since this is the first Sustainability Statement with ESRS ESRS 2 BP-2 par. 17 is not applicable since Campari Group exceeds the average number of 750 employees.

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Governance |  |
ESRS 2 GOV-1 - The role of the administrative, management and supervisory bodies | The role of the management and supervisory bodies Risk management and internal controls over sustainability reporting Technical competences over ESG matters Committees | For more information related to ESRS 2 GOV-1 par. 21, 22.a-c.ii, 22.d and 23.a please refer to the section 'The role of the management and supervisory bodies' For more information related to ESRS 2 GOV-2 par. 22.c.iii please refer to the section 'Risk management and internal controls over sustainability reporting' For more information related to ESRS GOV-1 par. 23 please refer to the section 'Technical competences over ESG matters' For more information related to ESRS GOV-1 par. 23.b please refer to the section 'Committees'
ESRS 2 GOV-2 - Information provided to and sustainability matters addressed by the undertaking’s administrative, management and supervisory bodies | The role of the management and supervisory bodies Presentation of the results of the Double Materiality Assessment process – DMA | For more information related to ESRS 2 GOV-2 par.26.a-b please refer to the section 'The role of the management and supervisory bodies' For more information related to ESRS 2 GOV-2 par.26.c please refer to the section 'Presentation of the results of the Double Materiality Assessment process – DMA'
ESRS 2 GOV-3 - Integration of sustainability- related performance in incentive schemes | The role of the management and supervisory bodies | For more information related to ESRS 2 GOV-3 par.29 please refer to the section 'The role of the management and supervisory bodies'
ESRS 2 GOV-4 - Statement on due diligence | Due diligence process and human rights | For more information related to ESRS 2 GOV-4 par.30, 32 please refer to the section 'Due diligence process on sustainability'
ESRS 2 GOV-5 - Risk management and internal controls over sustainability reporting | The role of the management and supervisory bodies Risk management and internal controls over sustainability reporting' | For more information related to ESRS 2 GOV-5 par.36.a-e please refer to the sections 'The role of the management and supervisory bodies' and 'Risk management and internal controls over sustainability reporting'
Strategy |  |
ESRS 2 SBM-1 - Strategy, business model and value chain | Campari Group’s Value Chain | For more information related to ESRS 2 SBM-1 please refer to paragraph 'Strongly positioned for future growth: our ambition roadmap' of the Management board report ESRS 2 SBM-1 par. 40.b-c are not applicable since Campari Group applied the phased-in provision ESRS 2 SBM-1 par. 40.d.i-iv, 40.e-f, 41 are not applicable to Campari Group For more information related to ESRS 2 SBM-1 par. 40.g, please refer to the 'Sustainability strategy and business model' paragraph and each chapter related to the ESRS specific topic
ESRS 2 SBM-2 – Interests and views of stakeholders | Engagement with stakeholders | ESRS 2 SBM-2 par. 45.c.i-iii are not applicable to Campari Group For more information related to ESRS 2 SBM-2 par. 45.d please refer to sections 'The role of the management and supervisory bodies' and 'Stakeholder involvement'
ESRS 2 SBM-3 – Material impacts, risks and opportunities and their interaction with strategy and business model | Presentation of the results of the double materiality assessment process | ESRS 2 SBM-3 par 48.e is not applicable since Campari Group applied the phased-in provision ESRS 2 SBM-3 par 48.g is not applicable since this is the first year Campari Group is applying the CSRD
Impact, risk and opportunity management |  |
IRO-1 | Due diligence process and human rights Risk management and internal controls over sustainability reporting Presentation of the results of the double materiality assessment process | ESRS 2 IRO-1 par.53.h is not applicable for Campari Group
IRO-2 | Presentation of the results of the double materiality assessment process List of datapoints in cross-cutting and topical standards that derive from other EU legislation | For more information related to ESRS 2 IRO-2 par. 56 please refer to the section 'List of datapoints in cross-cutting and topical standards that derive from other EU legislation' ESRS 2 IRO-2 par.57 is not applicable for Campari Group

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Campari Group annual report for the year ended 31 December 2024

Environmental information
ESRS E1 Climate Change
Governance, Strategy and Policies mitigation and adaptation related to Climate change
On 11 April 2024, the corporate bodies responsible for the adoption and execution of a new Remuneration
Policy presented a new one to the AGM, proposing the introduction of a new long-term variable incentive plan
for senior management, following also the suggestions resulting from the stakeholders’ dialogue resulting from
previous AGM meetings. For detailed information refer to the 'Governance' section in the Management Board
Report and to section '7-v.Share-based payments' included in the Campari Group Consolidated Financial
statements.
Sustainability-related features, objectives and criteria are increasingly integrated into corporate processes and
procedures. This includes the specification of sustainability requirements within procurement guidelines,
managing supplier relationships, consideration of environmental and social issues in new product development
projects and embedding sustainable management principles into employee training and professional
competence-building programs.
Campari Group’s Environmental Policy (or 'Policy') is part of the key global policies, and is integrated into the
broader Quality, Food Safety, Occupational Safety and Environmental Policy, which was revised and updated in
2024. The Policy addresses the themes of climate change mitigation and adaptation and focuses on corporate
commitments regarding the reduction of GHG emissions from direct operations and the value chain, limiting
water usage intensity in the production process, ensuring that wastewater discharge complies with applicable
legislations, managing waste to minimise landfill disposal and promoting initiatives related to the circular
economy in packaging materials. Since most of the production sites are ISO-certified, the requirements of the
standard, as well as the guidelines of industry associations, including food and beverage and spirits
associations, and spirits and voluntary frameworks, were considered when updating the Policy. Moreover, with
this Policy Campari Group is committed to the preservation of biodiversity through cooperation with business
partners along the value chain. The Policy is recognizing the impact of upstream and downstream business
activities, emphasizing engagement with value chain suppliers (especially related to raw materials, packaging
and logistics service providers) to align with the Group’s objectives and key material topics.
The revised double materiality analysis led to the identification of new material topics with negative impacts for
which new ambitions and mitigations will be formulated in the near future, including the strengthening of circular
economy initiatives, the expansion of biodiversity actions and an increased focus on the management of water
in the Group value chain.
Accountability for implementing the Environmental Policy lies with the Chief of Supply Chain, a C-suite executive
and the highest-ranking position within the Campari Group directly overseeing environmental matters. To drive
environmental improvements, several of the Group's manufacturing sites have obtained certification under the
ISO 14001 Environmental Management System. The performance of the Environmental Certification rate (%),
measured as bottles produced in production units certified according to international standards for the
environment, slightly increased in 2024, compared to the previous year. For more information on the
Environmental Certification rate of Campari Group, refer to the 'Other ESG information' section.
In formulating the Policy and its objectives, Campari Group aligns with guidelines from industry associations in
the food, beverage, and spirits sectors, as well as voluntary frameworks specific to the beverage industry
represented by FSSC22000, ISO45001, ISO14001 and their amendment and additions. The development
process for the definition of the Policy incorporated key industry topics, market and technological trends,
investor expectations, regulatory changes, and insights from local engagements at operational sites. For more
information on the stakeholder involvement refer to 'Engagement with stakeholders' in General Information
section. Contributions from academic experts further ensured the Policy's relevance and robustness. The Policy
is available on the Campari Group corporate website and is shared with stakeholders, including customers, in
supplier engagement processes, with the aim of integrating environmental initiatives along the value chain.
The Group has established a Control, Risks, and Sustainability Committee within the Board of Directors with the
purpose of overseeing sustainability matters and integrating environmental risks within its broader global risk
assessment process. This is one of the most important steps comprising, among others, the Self Risk
Assessment ('SRA') that is conducted at different levels and functions, including environmental sustainability. It
assesses the risks of both acute and chronic climate change impacts, as well as potential regulatory shifts and
market disruptions driven by climate change. The findings of the SRA include action plan that considers the

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Campari Group annual report for the year ended 31 December 2024

need to develop updated policies and procedures, investments, operational improvements, and emergency
preparedness and response strategies. This proactive attitude seeks to make Campari Group resilient amidst
changing climate-related difficulties.
With reference to climate change adaptation, Campari Group incorporates its P olicy into the overall business
risk assessment processes. The outcomes from the periodic risk analyses (the latest one completed in
September 2024) formulate plans for specific adaptation measures designed to address physical climate risk.
Such measures would include targeted investments in emergency preparedness strategies and operational
enhancements at manufacturing locations to make them more resilient. Regarding supplier engagement,
Campari Group assesses physical risks by evaluating business continuity, ensuring a stable supply chain and
guaranteeing the reliability of supply commitments. In the future, the Group will continue broadening the risk
assessment with suppliers to include both physical and transitional risks pertinent to their operations. The risk
assessment process required by CSRD will be pivotal to ensure a more comprehensive evaluation of climate-
related risks along the full value chain.
Energy efficiency is one of the fundamental pillars of emission-reduction strategies in the manufacturing
industry. It consists of productivity improvements to larger-scale, and transformational initiatives such as the
adoption of advanced energy-efficient technologies. Examples include innovations in various processes like
distillation. In addition, energy efficiency is increasingly viewed as an important element of supplier engagement,
especially in industries where raw materials and packaging are one of the primally inputs.
Deployment of renewable energy in direct operations is an integral part of the Campari Group Environmental
Policy with defined time-based objectives. At least 90% of the power used within the Campari Group’s
operations by 2025 will come from renewable energy. This commitment, which is also included in the
remuneration performance metrics for Executive members, includes both energy generated from own renewable
assets and energy procured through recognised market-based instruments, such as guarantees of origin or
renewable energy certificates. Moreover, the emission reduction strategies for manufacturing sites include
securing renewable thermal energy or, alternatively, the electrification of heat processes. The Group encourages
key suppliers of goods and services to procure renewable energy sources, promoting sustainability across the
supply chain. This collaboration fosters broader systemic change within the Group industry and beyond.
Transition plan for Climate change
In order to address the transition plan for climate change, which will be prepared within next two years, Campari
Group has identified some key decarbonization levers that exist across its operations, value chain, and product
portfolio to drive the sustainability processes, namely:
Own operations:
- Energy and process efficiency: aiming to optimize energy consumption and enhance the process efficiency
of all Group facilities;
- Best available technology in energy recovery: implementing the best technologies available for energy
recovery to waste as little as possible and use the most amounts of energy;
- Electrification of heat utilities: transitioning the operations from f ossil fuel-based heat solutions to electric-
based solutions to reduce carbon emissions;
- Renewable electricity and fuels: transitioning to renewable electricity sources and renewable fuels, using
market-based instruments to track and incentivize this shift.
Value chain:
- Optimization of distribution services: optimizing the distribution services to lower energy consumption and
associated emissions;
- Increase in intermodal transport: increasing logistics efficiency by diversifying into greener transport modes,
such as rail and shipping in addition to road transportation;
- Switch to renewable fuels and electric trucks: shifting gradually to electric trucks and using renewable fuels
for transportation, thereby reducing carbon emissions, is one of the core initiatives;
- Supplier engagement: engaging with Group suppliers to encourage the use of renewable energy and fuels in
their operations;
- Regenerative agriculture for raw materials: for commodities sourced from farmland, promote regenerative
agriculture practices that enhance soil health and sequester carbon;
- Biofuel transition of ingredient processing: driving the energy transition in the ingredient processing
operations where biofuels will play a more sustainable role.

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Campari Group annual report for the year ended 31 December 2024

Product portfolio:
- Packaging innovations: looking for ways to redesign packaging to minimise material intensity, reduce weight,
and avoid over-packaging;
- Alternative production and dispensing concepts: looking at innovative ways of packaging and dispensing that
are more environmentally friendly.
The spirits’ industry does not have significant ‘locked-in' emissions associated with its operational assets or
business activities. In the main manufacturing facilities, there are both fossil fuel and renewable energy sources,
thus providing pathways for transitioning to lower-carbon alternatives. Additionally, there are well-established
technical options to reduce dependence on thermal energy in production processes, further minimizing
emissions. The nature of products, defined by recipes and guaranteed sourcing, is such that it usually demands
long-distance transportation from the manufacturing locations to the final consumer. For this distribution,
shipping transport plays a key role and will have to go through a decarbonization transition using alternative
fuels, along with innovations in logistics technologies. Campari Group did not account for any significant ‘locked-
in' emissions resulting from the use of the finished products themselves. The post-consumer packaging is
designed for circularity, making it suitable for recycling and reuse in accordance with sustainability goals.
Campari Group, operating into the beverage sector, is included in the EU-Paris aligned Benchmarks.
The Transition Plan will be implemented in the coming years, and currently, detailed information regarding the
financial resources allocated to the action plan is not available. Efforts are underway to finalise the budgetary
allocations necessary to support the plan's initiatives and objectives.
Impacts, risk and opportunities related to Climate change
Between 2023 and 2024 Campari Group has undertaken a thorough climate ch ange risk assessme nt to
evaluate and better understand the potential impacts of climate change on its operations and strategies on its
value chain. This assessment includes an in-depth analysis of environmental risks, opportunities for
sustainability improvements, and the development of mitigation and adaptation plans. By doing so, the Group
aims to enhance its resilience and contribute positively to global climate action efforts.
Climate- and nature-related risks encompass the potential for adverse impacts on human lives, livelihoods,
health, assets, services, biodiversity, ecosystems, supply chains, and infrastructure. These risks stem from shifts
in climatic patterns, rising global temperatures, and other environmental challenges. Physical risks refer to the
growing intensity and frequency of climate- and weather-related events, such as floods, droughts, and tropical
storms, as well as ecological issues, including soil degradation and the decline of pollinator populations.
Transition risks and opportunities pertain to structural changes associated with the shift to a low-carbon,
environmentally sustainable economy, driven by evolving consumer behaviors, advancements in technology,
and the implementation of climate- and nature-focused policies and regulations.
An explanation of the principal aforementioned challenges is presented below. All of these findings highlight
critical vulnerabilities requiring attention or opportunities that were embedded in the DMA for 2024.
These include material risks linked to energy use, mitigating and adapting to climate change:
- Physical risks: both acute (short-term) and chronic (long-term), which include potential impacts that climate
change will have on the Group's physical assets, infrastructure, and farmland. These risks could arise from
extreme weather events, sea-level rise, and other climate-induced phenomena that could cause damage or
disrupt operations.
- Transition risk: this would result from the transition to a low-carbon economy: evolving policy and regulation;
changing customers and investors’ expectations; fluctuating supply chain costs; and the rate of development
of new technologies and market dynamics. Governments are gradually beginning to strengthen their climate
policies, and consumer preferences are changing. Companies, therefore, must alter their business models to
avoid competitive and financial pressures.
Overall, this comprehensive assessment underlines the range of risks and opportunities that could affect the
resilience and sustainability of the Group’s business and that require proactive management and strategic
adaptation. The resilience analysis focused on critical operational assets, including utilities, transportation
networks, and agricultural commodity supply chains and it evaluated the flexibility of core manufacturing
processes. In doing so, both physical and transition risks and opportunities were considered. The analysis
focused primarily on identifying the key products that generated the greatest revenues for the Group, including
production facilities, supply chains, and distribution networks. This approach provided a deep understanding of
the vulnerabilities and how they could disrupt the Group’s core operations and revenue streams.
Physical risks to manufacturing assets were assessed through a desk study using geospatial data and
insurance industry risk models compatible with climate scenarios. However, due to data constraints and lack of

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Campari Group annual report for the year ended 31 December 2024

visibility into the activities of suppliers, many of the findings had to be proxy estimates based on high-level
assumptions. For this reason, global and regional risk maps were used to identify key risk areas and hotspots.
Because the overall policy and regulatory changes are uncertain, this study mostly focuses on known
developments in climate-related policy, with a special emphasis on Europe, where such policies are more
developed. The analysis considers the broader transition to a lower-carbon and more resilient economy, based
on crucial assumptions about the scale, speed, and geographical distribution of the risks. It also includes, but is
not limited to, other risk factors, such as regulatory changes and technological disruption. Three likely scenarios
have been developed to describe these different outcomes: negatively critical, highly positive, and moderate.
The transition is framed within the context of macroeconomic trends, consumption patterns, energy systems,
and technological deployments. The time horizons used for the analysis were 2030 and 2050 to represent the
near-term and long-term strategic targets respectively, where relevant, were set as part of a science-based
approach. The three climate change scenarios considered, are:
- Representative Concentration Pathway ('RCP') 2.6 with Shared Socioeconomic Pathway ('SSP') 1-an
element of the ‘green road’ pathway, assuming global warming of +1.5°C.
- RCP 4.5 with SSP2, a pathway based on the ‘middle of the road’ concept, assuming global warming at
+2.4°C.
- RCP 8.5 combined with SSP5, which includes a fossil fuel-based growth pathway with assumed global
warming at +4°C.
The potential financial impact of material risks was selectively studied, focusing on agricultural commodities,
particularly price volatility and supply chain disruptions, and glass packaging, considering the cost of carbon
emissions and the regulatory effect. For direct operations, the physical risk of operational disruption and
business continuity was considered. This in-depth risk assessment, which has been initiated and is still ongoing
and being refined, reflects the financial consequences of both short- and long-term environmental and policy
changes, with the quantification for 2024 available and the 2025 budget currently being defined. Related
investment in CapEx is disclosed in the 'Climate change commitments, Actions and Metrics' section below.
The most significant uncertainties in this report stem from the scale and variance of risk quantifications, the
combined effects of multiple risks, and the increasing possibility of a similar risk to occur over larger and more
connected areas. While asset-level physical risk methodologies are well established, area-level risk
assessments -especially those including complex supply chain and infrastructure systems- lack a clear,
standardized framework, leading to a wide variety of approaches. As the study progresses, further in-depth
analysis will continuously refine both resilience assessments and risk evaluations. In addition, a forthcoming
study as part of the upcoming climate transition plan will develop the broader adaptation of business models in
more detail. This plan will analyse how companies can better adapt to the evolving challenges of climate
change.
The main findings from the resilience analysis of the Group’s assets and value chain are as follows:
- The spirit industry is strongly linked to agricultural raw materials, packaging materials and large distance
distribution from origin to consumption.
- Most of the carbon footprint is in value chain and not in direct manufacturing.
- The spirits industry possesses proven and scalable technologies and energy supply solutions that can
significantly support decarbonization. Greater adoption of energy recovery technologies in distillation, and
increased sourcing of renewable energy are assumed.
- For many products the legal (product definitions) and traditional (controlled designation of origin) conditions
constrain the place of manufacturing and/or ingredient sourcing while consumer markets are distant. This
poses a particular challenge for decarbonization and exposes the industry to location-based climate risks.
- Climate risks with secondary effects on supply chain resilience and market volatility must be regularly
integrated into the broader corporate risk assessment process. Climate change scenarios indicate the
increased risk of supply chain disruption and disturbance and market volatility, which must be regularly fed
into the business continuity and supplier engagement agenda.
- The most vulnerable regions to climate change are those with limited sourcing options, where large-scale
disruption cannot offer alternatives (e.g. geographically limited grape and agave sourcing regions). Extreme
weather events may lead to increased frequency in time and space, and more severe acute or chronic
disruptions in supply chains, including damage to crops, production and distribution, energy and fuel
supplies.
- Most regions where raw materials, production and distribution are located are assumed to be affected.
Impacts on farming are expected from drought risks in the Mediterranean region (Italy), the dry areas of the
United States' corn belt, while variability in rainfall and irrigation could affect sugarcane cultivation in the
Caribbean and South America. Botanicals deserve special attention as the risks are poorly understood;
erratic weather conditions that alter sensitive habitats are believed to pose the highest risk of crop harvest
and plant migration.

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Campari Group annual report for the year ended 31 December 2024

- Campari Group’s manufacturing sites are moderately and punctually affected: hurricane risk in Jamaica,
water supply risks at other sites (Mexico, Italy, Greece).
- provided that established experience will favour new farming practices (regenerative agriculture) and that
regulations/incentives for farmland to include conscious ecosystem services, agriculture can improve soil
resilience, long-term productivity, and biodiversity restoration.
- it is assumed that the energy-intensive packaging industry will gradually progress with the technological
transition to low-emission production, especially for container glass. Alternative low-carbon packaging is not
expected on a medium-term scale.
Campari Group is adopting a phased approach to enhance its understanding of the potential impacts of climate
change on its business operations. The main reference for determining the impacts of climate change, and in
particular greenhouse gas emissions, is the GHG Protocol Corporate Accounting and Reporting Standard ('GHG
Protocol') with several supporting tools and resources, publicly available industry guidelines for sectors such as
food, beverage, and spirits, and comparisons with peer companies. The compilation of the emissions inventory
started with the screening of the company’s activities, then with the collection of value chain data. These,
together with available activity data, were used to estimate the key emission categories. Generic product carbon
footprints were applied for value chain emissions, for instance, for packaging, agricultural raw materials, and
semi-finished products. These carbon footprint benchmarks enabled the quantification emissions impacts and a
better understanding of the overall environmental footprint.
Most relevant physical risks and opportunities (including DMA results)
Campari Group analyzed its assets and business activities, focusing on raw material sourcing, packaging,
distribution and infrastructure, to assess exposure to physical risks. These include acute events, such as
droughts, flooding, heat waves, and heavy precipitation, and chronic risks like heat stress, water stress, land-
use changes and temperature variations. The assessment evaluated key production facilities for criticality and
substitution potential, reviewed purchased goods, analyzed commodity flows, and mapped sourcing regions for
main agricultural commodities. The risks identified for further analysis include: extreme weather events, such as
hurricanes and heavy rainfall, affecting Jamaican production sites, with one site also vulnerable to rising sea
levels; water stress threatens six major locations across Italy, Greece, Mexico, and Australia; broader value
chain risks involve intensifying extreme weather and water stress; heat stress impacts outdoor operations,
agriculture, and construction, particularly during heat waves in Europe, the United States and Brazil, and in high-
temperature, high-humidity tropical and subtropical regions.
- Climate change - chronic physical
Physical risks to manufacturing assets were assessed in a detailed study using geospatial data and insurance
industry risk models compatible with the climate scenarios considered. Due to limitations in available information
and limited disclosures of suppliers' activities, many high-level assumptions were made with a global view of key
risks and hotspots (using global and regional data and risk maps). Due to the uncertainty of policy and
regulatory risks, the focus was on known developments, mainly in Europe (carbon pricing).
The critical assumptions about the transition to a lower-carbon and resilient economy were related to the scale,
speed, and geography of risks, including risks other than climate-related. Negative, positive, and moderate
scenarios were defined for the study. The transition was put into the context of macroeconomic and
consumption trends, energy systems, and technology deployments.
The time horizons used were 2030 and 2050. The first two were connected with near- and long-term target
setting (science-based approach). The climate change scenarios used in the study, as anticipated, were the
following: RCP 2.6 with SSP1 ('green road' pathway) with global warming +1.5°C, RCP 4.5 with SSP2 ('middle
of the road' pathway) with global warming +2.4°C, and RCP 8.5 SSP5 (fossil-fuelled growth) with global
warming +4°C. The potential financial effects from material risks were studied selectively with a focus on
agricultural commodities (pricing volatility and supply disruptions) and glass packaging (cost of carbon,
regulation), and for direct operations, the physical risks of disruption and business continuity.
Looking at the high emission scenario (RCP 8.5 SSP5) with fossil-fuelled growth, the Group identified the
following climate-related hazards to be affecting our business with more frequency and severity:
- Temperature-related heat stress and heat waves affecting outdoor operations (construction, logistics, travel),
increasing the risk of accidents, and lowering the efficiency of outdoor activities.
- Wind-related extreme weather incidents, with the main impact in hurricane regions (e.g., Caribbean), leading
to disruptions and damage.
- Water-related extreme weather (extreme rainfall with flash flooding, or persistent drought) predicted to occur
in several regions, leading to disruptions, infrastructural damage, crop loss, and price volatility.
- The overall risk of local or widespread disruption to supply chains, physical assets, infrastructure, energy,
and water supplies is considered increasing and severe in a high-emission climate scenario.

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Campari Group annual report for the year ended 31 December 2024

- Potential financial impacts stem from infrastructure damage, rerouted supplies, reduced capacity, and
alternative sourcing, with additional costs incurred to maintain service levels and deploy continuity measures.
In the high-emission scenario of continued global growth (RCP 8.5 SSP5), consumer markets would offer
commercial growth opportunities, but serving the markets would become extremely difficult due to the rising risk
of supply chain and route-to-market disruptions and volatility (extreme weather, crop losses), ultimately resulting
in major changes in supply chains (especially looking beyond 2050 with major shifts in agricultural conditions for
main commodities for the industry).
In terms of mitigation and adaptation, the short- and mid-term measures should include enhanced engineering
standards and flood response procedures, while engaging strategic suppliers to address physical risks and
business continuity. Supply chains are expected to prioritize infrastructure criticality and exercise preparedness
to manage more frequent disruptions. In the longer term, adaptation should include the transition to new supply
chain networks and route-to-market, building resilience in agricultural production and general infrastructure.
- Water stress
Campari Group faces vulnerability from water stress at manufacturing sites with significant operations or high
vulnerability to water supply disruptions. Using the Aqueduct 4.0 Water Risk Atlas, the Group identified at-risk
sites and conducted local assessments in 2024 to address global risks with site-specific analyses and mitigation
measures. As water stress zones have expanded, including Italy, further investigations are required. Local
evaluations consider physical constraints, regulatory and policy changes, reputational factors, and regional
economic activity affecting water use. Water stress can lead to production losses or limit capacity growth at
affected sites. To mitigate these risks, the Group plans investments in water reuse, reduction, and recycling
technologies to sustain current and future operations (for information on the CapEx amount invested refer to
'Metrics and Targets related to water and marine resources' in 'ESRS E3 Water and marine resources' section).
- Water stress in upstream value chain - chronic physical
The risk of chronic water stress from heat and drought affects farms supplying agricultural raw materials and
semi-finished products to Campari Group. Using the Aqueduct 4.0 Water Risk Atlas and supplier disclosures, the
Group identifies vulnerable regions and monitors risks through market intelligence reports. Severe droughts are
expected to heighten market volatility, impacting commodity prices and availability, particularly for geographically
constrained or regulated crops like grapes and sugar. Persistent drought conditions amplify financial risks as
climate change progresses, with long-term impacts anticipated to be significant. The most affected regions are
located in France, Italy, Mexico and the United States. Strategies to address the risk include breeding drought-
resistant crop varieties, improving irrigation techniques, and relocating sourcing to less vulnerable regions.
Notable initiatives involve research into resilient crops in the United Kingdom, innovative wine production
methods in France, and the use of wastewater for sugarcane irrigation in Martinique (for information on the
CapEx amount invested refer to 'Metrics and Targets related to water and marine resources' in 'ESRS E3 Water
and marine resources' section).
- Water, reduced usage in direct operations
To mitigate the risks of water stress and supply disruptions, Campari Group has implemented an enhanced
water improvement program focused on reduction, reuse, and recycling. These measures help free up capacity
for future growth and sustain operations during supply constraints, ensuring resilience and enabling production
expansion (for information on the CapEx amount invested refer to 'Metrics and Targets related to water and
marine resources' in 'ESRS E3 Water and marine resources' section).
To assess the anticipated financial effects Campari Group has identified the applicable physical risks as follows:
extreme rainfall/wind due to hurricanes and tropical storms in three locations in Jamaica (regions: Clarendon,
Saint Elizabeth, Kingston), sea level rise/flooding in one near-sea location in Jamaica (region Kingston), risk of
drought limiting water supply at six locations, two in Italy (region Piedmont), one in Greece (region Thessaly),
one Mexico (region Jalisco), one in Australia (region Victoria). Small sites and non-material physical risks are
not considered as insignificant. For these identified sites, the Group has qualitatively assessed the possible
anticipated financial effects in relation to additional protective measures (i.e., CapEx, increased building
standards) and operational changes (i.e., emergency operating procedures, business continuity provisions). The
financial effects related to physical risks (mainly the impact of acute physical risks, i.e., extreme weather) were
assessed qualitatively for the following business activities: supply of raw material (price volatility, supply
disruptions due to loss of crop or poor harvest), stability of energy (power supply disruptions due to extreme
weather conditions), distribution (delivery and distribution by land and sea disrupted by extreme weather
conditions). The risk assessment of assets was conducted in cooperation with an insurance provider. The
climate change scenarios were used with risk maps for different climate risks, under scenarios of RCP 2.6, 4.5
and 8.5. In addition, water risk was evaluated as physical water stress until 2030 using Aqueduct Water Risk

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Campari Group annual report for the year ended 31 December 2024

Atlas 2.0. (for information on the CapEx amount invested refer to 'Metrics and Targets related to water and
marine resources' in 'ESRS E3 Water and marine resources' section)
Most relevant transitional risks and opportunities (including DMA results)
Potential transition events were identified for each climate scenario the Group analyzed, varying in intensity and
likelihood. Campari Group conducted an analysis of transition risks based on a wide variety of sources,
including global policy studies, industry trends, market research and our peer group. The main transition risks
identified in the analysis were associated with policy and regulatory developments, including carbon pricing and
energy system change, as well as emerging customer, consumer, and investor demand. There was also
significant financial exposure within the supply chain due to the costs related to the transition to a low-carbon
economy and due to technology and market changes affecting the products that it delivers. These main
identified vulnerabilities are a key part of the Group’s long-term strategic planning, as the Group continues to
monitor and adapt to changing circumstances.
Transitional effects could derive from the following:
- policy and regulations (focus on carbon pricing, emission controls, packaging, agriculture, energy transition,
increased reporting requirements, water restrictions),
- customer and consumer trends (transparency and use of Product Carbon Footprints, minimum requirements
on packaging, brand value of sustainability features, requirement to commit to science-based targets),
- investor expectations/reputation for stakeholders and society (disclosure of risks, targets and progress made,
commitment to science-based targets, competition for raw materials, access to finance, stigmatization of
industry),
- costs of supply chain (volatility of commodities, financing the energy transition by key suppliers),
- technology and market changes (new packaging, new raw materials for spirits, new manufacturing
technologies, speed and scale of low-carbon products from suppliers).
An in-depth description of transitional risks and opportunities is provided below:
- Carbon pricing
The rising of carbon pricing policies, particularly in Europe’s glass industry, could impact Campari Group due to
its reliance on glass packaging, which contributes significantly to its Scope 3 carbon footprint. Medium-term
effects are expected from existing regulations and the Emission Trading Scheme. If carbon pricing extends to
other sectors, it may lead to indirect cost pressures on raw materials, packaging and energy-intensive services.
- Climate change, transition to lower emission technology and products
The vulnerability lies in the glass packaging industry's slow transition to low-emission technologies, which are
crucial for reducing CO2 emissions in the spirits industry. The process is hindered by existing assets that can
only achieve limited emission reductions, with significant progress requiring new furnaces and the use of
renewable energy sources. This transition could lead to a temporary or persistent shortage of low-emission
glass containers, as the industry's shift to new technologies may not meet the demand for emission reductions
across beverage companies and glass manufacturers. The main response involves ensuring full emission
disclosure from strategic suppliers and establishing agreements on their CO2 transition plans.
- Climate change, soil and farming
This vulnerability pertains to the second-largest source of CO2 emissions in Campari Group's value chain:
farming and the processing of agricultural commodities like sugarcane, maize, barley, and agave. The
vulnerability arises from the slow adoption and varying standards of regenerative farming practices, which aim to
reduce emissions through soil conservation, ecosystem services and sustainable use of fertilisers and fuels. The
transition, in fact, may not proceed quickly or broadly enough to decarbonise agricultural value chains
effectively. Financially, this risk exposes agriculture to rising energy costs, soil degradation, and loss of
ecosystem services. Campari Group’s response includes engaging suppliers to adopt globally recognised
certification schemes that promote regenerative farming, biodiversity, and water stewardship. The Group also
ensures that its directly managed farms, such as vineyards in France, adhere to these schemes, with
participation levels as KPIs. Examples of schemes include Cognac Environmental Certification ('CEC') in
Cognac and Viticulture Durable in Champagne.
- Climate change: regenerative farming
The opportunity lies in improving farming practices in intensive agriculture, which often relies on fuels and
chemical fertilisers while neglecting soil and ecosystem health. Regenerative farming practices aim to boost
resilience against climate change, ensure long-term soil productivity, and reduce dependency on chemicals.
Campari Group aims to enhance farm returns by supporting certification schemes for regenerative farming,
biodiversity, and water stewardship. The Group endorses globally or regionally recognised schemes to drive

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Campari Group annual report for the year ended 31 December 2024

widespread adoption. The Group’s own farms, like those in France, are also certified, with progress tracked by
participation rates. Key certifications include CEC in Cognac and Viticulture Durable in Champagne.
- Climate change: increased demand for sustainable materials/products
The growing demand for low-emission packaging materials, particularly bottles, closures, and cans, is driven by
the need for reduced carbon footprints. This can be achieved through increased recycled content, material
substitution, and energy transitions in the packaging industry. By setting CO2 targets, spirits and beverage
companies are pushing for the glass industry’s transformation, making it more resilient to rising carbon costs,
particularly in the EU ETS. The adoption of new furnace technologies and renewable fuels will lower costs and
improve competitiveness in low-carbon packaging. Subsidies for demonstration projects in the EU and the
United States can further support this transition. Additionally, demand for certified packaging materials, such as
those from sustainable forestry or farming, will aid the adoption of new, sustainable products. Campari Group's
response involves collaborating with strategic suppliers on CO2 transition plans.
- Climate change: increased demand for low-carbon transport
As beverage and spirits companies set CO2 emission reduction targets, the demand for low-emission transport
services is increasing, as transportation accounts for a significant portion of their carbon footprints. The industry
is collectively pushing for a transition to renewable fuels, electrification of fleets, and greater use of intermodal
solutions, such as more rail and less truck transport. The market is signalling the need for infrastructure and
fleet changes, with studies indicating cost-neutral opportunities for renewable rail services and savings for truck
transport with renewable fuels. Campari Group's logistics strategy focuses on cost-neutral intermodal transport,
increasing the use of renewable fuels and electric trucks, while optimizing shipping container loading, truck
routes, and warehousing.
- Climate change: increased availability of products with reduced impact
The opportunity lies in developing new packaging formats (alternatives to glass, reuse-refill options), about
packaging re-design, requiring from suppliers more recycled content in our packaging. Packaging re-design,
reduction of material use (light-weighting), alternative packaging per trade channel, increased recycled content
are measures that offer a profitable opportunity to reduce the cost of packaging or the route to market, while
reducing the CO2 impact. Campari Group has a dedicated Packaging Research&Development function that is
driving the agenda, in collaboration with the Procurement, Sales and Marketing functions.
- Climate change/water: improved ratings and access to capital
Enhancing Campari Group’s climate change management will strengthen its ESG ratings and sustainability
index positioning, driving positive financial outcomes. Higher ESG ratings attract ESG-focused investors,
potentially increasing investment and improving debt conditions. More specifically the Group is committed to
achieving several key sustainability targets, besides which decreasing by 30% GHG emissions form total supply
chain by 2030. For information about the Group funding initiatives ESG-related refer to 'Sustainable core
commitments' in the 'The Sustainability Governance model'.
No significant transition risks were identified for the Group's own assets. The main transition risk identified with
financial effect is carbon pricing, which leads to an increase in fossil energy costs and incentivises energy
transition (investments). The industrial and geographical hotspot involved was considered to be glass containers
produced in Europe
The result of the above-described processes together with the DMA completed for the year 2024 to identify and
assess material climate-related impacts, risks and opportunities related to climate change for the reporting
period 2024 is summarised below. It should be noted that the topics considered material represent only a subset
of the full range of possible scenarios.

Relevant sub topic | Impacts | Risks | Opportunities
Climate Change adaptation | - | Failed transition to a lower-carbon and energy-efficient economic system (Transitional risk) | -
Climate Change mitigation | Contributions to GHG emissions (negative) | Natural disasters (Physical risk) | -
Energy | Increasing energy consumption and contributing to negative environmental impacts due to manufacturing activities (negative) | - | Reducing the energy consumption of the Company's operations (Transitional opportunity)

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Campari Group annual report for the year ended 31 December 2024

Metrics and Targets related to Climate change
In 2024, Campari Group reported publicly on its climate-related progress, disclosing for the third time to the
Carbon Disclosure Project (‘CDP’) framework. CDP is the most important global questionnaire collecting
climate-related data, in which companies gather and externally disclose their strategy, targets and projects
aimed at managing and mitigating climate change aspects. Investors and companies use the CDP to make
informed decisions, to reward companies that demonstrate leadership and to lead collective climate action.
With regard to the 2024 CDP Corporate questionnaire, Campari Group received a ‘B’ score (Management level)
for the Climate Change section (a slight drop from the 2023 score of 'A-') and an 'A-' score (Leadership level) for
the Water Security section, which the Group responded for the first time in 2024. To reach Management and
Leadership levels, the Group is expected to demonstrate an awareness of its environmental and water security
impacts while implementing effective measures to mitigate them. These scores indicate that Campari Group has
successfully managed the environmental impacts of its operations, maintained proper environmental
management practices, and developed comprehensive water-related risk assessment strategies and best
practices in water management.
In consistency with its Global QHSE Policy, Campari Group continues on its energy efficiency path through its
global multi-year program launched in 2020, committing to promote energy-saving initiatives, implement
sustainable solutions and decarbonise production activities. In addition to the continuous and robust
commitment in reducing the carbon emissions from its direct operations, Campari Group has extended its efforts
to the broader supply chain, aiming at reducing total Supply Chain GHG emissions’ intensity (Scope 1, 2 and 3)
by 30% by 2030 and achieving net-zero emissions by 2050 or sooner.
In 2023 the Group defined its first high-level Net Zero roadmap including actions to deliver the 2025 and 2030
commitments, as well as directional activities reaching beyond the 2030 target.

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Campari Group annual report for the year ended 31 December 2024

Targets | 2024 Achievements | Next steps
Reduce greenhouse gas (GHG) emissions intensity (kg of CO2/L) from direct operations (Scope 1 and Scope 2 market-based) by 55% within 2025, by 70% within 2030, and by 30% from the total Supply Chain /scope 1, 2 and 3) by 2030 having 2019 as a baseline. | - Local interventions and investments in the Group’s plants according to the energy efficiency and decarbonisation project launched in 2023/2024, including heat pumps, boiler upgrades, thermal vapour recovery in distilling. - Energy Performance (kWh/L) reduced by 43.6% compared to 2019 and by 6.7% compared to 2023. - Greenhouse gas (GHG) emissions intensity performance (kg of CO2/L) from direct manufacturing operations decreased by 8.8% compared to 2023 and by 51.2% compared to base-year 2019. - Greenhouse gas (GHG) emissions intensity performance (kg of CO2/L) for total supply chain reduced by 23.3% compared to 2019 and by 6.2% vs 2023. - Climate risk and opportunities assessment was conducted for the first time following guidance from CDP and CSRD disclosure requirements. A physical risk evaluation was performed, along with a mitigation plan for key manufacturing sites. - CDP-Corporate questionnaire filed with new content requirements. Campari Group received a A- score (‘Leadershi p’) to the Water Security section and a 'B' score ('Management') to the Climate Change section | - Strategy review and target revision to align with CSRD requirements (science-based approach) and reconciliation with current commitments for 2025/2030 - Preparation of a climate transition plan with main levers to reduce emissions and ensure internal alignment. - Completion of a vinasse treatment plant (aerobic digestion with biogas fuel integration) at the Arandas tequila distillery in Mexico. - Utility plant upgrade at the New Yarmouth rum distillery in Jamaica, including a new cogeneration plant and supporting photovoltaic plant. - Boiler replacement at the Appleton distillery in Jamaica. - New high-energy-efficiency dry house for stillage at the Wild Turkey distillery in the United States. - Planning and execution of major energy projects in the 3-year capital investment plan, including projects at main distilleries for energy recovery in distillation, increasing the capacity of renewable energy assets, and anaerobic digestion of distillery stillage.
90% renewable electricity for all Group’s production sites by 2025. | - 96.1% of the total electricity used by the Group’s production sites comes from renewable sources. The newly acquired Courvoisier cognac company in fact is using 100% renewable power. - Increased production of on-site solar installations by 63% compared to 2023. Extension of photovoltaic system installations at several Group production sites. - Attainment of Guarantees of Origin in all European and Americas plants following RE100(1) Technical Criteria. - Activation in Italy of the Group’s first Power Purchase Agreement (wind power, baseload contract), contributing 8% to the total energy intake. | - Explore further Power Purchase Agreements and the extension of solar power assets, including energy storage.

(1)RE100 is a global c orporate initiative bringing together hundreds of businesses committed to using 100% renewable electricity in their operations (source:
www.there100.org).
Campari Group is committed to reducing the intensity of GHG emissions across its direct operations (Scope 1
and 2) and throughout its entire value chain (Scopes 1, 2 and 3), along with initiatives to use renewable energy
and improve energy efficiency in production. Although no specific targets have yet been set to address risks and
opportunities related to climate change adaptation or to mitigate physical and transition risks, the Group plans to
set absolute emission targets in the next two years based on science-based criteria. The current targets, set in
2021 with a base year of 2019, use an emission intensity metric aligned with the GHG Protocol Corporate
Carbon Footprinting Guidance, which allows the impacts from organic and perimeter changes to be included
without requiring recalculations. These targets, which are not externally assured, are designed to exceed the
reductions required by science-based approaches and are consistent with a net-zero ambition by 2050, with
intermediate goals set for 2030, and are inspired by the principles and ambitions of the Paris Agreement,
actively contributing to the containment of global temperature increase to within 1.5° C. Scope 3 reduction
activities address key categories, such as purchased goods and services, transportation, and distribution. The
baseline value used to measure progress towards the targets has been carefully selected to ensure it accurately
represents the company’s activities and accounts for any significant external influences. To ensure its
robustness, the data has been verified against the operational activity levels for the period and, where
necessary, normalized to account for exceptional factors, such as climatic variations or extraordinary events.
This approach enables the provision of a reliable and transparent representation of Group's progress toward
achieving its targets.
The Group explicitly excludes GHG removals, carbon credits and avoided emissions from its climate mitigation
strategy, focusing instead on tangible emission reductions across its operations and value chain. As a
consequence, no carbon allowances were purchased during the year 2024, consistent with the practice
observed in 2023. This strategic decision reflects the Group's continued commitment to minimizing its carbon

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Campari Group annual report for the year ended 31 December 2024

footprint by sourcing renewable energy and in 2024, the total costs for Guarantees of Origin amounted to €111.5
thousand. Guarantees of Origin certify that the energy consumed is generated from renewable sources,
reinforcing Group's dedication to sustainability and compliance with environmental standards.
By 2030, direct operations are expected to account for up to 5% of total carbon footprint reductions through
measures such as energy and process efficiency, adoption of best available techniques for energy recovery and
electrification of heat utilities, and the use of renewable electricity and fuels, including market-based
instruments. In the value chain, a reduction of 25% is expected, supported by optimizing distribution services,
increasing intermodal transportation, transitioning to renewable fuels and electric trucks, and encouraging
suppliers to adopt renewable energy and regenerative agricultural practices. Additional efforts include shifting to
biofuels in ingredient processing and redesigning packaging to reduce material intensity, weight, and over-
packaging while exploring innovative distribution solutions.
Target-setting involved dialogue with investors and alignment with industry ambitions, taking into account typical
industry emission reduction rates and the company’s organic growth trajectory. The Group tracks its
performance using intensity metrics and renewable energy deployment levels, assessing progress against the
2019 baseline, with interim targets set for 2025 and for 2030. Annual reassessments of risks and opportunities,
along with detailed analysis of emissions by category and region, further support the implementation of these
measures.
Actions and resources in relation to climate change policies
The actions planned are well calibrated to achieve the short- and medium-term goals, which are key targets to
be achieved in 2025 and 2030. All initiatives promote achievement of the Group’s sustainability objectives. The
actions described have energy efficiency as a decarbonization lever and, with reference to the Scope 2
emissions reductions initiatives, of the transition to renewable energies. The above-mentioned climate
scenarios, taken into account for risk (and opportunity) analyses, were also used to determine key
decarbonization levers.
The key actions planned for delivering this climate-related policy are grouped under the following headings:
- Scope 1 reductions: activities aimed at reducing emissions directly from production processes, along with
increasing energy efficiency to reduce overall energy demand, leveraged as follows:
a) I ndustrial energy efficiency: energy efficiency efforts were consolidated in 2024 into a Best Practices program
encompassing people, process (with digitalisation), techniques and technologies. Campari Group collected
the existing best practice from sites and external industry guidance, conducted site assessments and
developed action plans for each site, with a focus on big manufacturing locations. The program will continue
in the coming years, adapting local demands and capabilities. Selected sites were recognised by the Group
Supply Chain for their efforts in 2024 in improving performance and implementing corrective actions despite
unfavourable operating conditions (i.e., reduction in production volume).
b) New technologies: November 2024 saw the completion of the Campari Group’s first advanced energy
recovery technology in distillation, the so-called Thermal Vapor Recompression system in pot stills in the
GlenGrant distillery in Rothes, Scotland. The solution helps the GlenGrant distillery reduce gas consumption
by 30% and water use at the site by more than 20%. In the coming years, Campari Group is investigating
energy-recovery technologies for distillation columns also for other sites.
c) R enewable fuels: the Campari Group’s plant in Arandas, Mexico is completing an anaerobic digester (known
as Vinasse Treatment Plant) that will convert the vinasse, a by-product of distillation, into renewable energy
(biogas) that will be used as renewable fuel by the site. The plant is due in early 2025 and is expected to
cover more than 50% of the site’s heat demand. In the coming years, the Group will explore further options
and locations of renewable fuels (and electrification of heat supply) available for our sites.
d) Due to revised demand for distilled products and operational issues at some plants (including extreme
weather events in Jamaica), without considering the impact of Courvoisier, Scope 1 emissions fell by 10.4%
compared to the previous year, aligning with the distilled volume reduction (-10%). The benefits of ongoing
energy improvement projects were offset by lower capacity utilization and issues related to reduced
production.
- Scope 2 reductions: activities to reduce the levels of greenhouse gases resulting from electricity
consumption through procurement strategies and by reducing the use of electricity in production processes,
with the following levers:
a) O n-site renewable energy: Campari Group increased the installed capacity of on-site photovoltaic systems
by 1 MWe (including new and extended systems in Australia, Italy, France, Jamaica), increasing solar power
genera tion by 1,354 MWh.
1 In December 2023 the Company signed its first multi-year contract for the purchase of electric energy from wind renewable sources (i.e., Off-site Power
Purchase Agreement, PPA), active from January 1, 2024

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Campari Group annual report for the year ended 31 December 2024

b) M arket-based instruments: effective from 2024, the Group has introduced its first Power-Purchase
Agreement 1, based on wind farm in Italy that supplies over 30% power to its Italian manufacturing sites; and
it also continues to purchase guarantees of origin and renewable energy credits for power sourced from the
grids, covering 95.8% of total energy purchased.
c) I ndustrial energy efficiency: Campari Group continued to implement and develop best practice programs on
energy efficiency (combined with thermal energy), including electricity consumption and baseload reduction.
- Scope 3 reductions: engaging with suppliers to achieve emission reductions throughout the value chain
through continuous company-wide improvements, focusing on indirect emissions, such as fuel and energy-
related activities, product use and waste management, with the following levers:
a) D isclosure on emissions: in 2024 the Group made an extensive prioritisation of suppliers in terms of absolute
contribution to its carbon footprint. These suppliers were identified mainly in the raw materials and packaging
categories. Campari Group redefined the engagement process with those partners and required disclosure
of emissions pertaining to its products and action plans to reduce emissions. This process will result in better
data quality and incorporation of improvements into the Group’s carbon footprint. The Group supports and
explicitly asks suppliers about energy-efficiency programs, renewable energy sourcing (suppliers’ Scope 2),
low-carbon product re-design, use of renewable fuels, and electrification of thermal processes and
technology transitions (particularly in the glass container industry and in food processing, such as sugar and
alcohol). On farms, Campari is tracking the development of best practices in regenerative agriculture.
b) Logistics optimization: Campari Group continued and supported low-emission transportation choices in
several markets (intermodal, biofuel truck), implemented a series of projects to improve container loading
and order fewer trucks for the same volume of goods, and almost completely eliminated air cargo.
c) R ationalisation of service spending: 2024 was the year when new travel rules were introduced in the
Company that contributed to the reduction of emissions (-3,000 tonnes compared to 2023), especially in air
travel. The Group improved sustainability-related service KPIs for the supply of Point-of-Sale materials,
emphasizing lower emission intensity, recyclability and plastics reduction.
d) Packaging optimization together with supplier-side emission reductions: continuous redesign and
improvement of packaging with the aim of minimizing resource usage and adopting a more circular economy
concept. These changes are leading to a reduction emissions of -2.5% compared to last year.
e) Major changes in purchased goods and services resulted from an altered manufacturing program in
response to weaker demand and a reduction of working capital in the supply chain. This included revised
distillation plans, a reduction in material and finished goods inventories during the year, and additional
operational issues at some plants. The reduction in spending on packaging materials was related to reduced
bottling volumes, with a global decrease of 16% compared to 2023. The reduction in raw materials for
distillation was directly related to changes in the annual distillation program, with a 10% decrease in volume
distilled from the previous year (not considering Courvoisier).
Campari Group's ability to implement its actions depends on the availability and allocation of resources.
Campari Group’s climate change planning activities involve several departments supported by consultancy
services on specific topics: carbon footprint analysis, sustainability data platforms, CSRD reporting requirements
and mandatory disclosures. In terms of capital expenditure, sustainability projects in supply chain are typically
planned over a three-year horizon and are aligned with the Group's Strategic Plan for 2025-2027. In 2024, total
CapEx for environmental sustainability was €55.7 million, while allocated projects for 2025 amount to €20.3
million (refer to paragraph 'ii. Property, plant and equipment, right of use assets and biological assets' in the '4.
Operating assets and liabilities' note and in 'iv. Use of estimate' in '2. Accounting information and material
general accounting policies' the Campari Group Consolidated financial statements at 31 December 2024).
Where possible, the Group also considers third-party solutions, especially for developments close to its sites,
such as the treatment and conversion of distillery by-products or the inclusion of renewable energy assets. In
addition to these, publicly supported schemes, which provide subsidies or concessional loans, are also
considered in pursuit of sustainability objectives.
Within the total CapEx for environmental sustainability and with focus on climate-related projects only dedicated
to energy and energy efficiency, the Group allocated €20.9 million in the 2024 (including carry-over from the
previous period and new developments) and plans to allocate €16.2 million in 2025.

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Campari Group annual report for the year ended 31 December 2024

Metrics

Total energy consumption | UoM | 2024 | 2023
Purchased fuel consumption (including Courvoisier) | MWh | 317,706.4 | -
Purchased fuel consumption (excluding Courvoisier) | MWh | 313,132.0 | 348,811.2
Purchased fuel consumption from fossil sources | MWh | 313,132.0 | 348,811.2
of which diesel | MWh | 18,725.0 | 18,317.7
of which oil | MWh | 59,483.5 | 75,731.8
of which natural gas | MWh | 233,619.0 | 253,408.6
of which other (gasoline, LPG, propane, kerosene, butane) | MWh | 1,304.5 | 1,353.1
Purchased fuel consumption from renewable sources | MWh | - | -
of which from biofuels | MWh | - | -
of which from biogas | MWh | - | -
of which hydrogen from renewable sources | MWh | - | -
of which other | MWh | - | -
Purchased energy (including Courvoisier) | MWh | 47,522.6 | -
Purchased energy (excluding Courvoisier) | MWh | 46,434.0 | 51,577.5
Purchased energy from fossil sources | MWh | 1,993.6 | 3,200.8
of which electricity | MWh | 1,993.6 | 3,200.8
of which heat | MWh | - | -
of which cooling | MWh | - | -
of which steam | MWh | - | -
of which other | MWh | - | -
Purchased energy from renewable sources | MWh | 44,440.4 | 48,376.7
of which electricity | MWh | 44,440.4 | 48,376.7
of which heat | MWh | - | -
of which cooling | MWh | - | -
of which steam | MWh | - | -
of which other | MWh | - | -
Purchased energy from nuclear sources | MWh | - | -
Self-generated energy |  | 14,529.7 | 12,355.5
Self-generated non-fuel renewable energy | MWh | 3,495.3 | 2,141.7
of which consumed | MWh | 3,322.1 | 2,140.7
of which sold | MWh | 173.2 | 1.0
Self-generated energy from renewable sources | MWh | 11,034.4 | 10,213.9
of which consumed | MWh | 8,592.2 | 6,919.4
of which sold | MWh | 2,442.2 | 3,294.4
Total energy consumed (including Courvoisier) |  | 377,143.3 | -
Total energy consumed (excluding Courvoisier) | MWh | 371,480.3 | 409,448.8
of which from fossil sources (including Courvoisier) | MWh | 319,700.0 | -
As a percentage of total consumption | % | 84.8% | -
of which from fossil sources (excluding Courvoisier) | MWh | 315,125.6 | 352,012.0
As a percentage of total consumption | % | 84.8% | 86.0%
of which from renewable sources (including Courvoisier) | MWh | 57,443.3 | -
Share of renewable sources in total energy consumption (%) | % | 15.2% | -
of which from renewable sources (excluding Courvoisier) | MWh | 56,354.7 | 57,436.8
Share of renewable sources in total energy consumption (%) | % | 15.2% | 14.0%
of which from nuclear sources | MWh | - | -
As a percentage of total consumption | % | - | -

Energy consumption | UoM | 2024 | 2023
From fossil fuels (including Courvoisier) | MWh | 319,700.0 | -
From fossil fuels (excluding Courvoisier) | MWh | 315,125.6 | 352,012.0
of which from coal and coal products | MWh | - | -
of which from crude oil and petroleum products | MWh | 78,794.7 | 94,220.4
of which from natural gas | MWh | 233,619.0 | 253,408.6
of which from other fossil sources | MWh | 718.3 | 1,182.2
of which consumption of purchased or acquired electricity, heat, steam, or cooling from fossil sources | MWh | 1,993.6 | 3,200.8

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Campari Group annual report for the year ended 31 December 2024

Total energy consumption (Courvoisier) | UoM | 2024
Purchased fuel consumption from fossil sources | MWh | 4,574.4
of which diesel | MWh | 359.2
of which natural gas | MWh | 4,215.3
Purchased energy from renewable sources | MWh | 1,088.6
of which electricity | MWh | 1,088.6

Energy intensity | UoM | 2024 | 2023 | % change 2024 vs. 2023
Intensity | MWh/€ million | 122.9 | 140.3 | -12.4%
Total energy consumption | MWh | 377,143.3 | 409,448.8 | -7.9%
Net revenue | € million | 3,069.7 | 2,918.6 | 5.2%
Intensity per litre manufactured (including Courvoisier) | kWh/L | 0.42 | - | -6.7%
Intensity per litre manufactured (excluding Courvoisier) | kWh/L | 0.46 | 0.45 | 3.5%

Without considering the impact of Courvoisier, the Energy Performance (kWh/L) was reduced by 37.4%
compared to 2019, while increased by 3.5% compared to 2023, mainly due to a volume-mix effect, driven by a
reduction in distilled production, which was less than the decline in bottled production, and the baseload effect of
reduced operations in several plants.

High climate impact sectors that are used to determine the energy intensity required by paragraph 40 | Sector
Manufacturing - Activity Beverage Industry*

Campari Group is active in the 'Manufacturing - Activity Beverage Industry' sector which, as indicated in
regulation in NACE Sections A to H and Section L defined in Commission Delegated Regulation (EU)
2022/1288, is considered to be a high climate impact sector.
Campari Group GHG Emission footprint is divided as follows: 8% for Scope 1 and 2 emissions and 92% for
Scope 3 emissions.

Scope 1 GHG emissions | UoM | Retrospective
2024 | 2023 | Base Year (2019) | % change 2024 vs. 2023
Gross Scope 1 GHG emissions (the consolidated accounting group [the parent and subsidiaries]) | tCO2eq | 66,573.6 | - | - | -9.2%
Gross Scope 1 GHG emissions (the consolidated accounting group excluding Courvoisier) | tCO2eq | 65,677.6 | 73,323.0 | 76,765.0 | -10.4%
Percentage of Scope 1 GHG emissions from regulated emission trading schemes (%) (the consolidated accounting group [the parent and subsidiaries]) | % | - | - | - | -

In 2024, Scope 1 biogenic CO2 emissions from own biomass used as biofuels and from fermentation processes
in distilleries were estimated at 34,395 tonnes. The emission factor for biofuels was derived from literature on
bagasse fuels in the sugar cane industry, while the emission factor for fermentation was calculated based on the
chemical reaction converting fermentable sugars to ethanol and CO2.

Scope 2 GHG emissions | UoM | Retrospective
2024 | 2023 | Base Year (2019) | % change 2024 vs. 2023
Gross location-based Scope 2 GHG emissions (the consolidated accounting group [the parent and subsidiaries]) | tCO2eq | 14,732 | - | - | -18.6%
Gross location-based Scope 2 GHG emissions (the consolidated accounting group excluding Courvoisier) | tCO2eq | 14,682 | 18,097 | 19,900 | -18.9%
Gross market-based Scope 2 GHG emissions (the consolidated accounting group [the parent and subsidiaries]) | tCO2eq | 1,233 | - | - | -38.4%
Gross market-based Scope 2 GHG emissions (the consolidated accounting group excluding Courvoisier) | tCO2eq | 1,233 | 2,001 | 17,030 | -38.4%

No biogenic emissions from Scope 2 are currently reported, as none of the Group's sites are supplied with
energy from biofuels and the data on the biofuel component of grid electricity is not available.

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Campari Group annual report for the year ended 31 December 2024

Scope 3 GHG emissions | UoM | Retrospective
2024 | 2023 | Base Year (2019) | % change 2024 vs. 2023
Total Gross indirect (Scope 3) GHG emissions (the consolidated accounting group [the parent and subsidiaries]) | tCO2eq | 819,971 | - | - | -7.2%
Total Gross indirect (Scope 3) GHG emissions (the consolidated accounting group excluding Courvoisier) | tCO2eq | 764,108 | 883,572 | 685,155 | -13.5%
Purchased goods and services | tCO2eq | 505,180 | 637,500 | 553,138 | -20.8%
Capital goods | tCO2eq | 87,591 | 84,720 | 41,860 | 3.4%
Fuel and energy-related activities (not included in Scope 1 or Scope 2) | tCO2eq | 13,160 | 20,543 | 17,619 | -35.9%
Upstream transportation and distribution | tCO2eq | 105,746 | 98,458 | 56,426 | 7.4%
Waste generated in operations | tCO2eq | 1,973 | 2,181 | 1,906 | -9.5%
Business travel | tCO2eq | 2,540 | 5,558 | 2,962 | -54.3%
Employee commuting | tCO2eq | 6,007 | 4,319 | 3,741 | 39.1%
Upstream leased assets | tCO2eq | 2,374 | 1,293 | 224 | 83.6%
Downstream transportation and distribution | tCO2eq | 27,513 | 16,078 | 948 | 71.1%
Processing of sold products | tCO2eq | - | - | - | -
Use of sold products | tCO2eq | - | - | - | -
End-of-life treatment of sold products | tCO2eq | 11,983 | 12,922 | 6,331 | -7.3%
Downstream leased assets | tCO2eq | - | - | - | -
Franchising | tCO2eq | - | - | - | -
Investments | tCO2eq | 42.39 | - | - | -

Significant scope 3 GHG emissions (excluding Courvoisier) | Total emissions (tCO2eq) | Boundary | % estimated | % measured | Methods and estimates used in the calculation
Purchased goods and services | 505,179.7 | Minimum boundary | 2% | 98% | Supplier-specific, average data, spend-based
Capital goods | 87,591.4 | Minimum boundary | 100% | - | Spend-based
Fuel and energy-related Activities (not included in Scope 1 or Scope 2) | 13,159.6 | Minimum boundary | - | 100% | Average-data
Upstream transportation and distribution | 105,745.7 | Minimum boundary | 6% | 94% | Distance-based, spend-based
Waste generated in operations | 1,973.4 | Minimum boundary and optional boundary for waste transportation | - | 100% | Average-data
Business travel | 2,539.7 | Minimum boundary | 24% | 76% | Distance-based
Employee commuting | 6,006.5 | Minimum boundary, with optional for teleworking | 100% | - | Distance-based
Upstream leased assets | 2,374.5 | Minimum boundary | 100% | - | Proxy indicators used for warehousing emissions
Downstream transportation and distribution | 27,512.9 | Minimum boundary | 17% | 83% | Distance-based, spend-based
Processing of sold products | - | - | - | - | -
Use of sold products | - | - | - | - | -
End-of-life treatment of sold products | 11,982.6 | Minimum boundary and optional boundary for transportation of sold products at their end of life | - | 100% | Average-data
Downstream leased assets | - | - | - | - | -
Franchising | - | - | - | - | -
Investments | 42.4 | Minimum boundary | 100% | - | Average-data

Scope 3 biogenic emissions are related to bio-waste composted. In 2024 Scope 3 biogenic CO2 emissions were
estimated at 1,915 tonnes. The emission factor used was derived from bagasse composting.

Total GHG emissions | UoM | Retrospective
2024 | 2023 | Base Year (2019) | % change 2024 vs. 2023
Total location-based GHG emissions (the consolidated accounting group [the parent and subsidiaries]) | tCO2eq | 901,277 | - | - | -7.6%
Total location-based GHG emissions (the consolidated accounting group excluding Courvoisier) | tCO2eq | 844,468 | 974,992 | 781,820 | -13.4%
Total market-based GHG emissions (the consolidated accounting group [the parent and subsidiaries]) | tCO2eq | 887,778 | - | - | -
Total market-based GHG emissions (the consolidated accounting group excluding Courvoisier) | tCO2eq | 831,019 | 958,896 | 778,950 | -13.3%

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Campari Group annual report for the year ended 31 December 2024

GHG emissions (Courvoisier) | UoM | 2024
Gross Scope 1 GHG emissions | tCO2eq | 896.0
Gross location-based Scope 2 GHG emissions | tCO2eq | 50.1
Gross market-based Scope 2 GHG emissions | tCO2eq | -
Gross Scope 3 GHG emissions | tCO2eq | 55,863

GHG intensity | UoM | Retrospective
2024 | 2023 | % change 2024 vs. 2023
Total GHG emissions intensity location-based based on net revenue (the consolidated accounting group [the parent and subsidiaries]) | tCO2eq/€ million | 293.6 | 334.1 | -12.1%
Total GHG emissions intensity market-based based on net revenue (the consolidated accounting group [the parent and subsidiaries]) | tCO2eq/€ million | 289.2 | 328.5 | -12.0%
Net revenue (Monetary unit) | € million | 3,069.7 | 2,918.6 | 5.2%

Net revenue used to calculate GHG intensity | € million 3,069.7 |
Net revenue (other) | - € million |
Total net revenue (in financial statements) | 3,069.7 € million |

GHG intensity targets and progress | UoM | Retrospective | Milestones and target years
2024 | 2023 | Base Year (2019) | % change 2024 vs. 2023 | 2025 | 2030 | 2050 | Annual % target / Base year
Scope 1 and 2 GHG emissions intensity market-based per litre manufactured (the consolidated accounting group [the parent and subsidiaries]) | kgCO2eq/L | 0.075 | - | - | -8.82% | - | - | - | -51.2%
Scope 1 and 2 GHG emissions intensity market-based per litre manufactured (the consolidated accounting group excluding Courvoisier]) | kgCO2eq/L | 0.084 | 0.082 | 0.154 | 1.36% | 0.069 | 0.046 | - | -45.7%
Total GHG emissions intensity market-based per litre manufactured (the consolidated accounting group [the parent and subsidiaries]) | kgCO2eq/L | 0.985 | - | - | -6.22% | - | - | - | -23.3%
Total GHG emissions intensity market-based per litre manufactured (the consolidated accounting group excluding Courvoisier]) | kgCO2eq/L | 1.038 | 1.050 | 1.284 | -1.12% | 1.030 | 0.900 | - | -19.1%

Without considering the impact of Courvoisier, the scope 1 and 2 emission intensity did not decrease due to the
opposite effect of volume changes in the mix related to falling demand.
ESRS E3 Water and marine resources
Strategy, Policies and Actions related to Water and marine resources
Campari Group's water management is embedded in the Group's Environmental Policy. For additional
information refer to the 'ESRS E1 Climate change-Governance and policies related to Climate change mitigation
and adaptation and Energy' section.
Campari Group’s Environmental Policy includes commitments to reduce water intensity, with time-bound targets
for production and compliance with wastewater discharge standards, adoption of resource management
practices that include the use of biomaterials derived from wastewater as an important pollution prevention
technique, and collaboration with supply chains on material sustainability topics. The Policy is designed to adopt
a proactive and virtuous approach across all areas of operation, with particular emphasis on regions
experiencing water stress. In these high-risk areas, the Group prioritises implementing measures to optimize
water usage, reduce wastage, and enhance sustainability practices. Campari Group has set overall targets on
water consumption, without identifying specific targets for high-stress areas, focus ensures that the Group not
only minimises its environmental footprint but also contributes to the preservation of critical water resources in
regions where they are most needed. The Group's approach to water management is integrated into the
Campari Group’s Environmental Management System which comprises the following steps:
- optimization, achieving efficiencies in water use;

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Campari Group annual report for the year ended 31 December 2024

- risk control, managing identified risks;
- impact reduction, defining initiatives aimed at reducing, re-using and recycling, in line with Group global
targets;
- continuous improvement, aligning with industry best practices.
The Group is committed to reducing water consumption for sites with high water risk, and this action would
represent a step towards the broad goal of reducing water intensity in direct operations, with global water use
reduction targets that encompass the entire Group, with particular emphasis on regions facing water risks,
including areas experiencing high water stress. Targets for water use in the value chain will be formulated after a
planned two-year review phase of supplier engagement and after identifying key commodities and sourcing that
require attention due to water risks.
Impact, risk and opportunity related to Water and marine resources
The Campari Group's water risk assessment adopts a structured, phased approach encompassing: mapping
water-related activities, identifying and evaluating the significance of impacts, and prioritizing water risks,
culminating in the identification of the following material IROs for the reporting period 2024 .

Relevant sub-sub-topic | Impacts | Risks | Opportunities
Water withdrawals | - | - | Improving water management systems efficiency especially in water-stressed areas
Water discharges | Water supply depletion due to the need to treat process wastewater (negative) | - | -
Water consumption | - | Potential negative financial externalities due to increasing global water scarcity | -

- Potential relevant financial externalities due to increasing global water scarcity
a) Water Stress at Manufacturing Sites
This risk applies to those locations where the manufacturing sites operate in water-stressed areas, particularly
on a large scale or when there is a high risk of water supply interruptions or shortages. These were identified
using the Aqueduct 4.0 Water Risk Atlas. In 2024, the Group carried out local assessments to convert global
water risk data into site-specific symptoms, risks and necessary actions needed to mitigate the risk. As the water
stress areas have expanded compared to the previous versions of the Aqueduct Atlas (i.e., Italy), additional
locations needed to be investigated. During the local risk verification, internal teams examined a variety of
factors that included physical limitations, regulations changes, reputation and trends in local economic activities
that affect water consumption. Water stress that leads to a restriction or interruption of water supply can result in
a loss of revenue due to reduced production or the limited growth capacity of some plants.
In developing risk responses, the Group considered several dimensions of water stress: physical, regulatory,
and reputational, and assumed that the financial implications for water stress would be supported by
investments in water reuse, reduction, and recycling technologies at affected sites. Moreover, considering the
uncertainties of the regulatory and physical environments, the assumptions for the mid- and long-term remain
consistent.
b) Chronic Physical Water Stress in the Value Chain
This risk relates to long-term water stress in agriculture, especially because of heat and drought conditions that
affect the supply of agricultural raw materials and semi-finished products necessary for production. The Group
identified water-stressed areas with the support of the Aqueduct 4.0 Water Risk Atlas in combination with
supplier sourcing data. It also monitored key commodities for multiple risks and price pressures through regular
market intelligence reports. Going forward, the Group will work with its suppliers to implement a more detailed
risk identification and mitigation strategy, using current best practices for each category. In the event of severe
regional droughts, significant market volatility could be expected which would directly impact the price and
availability of commodities, such grapes and sugar.
- Water supply depletion due to the need to treat process wastewater
- The treatment of process wastewater can have significant impacts on both groundwater and surface water.
When organic-loa ded wastewater is discharged, it often contains contaminants that can seep into the
groundwater, leading to potential contamination. This can affect the quality of drinking water sources and
harm aquatic ecosystems. In some cases, treated wastewater is used for groundwater recharge, which can
be beneficial if done correctly. However, it requires careful monitoring and management to ensure that the
water quality remains safe. Being a complex issue that requires a balance between treating wastewater
effectively and protecting water resources, the Group as developed several mitigation activities listed below.

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Campari Group annual report for the year ended 31 December 2024

- Improving water-management systems efficiency especially in water-stressed areas
In response to the increasing possibility of water stress and supply disruptions, Campari Group is committed to
release a comprehensive program to improve on-site water through reduction, reuse and recycling projects.
Implementing effective water conservation measures can significantly contribute to maintaining and enhancing
production capacity. By focusing on water reuse and recycling, businesses can ensure continued operation
during periods of water supply limitation or disruption. Such projects not only support immediate operational
needs but also facilitate plant expansion in the long run. Technical strategies aimed at reducing water
consumption and promoting reuse and recycling are likely to sustain and possibly increase production capacity
over medium and long-term horizons. These initiatives are pivotal as they help secure water availability, thereby
supporting consistent and reliable production processes.
The analysis makes use of the available industry guidelines, global water risk maps (including for example the
WRI 1 Aqueduct Water Risk Atlas) standard databases on the water footprint of agricultural and other
commodities, insights with suppliers on the relevance related issues, and industry benchmarks.
Since the impact on local communities surrounding manufacturing sites was deemed negligible, direct
consultations with affected communities were not conducted. Based on the local evidence of impacts, there is a
clear absence of public complaints and observed incidents of non-compliance with applicable laws, and
cooperation with law enforcement agencies was observed.
In order to mitigate its relevant impacts and reduce significant risks, Campari Group is committed to improving
water efficiency, promoting sustainability, and responsibly managing water resources across its operations. In
addition to tracking and measuring water use, the following initiatives have been implemented:
a) Water reduction in direct operations: the Group has introduced engineering projects to reduce water
consumption, and these include the installation of a cooling tower system at its distillery in Jamaica, thermal
vapour recompression technology in Scotland’s distillery, continuous maintenance in pasteurisers,
optimizations in Cleaning-In-Place (CIP) systems, and efficiency uplifts in reverse osmosis plants.
b) Best practice program of improvements in direct operations: Campari Group introduced a standardised
catalogue of best practices for water management in 2024, covering operational, maintenance, and technical
improvements at its sites. This catalogue is used to perform gap assessments, as well as identify and
prioritise actions. The Group also plans to develop specific training and technical support focusing on areas
such as boiler makeup and water treatment, to enable further strengthening of water performance
management and promote continuous improvement.
c) Water reuse projects: several water reuse initiatives have been implemented, including cooling water used
for irrigation in Jamaica, treated wastewater in Martinique, post-infusion water in a French distillery, bottle
rinsing water and the reutilization of white water in utilities in Italy.
d) Supplier engagement on water materiality: Campari Group plans to continue engaging with suppliers with a
more detailed approach to risk identification and mitigation, including current best practices per category.
e) Water Scarcity Assessments: starting in 2024, the Group has conducted local assessments to translate the
global vision of water risk into site-specific issues, risks and required mitigation measures. In these local
assessments, Campari Group’s teams consider various factors, including physical limitations, regulatory and
policy changes, reputational issues and economic trends that may affect water consumption. Furthermore,
the Group has developed updated action plans to address water stressors, focusing on water avoidance,
reduction, reuse, and recycling strategies, considering a pessimistic water stress scenario and any measures
that may be required. With particular reference to those sites that operate on a large scale or face a high risk
of disruptions or limitations in water supply, the main activities implemented were: water optimization
initiatives in Arandas (Mexico) and Volos (Greece) plants, an efficiency action plan especially on rinsers and
can pasteurisers in the Derrimut (Australia) plant, and water-reuse projects adopted in the Group's
production facilities located in Italy.
To support the execution of the initiatives outlined in the action plan and confirm the full integration of
sustainability into business operations, also supporting the achievement of the United Nations' 2030 SDGs, the
Group secured sustainability-linked loan facility (for information about the Group funding initiatives ESG-related
refer to 'Sustainable core commitments' in the 'The Sustainability Governance model'). More specifically the
Group is committed to achieving several key sustainability targets: decreasing water usage (L/L) by 60% by
2025 and by 62% by 2030.
Within the total CapEx for environmental sustainability which amounted to €55.7 million in 2024 and €20.3
million planned for 2025 (refer to paragraph 'ii. Property, plant and equipment, right of use assets and biological
assets' in the '4. Operating assets and liabilities' note and in 'iv. Use of estimate' in '2. Accounting information
and material general accounting policies' the Campari Group Consolidated financial statements at 31 December
2024), CapEx on water sustainability only, with projects dedicated to water and wastewater management,
amounted to €34.8 million. Additionally, the value of ongoing and forthcoming water related projects for 2025 is

Sustainability statement | 112

Campari Group annual report for the year ended 31 December 2024

expected to reach €4.1 million. Campari Group expects that those projects will be sufficient to deliver the
planned water intensity reductions and water reuse. In subsequent planning horizons, capital expenditure
allocations are projected for water risk sites to support mitigation and adaptation efforts. Financial resources will
be allocated based on target gaps, focusing on projects that have the highest impact in addressing identified
water risks.
Due to the nature of the production processes (infusion, mashing, fermentation, distillation with water cooling,
and alcohol adjustment with deionised water) the possibility of avoiding or drastically reducing water use is very
limited. However, the production process has achieved considerable improvements in water efficiency in
processing and bottling operations. Campari Group has consolidated best practice solutions into a catalogue
and is currently assessing sites for which water-efficiency-implementation roadmaps need to be developed. In
addition, Campari Group has established a monthly water-efficiency review process to monitor progress, track
corrective actions, and identify new best practices.
Water reuse holds potential in specific areas of Campari Group’s operations and can sometimes extend beyond
production sites into the local water ecosystem. For example, at the Bourg Charente distillery in France, process
water reuse has resulted in 61% of water being recycled. In Novi Ligure, the Group has put into operation the
first water reuse plant for bottle rinsing in 2024, achieving over 90% efficiency, and expanding the same to other
bottling lines. Recovered water can be used for rinsing and flushing in utility plants, but the largest reuse
projects are in the Caribbean, where uncontaminated cooling water or treated effluent is used for sugarcane
irrigation in Jamaica and Martinique.
Thanks also to the sustainability-linked loan facility, Campari Group has implemented several actions to water
stress locations of manufacturing sites, already mentioned above.
Metrics and Targets related to water and marine resources

Targets | 2024 Achievements | Next steps
Reduce water usage intensity (litres withdrawn per litre manufactured L/L) by 60% within 2025 and by 62% within 2030, having 2019 as a baseline. | - Local interventions and investments in the Group’s plants according to its global water reduction program. - Completion of the Thermal Vapour Recompression system in Rothes distillery, Scotland, to reduce water consumption. - Water usage intensity (L/L) reduced by 68.3% compared to 2019. | -Further reduce water usage in the Group’s production sites through water usage projects, with a particular focus on water stress areas
Continue to ensure the safe return of 100% of wastewater from operations to the environment. | -No major incidents recorded in 2024. | - Continue to guarantee the safe return of wastewater to the environment from direct operations.

Campari Group's has defined specific global objectives related to its direct operations and analysed the potential
for improvement, priority areas, risks and industry benchmarks. If necessary, the objectives can be declined at a
later stage at site level to reflect the local situation and needs.
As mentioned above, t he goal is t o reduce water usage intensity by 60% by 2025 and by 62% by 2030,
compared to the 2019 base year. Water usage intensity is defined as the total water consumed in the direct
manufacturing operations in relation to the production volume. Campari Group addresses water management
comprehensively through reducing consumption, assuring efficient treatment, promoting reuse inside or outside
of plants and considering future recycling in water-stressed locations. Moreover, Campari Group tracks water
usage intensity on a monthly basis in each site, regionally and globally. At the plant level the frequency of
monitoring varies depending on water management maturity, ongoing actions and other performance
management routines.
Risks associated with water-stressed locations at production sites are monitored through ongoing assessments.
A local assessment was conducted in 2024 to translate global water risk data into site-specific risks, symptoms
and necessary mitigation measures, which identified more locations subject to water stress compared to
previous versions of the Aqueduct Water Risk Atlas, such as Italy, for which further investigation was required.
The following factors were considered in the verification of water risk at the local level: physical limitations,
regulatory and policy changes, reputational issues, and trends in economic activity that influence the level of
water consumption. All of these elements were considered in the 2024 DMA.
Regarding the topic of water in the value chain no targets have been set so far, and the supplier engagement
process remains at the exploratory stage, focusing on risk identification and response.
The process started with the identification of value chain elements with potentially high-water consumption and
geographic concentration. Then a short-list of value chain hotspots was identified and located on a water risk
map for assessment. The water assessment process was based on the WRI Aqueduct Water Stress Indicator
(Aqueduct Version 4.0) and the analysis focused on the sourcing areas of agricultural commodities. For the

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Campari Group annual report for the year ended 31 December 2024

production sites of Tier 1 suppliers, Campari Group examined the resilience of the supplier network with regard
to water risks (for water-intensive industries), business continuity and relevance of the water topic (semi-finished
products and agricultural raw materials). The results of the top-down water-stress analysis were discussed with
the functional teams to collect feedback, identify exact issues and develop action plans. In the next steps, water
risks for the most exposed commodities will be included in the supplier-engagement process and market
analysis. All of these elements were considered in the 2024 DMA.
Campari Group assessed the materiality of water issues in the production and value chain by analyzing water
and climate risks under different scenarios (for more information on the scenarios considered, refer to 'Strategy,
Impacts, risk and opportunities related to Climate change' paragraph). Risk mapping is based on scientifically
supported projections of climate change and global water scarcity and has been compared with industry best
practices, relevant and comparable policies, investor expectations and available guidelines, such as CDP Water
Security.
The Group’s water use intensity targets are defined in each geographic area and have been adopted on a
voluntary basis, but local water intake limits may be applied at each production site in consideration of the
regulatory context, according to the terms of local water agreements and permits.

Water consumption | UoM | 2024 | 2023 | % change 2024 vs. 2023
Total water consumption (including Courvoisier) | m3 | 4,157,675.6 | - | -35.2%
Total water consumption (excluding Courvoisier) | m3 | 4,124,277.6 | 6,414,199.6 | -35.7%
Total water consumption of sites in areas at water risk, including areas of high-water stress | m3 | 228,246.6 | 292,098.2 | -21.9%
Australia (Derrimut) | m3 | 85,770.0 | 117,197.0 |
Greece (Volos) | m3 | 6,358.0 | 6,443.0 |
Italy (Novi Ligure, Canale, Alghero, Caltanissetta) | m3 | 123,628.6 | 132,191.7 |
Mexico (Arandas) | m3 | 12,490.0 | 36,266.5 |
Total water recycled and reused by the organization | m3 | 133,309.5 | 148,476.5 |
Total water stored and changes in storage | m3 | - | - |

Water Consumption intensity | UoM | 2024 | 2023 | % change 2024 vs. 2023
Total water consumption | m3 | 4,157,675.6 | 6,414,199.6 | -35.2%
Total net revenues | € million | 3,069.7 | 2,918.6 | 5.2%
Water intensity | m3/€ million | 1,354.4 | 2,197.7 | -38.4%
Water intensity per litre manufactured (including Courvoisier) | L/L | 4.6 | - | -34.3%
Water intensity per litre manufactured (excluding Courvoisier) | L/L | 5.2 | 7.0 | -26.6%

Water usage | UoM | Retrospective
2024 | 2023 | Base Year (2019) | % change 2024 vs. 2023
Total volume of water withdrawn (including Courvoisier) | m3 | 5,593,880.0 | - | - | -33.0%
Total volume of water withdrawn (excluding Courvoisier) | m3 | 5,552,982.0 | 8,343,728.1 | 11,935,254.7 | -33.4%
Surface water-rivers | m3 | 1,786,367.4 | 2,468,938.9 | 6,689,586.7 |
Groundwater | m3 | 2,991,560.0 | 5,015,961.6 | 4,498,040.3 |
Rainwater | m3 | 3,658.0 | 1,607.0 | 3,640.0 |
Municipal water supply | m3 | 771,285.6 | 857,220.6 | 742,618.7 |
Water received from another organization | m3 | 111.0 | - | 1,369.1 |

Water usage intensity targets and progress | UoM | Retrospective | Milestones and target years
2024 | 2023 | Base Year (2019) | % change 2024 vs. 2023 | 2025 | 2030 | Annual % target / Base year
Water usage intensity (litres withdrawn per litre manufactured) (including Courvoisier) | L/L | 6.2 | - | - | -32.1% | - | - | -68.3%
Water usage intensity (litres withdrawn per litre manufactured) (excluding Courvoisier) | L/L | 6.9 | 9.1 | 19.6 | -24.1% | 7.8 | 7.5 | -64.6%

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Campari Group annual report for the year ended 31 December 2024

Wastewater discharges(1) | UoM | 2024 | 2023 | % change 2024 vs. 2023
Total wastewater discharges (including Courvoisier) | m3 | 1,436,204.4 | - | -25.6%
Total wastewater discharges (excluding Courvoisier) | m3 | 1,428,704.4 | 1,929,528.5 | -26.0%
Wastewater discharged in bodies of surface water | m3 | 436,271.8 | 634,365.0 |
Wastewater discharged into groundwater | m3 | 185,058.7 | 355,555.0 |
Wastewater discharged into consortium plants | m3 | 286,679.7 | 294,824.5 |
Wastewater discharged into municipal or other facilities | m3 | 255,653.8 | 274,358.8 |
Wastewater reused by/sent to another organisation | m3 | 265,040.3 | 370,425.3 |
Wastewater discharge intensity (including Courvoisier) | L/L | 1.6 | — |
Wastewater discharge intensity (excluding Courvoisier) | L/L | 1.8 | 2.1 | -15.5%

(1)The wastewater discharge data for Casa Lumbre have been estimated using the water data from Arandas, given the similar distillation processes for tequila
and mezcal.

Water usage and discharges (Courvoisier) | UoM | 2024
Total volume of water withdrawn | m 3 | 40,898.0
Surface water-rivers | m 3 | 30,591.0
Groundwater | m 3 | 4,561.0
Municipal water supply | m 3 | 5,746.0
Total wastewater discharges | m 3 | 7,500.0
Wastewater discharged into municipal or other facilities | m 3 | 7,500.0

Data are based on direct measurements and process water balancing where the metering structure is not fully
representative.
Campari Group identified two water-related effects and their interdependencies, with the associated financial
impacts set to be quantified in the near future.
a) W ater availability risks in its direct operations: water stress could sometimes lead to supply limitations or
disruptions, causing revenue losses due to reduced production or limited capacity of certain facilities. In
defining the risk response, the Group considered multiple dimensions of water stress, such as physical,
regulatory and reputational. In addition, the Group’s risk analysis assumes that financial impact due to water
stress will be consistent with the response measures, comprising investments in water reuse, reduction, and
recycling technologies at affected sites. Since uncertainties are high for both the regulatory and physical
contexts, assumptions are consistent between the medium- and long-term.
b) Water stress in raw material supplies (agriculture): prolonged and extensive drought conditions for
agricultural commodities increase market volatility, especially for commodities subject to geographical
constraints, as might be the case for grapes from some regions, and for globally traded ones. Campari
Group would expect this risk to increase with climate change and progressing weather instability, especially
over the long-term. As the development of risk responses is still in its infancy, and since suppliers are taking
actions at their sole discretion not fully disclosed to the Group, a detailed estimate of costs for mitigating
measures through drought-resistant crop variety development, improved irrigation techniques, or changes in
sourcing areas cannot be provided.
ESRS E4 Biodiversity and ecosystems
Strategy, Policies and Actions related to Biodiversity and ecosystem
Campari Group is strictly committed to protecting the ecosystems in which it operates. Its commitment is
embedded into the Group's Environmental Policy. For additional information refer to the 'ESRS E1 Climate
Change-Governance and policies related to Climate change mitigation and adaptation and Energy' section.
Campari Group’s biodiversity policy emphasises the minimisation of negative impacts and the restoration of
biodiversity potential. The materiality of biodiversity impacts is primarily linked to the upstream supply chain,
encompassing agricultural and natural commodities, while the direct impact of the Group's operations, such as
manufacturing and self-managed farmland, is more limited in scale and scope. Consequently, the
implementation of the Group’s biodiversity policy relies on both its own demonstration projects and, more
critically, collaboration across the value chain. The current approach focuses on fostering widely recognised
standards and third-party certifications that promote biodiversity and ecosystems stewardship, including the
necessary traceability of raw materials. In its QHSE Policy, the Group commits to implementing proactive and
preventative programs designed to mitigate risks across all operational activities, ensuring traceability from
ingredients and packaging material supply to the finished products reaching consumers. The initial step involves
scaling up participation in established collaborative schemes, such as those in France, while exploring

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opportunities for other commodities and geographies. In subsequent phases, the Group intends to define its
ambition and identify mechanisms to ensure measurable efforts in biodiversity stewardship throughout the
supply chain.
The Campari Group's Policy actively promotes the adoption of farming standards and certification schemes
designed to deliver verifiable reductions in environmental impact and improved biodiversity performance.
The Group adopted several policies and practices aimed at biodiversity and ecosystems protection, with a focus
on sustainable resource management and land-use practices. The application of this Policy, including the
identification of relevant areas, suppliers and commodities, is an ongoing process.
The Group also adheres to policies promoting sustainable land and agricultural practices, which are closely
integrated with efforts to protect water resources. While policies specific to sustainable ocean and sea practices
are not applicable to Campari Group's operations, the Group indirectly addresses deforestation concerns
through its policies related to land-use changes, reflecting its commitment to mitigating environmental impacts
throughout its value chain.
The Campari Group's Policy is subject to ongoing refinement, including the expansion of its scope to define new
ambitions, targets, and key actions. The Group plans to review and enhance the Policy within the next two years
to ensure its continued relevance and alignment with evolving sustainability priorities.
Currently biodiversity offsets are not included explicitly in both the Policy and the action plan.
The Campari Group’s efforts and actions in biodiversity and ecosystems conservation span four key areas:
- its own operations, including manufacturing and farms in France and Martinique;
- regional collaborations with certified farm schemes in France for champagne and cognac production;
- an exploration of diverse initiatives across various regions and commodities within its upstream value chain,
such as cereals in the United Kingdom and the United States, sugarcane in Latin America, sugar beets in
Italy and France, and botanicals through global suppliers;
- research initiatives to enhance biodiversity and resilience against infestations, including breeding disease-
resistant bitter oranges.
Action plans for habitat improvements and restorations, especially those recently implemented in France and
Martinique, are developed in consultation with local professional nature developers, including biologists,
ecologists, and landscape architects. These plans leverage scientific knowledge, consider local conditions, and
reflect historical landscapes known for their higher biodiversity value.
Biodiversity projects at operational sites
In its owned sites and farms, Campari Group has undertaken habitat restoration projects as, for example, at the
Group owned Lallier winery, where biodiversity habitats were created in green areas of the manufacturing site.
Additionally, biodiversity hedges have been planted along its vineyards, introducing around 1.300 of specially
selected plants to replicate different biotopes and support local ecosystems. Similarly, at its distillery in
Martinique, Campari Group implemented biodiversity-focused initiatives on its sugarcane plantations in the
island’s southern arid region, included planting hedgerows and establishing a reforested area to protect soil,
enhance water retention, and create habitats for native species.
Regional certification schemes
- Champagne Region, France
Campari sources 90% of its grape needs for its Lallier champagne from external suppliers. While a five-year
Sustainability Plan guides improvements in its own vineyards, Campari-Lallier is actively engaging suppliers to
adopt the HEV ('High Environmental Value') certification. This French Ministry of Agriculture initiative promotes
environmentally friendly practices such as minimizing fertilisers and eliminating herbicides. Currently, 40% of
suppliers are certified, with targets set to reach 65% by 2024, 90% by 2028 and full compliance by 2030. In
2024, the adoption of HEV certification among sourcing farmers surpassed expectations, reaching 82%, noting
that Lallier’s own vineyard has been certified since 2022. To incentivise participation, Campari-Lallier offers
financial premiums for certified grapes.
- Cognac Region, France
In the Cognac region, Campari Group operates under the Cognac Environmental Certification ('CEC')
framework, a collective approach overseen by the Bureau National Interprofessionnel du Cognac ('BNIC') to
enhance environmental and climate sustainability. This initiative addresses biodiversity, water and soil quality,
and reductions in chemical use and carbon emissions. Currently, 98% of Campari’s suppliers in the region are
engaged in this program, with 55 suppliers already certified. The target is to achieve 100% supplier certification
by 2028.

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Campari Group annual report for the year ended 31 December 2024

- Martinique, Caribbean region
In Martinique, the Group supports small-scale sugarcane farmers, who supply one-third of its raw material,
through a dedicated association. This initiative provides financial assistance, technical guidance, and training on
best practices in agriculture, including soil management and fertilisation. The Group has also funded soil
cartography projects and works closely with the island’s technical centre for sugar cane to improve agricultural
resilience and productivity.
Supplier engagement in biodiversity
Campari Group engages suppliers globally to promote sustainability certifications and biodiversity practices.
These include regenerative barley farming in the United Kingdom, the 'Bonsucro' sugarcane program in Latin
America, regenerative farming for sugar in Europe, sustainable agave farming in Mexico under the
Environmentally Responsible Agave 'ARA' initiative and fair-sourcing standards for botanicals. These
collaborations help guide Campari’s strategy in prioritizing future actions.
Research on bitter oranges
Campari Group supports agronomic research to combat citrus diseases such as Huanglongbing ('HLB'), which
has devastated orchards globally. In partnership with the French Agricultural Research Centre 'CIRAD', Campari
funds research to develop disease-resistant bitter orange varieties without relying on pesticides. Following a
successful pilot in Guadeloupe, the Group is exploring a multi-year expansion to include sweet oranges and
other regions, such as Brazil. The biodiversity research on citrus genetics represents a long-term initiative aimed
at broadening its agricultural resilience strategies.
Campari Group’s habitat restoration projects in France and Martinique include annual monitoring with biological
assessments of effects over the short- and mid-term. Farming certification schemes in the champagne and
cognac regions are regularly reviewed under program guidelines.
The action plans for habitat improvements and restorations, particularly those done recently in France and
Martinique, have consulted with local professional nature developers (i.e., biologists, ecologists, landscape
architects), drawing experience from scientific knowledge, local conditions and historical landscapes with higher
biodiversity value.
In 2024, Campari Group allocated over €0.3 million to biodiversity projects, which included habitat restoration
initiatives in France and Martinique as well as research on orange genetic diversity. All projects were financed
through the Group’s own capital investment, with the exception of the orange genetic diversity research, which
was conducted as a joint collaboration between the industry and the French Government.
Impacts, risk and opportunities related to Biodiversity and ecosystems
In conducting a biodiversity and ecosystems-related analysis, the Group has identified, within the sector, the
existence of chronic physical risks related to climate change, exposure to low genetic variability, vulnerability to
pests and ecosystem degradation due to intensive farming practices. Transition risks associated with land use
changes, habitat restoration, and regenerative farming practices have also been recognised. Regarding its value
chain, the scope of the analysis conducted by the Group focused primarily on risks in upstream sourcing areas
of farm-based raw materials, with risks in other areas of the value chain considered to be of lower significance.
In this regard, the identification of biodiversity-sensitive sourcing areas is still ongoing. Risks are expected to
increase over the mid- and long-term horizon, particularly as new scientific evidence and extreme events
elevate the probability or severity of impacts.
The main finding is that global food production is widely regarded as a primary driver of biodiversity loss, with
significant implications for the spirits and beverage industry. The impact stems largely from conventional farming
practices that supply raw materials. Some examples are: intensive farming with high land utilization,
monocropping with low genetic diversity, heavy tilling that depletes soil health, and the intensive use of chemical
fertilisers and pesticides all of which contribute to over-fertilisation, toxicity, and resource competition. In the
case of nature-based herbs and botanicals, risks arise from interference with natural ecosystems, over-
harvesting, and reduced yields due to habitat changes and climate change.
The industry, in collaboration with agricultural supply chains, research institutions and regional partnerships,
must address these challenges through targeted actions. These include minimizing environmental impact by
reducing fertilisers and pesticides and improving soil care, restoring biodiversity through habitat recreation and
conservation and building resilience with future-proof crops, such as genetically diverse or drought-resistant
varieties, and transitioning from wild to cultivated plant sources. For widely dispersed raw materials like grains,
sugar cane, and sugar beet, risks are more manageable across broader sourcing regions. However, materials

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Campari Group annual report for the year ended 31 December 2024

tied to specific geographic origins, such as agave and grapes, face amplified risks due to limited flexibility if
environmental conditions significantly deteriorate.
Action plans for habitat improvement and restoration, such as those recently implemented in France and
Martinique, are developed in consultation with local professional experts, including biologists, ecologists and
landscape architects. These plans are grounded in scientific knowledge, local environmental conditions and
historical landscapes known for their higher biodiversity value. Similarly, farming certification schemes are
created in collaboration with agronomists, scientific researchers, and relevant authorities to ensure alignment
with sustainability standards and best practices.
As of now, Campari Group has not established a transition plan or determined a timeline for its development.
The result of the processes and analysis described above lead the Group to identify and assess material
biodiversity and ecosystems impacts, risks and opportunities for the reporting period 2024, as summarised
below.

Relevant sub-sub-topic | Impacts | Risks | Opportunities
Land-use change | Ongoing loss of biodiversity, deterioration of soil and ecosystem resilience in farming activities of ingredient production and directly managed crops (e.g. vineyards in France) (negative) | - | -

Despite no identified risks related to biodiversity emerged during the DMA, Campari Group Campari Group
recognises physical chronic risks at local level, including environmental pollution and the loss of biodiversity and
habitats in both farmland and wild nature. These risks are primarily driven by the continuation of high-intensity
industrialised farming practices among its suppliers, leading to soil degradation, water pollution and disruption of
local water balances. Climate change exacerbates these issues, particularly through chronic changes and the
increasing frequency and severity of extreme weather events. Transition risks are also evident, linked to the
capacity to transform farming practices at the scale and speed required to adopt effective techniques for
mitigating these impacts. The transition is further hindered by the emerging and not yet widely established
farming techniques of regenerative agriculture, which encompass soil conservation, fertiliser and fuel
management, ecosystem services and biodiversity enhancement. In addition to the risks, Campari Group has
also identified significant biodiversity-related opportunities. These include implementing regenerative farming
practices and improving biodiversity on farms at scale through recognised certification schemes. The goal of
regenerative farming and biodiversity restoration is to increase farm resilience against climate change, reverse
biodiversity loss, ensure long-term soil productivity and reduce reliance on chemical fertilisers. These practices
are believed to enhance long-term farm yields by strengthening the ecosystem services interdependent with
farmland.
The Group's primary response focuses on supplier engagement by promoting certification schemes that
incorporate regenerative farming practices, biodiversity care, water stewardship and other key elements of
environmental sustainability, endorsing globally and regionally recognised schemes supported by the broader
industry to achieve scalable adoption.
Campari Group has conducted an analysis of its sites under operational control to determine their significant
actual or potential impacts on biodiversity and ecosystems, using the WWF Biodiversity Risk Filter and
comparing them with the UNESCO Man and the Biosphere Reserves and the Ramsar sites. The analysis
revealed that the island of Martinique is part of the UNESCO Man and the Biosphere Reserves. As previously
mentioned, the Group has already initiated actions for biodiversity restoration in Martinique, where it owns one
operational site which consists of a distillery and a bottling operation. Moreover, according to the WWF
Biodiversity Risk Filter also Jamaica is located in a key biodiversity area at high risk, where the Group owns two
distilleries. However, the risk assessment will be confirmed based on further guidance on biodiversity criteria.
Beyond its own operations, based on the Company's current limited mapping of agricultural commodity sourcing
areas, it cannot exclude the possibility of impacts on biodiversity-sensitive areas. These impacts could result
from practices such as intensive farming, misuse of fertilisers and pesticides, and the intensive collection of
herbal and aromatic plants.
Campari Group applied two primary criteria for its analysis: the location of operations in or near biodiversity-
sensitive areas, and the relative impact intensity per crop, assessed in reference to best farming practices,
including certification schemes addressing biodiversity impacts. Location analysis was conducted for Company-
operated sites, including agricultural land in France and Martinique, while the assessment of raw material
sourcing areas remains ongoing due to the effort required and the current visibility of sourcing origins.

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Campari Group annual report for the year ended 31 December 2024

The following impacts related to biodiversity have been identified by the Group: the loss of biodiversity, including
both flora and fauna, within farmlands and natural ecosystems that supply its raw materials, and the
deterioration of ecosystems caused by the continuation of high-intensity industrialized farming practices among
its suppliers, leading to soil degradation, water pollution and CO2 emissions.
The Group recognised the upstream supply chain of raw materials, sourced from farms and naturally occurring
botanicals, as critical for resilience against food safety risks, the sustainability of agricultural production, and as
a foundation for future genetic improvements in crops and natural plants.
Furthermore, Campari Group identified chronic physical risks linked to climate change, low genetic variability,
and vulnerability to pests, as well as ecosystem degradation due to intensive-farming practices. Additionally, the
Company acknowledged transition risks related to land-use changes, habitat restoration, and the adoption of
regenerative-farming practices. The identification of biodiversity-sensitive sourcing areas is ongoing.
Campari Group assumes systemic risks for food systems arising from biodiversity and ecosystems
performance. However, at the current level of understanding, it cannot comprehensively evaluate these risks
and anticipates further guidance on the topic in the short-term.
No consultations were conducted regarding these matters above.
Metrics and Targets related to Biodiversity and ecosystem
Campari Group has not yet established global targets for biodiversity; however, the Group plans to define its
ambitions and objectives in the coming years. In fact, over the next two years, the Policy, along with its
ambitions and objectives, will undergo review and expansion to encompass broader operations and upstream
activities across the Group. Certain market companies within the Group, such as Campari France, have already
set local targets. The Group monitors progress through an indirect metric: the adoption of certification schemes
by farmers and relies on external reviews to provide insights into the effectiveness of these schemes. In France,
Campari-Lallier aims at reaching 65% of certified suppliers by 2024, 90% by 2028, and full compliance by 2030,
while in the Cognac Region the goal is to achieve 100% supplier certification by 2028 (for more information refer
to the 'Regional Certification Schemes' paragraph in the 'E4-Impacts, risks and opportunities' chapter).
The current Policy prioritises targets within key sourcing areas and Campari Group's own plantations,
specifically vineyards in the Champagne and Cognac regions of France and sugarcane plantations in
Martinique. In France, the target timeframe aligns with sectoral initiatives in wine-growing regions, aiming for
completion by 2030.
Campari Group's local targets are closely tied to addressing the risk of ecosystem deterioration through
minimisation efforts and leveraging opportunities for ecosystem improvements via restoration and the recreation
of biodiversity potential. The current Policy focuses on key sourcing areas and the Group's own plantations in
France, specifically vineyards in the Champagne and Cognac regions, as well as sugarcane plantations in
Martinique. It is specified that biodiversity offsets are not used in achieving these targets. Direct actions on
Company-managed land, such as the introduction of hedges and areas enhancing biodiversity, prioritise habitat
restoration and impact minimisation. Upstream actions, meanwhile, concentrate on minimizing environmental
impacts through the adoption of farming-certification schemes.
Biodiversity metrics
Campari Group has identified three sites under its operational control that are located in biodiversity-sensitive
areas: the site in Martinique (which includes a distillery and a bottling plant) and the Appleton and New
Yarmouth distilleries in Jamaica. Martinique is part of the UNESCO Man and the Biosphere Reserves, while
Jamaica, according to the WWF Biodiversity Risk Filter, is situated in a high-risk key biodiversity area. In
Martinique, Campari Group owns 776 hectares and rents an additional 336 hectares. In Jamaica, the total area
of the distilleries amounts to about 1,343 hectares.
In 2024, Campari Group’s direct business activities contributed to land-use change within designated land
allocated for industrial development. This includes plant extension projects aimed at expanding built-up areas
within existing premises, such as at the Lawrenceburg distillery in the United States and the New Yarmouth
Estate distillery in Jamaica. At the same time, the Group is implementing improved farming management
practices on directly cultivated land, such as sugarcane plantations in Martinique and vineyards in the
Champagne region of France, with the goal of minimizing environmental impacts and restoring areas with higher
biodiversity.
Biodiversity-deep dive on local risks

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Campari Group annual report for the year ended 31 December 2024

Campari Group recognises several risks associated with reduced and volatile farm yields, which directly impact
supply security and price stability. These risks are linked to factors such as soil degradation, vulnerability to
drought, topsoil washout and erosion, and heavy reliance on chemical fertilisation to sustain yields. Additionally,
monoculture farming increases exposure to pests, further exacerbating these challenges. Similarly, there is a
risk of reduced harvests of naturally grown herbs and botanicals, driven by biodiversity changes resulting from
land-use interventions and habitat alterations, often compounded by climate change. The risks associated with
reduced and volatile farm yields can significantly disrupt the operations and financial stability of a company like
Campari Group. These risks can cause supply chain interruptions, leading to challenges in sourcing the
necessary raw materials and maintaining consistent production levels. This, in turn, affects the costs and
availability of products, potentially leading to increased prices and volatility. At this stage, detailed assumptions
about the financial impacts of these risks cannot be provided. However, the Company expects that the effects
will become evident in the medium- to long-term. Improvements in biodiversity and natural ecosystems could
deliver several benefits over this timeframe. These include reduced reliance on fertilisers and pesticides,
decreased mechanical pressure on soil, and the restoration of the soil's biological potential. Other advantages
encompass carbon sequestration, natural nitrogen binding, and nature-based defence mechanisms supported
by healthy soils, hedges, and recreated biodiversity areas. Such improvements also restore ecosystem services,
such as pollination, which are critical for other crops.
While the potential benefits and risks are expected to increase in probability and severity over the medium- to
long-term, quantifying financial effects requires further research and empirical data collected across different
regions over extended vegetation cycles. This data will be crucial for drawing consistent conclusions and
extrapolating impacts.
To address these challenges, Campari Group is actively engaging with key suppliers to exchange knowledge
and advance the understanding of effective solutions and their impacts. However, due to the current limitations
in methodological approaches, the Company refrains from providing specific assessments of the financial
effects related to biodiversity and ecosystems services. Nonetheless, Campari Group assumes that consistent
efforts to minimise negative impacts and restore ecosystem potential will lead to widespread improvements.
These efforts are expected to enhance crop resilience, improve soil health, and enable farmers to reduce their
reliance on synthetic chemicals.

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Campari Group annual report for the year ended 31 December 2024

ESRS E5 Resource use and circular economy
Strategy, Policies and Actions related to Resource use and circular economy
Campari Group's commitment to enhancing circularity and efficient resource utilization is embedded into the
Group's Environmental Policy. For additional information refer to the 'ESRS E1 Climate Change-Governance
and policies related to Climate change mitigation and adaptation and Energy' section.
The policy addresses circularity and resource management through several key dimensions, listed below:
- Resource management: Campari Group is committed to collaborating with partners in its value chain to
optimize material use and improve waste management, minimise waste sent to landfill, reduce environmental
impacts and risks, and explore innovations for continuous improvement;
- Bio-materials: Campari Group works to ensure the responsible management of bio-materials throughout the
alcoholic and non-alcoholic beverages production process. These materials, which flow through
fermentation, infusion, distillation and blending, are responsibly managed to avoid the discharge of
environmentally harmful wastewater. Liquid by-products are separated, and where possible, efforts are made
to achieve zero waste to landfill. Moreover, where possible, the conversion of bio-materials into new
sustainable products fulfils the Group’s commitments to responsible water management and waste disposal;
- Circular packaging: the circularity of Campari Group’s packaging is in line with its GHG emission-reduction
targets, as recycling materials helps to avoid Scope 3 emissions and save energy.
Campari Group has developed internal guidelines for packaging design and sourcing with the aim of increasing
the recycled content in packaging materials purchased in the market. This includes assessing the availability
and technical feasibility of including recycled content or replacing fossil-based materials with bio-based
materials, as well as considering other material specifications and legislative requirements. Recycled content is
routinely discussed in the context of supplier engagement and is included as a contractual requirement for most
packaging categories.
In addition, the Group has internal procurement guidelines that define sustainable sourcing conditions related to
packaging materials, mainly paper and other natural materials. Whenever possible, Campari Group incorporates
these sustainability criteria into its purchasing specifications and supply chain processes. Continuous monitoring
process is ensured by the dedicated Research & Development packaging team within the Supply Chain
function.
The Group has established that, within the scope of its manufacturing operations, a zero-waste-to-landfill
approach shall be followed, focusing on reducing waste generation, exploring new waste destinations, and
collaborating with suppliers on sustainable packaging solutions. During 2024, the Group took key actions to
improve the circularity of packaging introduced to the market. These efforts were based on the main measures
taken since the creation of the packaging design criteria and the engagement of suppliers in 2022. The actions
initiated, were the following:
- Increased recycled content in plastic bottles ('PET'), outer cases (cardboard boxes), and metal cans. These
actions have resulted in an estimated reduction of 4,100 tonnes of CO2e;
- Light-weighting projects on key glass bottles, which enabled a reduction of 1,400 tonnes of CO2e.
- Improved logistics through flow optimization and pallet efficiency, with an estimated reduction of 4,200 tons of
CO2e.
- Elimination of over packaging, such as pourers, gift boxes and dividers, to reduce material intensity,
achieving a reduction of 700 tonnes of CO2e.
- Evaluation of new product ideas based on Campari Group’s sustainable packaging design criteria, with over
90% adherence to these guidelines.
- Engagement with suppliers through an annual process of ongoing discussions and material improvement
plans, including recycled content, recyclability and material intensity reduction. This will enable short- and
medium-term planning for CO2e emissions reductions and circularity improvements.
Campari Group is committed to continuing similar actions through 2025 until 2027, with the following projected
o utcomes:
- Increased recycled content in glass bottles and cardboard boxes, with the goal of reducing CO2e by
8,000-10,000 tonnes.
- Light weighting key glass bottles, with an estimated reduction of 4,000-6,000 tonnes of CO2e.
- Improving logistics through further localisation and pallet optimization, with an estimated reduction of
2,000-3,000 tons of CO2e.
- Avoidance of over packaging (i.e., gift boxes, dividers, returnable components) to reduce material intensity,
with a target reduction of 3,000-4,000 tonnes of CO2e.

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Campari Group has an internal Packaging Research&Development department that works closely with suppliers
and commercial teams. Most of the packaging redesign activities are aimed at saving material, in order to
optimize packaging consumption. In specific cases, packaging changes are made to achieve environmental
benefits, and the additional cost is incorporated into the overall product price.
Impact, risk and opportunity related to Resource use and circular economy
Campari Group performed a flow analysis, covering the conversion of raw materials into spirits and other
beverages and packaging activities at primary, secondary and transport levels. The waste and by-products of
the production process were also analyzed in terms of waste diversion from landfills and reuse of materials at
the production site. In the context of extended circularity, packaging waste within the value chain and post-
consumer packaging waste are considered, with a focus on waste minimization and material recycling. The
Group conducted independent consultations and participated as a member of the 'spiritsEUROPE industry
association' in the consultation process on the Packaging and Packaging Waste Regulation ('PPWR') within the
European Union.
Through the conducted analysis, the Group identified the following key risks and opportunities for the industry.
- Regulatory transition risk: the main consequences are related to changes in the regulatory framework on
recycling rates and plastic waste management.
- Failure to meet recycling targets: the risk of not meeting recycling targets due to underdeveloped collection
systems, waste leakage and the competition between industries for recycled content.
- Circularity and CO2e emission reduction: Campari Group identified the potential to lower CO2e emissions by
increasing the recycled content of paper, glass and plastics.
- Packaging innovation: the industry can further promote sustainability and environmental impact reduction by
minimizing the use of materials and replacing them with innovative packaging concepts.
The results of the processes to identify and assess material resource use and circular economy impacts, risks
and opportunities for Campari Group for the reporting period 2024 are summarized below.

Relevant sub-topic | Impacts | Risks | Opportunities
Resources inflows, including resource use | Usage of virgin and non-recycled materials in products' packaging impacting the environment (negative) | - | -
Waste | Production and disposal of waste (negative) | - | -

With regard to the environmental impact of natural resources’ depletion coming from the usage of virgin and
non-recycled materials in product packaging, the Group has assessed the main possible levers providing
opportunities for mitigating such impact. The key findings are listed below.
- Sustainability of packaging materials: approximately 99% of Campari Group’s packaging materials are highly
recyclable, including glass, paper and metal, which contribute to waste avoidance and energy savings
through circular solutions. There is a huge opportunity in improving collection rates and increasing the
efficiency of recycling processes.
- Material intensity reduction: there is also an opportunity to reduce material intensity by light-weighting and
improving the recyclability of accessory materials, such as natural materials and plastics. This would have
the major benefit of reducing energy consumption and waste for disposal.
- Innovative packaging concepts: a significant opportunity also lies in researching innovative packaging
solutions, such as reuse and refill systems for specific trade channels, which could further improve the
Group’s sustainability performance.
Metrics and Targets related to Resource use and circular economy
Regarding waste, the Group set a global target related to the waste sent to landfill as defined below:

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Campari Group annual report for the year ended 31 December 2024

Targets | 2024 Achievements | Next steps
Zero waste to landfill by 2025. | - Without considering the impact of Courvoisier, total waste reduced by 15.5% compared to 2023, while including Courvoisier, total waste increased by 6.9%. - Waste to landfill reduced by 33%, equal to 261 tonnes less of waste, compared to 2023. - The ratio between the total waste destined for landfill (530 tonnes) and the total volume of waste produced including Courvoisier (62,226 tonnes) was reduced to 0.9%. Without considering Courvoisier, the ratio is 1.1%. | -Continue the global reduction program towards the zero waste to landfill target within 2025.

Regarding the resources use in the packaging, the actions taken, directly related to policy objectives, are
monitored by Campari Group across several key dimensions:
- regular evaluation of new packaging ideas against sustainable design criteria to minimise the proliferation of
non-compliant solutions;
- circularity conditions and packaging performance are discussed and assessed annually with suppliers,
including the development of forward-looking action plans;
- the impact of circularity is also measured through CO2e savings, particularly as part of the Scope 3 carbon
footprint.
With reference to circularity, improvement measures are defined annually, with a continuous pipeline of projects.
Overall progress is consolidated annually based on key drivers: material intensity, recyclability, recycled content
of key materials and packaging design compliance. Internal targets are set based on industry benchmarks and
feasibility assessments.
Campari Group has set organization-wide targets for external disclosure and plans to define and communicate
its commitments to circularity over the next two years.
Campari Group’s targets voluntarily achieved encompass many resource inflows and outflows to promote the
growth of the circular economy. However, for some markets and jurisdictions, the respective targets may also
coincide and reflect compliance obligations under local legislations. These main principles and strategies for
sustainable development and circular economy practices can be summarized in the following key specific
actions:
a) circular design and durability: Creating products that are designed to be durable, easy to disassemble,
reusable, and recyclable.
b) use of circular materials: increasing the use of circular materials in products and manufacturing processes to
reduce reliance on virgin raw materials.
c) sustainable supply sources: ensuring that renewable resource-based supplies come from sustainable
sources and adhere to the cascading principle.
d) recycled content and material intensity: meeting targets for recycled content and reducing material intensity.
e) waste management: implementing waste management practices that prepare for proper treatment and
recyclability, considering the realities of post-consumer waste in target markets.
f) carbon footprint monitoring: focusing on monitoring and reducing carbon footprint intensity, particularly Scope
3 emissions.
Resource inflo ws
The data below cover only the raw materials derived from the negative impact generated, i.e., 'usage of virgin
and non-recycled materials in products' packaging impacting the environment'.

Materials used in resource inflows(1) | UoM | 2024 | 2023 | % change 2024 vs. 2023
Overall total weight of products and technical and biological materials used | t | 281,693.8 | 376,200.0 | -25.1%
Glass | t | 248,047.0 | 340,000.0 |
Metal | t | 3,935.7 | 3,600.0 |
Paper | t | 26,990.2 | 30,000.0 |
Plastic | t | 1,694.6 | 1,400.0 |
Cork | t | 1,026.37 | 1,200.00 |

(1)The data reported on materials used in resource inflows include estimates for Casa Lumbre, derived using data available for products produced in the Arandas
plant, given the similar packaging used for tequila and mezcal.
The weight and percentage of recycled materials in resource inflows is provided in the table below. In 2024, with
particular reference to recycled glass, the value dropped to 27.5% for two main reasons: market volatility, which
caused a shortage and price increase of cullet, and improved data coverage. In 2023, around 80% of volumes
were covered, while in 2024, coverage increased to 91% by including smaller suppliers who have lower cullet
percentages.
1 The waste data for Casa Lumbre in the tables above have been estimated using the data available from Arandas, given the similar distillation processes for
tequila and mezcal.

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Campari Group annual report for the year ended 31 December 2024

Recycled materials in resource inflows(1) | UoM | 2024 | 2023 | % change 2024 vs. 2023
Weight of secondary reused or recycled components used to manufacture the undertaking’s products and services (including packaging) | t | 89,664.3 | 142,984.6 | -37.3%
Glass | t | 68,140.9 | 121,720.0 |
Metal | t | 2,377.5 | 2,073.6 |
Paper | t | 18,611.8 | 18,750.0 |
Plastic | t | 534.0 | 441.0 |
Cork | t | - | - |
Weight of secondary intermediary products used to manufacture the undertaking’s products and services (including packaging) | t | - | - |
Weight of secondary materials used to manufacture the undertaking’s products and services (including packaging) | t | - | - |
Percentage of secondary reused or recycled components used to manufacture the undertaking’s products and services (including packaging) | % | 31.8% | 38.0% | -6.2%
Glass | % | 27.5% | 35.8% |
Metal | % | 60.4% | 57.6% |
Paper | % | 69.0% | 62.5% |
Plastic | % | 31.5% | 31.5% |
Cork | % | - | - |
Percentage of secondary intermediary products used to manufacture the undertaking’s products and services (including packaging) | % | - | - |
Percentage of secondary materials used to manufacture the undertaking’s products and services (including packaging) | % | - | - |

(1)The recycled content is based on the purchased volumes for which the Group has visibility of recycled content. This perimeter covers 91% for glass, 90% for
metal, 52% for paper, 58% for plastic.
Resource outflows-Waste 1

Waste produced | UoM | 2024 | 2023 | % change 2024 vs. 2023
Total amount of waste generated (including Courvoisier) | t | 62,225.9 | - | 6.9%
Waste intensity per litre manufactured (including Courvoisier) | kg/L | 0.1 | - | 7.8%
Total amount of waste generated (excluding Courvoisier)(1) | t | 49,181.9 | 58,221.0 | -15.5%
Waste intensity per litre manufactured (excluding Courvoisier) | kg/L | 0.1 | 0.1 | -4%
Total amount of waste diverted from disposal (including Courvoisier) | t | 61,305.8 | - | 7%
Total amount of waste diverted from disposal (excluding Courvoisier) | t | 48,291.8 | 57,409.4 | -16%

(1)The discrepancy between the total amount of waste generated (excluding Courvoisier) and the destination of total waste (315.9 tonnes) is due to the fact that
waste produced in a given month may sometimes be destined in later months.

Hazardous waste diverted from disposal (excluding Courvoisier) | UoM | 2024 | 2023 | % change 2024 vs. 2023
Total amount of hazardous waste diverted from disposal | t | 122.0 | 61.2 | 99.3%
Preparation for reuse (both internal and external) | t | 0.8 | 9.6 |
Recycling | t | 50.9 | 4.3 |
Recovery, including energy recovery | t | 64.1 | 37.0 |
Composting | t | - | - |
Fertilization in agriculture | t | - | - |
Other recovery operations (deep well injection, on-site storage, other waste destination) | t | 6.2 | 10.3 |

Non-hazardous waste diverted from disposal | UoM | 2024 | 2023 | % change 2024 vs. 2023
Total amount of non-hazardous waste diverted from disposal (including Courvoisier) |  | 61,183.8 | - | 6.7%
Total amount of non-hazardous waste diverted from disposal (excluding Courvoisier) | t | 48,169.8 | 57,348.2 | -16.0%
Preparation for reuse (both internal and external) | t | 17,252.1 | 22,043.0 |
Recycling | t | 3,804.0 | 4,072.5 |
Recovery, including energy recovery | t | 12,991.0 | 13,279.1 |
Composting | t | 12,329.9 | 16,460.6 |
Fertilisation in agriculture | t | 9.0 | - |
Other recovery operations (deep well injection, on-site storage, other waste destination) | t | 1,783.8 | 1,493.0 |

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Campari Group annual report for the year ended 31 December 2024

Waste directed to disposal | UoM | 2024 | 2023 | % change 2024 vs. 2023
Total amount of waste directed to disposal (including Courvoisier) | t | 604.3 | - | -25.4%
Total amount of waste directed to disposal (excluding Courvoisier) | t | 574.3 | 810.5 | -29.1%
Amount of hazardous waste directed to disposal | t | 35.9 | 14.1 |
Incineration | t | 24.1 | 13.6 |
Landfill | t | 11.8 | 0.5 |
Other disposal operations | t | - | - |
Amount of non-hazardous waste directed to disposal (including Courvoisier) | t | 568.4 | - |
Amount of non-hazardous waste directed to disposal (excluding Courvoisier) | t | 538.4 | 796.4 |
Incineration | t | 19.9 | 6.2 |
Landfill | t | 518.5 | 790.2 |
Other disposal operations | t | - | - |

Non-recycled waste | UoM | 2024 | 2023 | % change 2024 vs. 2023
Total amount of non-recycled waste (including Courvoisier) | t | 604.3 | - | -25.4%
Percentage of non-recycled waste (including Courvoisier) | % | 1.0% | - | -0.4%
Total amount of non-recycled waste (excluding Courvoisier) | t | 574.3 | 810.5 | -29.1%
Percentage of non-recycled waste (excluding Courvoisier) | % | 1.2% | 1.4% | -0.2%

Waste produced (Courvoisier) | UoM | 2024
Total amount of waste generated | t | 13,044.0
Total amount of non-hazardous waste | t | 13,044.0
of which diverted from disposal | t | 13,014.0
of which directed to disposal | t | 30.0
Total amount of hazardous waste | t | -
Total amount of waste diverted from disposal | t | 13,014.0

Campari Group’s waste levels are consistent with the industry standard for typical production. The waste
composition consists mainly of solid wastes and by-products (bagasse, fermentation sludge, infusion deposits)
and post-distillation liquid residues (stillage, vinasse). The absence of radioactive waste is confirmed.
Data are primarily based on direct measurements using available and practicable systems in each country.
However, some markets may be limited by factors such as poor infrastructure for waste diversion, low landfill
costs or the general lack of feasibility of waste recovery, especially in remote areas such as islands. These
factors are taken into consideration when determining and classifying products designed according to circular
principles, with the associated assumptions disclosed accordingly.
Anticipated financial benefits cannot be reliably estimated. Most packaging redesign solutions result in material
savings, which translates into optimized packaging costs. In some cases, modifying packaging to achieve an
environmental benefit may result in a modest additional cost, which is usually absorbed in the overall cost of the
product. The use of recycled content in primary packaging materials (glass, paper and aluminum) offers cost
benefits to the supplier.
EU Taxonomy disclosures
The following disclosure complies with the reporting requirements of the EU Regulation 852/2020, hereafter
referred to as ‘Taxonomy Regulation’ or ‘Taxonomy’, and subsequent delegated regulations and amendments,
including Delegated Regulation 2021/2139 (Climate Delegated Act), Delegated Regulation 2021/2178
(Disclosure Delegated Act) and Delegated Regulation 2023/2486 (Environmental Delegated Act). In particular,
the application of the EU Taxonomy Regulation and connected Delegated Act entrails reporting eligibility and
alignment regarding activities contributing to all six environmental objectives (climate change mitigation and
adaptation, sustainable use of water and marine resources, transition to circular economy, pollution prevention
and control and prevention and restoration of biodiversity and ecosystem) in all reports covering the fiscal year
2024.
Campari Group’s approach
Campari Group is committed to the responsible use of resources and reduction of the environmental impact of
production activities as outlined in the targets set at Group level. The Taxonomy framework permeates directly

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Campari Group annual report for the year ended 31 December 2024

into the way Campari Group operates, as it commits in the future to increasingly include the Regulation’s
requirements within its business conduct, both at strategic and operational level.
Eligibility Assessment
The Group carried out a screening of its activities and operations to identify economic activities that could be
considered as eligible with respect to all six environmental objectives.
Moreover, it has carried out an in-depth assessment of the consolidated revenues in the financial statement, in
order to assess the presence of eligible economic activities that generate net sales. The KPI of turnover is
considered with respect to the provision of par. 1.1.1. of Annex I Disclosure Delegated Act as net sales in line
with International Accounting Standard (IAS) 1, paragraph 82(a) as reported in Campari Group Consolidated
Financial statements at 31 December 2024, paragraph 3.i.. T he analysis included a screening of the activities of
the six climate objectives with the aim of assessing their eligibility, and whether they are classified within the
consolidated net sales items. The assessment showed that Campari has no revenue-generating activity
included in the accounting item ‘net sales’: for Campari Group, net sales are almost entirely related to the sale of
spirits in the Group's markets.
Capital expenditures (‘CapEx’) and operating expenditure (‘OpEx’) were analysed separately to map those
connected with assets or processes that are associated with Taxonomy-eligible economic activities and with the
acquisition of outputs from eligible economic activities or individual measures that reduce greenhouse gasses
emissions[1]. Such types of CapEx and OpEx will hereafter be referred to as capital and operating expenditures
in eligible (or aligned) economic activity. Campari Group identified some capital expenditure in eligible economic
activities contributing to the Climate Change Mitigation and Circular Economy objectives. In case of eligible
individual measures, they will be implemented and operational within 18 months from the recognition of the
CapEx within the financial statement.
It should be noted that as the Group’s core activities are not yet included in the Regulation and thus there are no
specifications of what characteristics its core business activities must have to be taxonomy-eligible or -aligned,
Campari Group is not investing in a ‘CapEx plan’ as defined by the Regulation to expand Taxonomy-aligned
economic activities or to allow Taxonomy-eligible economic activities to become Taxonomy-aligned with respect
to its own core activities. Nevertheless, it is committed to considering and evaluating the integration of
sustainability criteria as defined by the EU Taxonomy Regulation in its investments whenever possible.
The main difference in the composition and magnitude of eligible activities is connected to the activity ‘7.7
Acquisition and ownership of buildings (CCM)’, which includes the purchase of the building for the new Campari
headquarters in Milan. This project is expected to entail resources invested in the renovation of the building in
the coming years.
CapEx considered eligible can be divided into the following activities, potentially contributing to the following
objectives: Climate change mitigation ('CCM') and Transition to a circular economy ('CE').
These capital and operating expenditures are defined by the Commission Delegated Regulation (EU) 2021/2178
of 6 July 2021, Art. 8 Delegated Regulation-(Annex I) as ‘related to the purchase of output from Taxonomy-
aligned economic activities and individual measures enabling the target activities to become low carbon or to
lead to greenhouse gas reductions’.
The list of eligible activities and the related contribution objectives is detailed below. The data refer to eligible
activities and eligible but not aligned activities.

Economic Activities | Activity objectives for eligibility | Percentage of eligibility (CapEx)
Acquisition and ownership of buildings | CCM 7.7. | 15.62%
Construction of new buildings | CCM 7.1., CE 3.1. | 6.86%
Construction, extension and operation of waste water collection and treatment | CCM 5.3. | 3.36%
Anaerobic digestion of bio-waste | CCM 5.7. | 2.02%
Renovation of existing buildings | CCM 7.2., CE 3.2. | 1.12%
Installation, maintenance and repair of renewable energy technologies | CCM 7.6. | 0.55%
Production of alternative water resources for purposes other than human consumption | CE 2.2. | 0.31%
Provision of IT/OT data-driven solutions | CE 4.1. | 0.08%
Total % of eligible projects (eligible activities and eligible but not aligned activities) |  | 29.91%

Some activities were further explored following refinements to the analysis methodology. Specifically, the irrigation project located in Martinique at the Bellonnie
et Bourdillon Successeurs S.A.S. legal entity, last year was deemed as eligible for activity ‘5.1 Construction, extension and operation of water collection,
treatment and supply systems (CCM)’, while this year it was assessed as eligible for activity ‘2.2 Production of alternative water resources for purposes other
than human consumption (CE)’ as well. Similarly, the Vinasse Treatment Plant project in Arandas (Mexico) at the Campari Mexico Destiladora S.A. de C.V legal
entity, this year has been assessed as eligible for activity ‘5.7 Anaerobic digestion of bio-waste (CCM)’.

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Campari Group annual report for the year ended 31 December 2024

Alignment Assessment
The identified capital expenditures in eligible economic activities have been investigated to assess whether they
could be considered aligned. The assessment was conducted considering the projects’ features and involving
the most relevant suppliers that collaborated with Campari Group for the implementation of each project.
Minimum Safeguards
In line with the provision of the Taxonomy Regulation, the Group ensures that it will carry out its activities in
respect of the social minimum safeguards drawing guidance from globally recognised frameworks such as the
OECD Guidelines for Multinational Enterprises (OECD MNE Guidelines), the UN Guiding Principles on Business
and Human Rights ('UNGPs'), including the principles and rights set out in the eight fundamental conventions
identified in the Declaration of the International Labor Organization on Fundamental Principles and Rights at
Work and The International Bill of Human Rights.
Consistently with the previous reporting period, the Group adopted a two-level assessment approach,
conducting a screening at both organization level and supplier level to ensure compliance with the minimum
safeguards within its operations and along the supply chain. The assessment focused on the topics of human
rights (including labor and consumer rights), corruption and bribery, taxation and fair competition.
Regarding compliance within the organization, Campari Group has adopted the Code of Ethics that summarizes
the guiding principles of the Group’s conduct and implemented specific measures for each of the topics covered
by the minimum safeguards. Detailed information about the Code of Ethics and the measures taken by the
Group in the areas of human rights, corruption and bribery, taxation and fair competition can be found in the
dedicated sections in this document. With the aim of enhancing transparency around diversity and inclusion
within the Group, Campari Group monitors disparities in remuneration among genders by adopting the KPI of
gender pay gap, as reported in the ‘ESRS S1 Own workforce - Equal treatment and opportunities for all’
paragraph of this document. Additional information on diversity and inclusion with regard to the composition of
the Board of Directors can be found in the ‘The Sustainability Governance model’ section.
In line with the last year, Campari Group has not been convicted in court in cases related to human rights,
corruption and bribery, taxation or fair competition, nor it has been involved in a case handled by an OECD
National Contact Point ('NCP') or questioned by the Business and Human Rights Resource Center ('BHRRC').
Moreover, to ensure proper conduct and compliance with minimum safeguards criteria throughout the supply
chain and to strengthen its commitment to protecting the rights of value chain workers, Campari Group launched
its Human Rights Due Diligence process in 2024. New expectations were introduced in 2024 for the Group’s
suppliers, requiring them to sign an updated version of the Supplier Code of Conduct. This revised Code
outlines Campari Group’s standards for sustainability, ethics and compliance, with enhanced clauses addressing
key ESG topics. The updated sections cover critical areas including labor standards, environmental
stewardship, greenhouse gas emissions, waste reduction, pollution control, sustainable packaging and practices
supporting sustainable agriculture and biodiversity.
Furthermore, to verify compliance across the value chain, a specific assessment has been conducted on the
suppliers related to the projects considered aligned to the Taxonomy framework. The analysis involved directly
questioning suppliers about procedural and outcome dimensions. The analysis conducted allowed for an
assessment of whether both Campari Group and the selected suppliers operate in compliance with all minimum
safeguard criteria, ensuring that the activities specified below align with the Regulation.
Substantial Contribution and Do No Significant Harm ('DNSH')
The alignment to Substantial Contribution and DNSH criteria was assessed through an investigation of the
projects’ features, conducted, when necessary, with the collaboration of the involved suppliers. Details about the
aligned projects, and therefore connected CapEx, as well as results of the assessment are presented below.

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Campari Group annual report for the year ended 31 December 2024

The list of aligned projects and the related contribution objective is detailed below.

Project details | Objective | Activity | Percentage of alignment (CapEx)
Implementation of a wastewater treatment plant into the New Yarmouth distillery to ensure a safer return of treated wastewater to the environment | CCM | 5.3 | 3.36%
Production of alternative water resources for purposes other than human consumption in the Agri Martinique production site | CE | 2.2 | 0.31%
Installation of photovoltaic panels in the New Yarmouth production site | CCM | 7.6 | 0.12%
Implementation of a IT/OT software for the management of the bottling line in order to evaluate the status of the entire line | CE | 4.1 | 0.05%
Installation of photovoltaic panels in the Novi Ligure production site | CCM | 7.6 | 0.03%
Total % of aligned projects |  |  | 3.87%

It should be considered that the Group’s core business is excluded from the Taxonomy, and therefore the
absence of specific characteristics to define the activities as sustainable entails a difficulty in aligning the
activities that emerged as eligible even though they have important elements of efficiency. An example is the
eligible project of the Vinasse Treatment Plant the Group is implementing in its production plant in Arandas,
Mexico. This Low-Rate Multiphase Treatment System allows conversion of organic waste to recoverable biogas
and reduce the volume of sludge and make it reusable. This system makes the treated wastewater suitable for
reuse or discharge in compliance with environmental regulations. Moreover, the methane from vinasse
decomposition is prevented from spreading into the atmosphere and the generated biogas is recovered to be
used by a new high-efficiency multi-fuel steam boiler, therefore reducing the use of heavy fuel in favour of low-
emitting renewable energy (Scope 1). Finally, the reduced volume of solid residues decreases the emissions
from their transportation (Scope 3), entering the composting facility to be treated to produce natural fertilizers
and compost for local farmers.
Furthermore, special attention is dedicated to the ‘Thermal Vapor Recompression’ project (‘TVR’), located at the
GlenGrant plant. Previously reported in 2023 in relation to preliminary activities, the project envisaged
development activities in 2024. The main benefits deriving from the implementation of the project are the
following:
- Reduction of thermal energy consumption as a partial step towards the distillery’s decarbonization path and
contribution to the Group CO2 intensity target;
- Reduction of water withdrawals from the local river, given the local context of possible increased risk of
drought and also as a contribution to global water intensity target.
The project, consisting of the installation of a TVR system on all four wash stills, is estimated to reduce the
energy usage and cooling water by introducing a closed loop, allowing about 40% of water savings, 20% of
energy savings and 20% of CO2 emissions savings.
In addition, when applicable to its projects, the Group is committed to the increasing integration of the principles
and criteria of the EU Taxonomy. This is the case, for example, of the previously mentioned new Campari
Group's headquarters in Milan. The Group has in fact acquired a building that will serve as the new
headquarters and has planned major renovation operations. In the context of the execution of these work
projects, which will be taking place in 2025, the Group arranged for the alignment criteria of the EU Taxonomy to
be considered by both projects' design and the suppliers involved.
Details about the projects aligned in 2024 are presented in the tables below.
Activity 5.3. Construction, extension and operation of wastewater collection and treatment (CCM)

Requirements | Elements for compliance
Substantial Contribution (for Climate Change Mitigation) | The net energy consumption of the wastewater treatment plant is below the threshold set for its capacity. Moreover, the assessment of the direct GHG emissions was not required as it concerns a newly built plan. The calculation was made taking into account the daily consumption value.
DNSH Climate Change Adaptation | Campari Group does consider the relevant risks for its activity among the ones included in Appendix A and takes the necessary adaptation actions. More specifically, Campari Group performs a site-level assessment to evaluate both the physical climate-related and chronic risks considering three different climate change scenarios and developed the project taking into consideration the risks identified based on the type of activity and location according to the latest guidance and recommendations available. In this context, the details of the climate risk assessment are considered proportionate to the type of activity and the current assessment is sufficient to identify the physical climate risks that are material to the activity.
DNSH Use and protection of Water and Marine Resources | The environmental degradation risks related to preserving water quality and avoiding water stress are identified and addressed in accordance with applicable national law and a water use and protection management plan has been developed accordingly. The project was formally approved by and complies with the requirements of the Jamaican National Environmental Department regarding the preservation of water quality and the avoidance of water stress. The interaction with the Jamaican Agency could be considered as an element of compliance also for the DNSH Pollution Prevention and Control and Protection and Restoration of Biodiversity and Ecosystems. Furthermore, the treated water is not used for agricultural irrigation.

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Campari Group annual report for the year ended 31 December 2024

Requirements | Elements for compliance
DNSH Pollution Prevention and Control | Discharges to receiving waters meet the requirements as laid down in national provisions stating maximum permissible pollutant levels from discharges to receiving waters.
DNSH Protection and Restoration of Biodiversity and Ecosystems | It was assessed that the site is not located in or near biodiversity-sensitive areas and all requirements set by the national legislation have been respected.

Activity 7.6. Installation, maintenance and repair of renewable energy technologies (CCM)

Requirements | Elements for compliance
Substantial Contribution (for Climate Change Mitigation) | The three projects under analysis involve the installation, maintenance and repair of solar photovoltaic systems and the ancillary technical equipment activity.
DNSH Climate Change Adaptation | Campari Group does consider the relevant risks for its activity among the ones included in Appendix A and takes the necessary adaptation actions. More specifically, Campari Group performs a site-level assessment to evaluate the physical climate-related risks and chronic risk considering three different climate change scenarios. Moreover, the Group developed the projects taking into consideration the risks identified based on the type of activity and location according to the latest guidance and recommendations available. In this context, the details of the climate risk assessment are considered proportionate to the type of activity and the current assessment is sufficient to identify the physical climate risks that are material to the activity.

Activity 2.2 Production of alternative water resources for purposes other than human consumption (CE)

Requirements | Elements for compliance
Substantial Contribution | The Trois Rivieres production site project involves the construction of a facility for harvesting rain and storm water, which is included within the categories expressed by the Substantial Contribution Criteria. The alignment assessment verified that, in relation to the category in which the project falls, the requirements were correctly addressed.
DNSH Climate Change Adaptation | Campari Group does consider the relevant risks for its activity among the ones included in Appendix A and takes the necessary adaptation actions. More specifically, Campari Group performs a site-level assessment to evaluate both the physical climate-related and chronic risks taking into account three different climate change scenarios ('low' based on RCP 2.6; 'intermediate' based on RCP 4.5; and 'high' based on RCP 8.5) and developed the project taking into consideration the risks identified based on the type of activity and location according to the latest guidance and recommendations available. In this context, the details of the climate risk assessment are considered proportionate to the type of activity and the current assessment is sufficient to identify the physical climate risks that are material to the activity.
DNSH Water | The environmental degradation risks related to preserving water quality and avoiding water stress are identified and addressed in accordance with applicable national law and a water use and protection management plan has been developed accordingly. The project activities include, in the scope of the project design, the assessment of environmental degradation risks related for the preservation of water quality. In particular, the project has foreseen an Environmental impact assessment, aimed at evaluating the impacts on the aquatic environment, fauna and flora, and to address any related risks.
DNSH Pollution | The project does not entail the reuse of reclaimed water, therefore the requirement contained within the DNSH Pollution, applicable specifically to facilities for producing reclaimed water, was assessed as 'not applicable' with respect to the Trois Rivieres project.
DNSH Biodiversity | The project included an Environmental Impact Assessment which assessed the surrounding areas of the site, who assessed the proximity of the site to a protected area (the mangrove). The management of this area has been designed to avoid taking too much soft water from the area, and to avoid releasing the water in case of overflow or emptying in the direction of the mangrove, using a naturally occurring intermittent stream trace.

Activity 4.1 Provision of IT/OT data-driven solutions (CE)

Requirements | Elements for compliance
Substantial Contribution | SEDAPTA project was assessed as eligible in relation to the 'remote monitoring and predictive maintenance systems' category included within the Substantial Contribution criteria. The project involves, within the bottling lines, the monitoring of the line’s status, in which PLCs and/or CPUs of machines send alarms and warnings in case of failures.
DNSH Climate Change Adaptation | Campari Group does conduct periodic climate change risk assessments at site level for all its sites, including where SEDAPTA is implemented. The details of the climate risk assessment are considered proportional to the type of activity.
DNSH Water | Given the nature of the IT/OT system-related activity, together with the interpretation of the requirements of the regulation, the DNSH Water criteria is deemed as not applicable for the project under analysis: this requirement is considered as not relevant for this activity, thereby does not give rise to any potential issues with a DNSH-criterion.
DNSH Pollution | The alignment criteria listed within DNSH Pollution have been assessed to ensure compliance. In particular, the hardware applied meets the efficiency criteria required by Directive 2009/125/EC for servers and data storage products, and is provided with all major environmental certifications (including EnergyStar, EPEAT, ISO 14001, RoHS, REACH).
DNSH Biodiversity | Given the nature of the IT/OT system-related activity, together with the interpretation of the requirements of the regulation, the DNSH Biodiversity criteria is deemed as not applicable for the project under analysis: this requirement is considered as not relevant for this activity, thereby does not give rise to any potential issues with a DNSH-criterion.

Results and accounting policy
The Group’s result for the full year 2024 related to Taxonomy-eligible but not aligned, Taxonomy-aligned and
Taxonomy not-eligible activities are hereby reported in line with the provision of the Disclosure Delegated Act
and following modification.

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Campari Group annual report for the year ended 31 December 2024

Overview of CapEx KPI
Percentage of eligible but not aligned, aligned and not eligible activities
- Turnover
The Group, in line with the previous year, reports no eligible net sales, as shown in Table 1, where the Group’s
net sales are categorized as non-eligible. In particular, the net sales almost entirely relate to the sale of own
spirits in the Group’s markets, with remaining components being agency brand net sales. The denominator of
the turnover KPI according to EU Taxonomy can be reconciled with note ‘Net sales’ of the Campari Group
Consolidated Financial statements at 31 December 2024.
- CapEx
The table 2 below shows the Group CapEx divided into Taxonomy-aligned, Taxonomy-Eligible but not aligned
and Taxonomy-not-eligible activities.
Most of the capital expenditures in eligible economic activities refer to the acquisition and ownership of
buildings, construction of new buildings, construction of wastewater treatment plants, anaerobic digestion of bio-
waste, renovation of existing buildings and efficiency projects, installation of solar photovoltaic systems, and
ancillary technical equipment, provision of IT/OT data-driven solutions and production of alternative water
resources for purposes other than human consumption.
The amount of total Taxonomy-eligible activities (both aligned and not aligned) amounted to 29.91%, in 2024.
This value represents a significant increase compared to the previous year’s value of 19.11%. This is due to the
extraordinary expenses connected to the acquisition of a new building in the central Milan (Italy) that, as already
reported, will serve as new headquarter office and has been categorized as eligible under the activity
‘Acquisition and ownership of buildings’ (CCM 7.7.) Regarding the level of alignment, the KPI of aligned CapEx
stands at 3.87% compared to 3.80% in the previous year. While the percentage of aligned CapEx is in line with
the one reported in 2023, the absolute value and number of aligned projects increased in 2024. In this regard, it
shall be noticed that both the eligible and the aligned KPI is influenced by the increase in the CapEx
denominator due to the acquisition finalized during the reporting year.
With reference to the results in Table 2, the total CapEx consists of additions to tangible and intangible assets
during the financial year (including the perimeter effect from business acquisitions). In particular, it refers to the
addition and perimeter effects of property, plant and equipment, net tangible fixed assets (right of use assets),
biological assets and intangible assets (including goodwill and brands). Total CapEx are consistent with the
Group Consolidated Financial statement at 31 December 2024, by including just the flow 'additions' and
'Perimeter effect from business combination' of the 'Property, plant and equipment, right of use assets and
biological assets' and 'intangible assets, other intangible assets' in note '4. Operating assets and liabilities'
paragraphs. As explained above, the capital expenditures in the numerator are those related to the purchase of
output from Taxonomy-aligned economic activities. The capital expenditures in the aligned numerator refer to
the addition to property, plant and equipment for a total of 3.82%, while the part connected to the provision of IT/
OT data-driven solutions of 0,05% refer to intangible asset. Double counting was avoided by individually
examining each of the items categorized as eligible and aligned and filling in reporting templates in line with the
provisions of the Regulation.

Sustainability statement | 130

Campari Group annual report for the year ended 31 December 2024

- OpEx
Table 3 below shows the OpEx calculated as the sum of direct non-capitalized costs related to research,
development and innovation, as well as maintenance, repairs and renovation measures on property plant and
equipment and short-term rental according to the Disclosure Delegated Act. This item is part of the overall ‘Cost
of goods sold’ and ‘Selling, general and administrative expenses’ disclosed under the respective note of the
Campari Group Consolidated Financial statements at 31 December 2024. As the reporting process for the
Taxonomy Regulation progresses, and with the inputs from the European Commission clarifying the
methodology for disclosing information related to the eligibility and alignment of economic activities, Campari
Group is refining its method of data collection and evaluation. For this reason, the Company has implemented a
reporting process that aims to make the definition and evaluation of OpEx that occurred in the reporting year
even more accurate, determining a step forward for its taxonomy disclosure in line with its commitment. In 2024,
some minor OpEx on building maintenance and repairs have been found: these OpEx are considered negligible
compared to the total Group OpEx value but are still reported within the mandatory templates.
Lastly, it is specified that the Group considered the provision of the Complementary Climate Delegated Act
(Commission Delegated Regulation (EU) 2022/1214) relating to the reporting of the involvement in natural gas
and nuclear-related economic activities, not identifying applicable activities. Table 4 of this document shows the
template required by the Delegated Act.
1 For the purposes of tabular representation, the following legend applies:
Climate Change Mitigation (‘CCM’);
Climate Change Adaptation (‘CCA’);
Water and Marine Resources (‘WTM’);
Circular Economy (‘CE’);
Pollution Prevention and Control (‘PPC’);
Biodiversity and Ecosystems (‘BIO’).
For the reading of the alignment section of the templates, the following legend applies:
Y-Yes, Taxonomy-eligible and Taxonomy-aligned activity with the relevant environmental objective;
N-No, Taxonomy-eligible but not Taxonomy-aligned activity with the relevant environmental objective.
For the reading of the eligibility section of the templates, the following legend applies:
N/EL-not eligible, Taxonomy non-eligible activity for the relevant environmental objective;
EL-Taxonomy eligible activity for the relevant objective.

Sustainability statement | 131

Campari Group annual report for the year ended 31 December 2024

TABLE 1 1 – Proportion of turnover from products or services associated with Taxonomy-aligned economic activities – disclosure covering year 2024

Financial year 2024 | Substantial Contribution Criteria | DNSH criteria ('Does Not Significantly Harm') |  |  |  |
Economic Activities | Code | Turnover | Proportion of Turnover, year N | Climate Change Mitigation | Climate Change Adaptation | Water | Pollution | Circular Economy | Biodiversity | Climate Change Mitigation | Climate Change Adaptation | Water | Pollution | Circular Economy | Biodiversity | Minimum Safeguards | Proportion of Taxonomy aligned (A.1.) or eligible (A.2.) Turnover, year 2023 | Category enabling activity | Category transitional activity
|  | € million | % | Y; N; N/EL | Y; N; N/EL | Y; N; N/EL | Y; N; N/EL | Y; N; N/EL | Y; N; N/EL | Y/N | Y/N | Y/N | Y/N | Y/N | Y/N | Y/N | % | E | T
A. TAXONOMY-ELIGIBLE ACTIVITIES
A.1. Environmentally sustainable activities (Taxonomy-aligned)
N/A |  | - | —% |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Turnover of environmentally sustainable activities (Taxonomy-aligned) (A.1) |  | - | —% | N/A | N/A | N/A | N/A | N/A | N/A |  |  |  |  |  |  |  | —% |  |
Of which Enabling |  | - | —% |  |  |  |  |  |  |  |  |  |  |  |  |  | —% |  |
Of which Transitional |  | - | —% |  |  |  |  |  |  |  |  |  |  |  |  |  | —% |  |
A.2 Taxonomy-Eligible but not environmentally sustainable activities (not Taxonomy-aligned activities)
|  |  |  | EL; N/EL | EL; N/EL | EL; N/EL | EL; N/EL | EL; N/EL | EL; N/EL |  |  |  |  |  |  |  |  |  |
N/A |  | - | —% |  |  |  |  |  |  |  |  |  |  |  |  |  | —% |  |
Turnover of Taxonomy- eligible but not environmentally sustainable activities (not Taxonomy- aligned activities) (A.2) |  | - | —% |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
A. Turnover of Taxonomy eligible activities (A1+A2) |  | - | —% | —% | —% | —% | —% | —% | —% |  |  |  |  |  |  |  | —% |  |
B. TAXONOMY-NON-ELIGIBLE ACTIVITIES |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Turnover of Taxonomy- non- eligible activities |  | 3,069.7 | 100% |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
TOTAL (A+B) |  | 3,069.7 | 100% |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |

Sustainability statement | 132

Campari Group annual report for the year ended 31 December 2024

TABLE 2 – Proportion of CapEx from products or services associated with Taxonomy-aligned economic activities – disclosure covering year 2024

Financial year 2024 | Substantial Contribution Criteria | DNSH criteria ('Does Not Significantly Harm') |  |  |  |
Economic Activities | Code | CapEx | Proportion of CapEx, year N | Climate Change Mitigation | Climate Change Adaptation | Water | Pollution | Circular Economy | Biodiversity | Climate Change Mitigation | Climate Change Adaptation | Water | Pollution | Circular Economy | Biodiversity | Minimum Safeguards | Proportion of Taxonomy aligned (A.1.) or eligible (A.2.) CapEx, year 2023 | Category enabling activity | Category transitional activity
|  | € million | % | Y; N; N/ EL | Y; N; N/ EL | Y; N; N/ EL | Y; N; N/ EL | Y; N; N/ EL | Y; N; N/ EL | Y/N | Y/N | Y/N | Y/N | Y/N | Y/N | Y/N | % | E | T
A. TAXONOMY-ELIGIBLE ACTIVITIES
A.1. Environmentally sustainable activities (Taxonomy-aligned)
Constructi on, extension and operation of wastewat er collection and treatment | CCM 5.3 | 20.84 | 3.36% | Y | N/EL | N/EL | N/EL | N/EL | N/EL |  | Y | Y | Y |  | Y | Y | 2.69% |  |
Productio n of alternativ e water resources for purposes other than human consumpt ion | CE 2.2. | 1.93 | 0.31% | N/EL | N/EL | N/EL | N/EL | Y | N/EL | Y | Y | Y | Y |  | Y | Y | —% |  |
Provision of IT/OT data- driven solutions | CE 4.1 | 0.33 | 0.05% | N/EL | N/EL | N/EL | N/EL | Y | N/EL |  | Y | Y | Y |  |  | Y | —% | E |
Installatio n, maintena nce and repair of renewabl e energy technolog ies | CCM 7.6 | 0.90 | 0.14% | Y | N/EL | N/EL | N/EL | N/EL | N/EL |  | Y |  |  |  |  |  | 1.11% | E |
CapEx of environm entally sustainabl e activities (Taxonom y-aligned) (A.1) |  | 24.00 | 3.87% | 3.50% | —% | —% | —% | 0.37% | —% |  |  |  |  |  |  |  | 3.80% |  |
Of which Enabling |  | 1.23 | 0.20% | Y | N/EL | N/EL | N/EL | Y | N/EL | N/A | Y | N/A | N/A | N/A | N/A | Y | 1.11% | E |
Of which Transition al |  | - | —% | N/EL |  |  |  |  |  | N/A | N/A | N/A | N/A | N/A | N/A | N/A | —% |  |

Sustainability statement | 133

Campari Group annual report for the year ended 31 December 2024

|  |  |  |  |  |  |  |  |  | N | N | N | N | N | N |  |  |  |
A.2 Taxonomy-Eligible but not environmentally sustainable activities (not Taxonomy-aligned activities)
|  |  |  | EL; N/EL | EL; N/EL | EL; N/EL | EL; N/EL | EL; N/EL | EL; N/EL |  |  |  |  |  |  |  |  |  |
Acquisitio n and ownershi p of buildings | CCM 7.7 | 96.86 | 15.62% | EL | N/EL | N/EL | N/EL | N/EL | N/EL |  |  |  |  |  |  |  | —% |  |
Constructi on of new buildings | CCM 7.1,CE 3.1 | 42.54 | 6.86% | EL | N/EL | N/EL | N/EL | EL | N/EL |  |  |  |  |  |  |  | 10.75% |  |
Anaerobic digestion of bio- waste | CCM 5.7 | 12.50 | 2.02% | EL | N/EL | N/EL | N/EL | N/EL | N/EL |  |  |  |  |  |  |  | —% |  |
Renovatio n of existing buildings | CCM 7.2, CE 3.2 | 6.97 | 1.12% | EL | N/EL | N/EL | N/EL | EL | N/EL |  |  |  |  |  |  |  | 1.05% |  |
Installatio n, maintena nce and repair of renewabl es energy technolog ies | CCM 7.6 | 2.50 | 0.40% | EL | N/EL | N/EL | N/EL | N/EL | N/EL |  |  |  |  |  |  |  | 0.56% |  |

Sustainability statement | 134

Campari Group annual report for the year ended 31 December 2024

Provision of IT/OT data- driven solutions | CE 4.1 | 0.17 | 0.03% | N/EL | N/EL | N/EL | N/EL | EL | N/EL |  |  |  |  |  |  |  | 0.06% |  |
Constructi on, extension and operation of wastewat er collection and treatment | CCM 5.3 | - | —% | N/EL | N/EL | N/EL | N/EL | N/EL | N/EL |  |  |  |  |  |  |  | 2.10% |  |
Constructi on, extension and operation of water collection, treatment and supply systems | CCM 5.1 | - | —% | N/EL | N/EL | N/EL | N/EL | N/EL | N/EL |  |  |  |  |  |  |  | 0.47% |  |
Installatio n, maintena nce and repair of energy efficiency equipmen t | CCM 7.3 | - | —% | N/EL | N/EL | N/EL | N/EL | N/EL | N/EL |  |  |  |  |  |  |  | 0.33% |  |
CapEx of Taxonom y- eligible but not environm entally sustainabl e activities (not Taxonom y-aligned activities) (A.2) |  | 161.53 | 26.05% | 26.02% | —% | —% | —% | 0.04% | —% |  |  |  |  |  |  |  | 15.32% |  |

Sustainability statement | 135

Campari Group annual report for the year ended 31 December 2024

A. CapEx of Taxonom y eligible activities (A1+A2) |  | 185.5 | 29.91% | 29.52% | —% | —% | —% | 0.39% | —% |  |  |  |  |  |  |  | 19.11% |  |
B. TAXONOMY-NON-ELIGIBLE ACTIVITIES |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
CapEx of Taxonom y- non- eligible activities |  | 434.7 | 70.09% |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
TOTAL (A+B) |  | 620.2 | 100% |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |

Proportion of CapEx/Total CapEx
| Taxonomy-Aligned per objective | Taxonomy-Eligible per objective
CCM | 3.5% | 29.5%
CCA | —% | —%
WTR | —% | —%
CE | 0.4% | 8.4%
PPC | —% | —%
BIO | —% | —%

Sustainability statement | 136

Campari Group annual report for the year ended 31 December 2024

TABLE 3 – Proportion of OpEx from products or services associated with Taxonomy-aligned economic activities – disclosure covering year 2024

Financial year 2024 | Substantial Contribution Criteria | DNSH criteria ('Does Not Significantly Harm') |  |  |  |
Economic Activities | Code | OpEx | Proportion of OpEx, year N | Climate Change Mitigation | Climate Change Adaptation | Water | Pollution | Circular Economy | Biodiversity | Climate Change Mitigation | Climate Change Adaptation | Water | Pollution | Circular Economy | Biodiversity | Minimum Safeguards | Proportion of Taxonomy aligned (A.1.) or eligible (A.2.) OpEx, year 2023 | Category enabling activity | Category transitional activity
|  | € million | % | Y; N; N/EL | Y; N; N/EL | Y; N; N/EL | Y; N; N/EL | Y; N; N/EL | Y; N; N/EL | Y/N | Y/N | Y/N | Y/N | Y/N | Y/N | Y/N | % | E | T
A. TAXONOMY-ELIGIBLE ACTIVITIES
A.1. Environmentally sustainable activities (Taxonomy-aligned)
N/A |  | - | —% |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
OpEx of environmentally sustainable activities (Taxonomy-aligned) (A.1) |  | - | —% |  |  |  |  |  |  |  |  |  |  |  |  |  | —% |  |
Of which Enabling |  | - | —% |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Of which Transitional |  | - | —% |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
A.2 Taxonomy-Eligible but not environmentally sustainable activities (not Taxonomy-aligned activities)
|  |  |  | EL; N/EL | EL; N/EL | EL; N/EL | EL; N/EL | EL; N/EL | EL; N/EL |  |  |  |  |  |  |  |  |  |
Acquisition and ownership of building | CCM 7.7 | 0.01 | 0.02% | EL | N/EL | N/EL | N/EL | N/EL | N/EL |  |  |  |  |  |  |  | —% |  |
Construction, extension and operation of water collection, treatment and supply systems | CCM 5.1 | 0.02 | 0.05% | EL | N/EL | N/EL | N/EL | N/EL | N/EL |  |  |  |  |  |  |  | —% |  |
OpEx of Taxonomy- eligible but not environmentally sustainable activities (not Taxonomy- aligned activities) (A.2) |  | 0.03 | 0.07% | EL | N/EL | N/EL | N/EL | N/EL | N/EL |  |  |  |  |  |  |  |  |  |
A. OpEx of Taxonomy eligible activities (A1+A2) |  | 0.03 | 0.07% | 0.02% | —% | —% | —% | —% | —% |  |  |  |  |  |  |  | —% |  |
B. TAXONOMY-NON-ELIGIBLE ACTIVITIES
OpEx of Taxonomy- non-eligible activities |  | 39.4 | 99.93% |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
TOTAL (A+B) |  | 39.4 | 100% |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |

Sustainability statement | 137

Campari Group annual report for the year ended 31 December 2024

TABLE 4 - Nuclear and fossil gas related activities

Row | Nuclear energy related activities | YES/NO
1 | The undertaking carries out, funds or has exposures to research, development, demonstration and deployment of innovative electricity generation facilities that produce energy from nuclear processes with minimal waste from the fuel cycle. | No
2 | The undertaking carries out, funds or has exposures to construction and safe operation of new nuclear installations to produce electricity or process heat, including for the purposes of district heating or industrial processes such as hydrogen production, as well as their safety upgrades, using best available technologies. | No
3 | The undertaking carries out, funds or has exposures to safe operation of existing nuclear installations that produce electricity or process heat, including for the purposes of district heating or industrial processes such as hydrogen production from nuclear energy, as well as their safety upgrades. | No
| Fossil gas related activities |
4 | The undertaking carries out, funds or has exposures to construction or operation of electricity generation facilities that produce electricity using fossil gaseous fuels. | No
5 | The undertaking carries out, funds or has exposures to construction, refurbishment, and operation of combined heat/cool and power generation facilities using fossil gaseous fuels. | No
6 | The undertaking carries out, funds or has exposures to construction, refurbishment, and operation of heat generation facilities that produce heat/cool using fossil gaseous fuels. | No

Sustainability statement | 138

Campari Group annual report for the year ended 31 December 2024

Reconciliation table related to Environmental information
Reconciliation table related to Climate Change

Standard ESRS | Sustainability statement paragraph | Notes
Governance |  |
ESRS 2 GOV-3–Integration of sustainability-related performance in incentive schemes [DR: 13] | Governance and policies related to Climate change mitigation and adaptation and Energy | For more information related to ESRS 2 GOV-3, 13 please refer to the 'Sustainability Governance model' chapter
Strategy |  |
E1-1–Transition plan for climate change mitigation [DR: 14-17] | Transition Plan for Climate change Governance and policies related to Climate change mitigation and adaptation and Energy | For more information related to ESRS E1-1 16.e, AR 4 please refer to the 'Taxonomy' chapter. 16a, AR 1-2-3-4-5 are not applicable
ESRS 2 SBM-3–Material impacts, risks and opportunities and their interaction with strategy and business model [DR: 18-19] | Strategy, Impacts, risks and opportunities related to Climate change | -
Impact, risk and opportunity management |  |
ESRS 2 IRO-1–Description of the processes to identify and assess material climate-related impacts, risks and opportunities [DR: 20-21] | Strategy, Impacts, risks and opportunities related to Climate change | For more information related to ESRS 2 IRO-1 21, AR 13-15 please refer to ESRS 2 SBM-3
E1-2–Policies related to climate change mitigation and adaptation [DR: 22-25] | Governance and policies related to Climate change mitigation and adaptation and Energy | ESRS 2 MDR-P, par.62 is not applicable
E1-3–Actions and resources in relation to climate change policies [DR: 26-29] | Climate change commitments, Actions and Metrics | For more information related to ESRS E1-3 29.c.i-ii please refer to the 'Taxonomy' chapter ESRS 2 MDR-P par. 62, ESRS 2 MDR-A, par.62, E1-3 29.c.iii, are not applicable ESRS 2 MDR-A 68.e reported only qualitative disclosures for this first year of application
Metrics and targets |  |
E1-4–Targets related to climate change mitigation and adaptation [DR: 30-34] | Climate change commitments, Actions and Metrics | E1-4, 34.c voluntary information are not disclosed for this first year of application ESRS 2 MDR-T, par. 80 i is not applicable as targets have not changed
E1-5–Energy consumption and mix [DR: 35-43] | Climate change commitments, Actions and Metrics | ESRS E1-5, 37.b is not applicable
E1-6–Gross Scopes 1, 2, 3 and Total GHG emissions [DR: 44-55] | Climate change commitments, Actions and Metrics |
E1-7–GHG removals and GHG mitigation projects financed through carbon credits [DR: 56-61] | Not applicable | Information related to Disclosure Requirement 'E1-7: GHG Removals and GHG mitigation projects financed through carbon credits' are not material for Campari Group, as they relate to activities not conducted by the organisation. For this reason, they are considered non-applicable.
E1-8–Internal carbon pricing [DR: 62-63] | Not applicable | Information related to Disclosure Requirement 'E1-8: Internal carbon pricing' are not material for Campari Group, as they relate to activities not conducted by the organisation. For this reason, they are considered non-applicable.
E1-9–Anticipated financial effects from material physical and transition risks and potential climate- related opportunities [DR: 64-70] | Not applicable | Campari, in the preparation of this Sustainability statement, avails itself of the option indicated in Appendix C - 'List of phased-in Disclosure Requirements' which establishes that Campari Group may omit the information prescribed by ESRS E1-9 for the first year of preparing its Sustainability statement.

Reconciliation table related to Water and marine resources

Standard ESRS | Sustainability statement paragraph | Notes
Impact, risk and opportunity management |  |
ESRS 2 IRO-1–Description of the processes to identify and assess material water and marine resources-related impacts, risks and opportunities [DP: 8] | Policies, Actions and Impact, Risk and Opportunity related to Water and marine resources | ESRS 2 IRO-1 8.a cross ref with ESRS E3-3 23.a
E3-1–Policies related to water and marine resources [DP: 9-14] | Policies, Actions and Impact, Risk and Opportunity related to Water and marine resources | ESRS 2 MDR-P 62 is not applicable ESRS E3-1, 13 voluntary information are not disclosed for the first year of application ESRS E3-1, 14 is not a material topic for Campari Group ESRS E3-1, AR 18 voluntary information are not disclosed for the first year of application

Sustainability statement | 139

Campari Group annual report for the year ended 31 December 2024

E3-2–Actions and resources related to water and marine resources [DP: 15-19] | Policies, Actions and Impact, Risk and Opportunity related to Water and marine resources | ESRS 2 MDR-A par.62 is not applicable ESRS 2 MDR-A 68.e, reported only qualitative disclosures for this first year of application ESRS E3-2, AR 20 voluntary information are not disclosed for the first year of application
Metrics and targets |  |
E3-3–Targets related to water and marine resources [DP: 20-25] | Policies, Actions and Impact, Risk and Opportunity related to Water and marine resources Metrics and Targets related to water, marine resources and water consumption disclosures | ESRS E3-3 23.b is not applicable ESRS E3-3 24, AR23 voluntary information are not disclosed for this first year of application ESRS 2 MDR-T, par. 80 i is not applicable as targets have not changed
E3-4–Water consumption [DP: 26-29] | Metrics and Targets related to water, marine resources and water consumption disclosures | ESRS E3-4, 28d is not applicable ESRS E3-4, AR 30, AR 31 voluntary information are not disclosed for this first year of application
E3-5–Anticipated financial effects from material water and marine resources-related risks and opportunities [DP: 30-33] | Metrics and Targets related to water, marine resources and water consumption disclosures | ESRS E3-5 is not disclosed due to the phase in

Reconciliation table related to Biodiversity and ecosystems

Standard ESRS | Sustainability statement paragraph | Notes
Strategy |  |
ESRS E4-1–Transition plan and consideration of biodiversity and ecosystems in strategy and business model [DR: 11-15 | Strategy, Policies and Actions related to Biodiversity and ecosystem | ESRS E4-1, par.15, AR1 is considered not applicable
ESRS 2 SBM-3–Material impacts, risks and opportunities and their interaction with strategy and business model [DR: 16 | Impacts, risk and opportunities related to Biodiversity and ecosystems |
Impact, risk and opportunity management |  |
ESRS 2 IRO-1–Description of the processes to identify and assess material biodiversity and ecosystem-related impacts, risks, dependencies and opportunities [DR: 17-19] | Impacts, risk and opportunities related to Biodiversity and ecosystems | For more information related to ESRS IRO-1 par 17.e.i-iii please refer to the section 'Impacts, risk and opportunities related to Biodiversity and ecosystems' ESRS 2 IRO-1, 18 voluntary information are not disclosed for this first year of application
E4-2–Policies related to biodiversity and ecosystems [DR: 20-24] | Strategy, Policies and Actions related to Biodiversity and ecosystem | ESRS 2 MDR-P, par.62, E4-2, par. 23.f, AR12, AR16, AR17, 24.c are considered not applicable
E4-3–Actions and resources related to biodiversity and ecosystem [DR: 25-28] | Strategy, Policies and Actions related to Biodiversity and ecosystem | ESRS E4-3, MDR-A par 68e is considered not applicable ESRS E4-3, 28.b.i, 28.b.ii, 28.b.iii, AR18, AR18, AR20 are considered not applicable ESRS E4-3, 28.a voluntary information are not disclosed for this first year of application
Metrics and targets |  |
E4-4–Targets related to biodiversity and ecosystems [DR: 29-32] | Metrics and Targets related to Biodiversity and ecosystem | ESRS 2 MDR-T, par 81.a voluntary information is not disclosed for this first year of application ESRS E4-4 AR 22 voluntary information are not disclosed for this first year of application ESRS 2 MDR-T, par. 80 i is not applicable as targets have not changed
E4-5–Impact metrics related to biodiversity and ecosystems change [DR: 33-41] | Metrics and Targets related to Biodiversity and ecosystem | ESRS E4-5, par. 36, 38.c, 38.d, 38.e, 39, 40, 41, AR32, AR34 are not applicable
E4-6–Anticipated financial effects from material biodiversity and ecosystem-related risks and opportunities [DR: 42-45] | Metrics and Targets related to Biodiversity and ecosystem | ESRS E4-6 par.45 is considered not applicable ESRS E4-5, AR39 is not applicable

Reconciliation table related to Resource use and circular economy

Standard ESRS | Sustainability statement paragraph | Notes
Impact, risk and opportunity management |  |
ESRS 2 IRO-1–Description of the processes to identify and assess material resource use and circular economy-related impacts, risks and opportunities [DP: 11-20] | Impact, risk and opportunity related to Resource use and circular economy | -
E5-1–Policies related to resource use and circular economy [DP: 12-16] | Policies and Actions related to Resource use and circular economy | ESRS 2 MDR-P, par.62 is not applicable ESRS E5-1 AR9 is not applicable as the concept of the waste hierarchy has not been taken into

Sustainability statement | 140

Campari Group annual report for the year ended 31 December 2024

E5-2–Actions and resources related to resource use and circular economy [DP: 17-20] | Policies and Actions related to Resource use and circular economy | ESRS 2 MDR-A 69.a, reported only qualitative disclosures for this first year of application ESRS 2 MDR-A 69.b, and C AR23 are not disclosed since the retrieval of the required information is impractical ESRS E5-2 20, AR11, AR12 voluntary information are not disclosed for this first year of application ESRS 2 MDR-P par. 62, ESRS MDR-A par. 62 are not applicable
Metrics and targets |  |
E5-3–Targets related to resource use and circular economy [DP: 21-27] | Metrics and Targets related to Resource use and circular economy | ESRS 2 MDR-T par. 80.b-j are not applicable ESRS E5-3 25 is not applicable ESRS 2 MDR-T, par 81.a, E5-3 26.a-c voluntary information are not disclosed for this first year of application ESRS 2 MDR-T, par. 80 i is not applicable as targets have not changed
E5-4–Resource inflows [DP: 28-32 | Metrics and Targets related to Resource use and circular economy | For more information related to ESRS 5-4 AR22 please refer to the 'Policies and Actions related to Resource use and circular economy' section
E5-5–Resource outflows [DP: 33-40] | Metrics and Targets related to Resource use and circular economy | Products and materials: ESRS E5-5 35-36 are not applicable because are not material from DMA ESRS E5-5 AR28 voluntary information are not disclosed for this first year of application
E5-6–Anticipated financial effects from material resource use and circular economy-related risks and opportunities [DP: 41-43] | Metrics and Targets related to Resource use and circular economy | ESRS E5-6 43.b-c are not applicable ESRS E5-6 AR35, reported only qualitative disclosures for this first year of application

Sustainability statement | 141

Campari Group annual report for the year ended 31 December 2024

Social information
ESRS S1 Own workforce
Strategy related to Own workforce
Campari Group demonstrates a strong commitment to integrating employee rights, opinions and values into its
strategy and business model, creating a workplace culture that respects and empowers its workforce. Employee
rights, including workplace safety, equal treatment and privacy, are incorporated into the Group’s operations
through robust policies that ensure compliance with the legal requirements of each Country. In regions governed
by European regulations, such as the General Data Protection Regulation ('GDPR'), these standards serve as a
benchmark not only within Europe but also for operations in other regions. To further promote a consistent
understanding of these rights across its global workforce, Campari Group extends training opportunities on
these topics to non-European countries, fostering greater awareness and adherence.
Employee opinions and interests are systematically gathered through various channels, including structured
climate surveys and regular formal discussions between managers and team members. These conversations
provide a platform to document individual interests, ambitions, and training needs, enabling the Group to align
with and support the professional development goals of its employees.
In contexts where worker representatives are applicable, Campari Group ensures that they are regularly
informed and consulted on matters of mutual interest, adhering to agreements specific to each country. This
engagement underscores the Group’s commitment to acknowledging and addressing employee concerns and
priorities.
To further align its business model with employee rights and values, Campari Group fosters a strong culture of
ongoing education and open communication. Initiatives such as cultural activation workshops play a key role in
embedding the Group’s values and reinforcing its organizational culture, ensuring they are actively shared and
embraced across the workforce.
The Group’s dedication to employee engagement is exemplified by the Camparista Survey, a key tool for
understanding workforce sentiment and informing decision-making. Conducted annually across both office and
plant employees, the survey collects insights on areas such as well-being, inclusion, career growth, leadership
support, and organizational values. The 2024 survey, conducted via the Microsoft Viva Glint platform, achieved
an 83% participation rate-exceeding industry benchmarks-and highlighted an Engagement Index of 76, slightly
above the global average. These results reflect the passion and commitment of Camparistas toward improving
their workplace environment. Campari Group takes a structured approach to translating survey insights into
actionable improvements. Following the survey, HR and people managers are trained to interpret the results,
empowering them to implement meaningful changes at the Group, plant/country and team levels. This localized,
collaborative approach prioritises practical, everyday actions that directly benefit employees over top-down
initiatives. Additionally, leadership is held accountable for fostering positive outcomes by having direct access to
survey results, ensuring alignment with workforce needs.
Beyond surveys, Campari Group enriches its cultural dialogue through the Signature Mix Workshops, an
initiative aimed at exploring and celebrating the Group’s culture. These workshops engage employees in
meaningful discussions about cultural strengths and areas for improvement, using creative tools like learning
maps and culture ingredient cards. Feedback from over 1,000 participants highlights the value of these
sessions, with a Net Promoter Score of 9.23/10 reflecting their impact. Key takeaways include the importance of
leadership in modelling desired behaviors and the collective effort required to shape a strong, inclusive culture.
The Group also listens to external stakeholders through its Candidate Experience Survey, gathering feedback
from job applicants on their recruitment journey. With a net promoter score ('NPS') of 4.5/5, this survey provides
critical insights into improving the candidate’s experience, ensuring it reflects Campari Group’s Diversity, Equity
and Inclusion ('DEI') commitments and values.
By leveraging these feedback mechanisms, Campari Group continuously evolves its practices in areas like DEI,
recruitment and talent retention. The insights gathered from employees and candidates enable the Group to
proactively identify risks and opportunities, shaping a workplace that is inclusive, responsive and aligned with its
cultural and strategic goals. This holistic approach underscores Campari Group’s dedication to building an
environment where every individual can thrive and contribute meaningfully to the Company’s success.
Campari Group, being a leading global producer and distributor of alcoholic beverages, recognises that its
success is closely linked to its workforce. The impact on its employees is central to its strategy and operations,

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driving its commitment to a fair, inclusive and engaging work environment. All people in the Group's own
workforce who could be materially impacted by the undertaking are included in the scope of this disclosure.
The Group acknowledges the risks of insufficient DEI policies, such as reduced employee engagement, higher
turnover and potential legal or reputational challenges. Conversely, the Group identifies clear opportunities in
strengthening DEI, such as fostering innovation, improving employee satisfaction, and enhancing retention. A
planned DEI gap analysis will enable the systematic identification of areas for improvement, complemented by
actionable insights from the Camparista survey. This process will shape a targeted DEI strategy with defined
milestones and accountability measures, reinforcing the Group’s commitment to transparency and progress.
The Group’s DEI efforts encompass all workforce members, ensuring equitable access to resources and
support for employees across office and plant environments. These initiatives actively involve employees’ input
to refine strategic planning, addressing the needs and perspectives of all Camparistas.
By strategically integrating DEI policies, the Group not only upholds its core values but also enhances its
competitive advantage. These efforts ensure that workforce impacts continuously shape and refine the
Company’s strategies, promoting a holistic approach to People Experience and DEI globally.
The Group sees People Experience and DEI as key components of its strategic framework, understanding the
crucial connection between an inclusive culture, employee engagement and long-term business success.
Through various initiatives, it addresses DEI-related risks and seizes opportunities to boost workforce
engagement, innovation and talent retention to creating a supportive, fair, and inclusive workplace. A key
element of this approach is the annual Camparista survey mentioned above, which plays a crucial role in
guiding strategic decisions. It ensures that the strategy and operational models are effectively informed and
helps identify and address gaps in areas such as belonging and inclusion for specific groups, including women
or caregivers. By prioritizing its workforce and integrating their perspectives, the Group reinforces its position as
an employer of choice and a Company dedicated to equity and excellence.
Campari Group’s commitment to equity is reflected in initiatives like regular gender pay equity analyses, which
benchmark against industry standards to guarantee fair compensation. This effort has earned the Group Fair
Pay certification from Fair Pay Workplace, underscoring its dedication to dismantling pay disparities. Further
demonstrating its support for workforce inclusivity, the Group offers a global parental leave policy designed to
assist both primary and secondary caregivers in balancing family and professional responsibilities. Leadership
development plays a critical role as well, with inclusion workshops aimed at equipping managers to identify and
address unconscious biases, fostering respectful and equitable team dynamics. This aligns with the Group’s
leadership model, which emphasizes inclusive leadership as a key pillar, encouraging leaders to cultivate
environments where all employees feel welcomed and supported.
Employee Resource Groups ('ERGs') further enrich the organization by amplifying the voices of
underrepresented communities, providing platforms for advocacy and professional growth, and influencing
strategic DEI priorities. These groups, along with other initiatives, ensure the workforce’s diverse perspectives
inform decision-making, driving the Group’s culture of inclusion and respect.
Campari Group distinguishes between two primary categories of individuals contributing to its operations:
employees and non-employees, each with distinct roles, responsibilities, and impacts stemming from the
organization’s activities.
Employees are individuals directly employed by Campari Group under an employment contract. They receive
regular wages, benefits, and legal protections, including entitlements such as paid leave and sick leave.
Operating under the direction and control of the organization, employees may work in various capacities, such
as full-time, part-time, or on fixed-term or indefinite contracts. Campari Group’s decisions and activities have a
direct impact on these individuals, influencing their job security, well-being, and economic stability.
Non-employees, on the other hand, contribute to the organization’s operations without being formally employed.
This category includes self-employed individuals who work independently under service or freelance contracts.
While they provide valuable services, they do not receive benefits and are responsible for managing their own
tax and social security obligations. Campari Group’s operations can influence the continuity of their contracts,
but its obligations to these individuals are limited to the terms specified within the contractual agreement. Non-
employees also include individuals employed by third-party entities, such as staffing agencies or service
providers, who work within Campari Group’s operations but are contractually bound to their respective
employers. For these individuals, the organization bears indirect responsibilities, such as ensuring workplace
safety, while wages and benefits remain under the purview of the third party. Additionally, interns are another
category of non-employees. They are students or recent graduates undergoing a supervised work experience
for a limited period of time under a specific, non-regular, employment contract with Campari Group).
Campari Group is committed to ensuring that its operations are free from systemic negative impacts related to
child labor or compulsory labor, as these practices are not used within its workforce. The Group also maintains a

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strict policy against requiring employees to work while unwell. Regarding individual workplace accidents, the
organization recognises that injury reporting procedures differ across countries. To address this, Campari Group
relies on its local HR teams, which are well-prepared and serve as the central point of contact for managing
such incidents. These teams are equipped to manage the reporting process efficiently and ensure compliance
with the requirements of the appropriate agencies in each jurisdiction.
Campari Group recognises that operators on the production line are at a higher risk of harm due to the nature of
their roles, which often involve exposure to repetitive motions and the use of machinery. To mitigate these risks,
these employees are required to undergo dedicated safety training programs and adhere to strict operational
procedures designed to protect their health and safety. In addition to these specific measures, the broader
framework for workplace safety is governed by both national and international regulations, including directives
from the European Union and federal laws in relevant jurisdictions, which establish minimum standards for
occupational health and safety. Campari Group aligns with these legal requirements by implementing a
structured approach to compliance, integrating these obligations into the Group’s procedural hierarchy. This
ensures that safety measures are consistently applied across all levels of the organization, with clear
responsibilities assigned to different roles within the corporate structure.
By combining targeted interventions for high-risk roles with a comprehensive, regulation-driven safety
framework, Campari Group ensures both compliance with safety standards and the well-being of its employees.
Additionally, the Group conducts gender pay gap analyses and has earned Fair Pay certification, demonstrating
its commitment to equal pay and training opportunities, with no discrimination against minorities. This reflects
Campari Group's dedication to providing equal opportunities to all employees, regardless of their location.
Policies and Actions related to Own workforce
- Policies
Campari Group emphasizes its dedication to fairness, integrity, and professionalism through a comprehensive
framework of policies and guidelines. These core principles, formalized into foundational documents, underpin
its sustainable business approach. Its policies are designed to cover the entire workforce, including both office
and plant employees, and are applicable globally. The values and guidelines that inspire the actions of every
Camparista and the entire organization are outlined in the following Group’s key policies and codes. Below, the
material IROs related to each policy are also provided.

IRO Description | Policy
Negative externalities on employees due to accidents | A, B, H
Promotion of a culture of quality and responsibility through communications projects and actions carried out towards internal workers and external stakeholder aimed at educating consumers on the responsible consumption of alcoholic beverages and on the importance of quality vs quantity | A, B, J
Promoting participation in framework of national and supranational trade associations to safeguard general interest and actively contributing to the development at sectorial level | A, B
Safeguard of data for all stakeholders (employees) | A, G
Own operations management issues related to labour and ethics may lead to regulatory fines, increased long-term operational costs, and reputational harm for entities. | A, B, C, D
Potential H&S incidents resulting in injuries/deaths | A, B, H
Failure to enforce and apply Diversity, Equity & Inclusion policies & practices resulting in discrimination cases | A, B, D, E, F, I
Ability to attract and retain people | All

Policy | List
Code of Ethics | A
Employees and Human Rights Policy | B
Global Anti-Bribery and Anti-Corruption Policy | C
Whistleblowing Policy | D
Diversity and Inclusion Policy | E
Global Parental Leave Policy | F
Privacy Policy | G
QHSE Policy | H
Remuneration Policies | I
Responsible consumption of alcoholic beverage | J

All of these policies and codes are communicated through company-wide webinars for both employees and
managers, as well as via the internal communication platform, ensuring accessibility and providing clear
guidance on how employees can use and benefit from the Group's DEI policies. Additionally, company-wide

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awareness days are organized for all Camparistas, encouraging them to voice their opinions and participate in
educational opportunities that promote DEI values. To ensure continuous improvement, all DEI policies and
practices are subject to regular assessments, including annual pay audits and feedback from employee
engagement surveys. These evaluations help identify areas for development and ensure that Campari Group
consistently upholds its commitment to creating an inclusive, equitable, and thriving workplace.
The Code of Ethics forms the cornerstone of this framework, reaffirming principles of fairness, loyalty, and
professional integrity that guide the actions and behavior of all individuals within the organization, both in
internal relations and external engagements. Campari Group’s commitment to ethical conduct and corporate
governance is reflected also in its leadership roles. The Legal and Compliance Department oversees the
management of compliance, providing guidance and support in adherence to the Code of Ethics. The
Remuneration and Appointments Committee contributes to this by offering suggestions to the Board. To
enhance awareness and compliance, an e-learning training course is available to all Camparistas, with in-
person sessions tailored specifically for production operators. To ensure adherence to the Code and its
alignment with Legislative Decree 231/2001, a Supervisory Body with autonomous operational and control
powers has been established. Any violations or inconsistencies can be reported anonymously through the
Campari Safe Line, a multilingual whistleblowing channel accessible via various platforms, ensuring
transparency and accountability. The Business Conduct Guidelines complement the Code, reinforcing the
Group’s commitment to integrity in professional conduct (for more information refer to 'Governance and policies
related to Business conduct' in 'ESRS G1 Business conduct section).
The Group’s approach to human rights is guided by the Global Human Resources team, which also oversees
the Employees and Human Rights Policy introduced in 2017 and signed by the Group Officers, to formalize the
Group stance on human rights, working conditions, training, and employee well-being. The Group Head of
Human Resources plays a pivotal role in implementing and upholding the Group’s policies, particularly in the
areas of remuneration, diversity, equity and inclusion, as well as the broader People Experience strategy. This
role is central to promoting the principles of equity and fairness within remuneration practices and fostering a
work environment where all Camparistas feel valued and treated fairly. In alignment with the Group’s strategic
priorities, the Group Head of Human Resources collaborates with senior leaders, including the Managing
Directors of various countries, to champion initiatives such as parental leave and fair pay policies.
The Policy applies to all Group members and has been widely communicated in multiple languages through
internal channels, with public access provided via the Group’s website. Compliance with these commitments is
monitored across all operating units through grievance mechanisms and the Safe Line whistleblowing system.
Their active involvement in the launch, communication and management of these policies underscores Campari
Group’s unwavering dedication to advancing DEI at all organizational levels. In 2024, no human rights violations
were reported.
The Policy extends to suppliers, requiring them to adhere to the principles outlined in the Code of Ethics and the
Human Rights Policy. Campari Group aligns with global standards, including the United Nations Universal
Declaration of Human Rights and the International Labor Organization’s Declaration on Fundamental Principles
and Rights at Work, while consistently applying the most stringent requirements in cases of divergence between
internal policies and national regulations. Continuous monitoring ensures compliance across all legal entities
and activities worldwide (for more information on the whistleblowing system refer to 'Governance and policies
related to Business conduct' in the 'ESRS G1 Business contact' section).
Campari Group is committed to making a positive impact and creating an inclusive work environment for its
employees, recognizing and addressing the challenges that come with operating in diverse environments.
Camparistas can rely on their Company’s Code of Ethics and Global Anti-Bribery and Anti-Corruption Policy to
navigate complex situations and make ethical decisions. These resources clarify the concepts of corruption and
bribery, define Campari Group’s stance on these issues, and provide clear guidelines on acceptable business
behavior. The aim is to equip employees with the necessary tools to identify and mitigate risks related to
corruption and bribery while demonstrating to stakeholders the standards of conduct expected in all interactions.
Campari Group outlines its zero-tolerance stance on corruption and bribery: this Policy is supported by
monitoring systems overseen by the Legal & Compliance Department.
The Whistleblowing Policy reinforces the Group’s commitment to ethical behavior, establishing protocols for
reporting and addressing violations of internal and external regulations (for more information refer to
'Governance and policies related to Business conduct' in the 'ESRS G1 Business contact' section).
To foster inclusivity, the Group has adopted a Diversity and Inclusion Policy, in line with best practices outlined in
the Dutch Corporate Governance Code (provision 2.1.5), ensuring that its Board of Directors reflects the diverse
environments in which it operates. This Policy enhances organizational effectiveness through a variety of

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perspectives and approaches. Inclusive recruitment practices are embedded in the hiring process, ensuring a
fair and unbiased approach to candidate selection for all roles within the organization. Similarly, inclusive
leadership principles apply to all current and aspiring leaders globally, ensuring that leadership at every level
reflects the Company’s commitment to diversity, equity, and inclusion. To further promote fair and inclusive hiring
practices, recruitment training is provided to all recruiters and hiring managers worldwide.
The commitment to inclusion is further demonstrated through the release of the Global Parental Leave Policy in
2024, establishing uniform standards for leave duration and eligibility for primary and secondary caregivers
across all locations irrespective of gender, and embraces all family types, including LGBTQ+ families. This
approach allows parents to balance career and family responsibilities equitably while fostering inclusivity. By
using neutral terms like ‘primary’ and ‘secondary caregivers’, the Policy respects diverse family structures and
empowers employees to self-identify their caregiving roles. This flexibility ensures that biological, adoptive or
foster parents, including those from LGBTQ+ and non-traditional families, can access leave benefits equally.
The Group’s Privacy Policies, with the latest version issued in April 2022, reflect Campari Group’s dedication to
safeguarding the protection of the personal information of employees, customers and all Group’s stakeholders.
Privacy measures comply with legal standards and ensure transparency by informing individuals of their rights
and providing secure mechanisms for data protection. Specific privacy policies address job applicants and
employees during the onboarding process, ensuring consistency and clarity throughout their journey with the
Group (for more information on Data privacy and cybersecurity refer to the 'Impact, risk and opportunity related
to Own workforce' in 'ESRS S1 Own workforce' section).
Campari Group embeds its commitment to health and safety within its Global QHSE Policy and Code of Ethics,
reflecting its dedication to safeguarding its employees, contractors, suppliers, and visitors. The Group Head of
Supply Chain is responsible for issuing both the QHSE Policy and the Supplier Code, ensuring consistency
across supply-chain operations. The Group is resolute in providing safe and healthy working conditions to
prevent work-related injuries and illnesses while prioritizing the well-being of its most valuable asset: its people.
This commitment encompasses the active engagement, consultation and involvement of Camparistas and their
representatives in health and safety initiatives and processes, fulfilling all legal and other requirements related to
workplace safety and health. The QHSE Policy underscores the elimination of hazards and the reduction of
workplace risks through the continuous improvement of the Group's health and safety management system.
These objectives are achieved by establishing prioritisation and action plans, ensuring compliance with
prevailing health and safety legislation, and adhering to global standards, including FSSC 22000, ISO 45001
and ISO 14001. The Policy extends to the entire Campari Supply Chain, including contractors and suppliers
performing on-site activities, with accountability for its implementation resting at the highest organizational level
with the Chief Supply Chain Officer. Campari Group actively fosters dialogue and communication with internal
and external stakeholders to understand and address their needs and expectations. To ensure that this
commitment is realized, the Group’s health and safety management system focuses on risk assessment and
mitigation, the empowerment of Camparistas in health and safety programs and the pursuit of continuous
improvement. The development of short-, mid-, and long-term goals is informed by a review of management
system performance, opportunities for improvement, compliance with legal and other requirements, and
feedback from employees and their representatives. Performance against these goals is evaluated through
established key performance indicators ('KPIs'), regular internal and external audits and stakeholder input. The
Group’s Incident Management Guideline serves as the foundation for its workplace accident prevention Policy
and management system. The Policy is accessible to all employees via the corporate website and is
prominently displayed in the plants. Regular training sessions are conducted to ensure awareness and
alignment with these standards. Campari Group’s dedication to health and safety covers its entire workforce,
reflecting its overarching goal to foster a culture of safety, accountability, and continuous advancement in its HS
practices.
Campari Group demonstrates its commitment to a respectful, inclusive, and equitable workplace by ensuring fair
treatment for all employees, particularly through its core Remuneration Policies. Through its Code of Ethics and
Global Reward guidelines, the Group ensures equal pay for equal work and impartial evaluation of employees
based on objective assessments of performance, potential, and skills. These guidelines also govern short-,
medium-, and long-term incentive plans in the form of share-based payments, ensuring equitable access for all
employees, irrespective of gender or other diversity characteristics. The Fair Pay Certification awarded in 2024
marks a significant milestone in the Group’s efforts to eliminate gender pay disparities and foster a culture of
fairness. By combining objective assessments with merit-based rewards, Campari Group creates an
environment where all employees have equal opportunities to succeed and advance in their careers. The fair
pay Policy extends to all Camparistas, with annual assessments conducted to ensure equitable compensation
across genders. This Policy is applied universally across all geographies and roles, aiming to prevent gender-
1 The Women’s Empowerment Principles (WEPs) are a set of Principles offering guidance to business on how to advance gender equality and women’s
empowerment in the workplace, marketplace and community. Established by UN Women and UN Global Compact, the WEPs are informed by international
labour and human rights standards and grounded in the recognition that businesses have a stake in, and a responsibility for, gender equality and women’s
empowerment.

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based pay disparities. Through a rigorous annual certification process, the Policy ensures compliance with fair
pay standards, mitigates turnover risks, and reinforces the company's commitment to DEI principles.
The Policy on Responsible Consumption of Alcoholic Beverages is designed to ensure that all employees and
those acting on behalf of the Group promote responsible drinking. This policy is part of their broader strategy to
encourage moderation and responsibility when consuming alcoholic beverages. For more detailed information
on the Policy refer to 'Strategy, Policies and Actions related to Consumers and end-users' in 'ESRS S4
Consumers and end-users' section.
Campari Group's inclusive approach begins at recruitment, embedding DEI principles into its hiring practices
through standardized statements in job descriptions. This ensures fairness and welcomes diverse talent while
upholding equal opportunity for all candidates, irrespective of their background. To further this objective, the
Group provides Recruitment Training to hiring managers and recruiters, focusing on recognizing and mitigating
unconscious biases. In 2024 alone, over 250 managers and recruiters participated in this program,
demonstrating the organization’s dedication to inclusivity throughout the talent acquisition process.
The Group’s Inclusive Leadership Principles focus on cultivating empathetic and inclusive leaders who prioritise
collaboration, psychological safety and team well-being. Leaders are trained to foster environments where all
voices are valued, biases are actively mitigated and Camparistas feel respected and supported in achieving
their goals. By emphasizing cross-functional teamwork and holistic well-being, this principle drives innovation
and strengthens the organizational culture. Campari Group celebrates diversity and educates its workforce
through company-wide awareness days such as Global Mental Health Day, International Women’s Day, Pride
Month and Disability Day. These events promote understanding, inclusion, and advocacy, with activities ranging
from webinars and storytelling to challenges and interactive sessions. For instance, during Pride Month,
employees shared personal experiences to foster LGBTQ+ inclusion, while Disability Day highlighted accessible
practices and the value of diverse abilities.
Partnerships further strengthen Campari Group’s DEI efforts. Its collaboration with the Leading Executives
Advancing Diversity ('LEAD') Network supports gender equality by providing mentorship programs, inclusive
leadership training and access to global conferences. Camparistas also benefit from development opportunities
through webinars, workshops and networking events, enabling them to contribute meaningfully to the Group's
DEI journey. The Group’s partnership with the LEAD Network is available to all employees in the EMEA region,
fostering professional development and gender equality within the consumer goods and retail sector.
As a participant in the UN Global Compact’s Target Gender Equality ('TGE') Accelerator, Campari Group has
embraced the Women’s Empowerment Principles ('WEPs 1'), integrating them into its strategies to advance
gender equality. Through a gender gap assessment, draft action plans, and capacity-building workshops, the
Group continues to align its policies with global best practices. Efforts include enhancing pay equity, increasing
women’s representation, and driving advocacy beyond the organization. Furthermore, Campari Group's
involvement with the UN Global Compact's gender-equality initiatives apply to all employees, supporting the
organization’s ongoing commitment to gender empowerment and equality.
Campari Group reinforces its commitment to global labor and human rights standards through its Employees
and Human Rights Policy, which aligns with the United Nations Universal Declaration of Human Rights and the
International Labor Organization’s ('ILO') Declaration on Fundamental Principles and Rights at Work. Its
remuneration practices further reflect this dedication, adhering to the principles outlined in the ILO Equal
Remuneration Convention, 1951 (n. 100), ensuring equitable compensation across all roles.
In developing its fair pay and parental leave policies, Campari Group engaged third-party experts, including
Thriving Talent and Syndio, to ensure alignment with international standards and best practices. Drawing on
their expertise, the Group benchmarked its policies against global frameworks, creating solutions that not only
meet but often exceed international expectations for fair pay and inclusive parental leave. These external
consultants provided critical insights into compensation analysis and policy design, enabling the development of
globally inclusive practices that address the diverse needs of all families. Through this collaboration, Campari
Group has implemented data-driven DEI policies that embody fairness, inclusivity and a steadfast commitment
to advancing equity in the workplace.
Campari Group’s DEI policies are shaped through extensive consultation with stakeholders, including
employees, ERGs, DEI experts, HR and business leaders, and external suppliers. This collaborative approach
includes Employee Listening Surveys, ERG initiatives, and focused listening sessions, all of which provide

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valuable insights into DEI-related risks and opportunities. By incorporating this feedback, Campari Group
ensures that its policies align with the diverse needs and perspectives of its global workforce.
The Group implements global, regional and local policies and processes to provide comprehensive guidance on
compliance matters. While policies outline general principles and rules of conduct, processes detail the specific
steps for executing particular activities. These documents are accessible to all Camparistas via the company
intranet, with select materials also available on Campari Group’s official corporate website. The
Legal&Compliance Department, in collaboration with HR and Corporate Communications, is tasked with
ensuring the effective integration of compliance policies and principles into daily operations through targeted
training and communication initiatives. All employees, including new joiners, are required to complete a
foundational e-learning program on the global Anti-bribery and Anti-corruption Policy, with additional specialized
training mandated for certain roles or functions.
In alignment with its commitment to transparency, Campari Group provides employees with a dedicated space
on the intranet where they can access detailed information about their compensation. This resource includes a
clear breakdown of the components of their remuneration and references to applicable policies, ensuring that all
Camparistas have a thorough understanding of how their compensation is structured and evaluated.
To further support transparency and engagement, Campari Group makes all policies readily available to
employees and stakeholders through its internal communication platform. Regular webinars and training
sessions are organized to inform Camparistas and managers about the policies, their benefits and the
processes for accessing related support. HR contacts are also available to answer questions and provide
guidance, reinforcing the Group’s commitment to openness and accessibility.
Campari Group’s policies for managing material impacts, risks and opportunities related to its workforce are
detailed across several key documents. The Code of Ethics, particularly Section 5, establishes principles of
fairness, loyalty and integrity, emphasizing commitments to employee well-being, workplace ethics and training.
The Employees and Human Rights Policy serves as a dedicated framework outlining the Group’s commitments
to human rights, working conditions and training, alongside provisions for grievance mechanisms to address
concerns. The Diversity and Inclusion Policy defines the organization’s objectives and monitoring processes to
promote an inclusive and equitable workplace environment. Additionally, the Global Reward Guidelines provide
a comprehensive approach to remuneration, ensuring equal pay and opportunities for all employees.
These documents are accessible on the Campari Group’s website, where they are available in full. Collectively,
they addressed the management of workforce-related material impacts, risks and opportunities, ensuring a
robust and transparent framework for workforce governance.
- Deep dive on human rights
Campari Group ensures compliance with national legislation on human rights across all countries of operation
through its Employees and Human Rights Policy. This comprehensive Policy outlines commitments to areas
such as non-discrimination, forced labor, child labor, harassment, diversity, working conditions including hours
and remuneration, freedom of association, collective bargaining, training, personal development, community
involvement, and quality, health, safety, and the environment. Employees, suppliers and customers are
expected to uphold these principles, with subsidiaries taking proactive steps to communicate the Policy
provisions in local languages to employees and contractors. Training programs incorporate these principles to
raise awareness about behaviors and actions that could result in human rights violations. Compliance is
monitored through grievance mechanisms, including the Campari Safe Line, a confidential whistleblowing
channel overseen by Legal and Internal Audit functions, ensuring effective reporting and resolution of illegal or
irregular behavior.
Aligned with international frameworks such as the UN Guiding Principles on Business and Human Rights, the
ILO Declaration on Fundamental Principles and Rights at Work and the OECD Guidelines for Multinational
Enterprises, Campari Group integrates these standards into its operations. It encompasses key areas such as
non-discrimination, working conditions, fair wages, and safe workplaces, and adheres to ILO standards,
including Convention n. 138 on the minimum age for employment, Convention n. 1 on hours of work, and
Convention n. 30 on hours of work in commerce and offices. The Policy is further supported by the Supplier
Code, ensuring that all stakeholders align with these principles and by the Group's DEI principles demonstrating
the Group’s dedication to maintaining a fair, inclusive, and supportive environment that prioritises the well-being
and equal treatment of its workforce.
Campari Group strictly prohibits all forms of forced or compulsory labor, including practices such as prison labor,
debt bondage, trafficking and serfdom. It ensures that it does not work with suppliers or employment agencies
known to engage in forced labor. The Policy also categorically excludes the use of child labour and is committed
to eliminating child labor across its supply chain. This commitment extends to the Campari Group’s Supplier
Code.

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The Code of Ethics and the Employees and Human Rights Policy explicitly reject discrimination based on
factors such as race, gender, age, nationality, ethnic origin, religion, sexual orientation, trade union or political
affiliation, personal or socioeconomic condition, disability, or health status.
In alignment with its DEI and human rights commitments, Campari Group has established robust grievance
mechanisms to address human rights-related concerns, ensuring fair and transparent resolution processes.
These mechanisms are continually reviewed to reflect international standards, reinforcing the Group’s
unwavering commitment to protecting and promoting the rights of its workforce. Campari ERGs provide a
platform for connection, advocacy, and empowerment, amplifying diverse voices and driving cultural awareness,
inclusivity and psychological safety. These ERGs exemplify Campari Group’s dedication to fostering a workplace
where all individuals thrive, reinforcing DEI values and contributing to long-term business success.
Campari Group's Global Policy on Quality, Food Safety, Health, Safety and Environment and its comprehensive
health and safety management system demonstrate the Group’s commitment to protecting the health and safety
of all employees, contractors, suppliers, and visitors to its plants and offices. These policies ensure the provision
of safe and healthy working conditions, aimed at preventing work-related injuries and illnesses, thereby fostering
a secure environment for everyone involved with the Group's operations.
Campari Group’s Employees and Human Rights Policy explicitly addresses non-discrimination and harassment,
reaffirming the Group’s commitment to ensuring equal opportunities for all employees in both work and career
advancement. The policy stipulates that hiring, training, pay, promotion, transfer and termination of employment
are never influenced by discriminatory factors. The Group is dedicated to protecting the psycho-physical
integrity of its employees, fostering an environment of respect for each individual’s personality and dignity.
Harassment, in any form, is considered unacceptable and will not be tolerated. The Code of Ethics further
reinforces the importance of respecting diversity and promoting fair and equal treatment, ensuring that all
employees have equal opportunities based on objective assessments of skills and competencies.
The Diversity and Inclusion Policy recognises the value of differences and sets targets for the composition of the
Board and the gender diversity ratio within all leadership teams at global, regional, and local levels. These
efforts consider the benefits of a diverse and inclusive workforce, influencing the Group’s selection procedures
for hiring new employees. I n line with this commitment, the new Parental Leave Policy introduces a minimum
standard for parental leave aiming to address gender inequality and combat parenting bias.
As emphasized in the Code of Ethics, Camparistas are expected to celebrate, respect and promote diversity,
recognizing the enrichment that people from varied personal, cultural and professional backgrounds bring to the
Group. The Company is committed to achieving specific and ambitious diversity and inclusion targets for the
composition of its Board and leadership teams, ensuring that all employees are treated fairly and equally, with
no discrimination in hiring, training, pay, promotion, transfer or termination of employment.
Data analytics tools are used to allow a data-driven approach to workforce management from a diversity, equity,
and inclusion perspective. The Group also engages in continuous learning to raise awareness and promote
behavior change, offering targeted training solutions at various levels (HR, leaders, people managers,
employees). Open conversations with experts, leaders, managers, and employees on diversity, equity, and
inclusion topics are held regularly, while people policies, particularly in Talent Acquisition and Talent
Management, continue to be revised. The Group’s whistleblowing procedures, accessible via the Campari Safe
Line, allow any violations or irregularities to be reported, ensuring transparency and accountability in the
workplace.
Due to the robust initiatives and measures implemented, no Group operation is considered to be at significant
risk of encountering incidents of forced or compulsory labor. No severe human rights issues and incidents, nor
discrimination incidents connected to Campari Group's own workforce have been reported in 2024 and no
complaints were filed by workers. Therefore, no fines or penalties were received in the reporting year.
- Processes for engaging with own workforce and workers’ representatives about impacts
Campari Group engages with its workforce and workers’ representatives through a structured, collaborative and
constructive approach, grounded in local industrial relations frameworks and in full compliance with trade union
relationships. This process combines direct engagement, such as regular workforce surveys like the annual
Glint survey, open forums, and feedback mechanisms, with indirect engagement through workers’
representatives, including trade unions and employee committees. By aligning with local contexts, Campari
Group reflects the specific legal, cultural, and social environments of each Country while maintaining a
consistent global attitude of openness, collaboration, and mutual respect.
The engagement process focuses on identifying material impacts, risks, and opportunities related to working
conditions, health and safety, diversity and inclusion, career development and remuneration. Insights gathered
are systematically analyzed and shared with leadership teams, influencing decisions such as the introduction of
new policies and adjustments to existing initiatives. Feedback from employees and representatives plays a
critical role in shaping strategies, ensuring alignment with both global frameworks and local adaptability.

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Engagement occurs at various stages, including policy development, implementation and evaluation of
mitigation measures. For example, consultations with employees or their representatives help shape policies
addressing material impacts like diversity initiatives or health and safety measures. Engagement also takes
place during the rollout of global frameworks, such as performance evaluation and reward systems, ensuring
alignment across all regions. Tools like surveys, town hall meetings, and the Campari Safe Line whistleblowing
platform provide channels for active participation, consultation and information-sharing.
The frequency of engagement is both regular and situational. Structured processes, such as annual workforce
surveys and periodic infra-annual performance evaluations, are complemented by engagement at key moments,
such as the introduction of new policies, significant organizational changes or local requirements. Feedback
from these engagements is integrated into decision-making processes to enhance policies and practices,
ensuring alignment with employee perspectives and organizational objectives.
Campari Group’s HR function, led by its Head, is structured across global, regional, and local layers, each with
differentiated roles focusing on employee engagement. Within HR, specialized teams are responsible for
designing and implementing engagement frameworks and initiatives. Additionally, HR Business Partners ensure
that these engagement activities are effectively executed and integrated into business operations. The
effectiveness of these efforts is measured through the Glint Climate Survey, a comprehensive tool for assessing
employee sentiment, engagement, and satisfaction. This survey provides insights into inclusivity, fairness,
career development opportunities, and employee well-being. Results are disaggregated to ensure that the
perspectives of vulnerable or marginalized groups, such as women, migrants or employees with disabilities, are
considered, ensuring that all voices are heard and incorporated into the Group’s strategies.
By fostering a proactive and cooperative stance, Campari Group ensures that workforce engagement
contributes positively to decision-making, reinforces collaboration and upholds a shared sense of purpose. This
approach reflects a balance between global consistency and local adaptability, driving meaningful participation
and mutual growth across all areas of operation.
- Processes to remediate negative impacts and channels for own workforce to raise concerns
Campari Group's Whistleblowing Policy establishes a comprehensive framework for addressing and resolving
reports of violations related to regulations, internal guidelines, procedures and applicable criminal or civil laws.
Under this policy, the Group encourages employees to voice their concerns through various channels, including
their line manager, a trusted manager, the HR Department, the Legal and Compliance Department or the
Campari Safe Lin e, a 24/7 platform accessible in all Group’s countries and local languages via email, fax, web
reporting or telephone.
The Whistleblowing Policy ensures that all reports, whether submitted anonymously, confidentially, or openly,
are taken into consideration, regardless of the channel used. Reports received through the Campari Safe Line
are simultaneously delivered to all members of the Whistleblowing Committee, while reports submitted through
other channels must be promptly forwarded to the committee. Upon receipt, the Group Internal Audit Senior
Director prepares a report summary for the Whistleblowing Committee and the Chairman, formally initiating the
case. The Whistleblowing Committee then conducts a preliminary verification of the report, involving relevant
functions, individuals or external consultants as needed to ensure a thorough and impartial investigation.
Throughout this process, the Director maintains responsibility for the integrity, completeness, and archival of the
case file while keeping the committee informed of key developments.
In instances where the findings indicate a critical situation, the Group Internal Audit Senior Director prepares a
final report containing an Action Plan with the necessary remedial measures. If the case falls under the 231
Model, the Supervisory Board is informed and may supplement the Action Plan with additional corrective
measures.
The Group prioritises the protection of whistleblowers by guaranteeing confidentiality and prohibiting any form of
retaliation. It ensures that the identity of whistleblowers and the content of their reports remain confidential
throughout the entire case-management process. Simultaneously, the Group upholds the rights of the reported
party, including the right to be informed of the accusations and any disciplinary actions within a reasonable
timeframe, as well as the right to defense.
Campari Group's Whistleblowing Policy also mandates the strict avoidance of conflicts of interest in the
management of cases, requiring any potential conflicts to be immediately declared and documented in the case
file. If evidence emerges indicating that a report is unfounded, submitted in bad faith, or marked by gross
negligence, the Whistleblowing Committee assesses whether disciplinary actions against the whistleblower are
warranted.
To ensure the effectiveness of the Whistleblowing Policy, the Chief Legal Officer and the Global Head of Human
Resources oversee its communication, availability, and training. The policy is published on the Group’s intranet
and includes detailed guidance on accessing and using the Campari Safe Line under the responsibility of the
Internal Audit function. By fostering transparency and accountability, Campari Group reinforces its commitment
to maintaining ethical practices and addressing violations responsibly (refer also to 'Governance and Polices
related to Business Conduct' in the 'ESRS G1 Business conduct' section).

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The processes the Company has in place to provide for the remediation of negative impacts on people in its
own workforce related to Health and Safety and Privacy are described in the 'Impact, risk and opportunity
related to Own workforce' paragraph below.
Impact, risk and opportunity related to Own workforce
The result of the processes to identify and assess material impacts, risks and opportunities related to the whole
own workforce for the reporting period 2024 was summarised below.

Relevant sub-sub-topic | Impacts | Risks | Opportunities
Health and safety | Negative externalities on employees due to accidents (negative) | Potential H&S incidents resulting in injuries/deaths | -
Freedom of association, the existence of works councils and the information, consultation and participation rights of workers | Promoting participation in the framework of national and supranational trade associations to safeguard general interest and actively contributing to the development at sectorial level (positive) | - | -
Secure employment | - | Own operations management issues related to labour and ethics may lead to regulatory fines, increased long- term operational costs, and reputational harm for entities | -
Gender equality and equal pay for work of equal value | - | Failure to enforce and apply Diversity, Equity & Inclusion policies & practices resulting in discrimination cases | -
Privacy | Safeguard of data for all stakeholders (employees) (negative) | - | -
Training and skills development | Promotion of a culture of quality and responsibility through communications projects and actions carried out (i.e., specific educational training courses) towards internal workers aimed at educating consumers on the responsible consumption of alcoholic beverages and on the importance of quality vs quantity (positive) | - | Ability to attract and retain people

- Health and safety
Campari Group places the health, safety and well-being of its employees, contractors, visitors and the
communities in which it operates in at the forefront of its priorities. In response to the potential risks associated
with workplace incidents and to mitigate the negative externalities that employees may face as a result of
accidents, the Group has implemented a comprehensive health and safety ('HS') management program that
focuses on risk awareness, mitigation and the engagement, training and empowerment of its workforce. This
approach is guided by five strategic fundamentals established in 2021: a Common Approach to High-Risk
Processes and Areas, Common Performance Metrics, Culture and Leadership, Functional Excellence, and
Continuous Improvement. These elements collectively drive the ongoing evolution of Campari Group's global
HS program, fostering capability building, enhancing employee involvement and achieving sustained reductions
in workplace injuries and illnesses.
Campari Group has demonstrated a strong commitment to health and safety across its global operations,
implementing a range of initiatives to enhance workplace safety and well-being. Comprehensive assessments of
hazardous operations ('HAZOPs') have been conducted to integrate safety into the design of our processes,
while targeted training programs for production operators strengthened capabilities in risk assessment, safety
leadership, confined space operations and working at heights. To further protect its workforce, Campari Group
improved the safety of machinery and implemented advanced technologies to improve the safety of powered
industrial vehicles. Additionally, frontline workers actively participated in safety walks at all production sites,
strengthening a culture of shared responsibility for safety.
These measures have been implemented across all the Group’s production sites, benefiting both own
employees and contractors. Suppliers working in sites have also received safety training to ensure compliance
with our rigorous safety standards. Although many of these initiatives were successfully completed in 2024,
some of them, such as improving machinery safety, capability building, and the introduction of powered
industrial vehicle safety systems, are multi-year projects that are set to expand over time.
Campari Group rigorously tracks the closure of corrective and preventive actions ('CAPAs') stemming from
incidents and near-miss events, with a global on-time closure rate of 89% in 2024. This metric, a key

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performance indicator for our health and safety efforts, underscores our commitment to timely and effective
problem resolution.
The Group has also ensured safe oversight of construction and expansion activities at sites in the United States,
Jamaica, Mexico, Italy, France, and the United Kingdom. Health and Safety Days held at most locations
provided front-line workers with opportunities to engage in educational and interactive activities focused on
safety, health, and well-being. Campari Group’s health and safety platform incorporates verification steps for
CAPA completion and uses risk assessments and root cause analyses to identify and address actual or potential
negative impacts on the workforce. These processes are underpinned by global and site-level policies that
ensure a consistent approach to risk management. Additionally, external assessments are conducted to verify
compliance with health and safety legislation in all countries of operation. Specific risks are managed through
written policies covering confined spaces, working at heights, personal protective equipment and powered
industrial vehicle operations.
Frontline workers play a vital role in shaping the Group’s safety practices, contributing insights through site-level
walkthroughs and participation in committees that review and propose changes. By integrating these
contributions with robust systems and processes, Campari Group continues to foster a safe and supportive
working environment, aligned with its commitment to health, safety, and continuous improvement.
All of the aforementioned actions are either ongoing or planned to mitigate significant risks associated with
Campari Group's business. The Group ensures that its practices do not cause or contribute to significant
negative impacts on its workforce.
The Campari Health and Safety ('HS') team, within the Supply Chain ('SC'), operates as a part of the Global
Manufacturing and Engineering ('M&E') function. The HS team consists of the Global Head of Global
Manufacturing & Engineering, two regional representatives for the Americas and EMEA regions and site-level
representatives that are responsible for the execution and implementation of HS initiatives. The Regional
Leaders are coordinating and collaborating with site level representatives to ensure HS programs and initiatives
are properly maintained and executed.
- Freedom of association, the existence of works councils and the information, consultation and participation
rights of workers
Campari Group is committed to ensuring that working conditions across the entire organization are founded on
the principle of freedom of association, guaranteeing employees the right to organize and engage in collective
bargaining. This commitment is a core value and is upheld universally across all countries in which the Group
operates. Furthermore, the Group has instituted robust mechanisms for information dissemination, consultation
and active participation. These measures are meticulously crafted to safeguard and enhance workers' rights
through ongoing dialogue and a steadfast commitment to open communication with the workforce. These
practices ensure that employees are kept informed about key organizational decisions, consulted on matters
that affect them, and actively involved in dialogue to enhance workplace conditions. Campari Group fully
complies with national laws that mandate such measures. In jurisdictions where these obligations are not legally
required, the Group voluntarily implements regulations that reflect its dedication to safeguarding the rights and
well-being of the workforce. This approach ensures consistency and fairness throughout the organisation,
fostering a culture of respect and collaboration at all levels.
By embedding these principles into its operations, Campari Group strives to uphold the highest labor rights
standards and contribute to creating a positive, inclusive working environment for all employees. This represents
an opportunity not only to enhance employee satisfaction and well-being but also to drive organizational
success and innovation. A strong commitment to labor rights ensures that employees are treated fairly, fostering
a culture of trust and collaboration. This environment encourages employees to bring their best selves to work,
thereby enhancing productivity and creativity. Furthermore, by championing these values, strengthens its
commitment to corporate responsibility, attracting top talents and enhancing its reputation in the industry.
Campari Group fully respects the principles of freedom of association, ensuring that all employees have the right
to form and join trade unions or other representative bodies without fear of retaliation. The Group is constantly
monitoring the workforce participation to unions (in Europe). This commitment is upheld in accordance with EU
regulations and local labor laws across all countries in which the Group operates, safeguarding the rights of the
workforce and promoting an inclusive and respectful work environment. As a result of the efforts undertaken, no
major negative actual impacts were noted during the reporting period. Considering the nature of the topic the
Group ensures full compliance with the various local regulations with no specific action plans to be applied.
In 2024, Campari Group launched two global projects aimed at training its HR teams to adopt a consistent
approach focused on equity, fairness and transparency in industrial relations. These initiatives are designed to
reinforce the commitment to respecting workers' rights, fostering an inclusive and fair work environment, and
ensuring transparent communication between management and employees across all regions in which the

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Group operates. Through these efforts, the Group strives to create a workplace that reflects its core values of
fairness and mutual respect.
Campari Group prioritises key areas such as health and safety, training and skills development, and equal pay
for equal value. The Group continuously assesses the effectiveness of its initiatives through internal audits,
employee feedback and other relevant tracking mechanisms. In addition, it is actively working to align its efforts
with broader risk management processes, ensuring that dependencies on the Company's workforce, such as
employee turnover and skills development, are regularly monitored and addressed.
This approach is integrated across various internal functions, with each team contributing to the identification
and management of both negative and positive impacts on the workforce. This collaborative effort ensures that
Group strategies are not only compliant but also effective in fostering continuous improvement in working
conditions and employee engagement.
Within the HR function, each country in which the Group operates has local teams or representatives dedicated
to safeguarding workers' rights, including freedom of association (where applicable), the existence of works
councils (where legally required) and the rights to information, consultation, and participation. These teams
collaborate with relevant stakeholders, adhering to local regulations and practices to uphold and protect these
fundamental rights. In Italy, a notable example of these rights in practice is the presence of Rappresentanze
Sindacali Unitarie ('RSU'), or Unified Workplace Union Representatives. RSUs are employee-elected bodies
that serve as key points of reference for company-level collective bargaining and for facilitating dialogue
between the Company and its workforce. The RSUs actively promote employee participation through:
- Consultation on significant issues such as working conditions, workplace safety and employee well-being;
- Negotiation of company-level agreements;
- Representation of employees in discussions with company management.
In other countries, where equivalent roles or structures may not exist, the local HR function assumes a central
role in fostering dialogue and employee involvement. This often involves collaboration with trade union
representatives or works councils, as defined by local legislation. This approach ensures alignment with global
principles of freedom of association and participation while being adapted to the specific regulatory and cultural
context of each country.
- Secure employment
The risk of facing issues related to labor and ethics emerged as material in the DMA 2024, as non-compliance
with labor laws and ethical standards could lead to substantial fines and legal penalties. These can arise from
unfair labor practices, inadequate workplace safety, wage disputes or discrimination. Ethical lapses can lead to
indirect financial burdens. Labor disputes may result in strikes or high employee turnover, causing significant
costs related to hiring, training and operational disruptions. Poor labor practices can also reduce employee
morale and productivity, leading to inefficiencies and increased operational costs over time. Also, news about
unethical labor practices can spread rapidly, damaging the Group's reputation. Consumers, investors, and other
stakeholders are increasingly conscious of corporate ethics and negative publicity can lead to a loss of customer
trust and loyalty, impacting sales and profitability. A tarnished reputation can hinder the ability to attract and
retain talent, as well as secure partnerships or investments.
To mitigate these risks, Campari Group is committed to creating a positive workplace culture that values
diversity, equity and inclusion, provides regular training on ethical behavior and labor rights, invests in employee
engagement and well-being programs, ensure fair wages and safe working conditions, fosters open
communication between management and employees and establishes clear policies and procedures for
addressing grievances. It regularly conducts audits to ensure compliance with all relevant laws and regulation
and established internal reporting mechanisms for ethical concerns and violations. The Group also ensures
transparency about its labor practices and communicates its commitment to ethical standards both internally
and externally.
- Gender equality and Equal pay for work of equal value
The Campari Group Diversity, Equity, and Inclusion strategy establishes a comprehensive framework to foster a
culture of inclusion and ensures that everyone - Camparistas, business partners, and communities - is
empowered and encouraged to contribute to this shared journey. In 2024, the Group introduced the new
Parental Leave policy commented in the 'Strategy related to Own workforce' section, to promote professional
success. Following the implementation of this global policy, all local policies are in progress to be aligned to the
established standard and its implementation will continue across various countries until June 2025. While most
countries are already enrolled in the program, a few exceptions exist where certain countries will join at a later
stage or already have a local provider in place.
Complementing these efforts, the Employee Assistance Program ('EAP') provides confidential support to
Camparistas, addressing personal and work-related challenges that could impact their job performance, health,
or overall well-being. Offered at no cost, the EAP delivers at global level a wide range of services, ensuring

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ongoing support for all employees throughout its duration, including mental health counselling for stress, anxiety,
depression, and substance abuse; support for achieving work-life balance; financial advice to manage personal
finances and alleviate financial stress; legal assistance for personal issues; guidance for family and relationship
problems. Campari Group ensures the EAP service at an annual cost of less than €30,000 reflecting its
commitment to supporting the well-being and mental health of its employees.
These initiatives collectively underscore Campari Group’s commitment and dedication to creating an inclusive,
supportive and empowering environment for all its employees. All the aforementioned actions are either ongoing
or planned to mitigate significant risks associated with Campari Group's business and ensures that its practices
do not cause or contribute to significant negative impacts on its workforce. The team in charge of DEI topics is
the Global People Experience team, which is part of the Global HR Function, operating within the Talent area.
The team is dedicated to creating an inclusive environment where every Camparista feels valued and
empowered. Its focus is on activating our culture, landing the new employee listening approach, identifying
gaps, creating the DEI vision and strategy, and strengthening DEI partnerships and networks. The global team
works in close collaboration with regional and local representatives, who bring cultural and regional flavors to
ensure that initiatives are effectively tailored and implemented at a local level.
Campar i Group places fairness, equity and transparency at the heart of its remuneration system, ensuring equal
pay for equal work and equitable access to opportunities, regardless of gender or other personal characteristics.
Using the internationally recognised International Position Evaluation ('IPE') methodology, the Group objectively
assesses job responsibilities, enabling internal comparisons across functions and geographies, as well as
external benchmarking to maintain market competitiveness. By using this structured job evaluation system,
Campari Group ensures that roles are assessed based on their responsibilities, promoting internal equity and
external alignment. Recognizing the importance of pay equity and addressing the pay gap as core components
of its sustainability commitments, Campari Group has intensified its efforts to combat gender inequality.
Starting in 2023, the Group introduced a leading workplace equity analysis platform to promote fairness and
equal opportunities. This platform uses advanced multivariate regression analysis, accounting for factors such
as skills, effort, responsibility, and working conditions, to identify and address systemic pay disparities. By
analyzing both unadjusted pay gaps (differences in average or median pay regardless of role or qualifications)
and adjusted pay gaps (factoring in job type, responsibility and experience), the platform enables the
identification of significant gaps, investigation into root causes and application of targeted remediation
strategies. Unadjusted pay gaps reflect the differences in average or median earnings between men and women
without considering factors such as role type, level of responsibility, or experience. In contrast, adjusted pay
gaps account for these variables and other pay policies, aiming to compare employees performing substantially
similar work with comparable characteristics. In 2024, the platform revealed pay discrepancies that could not be
justified by performance, skills or seniority. These critical disparities were addressed during the annual salary
cycle, followed by a second analysis to evaluate outcomes and refine future strategies. Using linear regression,
the platform estimates predicted compensation based on established pay policies, enabling the identification of
statistically significant differences and a deeper understanding of their root causes. To ensure meaningful action,
the tool also incorporates a remediation framework designed to address and resolve any inequities detected by
the models.
Moreover, Campari Group started using a top workplace equity analytics platform to address pay and
opportunity equity. This allows the performance of detailed multivariate regression analyses of pay differences
based on skill, effort, responsibility, and working conditions as well as existing Group’s pay policies and
practices. The new platform enables more comprehensive, frequent, and efficient monitoring of pay equity.
These initiatives culminated in Campari Group’s certification by Fair Pay Workplace, which recognises its
sustained commitment to fair and equitable compensation. The certification process revealed an unadjusted
median gender gap in Total Actual Cash of 18.53%, meaning that men earned 81.47 cents for every dollar
earned by women. However, the adjusted pay gap demonstrated near parity, with women earning 99.65 cents
for every dollar earned by men, reflecting virtually equal pay when legitimate factors were considered. To sustain
the Group’s commitment to pay equity, ongoing monitoring and reporting will be conducted. Regular reviews of
compensation practices will be conducted, and any necessary adjustments will be recorded and made. The
progress will continue to be tracked and reported annually through the Group Sustainability reports, ensuring all
stakeholders to be constantly informed of the Group’s efforts and results.
Campari Group’s remuneration policies are strategically aligned with its business objectives and HR strategies,
emphasizing engagement, retention and productivity. Four key elements guide remuneration decisions: recent
performance, development potential, critical individual capabilities and the strategic importance of the role. For
executives, directors and managers with strategic responsibilities, the Group offers a competitive compensation
package combining a fixed salary, annual performance-based bonuses and incentives as described below, to
ensure alignment with the Group’s long-term goals. Pay equity analyses are conducted twice a year to ensure

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fair compensation practices across the organization. Campari Group launched a long-term incentive ('LTI') plan
in 2024, represented by Restricted Stock Units ('RSU') granted annually with a three-year vesting period and
extending to all employees at the Senior Management and Executive levels in every Country. Replacing the
previous Stock Options Plan, this new plan aligns with market practices, enhancing the Group’s ability to attract
and retain senior management and executives. Complementing the LTI plan, the Group continues to foster a
culture of ownership and entrepreneurship among its employees through additional reward programs, including
the Employee Stock Ownership Plan ('ESOP') and the three-year vesting period Restricted Stock Units Mid-
Term Incentive Plan ('MTI') issued in 2024 for eligible employees. The ESOP enables Camparistas to invest in
the Group’s success through monthly payroll deductions, with participation rates steadily increasing since its
launch in 2021.
With the aim to support Campari Group employees, former employees, their families, and all those who have
contributed to the success of the Campari brand, the Group support the initiatives offered by foundations which
includes mortgage subsidies, nursery and kindergarten fees, scholarships and university awards for an amount
of €200.0 thousand in 2024. Other donations in 2024 were directed towards supporting charitable initiatives in
Italy and around the world, totalling approximately €330.0 thousand
Within the HR function, the Global Reward team is responsible for establishing global guidelines and policies
related to rewards. It develops and implements comprehensive compensation programs, including Stock Option
Plans, Long-Term Incentives, Short-Term Incentives, and others. The teams' efforts are supported by regional
Reward teams, which manage local implementation and oversee daily management. Additionally, the Global
Reward team collaborates with other corporate functions to ensure fair and transparent compensation practices
worldwide.
- Privacy
The Compliance&Legal Department, supported by the Group Data Protection Officer, is committed to adhering
to European regulations related to personal data protection, namely the GDPR, and any other local legislation
that may apply to the subject matter of the present document. Indeed, this work includes revising internal
policies, training usually provided periodically, and sharing best practices within the organization with regard to
data protection and enhancement of cybersecurity. The ongoing implementation of a joint controllership privacy
structure within the Group is designed to ensure that all legal entities involved in the processing of personal data
share responsibility for compliance with data protection regulations. This intra-group agreement is intended to
align all entities with the same high standards of data privacy and security, ensuring full cooperation in the event
of a data breach or any other privacy-related incident. Through the establishment of this joint controllership
structure, the Group seeks to enhance transparency, accountability, and collaboration in the management of
personal data, thereby protecting the privacy rights of individuals and preserving the trust of stakeholders.
Privacy is also intrinsically linked to cybersecurity, as safeguarding personal data relies on robust measures to
prevent unauthorized access, breaches and misuse.
Focusing on cyber risk analysis, the Group assess the main risks related to cyber security and evaluate the
controls in place to mitigate these risks as described below.
a) Cybersecurity through digitalization and compliance initiatives
The digitization initiatives undertaken by the Group have elevated its level of exposure towards data privacy and
cybersecurity risks. Certainly, greater use of technological integration to operate a daily business, such as
through the usage of artificial intelligence, also means greater risks with respect to data breaches, theft of
sensitive information, and disruptions resulting from cyber-attacks. All these risks were addressed by the Group
through the implementation of a comprehensive Cyber Security roadmap containing the introduction of state-of-
the-art cybersecurity technologies, continuous improvement in the Security Operation Centre processes, regular
cybersecurity assessments, and performance of risk analyses. Awareness creation and training programs will
also be provided to employees on a regular basis to keep them updated about the security culture.
b) E stablishing responsible AI governance: guidelines, innovation, and ethical oversight
The adoption of the Guidelines on Generative AI marks a further important step on how artificial intelligence is
approached within the Group. These are designed to ensure that AI technologies are deployed responsibly and
ethically-according to regulations. They include a structured framework that will be engaged in considering AI
initiatives with clarity, accountability, and the protection of data privacy and intellectual property rights.
This set of guidelines helps to build an atmosphere of innovation within the laid framework that would protect the
interest of each and every stakeholder - be it customers, employees or partners. Furthermore, the guidelines
have also given a go-ahead toward prudent monitoring and continuous evaluation of AI systems with the
purpose of reducing possible risks and aligning these with the strategic objectives.
Another major step toward establishing responsible use and innovation within AI involves the development of
the AI Advisory Hub at the Group level. Membership of the latter includes several key functions at Group level,

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namely IT, Legal, and Compliance. This will provide a central contact point regarding the assessment of all AI
initiatives and use cases across the organization.
The main tasks of the Hub are to assess ethical implications, compliance with data privacy and impacts on the
operation of the business, stakeholders, and IT infrastructure for AI technologies. The AI Advisory Hub will
professionalize advice and guide the correction of developments and deployments of AI applications, within the
core value and strategic objectives of the Group. This effort underscores the concept that AI needs to be
governed - with the necessary levels of transparency and accountability to instil confidence in this advanced
technology.
c) C ompliance and adaptation to evolving cybersecurity and business continuity regulations
The Group is dedicated to staying informed about new regulations and directives related to cyber security and
business continuity, including the second iteration of the Network and Information Security Directive and the
Critical Entities Resilience Directive. This commitment involves continuous monitoring of legislative changes and
regulatory updates to ensure compliance and mitigate associated risks. The Legal&Compliance department, in
close collaboration with the IT and Cyber Security teams, regularly reviews and updates internal policies and
procedures to align with the latest regulatory requirements. By proactively tracking and adapting to these
regulatory changes, the Group aims to maintain robust cyber security protocols and ensure business continuity,
safeguarding its operations and protecting the interests of stakeholders.
d) S trengthening cybersecurity through risk assessments and advanced mitigation strategies
The Group conducts comprehensive cyber risk assessments to identify key cyber security risks and evaluate the
effectiveness of the existing controls designed to mitigate these risks. Based on the findings, areas for
improvement in cyber security measures are identified, and detailed action plans are developed. These plans
include reviewing and enhancing existing organizational and technological security measures, such as the
processes within the Group’s security operations centre, to strengthen the Group's capabilities in detecting and
responding to cyber threats. Additionally, there is focus on improving the management of access to
technological systems by employees and third parties through secure digital identities (i.e., usernames and
passwords).
Furthermore, the Group is implementing new technologies, such as an advanced anti-spam solution,
vulnerability management systems covering various levels of infrastructure, and a continuous threat-monitoring
system that simulates real-world cyber-attacks to uncover vulnerabilities and recommend corrective actions. A
pilot phase has also commenced for the deployment of a data loss prevention system, which will implement
controls to safeguard documents containing sensitive personal and business data, in accordance with their
designated confidentiality levels.
The comprehensive strategy adopted by the Group as described above, address compliance activities related to
data privacy and cyber security, placing a strong emphasis on training and awareness. Regular communication
campaigns are designed to enhance employees’ understanding of cyber security risks, including phishing and
social engineering. New hires receive dedicated security training as part of their onboarding process, while
ongoing training sessions are accessible to all employees. To reinforce these efforts, the Group conducts bi-
weekly and monthly simulated phishing campaigns to evaluate employees’ ability to identify email-based
threats. Furthermore, an annual communication plan, developed in partnership with the Corporate
Communications department, ensures the delivery of monthly updates on key topics through the intranet portal.
This multi-dimensional approach equips employees with the knowledge and skills needed to effectively navigate
data privacy and cyber security challenges.
- Training and skills development
Training initiatives focus on the development of culture of quality and responsibility through communications
projects and actions carried out to promote the importance of consumption quality vs quantity to internal workers
are disclosed in 'Strategy, Policies and Actions related to Consumer and end-users' in the 'ESRS S4 Consumers
and end-users' section.
To create a receptive environment, the Group is engaged in a comprehensive program involving workers from
various perspectives to establish common ground. Campari Group believes that focused capability building
across all levels of the organization is a critical component for its long-term success. Indeed, Campari Group’s
commitment to development is evident in its continued progress against the milestones of a multi-year HR
Strategy. This strategy outlines a program of functional transformation designed to increase HR functional
expertise and the effectiveness of the organization’s people processes to drive development in three ways:
• developing Great Camparistas who have the skills and opportunities they need for professional growth;
• building critical capabilities to help Campari Group continue its successful growth agenda;
• growing the next generation of leaders who know how to engage and develop employees.

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The following paragraphs will therefore describe the main activities undertaken throughout 2024 in these areas
and also highlight some of the longer-term actions planned for 2025 and beyond. Total investments in training
amounted to €4.9 million in 2024.
Developing great Camparistas
Campari Group recognises the critical role that self-awareness plays in effective personal and professional
development. The Group believes that development efforts must address the individual needs of its employees
within the context of their current and future roles. To facilitate this, the Group is investing in the right tools and
ecosystem to help Camparistas engage in continuous self-assessment.
Starting in 2023, the Group deepened its commitment by implementing a sophisticated talent assessment and
management platform. This platform maps, stores, and analyses all talent assessments, providing the Group
with a comprehensive understanding of Camparistas and their development within the organization.
The list of initiatives the Group is managing in this area is provided below.

360 Feedback | The journey began with the introduction of the Campari Group 360 Feedback system, which was later expanded to include competency assessments for the Marketing, Channel&Customer Marketing, and Sales teams, to identify opportunities for leadership growth and transformation. The questionnaire and overall experience have been revamped to ensure optimal development outcomes for both individuals and the organization. Additionally, Campari Group has trained 50 internal debriefers to guarantee a high-quality experience for Camparistas.
Hogan Assessment | For senior managers and above, the Group maintains its use of the Hogan Assessment, integrated into both the Group Talent Acquisition and Talent Development strategies. With 26 internal certified assessors, the Hogan Assessment offers a library of complementary personality tools aimed at enhancing self-awareness among leaders. This enables them to better manage their behavior and improve their success and effectiveness in the workplace.
Insights Discovery | Campari Group further enriched its assessment toolkit by introducing Insights Discovery, a psychometric tool designed for all levels within the organisation. Insights Discovery is intended to provide participants with a solid foundation of self-awareness, equipping them with the skills needed to develop themselves, contribute to effective teams, and lead others successfully.
Coaching | To accelerate the development and growth of Camparistas, the Group has also built a community of 15 external coaches. These coaches help facilitate self-discovery and behavioural change, preparing individuals for future roles or supporting their development in current ones. Coaching serves to enhance self-awareness, encouraging Camparistas to challenge their current practices, explore new solutions, and optimize their leadership abilities.
Career Week | In addition to these initiatives, following the success of the first Italian edition, the Campari Group's Career Week has continued to expand globally. In the October 2024 Italian edition, over 350 Camparistas participated (with an increase of +25% compared to the 2023 initial edition), in 23 sessions led by 34 internal speakers, focusing on a range of topics such as self- awareness, personal branding, leveraging AI for development, networking, coaching, mentoring, career conversations, and learning from failures.
Future Skills Fair | Building on the discussions about the importance of future skills for professional growth within Campari, the first edition of the Future Skills Fair was organized. This event was dedicated to selected key skills that will become fundamental in the future for the Group, including people management, hybrid workplaces, communication, data-based decision-making, sustainability and innovation. For each skill, one or two experts in the field were invited to engage with participants at the booths. These experts provided in-depth explanations of each skill, offered advice on how to practice them, shared strategies for integrating them into daily work routines, and highlighted additional resources available to Camparistas through CAMPUS channels.
The Leadership Model | Campari Group views leadership capability as a critical factor in creating a competitive advantage. The Group’s goal is to foster a balanced form of leadership, both at the organizational and individual levels, ensuring alignment with the Group’s core values and mission. Campari Group’s new leadership model defines five distinct leadership styles: Purposeful Leaders; Inspiring Leaders; Authentic Leaders; Agile Leadership; Inclusive Leaders. The mentioned 360 Feedback Assessment is supporting these leadership styles. In addition, a series of workshops have been introduced to familiarise Leadership Teams with the key concepts behind the model. These workshops have been rolled out and will continue across the entire organisation to ensure a comprehensive understanding and adoption of the new leadership framework.

Building critical capabilities
CAMPUS, the Campari Group University, became fully operational in 2023. It is a dedicated team for the
development of training activities within the Human Resources function, led by the Head of Campari University
marking a significant step in the Group’s dedication to people development. Its primary goal is to enhance
organizational alignment around capability-building programs and initiatives, continually improve the quality of
development solutions offered and implement a flexible development system that can adapt to the Group’s
ongoing growth. The team’s main responsibility is planning CAMPUS Signature programs, designing a range of
global learning and development solutions in the areas of Campari Group culture, cross-functional and
functional capabilities, including e-learning and performance support tools. The team ensures the quality of
learning programs, overseeing the learning technology and using evaluation processes which include the
creation of KPIs and dashboards, handling learning data and providing insights on learning programs’
effectiveness, in order to measure their impact, tracking skill improvements and updating and improving
contents accordingly. This is done by collaborating with Global HR and other stakeholders, providing expert
advice for global projects and focusing on the integration of learning processes with people management
systems CAMPUS serves as a space where Camparistas can tap into collective knowledge and access
personalized development experiences.

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Having the Campari University Regional Learning Partners as connectors between CAMPUS Team and local
entities for America, EMEA, and APAC business units, CAMPUS team works with Regional Talent teams for
timely deployment and supporting Senior Leaders as Campus Ambassadors. Local needs are addressed by
developing tailored leadership and cross-functional programs, always aligning learning priorities, establishing
governance to harmonize regional learning offers, and building internal expertise through coaching and train-
the-trainer activities. Since its inception, CAMPUS has delivered five distinct learning programs across multiple
sessions and locations, totalling 6,746 learning hours and involving 1,119 Camparistas. In 2024, Campari
University’s mission focused on making training and development resources and initiatives available to an
increasingly broad target, including plant-based personnel, individual contributors, and people managers at all
levels.
The list of activities CAMPUS is managing is provided below.

Learning Culture | As CAMPUS expands its mission to strengthen the learning culture across Campari Group, it continues to launch new initiatives designed to clarify, enrich, and promote the learning opportunities available to all Camparistas globally. With a focus on customized learning experiences aligned with the Group’s values, CAMPUS is committed to designing and delivering in- house learning solutions. These engaging experiences are focused on practical application and peer-to-peer interaction, which help participants reflect on topics and implement their learning in both social and individual contexts. Learning experiences are delivered through virtual and in-person sessions facilitated by the CAMPUS team, internal Group facilitators, or external partners. In the plants, the Group ensures the language of sessions is adapted to the local context, bridging distances and respecting diversity. In 2024, Campari Group’s mission with CAMPUS expanded to make training and development resources available to a wider audience, including plant-based personnel, individual contributors, and people managers at all levels.
Campari University | The commitment of Campari University is distributed across five pillars , with an overall investment in 2024 of €991.472: 1. The Campari Way, the line dedicated to maintaining and evolving the corporate culture; 2. Great Leaders, the set of programs aimed at training leaders and people managers in their daily challenges, in line with corporate values; 3. One Company, the program dedicated to developing cross-functional expertise to create value. These three pillars represent competitive advantages for Campari Group and are directly managed by the CAMPUS team. In addition to these areas of work, CAMPUS focuses on: 4. Functional Expertise: building skills specific to a single function. 5. Professional Excellence: building and reshaping skills to keep pace with the 21st century. These two pillars represent a competitive requirement for Campari Group and are supported by the CAMPUS Team in collaboration with functions and external providers.
Train the Trainer approach | A key component of Campari Group's development strategy is a 'Train the Trainer' (TTT) approach, which continued in 2024 with a focus on equipping Group leaders to serve as effective facilitators. This initiative plays a crucial role in fostering a culture of continuous learning, enhancing leadership capabilities, and ensuring a unified approach to achieving strategic goals. By developing facilitation skills in leaders, the Group empowers them to drive meaningful conversations, encourage collaboration, and inspire teams. Additionally, these leaders are better equipped to manage complex group dynamics and effectively coach teams towards success. Key activities in 2024 included the rollout of Feedback and Coaching workshops for 250 top leaders during the Group Convention, training 20 leaders from the HR and Supply Chain global community to run the sessions, and ongoing work with the Spirit of Management for Front Line Leaders program across major plants. Additionally, general facilitation skills training was provided to the EMEA and APAC HR communities to support various ongoing programs. As a result of over 500 hours of training, the Group now has a growing community of more than 100 facilitators actively contributing to the goal of becoming a development-driven organization. Moreover, leveraging this approach, selected managers began training their respective populations of Front-Line Leaders in 2024. The training sessions, designed to be experiential, flexible, iterative and modular, were conducted in person and tailored to align with the unique timing and demands of production work. In terms of program progress across plants: In Arandas (Mexico), Lawrenceburg (Kentucky), Derrimut (Australia), and Novi Ligure and Canale (Italy), the entire Cycle 1 of the program, initiated in 2023, was successfully completed in 2024. Teams in Lawrenceburg, Novi Ligure, and Canale also received training to deliver Cycle 2. This new cycle, designed and developed by CAMPUS in the second half of 2024 based on feedback from Front-Line and Supply Chain Leaders, is set for rollout in 2025. In Suape (Brazil), Capilla (Argentina), Kingston (Jamaica), and Grimsby (Canada), Cycle 1 training for Front-Line Leaders was fully delivered by the end of 2024. In Aubevoye and Bourg Charente (France) and Danville (USA), TTT for Cycle 1 was completed in 2024. These plants are scheduled to begin delivering the program to their Front-Line Leaders starting in the last quarter of 2024 and first quarter of 2025, respectively. Two additional iterative training cycles are planned for design and delivery in the coming years, bringing the total to four program cycles. This approach aims to progressively and continuously consolidate essential management skills while addressing the evolving development needs of the front line. By doing so, the program establishes a strong, structured pathway for cultivating the next generation of Supply Chain leaders.
CAMPUS Faculty | In support the CAMPUS initiatives, the Group is also establishing the CAMPUS Faculty, a network of facilitators, trainers, curators, and subject-matter experts among Camparistas. This network aims to create a global learning environment across the organization, facilitating knowledge sharing and maximizing learning efficiencies. It also seeks to reduce external costs, leverage internal capabilities, and enhance development opportunities for Camparistas.
Finance-For-Non-Finance | The Finance-For-Non-Finance program empowers all Camparistas by providing them with a foundational understanding of financial language, tools, and the mechanics of finance and value creation. This learning solution is designed to highlight how finance is integrated throughout the organization. It focuses on key financial measures and indicators, enabling Camparistas to better understand financial performance in relation to functions and business strategy.
Commercial Capabilities | The Campari Group’s Commercial Academy focused on defining, assessing, and sharing the essential capabilities required by Sales, Marketing, and CCM employees, both globally and locally. This initiative aligns with the Group’s ambition to evolve into a development-driven organization. In 2024, the academy was enhanced to reflect a commitment to continuous improvement and reinforce its position at the forefront of commercial excellence. The academy’s learning portfolio for 2025 and beyond will ensure that Camparistas have the skills and expertise necessary to thrive in an ever-evolving industry landscape.

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Compliances | Campari Group has implemented a comprehensive action plan to ensure that all Camparistas are trained on four crucial compliance topics, collaborating closely with HR Operations Teams and the Legal Department. For those with access to The Learning Distillery, the learning management system delivering online learning experiences to all office-based Camparistas, a communication campaign and escalation process have been set up to ensure participation in this learning chapter. For Camparistas working at manufacturing plants who do not have access to the platform, in-person sessions are being conducted to guarantee full coverage of the population. The four key compliance topics include: Code of Ethics: Campari’s Code of Ethics establishes the fundamental principles and values that guide the behavior and decision-making of all employees. It emphasizes integrity, transparency, and respect in business activities, serving as a framework for ethical conduct that aligns with the company’s commitment to legal compliance, social responsibility, and the highest professional standards (for more information refer to 'Governance and policies related to business conduct' in the 'ESRS G1 Business conduct' section). General Data Protection Regulation ('GDPR'): Campari is committed to protecting the privacy and personal data of its employees, customers, and partners. The GDPR compliance program ensures that all personal data is processed in a lawful, fair, and transparent manner. This includes robust data protection policies, regular audits, and ongoing employee training to maintain data privacy standards and protect sensitive information. Cyber Security: With a strong focus on securing its digital assets and information systems, Campari’s Cyber Security policy incorporates a range of measures designed to safeguard against cyber threats and data breaches. This includes the use of advanced security technologies, regular vulnerability assessments, and continuous monitoring of network activities. Employees are trained to recognize and respond to cyber threats, ensuring a secure and resilient digital environment with a structured training started in November 2024 (for more information refer to disclosures in this paragraph). Code on Commercial Communication: As part of its commitment to promoting the responsible consumption of its products, Campari offers a mandatory e-learning course on the Code on Commercial Communication. This training, targeted at Camparistas in Marketing, Communication, PR, Legal, and Public Affairs and Sustainability, as well as new hires, raises awareness of how commercial communications can influence customer perceptions of alcohol consumption. The course uses a learning-by-doing approach to help Camparistas understand their role in promoting responsible drinking globally and assessing the appropriateness of the Group’s brand communications (for more information refer to 'Strategy, Policies and Actions related to Consumers and end-users' in the 'ESRS S4 Consumers and end-users' section).
Functional Academies | The Functional Academies are designed to enhance the knowledge and expertise essential for driving business strategy. By offering targeted learning activities, these academies focus on developing business acumen, technical skills, and functional knowledge. Currently, the Group operates five distinct Functional Academies, each with specific goals tailored to support their respective areas of focus, as outlined in the table below.

Marketing Academy | The Brand Building Academy offers a dynamic learning environment for Camparistas to refine and enhance their skills, playing a key role in creating iconic and profitable brands. It is committed to attracting and retaining top talent from the brand-building community, with a strong focus on continuous growth and development
Finance Academy | The Finance Academy was established to build functional awareness and promote Campari Group’s business partnership model. Operating under the spirit of 'Achieving Together,' it encourages finance participants to collaborate and learn from others across the company. The Academy offers experiential learning through data-driven, structured real business cases and opportunities for strategic networking and dialogue.
Commercial Academy | Campari Group’s Commercial Academy provides tailored, personalized commercial capability development aligned with global best practice. This approach helps attract and retain exceptional talent while reinforcing the Academy's commitment to fostering a culture of continuous growth and industry leadership
Supply Chain Academy | The Supply Chain Academy empowers Camparistas to build technical skills and knowledge essential for embracing a customer centric approach in the Group’s production and logistics processes. By providing insights into the entire supply chain journey, this initiative also seeks to equip Supply Chain professionals to serve as strategic business partners within the organization. In 2023, starting from the extensive work done on management skills for front line leaders in plants, the foundations for a brand-new version of the Supply Chain Academy were laid. Increased focus will be given to front-line workers, equipping them with important skills in health and safety, maintenance, quality and continuous improvement. Content fine-tuning, design and pilot delivery took place in 2024.
HR Functional Initiatives | Campari Group is actively enhancing HR capabilities on a global scale through a series of Train the Trainer sessions (i.e., facilitation and coaching skills which are fundamental for business partnering) and to support the people agenda coherently with business objectives. A new HR Academy will be launched in 2025 which will serve as a functional alignment tool, clarifying role expectations and providing capabilities to succeed.

Growing the next generation of Leaders
The list of initiatives the Group is managing is provided below.
Manager Skill Check and Front-Line Leaders Skill Check
Campari Group's new development strategy, launched in 2024, highlights assessment as a vital tool for
enhancing self-awareness, focus, and measurability in each Camparista's growth journey. As part of this
approach, Campus launched the Skill Check for Managers by integrating Bluquist, a platform designed for
holistic talent management and people development. Through Bluquist, managers can receive a comprehensive
assessment of their strengths and areas for improvement. This Skill Check, positioned as a voluntary tool,
allows managers to complete it once per quarter. They can choose to take it as a self-assessment or involve
their manager, peers, or direct reports, receiving a 180 or even 360-degree perspective on their skills. This
feedback provides valuable insights to guide their development, helping them target relevant CAMPUS
workshops and improve their self-awareness of key managerial competencies.
This approach was extended even further in the Front-Line Leaders program. Participants undergo a skill check
at both the beginning and end of each cycle, enabling them to track their progress over time. CAMPUS uses the
data collected to determine future development actions and evaluate the effectiveness of the programs. For
instance, an average 14% improvement in key management skills was observed for participants following the
program.

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The Spirit of Management: Essentials
In 2024, the Group also introduced The Spirit of Management: Essentials, a revamped program consisting of
twelve interactive, practical workshops, each lasting 60 minutes and delivered virtually by the CAMPUS Team.
Additionally, three Hiring Skills workshops were conducted in partnership with the Talent Acquisition team on a
global, regional, and market basis. Each session was supplemented with 'Learning Shots' additional resources
that participants could consult individually after the workshops. To accommodate busy schedules, each session
was held four times a year, on two different dates to ensure global accessibility. This structure fosters cross-
regional collaboration, as CAMPUS believes that the exchange of diverse perspectives is key to professional
growth. Furthermore, from the third quarter onwards, internal facilitators in the APAC region, trained through the
aforementioned train-the-trainer approach, led more localized sessions. Over 600 managers participated in
these workshops, engaging in continuous development and practice that connected them with colleagues from
different functions and regions. This global approach focused on core management skills, including coaching,
giving feedback, holding difficult conversations, prioritizing work, managing meetings effectively, building
inclusive teams, and identifying development needs within teams.
Management Shakers
The Management Shakers format, primarily an in-person experience, provided a more intensive, interactive
learning opportunity. Each session aimed to challenge participants’ biases, help them practice key behaviours
and receive immediate feedback. These sessions, including Coaching and Feedback Shakers, were delivered to
the top 250 leaders during the Group Convention in 2024, as well as to various Camparistas globally in local
sessions tailored to specific linguistic and learning needs.
Front Line Supervisors Management Training
In 2023, leaders from Campari Group's global plants honed their facilitation skills using the above mentioned
Train-the-Trainer (TTT) approach. In 2024, chosen managers at specific plants started training their Front-Line
Leaders through in-person sessions. For more information refer to the 'Train the Trainer approach' section of the
'Building Critical Capabilities' paragraph.
The Spirit of Leadership
The Spirit of Leadership is a bespoke development program crafted for Campari Group's Top 100 senior
leaders. Delivered over two years in four strategic phases, the program encourages participants to reimagine
leadership, explore opportunities for innovation, and foster meaningful connections with peers and thought
leaders. More than a traditional training initiative, it combines thought-provoking leadership insights, immersive
field expeditions, real-world business challenges, and in-depth case studies to prepare leaders to shape the
future of the Group. Each participant is paired with an executive coach to ensure that newly acquired knowledge
is effectively translated into actionable workplace improvements, delivering measurable business impact.
Growing Individual Contributors
In 2024, Campari Group enhanced its Learning Distillery, the organization’s centralized learning-management
system, with new features and resources to support the professional growth of office-based Camparistas. This
included:
- In 2024, Campus revitalized its training initiative for all Camparistas through a collaboration with LinkedIn
Learning, offering an expansive platform for professional development. This partnership provides access to a
rich library of over 5,000 video-based courses in more than 24 languages, covering a diverse range of topics
such as business acumen, function-specific expertise, and technological skills. Each course is crafted by
esteemed experts in their respective fields and features short, engaging video segments tailored to various
proficiency levels, including beginner, intermediate, and advanced, ensuring a customized and accessible
learning experience for every Camparista.
- The Learning Distillery has been enhanced through integration with Microsoft Viva Learning, a centralized
learning hub seamlessly embedded within Microsoft Teams. This platform enables employees to effortlessly
discover, share, recommend, and engage with a diverse range of content libraries, drawing from both
organizational resources and external partners like LinkedIn Learning, fostering a more streamlined and
accessible learning experience. Building on the success of the Future Skills Fair held during Career Week,
Campus has created a dedicated SharePoint page to provide Camparistas with easy access to essential
learning materials. This resource focuses on the key skills that will play a pivotal role in professional
development within Campari Group in the coming years. The page offers a wealth of references, including
both internal resources from Campari and external recommendations curated by Camparistas recognised as
experts in these areas.
During the period ended 31 December 2024 the following achievement were reached:
• Camparistas invested 9511 hours taking courses in the Learning Distillery;
1 The metrics for the comparative year were not reported when calculated using 2023 measurement standards, as these differ from ESRS rules.

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Campari Group annual report for the year ended 31 December 2024

• Camparistas invested 961 hours taking courses in the LinkedIn Learning Platform.
These efforts underscore Campari Group’s commitment to fostering a culture of continuous learning and
equipping employees at all levels with the skills needed for success in a dynamic business environment.
Metrics and Targets related to Own workforce 1
Campari Group’s metrics and targets related to own workforce were reported below.
Pursuant to the new Dutch Act on gender diversity (Wet inzake evenwichtige man vrouwverhouding in de top
van het bedrijfsleven), on 21 February 2023 the Board of Directors has set appropriate and ambitious gender
diversity target figures for (i) the Executive Directors, (ii) the Non-Executive Directors and (iii) the Senior
Management, drawing up of a plan to achieve these targets. The gender diversity target figures and the plan for
their achievement have been determined as follows.

Diversity Targets | 2024 Female representation | 2023 Female representation
Executive Directors | At least 33.33% females and 33.33% males by the Board of Directors’ renewal in 2028 | 0% | 0%
Non-Executive Directors | At least 40% females and 40% males by the Board of Directors’ renewal in 2025 | 33.3% | 37.5%
Management and above | At least 40% females and 40% males by the end of 2027 | 38.3% | 36.8%

The decrease in female representation among Non-Executive Directors in 2024 compared to the previous year
is attributed to the appointment of Bob Kunze-Concewitz as a Non-Executive Director.

Target | 2024 Achievements | Next steps
Development culture: establishing integrated processes across the organization to support the development of Camparistas at individual and company level. | - Refined the TT approach to better leverage internal resources - Launched the second edition of Campari Group Career Week and a particular initiative dedicated to future skills - Extended the range of learning resources available for single-contributors Camparistas and delivered entire programs designed by Campari University and focused on leadership and people management | -HR Academy -Leadership Distillery -Campari Internal Faculty

Target | 2024 Achievements | Next steps
Sustainable improvement in the health and safety management system through the realization of initiatives within the following fundamental areas: common approach to high-risk processes and tasks, Functional excellence, Culture and leadership, Common performance metrics, Continuous improvement | - New HS platform implemented in all production sites with a common system for HS data reporting - Starting the use of a compliance platform for regulatory baseline, forecaster and updates. Pre- screening initiated in some locations. - Hazard and Operability Assessment (HAZOP) completed across multiple locations. - Safety Alert Program to share events and high potential near misses implemented. - Training program deployed to increase awareness, knowledge, and capability for specific roles. Safety courses prepared, with additional training to further improve capabilities. - Powered Industrial Vehicles (forklift) pilot project started using AI technology integrated anti- collision system | - Completing the screening for compliance and regulatory self-assessment for all sites and transforming complex HS regulations into clear, actionable requirements using the regulatory platform. - Starting to track and monitor compliance status across every facility in a single, worldwide view, and taking action when needed. - Extending the use of AI technology integrated anti-collision systems in forklifts.

Enhancing Campari Group’s DEI strategy will strengthen its ESG ratings and sustainability index positioning,
driving positive financial outcomes. Higher ESG ratings attract ESG-focused investors, potentially increasing
investment and improving debt conditions. More specifically the Group is committed to achieving several key
sustainability targets, besides which management female representation at least 40% by the end of 2027. For
information about the Group funding initiatives ESG-related refer to 'Sustainable core commitments' in the 'The
Sustainability Governance model'.

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Campari Group annual report for the year ended 31 December 2024

Own workforce features.
Employees numbers are reported in head count at end of reporting period.

| 2024 | 2023
Region and gender | Permanent | Temporary | Total | Permanent | Temporary | Total
Full-time | Part-time | Full-time | Part-time | Full-time | Part-time | Full-time | Part-time
Asia-Pacific | 523 | 6 | 9 | 3 | 541 | 482 | 3 | 12 | 3 | 500
Male | 344 | 2 | 5 | - | 351 | 300 | - | 6 | 1 | 307
Female | 179 | 4 | 4 | 2 | 189 | 163 | 3 | 6 | 2 | 174
Other | - | - | - | - | - | - | - | - | - | -
Not reported | - | - | - | 1 | 1 | 19 | - | - | - | 19
Europe, Middle East and Africa | 2,490 | 59 | 109 | 1 | 2,659 | 2,246 | 53 | 94 | 1 | 2,394
Male | 1,464 | 12 | 73 | - | 1,549 | 1,325 | 10 | 75 | 1 | 1,411
Female | 1,026 | 47 | 36 | 1 | 1,110 | 921 | 43 | 19 | - | 983
Other | - | - | - | - | - | - | - | - | - | -
Not reported | - | - | - | - | - | - | - | - | - | -
Americas | 2,041 | 3 | 10 | 0 | 2,054 | 2,021 | 3 | 15 | - | 2,039
Male | 1,266 | - | 5 | - | 1,271 | 1,267 | 1 | 6 | - | 1,274
Female | 771 | 3 | 5 | - | 779 | 753 | 2 | 9 | - | 764
Other | 1 | - | - | - | 1 | 1 | - | - | - | 1
Not reported | 3 | - | - | - | 3 | - | - | - | - | -
Total | 5,054 | 68 | 128 | 4 | 5,254 | 4,749 | 59 | 121 | 4 | 4,933

Employees by gender | UoM | 2024 | 2023
Male | Head count | 3,171 | 2,992
Female | 2,078 | 1,921
Other | 1 | 1
Not reported | 4 | 19
Total employees | Head count | 5,254 | 4,933

Employees by gender | UoM | 2024 | 2023
Male | % | 60.4% | 60.7%
Female | 39.6% | 38.9%
Other | - | -
Not reported | 0.1% | 0.4%
Total employees | % | 100% | 100%

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Campari Group annual report for the year ended 31 December 2024

Employees by Country | UoM | 2024 | 2023
Argentina | Head count | 131 | 133
Australia | 212 | 220
Austria | 28 | 25
Belgium | 49 | 44
Brazil | 214 | 194
Canada | 150 | 148
China | 45 | 32
France | 499 | 334
Germany | 169 | 151
Greece | 81 | 42
India | 72 | 56
Italy | 1,210 | 1,188
Jamaica | 513 | 545
Japan | 50 | 49
Korea (the Republic of) | 51 | 43
Martinique | 146 | 138
Mexico | 377 | 377
New Zealand | 44 | 43
Peru | 39 | 35
Russian Federation | 125 | 118
Singapore | 67 | 57
South Africa | 38 | 33
Spain | 69 | 70
Switzerland | 35 | 32
Ukraine | 30 | 29
United Kingdom | 180 | 190
United States of America | 630 | 607
Total employees | Head count | 5,254 | 4,933

Total number of employees who have left the undertaking | UoM | 2024 | 2023
Head count | 617 | 568

Employee turnover rate | 2024 | 2023
Rate | 12.0% | 11.8%
Description of the methodologies | Total leavers/Total permanent head count year end | Total leavers/Total permanent head count year end

For additional information on turnover and on the voluntary turnover rate, refer to the 'Other ESG information'
section.

Employees by gender and region | UoM | 2024 | 2023
Asia-Pacific | Europe, Middle East and Africa | Americas | Total | Asia-Pacific | Europe, Middle East and Africa | Americas | Total
Male | Head count | 351 | 1,549 | 1,271 | 3,171 | 307 | 1,411 | 1,274 | 2,992
Female | 189 | 1,110 | 779 | 2,078 | 174 | 983 | 764 | 1,921
Other | - | - | 1 | 1 | - | - | 1 | 1
Not reported | - | - | 4 | 4 | 19 | - | - | 19
Total employees | Head count | 540 | 2,659 | 2,055 | 5,254 | 500 | 2,394 | 2,039 | 4,933

Employees by contract type and region | UoM | 2024 | 2023
Asia-Pacific | Europe, Middle East and Africa | Americas | Total | Asia-Pacific | Europe, Middle East and Africa | Americas | Total
Number of permanent employees | Head count | 529 | 2,549 | 2,044 | 5,122 | 485 | 2,299 | 2,024 | 4,808
Number of temporary employees | 12 | 110 | 10 | 132 | 15 | 95 | 15 | 125
Total employees | Head count | 541 | 2,659 | 2,054 | 5,254 | 500 | 2,394 | 2,039 | 4,933
Number of full-time employees | Head count | 532 | 2,599 | 2,051 | 5,182 | 494 | 2,340 | 2,036 | 4,870
Number of part-time employees | 9 | 60 | 3 | 72 | 6 | 54 | 3 | 63
Total employees | Head count | 541 | 2,659 | 2,054 | 5,254 | 500 | 2,394 | 2,039 | 4,933

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Campari Group annual report for the year ended 31 December 2024

Characteristics of non-employees in the undertaking’s own workforce
Non-employees numbers are reported in head count at end of reporting period.

Non-employees by type | UoM | 2024 | 2023
People with contracts with the undertaking to supply labour (‘self-employed people’) | Head count | 54 | 46
Workers provided by undertakings primarily engaged in ‘employment activities’ | 123 | 208
Other types of non-employees | 129 | 101
Total number of non-employees | Head count | 306 | 355

C ollective bargaining coverage and social dialogue
For calculation of the coverage rates of the employees covered by collective bargaining agreements and
employees with workers' representatives, only countries in the European Economic Area (EEA) in which the
Group has significant employment, defined as at least 50 employees by head count representing at least 10% of
its total number of employees, have been taken into consideration, thus only Italy and France.

Number of employees covered by collective bargaining agreements | UoM | 2024
Employees – EEA
Employees covered by collective bargaining agreements | Head count | 1,709
Number of employees | Head count | 1,709
Coverage Rate | % | 100.0%

% of employees covered by collective bargaining agreements | 2024
Employees – EEA
0-19% | -
20-39% | -
40-59% | -
60-79% | -
80-100% | France, Italy

Number of employees with workers' representatives | UoM | 2024
Employees – EEA
Number of employees working in establishments with workers' representatives | Head count | 1,709
Total employees | Head count | 1,709
Coverage Rate | % | 100.0%

% of employees with workers representatives | 2024
Employees – EEA
0-19% | -
20-39% | -
40-59% | -
60-79% | -
80-100% | France, Italy

100% of employees in Italy and France are covered by collective bargaining and have workers representatives.
Currently, the Group does not have any agreements on employee representation via an 'EWC', SE Works
Council, or 'SCE' Works Council. However, the Campari Group is committed to conforming to European
legislation and will make the arrangements necessary to ensure efficient social dialogue if it ever arises in the
future.
All employees are covered by social protection, through public programs or through benefits provided by the
organization, against loss of income due to any of the following major life events: (a) sickness; (b)
unemployment starting from when the own worker is working for the undertaking; (c) employment injury and
acquired disability; (d) parental leave; and (e) retirement, with the exception of the unemployment allowance for
the countries below:

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Campari Group annual report for the year ended 31 December 2024

Employees not covered by unemployment allowance, by category, for the countries they operate | UoM | 2024
India | Jamaica | Korea | Mexico | Peru | Russia | Singapore | Total
Number of permanent employees | Head count | 72 | 507 | 51 | 377 | 39 | 121 | 66 | 1,233
Number of temporary employees | - | 6 | - | - | - | 4 | 1 | 11
Number of full-time employees | 72 | 513 | 51 | 377 | 39 | 125 | 67 | 1,244
Number of part-time employees | - | - | - | - | - | - | - | -

Diversity

Members of the Board of Directors by gender | UoM | Male | Female | Other | Not reported | Total
2024 | Head count | 8 | 3 | - | - | 11
% | 72.7% | 27.3% | - | - | 100%

Employees by age group | UoM | Under 30 | 30-50 | Over 50 | Total
2024 | Head count | 557 | 3,536 | 1,161 | 5,254
% | 10.6% | 67.3% | 22.1% | 100%
2023 | Head count | 738 | 3,282 | 913 | 4,933
% | 15.0% | 66.5% | 18.5% | 100%

For more information on diversity metrics, refer to the 'Other ESG information' section.
Training and skills development
Under the Group's global framework, all permanent employees are eligible for Performance and Career
Development, with the exception of production operators. Any current exceptions for production operators are
determined by local policy. Within the scope of consolidation, Korea, New Zealand, Martinique and Courvoisier
legal entities are outside the Group's processes in 2024 and thus the related employees have not been included
in performance and career development reviews at 31 December 2024. The performance review is a structured
annual process, designed to take place once each year. During this period, managers thoroughly evaluate the
performance of their direct reports and contribute to the assessment of their functional reports at the conclusion
of each performance cycle. This formal review serves as a comprehensive evaluation to measure
achievements, identify areas of improvement and set future goals.
In addition to this annual review, managers are strongly encouraged to engage in more frequent feedback
conversations throughout the year. These ongoing discussions foster continuous improvement, development
and alignment with organizational goals.

Employees that participated in regular performance and career development reviews | UoM | 2024
Male | Female | Other | Not reported | Total
Total employees | Head count | 3,171 | 2,078 | 1 | 4 | 5,254
Number of employees that participated in regular performance and career development reviews | 2,074 | 1,705 | 1 | 3 | 3,783
Total number of periodic reviews agreed upon by management / leadership | n. | 2,074 | 1,705 | 1 | 3 | 3,783
% of employees who participated in performance reviews | % | 65.4% | 82.1% | 100% | 75.0% | 72.0%
Number of performance reviews conducted per employee | n. | 0.7 | 0.8 | 1.0 | 0.8 | 0.7

Average number of training hours per employee by gender | UoM | 2024 | 2023
Total | n. | 18.5 | 15.8
Male | 19.6 | 16.6
Female | 16.9 | 14.6
Other | 36.0 | -
Not reported | 8.8 | -

For more information on training hours refer to the 'Other ESG information' section.

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Campari Group annual report for the year ended 31 December 2024

Health and safety

Workers in plants covered by the health and safety management system | UoM | 2024
Total number of workers, of which: | Number | 2,919
Employees | 1,961
Workers in the value chain | 958
Workers covered by the company health and safety management system, of which: | 2,919
Employees | 1,961
Workers in the value chain | 958
% of workers covered by the health and safety management system, of which: | % | 100%
Employees | 100%
Workers in the value chain | 100%

Employees in the undertaking’s own workforce | UoM | 2024
Number of deaths that occurred during the reporting year, of which: | Number | -
work-related injuries | -
work-related ill health | -

Non-employees in the undertaking’s own workforce | UoM | 2024
Number of deaths that occurred during the reporting year, of which: | Number | -
work-related injuries | -
work-related ill health | -

Workers in the value chain(1) | UoM | 2024
Number of deaths that occurred during the reporting year, of which: | Number | -
work-related injuries | -
work-related ill health | -

(1)Data refers to value chain workers (contractors) at the Group's manufacturing sites.
The tables below refer to recordable work-related accidents which include the number of fatalities, permanent
disabilities due to injuries, lost-time incidents ('LTI': injuries that result in the injured person being unable to work
for one or more days), restricted work incidents ('RWI': injuries where the injured person is able to perform only
restricted work for one or more days after the incident) and medical treatment incidents (MTI: incidents where
the injured person receives medical treatment provided by a licensed health professional).

Recordable work-related accidents for employees in the undertaking’s own workforce(1) | UoM | 2024
Number of accidents | Number | 35
Total number of hours worked | 6,507,806
Rate of recordable work-related accidents | n. | 5.38

(1)Data related to non-employees are not available for 2024. The RWI and MTI data were estimated based on internal tracking and consolidation systems.

Recordable work-related accidents for value chain workers(1) | UoM | 2024
Number of accidents for value chain workers | Number | 10
Total number of hours worked | 1,510,332
Rate of recordable work-related accidents | n. | 6.62

(1)Data refers to value chain workers (contractors) at the Group's manufacturing sites with the exception of the Courvoisier plant as they are not available for
2024. The RWI and MTI data were estimated based on internal tracking and consolidation systems.

Number of recordable work-related ill health(1) | UoM | 2024
Total number of cases of recordable work-related ill health | Number | -
Employees | -
Workers in the value chain | -

(1)Data related to non-employees are not available for 2024.

Number of employees' days lost(1) | UoM | 2024
Total number of days lost to work-related injuries and fatalities from work-related accidents, work-related ill health and fatalities from ill health | Number | 1,296
Days lost to work-related injuries and fatalities from work-related accidents | 1,296
Days lost to work-related injuries and fatalities from work-related ill health | -

(1)Data related to non-employees are not available for 2024.

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Campari Group annual report for the year ended 31 December 2024

Number of value chain workers' days lost(1) | UoM | 2024
Total number of days lost to work-related injuries and fatalities from work-related accidents, work-related ill health and fatalities from ill health | Number | 225
Days lost to work-related injuries and fatalities from work-related accidents | 225
Days lost to work-related injuries and fatalities from work-related ill health | -

(1)Data refers to value chain workers (contractors) at the Group's manufacturing sites with the exception of the Courvoisier plant as they are not available for
2024.
For more information on the Severity Index and on Health and Safety certifications, refer to the 'Other ESG
information' section.
Remuneration metrics
According to ESRS disclosure standards, the male-female pay gap is defined as the difference between
average gross hourly earnings of male paid employees and of female paid employees expressed as a
percentage of average gross hourly earnings of male paid employees. Data are calculated from values in euros,
which are converted using the December exchange rate. Campari Group discloses this information in the tables
below, for the key countries in terms of number of employees.

Gender pay gap(1) | UoM | 2024 | 2023
Male | Female | Male | Female
Employees’ gross hourly pay level | € | 34.5 | 36.8 | 32.6 | 34.2
Senior management and above | 108.9 | 113.6 | 102.7 | 108.4
Management | 63.7 | 60.1 | 62.5 | 57.5
Senior professional | 51.3 | 45.9 | 45.0 | 44.1
Professional | 28.2 | 28.1 | 25.1 | 25.6
Specialist/generic staff | 18.5 | 19.7 | 16.5 | 18.2
Production operators | 10.0 | 8.9 | 12.2 | 9.9
Gender pay gap | % | -6.8% | -5.1%

(1)Within the scope of consolidation, Korea was integrated in January 2025 and thus excluded from this reporting, while New Zealand, Martinique and
Courvoisier legal entities were outside Group's processes in 2024 and will be harmonized in the next performance and merit review cycles. For this calculation,
the denominator did not include expatriates, as their remuneration package is based on a home-country approach and they cannot, therefore, be considered in
the position that is effectively covered.
The Group also reports the adjusted pay gap which accounts for other factors (i.e., level of experience, job
content and responsibility, performance and geography) affecting pay. The data on the adjusted pay gap by
country is calculated using the median instead of the mean, ensuring consistency with the metrics utilized for
certification calculated through the Syndio tool. Furthermore, calculations are performed using the respective
local currencies before the tool converts them into euros. For more information on gender pay gap, the adjusted
gender pay gap and the ratio between Annual Base Gross Salary of employees and the local minimum wage
refer to the 'Other ESG information' section.
In the table below the annual total remuneration rate is calculated as the ratio of the annual total remuneration
for the organisation’s highest-paid individual to the median annual total remuneration for all employees at end of
the year (excluding the highest-paid individual). Remuneration is calculated considering the base salary, the
short- medium- long-term incentives and allowances. The index for 2024 is referred to Paolo Marchesini, CFOO
and Co-CEO from 18 September 2024 and for 2023 to the CEO Robert Kunze-Concewitz.

Comparison of remunerations | UoM | 2024 | 2023
Annual total remuneration of the highest paid individual | € | 5,793,752(1) | 3,182,662
Median annual total remuneration for all employees (excluding the highest-paid individual) | € | 53,046 | 50,715
Annual total remuneration ratio | n. | 109.2 | 62.8

(1)The total annual remuneration for CFOO in 2024 included €2.5 million as last mile incentive with retention purposes corresponded to the fair value of the PSUs
granted under the LMI scheme approved at the 2024 Annual General Meeting, which were unavailable and therefore not paid as of 31 December 2024. Pro-
forma ratio excluding LMI scheme was 61.6.
The CEO internal pay ratio, calculated in line with Article 2:135b subsection 3 of the Dutch Civil Code and Best
Practice Provision 3.4.1 DCGC at 31 December 2024 and equivalent to 65.7 times related to total
compensations accrued for CEO role 2024, is disclosed in the 'Remuneration report' included in the
'Governance' section in this Annual report to which reference is made.

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Campari Group annual report for the year ended 31 December 2024

ESRS S2 Wor kers in the value c hain
Strategy, Policies and Actions related to Workers in the value chain
Campari Group recognised that sustainable business practices essentially entail taking full responsibility for the
well-being of workers along the value chain and has aligned its operational objectives to follow strict ethical
criteria and respect for human rights. Such responsibility means taking into consideration not only the short-
term, but also long-term impacts of its activities on workers' livelihoods and their working conditions.
The Group is committed to maintaining a workplace in which safety, fair remuneration, and employment security
are part of the workplace atmosphere. It is constantly revising its strategies with a view to reducing negative
impacts which might arise from this operation. By placing the welfare of workers in the value chain at the
forefront, its policy and commitment are toward responsible sourcing and sustainability in business. This will not
only ensure the Group operates within ethical practices along its value chain, but it will heighten the resiliency
and integrity of its supply chain while reinforcing the sustainability of the overall business.
Although Campari Group does not have a formalized process for the direct engagement of workers in its value
chain, the Group is committed to understand and address issues and concerns from workers in its supply chain.
It will continue to focus on the development and implementation of initiatives that would improve in its supply
chain management strategy within the next two years.
Campari Group has strategically aligned its sustainability objectives to address material risks and opportunities,
placing a strong emphasis on worker welfare and human rights within its operational framework and
incorporating them into its procedures. In fact, Campari Group has implemented a range of key policies
designed to prevent, mitigate and address actual and potential impacts, including both risks and opportunities
within its operations and supply chain. These policies, combined, provide a solid framework and aim to uphold
high ethical standards, promote sustainability, and ensure the protection of human rights. The values and lines
of conduct that inspire the activities are set out in the Group’s main activities, policies and codes of conduct,
detailed below:
- Risk Assessment and Mitigation: Campari Group conducts assessments of its labor risks and subsequently
incorporates the insights gained into its procurement strategy.
- Supplier Code of Conduct: Campari Group provides stringent labor standards along its entire supply chain. It
employs tools, such as the Supplier Ethical Data Exchange ('SEDEX') platform, to assess and evaluate risks
and monitor compliance, ensuring that all suppliers aligned and comply to Campari Group’s standards and
values.
- Code of Ethics and Human Rights Policy: the Code of Ethics reaffirms the principles of fairness, loyalty and
professional integrity that form the basis of the work and behavior of those operating in the Group. It applies
and sets out expectations for employees, suppliers, contractors, and other stakeholders, on general areas of
conduct such as the avoidance of conflicts of interest, protection of confidential information and fostering of
human rights. For more information on the Code of Ethics, please refer to 'ESRS G1 Business conduct' in the
'Governance information section'.
- QHSE (Quality, Health, Safety, and Environment) Policy: the Policy governs and protects the environment,
health, safety and well-being of its employees, consumers and all workers in its supply chain. It emphasizes
the commitment to environmental protection and the to maintaining rigorous standards concerning the quality
of products and food safety.
- Global Procurement Policy: this Policy sets guidelines for managing relationships with suppliers, and
establishes standards regarding collaboration, clear communication and accountability. It sets up standards
for ethical practices in procurement, encouraging transparency, long-term responsibility and ethical practices
towards supplier. The Policy has been issued in 2021, under the responsibility of the Global Procurement
function (for more detailed information, refer to the 'Campari Group’s Value Chain' paragraph in the 'General
information' section).
The above policies apply to all value chain workers.
The operations and sourcing strategies of Campari Group, especially within the agricultural sector, depend on
the welfare of the value chain workers who may encounter various challenges related to labor rights, health,
safety, and fair compensation. Some of the critical topics include:
- compliance and reputational risks: non-compliance to international labor standards may lead to reputational
damage and potential regulatory penalties.
- operational risks: disruptions or shortages in the labor force due to unsafe or unjust working conditions may
cause limitations in the supply chain.
- legal risks: violations of labor laws may expose Campari Group to legal actions.

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Campari Group annual report for the year ended 31 December 2024

On the other hand, the dependence on value chain workers presents significant advantages for Campari Group
to improve the resilience of its supply chain, enhance its reputation as a socially responsible entity and build
long-lasting relationships that aim to promote sustainable business practices.
To identify the workers more vulnerable to exploitation or harm along its supply chain, Campari Group applies an
extensive risk assessment, managed by the Procurement function. This methodology is based on a combined
risk score from the SEDEX Self-Assessment Questionnaire, which considers multiple factors including:
- Site characteristics: to assess the age distribution of workers, as well as the share of women and migrant
workers employed.
- Country-specific risks: to assess the socio-economic conditions and regulatory framework in countries where
suppliers are based – with a particular focus on labour laws and political stability.
- Sector vulnerabilities: certain industries, like agriculture, are more prone to certain issues, such as child labor
or forced labor, are therefore assessed as a high-risk sector.
- Activity risk: the specific tasks that workers perform are analyzed to identify those who are engaged in
physically demanding or isolated roles and thus are facing greater risks to their health and safety.
Combining these different elements allows Campari Group to identify workers that might be at higher risk within
its supply chain, enabling more targeted interventions and implementation of safeguards. The assessment is an
ongoing process, and the validity period varies based on the completion percentage of the SAQ. It can be valid
for one to two years.
In South and Central American countries such as Brazil, Argentina, Mexico, and Jamaica, the alcohol, sugar,
and agave industries face a considerable high systemic risk (country risk) related to labor abuses, such as child
labor and forced labor. These issues may apply also for the packaging production industry across these regions,
where regulations are weaker and poverty rates are high. Several factors contribute to these risks, along with a
widespread poverty, limited quality education and weak labor protection. Campari Group is aware of these risks
and has defined specific human rights standards in its Supplier Code of Conduct as necessary requirements to
be considered a Campari Group supplier. The specific actions implemented to ensure suppliers' compliance with
these standards are described in the following paragraphs.
The Supplier Code of Conduct underlines the commitment of the Group to carry out its business in a
responsible, ethical and sustainable manner including respect for human rights, legal compliance, ethical
conduct and environmental standards. This is further clarified with specific principles: no forced or child labor,
fair working conditions, and environmental sustainability are all part of the commitment that suppliers conduct
activities in a socially and environmentally responsible manner.
Campari Group has designed a monitoring process regarding human rights as a key material issue within its
supply chain. Through this process, the Group can request relevant information from suppliers to assess and
verify their compliance with the mentioned Code. The Procurement function which encompasses the
Sustainable Procurement team and supports all procurement teams across the Group's geographies,
undertakes a risk assessment of all suppliers to evaluate their capacity to meet the requirements set by the
Code. Suppliers judged to be at higher risk of non-compliance, will be required to undergo an independent third-
party audit to verify compliance. For those instances where the risk of non-compliance is high, suppliers should
comply with the standards in the Code. If remediation is required, Campari Group would request that the
supplier provide a corrective action plan with clearly outlined steps and timelines that are required to remedy the
situation. In the absence of such demonstrations of compliance, commitment or remedial by the suppliers
themselves, the Group reserves the right to terminate the business relationship to safeguard its supply chain
and business integrity.
Furthermore, the Group is developing a monitoring process on other material issues related to sustainability.
The Supplier Code of Conduct shall be applied to and signed by all suppliers along upstream and downstream
value chain of Campari Group, ensuring that value chain workers are not only aware of these processes but
also trust them. To ensure this, Campari has a whistleblowing policy in place, including specific protections
against retaliation for individuals who use these mechanisms (for more information on whistleblowing policy
refer to 'Strategy, Policies and Actions related to the Workers in the value chain' in the 'ESRS S2 Workers in the
value chain' section). This concerns both product-related ('PR') and non-product-related ('NPR') suppliers of
goods and services from all regions where the Group operates, including EMEA (Europe, Middle East, and
Africa), APAC (Asia-Pacific) and AMES (Americas).
Campari Group’s Head of Global Supply Chain oversees the Supplier Code, with the Head of Global
Procurement responsible for ensuring its effective implementation. The key internal stakeholders, including the
Corporate Sustainability, Procurement and Compliance teams, played an active role in developing the Supplier
Code. The engagement of those parties has ensured that the Code reflects Campari Group’s commitment to
sustainable and ethical sourcing and integrate practical procurement standards and industry best practices.
External stakeholders, i.e., users of the Sustainability statement, such as subject matter experts, were also

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Campari Group annual report for the year ended 31 December 2024

involved in the sustainable procurement process. The Supplier Code has been sent to suppliers in multiple
languages to support effective implementation and is also available on the corporate website, ensuring
accessibility for all stakeholders and all intended users.
The Supplier Code of Conduct outlines and manages material aspects related to procurement activities toward
workers through value chains. This policy articulates expectations for ethical behavior, labor practices, and
environmental stewardship to ensure that all workers-whether employed directly by suppliers or subcontractors-
are treated with respect and consistently held to high standards. The Code protects workers in the supply chain
from labor exploitation and unsafe working conditions and underlines the opportunity to extend protection to fair
treatment, job safety, and sustainable practices for all employees included in Campari Group operations
worldwide.
Campari Group respects the basic elements of the International Labor Organization ('ILO') that are also stated in
the Supplier Code of Conduct. The Group strongly supports the United Nations Universal Declaration of Human
Rights and the ILO Declaration on Fundamental Principles and Rights at Work, which have been explained in
depth in its Employees and Human Rights Policy and mentioned in the Supplier Code.
To ensure compliance with the UN Guiding Principles on Business and Human Rights, Campari Group has
adopted the Organisation for Economic Co-operation and Development ('OECD') Guidelines, embedding a
structured five-step process into its Human Rights commitments:
a) Policies and management system: Campari Group updated its Supplier Code of Conduct, aligning it with the
latest standards on human rights, and distributed it to suppliers for formal approval. This revised Code sets
clear expectations for ethical practices and reinforces Campari Group’s commitment to human rights across
its supply chain.
b) Identify and assess salient human rights issues: To evaluate human rights risks, suppliers are required to
register on the SEDEX platform and complete a Self-Assessment Questionnaire ('SAQ'). This SAQ
generates a risk score based on key indicators, including labor practices, safety measures, and country-
specific risks, enabling Campari to identify suppliers with higher human rights vulnerabilities.
c) Cease, prevent and mitigate adverse impacts: Suppliers identified as high-risk must undergo a SMETA
(SEDEX Members Ethical Trade Audit) to provide a detailed view of their compliance. For any critical or
major non-compliances in human rights practices, suppliers are required to develop a corrective action plan
to address these issues promptly and thoroughly.
d) Track implementation and results: Campari Group conducts follow-up audits and closely monitors each
action plan to assess progress (the next is scheduled for 2025). This ongoing tracking ensures that suppliers
not only implement required changes but also maintain standards, allowing for timely remediation of any
ongoing or emerging human rights issues.
e) External communication: Campari Group maintains transparency by publicly communicating its human rights
efforts through CSRD (Corporate Sustainability Reporting Directive) disclosures.
Moreover, Campari Group supports the United Nations Universal Declaration of Human Rights and the
International Labour Organization's Declaration on Fundamental Principles and Rights at Work. The Group is
also a member of UN Global Compact, committing to embrace, support and enact, within its sphere of influence,
a set of core values in the areas of human rights, labor standards, the environment and anti-corruption, the Ten
Principles. The UN Global Compact's Ten Principles in the areas of human rights, labor, the environment and
anti-corruption enjoy universal consensus and are derived from:
- The Universal Declaration of Human Rights.
- The International Labor Organization's Declaration on Fundamental Principles and Rights at Work.
- The Rio Declaration on Environment and Development.
- The United Nations Convention Against Corruption.
Campari Group directly addresses critical issues such as forced and child labor within its Supplier Code of
Conduct. Campari Group will not engage with suppliers and/or employment agencies that support the use of
forced or compulsory labor, such as prison labor, debt bondage, trafficking, serfdom, coercion of any employee
through any means. Suppliers shall hire workers only by legitimate means and must have policies and systems
in place to ensure that their products and materials comply, wherever they operate, with applicable laws relating
to slavery and human trafficking. Furthermore, Campari Group does not tolerate the use of child labor, and any
contracts with suppliers who encourage or employ children in any form of child labor will immediately be
terminated.
The Campari Group Employees' and Human Rights Policy defines the minimum age of employment, based on
the definition of the ILO, and brings its approach in line with relevant ILO standards regarding working hours and

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Campari Group annual report for the year ended 31 December 2024

public holidays. Following the United Nations Guiding Principles on Business and Human Rights, Campari
Group is committed to providing grievance mechanisms that will be legitimate, accessible, predictable,
equitable, transparent, rights-compatible, and based on engagement in dialogue. This is why Campari Group
provides an external whistleblowing service in various languages and reachable via phone, e-mail, fax or online
platform ensuring the highest confidentiality of the reporting. During 2024 no incidents of whistleblowing were
reported.
In terms of actions, Campari Group has established a dedicated Sustainable Procurement team responsible for
the implementation of ethical procurement practices, as laid down in the Supplier Code. The team works closely
with regional procurement teams to ensure the compliance of the activities with the Supplier Code of Conduct
and related policies. Also, the company enlisted the support of external consulting to help develop its strategy
and process design to ensure that approaches were based on expert knowledge and best practices.
The procurement team, especially the buyers and the representatives from Sustainable Procurement, plays an
important role in managing the impacts generated by the Group. They work with the suppliers to identify areas
for improvement and commonly outline corrective actions to mitigate negative impacts and enhance positive
outcomes.
To further develop its commitment to protecting the rights of workers along its value chain Campari Group
introduced the Human Rights Due Diligence process in 2024. Led by the Sustainable Procurement team,
attention was placed on engaging regional buyers and operational teams within Campari Group. This would
enable proactive identification of potential risks in human rights compliance and proactively work at mitigating
those risks to ensure that ethical standards are maintained through the value chain.
Listed below are some key activities that took place during 2024:
- Risk assessment and prioritisation: on an ongoing basis, the Campari Group's Sustainable Procurement and
Human Rights teams conducted risk assessments to outline potential and existing risks to workers in the
supply chain with the purpose of prioritizing suppliers by evaluating ethical and labor standards to identify
any potential risk areas where compliance might not be adequate, to be completed by 2027. Using tools like
the SEDEX platform and SAQ, it has been possible to analyze country-specific, sector-specific, and
demographic-specific data in order to identify hotspots. Other risks involving child labor, forced labor, poor
working conditions, or wage-related issues are prioritized according to their severity and likelihood.
No remediation plan was required to be implemented in 2024. The next risk assessment is scheduled for
2025. Once the assessment is complete, specific action plans will be developed and tailored if needed, to
address any identified risks, ensuring that corrective measures are appropriately aligned with the findings.
- Supplier audits and site assessment: high-risk suppliers are selected for on-site audits, such as SMETA
(SEDEX Members Ethical Trade Audit) audits, to further evaluate the working conditions and potential
impacts on workers. These audits involve physical inspections, document reviews and interviews with
workers to achieve a full understanding of the local working environment. This enables Campari Group to
identify all cases of non-compliance with labor standards or areas where potential improvements might be
made. In the first half of 2024 Campari Group defined a baseline for all suppliers, that prioritise those with
significant spend associated, to optimize resources and concentrate efforts in the most impactful areas.
- SEDEX registration and SAQ completion: suppliers have been required to register on SEDEX and complete
the SAQ, which provides risk scoring based on ethical and labor practices.
In cases where material impact and/or risks will be identified, whether through DMA, SEDEX risk scores, audits,
or direct reports, Campari Group will engage with the supplier in creating a corrective action plan. The corrective
action plan will have to detail the exact violations or risks, stating clearly the objectives of the improvement, and
defining timelines for delivering the required changes. Campari Group will conduct follow-up audits to ensure
that corrective actions are thoroughly implemented and effective in addressing the identified issues. For
instance, if non-compliance with labour standards is found, corrective actions may involve adjusting wages,
improving safety protocols, or establishing fair working hours.
Such corrective measures are scheduled to start in 2025.
Looking forward, Campari Group is committed to the following ambitious plans that will further reinforce human
rights within its supply chain, for which it hasn't yet identified a specific time horizon under which key actions
must be completed:
- Auditing high-risk suppliers: suppliers classified as high-risk will go through audits with the intention of
deepening their working conditions, such as child labor, forced labor, and unsafe working conditions and
business practices. Expected to be completed by the first half of 2027.

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- Corrective action plans: Customized action plans will be developed for non-compliant suppliers, with the
intention of offering remedies for the issues and implementing changes to ensure compliance to sustainability
standards. Expected to be completed by the first half of 2027. This plan outlines specific steps to be taken by
the supplier in order to address and remedy to the issue, with specific deadlines and clearly given
responsibilities. For example, poor working conditions could be dealt with in an action plan whereby facilities
would be improved, safety equipment provided, or revision of work schedules to reduce burdens on
employees.
- Progress monitoring: to ensure that corrective measures are being implemented correctly, Campari Group
continuously monitors the progress and performs follow-up audits when necessary. Such follow-up audits
help confirm that improvements have been made, as well as prove that the supplier remains committed to
upholding improved labor standards. Follow-up audits shall be conducted to see improvement achieved and
monitor suppliers’ progress.
- Training and capacity building: Campari Group is working with suppliers to raise their awareness of human
rights issues and to improve labor practices along the supply chain.
Campari Group aims to achieve human rights compliance within the supply chain for its first-tier product-related
suppliers which account for 95% of total spending by 2028, thus ensuring their respect and uphold basic human
rights standards. The commitment also extends to a 60% compliance rate for non-product-related suppliers by
the same period. With this proactive approach, Campari Group underlines the commitment to make the supply
chain responsible and ethical, with the well-being of workers at every level taken into consideration. This action
focuses on the complete upstream and downstream value chain of Campari Group, specifically Tier 1 suppliers
of PR and NPR areas for all regions where the company operates: EMEA, APAC, and AMES who may be
materially impacted by the Group business operations.
The consistent and progressive involvement of lower-tier suppliers is the path taken towards better identification,
assessment, and mitigation of risks at all levels, and through this approach, ensuring a resilient, transparent,
and sustainable supply chain for the years to come. This integrated approach supports Campari Group’s
commitment to responsible sourcing, ethical practices and long-term business growth.
Starting from 2025, the action plans will be funded through the allocation of a relevant portion of the
Procurement budget. This ensures the necessary resources for effective implementation of the plan, which also
could include site-specific audits to monitoring the compliance of suppliers and corrective actions tracking. In
this context, the company secures commitment to a continuous improvement across its supplier relations and
operations.
Moreover, Campari Group, in line with the commitments and to strength the importance of the respect of its
policies, has been implementing a series of key initiatives related to responsible business behavior:
a) SEDEX (Supplier Ethical Data Exchange): by requiring suppliers to use SEDEX, Campari Group strengthens
supply chain oversight, ensuring accountability and shared commitment to sustainability.
b) UN Global Compact: Campari Group supports the UN Global Compact, agreeing to operate its businesses in
line with the guiding principles for human rights, labor standards, environmental sustainability, and anti-
corruption.
c) CDP Corporate Disclosure Project: Campari Group reported publicly on its climate-related progress. Through
this questionnaire the Group discloses its climate-related data, strategy, targets and projects aimed at
managing and mitigating climate change aspects. Investors and companies use the CDP to make informed
decisions, to reward companies that demonstrate leadership and to lead collective climate action.
Campari Group has allocated specific financial resources to support its sustainable procurement practices and
human rights initiatives at global level. Part of the expenses are related to the SEDEX annual membership,
being SEDEX a leading platform that provides access to sustainability-related data, risk assessments, and
insights into supplier practices. This membership enables Campari Group to better assess supplier compliance
and strengthen ethical standards throughout its supply chain. In addition to this, Campari Group invested in
external consulting services to fine-tune its sustainability strategy, ensuring it aligns with industry best practices
and continues to drive responsible sourcing and operational efficiency. These investments are essential for the
effective implementation of the Supplier Code of Conduct, allowing the Group to put in place its commitments to
sustainability and human rights, and they are a targeted allocation within the procurement and sustainability
budgets of the Group.
In the future (short and medium term) and according to the identified need, financial resources will be dedicated
to supporting audits for suppliers, as part of the Human Rights Due Diligence program that will enable the
Campari Group to verify the compliance of suppliers with the standards on human rights and to adopt opportune
corrective measures. Resources will also be invested in the development of other material issues, including the
development or procurement of new tools, the enhancement of internal processes, and, where required, the

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addition of headcount to the procurement team to ensure such responsibilities are properly resourced. The
quantification of financial resources to be allocated is still in progress.
Campari Group adopts strict criteria for the selection of suppliers, prioritizing ethical labor practices and the
respect of human rights. The Group undertakes an overall assessment of potential suppliers by analyzing their
labor policies and historical compliance with relevant law and regulations.
Campari Group aims to implement fair-pricing policies that enable suppliers to conform to ethical standards of
labour while maintaining economic viability. This includes avoiding conduct that might pressurize suppliers into
reducing prices in any way that is likely to compromise labor conditions or result in exploitative practices.
The Group fosters transparency by maintaining clear communication with its suppliers and stakeholders about
its supply chain practices and ensures that workers understand their rights and conditions of employment.
Currently, Campari Group does not have a separate policy dedicated exclusively to the fair treatment of
suppliers, but it periodically conducts training with its Procurement team to underline the ethical approach in
making decisions. This helps employees understand the possible impacts of their actions on value chain
workers and promote responsible conduct across suppliers’ relationships.
Based on the information gathered during the management of the value chain as described above, no severe
human rights issues or incidents related to Campari Group's value chain were reported in 2024.
Impacts, risks and opportunities related to Workers in the value chain
Campari Group intends to further explore the relationship between its business decisions and assess their
implications for workers' welfare within its value chain, specifically those related to workers' rights and well-
being. In-depth analysis includes strategic decisions regarding workers' rights and welfare in terms of sourcing
practices, methods of production, and procurement strategies. Relying on value chain workers introduces a
range of ethical, reputational, operational, and legal risks within the supply chain. Non-compliance with
international labor standards can lead to supply disruptions, potential fines, and damage to brand reputation.
To mitigate these challenges, the Group can establish oversight mechanisms, conduct regular supplier audits to
ensure adherence to international labor standards, and partner with local organizations and Non-Governmental
Organization ('NGOs') to work collaboratively to improve working conditions, promote fair wages, and eradicate
exploitative practices. Reliance on value chain workers presents an opportunity to enhance fair labor practices
and worker well-being, while building a more resilient and transparent supply chain, ultimately contributing to
sustainable long-term growth.
Risks and opportunities are particularly pertinent to specific groups of value chain workers, especially those
localized in the alcohol, sugar, and agave industries in South and Central America (Brazil, Argentina, Mexico,
Jamaica), as well as within packaging production across these regions. The labor-intensive nature of cultivation
and harvesting, combined with seasonal demand spikes, weaker regulations and high poverty rates can result in
practices that expose vulnerable individuals-such as young workers, women, and migrants - to harsh or
hazardous conditions. These workers may face exploitative contracts, limited freedom of movement, and
inadequate wages.
The result of the processes to identify and assess material impacts, risks and opportunities in workers in the
value chain for the reporting period 2024 was summarized below.

Relevant sub-sub-topic | Impacts | Risks | Opportunities
Health and safety | Negative externalities on workers in the value chain due to accidents (negative) | - | -
Privacy | Safeguard of data for all stakeholders (workers in the value chain such as suppliers and distributors) (negative) | - | -

- Safeguard of data for all stakeholders (workers in the value chain such as suppliers and distributors).
The correct management of third parties is essential for maintaining robust cyber security measures and
ensuring compliance with data privacy regulations. The Group has established stringent protocols for vetting
and monitoring third-party suppliers to ensure that they adhere to the same high standards of data protection
and cyber security as the Group itself. This includes conducting assessments before engaging with any third
party and monitoring of their security practices. By implementing these measures, the Group aims to mitigate
risks associated with third-party relationships and safeguard its IT infrastructure and sensitive data.

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- Negative externalities on workers in the value chain due to accidents.
Through the DMA process, human rights risks were assessed. However, this does not exclude the need for the
Group to further develop a broader process to verify its entire value chain in relation to these aspects, ensuring
a more comprehensive approach.
Workers within Campari Group’s value chain who could be materially impacted by its operations include those
employed by both Product-Related suppliers, PR suppliers (such as raw ingredient providers, glass
manufacturers, packaging suppliers, etc.) and Non-Product-Related suppliers, NPR suppliers (including service
providers, marketing agencies, logistics companies, etc.). These workers can be classified into the following
categories:
- workers on Campari Group sites, not directly employed by the company but engaged through third-party
contracts or partnerships-such as outsourcing or casual labor.
- workers employed by entities within Campari Group’s upstream value chain, which include suppliers and
manufacturers providing raw materials and components.
- workers employed by entities within Campari Group’s downstream value chain, including those involved in
distribution, retail, and marketing of its products.
Within these groups, some categories of workers may particularly be vulnerable to negative impacts generated
by the Group’s own operations. These include, amongst others, migrant workers, women and young workers
who may be more vulnerable to labor condition issues, job security and adequate wages. Migrant workers, for
example, often lack legal protections and face language barriers, making them susceptible to exploitation and
poor conditions. Women may experience gender-based discrimination, unequal pay, and balancing work with
caregiving responsibilities. Young workers, with less experience and bargaining power, are more likely to accept
low wages and insecure jobs. These factors increase their vulnerability to negative impacts from operations
within the value chain.
Health and safety of workers in PR suppliers, such as raw ingredient providers and glass manufacturers, could
be at risk due to exposure to hazardous materials, chemicals, and machinery. Labor conditions for workers in
PR and NPR suppliers, including service providers and logistics companies, might be challenging, with long
hours, low wages, and lack of job security. Additionally, the environmental impact of Campari Group's
operations, such as waste management and emissions, could affect the health and well-being of workers in the
value chain. Economic pressure from changes in demand or supply chain disruptions could lead to job losses or
reduced income for workers. Finally, the social impact of Campari Group's operations, including community
involvement and support for local communities, could affect the livelihoods of workers in the value chain.
To providing remedy to these negative impacts, the Group is constantly working with its suppliers to establish
and implement corrective action plans: improving working conditions, reviewing wage policies, and enhancing
health and safety conditions. To make sure these corrective actions result in real improvements, Campari Group
conducts follow-up assessments through audits and maintains ongoing communication with the representatives
of the workers and the management teams of the suppliers themselves.
Campari Group is committed to taking action against malpractice and misconduct, promoting an open and
transparent culture in which workers and contractors feel free to communicate to the appropriate structures any
suspicions or concerns. In doing this the Group are committed to providing grievance mechanisms that are
legitimate, accessible, predictable, equitable, transparent, rights-compatible, and based on engagement and
dialogue. To this end, Campari Group provides an external whistleblowing service available in several
languages and reachable via phone, email, fax or online platform ensuring the absolute confidentiality. As also
explained in the dedicated section of the Supplier Code of Conduct, anyone witnessing safety, legal or ethical
issues in violation of the Code is responsible for speaking up through this service.
Campari Group has systematically documented all issues reported from workers through the grievance
mechanism to ensure recording, categorization, and monitoring of each case from its reception date to its
closure. While doing so, the process aims at the relevant stakeholders' involvement to be transparent and
accountable, considering the workers' needs in performing such alignment.
The whistleblowing service called ‘Campari Safe Line’ is available to Camparistas, suppliers, customers, and
anyone interacting with Campari Group, when they become aware of illegal activities within the organization.
Reports can be filed in several languages: by telephone or by fax (country number + 22672), by e-mail
(camparisafeline@expolink.co.uk), by post (Expolink Europe Ltd. 1 1 Greenways Business Park Bellinger Close,
Chippenham, Wilts SN15 1BN), or online (www.expolink.co.uk/campari). All such reports must be treated as
confidential and addressed to the Chairman of the Board of Directors and Head of Internal Audits.
Whistleblowers are assured the fullest protection against any form of retaliation or discrimination, whether direct
or indirect, arising from a decision to report an issue (or more information refer to 'Governance and policies
related to Business conduct' in the 'ESRS G1 Business co ntact' section and 'Policies and Actions related to Own
workforce' in the 'ESRS S1 Own workforce' section).

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As mentioned above, the Group has a grievance mechanism in place, NAVEX, that enables value chain workers
to raise grievances or communicate other needs. NAVEX is a third-party grievance mechanism accessible to all
workers. In situations where workers prefer to place an anonymous report in confidence, the information they
provide will be sent to NAVEX by EthicsPoint on a totally confidential and anonymous basis.
Suppliers’ representatives are notified of this channel through the Supplier Code, which has been made
available extensively. Suppliers are not allowed to undertake practices that may impair or otherwise limit access
to the grievance procedure, and retaliatory and discriminatory practices towards anybody raising complaints,
submitting reports, or participating in an investigation are strictly forbidden.
However, no direct communication about the grievance mechanism has been provided to value chain workers
and there is currently no requirement for suppliers to establish similar grievance channels within their
workplaces. This represents an area for improvement: the more a grievance channel is made transparent and
accessible for workers at different levels within a supply chain, the stronger accountability and responsiveness
wil l be.
Metrics and Targets related to Workers in the value chain
Campari Group periodically reviews the outcomes of all its activities through a combination of SMETA (Sedex
Members Ethical Trade Audit) audits and direct dialogue with its suppliers. Furthermore, the Group has
developed a specific tracking tool for buyers, which that enables procurement teams to monitor and review
progress on a regular basis against pre-set targets and to report transparently and responsibly.
Campari Group aims for 95% spend-wise compliance with the Supplier Code of Conduct and eradicating
incidents of labour violations within the supply chain for Tier 1 PR suppliers by 2028, and 60% of Tier 1 NPR
suppliers. As of the end of 2024, the Group is fully aligned with its internal roadmap aimed at achieving the 2028
target for PR suppliers; however, information on the progress towards achieving the target is currently
unavailable for external disclosure.
Overall progress is monitored monthly using a comprehensive a tracking system involving buyers, along with an
engagement network that includes category managers and Procurement leadership teams. This system would
also allow procurement teams to undertake frequent review of progress against targets set and underpin
accountability with transparency in reporting. As of today, measurable outcome-oriented targets and processes
have been established for the material topics of Human Rights and Carbon (for Carbon, see Scope 3 in the
Environment chapter). Other key material topics are scheduled to be addressed in 2025, ensuring a
comprehensive approach to sustainability and corporate responsibility.
Targets were developed through an iterative consultation process, including regional teams and global
Procurement and Sustainability teams to align all the regions and functions. It resulted in a comprehensive set
of targets that incorporate both global standards and regional priorities.
All Campari Group's suppliers are required to comply with the standards established in the Supplier Code of
Conduct. This ensures that all suppliers align to ethical practices, sustainability, and social responsibility. The
percentage of spend serves as the primary metric for evaluating compliance with the Group procurement
standards. The scope of the target includes upstream and downstream activities for all geographies. Suppliers
are also categorized by waves to cover the full scope of the portfolio. The baseline year for measuring progress
is set as 2024. The baseline value is 20% of spend on both PR and NPR suppliers. Targets are set to remain in
effect through the 2028 reporting year, with annual milestones established to monitor progress and ensure
accountability.
The Corporate Sustainability Reporting Directive and the Corporate Sustainability Due Diligence Directive
('CSDDD') provided the essential frameworks through which Campari Group aligned its sustainability targets. By
integrating the principles and requirements of the above-mentioned directives within Campari Group, the Group
ensures full compliance of its sustainability goals not only with evolving EU regulations but also with best
practices in terms of corporate governance, transparency, and accountability. In addition to the targets defined
by these regulatory frameworks, external consulting and benchmarking against industry peers were a critical
step in defining these targets. This approach would enable the Group to define targets that meet not only the
requirements but also the commitment to long-term sustainable growth and responsible business practices.
In terms of internal stakeholders, the targets were set in collaboration with the regional teams, functions, and
global Procurement and Sustainability teams to make sure that all regions are aligned. This process allowed to
identify a comprehensive set of goals that harmonize global standards with regional priorities developed.

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In this process there was no direct engagement with workers in the value chain based on the Supplier Code of
Conduct and the Global Procurement Policy.
The intended outcomes of this process involving value chain workers include working conditions through the
provisions for safe and healthy work environments. Fair remuneration is a priority, along with job security, which
implies the provision of stable employment and protection against unfair dismissal. Moreover, there is a focus on
sustainable livelihoods, which relates to the promotion of responsible sourcing and practices that contribute to
the economic resilience of the workers.
The definitions and methodologies for the targets will remain consistent over time to ensure stability and
comparability in Campari Group's assessment and reporting. This approach is designed to facilitate a clear
understanding of progress and maintain the integrity of performance metrics.
Regarding the reporting period 2024, no changes were considered to the previous e stablished targets.
ESRS S4 Consumers and end-users
Strategy, Policies and Actions related to Consumers and end-users
Campari Group recognises that excessive or irresponsible drinking of alcohol can have negative personal,
social, and health effects. As a consequence, the Group has formalized its key principles over responsible
drinking leveraging on different documents that serve as the foundation of its sustainable business practices.
The values and conduct guidelines that inspire the actions of every Camparista and the entire Group are
outlined in the Group’s primary policies and codes of conduct, as detailed below.
- Code of Ethics: the Code of Ethics describes the basic guiding principles of behavior for Campari employees,
suppliers, and contractors and all the relevant stakeholders, but also how Campari Group interacts with
consumers, including information on responsible consumption and ensuring the quality of Group products.
These involve self-regulatory codes, internal proceedings on the marketing of its products, its safety, and
quality, as well as stringent control through proper inspections. Campari Group established a monitoring and
reporting system for the effective integration and day-to-day execution of the compliance policies and their
relevant principles. The set policies and their guiding principles are subject to special audits as part of a
greater process of Compliance management. The Code of Ethics applies to Campari Group’s directors,
auditors, employees, suppliers, consultants, contractors and business partners. The Legal and Compliance
Department oversees compliance management in Campari Group at global, regional and country level. The
Legal and Compliance Department, together with HR and Group Communications, develops appropriate
training and communications initiatives to make compliance policies and principles part of daily operations.
For more information, please refer to 'ESRS G1 Business conduct' in the 'Governance information section'.
- Code on Commercial Communication: the objective of the Code on Commercial Communication is to make
sure that Campari Group's advertisements and promotional materials neither suggest nor portray misuse of
alcohol through excessive drinking or by minors and do not link alcohol with illegal, improper, or antisocial
conduct or claim health or functional benefits. It requires the presence of clear and visible Responsible
Drinking Messages ('RDMs') in all commercial communications, as well as a label warning on all alcoholic
products about the risks of drinking during pregnancy. Each Camparista is responsible for the compliance of
all commercial communications and sponsorships in the markets with local laws, industry self-regulation
standards and this Code. This encompasses all forms of brand advertising, marketing initiatives, promotional
efforts, and consumer-facing communications, regardless of the medium. It includes both owned platforms
and activations across online and offline channels, such as websites, social media, television, cinema,
packaging, labels, print media, radio, out-of-home advertising, brand press releases, sponsorships, and
more. Additionally, cocktail names and recipes fall under this scope. However, this definition does not extend
to all types of commercial or corporate communications. Specifically, it excludes, among other things,
independent editorial content, information disclosed in annual reports, and corporate public messaging
delivered via press releases or media statements. The internal Approval Code Committee, whose decisions
shall be final and binding, is composed of representatives of the Group Strategic Marketing, Group
Legal&Compliance, Global Public Affairs, Communications and Sustainability functions. It secures that the
activities of Campari Group are in compliance with the principles of fair business, marketing, and advertising,
as outlined by the Consumer Interests section in the OECD Guidelines for Multinational Enterprises on
Responsible Business Conduct. This Code on Commercial Communication is designed to guarantee that
marketing and advertising by Campari Group will not encourage, depict, or condone the abuse or misuse of
alcohol by consumers. All employees engaged in commercial communications, including marketing, trade
marketing, and sales, and all external marketing partners, including agencies, freelancers, contractors,
promoters, and ambassadors, are briefed on the Code at the outset of their engagement. They are also

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required to sign the Code and complete relevant training, where feasible. Guidelines on Influencer-
Generated Content are shared with influencers prior to collaboration. The Code is publicly available on the
Group's website and intranet and is under the responsibility and supervision of Group Strategic Marketing,
Group Legal & Compliance, Global Public Affairs, Communications and Sustainability functions.
- Policy on Responsible Consumption of Alcoholic Beverages: the Policy on Responsible Consumption of
Alcoholic Beverages serves as a framework for promoting moderation in alcohol consumption and addresses
the potential risks associated with alcohol abuse. These risks, which can impact health and safety, extend
beyond the workplace to encompass personal and social contexts. The policy is intended for all Campari
Group employees and any others acting on behalf of the Group, for the promotion of its brands and
business, agents and endorsers included. Local HR supports and oversees the implementation of the Policy,
ensuring that any violations are properly and promptly addressed. Alcohol abuse can have profound adverse
effects on health, safety, and one’s ability to function effectively in society. This policy advocates for
responsible consumption and establishes behavioral guidelines to ensure that Camparistas and Group
representatives not only consume alcoholic beverages responsibly and in moderation but also promote these
practices in their professional and social engagements. This document is available on the Group intranet and
is under the responsibility and supervision of the Global Public Affairs, Communications and Sustainability
function. Local HR is responsible for ensuring clear and effective communication of this policy to all
employees, with mandatory training on the policy scheduled for 2025 to be provided to staff.
- Global Policy Quality, Food Safety, Health, Safety, Environment: a core objective of this policy is to foster and
sustain consumer and customer trust in the Group’s brands. To accomplish this, the policy is designed to
safeguard the health and safety of the Group’s consumers by ensuring the highest standards of product
quality and safety. This is achieved through:
• adopting a risk-based approach to food safety, focusing on hazard identification, proactive prevention,
continuous monitoring, and rigorous verification processes;
• partnering with suppliers and partners with the same level of commitment;
• continually improving processes, procedures, and systems through feedback and research.
The policy covers all operational activities of the Group, from sourcing ingredients and packaging materials
to delivering finished products to the customer. This policy applies to suppliers and partners and is
implemented at all locations and divisions within the Group. It was approved and issued by the Group Head
of Supply Chain, and its implementation is also responsibility of the Head of Global Quality, R&D and
Environmental Sustainability and the Head of Global Health and Safety. T hrough this policy Campari Group
is committed to compliance with all applicable regulations and standards set by international food safety
certification schemes such as the GFSI (Global Food Safety Initiative) certification. The policy also ensures
protection of consumer interests in terms of quality and reliability of products and services provided, in
accordance with the OECD Guidelines for Multinational Enterprises on Responsible Business Conduct. The
Group is dedicated to adhering to industry standards and best practices by conducting benchmark analyses
to ensure the highest levels of consumer health and safety, as well as product quality. The policy is crafted to
meet or surpass the needs and expectations of the Group's key stakeholders— consumers. A primary
objective is to cultivate and sustain consumer and customer trust in Group brands. Furthermore, the policy
seeks to ensure active engagement with both internal and external stakeholders through continuous
communication, fostering a deep understanding of their needs and expectations. It is effectively
communicated to all employees, shared with suppliers, and made publicly accessible.
- Responsible Serving Guidelines: The Guidelines aim at defining and offering bartenders ten essential
recommendations for the responsible serving of alcoholic beverages. Specifically, bartenders are instructed
to:
• avoid serving liquor to any person below the legal age limit;
• remind consumers the dangers of drunk driving;
• prevent and identify visible signs of alcohol abuse;
• avoid promoting intoxicating liquors among pregnant customers;
• promote moderate and responsible alcohol consumption and avoid encouraging excessive or
irresponsible drinking.
These guidelines are targeted to all bartenders and mixologist to communicate a responsible drinking directly
to consumers, focusing on the quality of drinks and cocktails rather than the quantity being consumed, and
its responsibility lies with the Channel and Customer Marketing function ('CCM'). These are guidelines that
shall empower the bartender and mixologist with the tools to ensure responsible consumption, focusing on
the quality of drinks and cocktails rather than the quantity being consumed. They are shared with participants
in training courses at the Group's Academies, bartenders attending Group events, and participants in the
online Bartender Hero awareness course and are available on the Group's website for anyone who wants to
learn about responsible and quality service. These guidelines are in line with the prescriptions on responsible
drinking provided by spiritsEUROPE, the European representative body for producers of spirit drinks with a
membership comprising of national associations representing the sector across Europe as well as a group of
leading spirits producing companies. This information is published on the https://responsibledrinking.eu/

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website, which supports consumers in weighing the pros and cons of consuming alcoholic beverages. The
site also offers detailed insights into the composition of spirit drinks, including ingredients, nutritional values,
and more.
- Privacy Policy: the Group's privacy policies are designed to protect the personal information of customers,
employees, and stakeholders. These policies outline how the organization collects, uses, discloses, and
safeguards personal data in compliance with applicable laws and regulations. They ensure transparency by
informing individuals of their rights and detailing the security measures implemented to protect their data.
The policies also specify the purposes of processing personal information, the legal grounds, and any other
information required by the law. It also provides contact details through which natural persons can exercise
their privacy rights or raise any concerns. For example, the privacy policy of the Group's websites informs
users on how Campari Group collects, uses, shares, and processes personal data concerning its activities. It
applies to all website visitors, users, and other stakeholders worldwide. The policy outlines the significance of
personal data protection and elaborates on various rights that individuals have regarding their information,
including access, correction, and erasure. Other supporting documents are also made available for events
and contests where the Group directly captures consumer data. Additionally, there are privacy policies for job
applicants and employees when they join the Group. The function within the Group that is responsible for the
Policy and is accountable for its implementation is the Data Protection Officer. The policy is aligned with the
principles laid out in Article 12 of the Universal Declaration of Human Rights ('UDHR'), for which it protects
the consumers' right to privacy ensuring protection of personal data. The Group's policies are also designed
in a manner to adhere to the standards on fair business practices, marketing, and advertising and quality and
reliability of products and services of the OECD Guidelines for Multinational Enterprises on Responsible
Business Conduct. During the 2024 reporting period no cases of non-compliance were recorded. The policy
is made available on the corporate website, brand websites, and for participants in prize competitions and
events.
The above-mentioned policies apply to all consumers, with the exception of minors and individuals below the
legal drinking age, who are excluded from the definition of consumers regarding alcoholic beverages. They are
set in accordance with the requirements on fair business, marketing and advertising practices as well as on the
quality and reliability of the goods and services provided, as laid down with respect to Consumer Interests by the
OECD Guidelines for Multinational Enterprises on Responsible Business Conduct. Additionally, they underscore
the importance of abstaining from alcohol consumption during pregnancy and in situations requiring full attention
and coordination, such as operating heavy machinery, participating in extreme sports or engaging in other high-
risk activities. It is crucial never to imply that consuming alcohol before or while driving is acceptable. Adhering
to legal limits related to drinking and driving is essential to ensure the safety of all. Promoting these responsible
drinking practices is fundamental for Campari Group to protecting individual well-being and fostering community
safety.
In order to pursue the relevant opportunities identified, in relation to the marketing of the Group’s products, the
commercial communication of alcoholic beverages must not target, primarily appeal to, reference, or depict
minors, whether directly or implicitly. On all types of media (i.e., TV, radio, newspaper, magazine, out of home,
social media and website), Campari Group’s alcoholic brands shall only be advertised when at least 70% of the
audience is reasonably expected to be adults (i.e., above the Legal Drinking Age ('LDA'). Commercial
Communication shall not promote Campari Group’s alcoholic brands in media where more than 30% of the
audience is known or reasonably expected to be minors. A reasonable expectation shall be determined by
reliable audience composition data where available. Furthermore, with regards to social media contents, when
possible (i.e., paid social contents) all available technologies shall only be used to target users that are above
the LDA when promoting alcoholic beverages.
Concerning the processes followed for engaging with consumers and end-users, Campari Group actively
involves all key stakeholders, namely consumers and bartenders, through different channels to guarantee a
continuous dialogue and exchange of views. Regarding consumers, the engagement is made through market
research, customer satisfaction tests, focus groups, social media, events, and the Group's websites. The
themes of the engagement involving consumers mainly concern product quality and safety, transparency of
information, and responsible communication. On the other hand, bartender engagement is fostered through
various initiatives, including Campari Academy courses, competitions and events, all designed to enhance
quality and responsible service. Both consumer and bartender engagement involve several Group functions,
including Public Affairs, Communications and Sustainability, the Quality function, Global Strategic Marketing and
Marketing teams, Channel and Customer Marketing, and Sales. Feedback from these events is crucial in the
development of the Group's marketing and sales strategy, making it closer to consumer expectations. These
interactions are also important in raising awareness about responsible consumption and service, encouraging
positive behaviors and practices among both consumers and bartenders. Moreover, multiple platforms are

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available for consumers to report concerns, including online contact forms, toll-free helplines, email, and
dedicated customer service teams. The Group is not directly involved in projects for healthcare aimed at treating
the negative effects of alcohol on individuals engaged in irresponsible consumption.
During the 2024 reporting period, the Group has defined a list of useful actions to achieve its objectives and in
response to the material risk 'potential social repercussion on the company due to a lack of awareness
activities'. Below are listed the actions outlined:
- Bartender Hero: in 2022, Campari Group and the International Bartenders Association (IBA) launched
Bartender Hero, an initiative aimed at engaging bartenders in promoting responsible serving practices. The
project's main idea is to educate bartenders on the properties of alcohol and its effects and thereby provide
them with an opportunity to advise consumers about more responsible choices of alcohol consumption.
Education will enable responsible service and consumption; hence, the bartender plays an important role in
encouraging consumers to be more concerned with the quality of their drinks rather than the quantity
consumed. Inaugurated as a project pilot in 2019 in Italy, the project was born as a free online course
available on www.bartenderhero.info, targeting bartenders and people who want to learn how to serve
responsibly and offer quality service. Together with the IBA, the world's leading bartender organization,
encompassing more than 50,000 members around the globe-the project expanded to go international and
reached an even broader audience all over the world.
- Group Responsible Drinking Campaign: at the end of 2024, Campari Group launched its first Group
Responsible Drinking Campaign to educate consumers on how to enjoy alcoholic beverages responsibly,
encouraging them to take their time and savor their drinks.
- Campari Academy: the premier Group training institution for the bartending community worldwide and is
focused on educating bartenders through all stages of their career. Campari Group shares with all the
participants in the training programs and events its 10 Golden Rules for Responsible and Quality Serving.
This guide gives bartenders ten tips for serving alcohol responsibly, enabling them to pass on the message
of responsible drinking to consumers. Campari Academy supports the values of responsible and quality
drinking with its courses and activities that are addressed both to bartenders and consumers. In-person and
digital training courses on responsible drinking are also provided by the Academy, including a masterclass on
low-ABV cocktails that teaches bartenders how to calculate the alcohol content in drinks accurately. Over the
last few years, Campari Academy has grown into a global initiative, establishing a strong network of 24
physical hubs in key markets all over the world. Already operative in Italy, the United States, Spain, Brazil,
United Kingdom, Greece, China, Australia, and more. Building on the success of this local network, the
Academy has also launched a global digital platform to make its resources accessible to bartenders across
the globe. The Global Online Platform was launched in May 2022, and its content is accessible to all the
Academies. Moreover, 15 local platforms are currently available.
- E-learning on the Policy on Responsible Consumption of Alcoholic Beverages: the Group is developing an e-
learning module on this policy that will be launched in 2025 and will be compulsory for all staff.
- E-learning on the Code of Commercial Communication: a global, mandatory e-learning based on the
principles of the Code of Commercial Communication is offered to all Camparistas involved in commercial
communication, including new hires, to increase internal awareness on proper, fair, and responsible
commercial communication.
- Information to Consumers: launched in 2021, camparigroup.info was created to provide meaningful,
voluntary information to consumers online. The platform offers a huge variety of product information,
multilingual and geolocated according to the user's location. It also comprises information required by the
country of consumption, like nutrition declarations and ingredient lists in the EU for wines and aromatized
wine products, waste and recycling information in Italy and France. Alongside product-specific information,
the site offers educational materials and tips on responsible drinking and routes visitors to more sources of
information about responsible drinking based on where they are in the world.
The responsible drinking information accessible on camparigroup.info includes suggestions on when it is not
advisable to drink alcohol, such as:
• under the legal drinking age: to show that alcohol consumption by minors may lead to negative physical
and psychological effects, and to make consumers aware of the legal drinking age in their country or
state to protect the minors during their physical and emotional development;
• pregnancy and breastfeeding: warning of the risks that alcohol poses to an unborn baby and
encouraging consumers to consult their doctor about their drinking if they are concerned;
• before or while driving: advising consumers that alcohol is absorbed at different rates depending on
factors such as food, age, size, or gender, and reminding them that local limits on drinking and driving
should always be observed. Over the past few years, Campari Group has increasingly used
camparigroup.info on its labels to make information for informed choices easily accessible to
consumers. In 2024, to further increase accessibility of this digital labelling platform, Campari Group
launched a pilot project in the EU, starting to display QR codes on its products. These QR codes will

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Campari Group annual report for the year ended 31 December 2024

lead consumers to camparigroup.info, together with the legally required information about wines and
aromatized wine products. This move, in tandem with the ongoing review of product labels, represents
the next step in Campari Group's commitment to ensuring that consumers have clear, full information in
line with the increasingly expressed preference for digital sources.
In 2024, Campari Group made a further step forward in its journey towards greater transparency for
consumers by making all the Group's products available on camparigroup.info, the Group's dedicated digital
labelling platform offering relevant product information and promoting responsible consumption. In 2025, the
Group will continue to strengthen its commitment to transparency by enriching its camparigroup.info platform
with product and responsible consumption information. This effort aims to meet the growing consumer
demand for easily accessible, personalized, and tailored information.
- Local initiatives: Campari Group continues to promote a culture of quality and responsibility, through
communications projects and actions carried out independently or in collaboration with the main trade
associations. These initiatives are aimed at educating consumers on the responsible consumption of
alcoholic beverages. In this regard, Campari Group strongly condemns any form of abuse or misuse of
alcoholic beverages, including excessive consumption, underage drinking, drinking during pregnancy and
driving under the influence of alcoholic beverages without respecting the legal limits in force. Alcoholic
beverages shall be consumed in moderation and in a social and convivial setting by adults of legal drinking
age, always celebrating life in a positive way. The Group is currently a member of 62 trade associations,
consortia and social aspect organizations in 25 countries, with its managers playing a key role in most of
them. Through the collaboration of Campari Group with important trade associations and leaders within the
industry, responsible messaging is actively promoted and diffused, as well as the encouragement of
moderation in alcoholic beverage consumption. Also in 2024, initiatives and projects relating to the
responsible consumption of alcoholic products and sustainability were carried out in the various markets in
which the Group operates. Below some examples are provided: t hese initiatives collectively aim to promote
responsible drinking habits and prevent harmful alco hol consumption through education, awareness
campaigns, and collaborations with local organizations.
a) In Belgium, Campari Group participates in the 'You do You' campaign run by the Vinum et Spirit trade
association and aimed at sensitizing young people about the risks of excessive drinking. The campaign
targets youth movements, schools, and universities, encouraging young people to respect their own limits
and to avoid social pressure to consume alcohol.
b) In Canada, Campari Group collaborates with MetroLinx for a drinking and driving awareness campaign,
promoting responsible celebrations and offering free train rides during New Year's Eve to prevent impaired
driving.
c) In Jamaica, Campari Group plays a role in minimizing alcohol-related harm in Jamaica through education,
awareness, and sensitization initiatives. The ‘Party Proppa: Drink Responsibly Campaign’ continued in 2024
to educate consumers and emphasize the importance of drinking responsibly by engaging with various
stakeholders in the spirits industry and influencers to produce a unified campaign. The Group also promoted
responsible serving activities aimed at bartenders partnering with the Jamaica Union of Bartenders and
Mixologist ('JUBAM').
d) In Spain, Campari Group supports the FEBE industry association’s initiatives aimed at preventing alcohol
consumption in risk groups such as minors, drivers and pregnant women. These initiatives include 'Minors:
not a single drop', 'Night people', 'Pregnant women', and 'Alcohol and Society Foundation'. The association
also promotes moderate and responsible consumption among adults through information campaigns and the
'You Serve, You Decide' program, which has reached over 12,000 hospitality workers, students, and
entrepreneurs since 2004.
e) In the United States, the Group funds the Foundation for Advancing Alcohol Responsibility
(Responsibility.org), a dedicated non-profit in the United States focusing on alcohol education with the
mission to end impaired driving, eliminate underage drinking, and promote responsible consumption among
adults, and supports various responsible drinking initiatives, including educational programs like 'We Don’t
Serve Teens', 'Ask Listen Learn', and 'Alcohol 101'. Additionally, Cabo Wabo Tequila promotes responsible
drinking during NASCAR race weekends by offering complimentary water, mocktails, and Uber vouchers to
encourage safe celebrations.
The Group is not directly involved in projects for healthcare aimed at treating the negative effects of alcohol on
individuals engaged in irresponsible consumption.
One of the primary objectives of the Group is to build and maintain brand trust among consumers and
customers. To achieve this, Campari Group has implemented a series of proactive and preventative programs
designed to mitigate risks across the entire operational process, from the supply of ingredients and packaging
materials to the delivery of finished products to consumers:
- Standard Quality Control Requirements for inspections during incoming, in-process, warehousing, and
transportation;

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Campari Group annual report for the year ended 31 December 2024

- Robust External and Internal Audit Programs to ensure compliance and quality;
- Supplier Quality Assurance Program, designed to ensure that the Group consistently purchases approved
materials from approved suppliers, and acquire services from approved third-party manufactures, which
meet agreed specifications and Group requirements;
- Global Traceability program which continued in 2024 with the deployment in EMEA (France) and in the
Americas Regions (the United States) and the design of the plan for further deployment in both Regions
starting from 2025.
- Revamped artwork management process and IT platform to ensure regulatory compliance.
- Enhanced Good Manufacturing Practice Program focused on compliance and elevating the food safety
culture across manufacturing sites.
- Investment in technology and automation for in-process control, advanced laboratory equipment, data
collection and management. In 2024 a new system for the management of consumer and customer
complaints was launched, and additional analytical capabilities were made available for the central laboratory
and site laboratories in the Americas region, four additional automatic systems for in-process control of
empty bottles were installed across multiple bottling lines in the Americas and EMEA regions, covering a
significant percentage of the company’s plan, and an auditing and inspection platform was implemented.
- Global Food Safety Initiative ('GFSI'): a certification program that started with company-owned manufacturing
sites and was extended to Campari Group’s third-party manufacturing sites.
These programs extend throughout the entire value chain, from ingredient sourcing to final distribution, covering
all geographies where the company operates. Stakeholders involved include suppliers, third-party
manufacturers, employees, regulatory bodies, customers, and end-consumers. Current actions are being
implemented within a one- to three-year timeframe, while long-term initiatives are aligned with the company’s
three- to five-year strategic roadmap. Financial resources, including a total investment of €5.7 million in Food
Safety and Quality, have been allocated to support 2024 initiatives. Future budgets are aligned to ensure
continued progress and sustainability.
The local and Global Quality teams continuously monitor each quality metric. In addition, Global and regional
training programs on Food Safety & Quality ('FS&Q'), Supplier Quality Assurance ('SQA'), Continuous
Improvement ('CI'), and Food Safety Culture are consistently promoted by Campari Group. These initiatives are
fundamental in ensuring the highest quality and safety standards across all operations. By emphasizing the
importance of these programs, Campari Group strives to maintain and enhance the integrity of its products,
ensuring that every step from production to the final consumer is meticulously managed. This commitment to
education and continuous improvement underscores their dedication to excellence in every aspect of their
business. Together with training, across our sites World Quality Day has been celebrated in all of the Group’s
Regions in 2024, with events and activities that showcase the power of collaboration. World Quality Day is a day
dedicated to the commitment and passion that drive excellence in everything we do. This occasion highlights the
vital role quality plays in our fast-changing world and celebrates the dedication and teamwork that elevate our
standards every day.
Impact, risk and opportunity related to Consumers and end-users
The result of the processes to identify and assess material impacts, risks and opportunities in consumer and
end-users for the reporting period 2024 was summarised below.

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Campari Group annual report for the year ended 31 December 2024

Relevant sub-sub-topic | Impacts | Risks | Opportunities
Access to (quality) information | Failure to communicate all the necessary information related to the Campari Group's product including nutritional values (negative) | - | -
Privacy | Safeguard of data for all stakeholders (consumers) (negative) | - | -
Responsible marketing practices | Ability to promote a marketing communication always able to maintain a high level of corporate integrity, business ethics, and social responsibility which leads to increased consumer trust and loyalty, improved brand reputation, increased customer satisfaction and active consumer involvement (positive) | Potential social repercussion on the company due to a lack of awareness activities | •
Promotion of a culture of quality and responsibility through communications projects and actions carried out (i.e., specific educational training courses) towards internal workers and external stakeholder (i.e., consumers) aimed at educating consumers on the responsible consumption of alcoholic beverages and on the importance of quality vs quantity (positive) | Inability to interpret consumer preferences and to continually adapt strategies accordingly | •

For detailed disclosures regarding the management of the above IROs, please refer to the comprehensive
explanation in the 'Strategy, Policies and Actions related to Consumers and end-users' section.
Campari Group’s Consumers include everyone who is above the legal drinking age. 'Minors' are those young
people who are not of Legal Drinking Age ('LDA') in each country. The LDA is the minimum age to drink alcoholic
beverages in the relevant local jurisdiction. Should no local LDA exist, 18 years of age should be used.
The Group adopts robust processes to address negative impacts and ensure effective communication channels
for raising concerns. These processes include a defined framework for remedial actions, which ensures prompt
investigation and resolution of reported issues and feedback to consumers. The company promotes awareness
of its feedback channels through the Campari Group website, brand websites and product packaging in certain
markets. Consumer awareness, accessibility and effectiveness are monitored through the number and
frequency of consumer interactions and contacts received via these channels. All concerns raised, related to
product food safety and quality, are documented in a centralised system. These concerns are monitored, and
analysed to identify trends, address concerns and implement improvements where necessary. The nature of the
issue, status of the actions taken and consumer interactions are tracked through the system. Key metrics, such
as resolution time, the number of valid feedback per brand and type of product, and repeatability of cases, are
monitored regularly to ensure the effectiveness of the available channels.
As regards data privacy related to consumers, if Campari Group fails to ensure data security, thereby increasing
the risk of cyber-attacks and data leaks, this could have serious negative impacts on consumers, compromising
their right to privacy. Potential negative impacts could be: loss of trust (if customers' personal data is
compromised, trust in the brand can dramatically decrease), identity theft and financial fraud (sensitive data,
such as payment information and personal identifiers, can be used for identity theft or financial fraud, causing
significant damage to customers) and damage to personal reputation (leaked personal data could include
sensitive information that, if made public, could damage consumers' personal reputations). Good management
of consumer data has the potential to instil confidence and ensure compliance with laws on data privacy. The
Group is committed to the responsible handling of consumer data, including collecting personal information for
legitimate business purposes, ensuring accuracy and sharing transparency with the consumer on how their
personal information is collected and used. Strong security measures are put in place to protect consumer data
against unauthorized access, breaches, and other forms of cyber threats. Moreover, regular reviews are
undertaken to ensure that data protection laws are complied with on an ongoing basis and to identify the areas
for further improvement. In this way the Group protects consumers' data, upholds the rights to privacy, and
fosters trust and accountability.
With regards to the main risks identified, a lack of awareness activities on responsible drinking can have several
potential social repercussions for the Group. These include reputation damage, as companies may be perceived
as neglectful or irresponsible, leading to a tarnished public image. Legal and financial risks are also a concern,
particularly related to workplace accidents or alcohol-related misconduct, which can result in costly lawsuits and
settlements. Additionally, there is a negative community impact, as a lack of responsible drinking initiatives can
contribute to broader social issues such as increased alcohol-related accidents and health problems. Finally,

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Campari Group annual report for the year ended 31 December 2024

there is a negative impact on customer relations, as customers may prefer to support businesses that are more
proactive in promoting responsible drinking.
Failing to understand and adapt to consumer preferences can lead to decreased customer satisfaction, negative
reviews, and damage to the Group brand's reputation. Competitors who better cater to consumer needs can
capture more market share, resulting in reduced revenue for the less adaptable company. Inefficient use of
resources and increased operational costs can arise from trying to catch up with market trends without a clear
understanding. Over time, a brand that doesn't evolve with consumer preferences can become irrelevant, losing
its appeal and connection with its audience. Additionally, employee morale and productivity can suffer if they feel
their efforts are not leading to success. Adapting to consumer preferences is crucial for the Group's long-term
success.
During the year, no severe human rights issues and incidents connected to its consumers and/or end users
were reported.
Metrics and T argets related to Consumers and end-users
Campari Group, through periodic reporting and dedicated meetings that primary involve Marketing, Legal,
Quality, Public Affairs, Corporate Communications and Sustainability functions, assesses progress and defines
action to address continuous improvements programs for the metrics selected.
Moreover, to managing negative impact, risk and opportunities, and in line with its policies and commitments,
Campari Group has specific targets in relation to its consumers and end users with the support of its internal
stakeholder involvement functions of Marketing, Public Affairs, Corporate Communication and Sustainability, in
absolute terms on annual base to be achieved by the end of 2025. They are described as follows:
- continuous training for the global marketing community on the principles of responsible marketing, with
yearly targets;
- ensure that Responsible Drinking Messages ('RDMs') are included in 100% of marketing and
communications for alcoholic products;
- educational sessions on the responsible consumption of alcoholic beverages for 100% Camparistas by 2026;
- continue to ensure that product information is available to consumers for all the Group’s products on
camparigroup.info;
- launch the first corporate responsible drinking campaign by end of 2024.
Each of the above targets have a direct correlation with Campari’s Group policies, such as the Code on
Commercial Communication, the Policy on Responsible Consumption of Alcoholic Beverages and the QHSE
Policy, etc. Targets and metrics on responsible marketing are monitored by local legal teams. The presence of
RDMs in all marketing communication is also verified annually at global level through internal monitoring
system. As prescribed by the Code on Commercial communication, although final responsibility for compliance
rests with the Marketing function, all new campaigns, product launches, brand manuals, and Above-the-Line
('ATL') materials must be submitted to Legal for an additional level of review. The Legal and Compliance and HR
functions verify that all recipients have completed all mandatory training.
With regard to the information available to consumers about the products, the responsibility for ensuring its
availability on camparigroup.info rests with the Public Affairs, Corporate Communications, and Sustainability
function, which is tasked with monitoring and ensuring that relevant information is provided for all Group
products.
Campari Group establishes measurable key metrics and monitors its performance to ensure continuous
improvement in Food Safety and Quality.
Metrics such as complaints per million bottles produced (CPM), % of bottles produced in GFSI (Global Food
Safety Initiative) certified sites and product recall frequency are used to evaluate the success of Food Safety
and Quality systems and programs. For more information on these metrics refer to the 'Other ESG information
section'.

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Campari Group annual report for the year ended 31 December 2024

Reconciliation table related to Social information
Reconciliation table related to Own workforce

Standard ESRS | Sustainability statement paragraph | Notes
Strategy |  |
ESRS 2 SBM-2-Interests and views of stakeholders [DR: 12] | Strategy related to Own workforce | For more information related to ESRS S1 SBM-2 par. 12 please refer to the section 'Engagement with stakeholders'
ESRS 2 SBM-3-Material impacts, risks and opportunities and their interaction with strategy and business model [DR: 13-16] | Strategy related to Own workforce Material impacts, risks and opportunities and their interaction with strategy and business model Policies and Actions related to Own Workforce Deep dive on human rights | ESRS SMB-3 par. 14e, 14g.i-ii are not applicable
Impact, risk and opportunity management |  |
S1-1-Policies related to own workforce [DR: 17-24] | Strategy related to Own workforce Polices and Actions related to Own workforce | ESRS MDR-P, par.62 is not applicable ESRS S1-1 AR10, AR14, AR17 voluntary information are not disclosed for this first year of application
S1-2-Processes for engaging with own workforce and workers’ representatives about impacts [DR: 25-29] | Processes for engaging with own workforce and workers’ representatives about impacts Polices and Actions related to Own workforce | ESRS S1-2 AR25, AR26 voluntary information is not disclosed for this first year of application ESRS S1-2, par. 29 is not applicable
S1-3-Processes to remediate negative impacts and channels for own workforce to raise concerns [DR: 30-34] | Polices and Actions related to Own workforce Processes to remediate negative impacts and channels for own workforce to raise concerns | ESRS S1-3, par. 34 is not applicable ESRS S1-3, AR29, AR30, AR34 voluntary information is not disclosed for the first year of application
S1-4-Taking action on material impacts on own workforce, and approaches to managing material risks and pursuing material opportunities related to own workforce, and effectiveness of those actions [DR: 35-43 | Impact, risk and opportunity related to Own workforce | ESRS 2 MDR-A par.62 is not applicable ESRS 2 MDR-A AR23, ESRS S1-4, AR33, AR35, AR36, AR40, AR41, AR48 voluntary information is not disclosed for this first year of application
Metrics and targets |  |
S1-5-Targets related to managing material negative impacts, advancing positive impacts, and managing material risks and opportunities [DR: 44-47] | Interests and views of stakeholders | ESRS S1-5, AR49 voluntary information is not disclosed for this first year of application ESRS 2 MDR-T, par. 80 i is not applicable as targets have not changed
S1-6-Characteristics of the undertaking's employees | Material impacts, risks and opportunities and their interaction with strategy and business model (Non- employees in Own Workforce) | ESRS S1-6, par. 51-52 voluntary information is not disclosed for this first year of application
S1-7-Characteristics of non-employees in the undertaking's own workforce | Metrics and Targets related to Own workforce | ESRS S1-7 55.c and 57 are not applicable ESRS S1-7, par. 56 and AR61 voluntary information is not disclosed for this first year of application
S1-8-Collective bargaining coverage and social dialogue | Metrics and Targets related to Own workforce | ESRS S1-8, par. 60.a and 63.a are reported only with reference to the European Economic Area (EEA) region for the first year of application ESRS S1-8, par. 60 c is not applicable ESRS S1-8, par. 61 and 62 voluntary information is not disclosed for this first year of application
S1-9-Diversity metrics | Metrics and Targets related to Own workforce |
S1-10-Adequate wages | Not applicable | Information related to Disclosure Requirement 'S1-10: Adequate wages' do not result material for Campari Group. For this reason they are considered non-applicable.
S1-11-Social protection | Metrics and Targets related to Own workforce | ESRS S1-11, par. 74, 75 and 76 are not applicable
S1-12-Persons with disabilities | Not applicable | Information related to Disclosure Requirement 'S1-12 – Persons with disabilities' do not result material for Campari Group. For this reason they are considered non-applicable.
S1-13-Training and skills development | Metrics and Targets related to Own workforce | ESRS S1-13, par. 83, 84 and 85 are not applicable
S1-14-Health and safety metrics | Metrics and Targets related to Own workforce | ESRS S1-14, DP 89, 90, AR81, AR94 voluntary information is not disclosed for this first year of application
S1-15-Work-life balance metrics | Not applicable | Information related to Disclosure Requirement 'S1-15 – Work-life balance metrics' do not result material for Campari Group. For this reason they are considered non-applicable.
S1-16-Remuneration metrics | Metrics and Targets related to Own workforce | ESRS S1-16, par. 98 and 99 voluntary information is not disclosed for this first year of application
S1-17-Incidents, complaints and severe human rights impacts | Metrics and Targets related to Own workforce | ESRS S1-16, par. 103.c and 104.b are not applicable ESRS S1-16, AR103 and AR106 voluntary information is not disclosed for this first year of application

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Campari Group annual report for the year ended 31 December 2024

R econciliation table related to Workers in the value chain

Standard ESRS | Sustainability statement paragraph | Notes
Strategy |  |
ESRS 2 SBM-2-Interests and views of stakeholders [DR: 9] | Strategy, Policies and Actions related to Workers in the value chain | For more information related to ESRS S2 SBM-2 par. 9 please refer to the section 'Engagement with stakeholders'
ESRS 2 SBM-3-Material impacts, risks and opportunities and their interaction with strategy and business model [DR: 10-13] | Strategy, Policies and Actions related to Workers in the value chain | -
Impact, risk and opportunity management |  |
S2-1-Policies related to value chain workers [DR: 14-19] | Strategy, Policies and Actions related to Workers in the value chain | ESRS 2 MDR-P, par.62 is not applicable ESRS S2-1, AR 16 is a voluntary information and is not disclosed for the first year of application
S2-2-Process for engaging with value chain workers about impacts [DR: 20-24] | Impacts, risks and opportunities related to Workers in the value chain Strategy, Policies and Actions related to Workers in the value chain | ESRS S2-2, par. 24 is a voluntary information and is not disclosed for the first year of application ESRS S2-2, par. 22.a-22.b-22.c-22.d-22.e is not applicable to Campari Group
S2-3-Processes to remediate negative impacts and channels for value chain workers to raise concerns [DR: 25-29] | Impacts, risks and opportunities related to Workers in the value chain Strategy, Policies and Actions related to Workers in the value chain | ESRS S2-3, par. 29, AR 23, AR 24, AR 25 are voluntary information and are not disclosed for the first year of application
S2-4-Taking action on material impacts on value chain workers, and approaches to managing material risks and pursuing material opportunities related to value chain workers, and effectiveness of those actions [DR: 30-38] | Strategy, Policies and Actions related to Workers in the value chain | ESRS 2 MDR-A, par 68e is subject to phased-in application ESRS 2 MDR-A 69.b and c, are not disclosed since the retrieval of the required information is impractical ESRS 2 MDR-A AR23, ESRS S2-4, AR 30, AR31, AR 36.a-b, AR37, voluntary information are not disclosed for this first year of application. ESRS 2 MDR-A par.62, S2-4, par: 32.c, 32.d and AR 33-34-35 are not applicable ESRS S2-4, par 34.a, AR 40-41-43 not are applicable since any material risk or opportunity has been identified during Double Materiality Assessment process
Metrics and targets |  |
S2-5-Targets related to managing material negative impacts, advancing positive impacts, and managing material risks and opportunities [DR: 39-42] | Impacts, risks and opportunities related to Workers in the value chain | ESRS 2 MDR-T par. 80.g is not applicable to Campari Group. ESRS 2 MDR-T, par 81.a voluntary information is not disclosed for this first year of application Not applicable on Human Rights

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Campari Group annual report for the year ended 31 December 2024

R econciliation tab le related to Consumers and end-users

Standard ESRS | Sustainability statement paragraph | Notes
Strategy |  |
ESRS 2 SBM-2-Interests and views of stakeholders [DP: 8] | Strategy, Policies and Actions related to Consumers and end-users | For more information related to ESRS S4 SBM-2 par. 8 please refer to the section 'Engagement with stakeholders' Cross ref with ESRS 2: SBM-2 DP 45.a, 45.b, 45.c, 45.d, AR 16
ESRS 2 SBM-3-Material impacts, risks and opportunities and their interaction with strategy and business model [DP: 9-12] | Strategy, Policies and Actions related to Consumers and end-users Impact, risk and opportunity related to Consumers and end-users | ESRS 2 SBM-3 par 48.e is not applicable since Campari Group applied the phased-in provision ESRS 2 SBM-3 par 48. g is not applicable since this is the first year Campari Group is applying the CSRD ESRS 2 SBM-3 48.h is not applicable since Campari Group has not identified any entity specific disclosure For more information related to ESRS S4 SBM-3 par. 10.b please refer to the section 'Impact, risk and opportunity related to Consumers and end- users' For more information related to ESRS S4 SBM-3 par. 10.d please refer to the section 'Impact, risk and opportunity related to Consumers and end- users' For more information related to ESRS S4 SBM-3 par. 12 please refer to the section 'Impact, risk and opportunity related to Consumers and end-users'
Impact, risk and opportunity management |  |
S4-1-Policies related to consumers and end-users [DP: 13-17] | Impact, risk and opportunity related to Consumers and end-users | ESRS 2 MDR-P, par.62 is not applicable ESRS S4-1 par 16.a, 16.b, 16.c AR 9-10 Cross ref with ESRS S4-1 par 17 AR 11
S4-2-Processes for engaging with consumers and end- users about impacts [DP: 18-22] | Impact, risk and opportunity related to Consumers and end-users | -
S4-3-Processes to remediate negative impacts and channels for consumers and end-users to raise concerns [DP: 23-27] | Impact, risk and opportunity related to Consumers and end-users Strategy, Policies and Actions related to Consumers and end-users | -
S4-4-Taking action on material impacts on consumers and end- users, and approaches to managing material risks and pursuing material opportunities related to consumers and end-users, and effectiveness of those actions [DP: 28-37 | Strategy, Policies and Actions related to Consumers and end-users Impact, risk and opportunity related to Consumers and end-users | ESRS 2 MDR-P, par. 62, MDR-A par.62 are not applicable For more information related to ESRS S4-4 par. 33.a please refer to the section 'Strategy, Policies and Actions related to Consumers and end-users' For more information related to ESRS S4-4 par. 34 please refer to the section 'Metrics and Targets related to Consumers and end-users' For more information related to ESRS S4-4 par. 37 please refer to the section 'Metrics and Targets related to Consumers and end-users'
Metrics and targets |  |
S4-5-Targets related to managing material negative impacts, advancing positive impacts, and managing material risks and opportunities [DP: 38-41] | Metrics and Targets related to Consumers and end- users | ESRS 2 MDR-A, par. 69.b and c, are not disclosed since the retrieval of the required information is impractical ESRS MDR-T, par. 80.f, 80.g are not applicable to Campari Group ESRS 2 MDR-T, par 81.a voluntary information is not disclosed for this first year of application ESRS 2 MDR-T, par. 80 i is not applicable as targets have not changed

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Campari Group annual report for the year ended 31 December 2024

Governance information
ESRS G1 Business conduct
Davide Campari-Milano N.V. (the ‘Company’ and, together with its subsidiaries, the ‘Group’) is a public limited
liability company, incorporated under the laws of the Netherlands. The Company's shares are listed on the
Euronext Milan organized and managed by Borsa Italiana S.p.A. (the ‘Italian Stock Exchange’).
As regards its corporate governance, the Company complies with the Dutch Corporate Governance Code (the
‘DCGC’) which contains principles and best practice provisions that regulate relations amongst the Board of
Directors, the stakeholders and the general meeting of shareholders ('General Meeting') for listed companies.
Such principles may be regarded as reflecting the general views on good corporate governance and create a
set of standards governing the conduct of the listed companies’ corporate bodies.
Governance and Policies related to Business conduct
Campari Group's governance framework is intricately connected to its strategy and business conduct. The
Board of Directors is responsible for defining the vision, mission, and core values while overseeing ethical
guidelines, codes of conduct, supplier relationships, and lobbying policies. Internal committees, such as the
CRSC and the Remuneration and Appointment Committee, focus on specific governance areas, ensuring
adherence to processes and monitoring corporate culture and supplier relationships.
The executive management team, led by the CEO, implements the Campari Group’s strategy and policies,
fostering a corporate culture aligned with the Group’s values and maintaining stakeholder relationships. Policies
covering ethical conduct, anti-corruption, conflict of interest, supplier management, lobbying activities, and
whistleblowing provide a clear framework for decision-making and behavior, ensuring alignment with
organizational values and standards.
Internal controls and audit mechanisms ensure compliance with ethical guidelines and monitor supplier
relationships, providing recommendations for continuous improvement through regular controls. Reporting and
accountability principles ensure that the company's performance in business conduct is regularly reported to the
Board and internal committees, keeping stakeholders informed about the company's performance and actions
taken.
The management and supervisory bodies are essential for effective governance and strategic oversight. The
Board of Directors is responsible for the integration of sustainability into the business strategy, also leveraging
the double materiality assessment’s results, and focuses on long-term value creation, ensuring the credibility of
sustainability reporting. They address risks and opportunities, aligning decisions with company objectives,
stakeholder interests, and regulatory requirements. The Control, Risks and Sustainability Committee provides
independent oversight, evaluating the Group's sustainability strategy and reviewing reports on quality, health,
safety, and environmental aspects of production facilities. Both bodies work together to balance economic
performance, environmental stewardship, and social responsibility, committed to ethical governance and
sustainable development.
By integrating these elements within the governance structure, Campari Group ensures its strategy, approach,
processes, procedures, and performance are aligned with its commitment to ethical business conduct and a
strong corporate culture.
For more information about the undertaking's strategy, processes and procedures refer to the ‘The role of the
management and supervisory bodies’ paragraph in the ‘The Sustainability Governance model’ chapter.
Specifically, for what concern the Governance of Campari Group namely the role of the administrative,
supervisory and management bodies, please refer to the 'The role of the management and supervisory bodies'
of the 'The Sustainability Governance model' section.
In Italy, pursuant to Legislative Decree 231 of 2001, the 231 Model, which governs specific control systems, is
aimed at preventing the crimes covered by the aforementioned decree and in particular those against the public
administration, corporate and financial crimes and crimes committed in violation of workplace health and safety
regulations. The Group has appointed a single supervisory body to verify the effectiveness of the Model and to
update it. The main tools for mitigating corruption risk are the Code of Ethics, the Anti-Bribery and Anti-
Corruption Policy and ongoing training of Camparistas on the Group’s policies. Additionally, the Whistleblowing
Policy is designed to promote and reinforce these standards and the Campari values more generally, by
establishing the rules to be applied within the Group in case of reporting of Violations which, by way of example,
may be related to:
- the Code of Ethics;
- the 231 Model;
- regulations, guidelines and internal procedures adopted by the Group; and

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Campari Group annual report for the year ended 31 December 2024

- criminal and civil laws applicable to the Group.
The Whistleblowing Committee consists of the Group Chief Executive Officer, the Group Chief Financial Officer,
the Group General Counsel, the Group Internal Audit Senior Director (‘Director’) and the Head of Group Human
Resources. The members of the Whistleblowing Committee will simultaneously receive the reports sent through
the Campari Safe Line. Upon receiving a report, the Director prepares a summary ('Summary') to be sent to the
Whistleblowing Committee and to the Chairman. The Whistleblowing Committee (from now on also:
‘Investigator’), based on the Summary and any other further element provided by the Director performs a
preliminary verification involving any other necessary function, person or external consultant.
After this initial verification, the Investigator may decide:
- to close cases not sufficiently supported by evidence, manifestly unfounded or related to conducts or facts
which are non-relevant in relation to this Policy; or
- open the investigation stage.
The Investigator also considers who else needs to be informed and determines how to manage the information
in terms of internal/external disclosure. The Director operates as secretary of the Investigator and is responsible
for the completeness, integrity and archive of the case file. Investigation is performed on behalf of the
Investigator by the Director in line with the guidelines set forth in Annex 3 (Investigation Guideline) of the
Whistleblowing Policy. All employees are under the obligation to cooperate by providing all requested
information and documents. The Director keeps the Investigator informed, if necessary, throughout the entire
investigation phase. When the investigation stage is complete, the Director informs the Investigator who
provides the final evaluation on the case or whether it requires additional investigation to the Director. The
Supervisory Board is informed if necessary.
Camparistas can address concerns to the line manager, to another trusted manager, to the HR Department, to
the Legal&Compliance Department, or can use the Campari Safe Line under the Whistleblowing Policy. The
Campari Safe Line ensures that the notification is treated with confidentiality in accordance with the
Whistleblowing Policy and, if so requested, reporters may remain anonymous.
The Policy is available on the Campari Group Intranet and on Campari Group’s official corporate website
(www.camparigroup.com/en/page/group/governance) and is accessible to all stakeholders as well as internal
employees.
The Legal & Compliance Department, in cooperation with HR and Communications, is responsible for ensuring
proper integration of compliance policies and principles in the business and general day-to-day operations
through adequate training and communication initiatives. Each Camparista should actively participate in relevant
training sessions (in person or e-learning), as well as paying attention to communications relating to these
matters. As stated in the Campari Group's Code of Ethics, in fact, all Camparistas and new joiners, in fact,
including the members of the management bodies, must undertake the general e-learning training on the Global
Anti-Bribery and Anti-Corruption Policy. Certain functions or groups will be required to attend additional specific
training.
The Code of Ethics, most recently updated and approved on 27 October 2020, reaffirms the principles of
fairness, loyalty and professional integrity that form the basis of the work and behavior of all individuals within
the Group. These principles apply to both internal relations and relationships with third parties. To enhance
awareness and ensure adherence, the Code of Ethics is accessible to external stakeholders via the Campari
Group website. Additionally, an e-learning training course has been made available to all Camparistas, while in-
person training sessions have been conducted specifically for production operators.
To ensure compliance with the Code of Ethics and its correct interpretation pursuant to Legislative Decree
231/2001, a Supervisory Body was established, appointed by the Board of Directors, with autonomous
operational and control powers. Any violations or conduct not consistent with the Code may be reported
anonymously to the Supervisory Body through ‘Campari Safe Line’, the whistleblowing channel available to
Camparistas and external stakeholders (f or more information please refer to 'Strategy, Policies and Actions
related to the Workers in the value chain' in the 'ESRS S2 Workers in the value chain' section).
Functions most susceptible to risks include interactions with government or public officials and commercial
partners. Many of these functions expose the company to a higher risk level due to high levels of regulation,
potential corrupt practices, and the strict legal and ethical requirements to which the entities are subjected. For
example, transactions with public officials represent high risks in terms of anti-bribery and corruption, whereas
commercial partners involve various contract-related risks, supply chain exposure, and financial reporting
implications. The Group needs to ensure that these areas are covered with an appropriate control and
compliance setup to avoid any form of pitfalls and ensure compliance with existing laws and regulations.
The Code of Ethics sets out the key principles of conduct for Camparistas, suppliers, contractors and other
stakeholders, providing a pragmatic guide on what Campari Group expects from its own employees and third
parties when dealing internally or conducting business with the Group, globally. Compliance goes beyond simply
adhering to local laws; it emphasizes ethical, responsible, and integrity-driven actions towards customers,

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Campari Group annual report for the year ended 31 December 2024

partners, stakeholders, the environment, the community, and, ultimately, among each other. Through the Code
of Ethics Campari Group commits to support the United Nations Universal Declaration of Human Rights and the
International Labour Organization’s Declaration on Fundamental Commitments and Rights at Work, ensuring
compliance with human rights legislation in all countries where the Group operates. The Legal and Compliance
Department oversees the compliance management, providing counsel and offering support across the
organization at Global, Regional and Country level.
The principles outlined in the Code of Ethics are further reinforced in the Campari Group’s Supplier Code. In
addition, Campari Group has developed and adopted the Stakeholder Dialogue Policy in accordance with best
practice provision 1.1.5 of the Dutch Corporate Governance Code, which was approved by the Board of
Directors on 14 December 2023. The Company recognises that stakeholder engagement is essential to its
business and that it contributes to the creation of sustainable, long-term value. To ensure that the interests of
the relevant stakeholders are considered when determining the sustainability aspects of Campari Group
strategy, the Company is committed to facilitating an ongoing dialogue with its relevant stakeholders. This
dialogue can take various forms, depending on the topic and on the type of stakeholder involved. In addition to
this Stakeholder Dialogue Policy, the Company has established a policy on bilateral contacts with shareholders,
in accordance with the Dutch Corporate Governance Code, to facilitate an open and constructive dialogue with
shareholders. As a result, the interests and view of stakeholders have been considered in the definition of the
Group's policies.
The Supplier Code summarizes the principles and founding values that underlie every business relationship. By
signing this document, each supplier confirms that its operations comply with the ethical requirements of
Campari Group, helping to establish transparent, lasting and profitable relationships. In addition, the Global
Procurement Policy provides the general principles and procedures to be followed in the procurement process.
For more information on the Supplier Code and the Global Procurement Policy, refer respectively to the 'Policies
and Actions related to Own workforce' chapter in the 'ESRS S2 Workers in the value chain' section and to the
'Campari Group’s Value Chain' paragraph in the 'General information' section.
Impact, risk and opportunity, Metrics and Targets related to Business conduct
The result of the processes to identify and assess material impacts, risks and opportunities related to business
conduct for the reporting period 2024 was summarized below. In the explanation are also included metrics and
targets for the related topics.

Relevant sub topic/sub-sub- topic | Impacts | Risks | Opportunities
Corruption and bribery/Incidents | Fines and reputational damage deriving from unethical business practices, including fraud and corruption (negative) | - | -
Management of relationships with suppliers including payment practices | Fostering responsible sourcing practices by engaging directly with suppliers (positive) | Disruptions in transport | -

- Man agement of relationships with suppliers including payment practices
Campari Group has implemented a payment-monitoring system based on clear and measurable criteria,
providing comprehensive oversight of payment performance, with particular attention to the impact on suppliers,
including SMEs. The average time taken by the Group to settle an invoice, calculated as the difference between
the Document Date (invoice date) and the Clearing Date (payment date), was determined using a weighted
average based on invoice values converted into euros. The analysis covered all entities managed through the
SAP system and considered all invoices paid in 2024, regardless of their issue date. The average payment time
for Campari Group is 56 days. The Group has established specific terms for standard payment timelines during
contractual negotiations, ranging from 30 to 60 days. However, in some countries, there are no particular
restrictions, and a payment term of 90 days would be considered legal if mutually agreed upon. Furthermore,
the Group has not currently had the need to define payment terms for the main categories of suppliers.
Furthermore, during the reporting period, there were no instances of legal proceedings or pending litigation
related to payment delays.
While the production of the Campari Group's portfolio is primarily managed directly by Group operations, the
transportation to customers, including key customers in specific geographies, depends on third-party services.
Relying on third parties for these activities entails risks, such as increased costs, termination of agreements, and
delays or disruptions in service. Any disruption or termination due also to geopolitical picture and natural
disasters, could have a negative effect on the Group’s business operations and financial condition on current
arrangements with these third parties, without suitable alternative arrangements in place. However, during the

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Campari Group annual report for the year ended 31 December 2024

reporting period, there were no instances of legal proceedings or pending litigation related to transportation
services.
- Corruption and bribery prevention and detection
Specifically, regarding anti-corruption and bribery, anti-trust, data privacy and conflicts of interest, the Group has
established a multi-year process to strengthen its compliance management system with the target not to have
cases. In this context, to further enhance awareness, new global policies dedicated to anti-corruption and anti-
bribery, as well as antitrust were published in 2023 and are available on the Group’s Corporate website
(www.camparigroup.com/en/page/group/governance).
The key actions taken in the 2024 reporting year aimed at preventing any risk of corruption and bribery are
described below.
- The Company has implemented the above-mentioned Code of Ethics and the Supplier Code for the
mitigation of corruption risk. New global anti-corruption and anti-bribery policies were published, whose
principles are in line with those of the United Nations Convention against Corruption, and dedicated training
sessions were organized throughout 2024 to raise awareness. The training sessions have been provided
tailoring these latter according to the different roles of the employees and to the level of risk in the area in
which they work. The violation of the Code of Ethics or of the Supplier Code may determine the termination
of the relationship with the recipient. Internal assurance activities are continuously monitored and assessed
with local management to improve the internal control system. Any violations or conduct inconsistent with
regulations and/or internal policies may be reported anonymously through a whistleblowing channel available
to Camparistas and external stakeholders.
- The prevention of crimes connected to Legislative Decree 231 of 2001 (and equivalent legislation in other
territories), the Code of Ethics and the Supplier Code - the 231 Model - which governs specific control
systems, are aimed at preventing the crimes connected to the relevant legislation, in particular, for this
scope, those against the public administration. The Group has appointed a single supervisory body to verify
the effectiveness of the 231 Model and to update it. These actions are undertaken on a regular basis, and a
training session is scheduled periodically to keep employees up to date with Group policy on these issues. In
2024, a dedicated person was hired to implement these key actions and deliver the training.

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Campari Group annual report for the year ended 31 December 2024

Reconciliation table related to Business conduct

Standard ESRS | Sustainability statement paragraph | Notes
Governance |  |
ESRS 2 GOV-1-The role of the administrative, management and supervisory bodies [DP: 5] | Governance and policies related to Business conduct | For more information on ESRS 2 GOV-1 par. 5.b please refer to ‘Corporate Governance’ section of the Campari Group Consolidated Financial statements at 31 December 2024
Impact, risk and opportunity management |  |
ESRS 2 IRO-1-Description of the processes to identify and assess material impacts, risks and opportunities [DP: 6] | Impact, risk and opportunity related to Business conduct | -
G1-1-Business conduct policies and corporate culture [DP: 7-11] | Impact, risk and opportunity related to Business conduct | ESRS G1-1, par. 10.b, 10.d, 10.f are not applicable
G1-2-Management of relationships with suppliers [DP: 12-15] | Impact, risk and opportunity related to Business conduct | -
G1-3-Prevention and detection of corruption and bribery [DP: 16-21] | Impact, risk and opportunity related to Business conduct | ESRS G1-3, par. 19 is not applicable
Metrics and targets |  |
G1-4-Incidents of corruption or bribery [DP: 22-26] | Governance and policies related to Business conduct | -
G1-5-Political influence and lobbying activities [DP: 27-30] | Not applicable | Information related to Disclosure Requirement 'G1-5 – Political influence and lobbying activities' do not result material for Campari Group, as they relate to activities not carried out by the organisation. For this reason they are considered non-applicable.
G1-6-Payment practices [DP: 31-33] | Impact, risk and opportunity related to Business conduct | -

Other ESG information | 191

Campari Group annual report for the year ended 31 December 2024

Other ESG information
Presented below are ESG data not required by the ESRS standards but are voluntarily disclosed by Campari
Group to maintain continuity with previous years' reporting and to uphold the highest standards of transparency.
Appendix A-Other Environmental information
The performance of the Environmental Certification rate (%), measured as bottles produced in production units
certified according to international standards for the environment, slightly increased in 2024, compared to the
previous year.

Environmental certifications | UoM | 2024 | 2023
Bottles produced in production units certified in accordance with international environmental standards (ISO14001/EMAS/ ISO50001) | % | 95.8% | 95.5%

(1)The figure includes bottles produced in Campari Group-owned plants

Wastewater discharges by treatment method (excluding Courvoisier) | UoM | 2024 | 2023
Volume of wastewater with on-site primary treatment | m 3 | 201,356.7 | 270,076.0
Volume of wastewater with on-site secondary treatment | m 3 | 254,481.3 | 358,176.5
Volume of wastewater with on-site tertiary treatment | m 3 | - | -
Volume of wastewater discharged for downstream treatment | m 3 | 458,564.6 | 477,075.0
Volume of wastewater discharged to environment without treatment (cooling water) | m 3 | 409,861.8 | 618,919.0
Volume of wastewater reused in irrigation (and fertigation) | m 3 | 104,440.0 | 205,282.0

Spills | UoM | 2024 | 2023
Total spills | n. | 21 | 24
Ground spills | n. | 11 | 12
Surface water spills | n. | 5 | 8
Groundwater spills | n. | 1 | -
Industrial consortium wastewater spills | n. | 4 | 4
Spills in municipal water supplies or other utilities | n. | - | -
Air spills | n. | - | -

Appendix B-Other Social information
Turnover metrics

Voluntary turnover rate | UoM | 2024 | 2023
Rate | % | 6.3% | 7.5%
Description of the methodology |  | Voluntary leavers/Total permanent head count year end | Voluntary leavers/Total permanent head count year end

Turnover of permanent employees by region and gender | UoM | 2024
Region | Male | Female | Other | Not reported | Total
Asia-Pacific | Head count | 39 | 33 | - | - | 72
Europe, Middle East and Africa | 145 | 104 | - | - | 249
Americas | 196 | 100 | - | - | 296
Total | Head count | 380 | 237 | - | - | 617

Turnover rate of permanent employees by region and gender | UoM | 2024
Region | Male | Female | Other | Not reported | Total
Asia-Pacific | % | 11.2% | 17.9% | - | - | 13.5%
Europe, Middle East and Africa | 9.8% | 9.7% | - | - | 9.7%
Americas | 15.4% | 12.9% | - | - | 14.4%
Total | % | 12.3% | 11.7% | - | - | 12.0%

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Campari Group annual report for the year ended 31 December 2024

Turnover of permanent employees by region and age group | UoM | 2024
Region | Under 30 | 30-50 | Over 50 | Total
Asia-Pacific | Head count | 9 | 49 | 14 | 72
Europe, Middle East and Africa | 31 | 152 | 66 | 249
Americas | 44 | 190 | 62 | 296
Total | Head count | 84 | 391 | 142 | 617

Turnover rate of permanent employees by region and age group | UoM | 2024
Region | Under 30 | 30-50 | Over 50 | Total
Asia-Pacific | % | 26.5% | 12.3% | 14.0% | 13.5%
Europe, Middle East and Africa | 12.0% | 9.2% | 10.3% | 9.7%
Americas | 19.9% | 13.3% | 15.7% | 14.4%
Total | % | 16.4% | 11.2% | 12.5% | 12.0%

Diversity metrics
Campari Group defines 'top management' to include the following Corporate functions: Executives, Officers,
Senior Executives and Senior Management.

Permanent employees by professional position and gender | UoM | 2024
Professional grade | Male | Female | Other | Not reported | Total | % female
Senior management and above | Head count | 229 | 106 | - | - | 335 | 31.6%
Management | 297 | 220 | - | - | 517 | 42.6%
Senior professional | 537 | 528 | 1 | 2 | 1,068 | 49.4%
Professional | 751 | 581 | - | 1 | 1,333 | 43.6%
Specialist/generic staff | 447 | 392 | - | - | 839 | 46.7%
Production operators | 827 | 203 | - | - | 1,030 | 19.7%
Total | Head count | 3,088 | 2,030 | 1 | 3 | 5,122 | 39.6%

Permanent employees by professional position and age group | UoM | 2024
Professional grade | Under 30 | 30-50 | Over 50 | Total
Senior management and above | Head count | - | 185 | 150 | 335
Management | - | 403 | 114 | 517
Senior professional | 31 | 886 | 151 | 1,068
Professional | 158 | 971 | 204 | 1,333
Specialist/generic staff | 125 | 499 | 215 | 839
Production operators | 197 | 531 | 302 | 1,030
Total | Head count | 511 | 3,475 | 1,136 | 5,122

New permanent employees hired by region and gender | UoM | 2024
Region | Male | Female | Other | Not reported | Total
Asia-Pacific | Head count | 74 | 39 | - | - | 113
Europe, Middle East and Africa | 165 | 133 | - | - | 298
Americas | 162 | 102 | - | 3 | 267
Total | Head count | 401 | 274 | - | 3 | 678

Percentage of new permanent employees hired by gender-trend | UoM | 2024 | 2023
Male | % | 59.1% | 58.7%
Female | 40.4% | 38.4%
Other | - | 0.1%
Not reported | 0.4% | 2.7%
Total | % | 100% | 100%

New permanent employees hired by region and age group | UoM | 2024
Region | Under 30 | 30-50 | Over 50 | Total
Asia-Pacific | Head count | 13 | 90 | 10 | 113
Europe, Middle East and Africa | 60 | 222 | 16 | 298
Americas | 54 | 198 | 15 | 267
Total | Head count | 127 | 510 | 41 | 678

1 For the calculation of the gender pay gap in the tables of this section, the denominator did not include expatriates, as their remuneration package is based on a
home-country approach and they cannot, therefore, be considered in the position that is effectively covered.

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Campari Group annual report for the year ended 31 December 2024

Training metrics

Number of training hours by gender | UoM | 2024 | 2023
Total | n. | 97,243 | 77,732
Male | n. | 62,119 | 49,748
Female | 35,053 | 27,984
Other | 36 | -
Not reported | 35 | -

Health and Safety metrics

Health and Safety certifications(1) | UoM | 2024 | 2023
Bottles produced in production units certified in accordance with international occupational health and safety standards (BS OHSAS18001/ISO45001)1 | % | 86.3% | 84.7%

(1)The figure only includes bottles produced in Campari Group-owned plants, while bottles produced by co-manufacturers have not been considered in the
calculation.

Severity Index | UoM | 2024
Severity Index for employees | n. | 0.20
Severity Index for non-employees | n. | 0.15

The severity index for any category is calculated applying the following formula: (Lost days due to accidents and
ill health x 1,000)/worked hours. Data refers to employees and non-employee workers at the Group's
manufacturing sites. Data from the Courvoisier plant and offices are excluded as they are not available for 2024.
Remuneration metrics 1

Gender pay gap for Annual Base Gross Salary by country and professional position | 2024
Countries | UoM | Senior management and above | Management | Senior professional | Professional | Specialist/ generic staff | Production operators
Group | % | (2.7)% | 5.5% | 0.2% | (6.1)% | (6.1)% | 16.3%
Argentina | 20.8% | 6.2% | (6.8)% | (0.3)% | 2.5% | -
Australia | (10.4)% | 1.7% | 10.0% | 8.3% | 4.5% | 3.0%
Austria | - | - | 9.2% | 0.3% | - | -
Belgium | - | 14.4% | (0.7)% | (1.7)% | - | -
Brazil | (50.0)% | 6.1% | 11.6% | (7.3)% | (9.7)% | 16.7%
Canada | 15.4% | 6.7% | 4.7% | (5.4)% | 11.1% | 14.9%
China | (46.5)% | (14.6)% | 15.7% | 3.4% | 7.0% | -
France | 31.8% | 8.8% | 2.2% | 4.0% | 3.2% | 9.2%
Germany | (1.0)% | 2.2% | 5.7% | 0.2% | (25.4)% | -
Greece | - | - | 16.1% | 4.0% | 0.5% | 4.7%
India | - | 79.0% | (34.5)% | (48.6)% | (55.2)% | -
Italy | 11.3% | 0.5% | 1.2% | 7.1% | (10.8)% | 4.6%
Jamaica | 43.5% | (7.6)% | (5.7)% | (7.6)% | (2.4)% | (15.6)%
Japan | - | (13.4)% | 7.7% | 16.7% | - | -
Mexico | 21.4% | 16.6% | 10.4% | 4.7% | 2.0% | 8.2%
Peru | - | 14.5% | 30.8% | (7.9)% | (8.1)% | -
Russian Federation | 12.7% | (10.1)% | (7.7)% | 4.9% | 0.4% | -
Singapore | (25.4)% | 2.7% | (23.8)% | (80.1)% | (82.3)% | -
South Africa | - | 3.6% | (9.2)% | (21.3)% | - | -
Spain | - | 4.2% | (3.1)% | 0.5% | (6.7)% | -
Switzerland | - | 4.2% | 8.8% | 3.8% | - | -
Ukraine | - | 33.5% | (5.7)% | 3.6% | - | -
United Kingdom | 14.9% | (0.2)% | (0.2)% | 2.1% | 38.5% | 42.3%
United States | (9.6)% | (5.1)% | (4.8)% | (15.7)% | (25.2)% | 1.9%

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Campari Group annual report for the year ended 31 December 2024

Gender pay gap for Average Total Remuneration by country and professional position | 2024
Countries | UoM | Senior management and above | Management | Senior professional | Professional | Specialist/ generic staff | Production operators
Group | % | (4.6)% | 6.4% | 1.4% | (4.7)% | (2.5)% | 12.1%
Argentina | 22.3% | 6.2% | (6.8)% | 3.4% | 4.3% | -
Australia | (13.0)% | 4.4% | 13.4% | 8.9% | 3.5% | 98.4%
Austria | - | - | 9.2% | (5.1)% | - | -
Belgium | - | 14.3% | 2.3% | (1.7)% | - | -
Brazil | (53.1)% | 6.1% | 13.1% | (6.2)% | (8.0)% | 23.0%
Canada | 16.6% | 6.7% | 4.2% | (5.5)% | 21.6% | 14.9%
China | (50.4)% | (14.6)% | 23.0% | 11.3% | 20.0% | -
France | 33.4% | 9.6% | 6.5% | 4.3% | 3.6% | 11.3%
Germany | 6.4% | 8.4% | 13.6% | 2.3% | 14.4% | -
Greece | - | - | 17.3% | 4.0% | (0.3)% | 4.7%
India | - | 80.4% | (38.3)% | (45.9)% | (58.0)% | -
Italy | 12.7% | (0.2)% | 1.2% | 9.7% | (2.8)% | 6.8%
Jamaica | 19.3% | (8.2)% | (5.6)% | (7.9)% | (1.4)% | (132.5)%
Japan | - | (13.4)% | 6.5% | 18.1% | - | -
Mexico | 21.6% | 16.4% | 10.1% | 6.8% | 2.0% | 8.2%
Peru | - | 14.5% | 30.8% | (4.0)% | (3.7)% | -
Russian Federation | 16.5% | (10.9)% | (5.8)% | 9.9% | 4.2% | -
Singapore | (28.9)% | 4.5% | (23.8)% | (81.4)% | (82.3)% | -
South Africa | - | 3.6% | (9.2)% | (13.6)% | - | -
Spain | - | 5.0% | (3.3)% | 2.6% | 6.3% | -
Switzerland | - | 4.2% | 4.8% | 8.8% | - | -
Ukraine | - | 36.3% | (4.4)% | 5.2% | - | -
United Kingdom | 16.9% | 2.8% | (0.7)% | 3.9% | 38.5% | (527.1)%
United States | (10.5)% | (4.0)% | (4.0)% | (16.2)% | (27.0)% | (3.9)%

Adjusted gender pay gap by country |  | 2024 | 2023
Countries | UoM | Adjusted Pay Gap | Adjusted Pay Gap
Group | % | 2.0% | 2.0%
Argentina | (9.1)% | 2.5%
Australia | 17.9% | 2.2%
Austria | - | -
Belgium | (1.0)% | -
Brazil | 5.8% | -
Canada | 2.0% | (2.9)%
China | 13.2% | -
France | 33.3% | 4.2%
Germany | 2.0% | 2.0%
Greece | (9.9)% | -
India | 2.0% | -
Italy | 5.3% | -
Jamaica | (32.0)% | 6.4%
Japan | 6.0% | -
Mexico | 22.7% | 4.0%
Peru | 26.6% | -
Russian Federation | (6.5)% | 0.8%
Singapore | (4.1)% | (0.1)%
South Africa | (20.1)% | -
Spain | (2.0)% | 3.1%
Switzerland | 1.5% | -
Ukraine | - | -
United Kingdom | 0.6% | 0.8%
United States of America | 7.5% | (1.0)%

The analysis below has once again shown that Campari Group tends to pay a higher salary than the local
minimum wage in the countries where it operates, as shown in the table below for the key countries for the
Group in terms of number of employees.

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Campari Group annual report for the year ended 31 December 2024

Ratio between Annual Base Gross Salary of employees and the local minimum wage by country and gender | UoM | 2024 | 2023
Countries | Male | Female | Male | Female
Argentina | % | 555.8% | 701.4% | 337.4% | 400.4%
Australia | 115.3% | 115.3% | 114.7% | 114.7%
Austria | 101.4% | 101.4% | - | -
Belgium | 130.4% | 130.4% | - | -
Brazil | 148.7% | 148.7% | 181.0% | 181.0%
Canada | 152.5% | 152.5% | 100.0% | 100.0%
China | 260.2% | 260.2% | - | -
France | 106.9% | 106.9% | 108.8% | 108.8%
Germany | 205.8% | 205.8% | 179.4% | 179.4%
Greece | 156.0% | 167.8% | - | -
India | - | - | - | -
Italy | 171.3% | 188.2% | 100.0% | 100.0%
Jamaica | 110.4% | 110.4% | 110.7% | 110.7%
Japan | 215.0% | 219.0% | - | -
Mexico | - | - | 177.0% | 177.0%
Peru | 447.4% | 447.4% | - | -
Russia | 257.2% | 295.6% | 336.9% | 366.8%
Singapore | 126.9% | 126.9% | - | -
South Africa | 471.8% | 504.6% | - | -
Spain | 138.2% | 135.7% | 116.1% | 147.8%
Switzerland | - | - | - | -
Ukraine | 500.2% | 460.5% | - | -
United Kingdom | 121.7% | 105.9% | 117.5% | 113.3%
United States | 137.5% | 122.0% | 144.7% | 144.7%

Quality metrics
In 2024 the Group obtained GFSI (Global Food Safety Initiative) certification for the bottling site in Capilla del
Senor. The full-year performance rate was 89.5% of bottles produced in GFSI certified sites.

GFSI Certification(1) | 2024 | 2023
Bottles produced in GFSI certified sites (%) | 89.5% | 87.0%

(1)The perimeter for the purpose of calculating the % of bottles produced in GFSI-certified sites includes the bottles produced either at the Group’s own factories
or by its third-party manufacturers.
The company conducts monthly reviews of performance against the established targets. In 2024, Campari
Group achieved a CPM index of 0.533, improving overall performance by 5.2% compared to 2023. No
withdrawals or recalls from the market were recorded in 2024 and, as was the case in the previous year, there
were no fines or disputes relating to Food Safety in 2024.

Complaints(1) | 2024 | 2023
CPM (complaints received per million bottles produced) | 0.533 | 0.562

(1)The perimeter for the purpose of calculating the CPM index includes the bottles produced either at the Group’s own factories or by its third-party
manufacturers.
Appendix C-Tax risk management
The Group upholds a Tax Strategy at global level on full compliance with applicable laws and regulations. It
maintains a transparent relationship with tax authorities and adheres to an arm’s-length principle in its transfer
pricing policy across all Group entities, ensuring equitable taxation of profits. Recently, the Group introduced a
Tax Control Framework, a robust system designed to identify, monitor, and manage tax risks, thereby minimizing
the likelihood of tax law violations or lapses in adapting to regulatory changes.
- Approach to tax
Davide Campari-Milano N.V. has been operating since its incorporation in Italy, in first instance in Sesto San
Giovanni (MI), at the historical production site, and now in Novi Ligure, Canale D’Alba, Alghero and
Caltanissetta. In July 2020, the Company transferred its registered office to the Netherlands, without dissolution
and liquidation, converted its legal form into a Naamloze Vennootschap (N.V.) governed by Dutch law, but
maintained all its operations and assets and its tax residence in Italy.
Campari Group’s approach to tax seeks to enable and support the Group business strategy, as well as balance
the various interests of the stakeholders including shareholders, governments, employees, customers,

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Campari Group annual report for the year ended 31 December 2024

consumers and the communities in which the Group operates. Management and reporting of tax affairs ensure
compliance with laws and consistency with international best practice guidelines, such as international
accounting standards and the Organization for Economic Co-operation and Development (‘OECD’) Guidelines
for Multinational Enterprises, along with the respect of the Group Code of Ethics published on the corporate
website and inspired by cooperative and transparent behaviours, in order to minimize the impact of any tax and
reputational risks.
With respect to intercompany transactions the Group follows a Transfer Pricing Policy, in line with the arm’s
length principle, an international standard established by the Model Tax Convention and referred to in the OECD
Transfer Pricing Guidelines for Multinational Enterprises and Tax Administrations (hereinafter also referred to as
the ‘OECD Guidelines’). Intercompany relations are structured at market prices and conditions, ensuring value
creation in the places where the Group conducts its business. Based on the OECD Guidelines, the pricing
method to be used to test the arm’s length nature of a transaction between associated companies is one which
is based on the facts and circumstances of the transaction under analysis, and which is able to provide the most
reliable measure in line with the market.
Campari Group constantly commits itself to building a fair, constructive and collaborative relationship with tax
authorities and administrations. In accordance with the described approach and with the fundamental values set
forth in its Code of Ethics, the Group undertakes to establish a dialogue with the Tax Authority to deal with any
tax-related issues.
Furthermore, the Group is strongly committed at worldwide level to increase its tax transparency and, as
evidence of this, on October 29th, 2024, the Board of Directors of Davide Campari-Milano N.V. formally
approved the contents of the Group's Tax Strategy, including the promotion of relations with the tax Authorities
based on professional cooperation, fair information and transparency. Currently, the tax strategy is available on
the Group’s corporate website.
- Tax governance, control and risk management
The responsibility for managing tax issues falls within the Tax Department, which ultimately reports to the Chief
Financial and Operating Officer. In more detail, taxation management is addressed to the Headquarter Tax
Department, which avails of local teams in each country.
The Group Tax Department is responsible for coordination and support of the local teams, also with the
assistance of tax advisors from leading firms/networks. Under the leadership of the Group Senior Tax Director,
the Group tax function is organized and structured to cover the following areas: International Tax, Regional and
Local Tax Compliance, Transfer Pricing&Custom compliance and Tax Risk Management. Tax management
mainly includes:
- determining Group Tax Guidelines, Tax Analysis and Governance;
- monitoring tax law developments;
- overseeing tax compliance of all the Group subsidiaries, in accordance with the Group’s guidelines and rules;
- monitoring and updating Group Transfer Pricing Policy, to secure transfer pricing and custom compliance;
- supporting Local Finance Directors/Managers on key transactions and fiscal deliverables;
- cooperating with other departments and/or affiliates, providing valuable tax advice on several transactions,
including mergers, acquisitions and restructuring;
- supporting affiliates on local tax audits and litigations.
Furthermore, in order to improve the Group tax compliance, Davide Campari-Milano N.V. has recently
developed and implemented a Tax Control Framework through which fiscal risks are identified, monitored and
managed, with respect to selected relevant processes.
- Stakeholder engagement and management of concerns related to tax
Tax management is governed by the principles of transparency, collaboration, honesty, appropriateness and
compliance with all tax legislation. Specific tax disclosures are included in the Group annual report, including
Group tax rate analysis (‘Taxation’ of Campari Group Consolidated Financial statements at 31 December 2024).
The choice of countries where the Group operates is guided by business assessments and not by tax reasons.
As a general principle, tax compliance is considered a key area of the Group’s ethical and responsible
management and Campari Group’s approach with tax authorities is always governed by transparency and
collaboration principles, also in the case of tax audits, in line with the Group Code of Ethics and relevant
regulations. So far, the Group has not received any solicitation from its stakeholders on tax issues.

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Campari Group annual report for the year ended 31 December 2024

2023 reporting (€ million)
Data in columns ‘Revenues’, ‘Profit (Loss) before income tax’, ‘Income tax paid (on cash basis)’, ‘Income tax accrued’, ‘Net tangible assets’, ‘Average number of
employees’ are stated considering the Country-by-Country Reporting approach, in line with GRI207 instructions.

COUNTRY | REVENUES | PROFIT (LOSS) BEFORE INCOME TAX | INCOME TAX PAID (on cash basis) | INCOME TAX ACCRUED | NET TANGIBLE ASSETS | AVERAGE NUMBER OF EMPLOYEES | EMPLOYEES REMUNERATION | WHT ON EMPLOYEES REMUNERATION | SOCIAL CONTRIBUTION | TOTAL EMPLOYEES TAXES (WHT + Social Contribution) | VAT & Other Equivalent Sales Taxes | EXCISES
UNRELATED PARTY | RELATED PARTY | TOTAL
Argentina | 149.4 | 3.2 | 152.5 | -36.4 | 1.2 | - | 18.6 | 131 | 7.3 | 0.6 | 1.2 | 1.8 | 0.5 | 10.8
Austria | 62.5 | 0.3 | 62.7 | 3.4 | 0.9 | 0.9 | 0.4 | 24 | 2.5 | 1.3 | 0.6 | 1.9 | 6.6 | 7.8
Australia | 125.2 | 3.2 | 128.4 | 6.9 | 2.7 | 2.7 | 15.2 | 213 | 19.0 | 5.3 | 1.9 | 7.2 | 15.7 | 107.7
Belgium | 54.3 | 0.1 | 54.3 | 2.9 | 0.7 | 0.8 | 0.4 | 41 | 4.7 | 1.5 | 0.8 | 2.3 | 3.9 | 4.0
Brazil | 84.0 | 1.7 | 85.7 | 13.7 | 3.3 | 0.4 | 10.0 | 189 | 7.8 | 3.0 | 1.9 | 5.0 | 21.3 | 16.2
Canada | 72.6 | 3.2 | 75.7 | 2.5 | 0.2 | 0.6 | 11.5 | 142 | 10.9 | 3.4 | 1.4 | 4.8 | 1.7 | 0.2
Switzerland | 38.6 | - | 38.6 | 1.9 | 0.3 | 0.2 | 0.7 | 33 | 4.4 | 0.4 | 0.7 | 1.1 | 2.0 | 17.9
China | 13.0 | 9.0 | 22.1 | -6.1 | 0.6 | 1.9 | 0.1 | 28 | 2.9 | - | 0.3 | 0.3 | 0.9 | -
Germany | 255.7 | 0.9 | 256.6 | 13.6 | 1.4 | 4.4 | 1.6 | 147 | 12.9 | 4.2 | 2.2 | 6.4 | 55.0 | 69.1
Spain | 36.9 | - | 37.0 | 0.8 | 1.0 | 0.1 | 0.1 | 66 | 4.7 | 1.2 | 1.1 | 2.3 | 5.3 | 5.3
France | 264.0 | 117.0 | 381.0 | 8.8 | 24.0 | 15.8 | 85.1 | 472 | 26.0 | 2.5 | 14.0 | 16.6 | 26.1 | 6.9
United Kingdom | 133.2 | 21.1 | 154.3 | 9.4 | - | - | 65.9 | 168 | 24.3 | 6.3 | 5.3 | 11.6 | 15.7 | 47.8
Greece | 4.9 | 15.7 | 20.6 | 3.4 | 0.4 | 1.0 | 4.8 | 29 | 1.7 | 0.2 | 0.2 | 0.5 | 0.8 | 2.7
India | 14.4 | - | 14.4 | 0.5 | 0.2 | 0.7 | 0.2 | 44 | 1.6 | 0.3 | 0.1 | 0.4 | 0.3 | 0.5
Italy | 570.3 | 556.6 | 1,126.9 | 271.2 | 150.3 | 87.8 | 155.3 | 1,145 | 131.4 | 47.6 | 29.2 | 76.8 | 138.1 | 83.5
Jamaica | 202.7 | 52.1 | 254.8 | 45.1 | 10.1 | 7.3 | 127.3 | 545 | 27.6 | 7.5 | 2.1 | 9.6 | 16.3 | 47.5
Japan | 22.4 | - | 22.4 | 0.1 | - | 0.1 | 0.2 | 40 | 3.5 | - | 0.5 | 0.6 | - | 3.9
Mexico | 63.8 | 217.1 | 280.9 | 0.9 | - | - | 168.6 | 450 | 14.1 | 3.1 | 2.3 | 5.3 | 0.1 | 22.2
New Zealand | 19.1 | 10.0 | 29.2 | -3.0 | - | 0.5 | 0.1 | 33 | 2.3 | 0.6 | 0.1 | 0.7 | 1.3 | 9.8
Peru | 32.8 | - | 32.8 | 0.8 | 0.5 | 0.3 | 0.5 | 33 | 1.9 | 0.3 | 0.2 | 0.5 | 0.1 | 2.0
Russia | 90.5 | 0.3 | 90.8 | 3.5 | 1.2 | 2.7 | 1.4 | 120 | 6.3 | 1.8 | 1.0 | 2.8 | 1.3 | -
Singapore | 21.6 | 11.4 | 32.9 | -0.3 | - | 0.1 | 1.4 | 53 | 10.0 | 0.2 | 0.3 | 0.5 | - | 0.1
Ukraine | 15.5 | - | 15.5 | 2.4 | 0.2 | 0.2 | - | 29 | 0.6 | 0.1 | 0.1 | 0.3 | 0.5 | 0.8
United States of America | 829.5 | 70.9 | 900.5 | 70.3 | 5.4 | 3.0 | 285.8 | 597 | 94.1 | 4.9 | 5.1 | 10.0 | 0.1 | 123.8
South Africa | 20.3 | 0.7 | 21.0 | 1.2 | 0.2 | 0.2 | - | 31 | 1.7 | 0.5 | - | 0.5 | 0.6 | 6.6
Korea | 30.8 | - | 30.8 | 0.6 | 0.7 | 0.2 | 0.1 | 42 | 2.5 | 0.6 | 0.2 | 0.8 | 0.7 | 11.0
Hong Kong | 3.1 | - | 3.1 | - | - | - | 0.7 | 6 | 0.6 | - | - | - | - | -
Netherlands | - | - | - | - | - | - | - | 1 | - | - | - | - | - | -
TOTAL | 3,228.1 | 1,094.5 | 4,322.7 | 418.1 | 205.7 | 132.1 | 955.2 | 4,852 | 426.4 | 97.5 | 73.0 | 170.5 | 314.9 | 607.9

For the list of legal entities that are part of Campari Group and a related brief activity description, refer to the table in ‘Basis of consolidation’ of the Campari Group
Consolidated Financial statements at 31 December 2024.

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Campari Group annual report for the year ended 31 December 2024

Governance
Corporate bodies
Board of Directors(1)
Luca Garavoglia(2) Chairman
Jean-Marie Laborde(2)Vice-President and member of the Control, Risks and Sustainability Committee
Paolo Marchesini Chief Financial and Operating Officer and interim co-Chief Executive Officer
Fabio Di Fede Chief Legal and M&A Officer and interim co-Chief Executive Officer
Eugenio Barcellona (2)Member of the Control, Risks and Sustainability Committee
and the Remuneration and Appointment Committee
Alessandra Garavoglia (2)
Emmanuel Babeau(2)Member of the Remuneration and Appointment Committee
Margareth Henriquez(2)
Robert Kunze-Concewitz(2)
Christophe Navarre(2)Member of the Remuneration and Appointment Committee
Lisa Vascellari Dal Fiol(2)Member of the Control, Risks and Sustainability Committee
External auditor
EY Accountants B.V.
(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 2022-2025 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 and Operating Officer and Fabio Di Fede, Chief Legal and M&A 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. On 17 September 2024, Matteo Fantacchiotti resigned as Executive
Director and Chief Executive Officer of the Company, effective immediately. The Board of Directors on the same date appointed the Executive Directors Paolo
Marchesini and Fabio Di Fede as interim co-CEOs and appointed the Non-Executive Director Jean-Marie Laborde as Vice-Chairman of the Board of
Directors.
(2)Non-Executive Director.
1 Each Special Voting Share A carries one additional vote.
2 Each Special Voting Share B carries four additional votes.
3 Each Special Voting Share C carries nine additional votes.

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Campari Group annual report for the year ended 31 December 2024

Shares and Shareholding Structure
i. Special Voting Mechanism
The articles of association (‘Articles of Association’) of Davide Campari-Milano N.V. (the ‘Company’ and,
together with its subsidiaries, the ‘Campari Group’) include a mechanism based on the assignment to loyal
shareholders of special voting shares, to which multiple voting rights are attached, in addition to the one voting
right attached to each ordinary share (the ‘Special Voting Mechanism’) (a brief description of the control
enhancing mechanism currently in force is available on the Company’s website at the following link https://
www.camparigroup.com/en/page/loyalty-shares).
The Special Voting Mechanism entails the possibility of assigning to loyal long-term shareholders: (i) two voting
rights for each ordinary share held for an uninterrupted period of two years, through the assignment of a special
voting share A (‘Special Voting Share A’) 1; (ii) five voting rights for each ordinary share held for an uninterrupted
period of five years, through the assignment of a special voting share B (‘Special Voting Share B’) 2; and (iii) ten
voting rights for each ordinary share held for an uninterrupted period of ten years (‘Special Voting Share C’) 3.
The features of the special voting shares (A, B, C) are described in the Articles of Association as well as in the
terms and conditions for special voting shares (‘SVS Terms’). The special voting shares are not tradable on a
regulated market.
The Special Voting Mechanism was introduced aimed at encouraging a capital structure more supportive of
Campari’s long-term growth strategy, i.e. organic growth combined with external growth, and rewarding a
shareholder base with a long-term investment horizon.
Furthermore, Article 13.11 of the Articles of Association provides that holders of Special Voting Shares C have
the right to exchange one Special Voting Share C, together with the corresponding ordinary share, for one
special ordinary share giving right to twenty votes (the ‘Special Ordinary Share’). For a Special Voting Share C
and the corresponding ordinary share to qualify for conversion into a Special Ordinary Share giving twenty
votes, a Campari shareholder must hold a Special Voting Share C during the designated conversion period.
There will be two windows where holders of Special Voting Shares C may apply for conversion of such shares,
together with the corresponding qualifying ordinary shares, into Special Ordinary Shares: (i) the first conversion
period will start on 1 November 2028 and end on 30 November 2028; and (ii) the second conversion period will
start on 1 November 2030 and end on 30 November 2030.
The second conversion period allows all ordinary shares as of 30 November 2020 to qualify for conversion into
Special Ordinary Shares. Indeed, all shareholders who opted to become eligible for special voting shares before
30 November 2020 may qualify for holding Special Voting Shares C and therefore for being entitled to such
conversion into Special Ordinary Shares during the second conversion period. The Special Ordinary Shares
have equal economic and administrative rights as the existing ordinary shares and will not be listed on a
regulated market. The Special Ordinary Shares Terms approved by the Company set forth the features of the
Special Ordinary Shares.
ii. Major Shareholders
Based on the information included in the Company’s shareholder register, the regulatory filings with the AFM
and the other sources available to the Company, the shareholders holding an interest in excess of three percent
of issued capital and/or voting rights of the Company, as of 31 December 2024, are the following.

Shareholders | Ordinary shares (1) | % of Ordinary shares | Special Voting Shares A (2) | Special Voting Shares B (2) | SVS A + SVS B voting right | Ordinary shares + SVS A + SVS B voting right | % of Ordinary shares + SVS A + SVS B
Lagfin S.C.A., Société en Commandite par Actions-Italian Branch | 636,921,699 | 51.73% | 31,700,000 | 592,416,000 | 2,401,364,000 | 3,038,285,699 | 82.58%
Other shareholders | 565,582,802 | 45.93% | 8,756,589 | 1,565,404 | 15,018,205 | 580,601,007 | 15.78%
Treasury shares(3) | 28,763,237 | 2.34% | 31,240,349 | 40,000 | 31,400,349 | 60,163,586 | 1.64%
Total | 1,231,267,738 | 100.0% | 71,696,938 | 594,021,404 | 2,447,782,554 | 3,679,050,292 | 100.0%
(1)Ordinary shares are listed, freely transferable and each of them confers the right to cast one vote. (2)Special voting shares do not confer economic rights, are not listed and are not transferable. (3)Includes Special Voting Shares A transferred to the Company upon the sale of qualifying ordinary shares by the selling shareholder in accordance with clause 11.5 of the SVS Terms.

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Campari Group annual report for the year ended 31 December 2024

The Company is controlled by the Italian Branch of Lagfin S.C.A., Société en Commandite par Actions with
82.58% of voting rights as of 31 December 2024. The Company’s Chairman Luca Garavoglia indirectly controls
Lagfin S.C.A., Société en Commandite par Actions and is thus the controlling shareholder of the Company.
Corporate Governance Report
i. Issuer Profile
The Company is a public limited liability company incorporated under the laws of the Netherlands.
Campari’s ordinary shares are listed on Euronext Milan, a regulated market organized and managed by Borsa
Italiana S.p.A. (the ‘Italian Stock Exchange’).
As regards its corporate governance, the Company complies with the Dutch Corporate Governance Code (the
‘DCGC’) which contains principles and best practice provisions that regulate relations inter alia between the
board of directors and shareholders, including the general meeting of listed companies. Such principles may be
regarded as reflecting the general views on good corporate governance and create a set of standards governing
the conduct of the listed companies’ corporate bodies. On 20 December 2022, an updated DCGC was
published, which applies to the financial years starting on or after 1 January 2023.
In this report the Company addresses its overall corporate governance structure. The Company discloses and
intends to disclose any departure from the principles and the best practice provisions of the DCGC in this and in
its future annual reports.
The Company has elected the Netherlands as its home Member State pursuant to Directive 2004/109/EC of the
European Parliament and of the Council of 15 December 2004, as subsequently amended and restated.
With a presence in over 190 countries and a 160-year legacy of building iconic brands, our growth, success and
impact continue to be driven by the following values that guide business and day to day activities: Integrity,
Passion, Pragmatism, Togetherness.
Campari’s mission to be 'the smallest big company in the spirits industry building iconic brands and superior
financial returns, together with inspired and passionate Camparistas' reinforces a shared commitment to valued
customers, shareholders and employees. This commitment requires confidence and trust in Campari brands,
people and conduct; a commitment that is therefore built on honesty, transparency, propriety, integrity.
ii. Board of Directors
Appointment of Directors and Composition of the Board of Directors
The Company has adopted a one-tier governance structure, without a board of statutory auditors.
As provided in the Articles of Association, the Company has a board of directors consisting of at least three and
at most fifteen directors (‘Board of Directors’), comprising both Executive Directors having responsibility for the
day-to-day management of the Company ('Executive Directors') and Non-Executive directors not having such
day-to-day responsibility ('Non-Executive Directors', and together with the Executive Directors, the 'Directors').
The total number of Directors, as well as the number of Executive Directors and Non-Executive Directors, is
determined by the Board of Directors.
Directors are appointed by the general meeting of the Company (‘General Meeting’). The Board of Directors
nominates a candidate for each vacant seat. A nomination by the Board of Directors is binding. However, the
General Meeting may deprive the nomination of its binding character by a resolution passed with an absolute
majority of the votes cast. If the binding nomination is not deprived of its binding character, the person
nominated will be deemed appointed. If the nomination is deprived of its binding character, the Board of
Directors is allowed to make a new binding nomination. Pursuant to the Articles of Association and the DCGC,
the term of office of Directors may not exceed a maximum period of four years.
The Board of Directors currently consists of eleven members. All of them, with the exception of Simon Hunt (see
below) were appointed by the General Meeting held on 12 April 2022 and they will remain in office for a three-
year period expiring at the closure of the annual General Meeting to be held in 2025. A total of five directors
(Emmanuel Babeau, Margareth Henriquez, Jean-Marie Laborde, Christophe Navarre and Lisa Vascellari Dal
Fiol) are considered independent within the meaning of the DCGC.
Robert Kunze-Concewitz retired from his role effective as of the annual General Meeting of 11 April 2024, after
having informed the Board of Directors in September 2023. In accordance with the Campari Group’s succession
planning process, the Board of Directors, after consultation with the Remuneration and Appointment Committee
has selected Matteo Fantacchiotti, Managing Director Asia Pacific, as the new Chief Executive Officer nominee.
Matteo Fantacchiotti has been appointed Deputy Chief Executive Officer, until his actual nomination as Chief
Executive Officer of the Company and Executive Director, happened during 2024 Annual General Meeting, held
on 11 April. After retiring, Robert Kunze-Concewitz has become Non-Executive Director of the Company. During
the meeting of the Board of Directors held on 17 September 2024, Matteo Fantacchiotti resigned as Executive
Director and Chief Executive Officer of the Company, effective immediately. In the same occasion the Executive
Directors Paolo Marchesini and Fabio Di Fede were appointed as ad interim co-Chief Executive Officer and the
Non-Executive Director Jean-Marie Laborde was appointed as Vice-Chairman of the Board of Directors. Paolo
Marchesini and Fabio Di Fede were also appointed as executive members of a Leadership Transition
Committee, chaired by Robert Kunze-Concewitz (non-executive Director); such Committee, together with the
Remuneration and Appointment Committee, has been responsible for the identification of the new Chief

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Campari Group annual report for the year ended 31 December 2024

Executive Officer, to be proposed to the Board of Directors. On 4 December 2024 the Board of Directors
announced that Simon Hunt had been selected as the nominee for Chief Executive Officer of Campari Group.
The selection was the result of a thorough assessment of both internal and external candidates by the
Remuneration and Appointment Committee, the Leadership Transition Committee and the Board of Directors. In
accordance with Dutch law, the Board of Directors has resolved to call an ad hoc General Meeting on 15
January 2025 to appoint Simon Hunt as Executive Director of Davide Campari-Milano N.V. During that
extraordinary meeting a large majority of shareholders approved the appointment of Simon Hunt as Executive
Director of the Board of Directors of the Company until the Annual General Meeting to be held in 2028. Pursuant
to Dutch Law, the candidate’s CV has been made available on the website, for shareholders’ consultation,
before the Extraordinary General Meeting.
The Company’s Board of Directors is composed of the following members.
Luca Garavoglia (Chairman, Non-Executive Director)
Luca Garavoglia was born in Milan, Italy in 1969. He holds a degree in Business from Bocconi University in
Milan. Since 1994, he is the Chairman of the Board of Directors of Davide Campari-Milano N.V. Since he took
such office, the Campari Group has experienced a material expansion through a combination of organic growth
and selective acquisitions of brands and businesses over various geographies and categories, thus becoming
the sixth-largest player worldwide in the global spirits industry, trading in over 190 nations around the world with
leading positions in Europe and the Americas (creating a portfolio of over 50 premium and super premium
brands). Moreover, during his tenure, significant corporate transactions have been successfully pursued, such
as, among others, the IPO of Davide Campari-Milano S.p.A. on the Italian Stock Exchange in 2001, the
issuance of several Eurobonds and of a convertible bond and the transfer of the corporate seat to the
Netherlands.
He is also Vice President, Member of the Board of Directors, Member of the Presidency Committee of
Assonime-associazione fra le società italiane per azioni, Member of the Board of Directors of Campari Schweiz
A.G., Member of the International Advisory Committee on Corporate Policy of Fundacion San Telmo and
Member of the Leadership Board of Cleveland Clinic International.
Paolo Marchesini (Executive Director, Chief Financial and Operating Officer)
Paolo Marchesini was born in Milan in 1967. He graduated at the Bocconi University of Milan in Economics and
Management and thereafter joined an advisory firm in 1991. Since 1993, he is a Professional Chartered
Accountant and a Registered Accounting Auditor of the Italian Ministry of Economy and Finance. Paolo joined
Campari Group in 1997 and in 2000 he was appointed Group Chief Financial Officer. In 2001, he joined the
Board of Directors of Davide Campari-Milano S.p.A. and was appointed Managing Director in 2004. Thereafter
he assumed the responsibility for the following Group’s functions: Global Business Services, Information
Technology and Global Supply Chain. Paolo was appointed in 2022 Group Chief Operating Officer, alongside
the position already covered of Group Chief Financial Officer. During his 27-year tenure at Campari Group he
successfully managed in 2001 the Initial Public Offering of a 49% of the parent company’s shares on the Italian
Stock Exchange, and in 2020 the transfer of the listed company’s registered office to The Netherlands.
Moreover, he supported the acquisition and the subsequent integration of 39 businesses, for an aggregate
consideration of €5,2 billion alongside the disposals of 12 tail brands, for an aggregate consideration of €0,5
billion. Most recently, following the recent $1,3 billion acquisition of the Courvoisier business, he managed a
€650 million rights issue via an accelerated bookbuilding offering as well as a convertible bond of €550 million.
On 17 September 2024, he was appointed interim co-CEO, to fill in the CEO position’s vacancy deriving from
Matteo Fantacchiotti’s decision to step down.
Fabio Di Fede (Executive Director, Chief Legal and M&A Officer)
Fabio Di Fede was born in France in 1972. After completing a Master in International Business Law at the
University of Aix-Marseille, he graduated from the Master of Commerce Program of the University of Sydney. He
began his career at EY in Monaco and then joined Campari Group in 1999 as International Legal Counsel to
become Business Development Manager in 2003. He then joined Campari International in 2008 to take the
Market Development Director role, quickly rising to the position of Deputy Managing Director the following year.
In March 2011, Fabio Di Fede was appointed Managing Director International. After serving as CEO of a family
office based in Monaco, Fabio Di Fede joined the Société des Produits Marnier-Lapostolle in May 2016 as
Managing Director. Starting from 1 January 2018, Fabio Di Fede holds the position of Chief Legal and M&A
Officer and also the position of secretary of the Board of Directors. On 17 September 2024, he was appointed
interim co-CEO, to fill in the CEO position’s vacancy deriving from Matteo Fantacchiotti’s decision to step down.
Robert Kunze-Concewitz (Non-Executive Director)
Robert Kunze-Concewitz, an Austrian citizen, was born in Istanbul, Turkey in 1967. After graduating from
Hamilton College (USA), he earned an MBA from Manchester Business School. Bob joined Procter&Gamble as
Financial Planning and Analysis analyst, a position that he covered for two years. He then continued his career
in the marketing department occupying various positions of increasing responsibility within an international
realm. Following numerous assignments in strategic planning and business ownership he became Group
Marketing Director in the Global Prestige Products division. He joined the Campari Group as Group Marketing
Director in October 2005 developing and implementing new marketing strategies for the Campari Group's
international brands. In May 2007, he was appointed Chief Executive Officer and officially retired in April 2024.

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He is also a non-executive director of Imperial Brands PLC and Luigi Lavazza S.p.A. and member of the
Supervisory Board of Carlsberg A.S..
Emmanuel Babeau (Non-Executive Director)
Emmanuel Babeau was born in Paris, France in 1967. He started his career in 1990 at Arthur Andersen, and
from 1993 to 2009, he progressed through various positions at Pernod Ricard, a beverage company, the latest
being Chief Financial Officer and Group Deputy Managing Director. He joined Schneider Electric, an energy and
automation digital solutions company, in 2009 as Executive Vice President Finance and a member of the
Management Board. He served as the Deputy Chief Executive Officer of Schneider Electric; in this position he
was in charge of Finance and Legal Affairs. He was appointed as PMI Chief Financial Officer in May 2020. He
also served on the board of Sanofi S.A. from 2018 until 2020, and as a non-executive Director at Sodexo, a
French food services and facilities management company, from January 2016 until December 2021.
Eugenio Barcellona (Non-Executive Director)
Eugenio Barcellona was born in Catania, Italy in 1969. He graduated in law from the University of Catania in
1993 and subsequently he specialized in corporate law at the Catholic University of the Sacred Heart (Università
Cattolica del Sacro Cuore) of Milan writing his first monograph. From 1994 to 1995 he was Visiting Scholar at
Harvard Law School in Cambridge, MA, and in 2001 at the Law School of the Albert-Ludwigs-Universität, in
Freiburg, Germany. In 1996 he joined Grande Stevens Law Firm in Turin, Italy, where he became equity partner
in 2000. In 2011 he joined the partnership of Pedersoli Studio Legale and in 2024 PedersoliGattai, where he is
practising corporate and commercial law and litigation still today. Since 2005, he is Associate Professor of
Corporate Law at the University of Eastern Piedmont. In 2023, he has been appointed as secretary of the board
of directors of Stretto di Messina S.p.A. as well as member of the advisory committee of the European Law
Institute Project on Enterprise Foundations in Europe. Eugenio Barcellona is author of several articles and
books in corporate and financial law relating in particular to governance issues, including the relationship
existing between the corporate purpose of the modern companies and the new ESG principles and related
applicable legal framework, agency problems and gatekeepers' institution.
Alessandra Garavoglia (Non-Executive Director)
Alessandra Garavoglia was born in Rome, Italy in 1960. She holds a degree in Foreign Languages and
Literature from Università degli Studi in Milan. In 1998, she was appointed as a member of the Board of
Directors of the Campari Foundation and in 2006 she was appointed as Chairman and as of 2024 she continued
to be in charge of both roles. The purpose of the Campari Foundation is to pursue social solidarity and, in
particular, to promote aid, training, education and charity for the benefit of all deserving individuals.
Margareth Henriquez (Non-Executive Director)
Margareth Henriquez was born in Caracas, Venezuela in 1956. She is a seasoned professional with over 46
years of experience, 34 of which she has spent as President and/or CEO of multinational or global companies in
Venezuela, Mexico, Argentina and now in France. Throughout her career, she has played a significant role in the
growth of various companies involved in the production and distribution of wine, spirits, food, and crystal.
Margareth Henriquez has made substantial contributions to the wine industry in Argentina, where she spent
eight years as the head of Moët Hennessy's properties. Her deep connection with viticulture and winemaking
has continued to influence her work in Champagne in France. In addition to her executive roles, Margareth has
been actively involved in industry associations. She served as the president of the Association of Manufacturers
in Venezuela and Mexico. Throughout her career, Margareth has held positions on international executive
committees, including those of Seagram, Nabisco, Moët Hennessy (Latin America, Caribbean, Canada, and
Middle East), Moët Hennessy Estates Wines, and Moët Hennessy International Executive Committee. She has
also served on the board of Baccarat and is currently a member of the board of Campari. During her time in
Mexico, Margareth, or Maggie as she is known, also shared her expertise as a professor at the Universidad
Panamericana, teaching courses on new product development for international markets and strategic alliances.
Margareth has also conducted seminars on a wide range of topics including wine, champagne, luxury brand
building, strategy and marketing facing crisis, leadership, and women's development. She obtained her PhD
degree in business from the Swiss Management Center University in 2020. From 2009 to 2022, she served as
the President and CEO of the House of Krug in Reims, a prestigious champagne house known for its
exceptional quality and craftsmanship. Currently, Margareth holds the position of CEO at Baccarat, a renowned
French luxury Crystal maker. Outside of her professional endeavours, Margareth is a proud mother of two boys
and a grandmother to five children.
Jean-Marie Laborde (Non-Executive Director)
Jean-Marie Laborde was born in Bordeaux, France in 1948. He holds a Master’s Degree in Economics and an
MBA of HEC business school. During his career, he has been a strategy adviser and a member of the board of
directors of various companies operating, in particular, in the spirits business. Among the others, he was
President and CEO of Campbell Distillers (1980-1984), Ricard (1984-1996), Moët and Chandon (Moët and
Chandon, Dom Perignon, Ruinart, Pommery, Mercier) and Moët Hennessy-Diageo Joint-Venture for distribution
in France (1996-2003). He was also chairman of Maxxium worldwide Amsterdam (2004-2009) and Group CEO
of Remy Cointreau (2004-2014). As of today, he is member of the board of directors of various companies such
as Spirit of Waterford Distillery Ltd. and Renegade Spirit Grenada Ltd.. He was appointed as Non-Executive
Director of the Company in April 2022 and on 17 September 2024 he was also appointed Vice-Chairman of the
Board of Directors.

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Christophe Navarre (Non-Executive Director)
Christophe Navarre was born in Uccle, Belgium in 1958. He earned a degree in Business Administration from
Liege University before joining the Continental Bank in 1980. He later moved to Exxon where he first held
Marketing and Sales responsibilities with the Esso Group. In 1989, he joined Interbrew where he successfully
headed a number of subsidiaries while developing a strategy based on the promotion of premium brands and
the launch of very innovative products. Starting as Managing Director of Brasseries Bellevue, he later became
Chief Financial Officer of Interbrew Belgium, then President of Interbrew Italy before being appointed as the
head of the French subsidiary in 1995. Christophe Navarre joined the LVMH Group in 1997 as President and
CEO of JAS Hennessy and Co. where he was deeply involved in restructuring the company while securing its
leading position in the cognac industry. In May 2001, he was appointed CEO of Moët Hennessy, the Wine and
Spirits division of LVMH, the world’s leading luxury good company. He managed the prestigious champagne
brands Moët and Chandon, Dom Pérignon, Mercier, Veuve Clicquot, Ruinart and Krug as well as Hennessy,
Glenmorangie and Ardbeg Scotch whiskies, Belvedere vodka and several New World wines. In October 2017 he
left LVMH to start a new career as an entrepreneur and amongst other investments he created his own
company in Monaco to become the main shareholder of Vivino. He is also member of the board of directors of
Seven Tails Distillers, Groupe Alain Ducasse, Wine App (China), Société des Bains de Mer and President of the
Board of Vinexposium and Dominique London.
Lisa Vascellari Dal Fiol (Non-Executive Director)
Lisa Vascellari Dal Fiol was born in Conegliano, Italy in 1983. She graduated in Law and Business
Administration from Bocconi University in Milan (Bachelor’s Degree in 2005 and Degree in 2008) and
subsequently she specialized in Corporate Taxation always at Bocconi University (Master’s Degree in 2012).
After working as junior associate at PwC in Milan from 2007 to 2009, she joined an accounting firm in Milan from
2009 to 2011. From 2011 to 2021, she worked as an associate at Studio Legale e Tributario Biscozzi
Nobili&Partners, tax and legal firm in Milan, gaining relevant experience on corporate and group taxation,
national and cross border reorganizations, transfer pricing, patent box, support to start-up and SMEs on growth
processes and corporate governance. As of today, she is an independent tax and corporate consultant, as well
as start-up advisor. Lisa Vascellari Dal Fiol is also enrolled in the Italian Chartered Accountant Register (Ordine
dei Dottori Commercialisti) and member of Nedcommunity, the association of non-executive directors. Lisa
Vascellari Dal Fiol has developed relevant knowledge in Sustainability and ESG topics by attending several
courses, among which: Master in 'Sustainability Strategy and Governance' at SDA Bocconi-School of
Management; 'ESG Academy' by PwC; 'Assessing and managing ESG strategy at Board level', 'Gender equality
in capital markets', 'Greenwashing and green claims' by Euronext Academy.
Competences
The Board of Directors is entrusted with the management of the Company. Each Director must act in the
Company’s interest and properly carry out the responsibilities assigned to them. Under Dutch law and the
DCGC, the Company's interest extends to the interests of all its stakeholders, including its shareholders,
creditors and employees. In accordance with the DCGC, the Board of Directors focuses on sustainable long-
term value creation for the Company and its affiliated enterprise and takes into account the stakeholders’
interests that are relevant in this context. The Executive Directors are responsible for the Company’s day-to-day
management, which includes, among other things, formulating its strategies and policies and setting and
achieving its objectives. The Non-Executive Directors do not have day-to-day responsibility and are charged
with the supervision of the Executive Directors, the general course of affairs of the Company and the Campari
Group. The responsibility for the management of the Company is vested collectively in the Board of Directors.
The Board of Directors' contribution to sustainable long-term value creation and the strategy for achieving it are
explained in the 'Sustainability statement' section of the Annual Report, which is referenced herein. The
statement outlined the core ESG commitments, detailing the impact of the Group’s products, services, and
activities on people and the environment. It also explains how stakeholders’ interests have been considered, the
actions taken in this context, and the extent to which the set objectives have been achieved, addressing both
short- and long-term developments.
This section was drawn up in accordance with applicable law in particular the Dutch Civil Code, and of the Dutch
Decree on Non-Financial Information (Besluit bekendmaking niet-financiële informatie), which is a transposition
of Directive 2014/95/ EU ‘Disclosure of non-financial and diversity information’ into Dutch law. The Board of
Directors identifies and analyses risks associated with the strategy and activities of the company and its
affiliated enterprises. The risk management and internal control system is an integral part of Campari Group's
operations and culture and supports the efficiency and effectiveness of business processes, the reliability of
financial and sustainability information and compliance with laws and regulations. The Internal Audit Function,
through periodical assessments in all legal entities, identifies critical risks that may affect the attainment of
business objectives and may jeopardize value creation. The results of the periodical assessments are evaluated
by the Control and Risk Committee and are finally deemed to be approved by the Board of Directors. In the
'Risk management and Internal Control System’ section, the main risks are identified from both the financial and
sustainability perspective.

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Board Regulations
The by-laws of the Board are complementary to the provisions regulating the Board of Directors and its
members as contained in relevant laws and regulations and the Articles of Association. The by-laws of the Board
describe the duties, tasks, composition, procedures and decision-making of the Board of Directors.
The meetings of the Board of Directors are in principle called by the chairman of the Board of Directors (the
‘Chairman’). Save in urgent cases to be determined by the Chairman, the agenda for a meeting must be sent to
all Directors at least seven calendar days before that meeting. Board of Directors’ meetings are generally held at
the offices of the Company in Italy but may also take place elsewhere. No meetings of the Board of Directors or
meetings of a committee take place in the Netherlands. In addition, meetings of the Board of Directors may be
held by conference call, video conference or by any other means of communication, provided all participants
can communicate with each other simultaneously. A Director may be represented at Board of Directors’
meetings by another Director holding a proxy in writing. Board of Directors’ meetings are chaired by the
Chairman or, in his absence, the Chief Executive Officer. The Directors endeavor to achieve that resolutions are,
as much as possible, adopted unanimously. Each Director has the right to cast one vote. Where unanimity
cannot be reached, all resolutions of the Board of Directors are adopted by an absolute majority of the votes
cast. The Board of Directors has not designated types of resolutions which are subject to deviating
requirements. At a meeting, the Board of Directors may only pass resolutions if the majority of the Directors then
in office are present or represented. On 14 December 2023 the by-laws of the Board were amended in
compliance with the new DCGC. The amendments confirm that the Board of Directors develops a view on
sustainable long-term value creation by the Company and its affiliated enterprise and formulates a strategy in
line with this.
Indemnification of Directors
Pursuant to the Articles of Association, to the extent permitted by applicable laws, the Company will indemnify
and hold harmless each Director, both former members and members currently in office ('Indemnified Person'),
against any and all liabilities, claims, judgments, fines and penalties ('Claims') incurred by the same as a result
of any expected, pending or completed action, investigation or other proceeding, whether civil, criminal or
administrative ('Legal Action'), of or initiated by any party other than the Company itself or a group company
(groepsmaatschappij) thereof, in relation to any acts or omissions in or related to his capacity as an Indemnified
Person. Notwithstanding the above, no indemnification shall be made in respect of Claims in so far as they
relate to the gaining in fact of personal profits, advantages or remuneration to which the Director was not legally
entitled, or if the Indemnified Person has been adjudged to be liable for wilful misconduct (opzet) or intentional
recklessness (bewuste roekeloosheid). The Company has in place an adequate insurance covering the above
claims against Directors currently in office and former Directors (D&O insurance). Also in case of a Legal Action
against the Indemnified Person by the Company itself or its group companies (groepsmaatschappijen), the
Company will settle or reimburse to the Indemnified Person his reasonable attorneys' fees and litigation costs,
but only upon receipt of a written undertaking by that Indemnified Person that he will repay such fees and costs
if a competent court in an irrevocable judgment has resolved the Legal Action in favour of the Company or the
relevant group company (groepsmaatschappij) rather than the Indemnified Person.
Conflict of Interest: Directors’ Interests and Related Party Transactions Policy
Pursuant to the Articles of Association, a Director having a conflict of interests or an interest which may have the
appearance of such a conflict of interests, must declare the nature and extent of that interest to the other
Directors. A Director may not participate in deliberating or decision-making within the Board of Directors, if with
respect to the matter concerned, he or she has a direct or indirect personal interest that conflicts with the
interests of the Company and the business connected with it. Where conflict of interests matters occurred, the
Board of Directors has resolved upon such matters in compliance with the provisions of the Articles of
Association. The Company has adopted a related party transaction policy in line with the Dutch corporate law
framework. Pursuant to the related party transaction policy of the Company, the decision-making process of a
related party transaction is structured as follows: all related party transactions that potentially fall within the
scope of Sections 2:167 up to and including 2:170 of the Dutch Civil Code are submitted to the Control, Risks
and Sustainability Committee. The Control, Risks and Sustainability Committee will consider all relevant facts
and circumstances of the transaction (including without limitation the commercial reasonableness of the terms,
the benefit and perceived benefit to the Company, opportunity costs of alternate transactions, the materiality and
nature of the related party’s direct or indirect interest, and the actual or apparent conflict of interest of the related
party); following its review, the Control, Risks and Sustainability Committee will submit for approval of the Board
of the Directors only transactions which are 'material' pursuant to Section 2:167 of the Dutch Civil Code and not
concluded in the ordinary course of business and on normal market terms; the Board of Directors will examine
and eventually approve these 'material' transactions and give appropriate disclosure of such approval through a
press release. There have been no such related party transactions as referred to above in 2024. In accordance
with the applicable provisions of the Dutch Civil Code, the following are excluded from the scope of the policy: (i)
transactions between subsidiaries or the Company and a subsidiary; (ii) transactions concerning the
remuneration of Directors pursuant to Section 2:135 of the Dutch Civil Code, and (iii) transactions offered to all
shareholders on the same terms with due observance of the equal treatment of shareholders.

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Committees
The Company has established two internal committees within its Board of Directors: (i) a Control, Risks and
Sustainability Committee, which operates as an audit committee pursuant to Dutch law and the DCGC, and (ii) a
Remuneration and Appointment Committee, combining the remuneration and selection and appointment
committee within the meaning of the DCGC, for the reasons specified in paragraph 13 of this governance report
(‘Compliance with the DCGC’). The Board of Directors approved ‘Terms of Reference’ for each internal
committee. The composition of the committees is determined by the Board of Directors. The Board of Directors
remains collectively responsible for the decisions taken by the committees. Each committee may only exercise
such powers as are explicitly attributed to it by the Board of Directors and may never exercise powers beyond
those exercisable by the Board of Directors as a whole. In accordance with best practice provision 2.3.5 of the
DCGC, the Non-Executive Directors have been regularly informed by each committee of their deliberations and
findings and these were taken into account when drafting this report.
iii. Control, Risks and Sustainability Committee
Functions
The Control, Risks and Sustainability Committee, which also supports the internal Sustainability function,
evaluating the company’s Sustainability strategy, carries out the following functions pursuant to Dutch law, the
DCGC and the Terms of Reference of the Control, Risks and Sustainability Committee:
a) m onitoring the financial-accounting process and the efficiency of the internal control system, the internal
audit system and the risk management system with respect to financial reporting and sustainability matters;
- monitoring the statutory audit of the annual accounts, and process of such audit;
- reviewing and monitoring the independence of the external auditor and adopting procedures relating to the
selection of the external auditor and other services provided by the external auditor to the Campari Group;
- undertaking preparatory work for the Board of Directors’ decision-making regarding the supervision of the
integrity and quality of the Company’s financial reporting and the effectiveness of the Company’s internal risk
man agement and control systems.
Among other things, it focuses on monitoring the Executive Directors regarding (i) relations with, and
compliance with recommendations and following up of comments by, the internal and external auditors, (ii) the
funding of the Company and (iii) the Company’s tax policy.
Composition
The Control, Risks and Sustainability Committee currently consists of Jean-Marie Laborde (Chairman), Eugenio
Barcellona and Lisa Vascellari Dal Fiol (who is an expert in accounting and auditing matters, including
competence in the preparation and auditing of the financial statements, as required by best practice provision
2.1.4 of the DCGC). All members of the Control, Risks and Sustainability Committee, except for Eugenio
Barcellona, are independent within the meaning of the DCGC. Upon invitation of the committee the external
auditor attended certain committee meetings when deemed appropriate due to the matters discussed. The
number of meetings of the Control, Risks and Sustainability Committee and the main items discussed or
reviewed during these meetings have been set out in the report of the Non-Executive Directors below.
iv. Remuneration and Appointment Committee
Functions
The Remuneration and Appointment Committee carries out the following functions pursuant to DCGC and the
Terms of Reference of the Remuneration and Appointment Committee:
a) m aking proposals to the Board of Directors about the remuneration policy for the Executive Directors and
Non-Executive Directors, to be submitted to the General Meeting;
- making proposals about the remuneration of the Executive Directors, including, among others, the
performance targets of the variable elements and the assignment of shares in accordance with the Long-
Term Incentive plan;
- monitoring the adequacy of the remuneration policy and preparing the remuneration report;
- making recommendations on the composition of the Board of Directors considering the expertise and
background of its members;
- making proposals for re-appointments;
- making proposals on the maximum number of directorships each Director can hold;
- upon request by the Board of Directors, analysing and preparing a report on potential conflicts of interest for
Directors deriving from having accepted positions on corporate bodies of other listed and/or unlisted
com panies.
Moreover, the Remuneration and Appointment Committee carries out consultative and advisory functions for the
Board of Directors, as regards, in particular, the nomination and remuneration of managers with strategic
responsibilities of the Company and the Campari Group, in particular by:

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- expressing its prior opinion on proposed new appointments and/or changes to the Campari Group’s senior
management appointments that the Executive Director(s) intend(s) to submit to the Board of Directors;
- making proposals to the Board of Directors for determining the general policy regarding the remuneration of
managers with strategic responsibilities;
- regularly assessing the adequacy, overall consistency and practical application of the general policy for the
r emuneration of managers with strategic responsibilities, obtaining information provided by the Executive
Directors and/or by the Company’s offices.
When performing its duties, the Remuneration and Appointment Committee takes the Company’s Diversity
Policy into consideration.
As explained under section ‘Compliance with the DCGC’, the Board of Directors has resolved that the
Remuneration and Appointment Committee will not carry out the following functions:
- drawing up the selection criteria and appointment procedures for Directors;
- periodically assessing the size and composition of the Board of Directors;
- drawing up a plan for the succession of Directors; and
- perio dically assessing the performance of individual Directors and reporting on this to the Board of Directors.
Composition
The Remuneration and Appointment Committee currently consists of Eugenio Barcellona (chairman), Emmanuel
Babeau and Christophe Navarre. All members of the Remuneration and Appointment Committee, except for
Eugenio Barcellona, are independent within the meaning of the DCGC. Non-members of the Committee
attended certain Committee’s meetings, upon invitation by the latter, to discuss specific items on the agenda.
The number of meetings of the Remuneration and Appointment Committee and the main items discussed or
reviewed during these meetings have been set out in the report of the Non-Executive Directors below.
v. Internal Control over Financial and Sustainability Reporting
The Company has a system of administrative and accounting procedures in place that ensure a high degree of
reliability in the system of internal control over financial and sustainability reporting.
During the year relevant audits have been conducted over sustainability topic in with the application of the
Corporate Sustainability Reporting Directive.
The Company has adopted the processes necessary to align its own financial information control system with
international best practice ensuring the reliability, accuracy and timeliness of its financial information.
For the specific purpose of guaranteeing a steady and efficient flow of financial and operational information
between the Company and the subsidiaries, the Campari Group has a shared information system with verified
and standardized access, supplemented by formalized operational guidelines.
Consolidated reporting is thus covered by a group ‘accounting plan’, by specific tools issued by the Company to
the subsidiaries to produce accounting information for the purposes of consolidation, updated at least annually,
and by a process for closing the financial statements, which sets out deadlines and methods for annual and
interim closures of the accounts. Specific tools are also covering the preparation of the annual report in
accordance with European Single Electronic Reporting Format (‘ESEF’). For details for relevant activities
performed, please refer to paragraphs ‘Control, Risks and Sustainability Committee’ and ‘Internal Audit Function’
of this governance section.
The Company is responsible, through the administrative department that deals with the consolidation process,
for implementing and circulating the above documentation to Campari Group companies.
The Company’s approach to assess, monitor and continuously update the internal control system for financial
information focuses on the areas of greatest risk and/or importance and on risks of a material error (including
due to fraud) in the components of the financial statements and the related information documents.
vi. Internal Audit Function
The Company has a separate department for the internal audit function and the Board of Directors appoints the
Head of Internal Audit. The Head of Internal Audit does not have any operating responsibilities and does not
report to any managers working in operational areas, including administration and finance. Instead, he reports to
the Chairman directly. The Chairman can ensure a more timely and accurate check of the activities carried out
by the Head of Internal Audit than the Board of Directors, without compromising the autonomy and the
independence of the Board of Directors.
The internal audit function:
- conducts checks to ensure the efficiency and suitability of the internal control and risk management system
following the audit plan in compliance with applicable international standards;
- has direct access to all information needed to carry out his duties;

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- provides regular updates on his activities to the Control, Risks and Sustainability Committee and the Board
of Directors;
- performs investigations on specific events upon request of the Board of Directors or Executive Directors;
- checks any reports of breaches of the Code of Ethics and the Organizational, Management and Control
Model, pursuant to Legislative Decree 231 of 8 June 2001, received in the e-mail inbox
organismo231@campari.com or the ‘Campari Safe Line’ whistleblowing service, submitting them for
assessment by the Control, Risks and Sustainability Committee;
- checks, based on the audit plan, the reliability of the IT systems used in the financial reporting systems; and
- oversees sustainability issues.
vii. Supervisory Body and Organisational Model pursuant to Legislative Decree 231 of 8
June 2001
In addition to the Non-Executive Directors charged with the supervision of the Executive Directors, the Company
also has a supervisory body (Organismo di Vigilanza) adopted according to the ‘Organization, Management and
Control Model’ (the ‘Model’) pursuant to the Italian Legislative Decree 231 of 8 June 2001. Such corporate body
is responsible for monitoring that the Company acts in compliance with the Model and for proposing updates
required under Italian law. The Model is designed to prevent the offences specified in the Italian Legislative
Decree 231 of 8 June 2001, with a focus on offences against the public administration, corporate and financial
offences and breaches of health and safety regulations at work. The members of the supervisory body
(Organismo di Vigilanza) are Enrico Colombo (chairman), Fabio Facchini and Lisa Vascellari Dal Fiol.
viii. General Meetings
The main powers of the General Meeting relate to:
- the appointment, suspension and dismissal of Directors;
- the approval of the remuneration policy of the Board of Directors;
- the adoption of the annual report and declaration of dividends on shares;
- the release from liability of the Directors;
- the issuance of shares or rights to shares, restriction or exclusion of pre-emptive rights of shareholders and
repurchase or cancellation of shares;
- amendments to the Articles of Association; and
- resolutions of the Board of Di rectors that would entail a significant change to the identity or character of the
Company or its business.
Pursuant to Article 30 and subsequent of the Articles of Association, every year, no later than the end of June, a
General Meeting shall be held. The agenda of such annual General Meeting shall include the following subjects:
- discussion of the report of the Board of Directors;
- discussion and adoption of the annual accounts;
- dividend proposal (if applicable);
- appointment of Directors (if applicable);
- appointment of an external auditor (if applicable);
- other subjects presented for discussion or voting by the Board of Directors and announced with due
observance of the provisions of the Articles of Association, as for instance: (i) release of Directors from
liability; (ii) discussion of the policy on reserves and dividends; (iii) designation of the Board of Directors as
the body authorized to issue shares; and/or (iv) authorization of the Board of Directors to make the Company
acquire own shares.
Other General Meetings may be held whenever the Board of Directors deems such to be necessary.
Calling of General Meetings
Notice of General Meetings is given by the Board of Directors with due observance of the statutory notice period
of 42 days and stating, inter alia:
- the items to be discussed;
- the venue and time of the meeting;
- the requirements for admittance to the meeting as applicable;
- the address of the Company's website,
and any other information as may be required by law.
Further communications which must be made to the General Meeting pursuant to the law or the Articles of
Association can be made by including such communications either in the notice, or in a document which is
available at the Company's office for inspection, provided a reference thereto is made in the notice itself.

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Notice of General Meetings will be given in accordance with the requirements of Dutch law and the rules and
regulations applicable to the Company pursuant to the listing of its ordinary shares. The Board of Directors may
determine that shareholders and other persons entitled to attend the General Meeting will be given notice of
meetings exclusively by announcement on the website of the Company or through other means of electronic
public announcement.
Shareholders and other persons entitled to attend the General Meeting, who, alone or jointly, meet the
requirements set forth in Section 2:114a subsection 2 of the Dutch Civil Code, will have the right to request the
Board of Directors to place items on the agenda, provided the reasons for the request must be stated therein
and the request must be received by the Chairman or the Chief Executive Officer in writing at least 60 days
before the date of the General Meeting.
Furthermore, shareholders solely or jointly representing at least ten percent of the issued share capital may
request the Board of Directors, in writing, to call a General Meeting, stating the matters to be dealt with. If the
Board of Directors fails to call a meeting, then such shareholders may, on their application, be authorized by the
court in preliminary relief proceedings (voorzieningenrechter van de rechtbank) to convene a General Meeting.
Such application may be rejected if the court is not satisfied that the applicants have previously requested the
Board of Directors in writing to convene a General Meeting stating the exact subjects to be discussed.
Venue
General Meetings may be held in Amsterdam or Haarlemmermeer (including Schiphol Airport).
Chairman
The General Meetings are chaired by the Chairman. However, the Board of Directors may also appoint another
person to chair the General Meeting. The chairman of the meeting has all the powers deemed necessary to
ensure the proper functioning of the General Meeting.
Rights at General Meeting and Admittance
Each shareholder and each other person entitled to attend the General Meeting is authorized to attend, to speak
at, and to the extent applicable, to exercise voting rights in the General Meeting. They may be represented by a
proxy holder authorized in writing.
For each General Meeting, a statutory record date will be applied in order to determine in which persons voting
rights are vested and which persons are entitled to attend the General Meeting. The record date is the 28th day
before the relevant General Meeting. The manner by which persons entitled to attend the General Meeting can
register and exercise their rights are set out in the notice convening the meeting.
A person entitled to attend the General Meeting or his proxy may only be admitted to the meeting if he or she
has notified the Company of his intention to attend the meeting in writing at the address and by the date
specified in the notice of meeting. The proxy is also required to produce written evidence of his mandate.
The Board of Directors is authorized to determine that the voting rights and the right to attend the General
Meeting can be exercised by using an electronic means of communication. If so decided, it will be required that
each person entitled to attend the General Meeting, or his proxy holder, can be identified through the electronic
means of communication, follow the discussions in the meeting and, to the extent applicable, exercise the voting
right. The Company is authorized to apply such verification procedures as it reasonably deems necessary to
establish the identity of the persons entitled to attend the General Meeting and, where applicable, the identity
and authority of representatives. The Board of Directors may also determine that the electronic means of
communication used must allow each person entitled to attend the General Meeting or his proxy holder to
participate in the discussions. The Board of Directors may determine further conditions to the use of electronic
means of communication, provided such conditions are reasonable and necessary for the identification of
persons entitled to attend the General Meeting and the reliability and safety of the communication. Such further
conditions will be set out in the notice of the meeting. The foregoing does, however, not restrict the authority of
the chairman of the meeting to take such action as he or she deems fit in the interest of the meeting being
conducted in an orderly fashion. Any non or malfunctioning of the means of electronic communication used is at
the risk of the persons entitled to attend the General Meeting using the same.
The company secretary arranges for the keeping of an attendance list in respect of each General Meeting. The
Directors have the right to attend the General Meeting in person and to address the meeting. They have the
right to give advice in the meeting. Also, the external auditor of the Company is authorized to attend and
address the General Meetings. The chairman of the meeting decides upon the admittance to the meeting of
other persons.
The official language of the General Meetings is English.
Voting Rights and Adoption of Resolutions
Each ordinary share confers the right to cast one vote. Each Special Voting Share A confers the right to cast one
vote, each Special Voting Share B confers the right to cast four votes and each Special Voting Share C confers
the right to cast nine votes. Each Special Ordinary Share confers the right to cast twenty votes. Please see the
paragraph ‘Shares and Shareholding Structure’ included in this governance section for further information on the
Company's capital structure, the types of shares (i.e., ordinary shares and special voting shares), and related
rights and obligations.

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At the General Meeting, all resolutions will be adopted by an absolute majority of the votes validly cast, except in
those cases in which the law or the Articles of Association require a greater majority. Blank and invalid votes will
be regarded as not having been cast.
Meetings of Classes of Shares
Meetings of holders of ordinary shares, Special Ordinary Shares, Special Voting Shares A, Special Voting
Shares B, or Special Voting Shares C are held whenever the Board of Directors calls such meetings. Except as
otherwise provided in the Articles of Association, all resolutions of a class meeting will be adopted by an
absolute majority of the votes cast on shares of the relevant class, without a quorum being required.
Minutes
Minutes of the proceedings at the General Meeting are kept by the company secretary and then signed by the
chairman of the meeting and the secretary as evidence thereof. The minutes of the General Meeting are made
available to the shareholders no later than three months after the end of the meeting, after which the
shareholders have the opportunity to react to the minutes in the following three months. During 2024, the annual
General Meeting was held on 11 April 2024. Minutes of this meeting are available on the Company's website.
ix. Code of Ethics
The Campari Group observes the principles of loyalty, honesty, impartiality and aversion to conflicts of interest in
carrying out its business and those of confidentiality, transparency and completeness in managing corporate
information. The Company monitors the effectiveness of and the compliance with the code of ethics of the
Campari Group (‘Code of Ethics’). The Internal Audit function investigates violations of the Code of Ethics by
periodical or ad hoc audits. Periodical reporting is delivered to the Chairman, the Executive Directors and the
Control, Risks and Sustainability Committee.
In line with best practice provision 2.6.1 of the DCGC, the Campari Group has a whistleblowing system,
available to employees, customers and suppliers, i.e., the Campari Group’s stakeholders, to report any
breaches of the Code of Ethics or irregularities in the application of internal procedures. This dedicated
information channel is confidential and maintains the anonymity of the individuals making the report. The
procedure for reporting actual or suspected irregularities within the Campari Group has been published on the
company’s homepage (for more information on the Campari Group whistleblowing system refer to 'Governance
and policies related to Business conduct' in the 'Governance information' section of the Sustainability
statement).
x. Diversity
The Company believes that diversity in the composition of the Board of Directors is an important mean of
promoting debate, balanced decision-making and independent actions of the Board of Directors. The
Remuneration and Appointment Committee reviews the Diversity Policy, monitors its effectiveness and makes
proposals or suggestions when new members of the Board of Directors are appointed.
The Diversity Policy gives weight to the following diversity factors in the composition of the Board of Directors:
age, gender, expertise, professional background, nationality and independence. The Board of Directors and the
Remuneration and Appointment Committee consider such factors when evaluating nominees for election to the
Board of Directors. These factors were also taken into account when the Directors were proposed for
appointment by the General Meeting in April 2022.
The Company has achieved the following tangible targets: (i) at least 30% of the seats of the Board of Directors
are occupied by women and at least 30% by men and (ii) at least 30% of the Non-Executive Directors are
women and at least 30% of the Non-Executive Directors are men.
On 1 January 2022, a new Dutch Act on gender diversity (Wet inzake evenwichtige man vrouwverhouding in de
top van het bedrijfsleven) entered into force. Pursuant to this Act, the Company has to set appropriate and
ambitious gender diversity target figures for the Executive Directors, Non-Executive Directors and management
and draw up a plan to achieve these targets. In this context, 'appropriate' means that the targets depend on the
number of Executive Directors, Non-Executive Directors and managers, and on the existing ratio between the
men and women. In this context 'ambitious' means that the targets should aim to make the male-female ratio
more balanced than the existing composition. As of 2024, the Company must report on the progress made
annually to the Dutch Social and Economic Council within ten months after the end of the financial year and this
information will also have to be included in the Company's Management Board Report.
Pursuant to the new Dutch Act on gender, on 21 February 2023 the Board of Directors of Davide Campari-
Milano N.V. has resolved upon the setting of appropriate and ambitious gender diversity target figures for (i) the
Executive Directors, (ii) the Non-Executive Directors and (iii) the Senior Management and the drawing up of a

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plan to achieve these targets. The gender diversity target figures and the plan for their achievement were
determined as follows:
- Executive Directors: at least 33.33% female and 33.33% male Executive Directors by the renewal of the
Board of Directors in 2028;
- Non-Executive Directors: at least 40% female and 40% male Non-Executive Directors by the renewal of the
Board of Directors in 2025;
- Senior Management: at least 40% female and 40% male members of Senior Management by the end of
2027. According to Campari Group organization, Senior Management includes all members of global,
regional and local leadership teams that are in charge of leading business, functional teams and people. This
comprises four layers (internally named Senior Executive, Executive, Senior Management and
Management), to include from top to all positions reporting to general managers in large, medium and
smaller markets (it does not include coordinators, supervisors, senior specialists, even if with people
management responsibilities).
Within the above-specified timeframe, such targets will be taken into account with the aim of the relevant pursuit
upon the occurrence of the renewals of the Board of Directors and in the hiring/HR resources management
process.
As of today, 3 of the total 11 members of the Board of Directors (equal to 27% of the total members of the Board
of Directors) and of the total 8 Non-Executive Directors are female (equal to 37% of the total Non-Executive
Directors).
For more information on the Diversity topic refer to 'ESRS S1 Own workforce' in the Sustainability statement.
xi. Inside Information and Insider Dealing
The Procedure for Processing and Managing Material and Inside Information defines the methods, timescales
and responsibilities for assessing the confidentiality of information, the conditions under which it may be
disclosed to the public and those relating to any delay in disclosing said information. The Relevant Managers
(as defined in the Internal Dealing Procedure) may not conclude, directly or indirectly, on their own account or
on behalf of third parties, Transactions (as defined in the Internal Dealing Procedure) within the 30 calendar
days prior the announcement of an interim financial report (including quarterly reports) or a year-end financial
report. The Company also maintains a so-called insider list which includes all persons who, in the exercise of
their employment, profession or duty, have access to inside information.
xii. Relations with Investors
The Company values an open and constructive dialogue with its investors, both existing and potential ones.
The Company communicates regularly with investors and financial market operators in general, in order to
provide complete, accurate and timely information on its operations, while complying with the applicable
confidentiality requirements for certain types of information. Conversations with investors primarily take place
during investor roadshows, investor conferences, company visits as well as in General Meetings but may also
be held on a bilateral basis in case of one-to-one meetings. The initiative to enter into a conversation with an
investor is generally taken by the Company, specifically by the Investor Relations department, the function
responsible for managing dialogues with investors, or with the involvement of the Chief Executive Officer and
Chief Financial Officer whenever appropriate. The Company adheres to all legal obligations relating to
confidentiality, disclosure of inside information and equal treatment of investors and only discusses publicly
known information in one-on-one meetings. The Company is committed to providing high quality and timely
information to all investors in accordance with applicable law. Information will be made available on the
Company's website: https://www.camparigroup.com/en/page/investors.
For information about the relationship between the Group and its stakeholders, including investors, please refer
to the 'Engagement with Stakeholders' section in the 'General Information' of the Sustainability statement
xiii. Compliance with the DCGC
The Company endorses the principles and best practice provisions of the DCGC, except for the following best
practice provisions which are explained below.
Best practice provision 2.2.5 of the DCGC (Duties of the selection and appointment committee)
Pursuant to best practice provision 2.2.5 of the DCGC, the Remuneration and Appointment Committee should,
among others, (i) draw up the selection criteria and appointment procedures for Directors, (ii) periodically assess
the size and composition of the Board of Directors and make a proposal for a composition profile of the Non-
Executive Directors and (iii) draw up a plan for the succession of Directors.

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After consultation with the Remuneration and Appointment Committee, the Board of Directors concluded that a
succession plan for Executive Directors is unable to ensure, in the reality of corporate life, the timely
replacement of Executive Directors who stand down from their positions on or before the completion of their
mandate, when the composition of the Company’s shareholder structure is also taken into consideration.
It was decided that such documents can easily become abstract statements of principles, perhaps produced
with the help of expensive consultants, and often containing obvious recommendations for requirements of
ability, professionalism and integrity that persons performing these roles should necessarily possess, or
unhelpful, complicated procedures for the selection of ideal candidates.
The Board of Directors took this decision at its meeting on 12 March 2013 and, thereafter, when approving
subsequent reports, believing it to be preferable, from the point of view of good corporate governance, for the
Company not to incur expenses for activities that are of no clear benefit.
In addition, the Remuneration and Appointment Committee will not periodically assess the size and composition
of the Board of Directors and its committees.
Best practice provisions 2.2.6 and 2.2.7 of the DCGC (Board evaluation)
Pursuant to best practice provisions 2.2.6 and 2.2.7 of the DCGC, Non-Executive Directors should periodically
evaluate their own functioning, both individually and as a group, the functioning of the internal committees and
the functioning of the Executive Directors, both individually and as a group. In addition, the Executive Directors
should periodically evaluate their own function, both individually and as a group.
The Board of Directors held the view that the actual application of such assessments does not provide any
significant benefits. It appears somewhat unlikely that those carrying out a self-assessment would give a
negative opinion about the functioning of their own board, nor would they push for an opportunity to introduce
new professional profiles without implicitly admitting that the current Directors did not have the qualities needed
to carry out their duties.
Equally, the Board of Directors does not plan to entrust this assessment to a consultancy company, since this
would certainly not satisfy the need for third-party independent judgement but would generate a cost for the
Company.
The Board of Directors took this decision at its meeting on 12 March 2013 and, thereafter, when approving
subsequent reports, believing it to be preferable, from the point of view of good corporate governance, for the
Company not to incur expenses for activities that are of no clear benefit.
Best practice provisions 2.1.7 and 2.1.8 of the DCGC (Independent Directors)
Pursuant to best practice provisions 2.1.7 and 2.1.8 of the DCGC, at most one Non-Executive Director is not
required to meet the independence criteria as set out in the DCGC. In addition, for each shareholder, or group of
affiliated shareholders, who directly or indirectly holds more than ten percent of the shares in the Company,
there is at most one Non-Executive Director who may be affiliated with or representing such shareholder. In
total, the majority of the Non-Executive Directors should be independent.
The Non-Executive Directors have determined that five of the eight Non-Executive Directors qualify as
independent in accordance with the DCGC. It should be noted that:
- Luca Garavoglia and Alessandra Garavoglia do not qualify as independent, as they directly or indirectly
control the Company’s controlling shareholder Lagfin S.C.A., Société en Commandite par Actions which in
turn, as of 31 December 2024, holds 51.73% of the Company's shares and 82.58% of the voting rights. It is
believed, however, that the involvement of both Luca Garavoglia and Alessandra Garavoglia proves the
commitment of the entire Garavoglia family to participate in the Company with spirit of homogeneity and
compactness, in order to ensure continuity of control over the Company; and
- Eugenio Barcellona does not qualify as independent as he is a partner of a law firm that acts as advisor to
the Company. It is believed, however, that Eugenio Barcellona's deep knowledge of the Company as well as
his overall knowledge of laws and regulations make him a most valuable Non-Executive Director.
Principle 2.3.2 of the DCGC (Establishment of committees)
Pursuant to best practice provision 2.3.2 of the DCGC, if the Board of Directors has more than four Non-
Executive Directors, it shall appoint from among its members an audit committee, a remuneration committee
and a selection and appointment committee.
The Company has combined the roles of the remuneration committee and the selection and appointment
committee in one committee, the Remuneration and Appointment Committee. The Company feels that there
would be no benefits for the Company, given its size and its organizational structure, in splitting the
Remuneration and Appointment Committee as prescribed under the DCGC.
Principle 2.3.6 of the DCGC (Vice-chairman of the Board of Directors)
Pursuant to Article 18.1 of the Company’s Articles of Association, the Board of Directors may designate one or
more other Directors as vice-chairman of the Board of Directors.
The chairman of the supervisory board should in any case ensure that, inter alia:
i. the supervisory board has proper contact with the management board;
ii. there is sufficient time for deliberation and decision-making by the supervisory board;

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iii. the supervisory board members receive all information that is necessary for the proper performance of their
duties in a timely fashion;
iv. the supervisory board and its committees function properly;
v. the management board performs activities in respect of culture;
vi. the supervisory board is involved closely, and at an early stage, in any merger or acquisition processes.
The chairman of the supervisory board should consult regularly with the chairman of the management board.
As explained in the paragraph ‘Composition of Board of Directors’ of this Governance report, in occasion of the
Board of Directors’ meeting held on 17 September 2024, the Board appointed Jean-Marie Laborde as vice-
Chairman.
Principle 3.1.2 of DCGC (Remuneration policy)
The following aspects should in any event be taken into consideration when formulating the remuneration policy:
a) the objectives of the strategy for the implementation of sustainable long-term value creation within the
meaning of best practice provision 1.1.1;
b) the scenario analyses carried out in advance;
c) the pay ratios within the company and its affiliated enterprise;
d) the development of the market price of the shares;
e) an appropriate ratio between the variable and fixed remuneration components. The variable remuneration
component is linked to measurable performance criteria determined in advance, which are predominantly
long-term in character;
f) if shares are being awarded, the terms and conditions governing this; and
g) if share options are being awarded, the terms and conditions governing this and the terms and conditions
subject to which the share options can be exercised. In any case, share options cannot be exercised during
the first three years after they are awarded.
No performance criteria are applied to share options that the Company typically grant but, since there are
options vest five years after they are granted and all share options may be exercised in the two years following
the vesting of the right, the Company believes that the share options are long-term in character.
xiv. Disclosures pursuant to Decree Article 10 EU-Directive on Takeovers
In accordance with the Dutch Decree Article 10 Takeover Director (Besluit artikel 10 overnamerichtlijn, the
‘Decree’), the Company makes the following disclosures:
a) for information on the Company's capital structure, the types of shares (i.e., ordinary shares and special
voting shares), and related rights and obligations, and the issued share capital, please see the paragraph
‘Major Shareholders’ of this governance section;
b) to summarize, the rights attached to ordinary shares and Special Ordinary Shares comprise pre-emptive
rights upon the issue of ordinary shares (with the understanding that holders of Special Ordinary Shares will
be entitled to the issue of Special Ordinary Shares in lieu of ordinary shares), the right to attend General
Meetings and to speak and vote at such meetings and to resolve on the distribution of such amount of the
Company's profit as remains after allocation to the reserves and the payment of a dividend of 1% of the
amount paid on the special voting shares in accordance with the Articles of Association. For information on
the rights attached to the special voting shares reference is made to the Articles of Association and the SVS
Terms, which can both be found on the Company's website;
c) as of 31 December 2024, the issued share capital of the Company consisted of 1,231,267,738 ordinary
shares, representing approximately 64.91 percent of the aggregate issued share capital, and 665,718,342
special voting shares, representing approximately 35.09 percent of the aggregate issued share capital;
d) the Company has imposed no limitations on the transfer of ordinary shares. Article 13 of the Articles of
Association and the SVS Terms provide for transfer restrictions for special voting shares;
e) for information on participations in the Company’s capital for which a disclosure obligation exists under
Sections 5:34, 5:35 and 5:43 of the Dutch Financial Supervision Act (Wet op het financieel toezicht), please
see the paragraph ‘Major Shareholders’ of this governance section. There you will find a list of shareholders
who are known to the Company to have an interest of three percent or more at the stated date;
f) no special control rights or other rights accrue to shares in the capital of the Company other than the right of
holders of ordinary shares to receive special voting shares if and when the terms and conditions as set out in
Article 13.7 of the Articles of Association and the SVS Terms are met;
g) a mechanism for verifying compliance with a scheme allowing employees to subscribe for or to acquire
shares in the capital of the Company or a subsidiary if the employees do not arrange for such verification
directly is not applicable to the Company;
h) no restrictions apply to voting rights attached to shares in the capital of the Company, nor are there any
deadlines for exercising voting rights. The Articles of Association allow the Company to cooperate in the
issuance of registered depositary receipts for ordinary shares, but only pursuant to a resolution to that effect

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of the Board of Directors. The Company is not aware of any depository receipts having been issued for
shares in its capital;
i) the Company is not aware of the existence of any agreements with shareholders which may result in
restrictions on the transfer of shares or limitation of voting rights, except for the circumstance that, pursuant
to Lagfin S.C.A., Société en Commandite par Actiones’s articles of association, Lagfin S.C.A., Société en
Commandite par Actiones’s main corporate purpose is the holding and maintenance of a controlling stake in
the Company;
j) the rules governing the appointment and dismissal of Directors are stated in the Articles of Association of the
Company. Directors are appointed by the General Meeting. The Board of Directors nominates a candidate for
each vacant seat. A nomination by the Board of Directors will be binding as described above in the section
‘Board of Directors’. At a General Meeting, votes in respect of the appointment of a Director can only be cast
for candidates named in the agenda of the meeting or explanatory notes thereto. The term of office of
Directors may not exceed a maximum period of four years at a time. A Director who ceases office due to the
expiry of his office is immediately eligible for reappointment;
k) each Director may be suspended or removed by the General Meeting at any time. A resolution of the General
Meeting to suspend or remove a Director other than pursuant to a proposal by the Board of Directors
requires an absolute majority of the votes cast. An Executive Director may also be suspended by the Board
of Directors. A suspension by the Board of Directors may at any time be discontinued by the General
Meeting. Any suspension may be extended one or more times but may not last longer than three months in
the aggregate. If, at the end of that period, no decision has been taken on termination of the suspension or
on removal, the suspension will end;
l) pursuant to Article 40 of the Articles of Association, the General Meeting may pass a resolution to amend the
Articles of Association with an absolute majority of the votes cast, but only on a proposal of the Board of
Directors. Any such proposal must be stated in the notice of the General Meeting. In the event of a proposal
to the General Meeting to amend the Articles of Association, a copy of such proposal containing the verbatim
text of the proposed amendment will be deposited at the Company's office, for inspection by shareholders
and other persons entitled to attend the General Meeting, until the end of the meeting. Furthermore, a copy
of the proposal will be made available free of charge to shareholders and other persons entitled to attend the
General Meeting from the day it was deposited until the day of the meeting;
m) the general powers of the Board of Directors are stated in Article 17 of the Articles of Association and on 12
April 2022 each Executive Directors was granted a power of attorney to represent and act on behalf of the
Company. According to Article 6.1 of the Articles of Association, the Board of Directors will be the competent
corporate body to issue shares for a period of five years with effect from 27 November 2020. The Board of
Directors is also authorized to limit or exclude pre-emptive rights of shareholders when issuing ordinary
shares or granting rights to subscribe for ordinary shares, for the same term. After the five-year term, shares
may be issued pursuant to a resolution of the General Meeting unless the Board of Directors is designated to
do so by the General Meeting. Such designation can be made each time for a maximum period of five years
and can be extended each time for a maximum period of five years. A designation must determine the
number of shares of each class concerned which may be issued pursuant to a resolution of the Board of
Directors. A resolution of the General Meeting to designate the Board of Directors as the body of the
Company authorized to issue Shares can only be withdrawn at the proposal of the Board of Directors. The
body of the Company resolving to issue Shares must determine the issue price and the other conditions of
issuance in the resolution to issue;
n) after the five-year term, pre-emptive rights may be restricted or excluded by a resolution of the General
Meeting. However, with respect to an issue of ordinary shares pursuant to a resolution of the Board of
Directors, the pre-emptive rights can be restricted or excluded pursuant to a resolution of the Board of
Directors if and insofar as the Board of Directors is designated to do so by the General Meeting;
o) pursuant to Article 9 of Articles of Association, the Company is entitled to acquire fully paid-up shares in its
capital with due observance of the relevant statutory provisions. Acquisition of the Company's own shares for
valuable consideration is permitted only if the General Meeting has authorized the Board of Directors to do
so. Such authorisation will be valid for a period not exceeding eighteen months. The General Meeting must
determine in the authorisation the number of shares which may be acquired, the manner in which they may
be acquired and the limits within which the price must be set. The Board of Directors may, without
authorisation by the General Meeting, acquire its own shares for the purpose of transferring such shares to
employees of the Company or of a group company (groepsmaatschappij) under a scheme applicable to such
employees, provided such shares are listed on a stock exchange;
p) the Company is not a party to any significant agreements which will take effect, will be altered or will be
terminated upon a change of control of the Company as a result of a public offer within the meaning of
Section 5:70 of the Dutch Financial Supervision Act, provided that certain of the loan agreements entered
into by the Company contain clauses that, as is customary for financing agreements of similar type, may
require early repayment or termination in the event of a change of control of the Company;

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q) the Company did not enter into any agreement with a Director or employee of the Company providing for a
payment upon the termination of employment as a result of a public offer within the meaning of Article 5:70 of
the Dutch Financial Supervision Act.
xv. Report of the Non-Executive Directors
Below is provided the report of the Non-Executive Directors of the Company for the financial year 2024, as
referred to in best practice provision 5.1.5 of the DCGC.
- Supervision by the Non-Executive Directors
The Non-Executive Directors are in charge of supervising the policies implemented by the Executive Directors
and the general affairs of the Company and its affiliated enterprise, including the deployment of the strategy of
the Company regarding long-term value creation.
The Non-Executive Directors contribute in creating sustainable long-term value by:
a) regular discussions on strategic matters with the Executive Directors during meetings of the Board of
Directors, including, potential acquisitions and disposals, extraordinary transactions, financing operations,
yearly budgets and long-term business plans and the annual, half yearly and quarterly financial reports;
b) monitoring progress on the global sustainability strategy and approving the Non-Financial Declaration
contained in the annual report and the sustainability report;
c) in their quality as members of the Control, Risks and Sustainability Committee, they regularly examine the
ESG matters including sustainability, diversity and climate implications addressing relevant actions in the
Sustainability report accordingly. Campari Group’s global sustainability strategy includes medium and long-
term environmental targets, the global strategy on responsible consumption, the global framework on
diversity, equity and inclusion and long-term commitments;
d) approving the contents of the remuneration policy taking into account the criteria detailed in the remuneration
report.
The Non-Executive Directors have dealt with the mergers and acquisitions transactions carried out by the
Campari Group, by giving a significant contribution to the decisional process leading to the approval of such
transactions. The Board of Directors in 2024 approved a major acquisition: Courvoisier. The Non-Executive
Directors had relevant and regular updates during the entire project and contributed to the process. The
mergers and acquisitions transactions, in line with the external growth strategy of the Campari Group, have the
specific purpose to create long-term value. Details are available in the corporate website.
- Committees
The Board of Directors has allocated certain specific responsibilities to the Control, Risks and Sustainability
Committee and the Remuneration and Appointment Committee. In doing so, the Non-Executive Directors have
also focused on the effectiveness of the Company’s internal risk management and control systems, the integrity
and quality of the financial and Sustainability statement and the risks associated. Further details on how these
Committees have carried out their duties are set forth in the sections ‘Control, Risks and Sustainability
Committee’ and ‘Remuneration and Appointment Committee’. The Non-Executive Directors have been regularly
informed by each committee of the results and recommendations of these meetings in accordance with best
practice provision 2.3.5 of the DCGC, and the conclusions of those committees were taken into account when
drafting this report of the Non-Executive Directors.
- Control, Risks and Sustainability Committee
During 2024, the Control, Risks and Sustainability Committee:
a) assessed and expressed opinions on corporate risks brought to its attention by the Internal Audit function;
b) met the external auditor to verify the financial audit activities carried out ensuring a regular flow of information
among the Internal Audit function, the Control, Risks and Sustainability Committee and the external auditor;
c) as to sustainability matters, assessed Campari Group’s sustainability strategy examining the non-financial
report as well as the report concerning the quality, health, safety, and environmental aspects of all Campari
Group’s production plants;
d) examined the audit results on co-manufacturing services provided to Campari Mexico S.A.;
e) examined the audit results on commercial function of Campari Argentina S.A.;
f) examined the audit results on Channel&Customer Marketing Function of J. Wray&Nephew Ltd;
g) examined the audit results on Supply Chain Function of Campari Australia PTY Ltd.;
h) examined the audit results on IT/Cybersecurity;
i) examined the audit results on J. Wray&Nephew Limited-Credit Management;
j) examined the audit results on J. Wray&Nephew Limited-Sustainability Indicators;
k) examined the Physical Count Program regarding the warehouses of finished products;
l) examined the raising risk in Campari Mexico S.A. de C.V.;
m) examined the audit results on the Arandas plant expansion in Campari Mexico S.A. de C.V.;

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Campari Group annual report for the year ended 31 December 2024

n) examined the audit results on Campari Mexico S.A. de C.V.-Sustainability Indicators;
o) examined the audit results on Campari Mexico S.A. de C.V.-Security;
p) examined the audit results on Financial Statements of Trans Beverage Co. Ltd.;
q) examined the audit results on the PTP Project in Campari India Pvt Ltd.; examined the audit results on the
sustainability area in Glen Grant Ltd.;
r) examined the audit results on Campari Singapore PTE Ltd.;
s) examined the audit results on performance using drone count in Novi Ligure Plant;
t) examined the audit results on Global Travel Retail;
u) examined the procedure in case of parallel importation;
v) examined the assessment on Corporate Criminal Liability;
w) examined the Segregation of Duties and IT general controls;
x) examined the audit results on ingredients;
y) examined the Tax Control Framework Implementation;
z) examined the controls carried out over 2023 pursuant to Law No. 262 of 28 December 2005 and about the
results of both data analytics controls, as well as manual controls;
aa) examined the progress made in implementing the Internal Audit recommendations;
ab) examined the results of investigations regarding the Campari Safe Line;
ac) examined the annual audit plan;
ad) approved the services other than statutory audit provided by the external auditor;
ae) examined and approved the annual report of the Data Protection Officer;
af) met with the Sustainability and Consolidated IFRS and CSRD Reporting teams, to examine the essential
topics reported in the Sustainability statement with specific focus on the internal control system over ESG
information;
ag) examined the Group Double Materiality process and results;
ah) examined the audit results on the renovation of the Campari UK headquarter;
ai) examined the audit results on agave procurement process;
aj) examined the audit results on Supply Chain Function of Campari do Brasil Ltda;
ak) examined the audit results on sustainability area on Sesto San Giovanni headquarters and Canale plant;
al) examined the 2024 Annual Report with external auditor EY;
am) examined the audit results on Fraud Risk Assessment;
an) examined IA’s New Global Internal Audit Standards: GAP analysis and ESG impact.
The Non-Executive Directors have also examined the half year report reviewed by the Control, Risks and
Sustainability Committee then approved by the Board of Directors.
During 2024, 10 meetings of the Control, Risks and Sustainability Committee took place with the attendance
details provided in the Table below.
- Remuneration and Appointment Committee
The main activities carried out by the Remuneration and Appointment Committee during 2024 were as follows:
a) evaluation and approval of the proposal regarding the remuneration report;
b) examination of the corporate governance report pursuant to applicable law;
c) determination of the variable remuneration for the Executive Directors as per the applicable STI 2023
targets;
d) determination of the STI 2024 targets and base amounts for the Executive Directors;
e) approval of the proposal to grant PSU and RSU in favour of specific beneficiaries;
f) approval of Bob Kunze-Concewitz’s LMI payout;
g) approval of Paolo Marchesini’s LMI;
h) approval of Matteo Fantacchiotti’s remuneration package;
i) approval of a long-term incentive plan for the members of the leadership team;
j) approval of a long-term incentive plan for selected employees;
k) approval of the severance amount in connection with the resignation of Matteo Fantacchiotti;
l) approval of the interim appointment as co-CEOs of Paolo Marchesini and Fabio Di Fede;
m) discussion on the succession plan of the CEO;
n) approva l of Simon Hunt as new CEO nominee.
Two meetings of the Remuneration and Appointment Committee were held during the year, with details of
attendance shown in the table below; taking into account the convening of extraordinary meetings of the Board
of Directors, the Committee members also discussed and agreed on certain matters by correspondence, rather
than at convened meetings.
The Non-Executive Directors also examined the yearly report prepared by the Remuneration and Appointment
Committee then approved by the Board of Directors. The Non-Executive Directors were able to review and
evaluate the performance of the Remuneration and Appointment Committee. There is no need to amend the
size or composition of the Remuneration and Appointment Committee.

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Campari Group annual report for the year ended 31 December 2024

The chairman of the Remuneration and Appointment Committee reports once a year to the Board of Directors
on activities carried out, when the annual financial statements are approved. It considers that this frequency is
preferable to providing an update at the first appropriate meeting, except in cases of particular importance and/
or urgency.
Internal Audit Function
The Company has a separate department for the internal audit function and the Board of Directors appoints the
Head of Internal Audit. The main activities carried out by the Internal Audit function during 2024 were as follows:
a) a udit on co-manufacturing services provided to Campari Mexico S.A.;
b) audit on commercial function of Campari Argentina S.A.;
c) audit on Channel&Customer Marketing Function (‘CCM’) of J. Wray&Nephew Ltd;
d) audit on Supply Chain Function of Campari Australia PTY Ltd.;
e) audit on IT/Cybersecurity;
f) audit on J. Wray&Nephew Limited-Credit Management;
g) audit on J. Wray&Nephew Limited-Sustainability Indicators; audit on Physical Count Program regarding the
finished products warehouses;
h) audit on Campari Mexico S.A. de C.V.-rising risk;
i) audit on Campari Mexico S.A. de C.V.-Arandas Plant expansion;
j) audit on Campari Mexico S.A. de C.V.-Sustainability Indicators;
k) audit on Campari Mexico S.A. de C.V.-Security;
l) audit on Glen Grant Ltd.-Sustainability Area;
m) audit on Campari Singapore PTE Ltd.;
n) audit on drone count in Novi Ligure Plant;
o) audit on Financial Statements of Trans Beverage Co. Ltd;
p) audit on the PTP Project in Campari India Pvt Ltd.;
q) audit on Global Travel Retail;
r) audit on ingredients;
s) audit o n Campari Safe Line.
Independence of the Non-Executive Directors
Each Non-Executive Director owes a duty to the Company to properly perform the duties assigned to each
Director and to act in the Company's corporate interest. Under Dutch law, the Company's corporate interest
extends to the interests of all its stakeholders, including its shareholders, creditors and employees.
Pursuant to best practice provisions 2.1.7 and 2.1.8 of the DCGC, at most one Non-Executive Director does not
have to meet the independence criteria as set out in the DCGC. In addition, for each shareholder, or group of
affiliated shareholders, who directly or indirectly hold more than ten percent of the shares in the Company, there
is at most one Non-Executive Director who may be affiliated with or representing such shareholder. In total, the
majority of the Non-Executive Directors should be independent.
The Non-Executive Directors have determined that five of the eight Non-Executive Directors qualify as
independent in accordance with the DCGC. Please see the paragraph ‘Compliance with the DCGC’ of this
governance section for further information.

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Campari Group annual report for the year ended 31 December 2024

Composition of the Board of Directors and the committees on 31 December 2024

Board of Directors | Control, Risks and Sustainability Committee | Remuneration and Appointment Committee
Member and principal position | Nationality | Date of first appointment | In office since | In office until the end of the annual General Meeting in | Gender | Independent according to DCGC | % attendance at meetings | Member | Attendance % at meetings | Member | Attendance % at meetings
Luca Garavoglia (Chairman and Non-Executive Director) | Swiss | 19 September 1994 | 12 April 2022 | 2025 | M | no | 100% |  |  |  |
Paolo Marchesini (Executive Director) | Italian | 10 May 2004 | 12 April 2022 | 2025 | M | no | 100% |  |  |  |
Fabio Di Fede (Executive Director) | Italian | 16 April 2019 | 12 April 2022 | 2025 | M | no | 100% |  |  |  |
Robert Kunze-Concewitz (Non-Executive Director) | Austrian | 11 April 2024 | 11 April 2024 | 2025 | M | no | 100% |  |  |  |
Emmanuel Babeau (Non-Executive Director) | French | 12 April 2022 | 12 April 2022 | 2025 | M | yes | 88.9% |  |  | X | 100%
Eugenio Barcellona (Non-Executive Director) | Italian | 24 April 2007 | 12 April 2022 | 2025 | M | no | 88.9% | X | 90% | X | 100%
Alessandra Garavoglia (Non-Executive Director) | Italian | 16 April 2019 | 12 April 2022 | 2025 | F | no | 88.9% |  |  |  |
Margareth Henriquez (Non-Executive Director) | Dutch | 12 April 2022 | 12 April 2022 | 2025 | F | yes | 77.8% |  |  |  |
Jean-Marie Laborde (Non-Executive Director) | French | 12 April 2022 | 12 April 2022 | 2025 | M | yes | 100% | X | 100% |  |
Christophe Navarre (Non-Executive Director) | Belgian | 12 April 2022 | 12 April 2022 | 2025 | M | yes | 66.7% |  |  | X | 100%
Lisa Vascellari Dal Fiol (Non-Executive Director) | Italian | 12 April 2022 | 12 April 2022 | 2025 | F | yes | 100% | X | 100% |  |
Number of meetings held | Board of Directors: 9 | Control, Risks and Sustainability Committee: 10 | Remuneration and Appointment Committee: 2

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Campari Group annual report for the year ended 31 December 2024

Remuneration report
i. Introduction
The Company’s remuneration structure aspires to support Campari’s stated mission, vision and strategy while
motivating, retaining, and attracting world-class talent. It aims to reinforce and support the Group’s key strategic
drivers in both the short and long term, the achievement of which will support sustainable, long-term value
creation for all stakeholders.
As described below, the Executive Directors’ remuneration consists of a fixed component and a variable
component such as: (i) the base salary (fixed component); (ii) the short-term incentive (variable component);
and (iii) the long-term incentive (variable component), while the Non-Executive Directors’ remuneration consists
of a single fixed annual component in cash.
The base salary reflects the individual's experience, skills, duties, responsibilities, and contribution to the
Company. The short-term incentive motivates Executive Directors to meet annual Group performance targets,
while the long-term incentive, which vests over three years, forms a significant part of total remuneration and
promotes substantial share ownership, encouraging the Executive Directors to act as stewards and
ambassadors of the Company.
The achievement against individual financial targets, as set for by the Board of Directors, resulted in a
performance of 95.6%, at aggregate level, based on 2024 results. As a direct consequence, the Company short-
term incentive pay out for 2024 was below the base amount as well.
The remuneration report provided below summarizes the guidelines and the principles followed by the Company
in order to define and implement the remuneration policy applicable to the Executive Directors and the Non-
Executive Directors of the Company. In addition, the remuneration report provides the remuneration paid to
these individuals for the year ended 31 December 2024.
ii. Remuneration policy
The General Meeting adopted the remuneration policy for the Executive Directors and the Non-Executive
Directors on 11 April 2024 (the ‘Remuneration Policy’). The objective of the Remuneration Policy for the
Executive Directors is to attract, reward and retain the necessary leadership talent in order to support the
execution of the Company's strategic objectives, whilst for the Non-Executive Directors the Remuneration Policy
aims at rewarding them appropriately for their work based on market competitive fee levels.
The authority to establish remuneration is vested in the Board of Directors, with due observance of the
Remuneration Policy, whereby the Executive Directors may not participate in the deliberations and decision-
making with respect to the remuneration of the Executive Directors. The Remuneration and Appointment
Committee of the Board of Directors oversees the Remuneration Policy and prepares decisions for the Board of
Directors with respect to the Remuneration Policy and the application thereof in individual situations.
In line with Section 2:135a subsection 2 of the Dutch Civil Code, the Remuneration Policy must be submitted to
the General Meeting in case of any amendments and at least every four years; the new remuneration policy has
been submitted in occasion of the Annual General Meeting held on 11 April 2024. The Remuneration and
Appointment Committee has reviewed the current Remuneration Policy and updated the incentives based on a
long-term view. The remuneration policy approved at the Annual General Meeting on 11 April 2024 introduces a
revised long-term incentive structure: Stock Options have been replaced by Restricted Stock Units ('RSUs') and
Performance Stock Units ('PSUs'). Additionally, the Last Mile Incentive ('LMI') scheme has been updated to
allow eligible Executive Directors to receive LMI grants through a PSU-based incentive plan. The updated policy
also reflects investor support for PSUs (refer to the following section for more detailed information).
Upon recommendation of the Remuneration and Appointment Committee, the amendment proposed to the
remuneration policy reflect the inclusion of interim annual targets related to the cost containment program
initiated in 2025 with the aim to achieve 200 basis points containment over the next three years.
iii. Composition of Board of Directors
On 12 April 2022, the General Meeting (re)appointed the Directors for a three-year period until the end of the
General Meeting to be held in 2025.

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Campari Group annual report for the year ended 31 December 2024

Robert Kunze-Concewitz retired from his role effective as of the annual General Meeting of 11 April 2024, after
having informed the Board of Directors in September 2023. In accordance with the Campari Group’s succession
planning process, the Board of Directors, after consultation with the Remuneration and Appointment Committee
had selected Matteo Fantacchiotti, Managing Director Asia Pacific, as the new Chief Executive officer nominee.
Matteo Fantacchiotti has been appointed Deputy Chief Executive officer, until his actual nomination as CEO of
the Company and Executive Director, which happened during the Annual General Meeting held on 11 April
2024. After retiring, Robert Kunze-Concewitz became Non-Executive Director of the Company. During the
meeting of the Board of Directors held on 17 September 2024, Matteo Fantacchiotti resigned as Executive
Director and Chief Executive Officer of the Company, effective immediately. In the same occasion the Executive
Directors Paolo Marchesini and Fabio Di Fede were appointed as ad interim co-Chief Executive officer and the
Non-Executive Director Jean-Marie Laborde was appointed as Vice-Chairman of the Board of Directors. Paolo
Marchesini and Fabio Di Fede were also appointed as executive members of a Leadership Transition
Committee, chaired by Robert Kunze-Concewitz (non-executive Director); such Committee, together with the
Remuneration and Appointment Committee, has been responsible for the identification of the new Chief
Executive Officer, to be proposed to the Board of Directors. On 4 December 2024 the Board of Directors
announced that Simon Hunt had been selected as the nominee for Chief Executive Officer of Campari Group.
The selection was the result of a thorough assessment of both internal and external candidates by the
Remuneration and Appointment Committee, the Leadership Transition Committee and the Board of Directors. In
accordance with Dutch law, the Board of Directors has resolved to call an ad hoc General Meeting on 15
January 2025 which appointed Simon Hunt as Executive Director of Davide Campari-Milano N.V..
2024 highlights of the Group
For the year ended 31 December 2024 Campari Group performance please refer to the 'Group financial review'
in this Management board report.
Shareholder vote
This remuneration report will be submitted to the Annual General Meeting in 2025 for an advisory vote.
iv. Remuneration for Board of Directors
Remuneration principles
Executive Directors
In line with the key objective of achieving the most effective combination of ‘profitability’ and ‘sustainability’ in the
long term, the Company adopts an Executive Directors’ remuneration policy aimed at supporting sustainable
growth strategies oriented towards the long term: this is considered of fundamental importance in the
Company’s reference market (the global premium spirits market), where the strength of the brands, built through
sustainable long-term brand building strategies consistently and patiently deployed over time, is the primary
source of the achievement of a long-term competitive advantage.
The Remuneration Policy is designed not only to ensure fair compensation for the Executive Directors but also
to retain them effectively. This retention is deemed crucial for fostering successful management cycles, aligning
with the overarching goal of achieving maximum sustainable profitability in the long term.
Although the Company reviews remuneration policies of comparable size and economic performance as a
useful tool to understand its competitive position on the job offer market and attract high level human capital, it
pursues its remuneration policies independently and such policies are not benchmarked against a group of
peers.
The components of the remuneration applicable to the Executive Directors consist of (i) base salary, (ii) short-
term incentive, (iii) long-term incentive and (iv) other benefits.
Over the last 5 years the average relative proportion of the Executive Directors’ remuneration components is as
follows:
- fixed remuneration: ~29%;
- short-term incentive: ~37%;
- long term-incentive: ~33%.
1 The average increase is defined with reference to Executive Directors in charge at 31 December 2024 and who have been in office for at least the last 5 years.

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Campari Group annual report for the year ended 31 December 2024

Fixed component
Base salary
The base salary compensates for the individual’s experience, skills, duties, responsibilities and the contribution
of the individual within the Company. The base salary of each Executive Director is a fixed compensation.
Each year, the Remuneration and Appointment Committee reviews the base salaries and decides whether
circumstances justify adjustments. In considering base salary increases, the Remuneration and Appointment
Committee uses as reference the nature and responsibility of the role and the progressive increase of the
Executive Directors duties along with the Company growth, individual and business performance, as well as the
prospective ability of Executive Directors to create value and contribute to the long-term objectives of the
Company. Over the last 5 years, the compound annual growth rate of the Executive Directors’ base salary is
about 2.2% 1. Thus, such minor increase in the base salary component was inferior to the proportional increase
of the Group's business performance.
All Executive Directors are beneficiaries of a directors’ and officers’ liability insurance policy at market conditions
for this type of coverage. The insurance policy covers losses resulting from claims made against the Directors
for wrongful acts committed in their respective functions and for which they have not been recognized
accountable.
Other benefits
Executive Directors are also entitled to other benefits such as car benefit; ticket restaurant; supplementary
pension funds, and medical, life and accident insurance.
Variable components
Short-term incentive
The short-term incentive (‘STI’) aims to ensure that the Executive Directors are well incentivized to achieve the
Group performance targets in the shorter-term. At the beginning of each year, the Remuneration and
Appointment Committee proposes to the Board of Directors target ranges for the Executive Directors, based on
the Group’s budget. At the end of the year, the Remuneration and Appointment Committee reviews the Group
performance against the target ranges, based on the Company’s financial statements, as audited by the
external auditor.
Executive Directors are eligible for the short-term incentive only if at least 90% of the targets are achieved. The
minimum short-term incentive payout, in such case, is equal to 70% of base salary, with the maximum incentive
payout capped at 180% of base salary (if 120% or more of the targets are achieved). If 100% of the targets are
achieved, the STI payout is equal to the bonus base amount set by the Board of Directors on the basis of a
proposal from the Remuneration and Appointment Committee.
The Remuneration and Appointment Committee each year selects and proposes to the Board of Directors the
financial performance measures and determines their relative weights. To support the Company’s strategic
objective growth in an organic and sustainable way and to focus on profitable growth segments, such
performance measures are typically: profit (target A, usually weighing 40%); marginality (target B, usually
weighing 40%); and operating working capital (target C, usually weighing 20%).
- Target A identifies Campari Group’s consolidated EBIT target. The achievement of the target is verified
comparing the actual EBIT (at constant perimeter and exchange rates and normalized to exclude non-
recurring items) with the EBIT target.
- Target B identifies Campari Group’s margin target (i.e., the ratio of the consolidated EBIT to the consolidated
net sales) adjusted to account for advertising and promotion investment. In fact, in case advertising and
promotion investment weigh less than expected (under a certain threshold), then the effective marginality will
be adjusted downwards with the consequence of a minor target payout.
- Target C identifies the weight in percentage of the net operating working capital on Campari Group’s
consolidated net sales.
Targets are structured in a way that they cannot be achieved through short-term management decisions that in
the long term are likely to compromise brand strength (such as cutting and/or reducing advertising investment)
or to compromise the sustainability of a long-term growth (such as non-physiological changes in operating
working capital). Accordingly, the short-term incentive contributes to the Company’s strategy and its long-term
interests.
1 Directive (EU) 2017/828 of the European Parliament and of the Council of 17 May 2017 amending Directive 2007/36/EC as regards the encouragement of long-
term shareholder engagement (Official Journal of the European Union 2017, L 132).

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Campari Group annual report for the year ended 31 December 2024

The adjustment factor of Operating Leverage Ratio (‘OLR’) is applied to the results of the Financial Objectives
and it may increase or decrease the payout based on the level of its achievement. It allows to measure
sustainable growth by linking the margin to the expenses operated to generate such margin. It is calculated as
the ratio of the Contribution After Advertising and Promotional expenses (‘CAAP’) to the Selling, General and
Administrative expenses.
If the short-term incentive targets are met, the short-term incentive is paid the year following the relevant
performance period, once the predetermined performance objectives are verified.
Long-term incentive
The long-term incentive aims to provide incentives for the Executive Directors to achieve growth results in the
medium and long term and align their interests with the pursuit of the priority objective of sustainable creation of
value for shareholders.
Until 2023, the long-term incentive was granted to the Executive Directors through the participation to stock
options plans approved by the General Meeting for a large number of beneficiaries, usually every two years,
under the same conditions. The assignment of share options was governed by the ‘Regulation for the
assignment of share options’ approved by the Remuneration and Appointment Committee, based on a mandate
from the Board of Directors dated 13 May 2014, as subsequently modified, and amended. Such regulation
(which is available on the website www.camparigroup.com) sets out the general terms and principles that will
continue to apply to the outstanding stock options.
On 11 April 2024 the Annual General Meeting adopted a new remuneration policy and, consequently, a new
long-term variable incentive ('LTI') for the leadership team’s member. The new LTI consists of a share-based
incentive, combining RSUs and PSUs, the latter conditional upon the achievement of a financial target (relative
total shareholder return) and a sustainability target (renewable energy). Among the others, such equity-based
award will aim at further aligning the Executive Directors’ commitment to sustainable long-term value creation
with shareholders’ interests and with the Campari Group’s sustainability agenda, following the implementation of
the revised EU Shareholder Rights Directive 1. Such equity-based award will aim to align the Executive Directors’
interests with shareholders’ interests, by providing the Executive Director the opportunity to benefit from long-
term success by acquiring a proprietary interest in the Company.
Last mile incentive
The Remuneration Policy provides that Chief Executive Officers who have provided the Company with
extraordinary value during a long-standing managerial period of at least 10 years are eligible for an additional
last mile incentive should certain additional financial and operational objectives over the last years of their term
be achieved. In particular a Last Mile Incentive plan was approved in 2024 for the Chief Financial and Operating
Officer (‘CFOO’), with the purpose to reward the CFOO, who has provided the Company with extraordinary
value during a long-standing managerial period, and to ensure his retention over the long-term. The CFOO will
be awarded a right to receive for free a number of Campari shares, subject to his continued directorship
relationship during a vesting period of 8 years and the achievement of certain performance targets: (i) the
uninterrupted directorship relationship with the Company until the vesting date under the terms and conditions
set forth in the plan rules; and (ii) the achievement of at least one of the envisaged key performance indicators
stated in the plan agreement. In particular, one of the key performance indicators is ESG related and it is based
on the quantity of renewable electricity supplied in the Group's production sites starting from full year 2024 to full
year 2031.
Scenario analysis
On an annual basis, the Non-Executive Directors, upon proposal of the Remuneration and Appointment
Committee, examine the relationship between the performance criteria chosen and the possible outcomes for
the Executive Directors’ variable remuneration (scenario analysis). Also, by taking into account the scenario
analysis, the Company has decided to propose the 2024 Annual General Meeting to replace the stock options
with the most commonly used RSUs and PSUs as mentioned above.
As at the date of this Report, the Non-Executive Directors believe the Remuneration Policy has proven effective
in terms of establishing a correlation between the Group’s strategic goals and the selected performance criteria.
The main key performance criteria related to the payout curve of the variable remuneration (such as: (i) the
consolidated operating profit target; (ii) the ratio between the consolidated operating income and consolidated
net sales, adjusted for advertising expenses; (iii) the operating net working capital as a percentage of
1 All remuneration was borne by the Company.

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Campari Group annual report for the year ended 31 December 2024

consolidated net sales; (iv) the Relative TSR; and (v) renewable energy adoption), still support both the Group’s
business strategy and value creation for shareholders and other stakeholders.
Non-Executive Directors
The remuneration of the Non-Executive Directors consists of a fixed annual component in cash, equal to
€50,000.
Non-Executive Directors who are also a member of a committee receive an additional remuneration. The chair
and each other member of the Remuneration Committee receive an additional amount of €12,500 and the chair
and each other member of the Control, Risk and Sustainability Committee receive an additional amount of
€25,000.
The Non-Executive Directors do not receive any performance-related compensation or shares. Non-Executive
Directors who hold shares in the Company have a long-term investment perspective and adhere to the
Company’s internal dealing policy.
All Non-Executive Directors are beneficiaries of the same D&O insurance policy as the Executive Directors.
2024 remuneration
The actual remuneration of the Board of Directors over the financial year ended 31 December 2024 has been
determined by the Board of Directors and is reflected in the tables below
Executive Directors
Remuneration of Executive Directors during the year shown by each pay component (in €) 1.

Director, Position, Year | fixed remuneration | variable remuneration | total remuneration | of which
wages | fees | others benefits(1) | short-term incentive(2) | long-term incentive(3) | last mile incentive | fixed | variable
Robert Kunze‑Concewitz | 2024 | - | 343,250 | 18,362 | - | 325,300 (4) | - | 686,912 | 361,612 (53% of total remuneration) | 325,200 (47% of total remuneration)
Chief Executive Officer and Executive Director
2023 | - | 1,085,000 | 18,362 | 2,097,662 | 1.042.929 | - | 4,243,953 | 1,103,362 (26% of total remuneration) | 3,140,591 (74% of total remuneration)
Matteo Fantacchiotti | 2024 | 340,377 | 322,286 | 3,624,384(5) | - | - | - | 4,287,047 | 4,287,047 | -
Chief Executive Officer and Executive Director
Paolo Marchesini | 2024 | 124,054 | 633,833 | 54,840 | 1,194,803 | 1,260,082 | 2,526,140(6) | 5,793,752 | 812,728 (14% of total remuneration) | 4,981,025 (86% of total remuneration)
Chief Financial and Operating Officer, Executive Director and interim co-CEO
2023 | 123,689 | 590,000 | 22,443 | 1,498,330 | 969,982 | - | 3,204,444 | 736,132 (23% of total remuneration) | 2,468,312 (77% of total remuneration)
Fabio Di Fede | 2024 | 551,077 | 50,000 | 89,295 | 1,194,803 | 1,211,372 | - | 3,096,547 | 690,372 (22% of total remuneration) | 2,406,175 (78% of total remuneration)
Chief Legal and M&A Officer, Executive Director and interim co-CEO
2023 | 472,554 | 50,000 | 53,764 | 1,378,463 | 969,982 | - | 2,924,763 | 576,318 (20% of total remuneration) | 2,348,445 (80% of total remuneration)

(1)‘Other benefits’ includes: car benefit; ticket restaurant; supplementary pension funds, and medical, life and accident insurance.
(2)In line with market practice the indicated short-term incentive amount is based on the targets achieved with reference to the last financial year ended; the
short-term incentive 2024 will be paid in 2025.
(3)The long-term incentive component in 2024 included values corresponding to the fair value of the PSUs and RSUs granted under the schemes approved at
the 2024 Annual General Meeting, which were unavailable as of 31 December 2024, as well as a component related to share options measured with the fair
value of the outstanding relevant share option plans accruing in fiscal year 2024, both under IFRS.
(4)The long-term incentive item included the values related to the stock options scheme assigned in previous years.
(5)This amount encompasses both the fees associated with onboarding incentives and the compensation related to the final and definitive termination agreement
of the relationship, for a total of €3.5 million.
(6)Please note that, in 2024, the non-cash amount of €2.5 million has been set aside under selling, general and administrative expenses as non-recurring last
mile long-term incentive (‘LMI’) schemes with retention purposes, to be potentially recognized to Paolo Marchesini. The amount accrued and not paid
corresponded to the fair value of the PSUs assigned under scheme approved at the 2024 Annual General Meeting, which were unavailable as of 31 December
2024.

Governance | 223

Campari Group annual report for the year ended 31 December 2024

To determine the Executive Directors’ short-term (annual) performance remuneration in respect of the 2024 year
(paid in 2025), the Remuneration and Appointment Committee selected and proposed to the Board of Directors
the following metrics as performed by the Executive Directors in 2024 for payment in 2025.

| bandwidth payout level |  |  |
Target | weight | minimum payout | on-target payout | maximum payout | payout gate | actual performance (1) | payout | weighted payout
Target A | 40% | 70% | 100% | 180% | 90% | 91.7% | 75.1% | 30.0%
Target B | 40% | 70% | 100% | 180% | 90% | 97.8% | 93.4% | 37.4%
Target C | 20% | 70% | 100% | 180% | 90% | 110.2% | 140.8% | 28.2%
Total |  |  |  |  |  |  |  | 95.6%
OLR ratio (adj. Factor) |  |  |  |  |  | 99.7% | 100.0% | -%
Total Payout level | 100% | 95.6% of on-target level + 0% ORL Adj. = 95.6%

(1)Targets are based on the Group’s business plan which contains confidential information, therefore actual targets are not public.
Based on the criteria approved by the Board of Directors, the three targets have a weight of: 40% profit (EBIT),
40% marginality (EBIT margin), and 20% operating working capital.
The Operating Leverage Ratio ('OLR') is a ratio of the Contribution After Advertising and Promotional expenses
('CAAP') to the Selling, General and Administrative expenses. This correlation allows to measure sustainable
growth by linking the margin to the expenses operated to generate such margin.
Since the base amounts of the STI 2024 were set to the following extent: (i) €1,250,000 for the co-Chief
Executive officer and Chief Financial and Operating Officer Paolo Marchesini; and (ii) €1,250,000 for the co-
Chief Executive officer and general Counsel and M&A Officer Fabio Di Fede, the STI bonuses accrued by the
Executive Directors amounted to €1,194,803 in favour of Paolo Marchesini, and €1,194,803 in favour of Fabio Di
Fede.
Non-Executive Directors
Remuneration of Non-Executive Directors during the year shown (in €)

Director, Position | fixed remuneration 2024 | committee remuneration 2024 | total remuneration 2024 (1) | total remuneration 2023
Luca Garavoglia Non-Executive Director and Chairman | 50,000 | - | 50,000 | 50,000
Robert Kunze-Concewitz Non-Executive Director | 35,833 | - | 35,833 | -
Eugenio Barcellona Non-Executive Director and member of the Control, Risk and Sustainability Committee and the Remuneration and Appointment Committee | 50,000 | 37,500 | 87,500 | 87,500
Alessandra Garavoglia Non-Executive Director | 50,000 | - | 50,000 | 50,000
Emmanuel Babeau Non-Executive Director and member of the Remuneration and Appointment Committee | 50,000 | 12,500 | 62,500 | 62,500
Margareth Henriquez Non-Executive Director | 50,000 | - | 50,000 | 50,000
Jean-Marie Laborde Non-Executive Director and member of the Control, Risk and Sustainability Committee | 116,997(3) | 25,000 | 141,667 | 75,000
Christophe Navarre Non-Executive Director and member of the Remuneration and Appointment | 50,000 | 12,500 | 62,500 | 62,500
Lisa Vascellari Dal Fiol Non-Executive Director, member of the Control, Risk and Sustainability Committee and member of the Supervisory Body (‘Organismo di Vigilanza’) | 50,000 | 25,000 | 82,500(2) | 82,500(2)

(1)All remuneration was borne by the Company.
(2)Including €7,500 as member of the Supervisory Body - ‘Organismo di Vigilanza’
(3)Including €66,667 pro-quota compensation for the role of Vice-Chairman of the Board of Directors as per Board of Directors approval.
Please note that the Shareholders' Meeting held on 12 April 2022 approved the renewal of the Board of
Directors of the Company. The Board of Directors, during the meetings held on 23 February 2022 and on 12
April 2022, approved to grant a remuneration to each Director equal to €50,000, a remuneration to each
member of the Control and Risks Committee equal to €25,000 and a remuneration to each member of the
Remuneration and Appointment Committee equal to €12,500.

Governance | 224

CAMPARI GROUP ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER, 2024

Share-based remuneration
The Company has a number of stock option plans, performance stock unit plans and restricted stock unit plans in place. The purpose of these plans is to offer
beneficiaries holding key positions in the Group the opportunity of owning shares in the Company, thereby aligning their interests with those of other shareholders and
fostering loyalty, in the context of the strategic goals to be achieved.
The following table gives an overview of the outstanding stock options provided to Executive Directors

Director, Position | main conditions of share option plans | information regarding 2024
opening balance | during the year 2024 | closing balance
plan | performance period(1) | award date (dd/ mm/yyyy) | vesting start date (dd/mm/ yyyy) | end exercise period (dd/mm/ yyyy) | exercise price | share options on 1 January 2024 | share options awarded | share options vested | share options subject to performance condition | share options awarded and unvested | share options vested and unexercised
Robert Kunze- Concewitz Chief Executive Officer and Executive Director | Plan 2018 | - | 09/05/2018 | 10/05/2023 | 09/05/2025 | €6.25 | 866,195 | - | - | not applicable | - | 866,195
Plan 2020 | - | 08/04/2020 | 08/04/2025 | 07/04/2027 | €6.41 | 1,092,043 | - | - | not applicable | 876,028(3) | -
Plan 2022 | - | 12/04/2022 | 13/04/2027 | 12/04/2029 | €10.29 | 777,453 | - | - | not applicable | 310,811(3) | -
Paolo Marchesini Chief Financial and Operating Officer, Executive Director and interim co-CEO | Plan 2018 | - | 09/05/2018 | 10/05/2023 | 09/05/2025 | €6.25 | 720,000 | - | - | not applicable | - | -
Plan 2020 | - | 08/04/2020 | 08/04/2025 | 07/04/2027 | €6.41 | 1,092,043 | - | - | not applicable | 1,092,043 | -
Plan 2022 | - | 12/04/2022 | 13/04/2027 | 12/04/2029 | €10.29 | 777,453 | - | - | not applicable | 777,453 | -
Fabio Di Fede(2) Chief Legal and M&A Officer, Executive Director and interim co-CEO | Plan 2017 | - | 08/04/2017 | 08/04/2022 | 08/03/2024 | €6.19 | 161,551 | - | - | not applicable | - | -
Plan 2018 | - | 09/05/2018 | 10/05/2023 | 09/05/2025 | €6.25 | 720,000 | - | - | not applicable | - | -
Plan 2020 | - | 08/04/2020 | 08/04/2025 | 07/04/2027 | €6.41 | 1,092,043 | - | - | not applicable | 1,092,043 | -
Plan 2022 | - | 12/04/2022 | 13/04/2027 | 12/04/2029 | €10.29 | 777,453 | - | - | not applicable | 777,453 | -
Matteo Fantacchiotti Chief Executive Officer and Executive Director | Plan 2020 | - | 08/04/2020 | 08/04/2025 | 07/04/2027 | 6.41 | 156,006 | - | - | not applicable | - | -
Plan 2022 | - | 12/04/2022 | 13/04/2027 | 12/04/2029 | 10.29 | 116,618 | - | - | not applicable | - | -

(1)The share options vest over time and no performance criteria applies.
(2)On 8 April 2017, certain share options were assigned to Fabio Di Fede who, at the time, was an employee of a Company’s subsidiary. Fabio Di Fede was appointed director of the Company by the General Meeting on 16 April 2019.
(3)The movement in stock options during 2024 was attributable to cancellations, within the framework of vesting period for the Plan 2020 and 2022.

Governance | 225

CAMPARI GROUP ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER, 2024

The following table gives an overview of the outstanding performance stock units and restricted stock units provided to Executive Directors

Director, Position | main conditions of PSU/RSU plans | information regarding 2024
opening balance | during the year | closing balance
plan | performance / retention period | assignment date | vesting date | assignment price | fair value | share units on 1 January 2024 | unavailable units assigned | available units assigned | share units on 31 December 2024
Paolo Marchesini Chief Financial and Operating Officer, Executive Director and interim co-CEO | Plan 2024 (LMI) | 2024-2031 | 15/4/2024 | 15/4/2032 | €9.13 | PSU €8.64 | - | PSU: 3,285,871 | PSU: 0 | PSU: 3,285,871
Plan 2024 | 2024-2026 | 17/04/2024 | 17/04/2027 | €9.13 | PSU €6.77 RSU €9.13 | - | PSU: 43,973 RSU: 87,947 | PSU: 0 RSU: 0 | PSU: 43,937 RSU: 87,947
Fabio Di Fede Chief Legal and M&A Officer, Executive Director and interim co-CEO | Plan 2024 | 2024-2026 | 17/04/2024 | 17/04/2027 | €9.13 | PSU €6.77 RSU €9.13 | - | PSU: 35,738 RSU: 71,477 | PSU: 0 RSU: 0 | PSU: 35,738 RSU: 71,477
Matteo Fantacchiotti Chief Executive Officer and Executive Director | Plan 2024 | 2024-2026 | 17/04/2024 | 17/04/2027 | €9.13 | PSU €6.77 RSU €9.13 | - | PSU: 49,288 RSU: 98,576 | PSU: 0 RSU: 0 | Cancelled at 31 December 2024

Governance | 226

Campari Group annual report for the year ended 31 December 2024

v. Any use of the right to reclaim
The short-term cash incentive and long-term incentive of the Executive Directors are subject to the malus and
claw back provisions laid down in Section 2:135 subsections 6 and 8 of the Dutch Civil Code. These provisions
were not invoked in 2024.
vi. Derogations and deviations from the remuneration policy and from the procedure for
its implementation
For the Board of Directors’ 2024 remuneration, the Company did not deviate from the procedure for the
implementation of the Remuneration Policy nor were any derogations applied.
The terms and conditions of the new LTI plan, which was approved by the Annual General Meeting of 11 April
2024, deviate from the provision of Article 3.1.2 vi. of the DCGC which provided that 'shares should be held for
at least five years after they are awarded'. The Company believes that a retention period of less than 5 years (3
years vesting with a further 2 years lock-up, as provided in the new LTI plan) contributes to shape a more
competitive remuneration package in the interest of the Company.
vii. Comparative information on the change of remuneration and Company performance
The following table shows a comparison of the total remuneration of Executive Directors and Non-Executive
Directors over the last five years.
Executive Directors

| 2020 | 2021 | 2022 | 2023 | 2024 | CAGR 2020/2024
Company performance
Net sales (€/million) | 1,772.0 | 2,172.7 | 2,697.6 | 2,918.6 | 3,069.7 | 14.7%
EBIT-adjusted (€/million) | 321.9 | 435.2 | 569.9 | 618.7 | 604.9 | 17.1%
EPS basic-adjusted (€)(1) | 0.18 | 0.27 | 0.34 | 0.35 | 0.31 | 15.1%
Average indicators (%) |  |  |  |  |  | 15.7%
(€) | Executive Directors' remuneration
Paolo Marchesini Chief Financial and Operating Officer and Executive Director | 1,734,701 | 2,906,042 | 3,121,352 | 3,204,444 | 5,793,752(2) | 35.2%
Fabio Di Fede Chief Legal and M&A Officer and Executive Director | 1,331,500 | 2,424,479 | 2,736,873 | 2,924,763 | 3,096,547 | 23.5%

(1)‘EPS basic-adjusted’ means: Basic earnings per share-adjusted.
(2)Pro forma CAGR excluding the accrual for the last mile long-term incentive scheme with retention purposes granted as PSUs based on the LMI scheme
approved at the 2024 Annual General Meeting, which were unavailable as of 31 December 2024, was 17.2%.
1 The Company’s employees average remuneration is calculated taking into account all the remuneration components, such as: base salary, and where
applicable: (i) short-term incentive, (ii) mid-term incentive; and (iii) long-term incentive (measured on the basis of the fair value of the incentive plan defined at
the grant date, allocated pro-rata over the vesting period, multiplied by the number of options granted, as represented in the Company financial statements). For
consistency with 2023, 2022 and 2021 data, the values reported in the aforementioned internal disclosures on pay ratios from 2020 to 2021, differ from those
reported in the respective Annual reports as they were recalculated on the basis of the methodology suggested by Best Practice Provision 3.4.1 DCGC.
2 The Chief Executive Officer’s remuneration is calculated taking into account all the remuneration components: base salary and where applicable (i) short-term
incentive, (ii) mid-term incentive, (iii) long-term incentive and (iv) other benefits. Components sub (ii) and (iii) are measured on the basis of the fair value of the
outstanding incentives (cash incentives or share options incentive) accrued under IFRS (the amount set aside in the 2023 financial statement was linked to the
relevant mid/long term incentive plans). Starting from the remuneration report at 31 December 2021 pay ratios have been recalculated as the CEO's total
remuneration accrued divided by the average remuneration of employees in each year from 2019 to 2024. This approach is deemed in line with the best market
practice.

Governance | 227

Campari Group annual report for the year ended 31 December 2024

Non-Executive Directors

(€) | 2020 | 2021 | 2022 | 2023 | 2024(2)
Luca Garavoglia Non-Executive Director and Chairman | 893,750 | 50,000 | 50,000 | 50,000 | 50,000
Robert Kunze-Concewitz Non-Executive Director | - | - | - | - | 35,833
Eugenio Barcellona Non-Executive Director and Member of the Control and Risks Committee and the Remuneration and Appointment Committee | 87,500 | 87,500 | 87,500 | 87,500 | 87,500
Alessandra Garavoglia Non-Executive Director | 50,000 | 50,000 | 50,000 | 50,000 | 50,000
Emmanuel Babeau Non-Executive Director and member of the Remuneration and Appointment Committee | - | - | 51,875 | 62,500 | 62,500
Margareth Henriquez (2) Non-Executive Director | - | - | 42,500 | 50,000 | 50,000
Jean-Marie Laborde Non-Executive Director and member of the Control and Risks Committee | - | - | 61,250 | 75,000 | 141,667(3)
Christophe Navarre Non-Executive Director and member of the Remuneration and Appointment Committee | - | - | 51,875 | 62,500 | 62,500
Lisa Vascellari Dal Fiol Non-Executive Director, member of the Control and Risks Committee and member of the Supervisory Body (‘Organismo di Vigilanza’) | - | - | 68,750 | 82,500(1) | 82,500(1)

(1)Including €7,500 as member of the Supervisory Body - ‘Organismo di Vigilanza’
(2)Including also insurance and, if applicable, reimbursement of expenses
(3)Including €66,667 pro-quota compensation for the role of Vice-Chairman of the Board of Directors as per Remuneration and Appointment Committee meeting
dated 17 September 2024.
viii. Chief Executive Officer pay ratio
In line with Article 2:135b subsection 3 of the Dutch Civil Code and Best Practice Provision 3.4.1 DCGC, the
internal pay ratio is an important input for determining the Remuneration Policy for the Board of Directors.
Please see below the internal pay ratio calculated in line with the methodologies prescribed by the DCGC. For
2024, the internal pay ratio is in line with the Company’s acceptable bandwidths, while the increase compared to
the previous year is primarily due to the leadership changes (involving two Chief Executive officers and two
interim co-Chief Executive officers) and the inclusion of the full compensation for the interim co-Chief Executive
officers in the calculation.
Average remuneration on a full-time equivalent basis of employees 1

| 2020 | 2021 | 2022 | 2023 | 2024
Average remuneration of employees on a FTE basis(€) | 82,949 | 96,126 | 102,748 | 104,160 | 108,221

Chief Executive Officer pay ratio 2

(times) | 2020 | 2021 | 2022 | 2023 | 2024
Total Chief Executive officer remuneration accrued in the period | 28.5 | 39.1(1) | 37.3(1) | 40.7(1) | 65.7(2)

(1)Pro forma pay ratio including the accrual for the last mile long-term incentive scheme with retention purposes was 136.8 in 2023, 134.6 in 2022 and 143.1 in
2021.
(2)The pro forma pay ratio included Robert Kunze-Concewitz's 2024 remuneration up to the date of his retirement in April 2024, Matteo Fantacchiotti's 2024
remuneration up to the date of his resignation in September 2024, and the remuneration of Paolo Marchesini and Fabio Di Fede. The co-CEOs did not receive
additional compensation for these roles; however, their full remuneration in the year is included in the 2024 pay ratio.
ix. Information on shareholder vote
No further changes to the remuneration report have been made following the positive voting outcome on last
year’s report with 89.8% positive votes. Furthermore, the negative advisory votes cast on the remuneration
report last year were made by certain shareholders without justification, thus not allowing the Company to
address possible suggestions. The Company still intends to consider the advisory vote going forward if and
when feasible and appropriate.

Governance | 228

Campari Group annual report for the year ended 31 December 2024

Statement and Responsibilities in respect to the annual report
Statement by the Board of Directors
Based on the assessment performed, the Board of Directors believes that, as of 31 December 2024, the
Group's and the Company's internal control over financial reporting is considered effective and that:
- the Control Risks and Sustainability Committee and Internal Audit Function paragraphs provide sufficient
insights into any failings in the effectiveness of the internal risk management and control systems with regard
to the risks as referred to in best practice provision 1.2.1 of the New Dutch Corporate Governance Code
(please refer to paragraphs ‘Control, Risks and Sustainability Committee’ and ‘Internal Audit Function’ of this
governance section);
- the internal risk management and control systems are designed to provide reasonable assurance that the
financial reporting does not contain any material inaccuracies (please refer to paragraph ‘Risk management
and Internal Control System’ of this annual report);
- based on the current state of affairs, it is justified that the financial reporting is prepared on a going concern
basis (please refer to note 2-‘Accounting information and material general accounting policies’ of the
consolidated and Company only financial statements, respectively, as at 31 December 2024);
- the Management Board Report states those material risks and uncertainties that are relevant to the
expectation of the Company’s continuity for the period of twelve months after the preparation of the report
(please refer to paragraph ‘Full year 2024 conclusion and outlook’ of the Management Board Report), as
referred to in best practice provision 1.2.1 of the Dutch Corporate Governance Code.
Sesto San Giovanni (Milan)-Italy, 4 March 2025
Luca Garavoglia
Chairman
Paolo Marchesini
Chief Financial and Operating Officer and interim co-Chief Executive Officer
Fabio Di Fede
Chief Legal and M&A Officer and interim co-Chief Executive Officer

Governance | 229

Campari Group annual report for the year ended 31 December 2024

Responsibilities in respect of the annual report
The Board of Directors is responsible for preparing the annual report in accordance with Dutch law and
International Financial Reporting Standards as issued by the International Accounting Standards Board and as
adopted by the European Union (EU-IFRS).
In accordance with Section 5:25c, paragraph 2 of the Dutch Financial Supervision Act, the Board of Directors
states that, to the best of its knowledge:
- the financial statements as included in this report, provide a true and fair view of the assets, liabilities,
financial position and profit or loss for the year of the Company and its subsidiaries;
- the Management Board Report provides a true and a fair view of the position at the balance sheet date and
developments during the year of the Company and its subsidiaries, together with a description of the
principal risks and uncertainties that the Company and the Group face.
- the Sustainability statement was prepared in accordance with the new European Sustainability Reporting
Standards (‘ESRS’) and the sustainability reporting framework set by the European Financial Reporting
Advisory Group (‘EFRAG’) as adopted by the European Commission and compliant with the double
materiality assessment process carried out to identify the information reported pursuant to the ESRS; and
compliant with the reporting requirements provided for in Article 8 of Regulation (EU) 2020/852 ('Taxonomy
Regulation').
Sesto San Giovanni (Milan)-Italy, 4 March 2025
On behalf of the Board of Directors:
Luca Garavoglia
Chairman
Paolo Marchesini
Chief Financial and Operating Officer and interim co-Chief Executive Officer
Fabio Di Fede
Chief Legal and M&A Officer and interim co-Chief Executive Officer
Intentionally blank page

Consolidated financial statements | 231

Campari Group annual report for the year ended 31 December 2024

Campari Group Consolidated Financial statements at 31 December 2024

Consolidated financial statements | 232

Campari Group annual report for the year ended 31 December 2024

Index-Campari Group Consolidated Financial statements

Consolidated primary statements ................................................................................................................. | 234
Consolidated statement of profit or loss ................................................................................................. | 234
Consolidated statement of other comprehensive income .................................................................... | 234
Consolidated statement of financial position ........................................................................................ | 235
Consolidated statements of cash flows .................................................................................................. | 236
Consolidated statement of changes in shareholders’ equity ............................................................... | 237
Notes to the Consolidated financial statements ....................................................................................... | 238
1. General information ............................................................................................................................ | 238
2. Accounting information and material general accounting policies ............................................... | 238
i. Form and content ........................................................................................................................... | 239
ii. Seasonal factors ............................................................................................................................ | 239
iii. Currency conversion criteria and exchange rates applied to the financial statements ..... | 239
iv. Use of estimates ........................................................................................................................... | 241
v. Principles of control and consolidation ....................................................................................... | 244
vi. Change in representation ........................................................................................................... | 248
vii. Change in accounting standards .............................................................................................. | 248
3. Results for the period .......................................................................................................................... | 249
i. Net sales ......................................................................................................................................... | 250
ii. Operating segment ........................................................................................................................ | 253
iii. Cost of sales .................................................................................................................................. | 254
iv. Advertising and promotional expenses ..................................................................................... | 254
v. Public grants ................................................................................................................................... | 255
vi. Selling, general and administrative expenses ...................................................................... | 256
vii. Personnel costs ........................................................................................................................... | 257
viii. Depreciation and amortisation .................................................................................................. | 257
ix. Research and innovation costs .................................................................................................. | 258
x. Financial income and expenses .................................................................................................. | 258
xi. Leases components in the statement of profit or loss .......................................................... | 260
xii. Share of profit (loss) of joint-ventures and other investments ............................................. | 260
xiii. Taxation ........................................................................................................................................ | 262
4. Operating assets and liabilities .......................................................................................................... | 265
i. Acquisition and sale of businesses and purchase of non-controlling interests .................... | 265
ii. Property, plant and equipment, right of use assets and biological assets ............................ | 269
iii. Intangible assets ........................................................................................................................... | 272
iv. Other non-current assets ............................................................................................................. | 277
v. Other current assets ...................................................................................................................... | 278
vi. Other non-current liabilities ........................................................................................................ | 279
vii. Other current liabilities ................................................................................................................ | 279
5. Operating working capital ................................................................................................................ | 280
i. Trade receivables ........................................................................................................................ | 280
ii. Trade payables .............................................................................................................................. | 281
iii. Inventories and biological assets ............................................................................................... | 282
6. Net financial debt ................................................................................................................................. | 283
i. Financial instruments ..................................................................................................................... | 283
ii. Cash and cash equivalents .......................................................................................................... | 287
iii. Other current financial assets ..................................................................................................... | 288
iv. Other non-current financial assets ............................................................................................. | 288
v. Non-current financial debt ............................................................................................................ | 288
vi. Current financial debt ................................................................................................................... | 291
vii. Lease components in the statement of financial position ..................................................... | 292
viii. Reconciliation with net financial debt and cash flow statement .......................................... | 294

Consolidated financial statements | 233

Campari Group annual report for the year ended 31 December 2024

ix. Explanatory notes to the cash flow statement ......................................................................... | 295
7. Risk management and capital structure .......................................................................................... | 296
i. Capital management ...................................................................................................................... | 296
ii. Nature and extent of the risks arising from financial instruments .......................................... | 296
iii. Debt management ........................................................................................................................ | 299
iv. Shareholders’ equity ..................................................................................................................... | 299
v. Share-based payments ................................................................................................................. | 305
vi. Other comprehensive income .................................................................................................... | 308
vii. Shareholders’ equity attributable to non-controlling interests ............................................... | 309
viii. Transactions with non-controlling interests ............................................................................. | 310
ix. Basic and diluted earnings per share ........................................................................................ | 311
8. Other disclosures ................................................................................................................................. | 311
i. Provisions for risks, charges and contingent assets and liabilities ......................................... | 311
ii. Commitments and risks ................................................................................................................ | 313
iii. Fair value information on assets and liabilities ........................................................................ | 314
iv. Defined benefit and contribution plans ...................................................................................... | 321
v. Related parties ............................................................................................................................... | 325
vi. Remuneration to the Parent Company’s Board of Directors ................................................. | 326
vii. Employees .................................................................................................................................... | 326
9. Subsequent events .............................................................................................................................. | 326
i. Group corporate actions ................................................................................................................ | 326

Consolidated financial statements | 234

Campari Group annual report for the year ended 31 December 2024

Consolidated primary statements
Consolidated statement of profit or loss

| notes | for the year ended 31 December
|  | 2024 | 2023
|  | € million | € million
Gross sales |  | 3,653.5 | 3,483.7
Excise duties(1) |  | (583.7) | (565.1)
Net sales | 3 i. | 3,069.7 | 2,918.6
Cost of sales | 3 iii. | (1,303.0) | (1,218.5)
Gross profit |  | 1,766.7 | 1,700.1
Advertising and promotional expenses | 3 iv. | (513.3) | (494.1)
Contribution margin |  | 1,253.4 | 1,206.0
Selling, general and administrative expenses | 3 vi. | (861.0) | (665.8)
Operating result |  | 392.4 | 540.2
Financial expenses | 3 x. | (115.8) | (87.1)
Financial income | 3 x. | 38.5 | 21.8
Share of profit (loss) of joint-ventures and other investments | 3 xii. | (59.5) | (8.3)
Profit before taxation |  | 255.6 | 466.5
Taxation | 3 xiii. | (63.0) | (134.0)
Profit for the period |  | 192.6 | 332.5
Profit attributable to: |  |  |
Shareholders of the parent Company |  | 201.6 | 330.5
Non-controlling interests |  | (9.0) | 2.0
Basic earnings per share (€) |  | 0.17 | 0.29
Diluted earnings per share (€) |  | 0.17 | 0.29

(1) Excise duties where Campari Group acts as an agent.
Consolidated statement of other comprehensive income

| notes | for the year ended 31 December
|  | 2024 | 2023
|  | € million | € million
Profit for the period (A) |  | 192.6 | 332.5
B1) Items that may be subsequently reclassified to the statement of profit or loss |  |  |
Gains (losses) on cash flow hedge | 8 iii. | (3.7) | (23.6)
Related Income tax effect | 3 xiii. | 1.0 | 5.7
Cash flow hedge |  | (2.7) | (17.9)
Exchange differences on translation of foreign operations | 7 iv. | 63.1 | (43.8)
Total: items that may be subsequently reclassified to the statement of profit or loss (B1) |  | 60.4 | (61.8)
B2) Items that may not be subsequently reclassified to the statement of profit or loss |  |  |
Gains (losses) on remeasurement of defined benefit plans | 8 iv. | (1.3) | 0.4
Related Income tax effect | 3 xiii. | 0.3 | (0.2)
Remeasurements of defined benefit plans |  | (1.0) | 0.2
Total: items that may not be subsequently reclassified to the statement of profit or loss (B2) |  | (1.0) | 0.2
Other comprehensive income (expenses) (B=B1+B2) |  | 59.4 | (61.6)
Total comprehensive income (A+B) |  | 252.0 | 270.9
Attributable to: |  |  |
Shareholders of the parent Company |  | 250.7 | 274.9
Non-controlling interests |  | 1.3 | (4.0)

Consolidated financial statements | 235

Campari Group annual report for the year ended 31 December 2024

Consolidated s tatement of financial p osition
(before appropriation of results)

|  | 31 December
| notes | 2024 | 2023
|  | € million | € million
ASSETS |  |  |
Non-current assets |  |  |
Property, plant and equipment | 4 ii. | 1,421.3 | 964.5
Right of use assets | 4 ii. | 66.1 | 65.4
Biological assets | 4 ii. | 30.5 | 22.8
Goodwill | 4 iii. | 2,420.1 | 1,850.8
Brands | 4 iii. | 1,314.8 | 1,155.8
Other intangible assets | 4 iii. | 73.4 | 56.1
Interests in joint-ventures and other investments | 3 xii. | 8.8 | 32.6
Deferred tax assets | 3 xiii. | 101.5 | 78.9
Other non-current assets | 4 iv. | 98.3 | 22.9
Other non-current financial assets | 6 iv. | 10.2 | 9.8
Total non-current assets |  | 5,545.1 | 4,259.6
Current assets |  |  |
Inventories | 5 iii. | 1,681.8 | 1,237.4
Biological assets | 5 iii. | 21.3 | 15.1
Trade receivables | 5 i. | 425.8 | 374.3
Other current financial assets | 6 iii. | 8.9 | 21.3
Cash and cash equivalents | 6 ii. | 666.3 | 620.3
Income tax receivables | 3 xiii. | 37.7 | 46.1
Other current assets | 4 v. | 96.3 | 101.4
Total current assets |  | 2,938.2 | 2,415.9
Total assets |  | 8,483.3 | 6,675.6
LIABILITIES AND SHAREHOLDERS' EQUITY |  |  |
Shareholders' equity |  |  |
Issued capital and reserves attributable to shareholders of the parent Company | 7 iv. | 3,854.0 | 2,925.2
Non-controlling interests | 7 iv. | 1.3 | 1.6
Total shareholders' equity |  | 3,855.3 | 2,926.8
Non-current liabilities |  |  |
Bonds | 6 v. | 1,580.3 | 845.8
Loans due to banks | 6 v. | 916.2 | 901.5
Other non-current financial liabilities | 6 v. | 223.8 | 269.0
Post-employment benefit obligations | 8 iv. | 25.8 | 22.6
Provisions for risks and charges | 8 i. | 118.2 | 41.4
Deferred tax liabilities | 3 xiii. | 498.2 | 403.7
Other non-current liabilities | 4 iv. | 23.5 | 42.6
Total non-current liabilities |  | 3,386.1 | 2,526.6
Current liabilities |  |  |
Bonds | 6 vi. | - | 300.0
Loans due to banks | 6 vi. | 289.6 | 130.6
Other current financial liabilities | 6 vi. | 52.3 | 58.1
Trade payables | 5 ii. | 672.7 | 521.1
Income tax payables | 3 xiii. | 6.2 | 22.3
Other current liabilities | 4 vii. | 221.1 | 190.2
Total current liabilities |  | 1,241.9 | 1,222.1
Total liabilities |  | 4,628.0 | 3,748.8
Total liabilities and shareholders' equity |  | 8,483.3 | 6,675.6

Consolidated financial statements | 236

Campari Group annual report for the year ended 31 December 2024

Consolidated statements of cash flows

|  | for the year ended 31 December
| notes | 2024 | 2023
|  | € million | € million
Operating profit |  | 392.4 | 540.2
Depreciation and amortisation | 3 viii. | 127.7 | 110.2
Gain (loss) on sale of fixed assets |  | 0.8 | (7.6)
Impairment loss (or reversal) of tangible fixed assets, goodwill, brand and sold business | 4 ii. - iii | 56.8 | 11.9
Net cost of share-based instruments |  | 27.1 | 22.1
Change in payables to employees |  | (34.0) | 11.4
Change in provisions |  | 80.7 | 10.4
Change in net operating working capital |  | 78.0 | (362.2)
Income taxes refund (paid) |  | (85.3) | (195.0)
Other operating items including changes in other indirect taxes |  | 26.3 | 15.1
Cash flow generated from (used in) operating activities |  | 670.5 | 156.5
Purchase of tangible and intangible fixed assets | 4 ii.- iii. | (460.1) | (315.3)
Disposal of tangible and intangible assets | 4 ii. - iii | 19.6 | 19.6
Investment in joint-ventures and other investments | 6 ix. | (98.8) | (5.0)
Acquisition of companies or business divisions net of cash and cash equivalents acquired | 4 i. | (1,109.8) | 2.0
Interests received |  | 36.7 | 22.8
Decrease (increase) in short-term deposits and investments | 6 iii. | 8.9 | (1.9)
Dividends received |  | 1.6 | 0.1
Cash flow generated from (used in) investing activities |  | (1,601.9) | (277.8)
Proceeds from issue of bonds, notes and debentures | 6 viii. | 761.6 | 298.5
Repayments of bonds, notes and debentures | 6 viii. | (300.0) | -
Proceeds from non-current borrowings | 6 viii. | 125.0 | 450.0
Repayment of non-current borrowings | 6 viii. | (46.6) | (250.0)
Net change in short-term financial payables and loans due to bank | 6 viii. | 69.2 | (50.6)
Payment of lease payables | 6 vii. | (18.3) | (16.0)
Interest on paid leases | 6 vii. | (3.7) | (3.3)
Interests paid on other financial items | 6 viii. | (90.0) | (60.3)
Inflows (outflows) of other financial items | 6 viii. | (1.1) | (9.8)
Purchase of own shares | 7 iv. | (6.4) | (21.0)
Sale of own shares | 7 iv. | 5.5 | 54.8
Dividend paid to equity holders of the Parent | 7 iv. | (78.1) | (67.5)
Dividends paid to non-controlling interests | 7 iv. | (0.8) | (2.0)
Issue of new shares net of fees | 7 iv. | 643.3 | -
Put options and earn-out payments | 6 vi. | (77.8) | (3.4)
Cash flow generated from (used in) financing activities |  | 981.8 | 319.6
Net change in cash and cash equivalents: increase (decrease) |  | 50.4 | 198.4
Effect of exchange rate changes on cash and cash equivalents |  | (4.4) | (13.4)
Cash and cash equivalents at the beginning of period | 6 ii. | 620.3 | 435.4
Cash and cash equivalents at end of period | 6 ii. | 666.3 | 620.3

Consolidated financial statements | 237

Campari Group annual report for the year ended 31 December 2024

Consolidated statement of changes in shareholders’ equity

| notes | share capital | retained earnings and other reserves | cash flow hedge reserve | currency translation differences | remeasurement of defined benefit plans | equity attributable to owners of the parent | non- controlling interests | total
|  | € million | € million | € million | € million | € million | € million | € million | € million
at 31 December 2023 |  | 36.1 | 2,962.0 | 9.3 | (85.9) | 3.7 | 2,925.2 | 1.6 | 2,926.8
Dividends to shareholders of the parent Company | 7 iv. | - | (78.1) | - | - | - | (78.1) | - | (78.1)
Dividends to non-controlling interest | 7 iv. | - | (0.8) | - | - | - | (0.8) | - | (0.8)
Issue of new shares net of fees | 7 iv. | 0.7 | 642.6 | - | - | - | 643.3 | - | 643.3
Increase (decrease) through treasury share transactions | 7 iv. | - | (0.8) | - | - | - | (0.8) | - | (0.8)
Increase (decrease) through share-based payment transactions | 7 iv. | - | 27.0 | - | - | - | 27.0 | - | 27.0
Changes in non-controlling interests | 7 iv. | - | 50.4 | - | - | - | 50.4 | (3.9) | 46.6
Increase (decrease) through other changes | 7 iv. | - | 37.0 | - | - | - | 37.0 | 2.3 | 39.3
Profit (loss) | 7 iv. | - | 201.6 | - | - | - | 201.6 | (9.0) | 192.6
Other comprehensive income (expense) | 7 iv. | - | - | (2.7) | 52.9 | (1.0) | 49.1 | 10.2 | 59.4
Total comprehensive income |  | - | 201.6 | (2.7) | 52.9 | (1.0) | 250.7 | 1.3 | 252.0
at 31 December 2024 |  | 36.8 | 3,841.0 | 6.6 | (33.1) | 2.7 | 3,854.0 | 1.3 | 3,855.3

|  | share capital | retained earnings and other reserves | cash flow hedge reserve | currency translation differences | remeasurement of defined benefit plans | equity attributable to owners of the parent | non- controlling interests | total
|  | € million | € million | € million | € million | € million | € million | € million | € million
at 31 December 2022 |  | 18.3 | 2,675.3 | 27.3 | (48.1) | 3.5 | 2,676.2 | 1.4 | 2,677.6
Dividends to shareholders of the parent Company |  | - | (67.5) | - | - | - | (67.5) | - | (67.5)
Dividends to non-controlling interest |  | - | - | - | - | - | - | (2.0) | (2.0)
Increase (decrease) through treasury share transactions |  | - | 33.9 | - | - | - | 33.9 | - | 33.9
Increase (decrease) through share-based payment transactions |  | - | 21.7 | - | - | - | 21.7 | - | 21.7
Changes in non-controlling interests |  | - | (14.1) | - | - | - | (14.1) | 5.5 | (8.5)
Increase (decrease) through other changes |  | 17.8 | (17.9) | - | - | - | - | 0.7 | 0.7
Profit (loss) |  | - | 330.5 | - | - | - | 330.5 | 2.0 | 332.5
Other comprehensive income (expense) |  | - | - | (17.9) | (37.8) | 0.2 | (55.5) | (6.0) | (61.6)
Total comprehensive income |  | - | 330.5 | (17.9) | (37.8) | 0.2 | 274.9 | (4.0) | 270.9
at 31 December 2023 |  | 36.1 | 2,962.0 | 9.3 | (85.9) | 3.7 | 2,925.2 | 1.6 | 2,926.8

Consolidated financial statements | 238

Campari Group annual report for the year ended 31 December 2024

Notes to the Consolidated financial statements
1. General information
Davide Campari-Milano N.V., the Group’s Parent Company, is listed on the Italian Stock Exchange, with its legal
domicile in Amsterdam, the Netherlands, and its corporate address at Via Franco Sacchetti 20, 20099 Sesto
San Giovanni, Milan, Italy. For the purposes of carrying out its business operations in Italy, the Company has
established a secondary seat with a permanent representative office, within the meaning of article 2508 of the
Italian Civil Code. The Company is entered in both the Netherlands Chamber of Commerce under the number
78502934 and Milan Monza Brianza Lodi Chamber of Commerce with the number 06672120158. At 31
December 2024, 51.7% of the share capital and 82.6% of the total voting rights of the Company were held by
the Italian branch of Lagfin S.C.A., Société en Commandite par Actions, headquartered in Luxembourg, which is
in turn controlled by Artemisia Management S.A., Société Anonyme, the ultimate controlling company of the
Group.
Founded in 1860, Campari is the sixth-largest player in the premium spirits industry, with an extensive and
varied product portfolio. Its internationally-recognised brands include Aperol, Campari, SKYY, Grand Marnier,
Wild Turkey, Appleton Estate, Espolòn and, after the successful completion of the acquisition on 30 April of this
year, Courvoisier. The Group has a global distribution reach, trading in over 190 nations with leading positions in
Europe and the Americas. It has 25 production sites, its own distribution network in 26 countries and employs on
average 5,114 people globally.
On 4 March 2025 the Board of Directors of the Parent Company approved the Consolidated Financial
statements of Campari Group for the year ended 31 December 2024 and authorised them for issue.
The Board of Directors reserves the right to amend the financial statements, up to the date of the Shareholders’
Meeting of the Parent Company, should any significant events occur that require changes to be made. The
financial statements are presented in millions of €. The € is the reference currency of the Parent Company and
many of its subsidiaries.
2. Accounting information and material general accounting policies
The Consolidated Financial statements at 31 December 2024 were prepared in accordance with the
International Financial Reporting Standards issued by the International Accounting Standards Board (‘IASB’)
and ratified by the European Union (‘IFRS-EU’), and with Part 9 of Book 2 of the Dutch Civil Code. These
include all the international accounting standards (‘IAS’) and interpretations of the International Financial
Reporting Standards Interpretation Committee (‘IFRS IC’), formerly the Standard Interpretations Committee
(‘SIC’).
The accounting standards adopted by the Group are the same as those that were applied for the annual
financial statements for the year ended 31 December 2023, except for the accounting standards specified in
note 2 viii-‘Change in accounting standards-Summary of the new accounting standards endorsed and adopted
by the Group from 1 January 2024’. For the year ended 31 December 2024 there were no changes in
accounting estimates and errors.
The financial statements were prepared in accordance with the historical cost method and taking any value
adjustments into account were appropriate for certain categories of assets and liabilities, which were measured
in accordance with the methods provided by IFRS.
Comparative information shall be disclosed in respect of the preceding period for all amounts reported in the
financial statements. Comparative information has been included for narrative and descriptive information where
it is relevant to an understanding of the current period’s financial statements.
Whether individual items or groups of items have been disclosed separately in the primary financial statements
or in the notes depends on their materiality. Materiality is judged by reference to the size and nature of the item.
The deciding factor is whether the omission or misstatement could, individually or collectively, influence the
economic decisions that users make on the basis of the financial statements.
Unless otherwise indicated, the figures reported in these notes are expressed in millions of €.
The Group has prepared the financial statements on the basis that it will continue to operate as a going concern.
The Directors consider that there are no material uncertainties that may cast significant doubt over this
assumption. They have formed a judgement that there is a reasonable expectation that the Group has adequate
resources to continue in operational existence for the foreseeable future, and not less than 12 months from the
date of signing the Company’s Consolidated Financial statements.

Consolidated financial statements | 239

Campari Group annual report for the year ended 31 December 2024

Transactions with related parties form part of ordinary operations and are carried out under market conditions
(i.e. conditions that would apply between two independent parties) or using criteria that allow for the recovery of
costs incurred and a return on invested capital. All transactions with related parties were carried out in the
Group’s interest.
The Group is continuously improving its financial disclosures to make them more accessible and
understandable to stakeholders. Material accounting policies applied by the Group based on IFRS have been
identified and are indicated within the notes to the Consolidated Financial statements with ‘Accounting policy’,
as well as key assumptions and estimates. Disclosures are provided for transactions and other events or
conditions that are material for the Group, following the overall sequence of items in the consolidated statement
of profit or loss, and accounting subjects related to the consolidated statement of financial position categorized
by their intrinsic nature.
i. Form and content
In accordance with the format selected by the Group, the statement of profit or loss has been classified by
function, and the statement of financial position is based on a distinction between current and non-current
assets and liabilities. The Group considers that this format will provide a more meaningful representation of the
items that have contributed to the results and assets and financial position.
Transactions or events that may generate income and expenses that are not relevant for assessing business
performance, such as gains (losses) on the sale of fixed assets, restructuring and reorganization costs, non-
recurring financial expenses, and any other non-recurring income (expenses), are described in the disclosures.
This presentation complies with the requirements and guidelines of the European Securities and Markets
Authority (‘ESMA’) set out in ESMA/2015/1415.
In 2024, the Group did not carry out any atypical and/or unusual transactions that, due to their materiality or
size, type of counterparties to the transaction or method for determining the price and timing of the event
(proximity to the end of the period), could give rise to concerns over the accuracy or completeness of the
information in the financial statements, conflicts of interest, the safeguarding of company assets or the
protection of minority shareholders.
The statement of cash flows was prepared using the indirect method.
ii. Seasonal factors
Sales of certain Group products are more affected than others by seasonal factors, because of different
consumption patterns or consumer habits. In particular, aperitif consumption tends to be concentrated during
spring and summer, whereas sales of other products, such as sparkling wines and spirits, are concentrated in
the last quarter of the year. Seasonal consumption cycles in the markets in which Campari Group operates may
impact its financial results and operations. Notwithstanding Campari Group global presence, most of its revenue
is in the northern hemisphere, and unseasonably cool or wet weather in the summer months can affect sales
volumes. In general, the Group’s diversified product portfolio and its geographical sales spread substantially
help reduce risks relating to seasonal factors. Moreover, in order not to be excessively exposed to seasonal
peaks, the Group is implementing initiatives to de-seasonalize the consumption moments of the main brands,
with particular attention to the aperitif segment, ensuring constant consumption throughout the year, unlocking
new consumption opportunities outside seasonal peaks.
iii. Currency conversion criteria and exchange rates applied to the financial statements
Currency conversion
Items included in the financial statements of the Group’s subsidiaries and joint-ventures are measured using the
currency of the primary economic environment in which each entity operates (its functional currency) and are
converted to the Group presentation currency (€) as follows:
- statement of profit or loss items are converted at the average exchange rate for the period, while statement
of financial position items are converted at period-end exchange rates; exchange rate differences resulting
from the application of differing criteria for conversion to the € of statement of profit or loss and statement of
financial position items are recorded under the currency translation reserve under shareholders’ equity until
the investment in question is sold or terminated;
- any conversion differences between the value of initial shareholders’ equity, as converted at end-of-period
exchange rates, and the value of shareholders’ equity for the previous year converted at current exchange
rates are also recorded under the currency translation reserve. The key exchange rates used for conversion
transactions are shown below.

Consolidated financial statements | 240

Campari Group annual report for the year ended 31 December 2024

| For the year ended 31 December 2024 | at 31 December 2024 | For the year ended 31 December 2023 | at 31 December 2023
| average rate | end-of-period rate | average rate | end-of-period rate
US$ | 1.082 | 1.039 | 1.082 | 1.105
Canadian Dollar | 1.482 | 1.495 | 1.460 | 1.464
Jamaican Dollar | 169.267 | 161.513 | 166.714 | 170.623
Argentine Peso(1) | 1,070.806 | 1,070.806 | 892.924 | 892.924
Australian Dollar | 1.640 | 1.677 | 1.628 | 1.626
Brazilian Real | 5.827 | 6.425 | 5.402 | 5.362
Swiss Franc | 0.953 | 0.941 | 0.972 | 0.926
Yuan Renminbi | 7.786 | 7.583 | 7.659 | 7.851
Great Britain Pounds | 0.847 | 0.829 | 0.870 | 0.869
Japanese Yen | 163.817 | 163.060 | 151.941 | 156.330
South Korea Won | 1,475.256 | 1,532.150 | 1,413.269 | 1,433.660
Mexican Peso | 19.825 | 21.550 | 19.190 | 18.723
New Zealand Dollar | 1.788 | 1.853 | 1.762 | 1.750
Peruvian Sol | 4.061 | 3.905 | 4.049 | 4.082
Russian Ruble(2) | 100.374 | 116.562 | 92.479 | 99.192
Singapore Dollar | 1.446 | 1.416 | 1.452 | 1.459
Ukraine Hryvnia | 43.469 | 43.686 | 39.558 | 41.996
South Africa Rand | 19.832 | 19.619 | 19.953 | 20.348

(1)The average exchange rate of the Argentine Peso was assumed to be equal to the spot exchange rate at the reporting date as required by the hyperinflation
accounting standa rd. For reference only the average exchange rate would have been 989.539.
(2) On 2 March 2022, the European Central Bank (‘ECB’) decided to suspend the publication of a € reference rate for the Russian Ruble until further notice. The
Group has therefore decided to refer to an alternative reliable source for exchange rates based on executable and indicative quotes from multiple dealers.
Transactions in foreign currencies (not hedged with derivatives)
Revenues and costs related to foreign currency transactions are reported at the exchange rate applied on the
date on which the transaction is carried out.
Monetary assets and liabilities in foreign currencies are initially converted into € at the exchange rate in effect on
the transaction date and subsequently converted into € at the exchange rate applied on the reporting date, with
the difference in value being posted to the statement of profit or loss.
Non-monetary assets and liabilities arising from the payment/collection of a foreign currency advance are
initially recognised at the exchange rate in effect on the transaction date and are not subsequently modified to
take account of any change in the exchange rate in effect on the reporting date.
Hyperinflation
If a subsidiary operates in a hyperinflationary economy, the related economic and financial results are adjusted
in accordance with the method established by IFRS, before being translated into the functional currency of the
Group (€). The economic and financial data are restated in local currency, taking into account the current
purchasing power of the currency on the date of the financial statements. This process requires a number of
complex procedural steps, which are maintained consistently over time.
The restatement procedures used by the Group are as follows:
- selection of a general price index;
- segregation of monetary and non-monetary items;
- restatement of non-cash items;
- restatement of the statement of profit or loss;
- calculation of monetary profit or loss;
- restatement of adjusted balance-sheet and income-statement values.
The restated statement of profit or loss is converted into € by applying the spot exchange rate at the end of the
period instead of the average exchange rate for the period.
No restatement of the values presented in the comparative period prior to the official declaration of the
subsidiary’s adoption of hyperinflationary accounting is required in the Group’s consolidated figures.
The effect of restating non-cash items is recognised in the statement of profit or loss under net financial income
(expenses).
The indexes used to remeasure the values at 31 December 2024, in accordance with hyperinflationary
economies IFRS rules, are shown in the table below. Specifically, the national Consumer Price Index
(‘nationwide CPI’) of Argentina was used.

Consolidated financial statements | 241

Campari Group annual report for the year ended 31 December 2024

| for the year ended 31 December
| 2024 | 2023
| average rate | average rate
Consumer Price Index | 7,708.683 | 3,297.610
| 2024 conversion factor | 2023 conversion factor
January | 1.809 | 2.937
February | 1.597 | 2.754
March | 1.439 | 2.558
April | 1.322 | 2.360
May | 1.269 | 2.190
June | 1.214 | 2.067
July | 1.167 | 1.943
August | 1.120 | 1.728
September | 1.082 | 1.533
October | 1.054 | 1.415
November | 1.029 | 1.255
December | 1.000 | 1.000

iv. Use of estimates
Preparation of the financial statements and the related notes in accordance with IFRS requires management to
make estimates and assumptions that have an impact on the Group’s assets and liabilities and items in the
profit or loss during the year. These estimates and assumptions, which are based on the best valuations
available at the time of their preparation and are reviewed regularly, may differ from the actual circumstances
and may be revised accordingly at the time the circumstances change or when new information becomes
available. Future outcomes can consequently differ from estimates.
Details of critical estimates and judgements that could have a material impact on the financial statements are
set out in the related notes as follows:
- business combination: management judgement to determine all the factors relevant to the relationship with
the investee to ascertain whether control has been established and whether the investee should be
consolidated as a subsidiary. Management judgement to define fair acquisition values that are attributed to
the assets and liabilities acquired. Please refer to note 4 i-‘Acquisition and sale of businesses and purchase
of non-controlling interests’, 6 iv-‘Other non-current financial assets’, 6 v-‘Non-current financial debt’, 6
vi-‘Current financial debt’ and 8 iii-‘Fair value information on assets and liabilities’ of the Consolidated
Financial statements at 31 December 2024;
- disclosures for contingent assets and liabilities: management judgement in assessing the likelihood of
whether a liability will arise and an estimate to quantify the possible range of any settlement and judgement
in assessing the likelihood of the assets collection. Please refer to note 8 i- ‘Provisions for risks, charges and
contingent assets and liabilities’ of the Consolidated Financial statements at 31 December 2024;
- restructuring provisions, provisions for risk and charges: management judgement in assessing the likelihood
of whether a liability will arise and an estimate to quantify the possible range of any settlement. Please refer
to note 8 i- ‘Provisions for risks, charges and contingent assets and liabilities’ of the Consolidated Financial
statements at 31 December 2024;
- compensation plans in the form of share-based payments: management estimate in determining the
assumptions in calculating the fair value of the plans. Please refer to note 7 v-‘Share-based payments’ of the
Consolidated Financial statements at 31 December 2024;
- goodwill and intangible assets: management judgement of the assets to be recognised and synergies
resulting from an acquisition. Management judgements and estimates required to determine future cash
flows and appropriate applicable assumptions to support the intangible asset value. Please refer to note 4
iii-‘Intangible assets’ of the Consolidated Financial statements at 31 December 2024;
- taxation: management judgement and estimate required to assess uncertain tax positions and the
recoverability of deferred tax assets. Please refer to note 3 xiii-‘Taxation’ of the Consolidated Financial
statements at 31 December 2024;
- incremental interest rate for lease transactions: management judgements and estimates required to
determine the rate level. Please refer to note 6 vii- ‘Lease components in the statement of financial position’
of the Consolidated Financial statements at 31 December 2024.
Macroeconomic and geopolitical uncertainty
During 2024, Campari Group continued to monitor and analyse the evolution of macroeconomic and geopolitical
uncertainties. The critical review that was conducted included the ongoing conflicts and the impact of import
tariffs in strategic geographies.

Consolidated financial statements | 242

Campari Group annual report for the year ended 31 December 2024

Recent announcement of potential tariffs of 25% on Mexico, Canada and Europe from the United States would
have an impact on Campari Group performance given the current exposure in those markets. The Group is
currently evaluating all potential remediation opportunities. Regarding the temporary tariffs on cognac in China,
the impact for the Group is expected to be immaterial and the Group will continue to monitor the evolution of this
topic.
Moreover, Campari Group, like all members of the spirits industry, has been exposed to a persistently volatile
macroeconomic environment, which may have potential downside effects on consumer behaviour. The Group
therefore continuously monitors the evolving macroeconomic scenario to mitigate its impact on operations.
Sustainability and climate-related matters
Campari Group recognises that sustainability and climate-related matters are one of the greatest challenges for
the future of the planet and is actively engaged on its path related to the defined sustainability priorities to which
all major global functions contribute. Following a very positive progression during recent years, more challenging
medium- and long-term targets have been set by the Group to reinforce its environmental, social and
governance commitments. In the context of the prevailing macroeconomic environment, it is crucial to
underscore that production operations, the comprehensive value chain and the implementation of the Group's
strategies might all potentially be affected by the ramifications of climate change (both physical climate risks as
well as transition risks as mentioned below). These impacts could encompass both acute and extreme events,
as well as chronic factors such as rising temperatures and drought, and they therefore present physical risks.
Throughout the previous years and in 2024 Campari Group undertook a thorough climate change risk
assessment to evaluate and better understand the potential impacts of climate change on its operations and
strategies on its value chain. This assessment includes an in-depth analysis of environmental risks,
opportunities for sustainability improvements, and the development of mitigation and adaptation plans. By doing
so, the Group aims to enhance its resilience and contribute positively to global climate action efforts.
Climate- and nature-related risks encompass the potential for adverse impacts on human lives, livelihoods,
health, assets, services, biodiversity, ecosystems, supply chains, and infrastructure. These risks stem from shifts
in climatic patterns, rising global temperatures, and other environmental challenges. Physical risks refer to the
growing intensity and frequency of climate- and weather-related events, such as floods, droughts, and tropical
storms, as well as ecological issues, including soil degradation and the decline of pollinator populations.
Transition risks and opportunities pertain to structural changes associated with the shift to a low-carbon,
environmentally sustainable economy, driven by evolving consumer behaviours, advancements in technology,
and the implementation of climate- and nature-focused policies and regulations.
Climate change is therefore a major disruptive force with the potential to drive substantial changes to the
Group’s operations in the short- to medium- and long-term. Throughout the year, the Group has focused on
reviewing and integrating ESG information in alignment with the new EU legislation, including the Corporate
Sustainability Reporting Directive ('CSRD'). This process involved the implementation of the European
Sustainability Reporting Standards ('ESRS'), enabling insights into double materiality analysis, taxonomy
disclosures, and gap assessments against previously applied sustainability standards. These efforts aim to
ensure full compliance with the regulatory requirements governing the Annual Report as of 31 December 2024.
The impact of the 2024 assessment in relation to ESG-related material impacts, risks and opportunities has
been considered in evaluating estimates and judgements in the preparation of these Consolidated Financial
statements. The analysis conducted in the course of 2024 did not identify any issue not attributable to and not
addressable in the ordinary course of business:
- the anticipated effect of climate change is not expected to be material over the going concern periods
specified below;
- the capital investment focused on climate-related topic amounted to €55.7 million, with the related impact
included in the disclosures provided in 4-ii. 'Property, plant and equipment, right of use asset' in 'Operating
assets and liabilities' chapter.
- the impact of climate change is more sensitive on biological goods as all agricultural ingredients remain at
risk mainly due to water scarcity and rising temperatures. To address and mitigate these risks, the Group
developed contingency plans for alternative sourcing of biological assets (which remained inactive in 2023
and 2024) and implemented proactive measures to combat water scarcity, including capital investments in
the United Kingdom and Jamaica, as reflected in the overall cash out of capital expenditure;
- the impact of climate change on cash flow forecasts has been factored into projections used for impairment
assessments of the value in use of non-current assets including goodwill, with capital expenditure budgets
2025 supporting climate-related initiatives also considered for an amount of €20.3 million;
- given the Group's approach to managing its business with a strategic focus on emissions reduction, no
carbon allowances were purchased during the year 2024, consistent with the practice observed in 2023;
- the impact of climate change on factors such as residual values, useful lives, and depreciation methods that
influence the carrying values of fixed assets was assessed, and no triggering factors were identified in 2024
that would necessitate a revision.

Consolidated financial statements | 243

Campari Group annual report for the year ended 31 December 2024

- the impact of other initiatives linked to the adoption of a sustainable strategy has been managed within the
framework of standard negotiations with suppliers, with the associated values (impacts) reflected across the
various reporting lines as part of ordinary business operations (i.e. training initiatives, community involvement
initiatives, logistic and transportation management, etc.);
- the achievement of improved positioning on ESG targets linked to financing agreements resulted in a saving
in financial costs of €0.2 million for the year ended 31 December 2024, included in 'Financial income and
expenses' profit or loss line.
Going concern including net financial debt and liquidity risk
In terms of its operating and financial profiles, the Group continues to be very sound and was not exposed to
any going-concern issues in 2024. Furthermore, it does not anticipate any such issues in the 12 months
subsequent to the authorisation of these Consolidated Financial statements for issue. The year ended 31
December 2024 confirmed solid growth driven by Global Priorities, primarily in the Americas and EMEA, in a
softened market context.
With regard to the Group’s net debt position and namely with respect to financial assets, these are not subject to
particular risks, since the investments considered by the Group are always the subject of a careful and
scrupulous preliminary analysis and are always coherent with financial needs. With respect to financial liabilities,
the Group’s indebtedness ratios measured internally (given the lack of covenants on existing debt) were under
control and consistently at a level considered entirely manageable by the Group. During 2024, the Group’s
financial structure was confirmed to have been strengthened by the availability of significant committed and
uncommitted credit lines. No renegotiation of interest rates or conditions was performed outside the normal
course of business. The debt profile is appropriately balanced between variable and fixed rate, thus minimizing
the Group’s exposure to market risk. In 2024 with respect to lease and rental agreements, there were no new
significant negotiations, including sub-leases, nor significant contract amendments generating financial
receivables or liabilities. In terms of fair value measurement hierarchies of financial items, there were no
changes to be reflected other than those disclosed in the related notes.
A separate analysis was performed with reference to financial liabilities arising from put option and earn-out
agreements valued at fair value and where the basis of the estimate is linked to brand performance. The
analysis was conducted in conjunction with the considerations described in relation to the impairment test on
goodwill, brands and intangible assets with a finite life, in order to ensure homogeneity and consistency in the
valuation, and from the analyses no particular circumstances emerged requiring significant revisions of these
liabilities.
The macroeconomic trend in 2024 did not trigger any significant change in clients’ contracts or any change in
the revenue recognition criteria previously identified. Significant judgements were used to review the expected
credit losses based on the Group business model to manage financial instruments, namely with reference to the
markets directly impacted by the Russia-Ukraine conflict. To facilitate liquidity management, the Group
continued the reverse factoring program, confirmed with a limited number of trusted suppliers involved,
consistent with previous years: the trade payables under reverse factoring agreements continued to be
classified as a component of the Group’s operating working capital with no separate disclosure as primary line
items of the consolidated financial statements in consideration of the total exposure.
Impairment of goodwill, brands and intangible assets with a finite life
Intangible assets with an infinite life are represented by goodwill and brands, both associated with business
acquisitions. The Group expects to obtain positive cash flow from these assets for an infinite period of time.
Regarding the 2024 performance, the Group continued leveraging its strong brand portfolio, particularly in
growing categories such as aperitifs and tequila. In the current environment characterised by continued macro
volatilities, the Group performed an assessment to identify any event that might trigger the risk of impairment on
its goodwill, brands and intangible assets with a finite life. This assessment confirmed that neither external nor
internal events have led to any substantial change on the recoverability of these intangible assets with the
exception of the Cabo Wabo, Bulldog and Wilderness Trail Distillery trademarks for a total value of €50.8 million
at average exchange rate for the period 1 January to 31 December 2024.
In the current macroeconomic circumstances, there was no evidence of significant deterioration of consumer
demand affecting business plans. Moreover, there has not been any interruption of the operation of the Group’s
plants or supply from suppliers or problems with logistics and freight transport activities that the Group was not
able to mitigate in the ordinary course of business.
During 2024, there were no issues related to operations in terms of production facilities since all the Group’s
plants and distilleries remained fully operational. Furthermore, there was no direct impact caused by
international conflicts as the Group does not have any production facilities in the countries directly involved.

Consolidated financial statements | 244

Campari Group annual report for the year ended 31 December 2024

Provision for risk and charges and onerous contracts
In terms of the assessment of provisions for risks and charges and onerous contracts, significant judgements
were used to assess the impact of triggering events. The restructuring provision included in the 2024
Consolidated Financial statements was subject to a thorough evaluation and estimation process, in accordance
with IFRS principles, ensuring that recognition and measurement align with the underlying obligations and
anticipated costs. No supply chain constraints were detected that should have been reflected in the above
assessment.
Taxation
During the year, all material assumptions and estimates considered in the preparation of this annual report were
reviewed. In particular, tax rates were investigated to check for any changes that occurred during the period in
the various tax jurisdictions and any amendments substantially enacted were considered in assessing both
current and deferred taxes. The review conducted has not identified any new triggering events that could
influence the recoverability of deferred tax assets and the recognition of any additional liabilities for uncertain tax
positions or tax risks related to the macroeconomic environment connected with the Russia-Ukraine conflict or
concerning climate-related or other environmental matters. With reference to Organisation for Economic Co-
operation and Development (‘OECD’) global minimum taxes (‘Pillar two’), the Group updated its assessment
confirming no significant amount of current taxes needed to be recorded in the profit or loss for 2024.
v. Principles of control and consolidation
Principles of control
Control is determined when the Group is exposed to or has a right to variable returns resulting from its
involvement with the investee, and, at the same time, has the ability to use its power over the investee to affect
these returns.
Specifically, the Group controls a business if, and only if, it has:
- power over the investee (or holds valid rights that give it the actual ability to manage significant activities of
the investee);
- exposure or rights to variable returns resulting from its involvement with the investee;
- the ability to use its power over the investee to affect the size of its returns.
Generally, control is assumed to exist when the Group possesses a majority of the voting rights. In support of
this assumption and when the Group holds less than the majority of the voting rights (or similar rights), the
Group considers all relevant facts and circumstances in assessing whether it controls the investee, including
contractual arrangements with other holders of voting rights, rights arising from contractual arrangements, and
the Group’s voting rights and potential voting rights.
The Group reassesses whether or not it controls a subsidiary if facts and circumstances indicate that one or
more of the three significant elements defining control have changed. Consolidation of a subsidiary begins when
the Group obtains direct or indirect control of that subsidiary (or through one or more other subsidiaries) and
ceases when the Group loses control therefrom. The assets, liabilities, revenues and costs of the subsidiary
acquired or disposed of over the year are included in the Consolidated Financial statements from the date on
which the Group obtains control until the date on which the Group no longer exercises control over the
company.
Changes in investments in subsidiaries that do not result in acquisition or loss of control are recorded as
changes in shareholders’ equity.
If the Group loses control of a subsidiary, the related assets (including goodwill), liabilities, non-controlling
interests and other components of shareholders’ equity are derecognised, while any gain or loss is recognised
in the statement of profit or loss. Any ownership interest maintained is recorded at fair value.
Principles of consolidation
The Consolidated Financial statements include the financial statements of the Parent Company and of the
Italian and foreign subsidiaries. All subsidiaries are consolidated on a line-by-line basis. The carrying amount of
the investments in subsidiaries is derecognised against the corresponding portion of the shareholders’ equity of
the subsidiaries. At the first consolidation stage, individual assets and liabilities are measured at fair value in the
context of the purchase price allocation at the date control was acquired. Any residual positive difference in the
allocation is recorded under the asset item ‘goodwill’, and any negative amount is allocated to the statement of
profit or loss.
The subsidiaries’ financial statements are based on the same financial year as the Parent Company and drawn
up for the purposes of consolidation. When necessary, appropriate adjustments are made to subsidiaries’

Consolidated financial statements | 245

Campari Group annual report for the year ended 31 December 2024

financial statements to bring them into line with the Group’s accounting policies. Joint-ventures are measured by
applying the equity method.
When preparing the Consolidated Financial statements, unrealized gains and losses resulting from intra-group
transactions are derecognised, as are the entries giving rise to payables and receivables, and costs and
revenues between the companies included in the basis of consolidation. All intra-group assets and liabilities,
shareholders’ equity, revenues, costs and cash flow relating to transactions between Group entities are fully
derecognised on consolidation. All remaining assets and liabilities, expenses and revenues of the subsidiaries
are fully reflected in the Consolidated Financial statements. Unrealized gains and losses generated on
transactions with joint-ventures are derecognised to the extent of the Group’s percentage interest in those
companies. Dividends collected from consolidated companies are derecognised.
The profit (loss) for the year and all other components of the statement of other comprehensive income are
attributed to the shareholders of the Parent Company and to non-controlling interests, even if this results in non-
controlling interests having a negative value. Non-controlling interests in shareholders’ equity and related results
are reported under the appropriate line items in the primary financial statements.
Basis of consolidation
The following changes were made to the basis of consolidation, resulting from the acquisitions and
reorganization of companies:
- with effective date of merger 1 January 2024, for statutory and tax purposes, Terrazza Aperol S.r.l. was
merged within Campari Mixology S.r.l., with the aim of optimizing and streamlining the Group’s structure;
- 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. The structure of the transaction is described in paragraph ‘Significant events of the
period’ in the Management Board Report of this annual report at 31 December 2024, and the impact of the
acquisition is described in note 4 i-‘Acquisition and sale of businesses and purchase of non-controlling
interests’. The transaction implied the inclusion in the basis of consolidation starting from 1 May 2024 of the
above-mentioned companies and the related subsidiaries, which are all located in France: L. De Salignc &
CIE, Distillerie Charentaise Jubert S.A.S., SCEA Domaine Guilloteau, SICA Des Baronnies de Jarnac, SICA
Quinze des Borderies et Champagnes, Association Coopérative des Bouilleurs de Cru. The effects of the
acquisition are highlighted as 'perimeter effect' in the notes to the Consolidated Financial statements, where
applicable;
- on 30 September 2024, the Group finalised negotiations to acquire the remaining 49% minority interests in
Licorera Ancho Reyes y cia, S.A.P.I. de C.V. and Casa Montelobos, S.A.P.I. de C.V.;
- on 5 November 2024, Scev des Gloriettes and Sci Athena were merged within Champagne Lallier S.A.S.,
with the aim of optimizing and streamlining the Group’s structure. For statutory and tax purposes, the
effective date of the merger was 1 January 2024;
- on 29 November 2024, the Group acquired the outstanding 49% minority interest in Trans Beverages
Company Ltd., subsequently renamed Campari Korea Ltd.;
- on 1 December 2024, Courvoisier Holding France was merged within Courvoisier S.A.S., with the aim of
optimizing and streamlining the Group’s structure. For statutory and tax purposes, the effective date of the
merger was 1 January 2024;
- on 12 December 2024, the remaining 40% minority interest in Thirsty Camel Ltd. (effectively renamed as
Campari New Zealand Ltd. starting from 1 January 2025) was acquired;
- following the acquisition of the remaining outstanding shares of 60% in the trading company CT Spirits Japan
Ltd. in 2023, during 2024 the company was renamed Campari Japan Limited.
The tables below list the companies included in the basis of consolidation at 3 1 December 2024.

name of company, activity | registered office | share capital at 31 December 2024 | % owned by Davide Campari-Milano N.V. | indirect ownership through
|  | currency | amount | direct | Indirect |
Davide Campari-Milano N.V., holding, trading and manufacturing company | legal domicile: Amsterdam (Netherlands) corporate address: Via Franco Sacchetti 20, 20099 Sesto San Giovanni, Milan, Italy. | € | 12,312,677(1) |  |  |

Consolidated financial statements | 246

Campari Group annual report for the year ended 31 December 2024

name of company, activity | registered office | share capital at 31 December 2024 | % owned by Davide Campari-Milano N.V. | indirect ownership through
|  | currency | amount | direct | Indirect |
Fully consolidated companies
Italy |  |  |  |  |  |
Campari International S.r.l., trading company | Via Franco Sacchetti 20, 20099 Sesto San Giovanni; Milan, Italy | €700,000 | 100.00 |  |
Campari Mixology S.r.l., trading company | Piazza Duomo 21, 20121 Milan, Italy | €68,880 | 100.00 |  |
Europe and Africa |  |  |  |  |  |
Campari Austria GmbH, trading company | Naglergasse 1/Top 13,1010 Wien, Austria | €500,000 | 100.00 |  |
Campari Benelux S.A., trading company | Rue aux Laines 70, 1000 Bruxelles, Belgium | €1,000,000 | 61.01 | 38.99 | Glen Grant Ltd. 38.99%
Campari Deutschland GmbH, trading company | Adelgundenstr. 7, 80538 Munich, Germany | €5,200,000 | 100.00 |  |
Campari España S.L.U., trading company | Calle de la Marina 16-18, planta 29, Barcelona, Spain | €4,279,331 | 100.00 |  |
Campari RUS LLC, trading company | 115088, Moscow, 2nd Yuzhnoportovy proezd, 14/22, Russia | RUB | 210,000,000 | 100.00 |  |
Campari Schweiz A.G., trading company | Lindenstrasse 8, 63471 Baar, Switzerland | CHF | 500,000 | 100.00 |  |
Campari Ukraine LLC, trading company | 8, Illinska Street, 5 Floor, block 8 and 9, Kiev, 4070 Ukraine | UAH | 87,396,209 | 99.00 | 1.00 | Campari RUS LLC 1%
Glen Grant Ltd., manufacturing and trading company | Glen Grant Distillery, Elgin Road, Rothes, Morayshire, AB38 7BS, United Kingdom | GBP | 164,949,000 | 100.00 |  |
Campari Hellas Single Member Societe Anonyme, manufacturing and trading company | 6 and E Street, A' Industrial Area, 38500 Volos, Greece | €6,811,220 | 100.00 |  |
Société des Produits Marnier Lapostolle S.A.S., holding company | 14 rue Montalivet 75008 Paris, France | €62,941,820 | 100.00 |  |
Campari France S.A.S., manufacturing and trading company | 14 rue Montalivet 75008 Paris, France | €262,093,200 |  | 100.00 | Société des Produits Marnier Lapostolle S.A.S. 100%
Bellonnie et Bourdillon Successeurs S.A.S., manufacturing and trading company | Zone de Génipa, 97224, Ducos, Martinique | €5,100,000 |  | 96.53 | Campari France S.A.S.96.53%
Distilleries Agricole de Sainte Luce S.A.S., agricultural production company | Zone de Génipa, 97224, Ducos, Martinique | €2,000,000 |  | 96.53 | Bellonnie et Bourdillon Successeurs S.A.S. 100%
SCEA Trois Rivières, agricultural service company | Zone de Génipa, 97224, Ducos, Martinique | €5,920 |  | 96.53 | Bellonnie et Bourdillon Successeurs S.A.S. 25% Distilleries Agricoles de Sainte Luce S.A.S 75%
Champagne Lallier S.A.S., manufacturing company | 4 Place de la Libération, 51160, Ay, France | €3,778,450 |  | 100.00 | Campari France S.A.S. 100%
Eric Luc, manufacturing and property company | 5 rue Ritterbandt, 51160, A-Champagne, France | €700,000 |  | 95.00 | Campari France S.A.S. 95%
Courvoisier S.A.S., manufacturing and trading company | 2 place du Château, 16200 Jarnac, France | €168,100,293 |  | 100.00 | Courvoisier Holding France 100%
L. De Salignc & CIE, trading company | 2 place du Château, 16200 Jarnac, France | €1,143,750 |  | 100.00 | Courvoisier S.A.S 100%
Distillerie Charentaise Jubert S.A.S., manufacturing and trading company | 12 rue Guy Barat, 16120 Châteauneuf-Sur-Charente, France | €329,400 |  | 100.00 | Courvoisier S.A.S 100%
SCEA Domaine Guilloteau, agricultural production company | 16 rue de la Croix, Les Basses Champagnères, 16200 Les Métairies, France | €10,000 |  | 85.00 | Courvoisier S.A.S 85%
SICA Des Baronnies de Jarnac, agricultural production company(3) | 4 place du Château, 16200 Jarnac, France | €116,516 |  | 16.38 | Courvoisier S.A.S 8.19% Distillerie Charentaise Jubert S.A.S. 8.19%
SICA Quinze des Borderies et Champagnes, agricultural production company(3) | 4 place du Château, 16200 Jarnac, France | €168,147 |  | 5.42 | Courvoisier S.A.S 3.61% Distillerie Charentaise Jubert S.A.S. 1.81%
Association Coopérative des Bouilleurs de Cru, agricultural production company(3) | 2 place Du Chateau, 16200 Jarnac France | €248,561 |  | 1.96 | SCEA Domaine Guilloteau 2.30%
Campari South Africa Pty Ltd., trading company | 2nd Floor ICR House Alphen Park, Constantia main road, Constantia, Western Cape 7806, South Africa | ZAR | 310,247,750 |  | 100.00 | Campari España S.L.U.

Consolidated financial statements | 247

Campari Group annual report for the year ended 31 December 2024

name of company, activity | registered office | share capital at 31 December 2024 | % owned by Davide Campari-Milano N.V. | indirect ownership through
|  | currency | amount | direct | Indirect |
Americas |  |  |  |  |  |
Campari America, LLC, manufacturing and trading company | 1114 Avenue of the Americas, 19th Floor New York, 10036 United States | US$ | 566,321,274 | 100.00 |  |
Wilderness Trail Distillery, LLC, holding company | 4095 Lebanon Road Danville, Kentucky 40422 United States | US$ | - |  | 70.00 | Campari America LLC 70%
Wilderness Trace Distillery, LLC, manufacturing and trading company | 4095 Lebanon Road Danville, Kentucky 40422 United States | US$ | - |  | 70.00 | Wilderness Trail Distillery, LLC 100%
Campari Argentina S.A., manufacturing and trading company | Tucuman, Piso 4 1107 Buenos Aires, Ciudad de Buenos Aires Argentina | ARS | 1,179,565,930(2) | 98.81 | 1.19 | Campari do Brasil Ltda. 1.19%
Campari do Brasil Ltda., manufacturing and trading company | Alameda Rio Negro 585, Edificio Demini, Conjunto 62, Alphaville- Barueri-SP, Brasil | BRL | 36,870,056 | 99.9999 | 0.0001 | Campari Schweiz A.G. 0.0001%
Campari Mexico S.A. de C.V., trading company | Avenida Americas 1500 Piso G-A Colonia Country Club, Guadalajara, Jalisco, 44610 Mexico | MXN | 5,525,434,642 |  | 100.00 | Campari España S.L.U. 99.00% Campari America, LLC 1.00%
Campari Mexico Destiladora S.A. de C.V., manufacturing company | Camino Real a Atotonilco No. 1081, La Trinidad, San Ignacio Cerro Gordo, Jalisco, Z.C. 47195, Mexico | MXN | 10,100,000 |  | 100.00 | Campari Mexico, S.A. de C.V. 99.99% Campari America, LLC 0.01%
Licorera Ancho Reyes y cia, S.A.P.I. de C.V., manufacturing and trading company | Paseo de los Tamarindos No. 90 Edificio Arcos Bosques Torre II-Piso 5C Col. Bosques de las Lomas, 05120, Mexico | MXN | 73,972 |  | 100.00 | Campari España S.L.U. 99.99% Campari Mexico, S.A. de C.V. 0.01%
Casa Montelobos, S.A.P.I. de C.V., manufacturing and trading company | Paseo de los Tamarindos No. 90 Edificio Arcos Bosques Torre II-Piso 5C Col. Bosques de las Lomas, 05120, Mexico | MXN | 5,247,771.30 |  | 100.00 | Campari España S.L.U. 99.99% Campari Mexico, S.A. de C.V. 0.01%
Campari Peru SAC, trading company | Av. Jorge Basadre No.607, oficina 702, distrito de San Isidro, Lima, Peru | PEN | 34,733,588 |  | 100.00 | Campari Espãna S.L.U. 99.92%, Campari do Brasil Ltda. 0.08%
Forty Creek Distillery Ltd., manufacturing and trading company | 297 South Service Road West, Grimsby, ON L3M 1Y6 Canada | CAD | 105,500,100 | 100.00 |  |
J. Wray and Nephew Ltd., manufacturing and trading company | 23 Dominica Drive, Kingston 5, Jamaica | JMD | 750,000 |  | 100.00 | Campari Espãna S.L.U.
Asia |  |  |  |  |  |
Campari (Beijing) Trading Co. Ltd., trading company | Building 1, Level 5, Room 66, 16 Chaowai Avenue, Chaoyang District, Beijing, China | CNY | 104,200,430 | 100.00 |  |
Campari Australia Pty Ltd., manufacturing and trading company | Level 21, 141 Walker Street North Sydney, 2060, Australia | AUD | 56,500,000 | 100.00 |  |
Campari India Private Ltd., trading company | Upper Ground and First Floor Shop No. SG-1 and SF-1, DT Greater Kailash-II, New Delhi 110048, India | INR | 172,260 | 99.99 | 0.01 | Campari Australia Pty Ltd. 0.01%
Campari New Zealand Ltd., trading company | C/o KPMG 18, Viaduct Harbour Av., Maritime Square, Auckland, New Zealand | NZD | 10,000 |  | 100.00 | Campari Australia Pty Ltd.
Thirsty Camel Limited, trading company | c/- Farry Law, Level 11, 152 Quay Street Auckland CBD, 1010, New Zealand | NZD | 5,180,000 |  | 100.00 | Campari Australia Pty Ltd.
Campari Singapore Pte Ltd., trading company | 152 Beach Road, #24-06, 1Gateway East, 189721, Singapore | SGD | 19,100,000 | 100.00 |  |
Campari Korea Co. Ltd., trading company | 5th Floor, 14 Samsung-ro 133-gil Gangnam-gu, Seoul, South Korea, Songpa-gu, Seoul, Korea | KRW | 2,000,000,000 |  | 100.00 | Glen Grant Ltd.
Campari Japan Limited, trading company | 107-0062 Tokyo 1-1-1 Minami- Aoyama, Shin Aoyama Bldg West 6F, Minato-Ku Japan | JPY | 100,000,000 | 100.00 |  |

(1)The €12,312,677 represents ordinary share capital.
(2)The share capital does not include effects related to the hyperinflation accounting standard.
(3)Share capital values at 31 October 2024.

Consolidated financial statements | 248

Campari Group annual report for the year ended 31 December 2024

vi. Change in representation
The disclosure of ‘Net sales’ and 'segment reporting' was reviewed due to the fact that the Group undertook a
partial business unit reconfiguration, resulting in the combined EMEA region starting from 1 January 2024. The
unified European area is aimed at strengthening the Group’s leadership position in this region, unlocking
operational and commercial efficiencies. Therefore, to enhance disclosure concerning net sales information,
from 2024 the Group is overseen through distinct business units organised by the following geographical
regions: ‘Americas’, ‘EMEA’ (combining Europe and Southern Europe Developing Markets, Middle East and
Africa), and ‘Asia-Pacific’. Simultaneously, the Group reorganised its brand clusters, with Espolòn being
promoted to global priority brand status effective from the same date. Furthermore, to align with the
comprehensive product portfolio review, minor adjustments have been made to the composition of regional
priority clusters.
To reflect this change in representation, comparative data for full year 2023 has also been restated accordingly
in both disclosures ‘Group net sales focus by region’ and ‘Group net sales focus by priorities’, statement of profit
or loss and disclosure of selling, general and administrative expenses.
It is noted that the changes in representation do not imply changes in the disclosures provided in the
Consolidated Financial statements at 31 December 2023, which remain fully comprehensive and complete.
vii. Change in accounting standards
Summary of the new accounting standards endorsed and adopted by the Group from 1
January 2024
These amendments applied for the first time in 2024 but did not have a significant impact to be reported on
Campari Group’s full year Consolidated Financial statements.
Amendment to IAS 1-‘Presentation to Financial Statements’ including the following:
- ‘Classification of Liabilities as Current or Non-current’ and ‘Deferral of Effective Date’ (issued on 23 January
2020 and 15 July 2020 respectively). The amendment specifies the requirements to classify liabilities as
current or non-current by clarifying i) what is meant by a right to defer the settlement; ii) that if an entity has
the right to roll over an obligation for at least twelve months after the end of the reporting period, it classifies
the obligation as non‑current, even if it would otherwise be due within a shorter period; iii) that the
classification is unaffected by the likelihood that an entity will exercise its deferral right and iv) that the
settlement refers to a transfer to the counterparty that results in the extinguishment of the liability.
- ‘Non-current Liabilities with Covenants’ (issued on 31 October 2022). The amendments clarify that only
covenants with which an entity must comply on or before the reporting date will affect a liability’s
classification as current or non-current; while additional disclosures are required for non-current liabilities
arising from loan arrangements that are subject to covenants to be complied with within twelve months after
the reporting period.
Amendment to IFRS 16-‘Leases: Lease Liability in a Sale and Leaseback’ (issued on 22 September 2022). A
sale and leaseback transaction involves the transfer of an asset by an entity (the seller-lessee) to another entity
(the buyer-lessor) and the leaseback of the same asset by the seller-lessee. The amendment specifies how a
seller-lessee measures the lease liability, which arises in a sale and leaseback transaction, to ensure that it
does not recognise any amount of the gain or loss related to the right-of-use retained. The amendment does not
change the accounting for leases unrelated to sale and leaseback transactions.
Amendments to IAS 7-‘Statement of Cash Flows’ and IFRS 7-‘Financial Instruments: Disclosures: Supplier
Finance Arrangements’ (issued on 25 May 2023) which address the disclosure requirements to enhance the
transparency of supplier finance arrangements and their effects on a company’s liabilities, cash flows and
exposure to liquidity risk (note 6- ‘ix Explanatory notes to the cash flow statement’).
Accounting standards, amendments and interpretations that have been endorsed but are
not yet applicable/have not been adopted in advance by the Group
The Group is still assessing the impact of these amendments on its financial position or operating results, in so
far as they are applicable.
Amendments to IAS 21-‘The Effects of Changes in Foreign Exchange Rates’: Lack of Exchangeability’ (issued
on 15 August 2023). The amendments clarify how an entity should assess whether a currency is exchangeable
and how it should determine a spot exchange rate when exchangeability is lacking, as well as require the

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Campari Group annual report for the year ended 31 December 2024

disclosure of information that enables users of financial statements to understand the impact of a currency not
being exchangeable. The first application is for annual periods starting on or after 1 January 2025.
Accounting standards, amendments and interpretations not yet endorsed
The Group is still assessing the impact of these amendments on its financial position or operating results, in so
far as they are applicable.
Amendments to IFRS 9 and IFRS 7-‘Amendments to the Classification and Measurement of Financial
Instruments’ (issued on 30 May 2024). The amendments are effective for annual periods starting on or after 1
January 2026 including:
- a clarification that a financial liability is derecognised on the ‘settlement date’ and introduce an accounting
policy choice (if specific conditions are met) to derecognise financial liabilities settled using an electronic
payment system before the settlement date;
- additional guidance on how the contractual cash flows for financial assets with ESG and similar features
should be assessed;
- clarifications on what constitute ‘non-recourse features’ and what are the characteristics of contractually linked
instruments;
- the introduction of disclosures for financial instruments with contingent features and additional disclosure
requirements for equity instruments classified at fair value through other comprehensive income.
Amendments to IFRS 9 and IFRS 7-‘Contracts Referencing Nature-dependent Electricity’ (issued on 18
December 2024). The following amendments would enable the contracts relating to nature-based electricity to
be better recognised in companies’ financial statements:
- clarification of the application of the own use exemption to these contracts;
- amendment of the hedge accounting requirements to allow contracts for electricity from nature-dependent
renewable energy sources to be used as a hedging instrument if certain conditions are met;
- introduction of additional disclosure requirements to enable investors to understand the impact of these
contracts on a company’s financial performance and future cash flow.
The amendments are effective for annual periods starting on or after 1 January 2026.
Annual Improvements to IFRS Accounting Standards-Volume 11 (issued on 18 July 2024). Includes
amendments that either clarify the wording of an IFRS standard or correct relatively minor unintended
consequences, oversights or conflicts between requirements in the standards. The amendments contained in
the Annual Improvements relate to IFRS 1, IFRS 7, IFRS 9, IFRS 10 and IAS 7. The amendments are effective
for annual periods starting on or after 1 January 2026, with earlier application permitted.
IFRS 18-‘Presentation and Disclosure in Financial Statements’ (issued on 9 April 2024). IFRS 18 replaces
IAS 1-‘Presentation of Financial Statements’, introducing new requirements for presentation within the statement
of profit or loss, including specified totals and subtotals. Furthermore, entities are required to classify all income
and expenses within the statement of profit or loss into one of five categories: operating, investing, financing,
income taxes and discontinued operations, whereof the first three are new. It also requires disclosure of newly
defined management-defined performance measures ('MPMs'), which are subtotals of income and expenses,
and includes new requirements for aggregation and disaggregation of financial information based on the
identified ‘roles’ of the primary financial statements and the notes.
In addition, narrow-scope amendments have been made to IAS 7-‘Statement of Cash Flows’, which include
changing the starting point for determining cash flows from operations under the indirect method, from ‘profit or
loss’ to ‘operating profit or loss’ and removing the optionality around classification of cash flows from dividends
and interest. In addition, there are consequential amendments to several other standards. The amendments are
effective for annual periods starting on or after 1 January 2027, but earlier application is permitted and must be
disclosed. IFRS 18 will apply retrospectively.
3. Results for the period
This section details accounting policies for net sales, operating segment, cost of sales, point of sale materials,
personnel costs, depreciation and amortisation, financial income and expenses, lease components share of
profit (loss) of joint-ventures, as well as taxation. Judgements and estimates are stated regarding taxation.
This section discloses the information on costs and revenues, gain and losses affecting the results and
performance for the year ended 31 December 2024, as well as financial information for taxation and joint-
ventures.

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Campari Group annual report for the year ended 31 December 2024

i. Net sales
Accounting policy
Revenue recognition
Revenues are recognised when the customer gains control of the goods. Transfer of control is determined using
a five-step analytical model applied to all revenues from customer contracts.
This occurs when the goods are delivered to the customer, who has complete discretion over the sales channel
and price of the products themselves, and there is no unfulfilled obligation that could affect acceptance by the
customer. Delivery takes place when the products have been shipped to the specific location, the risks of
obsolescence and loss have been transferred to the customer and the customer has accepted the products in
accordance with the sales contract, the terms and conditions of acceptance have expired, or the Group has
objective evidence that all criteria for acceptance have been met. The Group’s revenues mainly include sales of
spirits on the market and, to a marginal extent, revenues from co-packing services in some way linked to the
Group’s core business, for which the breakdown of sales is not disclosed in consideration of their limited
importance.
Revenues are recognised at the price stated in the contract, net of any estimates of deferred discounts or
incentives granted to the customer in line with industry practice, for example:
- volume/value discounts based on cumulative sales above a threshold at the end of a given period;
- performance-based discounts (such as discounts, rebates, performance bonuses, logistical discounts),
based on promotional activities carried out by the customer and agreed upon in advance;
- customer incentives, such as discount vouchers, free products, price protection, market development
allowances and price reduction allowances (to compensate for low sales);
- product placement allowances (such as contributions for placement and range).
Historical experience is used to estimate deferred discounts/incentives based on agreements with clients, and
revenues are recognised only to the extent that it is highly probable that there will be no need for subsequent
significant adjustments.
No financing element is deemed to be present as sales are made with only a brief delay before payment:
contracts are generally not entered into when there is more than one year between the transfer of the goods and
the payment by the customer.
Discounts relating to specific payment terms that lower the Group entity’s collection risk or reduce administrative
costs, and/or improve liquidity (such as payments at the time of sale) are recognised as a reduction in revenue.
A liability reducing the related trade receivable is recognised for deferred discounts due to customers in relation
to sales made up to the end of the period. Such liabilities can then be offset against the amounts payable by the
customer.
Receivables are recognised when the goods are delivered, as this is the point in time that the consideration is
unconditional because only the passage of time is required before payment is due.
Consumption taxes recognition
The Group incurs consumption taxes worldwide. In most jurisdictions, excise duty is a production tax that is
payable by the manufacturer, becomes payable when the product is removed from captive warehouses, and is
not directly related to the sales value: the excise duty is consequently recognised as a cost for the Group.
Excise duties are normally recovered through the sales, although they are generally not shown as a separate
item on external invoices. Excise duty increases are not always passed on to the customer, and if a customer
does not pay for the product received, the Group cannot request a refund of the excise duty. For excise duties
passed on to customers, the Group considers itself an agent of the regulatory authorities, and consequently, the
re-invoiced excise values are excluded from the presentation of net sales in the primary statements and are
presented to offset the cost incurred by the Group.
Net sales presentation
Net sales relate to spirit products in Campari Group’s markets. Their nature, amount, timing and uncertainty, as
well as the corresponding cash flows, are affected by economic and business factors which differ across
markets, also as a function of their different sizes and maturity profiles. These elements are primarily attributable
to demographics, consumption habits also influenced by historical, social and climatic factors, local consumer
taste preferences, propensity to consume, the market commercial structure in terms of the weight of the
distribution channels (off-premise vs. on-premise) as well as the retailers’ concentration. As an effect of the
above factors, the sales composition by brand differs from market to market. Therefore, the level of analysis of
sales by operating segments reflects the four geographical areas.
In order to highlight the main business performance drivers in a diversified context and to assess the
contribution of the different brands to the overall sales performance of the Group, further breakdowns by brand

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Campari Group annual report for the year ended 31 December 2024

category (global, regional and local brands) and for major brands are provided to better explain their contribution
to the region. The categorisation of brands into three main clusters (global priorities, regional priorities and local
priorities) is based on their scale, growth potential and business priority.
Disclosure
Net sales, which almost entirely relate to the sale of spirits, totalled €3,069.7 million at total Group level,
compared with €2,918.6 million in the previous year. The year 2024 showed solid growth driven by Global
Priorities, primarily in the Americas and EMEA, in a softened market context.
To highlight the main business performance drivers in a geographically diversified context and assess the
contribution of the newly acquired brands to the overall sales performance of the Group, further breakdowns by
brand category and for major brands are provided below to explain better their contribution to the region and the
main related market. The categorisation of brands into three main clusters is based on the brands' geographic
scale, business priorities and growth potential.

| for the year ended 31 December(1)
Net sales focus by region | 2024 | 2023
| € million | € million
Americas | 1,388.5 | 1,282.6
EMEA | 1,464.7 | 1,405.8
Asia-Pacific | 216.5 | 230.2
total | 3,069.7 | 2,918.6

(1)For information on reclassifications of comparative figures, refer to note ‘Group significant events and corporate and sustainable actions’.

| for the year ended 31 December(1)
| 2024 | 2023
| € million | € million
global priority brands | 2,050.2 | 1,897.4
Aperol | 740.9 | 703.5
Campari | 337.4 | 309.6
Espolòn | 264.6 | 233.2
Wild Turkey portfolio(2)(3) | 215.7 | 226.9
Jamaican rums portfolio(4) | 147.1 | 156.5
Grand Marnier | 144.7 | 143.2
SKYY(2) | 127.3 | 124.4
Courvoisier(5) | 72.5 | -
regional priority brands | 563.7 | 570.1
Sparkling Wines, Champagne&Vermouth | 176.4 | 158.8
Other specialities(6) | 278.0 | 289.8
Other Whisk(e)y(7) | 45.2 | 57.7
Crodino | 64.0 | 63.9
local priority brands | 188.2 | 191.1
Campari Soda | 77.0 | 78.7
Wild Turkey ready-to-drink(8) | 48.7 | 48.6
SKYY ready-to-drink | 36.8 | 40.8
Ouzo 12 | 25.7 | 23.0
rest of the portfolio | 267.6 | 259.9
total | 3,069.7 | 2,918.6

(1)For information on reclassifications of comparative figures, refer to note ‘Group significant events and corporate and sustainable actions’.
(2-3-4-5-6-7-8)For notes from 2 to 8, please refer to the following disclosure table.
While the global priority cluster includes brands with a globally diversified geographic exposure (either current or
potential), regional priorities are concentrated in a limited number of countries within the same region and local
priorities focus on one main domestic market.

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Campari Group annual report for the year ended 31 December 2024

| for the year ended 31 December 2024
percentage of Group sales | main region/markets for brands
global priority brands | 66.8% |
Aperol | 24.1% | -
|  | Italy, EMEA
|  | Germany, EMEA
|  | US, AMERICAS
|  | France, EMEA
|  | United Kingdom, EMEA
Campari | 11.0% | -
|  | Italy, EMEA
|  | Brazil, AMERICAS
|  | US, AMERICAS
|  | Germany, EMEA
|  | Jamaica, AMERICAS
Espolòn | 8.6% | -
|  | US, AMERICAS
|  | Australia, APAC
|  | Canada, AMERICAS
|  | Italy, EMEA
|  | GTR, EMEA
Wild Turkey portfolio(1)(2) | 7.0% | -
|  | US, AMERICAS
|  | Australia, APAC
|  | South Korea, APAC
|  | Japan, APAC
|  | Canada, AMERICAS
Jamaican rums portfolio(3) | 4.8% | -
|  | Jamaica, AMERICAS
|  | US, AMERICAS
|  | United Kingdom, EMEA
|  | Canada, AMERICAS
|  | Mexico, AMERICAS
Grand Marnier | 4.7% | -
|  | US, AMERICAS
|  | Canada, AMERICAS
|  | France, EMEA
|  | GTR, EMEA
|  | Italy, EMEA
SKYY(1) | 4.1% | -
|  | US, AMERICAS
|  | Argentina, AMERICAS
|  | Germany, EMEA
|  | China, APAC
|  | South Africa, EMEA
Courvoisier(4) | 2.4% | -
|  | US, AMERICAS
|  | United Kingdom, EMEA
regional priority brands | 18.4% | -
Sparkling Wines, Champagne&Vermouth | 5.7% |
Other specialities(5) | 9.1% |
Other Whisk(e)y(6) | 1.5% |
Crodino | 2.1% |
local priority brands | 6.1% | -
Campari Soda | 2.5% |
Wild Turkey ready-to-drink(7) | 1.6% |
SKYY ready-to-drink | 1.2% |
Ouzo 12 | 0.8% |
rest of the portfolio | 8.7% | -
total | 100.0% | -

(1)Excludes ready-to-drink.
(2)Includes American Honey.
(3)Includes Appleton Estate, Wray&Nephew Overproof and Kingston 62.
(4)Excluding Salignac.
(5)Includes Braulio, Cynar, Averna, Frangelico, Del Professore, Ancho Reyes, Montelobos, Cabo Wabo, Bisquit&Dubouché, Bulldog, Trois Rivières, Picon,
Maison La Mauny, Magnum Tonic, Aperol Spritz ready-to-enjoy and X-Rated.
(6)Includes The GlenGrant, Forty Creek and Wilderness Trail.
(7)Includes American Honey ready-to-drink.

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Campari Group annual report for the year ended 31 December 2024

ii. Operating segment
Accounting policy
For management purposes, the Group is organised into business units and has three reportable segments.
Each segments’ business results, their nature, amount, timing and uncertainty as well as the related cash flow,
are affected by economic factors influenced by homogeneous elements primarily attributable to geographical
areas’ features, although markets have different sizes and maturity profiles. Secondarily, the resource allocation
to each region, particularly the investment in brand-building and the distribution capabilities, is driven by the
development of brand clusters (global, regional and local) and the related breakdown by brands. The level of
profitability analysed is, therefore, the operating result by the following regions: Americas (‘AMERICAS’),
Europe, Middle-East and Africa (‘EMEA’) and Asia-Pacific (‘APAC’). The profitability of each region reflects the
profit generated by the Group through sales to third parties in that region, thereby eliminating the effects of inter-
company margins. In terms of financial position, the goodwill is assigned to operating segments reflecting the
allocation defined at the time of the related business acquisition.
Disclosure
Segment reporting

for the year ended 31 December 2024 | Americas | EMEA | Asia-Pacific | total allocated | non-allocated items and adjustments | consolidated
| € million | € million | € million | € million | € million | € million
Net sales to third-parties | 1,388.5 | 1,464.7 | 216.5 | 3,069.7 | - | 3,069.7
Net sales between segments | 74.9 | 255.1 | 0.1 | 330.0 | (330.0) | -
Total net sales | 1,463.3 | 1,719.8 | 216.6 | 3,399.7 | (330.0) | 3,069.7
Segment result | 213.6 | 208.6 | (29.8) | 392.4 | - | 392.4
Operating result | - | - | - | - | - | 392.4
Financial income (expenses) | - | - | - | - | (77.2) | (77.2)
Share of profit (loss) of joint-ventures and other investments | - | - | - | - | (59.5) | (59.5)
Taxation | - | - | - | - | (63.0) | (63.0)
Profit for the period | - | - | - | - | - | 192.6
Non-controlling interests | - | - | - | - | (9.0) | (9.0)
Group profit for the period | - | - | - | - | - | 201.6

for the year ended 31 December 2023 | Americas | EMEA | Asia-Pacific | total allocated | non-allocated items and adjustments | consolidated
| € million | € million | € million | € million | € million | € million
Net sales to third parties | 1,282.6 | 1,405.8 | 230.2 | 2,918.6 | - | 2,918.6
Net sales between segments | 72.7 | 559.0 | 0.1 | 631.8 | (631.8) | -
Total net sales | 1,355.3 | 1,964.8 | 230.3 | 3,550.4 | (631.8) | 2,918.6
Segment result | 235.3 | 309.5 | (4.6) | 540.2 | - | 540.2
Operating result | - | - | - | - | - | 540.2
Financial income (expenses) | - | - | - | - | (65.3) | (65.3)
Share of profit (loss) of joint-ventures | - | - | - | - | (8.3) | (8.3)
Taxation | - | - | - | - | (134.0) | (134.0)
Profit for the period | - | - | - | - | - | 332.5
Non-controlling interests | - | - | - | - | 2.0 | 2.0
Group profit for the period | - | - | - | - | - | 330.5

The operating result of by region also embedded costs accrued and related to a restructuring program. This
initiative is among several strategic measures aimed at enhancing performance, alongside efforts to drive
growth, improve profitability, streamline processes and contain costs. The total cost amounting to €102.6 million
as also indicated in the 'Selling, general and administrative expenses', was split as follows among the three
reportable segments: EMEA for €80.3 million, Americas for €18.6 million and APAC for €3.7 million.

Consolidated financial statements | 254

Campari Group annual report for the year ended 31 December 2024

Geographical information

Information about geographical areas |  | non-current non-financial assets (1)
|  | 2024 | 2023
|  | € million | € million
country of domicile | Italy | 946.7 | 826.6
other countries |  | 4,486.7 | 3,344.3
| United States | 1,798.3 | 1,673.1
| France | 1,552.2 | 704.7
| Jamaica | 362.2 | 291.8
| Mexico | 229.6 | 227.4
| United Kingdom | 220.4 | 130.4
| Brazil | 47.5 | 53.9
| other | 276.5 | 263.1
total |  | 5,433.4 | 4,170.9

Information about geographical areas |  | net sales to third-parties
|  | 2024 | 2023
|  | € million | € million
country of domicile | Italy | 526.8 | 551.7
other countries |  | 2,542.9 | 2,366.8
| United States | 877.4 | 822.0
| Germany | 253.2 | 240.1
| Jamaica | 179.5 | 182.5
| France | 160.4 | 172.3
| United Kingdom | 156.6 | 133.2
| Australia | 117.4 | 124.8
| other | 798.5 | 692.0
total |  | 3,069.7 | 2,918.6

(1)Non‑current assets other than financial instruments, deferred tax assets and post‑employment benefit assets.
iii. Cost of sales
Disclosure

| for the year ended 31 December
| 2024 | 2023
| € million | € million
Materials and manufacturing costs | 1,132.6 | 1,037.3
Distribution costs | 170.4 | 181.1
Total cost of sales | 1,303.0 | 1,218.5
Breakdown by nature | - | -
Raw materials and finished goods acquired from third parties | 834.8 | 758.8
Inventory write-downs | 19.4 | 20.6
Personnel costs(1) | 139.4 | 115.7
Depreciation/amortisation(1) | 81.6 | 68.3
Utilities | 30.5 | 33.7
External production and maintenance costs | 41.7 | 41.2
Variable transport costs | 125.1 | 133.7
Other costs | 30.5 | 46.5
Total cost of sales | 1,303.0 | 1,218.5

(1)For an analysis of personnel costs and depreciation and amortisation components by nature, please see also the breakdown of personnel costs in notes 3
vii-‘Personnel costs’ and 3 viii-‘Depreciation and amortisation’.
The overall increase is primarily attributable to business growth. As a percentage of net sales, the cost of sales
remained broadly consistent with the previous year, rising from 41.7% in 2023 to 42.4% in 2024.
iv. Advertising and promotional expenses
Accounting policy
Point of sale materials are charged to advertising and promotional expenses at the time when the items are
purchased.

Consolidated financial statements | 255

Campari Group annual report for the year ended 31 December 2024

Disclosure

| for the year ended 31 December
| 2024 | 2023
| € million | € million
Merchandising and promotional costs | 201.6 | 183.4
Advertising spaces | 143.6 | 137.2
Media production | 22.2 | 22.5
Sponsorships, testimonial, influencers and events | 106.4 | 117.1
Research and innovation | 25.4 | 23.1
Trade allowances | (3.9) | (5.6)
Depreciation/amortisation(1) | 4.5 | 3.4
Personnel costs(1) | 6.4 | 4.9
Other advertising and promotional expenses | 7.2 | 8.1
Total advertising and promotional expenses | 513.3 | 494.1

(1) For an analysis of personnel costs and depreciation and amortisation components by nature, please see also the breakdown of personnel costs in notes 3
vii-‘Personnel costs’ and 3 viii-‘Depreciation and amortisation’.
Advertising and promotional expenses accounted for 16.7% of net sales, amounting to €513.3 million in 2024.
This marked an overall increase of €19.2 million compared to 2023, when they stood at 16.9% of net sales. The
investment mainly reflected increased sponsorship, testimonial and influencer expenses related to initiatives in
line with the Group’s focus on digital brand-building activities undertaken primarily on the on-premise channel.
v. Public grants
In 2024, operating grants for an overall €1.3 million (€2.6 million in 2023) were recorded in the statement of
profit or loss. These public contributions were mainly due to the financing of marketing activities for the
promotion of quality wines in non-EU countries, as well as for the support of industrial investments and sugar
cane plantations in Martinique.

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Campari Group annual report for the year ended 31 December 2024

vi. Selling, general and administrative expenses
Disclosure

| for the year ended 31 December
| 2024 | 2023
| € million | € million
Personnel costs(1) | 504.0 | 381.5
of which: | - | -
Restructuring and reorganization costs | 102.6 | 17.7
Last mile long-term incentive schemes with retention purposes(2) | 2.5 | 10.0
Services, maintenance and insurance | 130.5 | 119.3
of which: | - | -
Non-recurring costs related to IT system implementation | - | 13.3
Finance transformation | 4.9 | -
Net expenses from acquisition/disposals of business or companies and indemnities from contract resolutions | 12.3 | 4.4
Restructuring and reorganization costs | - | 0.2
Other net (gain) expenses | 1.9 | 3.5
Travel, business trips, training and meetings | 53.6 | 56.8
Depreciation/amortisation(1) | 41.6 | 38.5
Agents and other variable sales costs | 5.8 | 2.6
Utilities, fuel and insurance | 8.3 | 7.6
Board fees and indemnities | 6.0 | 7.9
Charges for use of third-party assets | 5.7 | 4.9
Other | 105.6 | 46.7
of which: | - | -
Net expenses from acquisition/disposals of business or companies and indemnities from contract resolutions | 25.9 | 12.6
Impairment of assets | 56.8 | 11.9
Net penalties or gains arising from the settlement of tax and legal disputes | 5.2 | 8.4
Ukraine and Russia conflict costs | - | 2.3
Restructuring and reorganization costs | - | 1.7
Capital (gains) losses on the disposal of tangible and intangible assets | 0.1 | (7.6)
Other net (gain) expenses | 0.6 | 0.2
Total selling, general and administrative expenses | 861.0 | 665.8

(1)For an analysis of personnel costs and depreciation and amortisation components by nature, please see also the breakdown of personnel costs in notes 3
vii-‘Personnel costs’ and 3 viii-‘Depreciation and amortisation’.
(2)Pursuant to the Remuneration Policy, a last mile incentive scheme with retention purposes to be potentially awarded to the current CFOO has been approved
by the Parent Company’s corporate bodies. For more information, refer to the section ‘Governance‘ in the Campari Group annual report for the year ended 31
December 2024.
At 31 December 2024, the total selling, general and administrative expenses amounted to €861.0 million,
showing an increase of €195.2 million compared to the figures reported in 2023, mainly related to personnel,
services, maintenance and insurance costs and other cost.
The expenses incurred during the year include components that may be considered non-representative of the
current operating results and are therefore highlighted separately. They are represented as adjusting
transactions for the purposes of alternative performance indicators considered in the Management Board
Report. Throughout the year 2024, they comprised a net expense of €212.6 million compared with €78.5 million
reported in 2023 (for details on previous year disclosure please refer to 2023 Annual Report). The primary
factors impacting 2024 were attributable to impairment of brands and fixed assets (€56.8 million), acquisition
costs (totalling €12.3 million included in Net expenses from acquisition/disposals of business or companies)
primarily related to the Courvoisier deal, penalties from the settlement of legal disputes (€6.8 million), non-
recurring costs linked to finance transformation (€4.9 million), last-mile long-term incentive schemes with
retention purposes to be potentially awarded to senior management (€2.5 million), to restructuring initiatives
(€102.6 million) as well as associated route-to-market changes (€24.4 million included in Net expenses from
acquisition/disposals of business or companies). The restructuring is one of several key initiatives designed to
enhance performance, alongside efforts to accelerate growth and profitability through focus, process
simplification, and cost containment. This initiative, included in the 2024 Consolidated Financial statements,
underwent a thorough evaluation and estimation process, ensuring alignment with applicable accounting
principles and anticipated costs.

Consolidated financial statements | 257

Campari Group annual report for the year ended 31 December 2024

vii. Personnel costs
Accounting policy
For detailed information on the accounting policy on post-employment plans and share-based payments, please
refer to note 7 v.-‘Share-based payments’ and 8 iv-‘Defined benefit and contribution plans’, respectively .
Disclosure

| for the year ended 31 December
| 2024 | 2023
| € million | € million
Salaries and wages(1) | 415.4 | 363.0
Social security contributions | 87.5 | 75.9
Cost of defined contribution plans | 15.8 | 13.5
Cost of defined benefit plans | 0.7 | 1.3
Other costs relating to mid/long-term benefits | 0.6 | 0.5
Cost of share-based payments | 27.1 | 22.1
Other personnel costs | 102.6 | 25.8
Total personnel costs | 649.7 | 502.1
of which: | - | -
Included in cost of sales | 139.4 | 115.7
Included in selling, general and administrative expenses | 504.0 | 381.5
Included in advertising and promotional expenses(2) | 6.4 | 4.9
Total personnel costs | 649.7 | 502.1

(1)Pursuant to the Remuneration Policy, a last mile incentive scheme with retention purpose to be potentially awarded to the current CFO has been approved by
the Parent Company’s corporate bodies. For more information, refer to the section ‘Governance ‘in the Campari Group annual report for the year ended 31
December 2024.
(2)Includes personnel costs relating to the management of brand houses.
At 31 December 2024, personnel costs, totalled €649.7 million, with an increase of €147.6 million in comparison
to the figures disclosed in the preceding year. Notably, when expressed as a percentage of sales, these costs
accounted for 21.2% overall, compared to 17.2% reported in 2023 with the increase primarily driven by
restructuring initiatives for €102.6 million (refer to note 3 vi.-‘Selling, general and administrative expenses’). The
total personnel costs also included the expenses associated with last-mile long-term incentive schemes with
retention purposes to be potentially awarded to senior management (€2.5 million).
viii. Depreciation and amortisation
Accounting policy
For detailed information on the accounting policy, please refer to notes 6 vii-‘Lease components in the statement
of financial position’, 4 ii-‘Property, plant and equipment, right of use assets and biological assets’, 4
iii-‘Intangible assets’ and 8 iii-‘Fair value information on assets and liabilities’.

Consolidated financial statements | 258

Campari Group annual report for the year ended 31 December 2024

Disclosure

| for the year ended 31 December
| 2024 | 2023
| € million | € million
- Property, plant and equipment | 75.4 | 62.6
- Right of use assets | 2.8 | 2.3
- Intangible assets | 3.4 | 3.3
Depreciation and amortisation included in cost of sales | 81.6 | 68.3
- Property, plant and equipment | 10.9 | 10.1
- Right of use assets | 14.7 | 12.8
- Intangible assets | 16.0 | 15.7
Depreciation and amortisation included in selling, general and administrative expenses | 41.6 | 38.5
'- Property, plant and equipment(1) | 3.2 | 2.1
- Right of use assets | 1.1 | 1.2
- Intangible assets | 0.2 | 0.1
Depreciation and amortisation included in advertising and promotional expenses | 4.5 | 3.4
'- Property, plant and equipment(1) | 89.5 | 74.8
- Right of use assets | 18.6 | 16.3
- Intangible assets | 19.6 | 19.1
Total depreciation and amortisation in the statement of profit or loss | 127.7 | 110.2

(1)This item included depreciation of biological assets.
ix. Research and innovation costs
Accounting policy
Costs incurred in research, in developing alternative products or processes, or in conducting technological
research and development are recognised in profit or loss in the period in which they are incurred under
advertising and promotional expenses.
Disclosure
The Group’s research and development activities are related solely to ordinary production and commercial
activities, namely ordinary product quality control and packaging studies in various markets. The research and
innovation costs totalling €25.4 million in 2024 (€23.1 million in 2023) are recognised in the statement of profit or
loss for the year they are incurred.
x. Financial income and expenses
Accounting policy
Financial income and expenses include interest income and charges in respect of financial instruments and the
results of hedging transactions used to manage interest rate risk. Borrowing costs are recognised in the income
statement based on the effective interest method, except for the qualifying assets whose borrowing costs are
capitalized on the underlying asset. The remaining financial components include items in respect of post-
employment plans, the discount unwind of long-term obligations and hyperinflation charges. The exchange gain
or loss are inclusive of derivatives agreement impacts, excluding cash flow hedges that are used to cover the
currency risk of highly probable future currency transactions.
For detailed information on the accounting policy for financial instruments, please refer to note 6 i-‘Financial
instruments’.

Consolidated financial statements | 259

Campari Group annual report for the year ended 31 December 2024

Disclosure

| for the year ended 31 December
| 2024 | 2023
| € million | € million
Interest expenses | (110.1) | (70.8)
Bank expenses | (6.0) | (4.2)
Put option and earn-out change in estimate | (1.0) | 1.4
Exchange rate differences | (9.0) | (19.2)
Hyperinflation effects | 12.6 | 8.9
Other expenses(1) | (2.4) | (4.9)
Total financial expenses | (115.8) | (88.8)
Bank and term deposit interests | 38.0 | 23.5
Financial income on tax assessment | 0.5 | -
Total financial income | 38.5 | 23.5
Net financial income (expenses) | (77.2) | (65.3)
Of which adjustments to financial income (expenses) | 0.5 | -

(1)Including €1.0 million interest cost on defined benefit plan.
Net financial income (expenses), which included the effects of exchange rate differences and hyperinflation,
reported a total net cost of €77.2 million, with an increase of € 11.9 million compared to 2023.
The breakdown by nature of net financial expenses for the period is as follows.

| for the year ended 31 December
| 2024 | 2023
| € million | € million
Interest expenses on bonds | (38.9) | (23.6)
Interest expenses on loans | (67.6) | (43.9)
Interest expenses on leases | (3.7) | (3.3)
Total interest expenses | (110.1) | (70.8)
Bank and term deposit interests | 38.0 | 23.5
Bank expenses | (6.0) | (4.2)
Other net expenses | (2.4) | (4.9)
Total financial expenses | (8.4) | (9.1)
Total financial expenses before exchange gain (losses), one-offs, hyperinflation and put option | (80.5) | (56.4)
Exchange rate differences | (9.0) | (19.2)
Total financial expenses before one-offs, hyperinflation and put option | (89.4) | (75.6)
Discounting from put option liabilities and change in estimate | (1.0) | 1.4
Financial income on tax assessment | 0.5 | -
Hyperinflation effects | 12.6 | 8.9
Net financial income (expenses) | (77.2) | (65.3)

Focusing on the main components in 2024, interest expenses stood at €110.1 million compared to €70.8 million
reported in the same period of 2023. This increase was mainly attributable to a higher level of average net debt
reported at 31 December 2024 (€2,133 million) compared with the same period of 2023 (€1,732.7 million),
combined with the overall rise in interest rate s, which particularly affected the new bond issued in 2024 and the
new term loans subscribed in 2024. The costs have been only partially offset by income deriving from short-term
deposits, including deposits held in the first part of the year before the completion of the Courvoisier business
acquisition (for detailed information, please refer to the ‘Significant events of the period’ paragraph in the
management board report).
Moreover, the sustainability-linked facilities that contain a variable component of the interest rate applicable
depending on the achievement of certain ESG targets identified by Campari Group and particularly focused on
the reduction of emissions, the responsible use of water and gender equality, led to an overall reduced interest
expenses of €0.2 million.
With regard to exchange rate differences, the main driver leading to the negative effect of €9.0 million (a
variance in exchange rate losses of €10.2 million on 2023) was cross-currency transactions involving certain
emerging market currencies (mainly Argentine Peso) for which hedging would not be cost-efficient hence not
activated by the Group.

Consolidated financial statements | 260

Campari Group annual report for the year ended 31 December 2024

The breakdown of interest payable to bondholders is shown in the table below.

| for the year ended 31 December
| 2024 | 2023
| € million | € million
Financial expenses payable to bondholders | (40.1) | (21.4)
Net changes in fair value and other amortised cost components | 0.4 | (0.9)
Cash flow hedge reserve reported in the statement of profit or loss during the year | 0.8 | (1.3)
Net interest payable on bonds | (38.9) | (23.6)

xi. Leases components in the statement of profit or loss
Accounting policy
For detailed information on the accounting policy, please refer to note 6 vii-‘Lease components in the statement
of financial position’.
Disclosure

| for the year ended 31 December
| 2024 | 2023
| € million | € million
Interest on lease payables | 3.7 | 3.3
Depreciation and amortisation on right of use underlying assets | 18.6 | 16.3
Variable lease payment not included in measurement of lease liability | 14.2 | 15.7
Expenses related to short-term leases | 2.3 | 1.4
Expenses related to low-value leases | 4.8 | 4.9
Total lease components in the statement of profit or loss | 43.5 | 41.6

The borrowing costs associated with the acquisition of this qualified asset amounted to €0.2 million.
Variable leases continued to be included in the statement of profit or loss. They mainly referred to warehouses
for storing products, information technology equipment and some production equipment in addition to the use of
agricultural land. For further details of contractual commitments for the use of third-party assets that are not
recognised using lease accounting, please refer to note 8 ii-‘Commitments and risks’.
xii. Share of profit (loss) of joint-ventures and other investments
Accounting policy
Joint-venture recognition
A joint-venture exists where there is a joint-control agreement under which the parties that hold joint control,
have a right to the net assets covered by the agreement. Joint control is the contractually agreed sharing of
control under an agreement, which solely exists when decisions on relevant activities require unanimous
consensus from all the parties sharing control. The factors considered to determine significant influence or joint
control are similar to those necessary to determine control over subsidiaries.
Joint-ventures measurement
These companies are initially recognised at cost plus acquisition-related costs and are subsequently reported in
the Consolidated Financial statements using the equity method from the date on which significant influence or
joint control commences and ending when that influence or control ceases.
If there is a significant loss of influence or joint control, the holding and/or investment is recognised at fair value
and the difference between the fair value and the carrying amount is recorded in the statement of profit or loss.
Any committed payments to increment the ownership interest in a joint-venture, in the form of a put and/or call
option or a combination of both, cannot be estimated and recorded as a financial liability at the time of the
transaction since the guidance valid for financial instruments does not apply to interests in joint-ventures that are
accounted for using the equity method. These written agreements for put and/or call options are derivative
agreements and represented in the Group accounts as financial instruments measured at fair value with an
impact in the statement of profit or loss. At that time of expiration of the call and/or put options, the derivatives
will be replaced by an increased value of the investment to be recorded against the cash out for the derivative
settlement.

Consolidated financial statements | 261

Campari Group annual report for the year ended 31 December 2024

Contingent or variable and committed payments also in the form of an incentive plan granted to personnel of the
joint-venture are recorded as an incremental cost of the investment once the attainment of the performance
condition becomes probable, based on the fair value of the replacement award as of the acquisition date.
The Group assesses the existence of any impairment indicators whenever events or circumstances indicate that
the carrying amount of the investment may not be recoverable; any impairment loss is allocated to the
investment with effect in the statement of profit or loss. If the Group’s interest in any losses of joint-ventures
exceeds the carrying amount of the equity investment in the financial statements, the value of the equity
investment is derecognised, and the Group’s portion of further losses is not reported, unless, and to the extent
to which, the Group has a legal or implicit obligation to cover such losses.
Disclosure
The joint-ventures at 31 December 2024 are listed below.

name, activity | registered office | share capital at 31 December 2024(1) | % owned by the company | direct shareholder
currency | amount | direct | indirect |
Dioniso S.r.l., holding and trading company | Via Franco Sacchetti, 20 Sesto San Giovanni; Milan, Italy | €1,000,000 | 50 |  |
Spiritus Co Ltd., trading company | 4F., No, 70, Sec. 3, Nanjing E. Rd Zhongshan Dist, Taipei City 104503, Taiwan (R.O.C.) | TWD | 33,600,000 |  | 40 | Glen Grant Ltd.

(1)Data from last approved financial statements.

€ million | investment in joint-ventures
at 31 December 2023 | 32.6
Share of profit (loss) | (34.8)
Capital injection | 11.0
at 31 December 2024 | 8.8

€ million | investment in joint-ventures
at 31 December 2022 | 36.0
Perimeter effect for acquisition | 3.8
Share of profit (loss)(1) | (8.3)
Increase in interests | 5.0
Reclassification of previous Japan investment | (3.8)
at 31 December 2023 | 32.6

(1)The share of result does not include the cost associated with the provision recorded to offset the cumulated losses generated by the Japan joint-venture for
€0.2 million.
During the year, a capital injection of €11.0 million into the Dioniso joint-venture, equally supported by Moët
Hennessy, was completed. For the year ended 31 December 2024, the Group recorded a loss of €34.8 million
(€8.3 million loss in 2023) resulting from the share of negative results of joint-ventures applying the equity
method for all its interests and mainly driven by the non-recurring recognition of impairment loss over joint-
venture’s intangible assets. Under the share of profit from joint-ventures and other investments line (totalling
€59.5 million in 2024) additional losses for €24.7 million related to operating investments in agency brand
initiatives were recorded.
The following table includes the breakdown of interests in joint-ventures.

name of entity | country of business | % of ownership interest | nature of relationship | measurement method | currency | carrying amount
|  |  |  |  |  | 31 December
|  |  |  |  |  | 2024 | 2023
|  |  |  |  |  | € million | € million
Dioniso Group | Italy | 50% | Joint-venture | Equity method | EUR | 8.5 | 32.2
Spiritus Co. Ltd. | Taiwan | 40% | Joint-venture | Equity method | TWD | 0.3 | 0.4
Total investments in joint-ventures |  |  |  | 8.8 | 32.6

The key financials, asset and profit or loss figures for the joint-ventures are shown in the tables below.

Consolidated financial statements | 262

Campari Group annual report for the year ended 31 December 2024

Highlights-Dioniso Group | at 31 December 2024 | at 31 December 2023
| € million | € million
Revenues | 60.5 | 64.6
Net income (loss) of the period | (63.6) | (16.6)
Total assets | 57.1 | 116.9
Net assets from local financial statements | 31.6 | 72.0
Adjustments for equity method | (14.6) | (7.8)
Underlying net assets for Campari Group | 17.0 | 64.2
Group's share of net assets (50%) | 8.5 | 32.1

Highlights-Spiritus Co. Ltd. | at 31 December 2024 | at 31 December 2023
| € million | Taiwan dollar million | € million | Taiwan dollar million
Revenues | 2.1 | 72.4 | 2.6 | 86.0
Net income (loss) of the period | (0.3) | (11.4) | - | 1.2
Total assets | 2.5 | 86.1 | 2.5 | 83.4
Underlying net assets for Campari Group | 0.7 | 23.1 | 1.0 | 35.3
Group's share of net assets (40%) | 0.3 | - | 0.4 | -

xiii. Taxation
Accounting policy
Current tax is based on taxable profit for the year. Taxable profit is different from accounting profit due to
temporary differences between accounting and tax treatments and due to items that are never taxable or tax-
deductible. Tax benefits are not recognised unless it is probable that the tax positions are sustainable.
In preparing the taxation estimates, a detailed assessment is performed considering uncertainties regarding the
tax treatment of transactions carried out, which could give rise to disputes with the tax authorities with related
tax liabilities included in current liabilities. Current tax assets and liabilities are offset when these relate to
income taxes levied by the same tax authority and a legal right of set-off exists, provided that the realisation of
the asset and the settlement of the liability take place simultaneously.
Other non-income taxes, such as property and capital taxes, are included in operating expenses. Penalties and
interest on tax liabilities are included in other operating income and expenses and financial income and
expenses, respectively, unless they qualify as income taxes based on local legislation, being in that case
classified as income taxes.
Deferred tax assets and liabilities are calculated on all temporary differences between the asset and liability
values recorded in the financial statements and the corresponding values recognised for tax purposes using the
liability method. No deferred tax liability is provided in respect of any future dividend distributions of foreign
subsidiaries where the Group is able to control those and it is probable that earnings will not be remitted in the
foreseeable future or where no liability would arise on the remittance.
Disclosure

| for the year ended 31 December
| 2024 | 2023
| € million | € million
- current taxes for the year | (104.2) | (123.1)
- current taxes relating to previous years | 16.2 | 2.8
- deferred tax expenses | 19.6 | (13.9)
- accruals and release for tax risks | 5.4 | 0.2
Taxes recorded in the statement of profit or loss | (63.0) | (134.0)
Taxes recorded in the statement of other comprehensive income | 1.2 | 5.5

Reconciliation of tax expenses
The table below shows a reconciliation of the Group’s theoretical tax liability with its actual tax liability.
Considering the complexity of the global taxation rate applicable to Group companies, the theoretical rate used
in preparing the reconciliation is that applicable for the Parent Company. The rate in force on the reporting date
is the Italian corporate income tax (‘IRES’) of 24.0%, while the regional production tax (‘IRAP’), which is
applicable to Italian companies, has been taken into account as item with different theoretical tax rate.

Consolidated financial statements | 263

Campari Group annual report for the year ended 31 December 2024

| for the year ended 31 December
| 2024 | 2023
| € million | € million
Profit before taxation | 255.6 | 466.5
Applicable tax rate in Italy (IRES) | -24.0% | -24.0%
Theoretical Group taxes at current tax rate in Italy | (61.3) | (112.0)
Difference in tax rate of Group companies | (13.5) | (24.0)
Permanent differences | (12.2) | 1.4
Italian Patent Box tax benefit | 24.9 | -
Other tax incentives | - | 2.1
Net releases to tax provision | 5.1 | 0.2
Tax on future dividend distributions | (2.9) | (16.6)
Taxes relating to previous financial years | 3.8 | 11.7
Item with different theoretical tax rate | (6.9) | 3.1
Actual tax charge | (63.0) | (134.0)
Actual tax rate | -24.6% | -28.7%

Taxation recorded in the statement of profit or loss totalled €63.0 million with a decrease of €71.1 million
compared to 2023 (€134.0). The reported tax rate in the 2024 period was 24.6%, compared to a reported tax
rate of 28.7% in 2023. The difference in the reported tax rate was mainly guided by the benefit derived from the
Italian Patent Box (€6.5 million referred to 2024 and €18.4 million from the recapture of previous year's tax
credit) which will have a cash benefit impact on tax payments starting from 2025 and a more favourable country
mix compared to 2023.
The normalized tax rate was 29.8% in 2024, increased from the 27.9% recognised in 2023 consistently. The
normalized ratio is defined by considering the income taxation against profit before taxation, excluding the
following:
- components that may not accurately reflect the current operating results (refer to note 3 vi-‘Selling, general
and administrative expenses);
- re-assessment adjustment of previously held joint-venture investments before their consolidation (please
refer to note 3 xii-'Share of profit (loss) of joint-ventures’);
- adjustments to financial (€0.5 million in 2024) and to tax income and expenses (€92.8 in 2024 and €17.7
million in 2023), comprising positive components of €62.6 million primarily due to the tax effect on the
aforementioned items and €30.2 million of pure tax adjustments, mainly associated with the tax benefit as
described above and deferred taxes related to the distribution of estimated earning reserves of subsidiaries.
Breakdown of deferred taxes by type

| 31 December
| 2024 | of which perimeter effect(1) | 2023
| € million | € million | € million
Deferred tax assets | 101.5 |  | 78.9
Deferred tax liabilities | (498.2) | (72.9) | (403.7)
Net deferred tax | (396.7) | (72.9) | (324.8)

(1)Of which represented in IFRS3 as €10.0 million deferred tax assets and €(82.9) million deferred tax liabilities.

Consolidated financial statements | 264

Campari Group annual report for the year ended 31 December 2024

| 31 December | for the year ended 31 December
| 2024 | 2023 | 2024 | 2023 | 2024 | 2024 | 2023 | 2023
| statement of financial position | statement of profit or loss | statements of other comprehensive income
| of which OCI variations | of which exchange rate and reclassifications | of which OCI variation | of which exchange rate and reclassifications
| € million | € million | € million | € million | € million | € million | € million | € million
Deferred expenses | 16.2 | 16.3 | (0.3) | 7.1 | - | 0.3 | - | (0.2)
Provisions for risk and charges | 81.8 | 56.9 | 18.8 | 7.8 | - | 6.0 | - | (3.9)
Tax losses carried forward | 23.5 | 18.6 | 6.6 | (3.6) | - | (1.8) | - | 0.7
Reclassification to deferred tax liabilities | (88.6) | (72.1) | - | - | - | (16.4) | - | (8.0)
Leases | 8.3 | 7.9 | (1.8) | (1.5) | - | 2.2 | - | 0.4
Intra-group profit elimination | 21.5 | 23.4 | (1.8) | (0.7) | - | - | - | -
Other | 38.8 | 27.9 | 10.2 | 4.2 | 0.2 | 0.5 | 0.1 | 2.6
Deferred tax assets | 101.5 | 78.9 | 31.7 | 13.4 | 0.2 | (9.3) | 0.1 | (8.4)
Accelerated depreciation | (80.6) | (49.9) | (2.5) | (3.8) | - | (28.2) | - | 1.5
Gains subject to deferred taxation | (7.7) | (0.1) | - | - | - | (7.6) | - | -
Goodwill and brands deductible at local level | (254.0) | (230.4) | (10.8) | (6.3) | - | (12.7) | - | 7.2
Goodwill and brands not deductible at local level | (162.3) | (115.1) | - | 3.1 | - | (47.2) | - | (2.6)
Taxes payable on undistributed profits | (43.4) | (40.5) | (2.9) | (15.1) | - | - | - | -
Leases | (9.2) | (8.6) | 1.6 | 1.5 | - | (2.1) | - | (0.4)
Reclassification of deferred tax assets | 88.6 | 72.1 | - | - | - | 16.4 | - | 8.0
Other | (29.6) | (31.2) | 2.6 | (6.7) | 1.0 | (2.0) | 5.4 | 4.0
Deferred tax liabilities | (498.2) | (403.7) | (12.0) | (27.3) | 1.0 | (83.5) | 5.4 | 17.7
Total | (396.7) | (324.8) | 19.6 | (13.9) | 1.2 | (92.8) | 5.5 | 9.3

Deferred tax assets in relation to past losses are mainly attributable to Campari do Brasil Ltda., Glen Grant Ltd.,
Campari España S.L.U., Campari Argentina S.A., Campari Mexico S.A. de C.V., Campari Japan Limited and
Courvoisier S.A.S.. With the exception of Argentina, Mexico and Japan for which tax losses can be carried
forward for a 5-year (Argentina) and 10-year period (Mexico and Japan), local legislation does not set a time
limit for their use but does set a quantitative limit for each individual year, based on declared taxable income.
The companies have also begun to use these losses to offset taxable profit. Unused tax losses carry forwards
for which deferred tax assets were not activated mainly referred to Courvoisier S.A.S. (for tax period before the
acquisition), Casa Montelobos, S.A.P.I. de C.V., Licorera Ancho Reyes y cia, S.A.P.I. de C.V., Champagne
Lallier S.A.S. and Campari Ukraine LLC, as reported below.

| tax losses carry forwards | unrecognised deferred tax assets | expiry date
| € million | € million |
Casa Montelobos, S.A.P.I. de C.V. | 9.9 | 3.0 | 10 years
Licorera Ancho Reyes y cia, S.A.P.I. de C.V. | 7.9 | 2.4 | 10 years
Campari Mexico Destiladora S.A. de C.V. | 0.5 | 0.1 | 10 years
Campari Argentina | 4.7 | 1.6 | 5 years
Courvoisier S.A.S. | 7.9 | 2.0 | No Limit
CT Spirits Japan K.K. | 2.6 | 0.9 | No Limit
Champagne Lallier S.A.S. | 16.9 | 4.2 | No Limit
Campari Mixology S.r.l. | 0.8 | 0.2 | No Limit
Campari Ukraine LLC | 0.5 | 0.1 | No Limit

The corporate income tax payable is shown net of advance payments and taxes deducted at source. The net
tax receivable position in 2024 is mainly due to lower taxes due for 2023 compared to the advance payments for
the same year.

Consolidated financial statements | 265

Campari Group annual report for the year ended 31 December 2024

| 2024 | of which perimeter effect | 2023
| € million | € million | € million
Income tax receivables | 32.0 | 4.6 | 26.1
Receivables from controlling shareholder for tax consolidation(1) | 5.7 | - | 20.0
Income tax receivables | 37.7 | 4.6 | 46.1
Income tax payables | 6.2 | - | 13.1
Payables to controlling shareholder for tax consolidation(1) | - | - | 9.2
Income tax payables | 6.2 | - | 22.3

(1)Please refer to paragraph 8 v-’Related parties’ for more information.
Effective 1 January 2024, Pillar Two legislation applies in Italy, where Davide Campari-Milano N.V. is tax
resident (see Legislative Decree of 27 December 2023, no. 209 or 'Italian Pillar Two legislation').
According to the Italian Pillar Two legislation, Davide-Campari-Milano N.V. qualifies as partially owned parent
entity ('POPE') for Pillar Two purposes. As a consequence, the Pillar Two perimeter would be identified with the
perimeter of the consolidated financial statements of Davide Campari-Milano N.V., including all the entities
which are consolidated on a line-by-line basis, as well as any minority participations and joint ventures excluded
from the consolidation perimeter. As the POPE, Davide Campari-Milano N.V. will be generally required to pay in
Italy a top-up tax on profits of its subsidiaries that are taxed at an effective tax rate (determined in accordance
with the Italian Pillar Two rules) of less than 15%. In parallel, the Group is in scope of the enacted or
substantively enacted Qualified Domestic Minimum Top-up Taxes ('QDMTT') in the jurisdictions where it
operates.
The Group has performed a preliminary calculation of the ‘Transitional Safe Harbours’ for Pillar Two purposes
('TSH') on the basis of the Ministerial Decree of 20 May 2024, which is based on OECD standards, intended as
‘qualifying international agreement on safe harbours’ for the purposes of the EU Directive n. 2523/2022 (article
32) and the Italian Pillar Two rules. The Group’s assessment also took into consideration: i) Ministerial Decree of
1 July 2024 regarding the implementation of the Italian QDMTT; ii) Ministerial Decree of 11 October 2024
regarding the implementation of the Substance Based Income Exclusion rule' ('SBIE'); and both iii) Ministerial
Decree of 20 December 2024 and iv) Ministerial Decree of 27 December 2024, which implemented specific
items pursuant to the Italian Pillar Two legislation.
Calculation is based on the accounting data available at the end of December 2024 and no top-up-tax exposure
was detected demonstrating the Group commitment to fair and transparent tax management
4. Operating assets and liabilities
This section details accounting policies for the acquisition and sale of businesses and the purchase of non-
controlling interests, property plant and equipment, right of use assets, biological assets, intangible assets, post-
employment plans and share-based payments. Judgements and estimates are stated with regard to business
combinations and goodwill and intangible assets.
This section discloses the information on the assets used to generate the Group’s performance and the liabilities
incurred, in addition to providing detailed disclosures on the recent acquisitions and disposals.
i. Acquisition and sale of businesses and purchase of non-controlling interests
Accounting policy
Business combinations recognition
Business combinations are recorded by applying the acquisition method. Ancillary costs relating to the
transaction are recognised in the statement of profit or loss at the time at which they are incurred. The Group
verifies firstly whether the acquired set of activities and assets meets the definition of a business, and control is
transferred to the Group, meaning that the transaction falls within the definition of a business combination. In
particular, the Group deems an undertaking to be a business only if it is an integrated set of activities and assets
that includes at least an input and a substantive process which, together, contribute to the ability to create an
output. A business can therefore exist even without the inclusion of all the inputs and processes necessary to
create an output. The Group undertakes this assessment by also applying the option of the ‘concentration test’
to simplify the assessment itself for each business combination to segregate asset deal transactions.
Information about the fair value measurement allocated to assets acquired and liabilities assumed in the context
of the business combination are disclosed. Goodwill acquired in business combinations is initially measured at
cost, as the excess of the sum of payments transferred as part of a business combination, the value of the
portion of shareholders’ equity relating to non-controlling interests and the fair value of any interest previously
held in the acquired business over the Group’s portion of the net fair value of the identifiable assets, liabilities
and contingent liabilities of the acquired company. If the value of the net assets acquired and liabilities assumed
on the acquisition date exceeds the sum of the transferred payments, the value of the non-controlling interests’

Consolidated financial statements | 266

Campari Group annual report for the year ended 31 December 2024

portion of shareholders’ equity and the fair value of any interest previously held in the acquired business, this
excess value is recorded in the statement of profit or loss as income from the transaction.
Any changes in fair value allocation of the net assets acquired occurring once more information related to the
business acquired as per acquisition date becomes available during the measurement period (12 months from
the date of acquisition) are included retrospectively in goodwill.
Definition of the business combination costs and shareholders’ equity attributable to non-controlling interests
The cost of an acquisition is determined by the sum of the payments transferred as part of a business
combination, measured at fair value, on the acquisition date and at the value of the portion of shareholders’
equity relating to non-controlling interests. Non-controlling interests relate to the portion of a consolidated
subsidiary shareholders’ equity not directly or indirectly attributable to the Group. At the acquisition date,
components of non-controlling interests in the acquiree that are present ownership interests and entitle their
holders to a proportionate share of the entity’s net assets in the event of liquidation are either measured:
- at the present ownership instruments’ proportionate share in the recognised amounts of the acquiree’s
identifiable net assets, determined according to the rules set out by the accounting standard for business
combination;
- at fair value.
The designated methodology of measurement method of non-controlling interests is made for each business
combination on a transaction-by-transaction basis and is specified when the values deriving from the allocation
process are shown.
In the case of call options likely giving the acquirer present access to returns associated with the ownership
interest in the shares subject to the call, or in the case of put option granted to non-controlling interests giving
present access to the returns associated with the ownership interest in the shares subject to the non-controlling
interests put or in the case of a combination of both, it is assumed that the purchase will take place on the
earliest possible date for the maximum number of shares and the business combination is accounted for as
though the acquisition is at 100% interest with the recognition of a financial liability at its fair value measured at
the present value of the expected cash outflow to be paid to the non-controlling shareholders at the expiring of
the option as any contingent considerations; the liability is classified as a financial instrument and considered
part of the acquisition consideration. Changes in the carrying amount of the financial liability are recognised in
the statement of profit or loss.
In the case of put option granted to non-controlling interests at the date of or after acquiring control of a
subsidiary, which does not provide a present ownership interest, the non-controlling interest is recognised on
initial acq uisition and, under Group policy choice while the non-controlling interests put remains unexercised, the
accounting at the end of each reporting period is as follows:
- the amount that would have been recognised for the non-controlling interests value is determined by
including allocations of profit or loss, changes in OCI and dividends declared for the reporting period;
- the non-controlling interest is derecognised as if it was acquired at that date;
- a financial liability is recognised at the present value of the amount payable on exercise of the non-controlling
interests put;
- the Group accounts for the difference between (b) and (c) as an equity transaction.
If the non-controlling interests put expires unexercised, the position is unwound so that the non-controlling
interest is recognised at the amount it would have been as if the put option had never been granted.
In the case of business combinations made in stages, the interest previously held by the Group in the acquired
business is revalued at fair value on the date on which the control is acquired, and any resulting gains or losses
are recognised in the statement of profit or loss.
Goodwill in a business combination
The goodwill acquired in a business combination is allocated to the individual cash-generating units or to the
groups of cash-generating units likely to benefit from merger synergies, regardless of whether other assets or
liabilities from the acquisition are assigned to these units or groups of units.
In the event of a business disposal, the goodwill of the cash-generating unit connected to the disposal is
included in the carrying value of the net items sold by measuring its relative fair value, having as reference the
proceeds from the sale and the most recent fair value attributed to the related cash-generating unit.
Disclosure
Acquisition of Courvoisier cognac
As mentioned in the dedicated section ‘Significant events of the year’ in the Management Board Report, to
which reference is made, on 30 April 2024 Campari Group completed the acquisition of 100% of Beam Holdings

Consolidated financial statements | 267

Campari Group annual report for the year ended 31 December 2024

France S.A.S. (on 24 April 2024 renamed Courvoisier Holding France S.A.S.), which in turn owned 100% of
Courvoisier S.A.S., the owner of the Courvoisier brand.
The total consideration amounted to €1,141.5 million consisting of the following:
- the price paid at closing of €1,081.4 million (equivalent to US$1,170.0 million at the hedged currency
exchange rate) to which, according to the agreement, the standard post-closing price adjustment
mechanisms finalised in the second half of the year added an additional amount of €11.4 million. T he Group
mitigated its exposure to foreign exchange and liquidity risks related to the US$-denominated commitment
made on 26 February 2024 to acquire Courvoisier cognac, through pre-hedge derivatives initiated in 2024
and maintained until the closing date (30 April 2024), with their impact of €10.5 million included in the above-
mentioned price paid at closing;
- the contingent consideration in form of an earn-out agreement to be paid, which is contractually ranging from
nil to a maximum amount of US$120.0 million based on achievement of net sales targets realized in the full
year 2028. The best estimate at the closing date was €48.7 million (€58.1 million or US$67.9 million at the
closing date currency exchange rate discounted at its present value at 30 April 2024). This deferred liability
will be payable in 2029;
- the net financial position of the acquired companies at closing stood at €5.2 million, comprising €11.7 million
in financial debt and €6.5 million in cash and cash equivalents. The latter was also reflected in the
statements of cash flows, alongside the purchase price paid and the overall amount of €23.5 million
associated with the finished goods under the stock transfer agreement separated from the business
combination transaction. This resulted in an overall net cash outflow impact of €1,109.8 million. (please refer
to note 6.ix.- 'Explanatory notes to the cash flow statement'.
Based on the assessment conducted it has been concluded that the Group has control over the relevant
activities of the acquired companies, and it is evident that the fair value of the gross assets acquired is not
concentrated substantially in a single identifiable asset or group of similar assets and that the processes and
inputs acquired together will contribute significantly to the Group’s ability to create outputs. Consequently, the
transaction equates to a business combination over which the Group has full control, as defined in the relevant
accounting standards.
The interests acquired on 30 April 2024 and consolidated by the Group starting from that date onwards equate
to 100% of the companies based on the Group’s control on the closing date and included non-controlling
interests in the amount of €0.5 million. Given their nature, it was deemed appropriate to value the non-
controlling interests based on the subsidiary’s proportionate share of identifiable net assets, determined
according to the rules set out by the accounting standard for business acquisitions.
Ancillary costs relating to external legal fees and due-diligence costs amounted to €11.5 million and were
classified in the statement of profit or loss under selling, general and administrative expenses for the year ended
2024.
Provisional purchase price allocation ('PPA')
On the date on which these year-end Consolidated Financial statements were authorised for issue, the Group
has finalised the allocation of the purchase price to the fair value of the net assets acquired, except for risk and
contingencies, which are still under analysis. Once further information about facts and events existing at the
closing of the transaction is obtained, the values calculated may therefore differ from those presented in this
report. The analysis is carried out with the support of independent external experts, in compliance with the
accounting standards, and will be completed within 12 months of the closing date. No changes in the policy
choices elected or in the rationales of the allocation were identified compared to what was reported in the
condensed Consolidated Financial statements at 30 June 2024.
Details of the consideration paid, the net assets acquired, including related fair values, and the goodwill
obtained are as follows. The values shown here are explained in the notes to the financial statements, where
they are highlighted as changes in the basis of consolidation.

values at acquisition date | IFRS values at acquisition date | provisional fair value disclosed at 30 June 2024 | adjustments and reclassifications | provisional fair value disclosed at 31 December 2024
| € million | € million | € million | € million
ASSETS |  |  |  |
Non-current assets |  |  |  |
Property, plant and equipment | 43.2 | 43.2 | 80.5 | 123.7
Biological assets | 1.1 | 1.1 | 2.0 | 3.1
Brand | - | 204.6 | (15.3) | 189.2
Deferred tax assets | 1.1 | 1.1 | 9.0 | 10.0
Other non-current assets | 0.1 | 0.1 | 3.2 | 3.3
Total non-current assets | 45.5 | 250.1 | 79.3 | 329.4

Consolidated financial statements | 268

Campari Group annual report for the year ended 31 December 2024

Current assets | - | - | - | -
Inventories | 468.4 | 466.5 | (48.7) | 417.8
Biological current assets | 0.1 | 0.1 | - | 0.1
Trade receivables | 3.4 | 3.4 | - | 3.4
Cash and cash equivalents | 6.5 | 6.5 | - | 6.5
Income tax receivables | 4.6 | 4.6 | - | 4.6
Other current assets | 9.3 | 9.3 | - | 9.3
Total current assets | 492.4 | 490.5 | (48.7) | 441.8
Total asset | 537.9 | 740.6 | 30.6 | 771.2
LIABILITIES |  |  |  |
Non-current liabilities | - | - | - | -
Financial non-current liabilities | 0.1 | 0.1 | - | 0.1
Post-employment benefit obligations | 3.1 | 3.1 | - | 3.1
Other non-current liabilities | 0.5 | 0.5 | - | 0.5
Deferred tax liabilities | 12.9 | 63.5 | 19.4 | 82.9
Provisions for risks and charges | - | 3.3 | 0.5 | 3.8
Total non-current liabilities | 16.6 | 70.6 | 19.9 | 90.5
Current liabilities | - | - | - | -
Loans due to banks | 11.5 | 11.5 | - | 11.5
Other current financial liabilities | 0.1 | 0.1 | - | 0.1
Trade payables | 30.1 | 30.1 | - | 30.1
Other current liabilities | 4.4 | 4.4 | - | 4.4
Total current liabilities | 46.1 | 46.1 | - | 46.1
Total liabilities | 62.7 | 116.6 | 19.9 | 136.5
NET EQUITY ACQUIRED | 475.2 | 624.0 | 10.6 | 634.6
TOTAL LIABILITY AND EQUITY | 537.9 | 740.6 | 30.6 | 771.2

a) Total cost, of which: | 1,206.1 | (64.6) | 1,141.5
Price paid in cash, excluding ancillary costs and including hedging effects | 1,081.4 | - | 1,081.4
Price adjustments after closing | 8.4 | 3.0 | 11.4
Stock transfer agreement in-market companies | 23.5 | (23.5) | -
Liabilities for earn-out agreements | 92.8 | (44.2) | 48.7
b) Net financial position acquired, of which: | 5.2 | - | 5.2
- Cash, cash equivalent and financial assets | (6.5) | - | (6.5)
- Financial debt acquired | 11.7 | - | 11.7
Enterprise value (a+b) | 1,211.3 | (64.6) | 1,146.7
Non-controlling interests | 0.5 | - | 0.5
Purchase price to be allocated | 1,206.1 | (64.6) | 1,141.5
Price paid incl. price adjustment | 1,089.8 | 3.0 | 1,092.8
Liabilities for earn-out agreement | 92.8 | (44.2) | 48.7
Liabilities for stock transfer agreement | 23.5 | (23.5) | -
Total value allocation | 1,206.6 | (64.6) | 1,142.0
Net assets acquired | 624.0 | 10.6 | 634.6
Goodwill generated by acquisition | 582.6 | (75.2) | 507.4

The Courvoisier acquisition represents the largest deal in Campari Group’s history with a unique opportunity to
enter the cognac category with a world-renowned brand and a global icon of luxury.
The acquired business was composed of the trademarks as well as comprehensive production facilities
consisting of key distillation, warehouse capacity, vineyards, a visitor centre and château (hosting a museum),
blending facilities, ageing cellars and an automated bottling plant. Moreover, it included an enviable inventory of
maturing eaux-de-vie, consisting of well-balanced age profiles to support future brand development.
In the context of the transaction, although managed as a separate stock transfer agreement from the business
combination, the Group also acquired ownership of €23.5 million of finished goods across various geographies
to accelerate the integration process into its distribution network.
As a premium cognac, Courvoisier is positioned to further strengthen Campari Group’s portfolio of global brand
priorities, particularly in aged spirits. In light of the new operating model 'House of Brands' starting from 2025,
Courvoisier will have a key role in the 'House of Cognac&Champagne', supporting future long-term
premiumisation and category ambition.
The Group has provisionally allocated to the acquired brand an amount of €189.2 million (with a related deferred
tax liability component of €47.3 million). Goodwill, that is not tax-deductible based on the relevant local

Consolidated financial statements | 269

Campari Group annual report for the year ended 31 December 2024

regulations, provisionally amounted to €507.4 million and was deemed to be fully reportable and the value of
goodwill is attributed to various factors, including acquirer-specific synergies and initiatives.
The cash flows used for the valuation of intangible assets within the Purchase Price Allocation ('PPA') process
excluded the effects of the net synergies expected by Campari. These synergies primarily stem from the
expansion of Courvoisier's premium spirits portfolio and cognac offering, as well as the acceleration of the
Group's premiumisation journey. The acquisition plan outlines specific initiatives for refocusing the Courvoisier
brand starting in 2026, through increased marketing investments and commercial efforts. The primary goal is to
relaunch the brand with new price positioning in key markets, supported by regular price reviews and sustained
advertising and promotion investments. These initiatives were also excluded from the PPA underlying plan. The
acquisition significantly strengthens Campari Group's presence in the United States, a key market with long-
term strategic potential. Additionally, the acquisition is expected to drive substantial growth in the Asian market,
aligning with the Group’s broader strategic objectives. Goodwill may also encompass other intangible assets
that cannot be recognised separately under the applicable reporting standards, as they do not meet the criteria
for separable control. These include elements such as reputation and workforce. Reputation reflects the value
generated by consistently delivering high-quality products and earning consumer trust, while the workforce
embodies the expertise and specialisation inherent to cognac production. Lastly, core goodwill is an essential
component, reflecting the Group’s ability to maintain and expand its market share over time through product
differentiation and customer acquisition. This combination of strategic and intangible elements underscores the
acquisition's potential to deliver long-term value for Campari Group.

intangible assets generated by Courvoisier Group | goodwill | brands | total
€ million | € million | € million
provisional fair value at acquisition date published at 30 June 2024 | 582.6 | 204.6 | 787.2
provisional fair value published at 30 June 2024 | 582.6 | 204.6 | 787.2
change resulting from provisional allocation of acquisition value | (75.2) | (15.3) | (90.5)
provisional fair value published at 31 December 2024 | 507.4 | 189.2 | 696.7

Since the acquisition on 30 April 2024, the business has contributed €74.6 million to the Group’s net sales. The
contribution in terms of EBIT during the period was negligible due to the reinvestment into the business brand
building and commercial capabilities in line with the Group's strategy to ensure future growth. The simulated
amounts for revenue and profit or loss of the acquired business, as if it had been integrated into the Group
figures since the beginning of the year, are not disclosed as audited data provided by the seller was not made
available.
ii. Property, plant and equipment, right of use assets and biological assets
Accounting policy
Property, plant and equipment are stated at cost less accumulated depreciation, which is applied on a straight-
line basis to estimated residual values over their expected useful lives.
For right of use assets, please refer to the note 6 vii-‘Lease components in the statement of financial position’.
For biological assets accounting treatment, please refer to note 8 iii-‘Fair value information on assets and
liabilities’.
Land, even if acquired in conjunction with a building, is not depreciated, nor are held-for-sale tangible assets,
which are reported at the lower of their carrying amount and fair value less cost to sell. Barrels are depreciated
based on the useful life, which can vary depending on the maturing work in progress for the liquid. For lease-
hold-improvements, the period of depreciation is the shorter of the economic life of the asset and the contract
duration of the underlying lease agreement. For right of use assets, unless the Group is reasonably certain that
it will obtain ownership of the leased asset at the end of the lease term, they are amortised on a straight-line
basis over their estimated useful life or the term of the agreement, whichever is the shorter.
The Group depreciation rate ranges by asset category are as follows:
- business-related properties and light construction: 1.5%-10%;
- plant and machinery: 3%-10%;
- furniture, office and electronic equipment: 10%-20%;
- vehicles: 20%-25%;
- miscellaneous equipment: 10%-30%.
Depreciation ceases on the date on which the asset is classified as held for sale or on which the asset is
derecognised for accounting purposes, whichever occurs first.

Consolidated financial statements | 270

Campari Group annual report for the year ended 31 December 2024

Depreciation rates are revised through an ongoing assessment of the residual useful life of each asset category.
This assessment is conducted in accordance with the technical and physical condition of the assets, the
technological environment, external factors, and generally accepted market and industry valuation criteria.
The Group performs impairment tests when there is an indication of impairment at the level of individual fixed
asset or group of fixed assets, to ensure that property, plant and equipment are not carried at above their
recoverable amounts.
Borrowing costs are capitalised as part of the cost of an asset, only when they are generally attributable to a
qualifying asset.
Disclosure

property, plant and equipment by nature | land and buildings(1) | plant and machinery | other | total
| € million | € million | € million | € million
Carrying amount at the beginning of the period | 631.5 | 631.4 | 322.6 | 1,585.7
Accumulated depreciation at the beginning of the period | (174.4) | (302.9) | (143.9) | (621.2)
at 31 December 2023 | 457.1 | 328.4 | 178.9 | 964.5
Perimeter effect from business combination | 56.3 | 17.4 | 49.8 | 123.5
Additions | 185.2 | 156.1 | 81.4 | 422.8
Disposals | (1.2) | 0.7 | (13.3) | (13.9)
Depreciation | (19.6) | (29.4) | (31.0) | (80.0)
Impairment | (3.1) | - | (0.9) | (4.0)
Exchange rate differences and other changes | (0.1) | 1.0 | 7.5 | 8.4
at 31 December 2024 | 674.7 | 474.2 | 272.5 | 1,421.3
Carrying amount at the end of the period | 901.9 | 827.1 | 453.8 | 2,182.7
Accumulated depreciation at the end of the period | (227.2) | (353.0) | (181.3) | (761.4)

(1)Additions in property, plant and equipment exclude advances to suppliers for fixed assets, which are considered as capital expenditure in the cash flow.

property, plant and equipment by nature | land and buildings | plant and machinery | other | total
| € million | € million | € million | € million
Carrying amount at the beginning of the period | 559.5 | 482.3 | 260.3 | 1,302.1
Accumulated depreciation at the beginning of the period | (157.4) | (277.5) | (119.0) | (553.9)
at 31 December 2022 | 402.1 | 204.8 | 141.2 | 748.1
Change resulting from provisional allocation of acquisition value | 14.9 | 4.7 | 14.0 | 33.6
Exchange rate effect of reclassifications | (0.2) | (0.1) | (0.2) | (0.4)
at 31 December 2022 post-reclassifications(1) | 416.8 | 209.4 | 155.1 | 781.3
Perimeter effect from business combination | - | - | 0.2 | 0.2
Additions | 51.4 | 142.9 | 69.9 | 264.2
Disposals | - | (0.5) | (7.7) | (8.1)
Depreciation | (17.0) | (25.4) | (24.8) | (67.2)
Impairment | (0.2) | (0.8) | - | (1.0)
Reclassifications | 3.4 | 6.1 | (9.5) | -
Exchange rate differences and other changes | 2.7 | (3.4) | (4.2) | (4.9)
at 31 December 2023 | 457.1 | 328.4 | 178.9 | 964.5
Carrying amount at the end of the period | 631.5 | 631.4 | 322.6 | 1,585.7
Accumulated depreciation at the end of the period | (174.4) | (302.9) | (143.9) | (621.2)

(1)For information on reclassification of comparative figures, refer to note 2 vi-‘Reclassification of comparative figures at 31 December 2022’ in the Annual Report
at 31 December 2023.
There are no restrictions or covenants associated with the aforementioned assets.
Capital expenditure for the period, totalling €422.8 million, was mainly related to improvements made to
strengthen maintenance expenditure on the Group’s operations and production facilities, as well as offices.
With respect to the purchase of barrels for maturing bourbon and rum, it totalled €52.7 million and was included
in the ‘other’ category.
Moreover, initiatives associated with supply chain capacity expansion aimed at meeting anticipated long-term
consumer demand were carried out for an amount of €187.7 million. The initiatives were primarily allocated in
the United States to expand bourbon production capacity (€53.7 million), in Jamaica (€38.4 million), in Mexico to
expand supply chain facilities for tequila production (€40.6 million), in Italy to enhance the manufacturing
footprint for aperitifs (€19.9 million), in France to modernise the production process for cognac (€19.5 million),
as well as in the United Kingdom (€3.1 million)

Consolidated financial statements | 271

Campari Group annual report for the year ended 31 December 2024

Additionally, an investment of €96.9 million was allocated to the real-estate project for the Group’s future
headquarters in Milan city centre. The borrowing costs associated with the acquisition of this qualified asset and
capitalised, amounted to €0.2 million, calculated at an interest rate of 2.8%.
Moreover, sustainability-related investments were made and amounted to €55.7 million in the period and
referred to water and wastewater treatment projects (€34.8 million) as well as energy- and climate-related
projects (€20.9 million). These projects related to the installation of a wastewater treatment plant in Jamaica,
which also included a cooling tower system (€22.8 million), as well as to the construction of a vinasse treatment
plant in Mexico aiming to convert this by-product of distillation into renewable energy (biogas) (€13.6 million).
Additionally, a first advanced energy recovery technology in distillation, so called thermal vapour recompression,
was installed in Scotland’s distillery (€2.5 million). Other investments for wastewater collection and treatment as
well as for energy efficiency were made in the United States (€14.7 million), Italy (€1.8 million), France (€0.2
million) as well as in Australia (€0.1 million)
Disposals, amounting to €14.1 million, mainly related to the sale of barrels that were no longer suitable for use in
the maturing process.

right of use assets by nature | land and buildings | plant and machinery | other | total
| € million | € million | € million | € million
Carrying amount at the beginning of the period | 89.9 | 7.5 | 29.1 | 126.5
Accumulated depreciation at the beginning of the period | (40.6) | (3.7) | (16.9) | (61.2)
at 31 December 2023 | 49.4 | 3.9 | 12.1 | 65.4
Perimeter effect from business combination | - | 0.1 | 0.1 | 0.2
Additions | 6.8 | 0.3 | 11.7 | 18.8
Depreciation | (10.0) | (1.3) | (7.3) | (18.6)
Impairment | (0.3) | - | (0.1) | (0.3)
Exchange rate differences and other changes | 0.5 | 0.1 | 0.1 | 0.7
at 31 December 2024 | 46.3 | 3.1 | 16.8 | 66.1
Carrying amount at the end of the period | 93.4 | 7.9 | 28.8 | 130.2
Accumulated depreciation at the end of the period | (47.2) | (4.9) | (12.0) | (64.1)

right of use assets by nature | land and buildings | plant and machinery | other | total
| € million | € million | € million | € million
Carrying amount at the beginning of the period | 86.1 | 7.2 | 20.0 | 113.3
Accumulated depreciation at the beginning of the period | (31.2) | (2.7) | (11.0) | (44.9)
at 31 December 2022 | 55.0 | 4.5 | 9.0 | 68.4
Perimeter effect from business combination | 0.6 | - | 0.1 | 0.6
Additions | 4.5 | 0.5 | 9.0 | 14.0
Depreciation | (9.4) | (1.0) | (5.9) | (16.3)
Exchange rate differences and other changes | (1.3) | (0.1) | (0.1) | (1.4)
at 31 December 2023 | 49.4 | 3.9 | 12.1 | 65.4
Carrying amount at the end of the period | 89.9 | 7.5 | 29.1 | 126.5
Accumulated depreciation at the end of the period | (40.6) | (3.7) | (16.9) | (61.2)

In relation to right of use assets, increases for the year were mainly related to offices and vehicles included in
the category ‘other’. There are no restrictions or covenants on the aforementioned right of use assets.

biological assets represented as fixed assets | assets valued at cost
| € million
Carrying amount at the beginning of the period | 43.2
Accumulated depreciation at the beginning of the period | (20.4)
at 31 December 2023 | 22.8
Perimeter effect for acquisitions | 3.1
Additions | 15.9
Disposal | (1.2)
Depreciation | (9.5)
Exchange rate differences and other changes | (0.6)
at 31 December 2024 | 30.5
Carrying amount at the end of the period | 58.2
Accumulated depreciation at the end of the period | (27.7)

Consolidated financial statements | 272

Campari Group annual report for the year ended 31 December 2024

biological assets represented as fixed assets | assets valued at cost
| € million
Carrying amount at the beginning of the period | 29.5
Accumulated depreciation at the beginning of the period | (12.0)
at 31 December 2022 | 17.5
Additions | 13.1
Disposal | (0.7)
Depreciation | (7.5)
Exchange rate differences and other changes | 0.5
at 31 December 2023 | 22.8
Carrying amount at the end of the period | 42.3
Accumulated depreciation at the end of the period | (19.5)

The addition of €15.9 million was mainly related to agave plantations in Mexico (€11.7 million) and grape
vineyards in France (€3.6 million). No guarantees were given to third parties in relation to these fixed assets.
At 31 December 2024, the Mexican agave plantations comprised 1,590 hectares. There is no non-productive
biological asset for agave plantations and the average growing cycle covers a period of 6 years. During 2024
the Group harvested approximately 3,044 tons of agave in Mexico, which have been measured at fair value less
costs to sell and transferred to inventories.
At 31 December 2024, the French grape plantations located in the Champagne region comprised 19.9 hectares,
out of which overall 52% (63% in 2023) of these hectares were rented with medium- and long-term agreements,
and the remaining 48% (37% in 2023) was owned. There are no non-productive biological assets for grape
plantations. Agricultural output covers a one-year period and the harvest occurred in the second half of the year.
Taking into account the biological and vegetative cycle, all the costs incurred in anticipation of the future harvest
(service, products and other ancillary costs) have been considered as inventory in current biological assets at 31
December 2024 in the Group’s accounts: this value is in line with the fair value of the growing grapes based on
available information on commodities markets.
In addition, in the Martinique area, sugar cane plantations comprise 604 hectares, of which, overall, 44% are
owned and 56% rented with long-term agreements. Of these, 498 hectares are cultivated, and the remaining
106 hectares are not cultivated. Agricultural output covers a one-year period and the harvest is expected from
February to June. Given this process, the sugar cane has been considered as a current biological asset
classified within the inventory and measured based on the costs sustained during the production process at 31
December: this value was estimated based on the costs of infrastructure, land preparation and sugar cane
cultivation, due to the absence of any active reference market for comparable plantation and similar output in
terms of age and qualitative characteristics. Operating grants in support of industrial investments and of sugar
cane plantations in Martinique recognised in the statement of profit or loss in the period are equal to €0.2 million
(€0.3 million in 2023).
No triggering events for impairment tests occurred during the year.
iii. Intangible assets
Accounting policy
Intangible assets recognition
Intangible assets with definite life are recorded at cost, net of accumulated amortisation and any impairment
losses. In the event they are acquired through business combinations, they are reported separately from
goodwill and brands, and measured at fair value, when this can reliably be measured, on the acquisition date.
Intangible assets produced internally are not capitalised and are reported in the statement of profit or loss for the
financial year in which they are incurred; there are no significant development costs to be considered. The costs
of innovation projects and studies are recorded in the income statement in full in the year in which they are
incurred.
Software represents the cost of purchasing asset and licences and, if incurred, external consultancy fees and
internal labour costs to prepare the technology so that it is capable of operating in the manner intended by
management; there are normally no costs associated with development. These costs are recorded in the year in
which the internal or external costs are incurred to train personnel and other related costs.
The following contracts are managed as a service contract with the related costs expensed as they are incurred:
cloud computing arrangements under which i) the Group contracts to pay a fee in exchange for a right to access
the supplier’s application software for a specified term; ii) the cloud infrastructure is managed and controlled by
the supplier, insofar as access to the software is on an ‘as needed’ basis over the internet or via a dedicated line

Consolidated financial statements | 273

Campari Group annual report for the year ended 31 December 2024

and iii) the contract does not convey any rights over tangible assets to the Group. Any prepayment giving a right
to a future service is recognised as a prepaid asset. Detailed analysis is undertaken to determine whether the
implementation costs for software hosted under cloud arrangements can be capitalised.
Intangible assets amortisation and impairment
Intangible assets with a finite life are amortised on a straight-line basis in relation to their useful life and
reviewed for impairment whenever events or circumstances indicate that the carrying amount may not be
recoverable. The amortisation period of intangible assets with a finite life is reviewed at least at the end of every
financial year in order to ascertain any changes in their useful life, which, if identified, will be treated as changes
in estimates.
Other intangible assets with indefinite and definite life contains distribution rights and key money, the latter
tested for impairment leveraging on a specialised third-party expert opinion connected to real estate assets.
Intangible assets with indefinite life impairment test
Goodwill, brands and other intangible assets with an indefinite life are not amortised and are reviewed for
impairment tests every year or more frequently if there is any indication that the asset may be impaired. The
annual approval of the impairment test results is performed by the Board of Directors of Davide Campari-Milano
N.V., which takes place before the approval of the annual financial reports (consolidated and Company only).
The ability to recover the assets is ascertained by comparing the carrying amount to the related recoverable
value, which is represented by the higher of the fair value less cost of disposal, and the value in use.
In the absence of a binding sale agreement, the fair value is estimated on the basis of recent transaction values
in an active market or based on the best information available to determine the amount that could be obtained
from selling the asset. The value in use is determined by discounting expected cash flows resulting from the use
of the asset, and, if significant and reasonably determinable, the cash flows resulting from its sale at the end of
its useful life. Cash flows are determined on the basis of reasonable, documented assumptions representing the
best estimate of the future economic conditions that will occur during the remaining useful life of the asset, with
greater weight given to external information. Growth rate assumptions are applied to the years beyond the
business plan horizon. The discount rate applied takes into account the implicit risk of the business segment.
When it is not possible to determine the recoverable value of an individual asset, the Group estimates the
recoverable value of the cash-generating unit to which the asset belongs.
Impairment loss is recorded if the recoverable value of an asset is lower than its carrying amount by posting the
related cost in the statement of profit or loss and is charged to other operating expenses. Goodwill impairments
can no longer be written back.
Disclosure
Goodwill and brands

| goodwill | brands with an indefinite life | brands with a finite life | total
| € million | € million | € million | € million
Carrying amount at the beginning of the period | 1,853.6 | 1,204.1 | 31.5 | 3,089.1
Cumulative impairment at the beginning of the period | (2.7) | (52.6) | (27.2) | (82.5)
at 31 December 2023 | 1,850.8 | 1,151.5 | 4.4 | 3,006.7
Perimeter effect from business combination | 507.4 | 189.2 | - | 696.7
Additions | - | 1.7 | - | 1.7
Impairment loss | - | (50.8) | - | (50.8)
Amortisation | - | - | (2.2) | (2.2)
Exchange rate differences | 61.9 | 20.8 | 0.2 | 82.9
at 31 December 2024 | 2,420.1 | 1,312.5 | 2.3 | 3,735.0
Carrying amount at the end of the period | 2,422.8 | 1,415.8 | 31.7 | 3,870.3
Cumulative impairment at the end of the period | (2.7) | (103.3) | (29.4) | (135.4)

Consolidated financial statements | 274

Campari Group annual report for the year ended 31 December 2024

| goodwill | brands with an indefinite life | brands with a finite life | total
| € million | € million | € million | € million
Carrying amount at the beginning of the period | 1,914.5 | 1,217.6 | 31.7 | 3,163.8
Cumulative impairment at the beginning of the period | (2.7) | (42.3) | (24.9) | (70.0)
at 31 December 2022 | 1,911.8 | 1,175.3 | 6.7 | 3,093.8
Change resulting from provisional allocation of acquisition value | (33.7) | 1.1 | - | (32.6)
Exchange rate effect of reclassifications | 0.4 | - | - | 0.4
at 31 December 2022 post-reclassifications(1) | 1,878.5 | 1,176.4 | 6.7 | 3,061.6
Additions | 11.9 | - | - | 11.9
Perimeter effect from business combination | - | (10.3) | - | (10.3)
Amortisation | - | - | (2.2) | (2.2)
Exchange rate differences | (39.5) | (14.6) | (0.2) | (54.3)
at 31 December 2023 | 1,850.8 | 1,151.5 | 4.4 | 3,006.6
Carrying amount at the end of the period | 1,853.6 | 1,204.1 | 31.5 | 3,089.1
Cumulative impairment at the end of the period | (2.7) | (52.6) | (27.2) | (82.5)

(1)For information on reclassification of comparative figures, refer to note 2 vi-‘Reclassification of comparative figures at 31 December 2022’ in the Annual Report
at 31 December 2023.
The change in the basis of consolidation comprises an increase of €696.7 million attributable to the identification
of amounts for goodwill (€507.4 million) and trademark (€189.2 million) related to the acquisition of Courvoisier
(for further details, see note 4 i-‘Acquisition and sale of businesses and purchase of non-controlling interests’).
During the year, an impairment loss of €50.8 million was recognised for three brands (Cabo Wabo for €21.4
million, Wilderness for €19.9 million and Bulldog for €9.5 million at the average exchange rate for 2024 and
corresponding to €18.2 million, €17.1 million and €7.9 million at the spot exchange rate at 31 December 2024).
Refer to the following paragraph, ‘Impairment test on goodwill and brands’, for more information regarding the
aforementioned impairment loss. Brands with a finite life included the value of the brand X-Rated.
The positive exchange rate differences on goodwill and brands denominated in local non-Euro currencies
totalled €82.9 million, mainly related to US$ and Jamaican Dollar.
Other Intangible assets

| software | other | other with indefinite life | total
| € million | € million | € million | € million
Carrying amount at the beginning of the period | 170.1 | 18.1 | 3.6 | 191.9
Accumulated amortisation at the beginning of the period | (121.1) | (14.7) | - | (135.7)
at 31 December 2023 | 49.1 | 3.5 | 3.6 | 56.1
Additions | 33.8 | 2.1 | - | 35.9
Amortisation | (16.4) | (0.9) | - | (17.3)
Impairment | (1.4) | - | - | (1.4)
Exchange rate differences and other changes | 0.3 | (0.1) | - | 0.2
at 31 December 2024 | 65.3 | 4.6 | 3.6 | 73.4
Carrying amount at the end of the period | 201.6 | 20.1 | 3.6 | 225.2
Accumulated amortisation at the end of the period | (136.2) | (15.5) | - | (151.8)

| software | other | other with indefinite life | total
| € million | € million | € million | € million
Carrying amount at the beginning of the period | 149.6 | 17.7 | 3.6 | 170.9
Accumulated amortisation at the beginning of the period | (105.0) | (13.8) | - | (118.8)
at 31 December 2022 | 44.6 | 4.0 | 3.6 | 52.1
Perimeter effect from business combination | 0.2 | - |  | 0.2
Additions | 21.4 | 0.5 | - | 21.9
Amortisation | (16.0) | (0.9) | - | (16.9)
Impairment | (0.6) | 0.0 | - | (0.6)
Exchange rate differences and other changes | (0.4) | (0.1) | - | (0.5)
at 31 December 2023 | 49.1 | 3.5 | 3.6 | 56.1
Carrying amount at the end of the period | 170.1 | 18.1 | 3.6 | 191.9
Accumulated amortisation at the end of the period | (121.1) | (14.7) | - | (135.7)

Intangible assets with a finite life are amortised on a straight-line basis depending on their remaining useful life.

Consolidated financial statements | 275

Campari Group annual report for the year ended 31 December 2024

Additions in the period totalling €35.9 million related to projects to continuously upgrade the new information
technology environment. During the period, no triggering events leading to an eventual impairment were
identified.
Impairment test
In line with previous years, the approval of the annual assessment of the recoverability of the Group’s intangible
assets with indefinite life was conducted before the fiscal year-end. Consequently, the book value of the
intangible assets (i.e. the amount at which an asset is recognised in the balance sheet) was determined as of 30
September 2024, i.e. the latest available actual figures at the time of the analysis. The results of such tests
remained valid as of 31 December 2024, given that no events or impairment indicators have arisen that could
result in a material reduction of the assets' value or recoverable amounts in the fourth quarter of 2024.
Consistent with previous years, the Group considered the business plan, including the 2025 budget and
2026-2027 strategic plans (drafted by the Group’s companies in 2024 and approved by the Board of Directors of
Davide Campari-Milano N.V.), as the base of the annual impairment test. Moreover, cash flow projections are
extrapolated beyond the plan period covered to be adapted for a ten-year period, with growth rates gradually
normalising towards the level of the perpetuity growth rate. The use of a ten-year period is justified by the long
lifecycle of the brands with respect to the reference markets, and it also takes into account the long ageing
process of certain brands. Assumptions of future cash flows were made based on the conservative approach in
terms of both expected growth rates and operating margin trends. In addition, projections were based on
reasonableness, prudence and consistency regarding the allocation of future selling, general and administrative
expenses, trends in capital investment, conditions of financial equilibrium and the main macroeconomic
variables. Cash flow projections relate to current operating conditions and therefore do not include cash flows
connected with extraordinary events that are not currently foreseeable.
Regarding climate-related matters, the business plan considered the necessary investments to pursue the
Group’s global sustainability strategy, including the path to decarbonisation based on challenging and ambitious
medium- and long-term environmental targets committed. Such investments were taken into account also in
long horizon (i.e. in the terminal value).
Regarding currencies, it should be noted that the projections were determined based on the exchange rates to
€, assumed unchanged to the ones used for drafting the 2025 budget. Although applicable IFRS principles
require that exchange rates are assumed flat to the current fiscal year over the time horizon, the fluctuations of
2025 budgeted currencies are estimated not to have a meaningful impact on future cash flows.
Goodwill values were tested at the aggregate level based on the values allocated to the three cash‐generating
units ('CGUs'), i.e. EMEA CGU, Americas CGU, and APAC CGU, in line with the Group’s new segment reporting
effective from 1 January 2024, as described in the paragraph ‘Significant events of the year’ of the Management
Board Report. This structure reflects the lowest level at which goodwill is monitored by the Group and is
considered appropriate, given the synergies and efficiencies obtained at regional level based on its current
organisational structure.
The allocation of goodwill for each CGU is based on the previous allocation values (with the aggregation of the
values of SEMEA and NCEE into EMEA), adjusted to consider the exchange rate effects and other variations
such as perimeter change. The carrying amounts of the CGUs were determined by combining the goodwill, the
trademark values allocated based on the profitability achieved by the brand in each CGU, as well as the fixed
assets and working capital, which were mainly allocated based on the relevant sales achieved in each CGU.
The recoverable amounts of the CGUs were determined based on the ‘value in use’ methodology. The asset
value is measured by discounting the estimated future cash flows generated by the continued use of such asset.
Expected cash flows, which were based on the Group’s cash flow estimates, were discounted using a post‐tax
discount rate, reflecting both the time value of money and a further adjustment to include the market risk and the
specific risks for the business of the relevant CGU. In the impairment test performed, it has been verified that
the use of a post-tax approach provides consistent results with the ones which would have been obtained by
adopting a pre-tax approach.
The main assumptions used in calculating the value in use of the CGUs are the long-term growth rate and
discount rate. Terminal value was determined using the perpetuity growth method of discounting. Specifically, a
conservative perpetual growth rate was used that corresponds to the estimated inflation rates of the consumer
price for the period 2025‐2029 for the Group’s key markets (source: IMF, October 2024 release), assumed to be
2.1% for the EMEA CGU, 2.8% for the Americas CGU and 2.5% for the APAC CGU or 2.5% for the Group
overall. The value in use of the CGUs was calculated by discounting the estimated value of future cash flows,
including the terminal value, which it is assumed will derive from the continuing use of the assets, at a discount
rate (net of taxes and adjusted for risk) that reflects the average weighted cost of capital. Specifically, the
discount rate used was the Weighted Average Cost of Capital (‘WACC’), which depends on the risk associated
with the estimated cash flows. The WACC was determined based on observable indicators and market
parameters, the current value of money and the specific risks connected with the business of the relevant CGU.

Consolidated financial statements | 276

Campari Group annual report for the year ended 31 December 2024

The calculation of WACC has resulted in line with a set of spirits industry comparable peers. The discount rates
used in the 2024 impairment test for the three CGUs, are as follows: 7.3% for the EMEA CGU, 9.1% for the
Americas CGU and 6.7% for the APAC CGU, or 8.1% for the Group overall (unchanged compared with the 2023
impairment test).
To take into account the current market volatility and uncertainty over future economic prospects, the sensitivity
analyses were carried out to assess the recoverability of goodwill value. Based on the methodology described
above, the impairment test for goodwill as of 31 December 2024 confirmed the full recoverability, including
sensitivity, of all the CGUs with sufficient headroom to exclude goodwill impairment losses that may arise from
meaningful business downside risks.

| at 31 December 2024 | at 1 January 2024 | reconfiguration effect | at 31 December 2023
CGU | € million | € million | € million | € million
Americas | 1,464.1 | 1,167.1 | - | 1,167.1
Southern Europe, Middle East and Africa | - | - | (401.0) | 401.0
Northern, Central and Eastern Europe | - | - | (247.4) | 247.4
EMEA | 885.9 | 648.4 | 648.4 | -
Asia-Pacific | 70.1 | 35.3 | - | 35.3
Total | 2,420.1 | 1,850.8 | - | 1,850.8

Changes in goodwill values at 31 December 2024 compared with 31 December 2023 are mainly due to a
positive perimeter effect equal to €507.4 million in connection with the Courvoisier acquisition, proportionally
allocated to the three CGU s based on the brand’s profitability, as well as favourable exchange rate effects of
€61.9 million, which were re-allocated to the individual CGU.
In addition, a separate impairment test was conducted to measure the capability of each trademark to sustain its
value using the value in use criteria. As the Group does not manage selling, general and administrative costs at
brand level, the brand’s profitability is measured taking into consideration the allocated costs incurred on a
global scale and across geographies. For the trademark valuation, the Group uses the Multi‐period Excess
Earnings Method ('MEEM') valuation, a widely accepted valuation methodology in practice for determining the
trademarks’ fair value. The ’value in use’ methodology is considered valid assuming that the identification of a
representative sample of comparable transactions is not easily available across the different types of assets.
MEEM is an earnings‐based valuation method. The theoretical premise of the MEEM is that the value of a brand
is equal to the current value of the residual cash flows attributable to the asset analysed. According to this
method, the relevant earnings attributable to the intangible assets are calculated using the income that the
company would record after having deducted the earnings attributable to all the other assets (contributory asset
charge), i.e. deducting from the company’s results the remuneration for using other assets that contribute to the
generation of such results. Estimates of income flows generated by individual brands, net of contributory asset
charge, and of the terminal value, discounted to present value using an appropriate discount rate, were used to
calculate the recoverable value of brands.
Consistent with the impairment test on goodwill, a 10-year cash projection was developed for the trademark
impairment test. In the case of The GlenGrant single malt Scotch whisky, a 15-year time horizon was adopted, in
line with previous years. The use of a fifteen-year time horizon is justified by the long-term effect of the brand
ageing strategy, a commonly implemented market practice for premium spirits players. The discount rates used
for the individual brands tested varied from 8.0% to 9.1% and took into account a specific risk premium for the
brand in question. To determine the terminal value of each brand, a perpetual growth rate between 2.1% to
2.5%, in line with the inflation estimates for the 2025-2029 period, was used.
The impairment test as of 2024 has indicated impairment losses, for an aggregated amount of €50.8 million, for
the trademarks of Cabo Wabo, Bulldog and Wilderness Trail Distillery. With very limited headroom and potential
impairment risk identified already in the previous test, the continued consumption normalisation in the brands’
key markets as well as category challenges have further reduced the trademarks’ recoverability. Such loss was
mainly attributable to the Americas CGU in line with the geographic distribution of brand profitability. Excluding
the aforementioned brands, the sensitivity analyses indicated impairment risks for the trademarks of The
GlenGrant, Picon, Forty Creek and Courvoisier. It should be noted that the Courvoisier acquisition was closed
only recently (the second quarter of 2024) for which the purchase price allocation is still provisional. The brand’s
strategic assessment is currently being finalised with a roll-out plan from 2025 onwards focusing on the
structural reset of the brand health and profitability. Considering a theoretical increase of WACC by +100 bps
and decrease of the growth rate (‘g’) by -100 bps, the combined theoretical impairment risk for the above-
mentioned brands, excluding the impairment loss already registered for the year, would be €107.4 million. The
Group will closely monitor the future development of these brands and carefully assess the recoverability of their
trademark values.

Consolidated financial statements | 277

Campari Group annual report for the year ended 31 December 2024

| at 31 December
| 2024 | 2023
| € million | € million
Grand Marnier | 300.7 | 300.7
Courvoisier | 189.2 | -
Wild Turkey | 175.8 | 165.2
Picon | 123.6 | 123.6
Jamaican Rum Portfolio | 96.2 | 91.1
The GlenGrant and Old Smuggler | 88.8 | 88.8
Averna and Braulio | 65.5 | 65.5
Forty Creek | 59.5 | 60.7
Frangelico | 54.0 | 54.0
Cabo Wabo | 46.0 | 64.3
Wilderness Trail | 40.9 | 58.0
Bulldog | 27.6 | 35.5
Riccadonna | 11.3 | 11.3
Del Professore | 6.4 | 6.4
X-Rated Fusion Liqueur(1) | 2.3 | 4.4
Other | 27.0 | 26.4
Total | 1,314.8 | 1,155.8

(1)Asset with finite life. The brand value amortised over a timeframe of 10 years until 2025.
Changes in brand values at 31 December 2024 compared with 31 December 2023 are mainly driven by the
perimeter effect related to the Courvoisier acquisition for €189.2 million, as well as positive exchange rate
effects amounting to €21.0 million, and the aforementioned impairment loss attributable to the Cabo Wabo,
Wilderness and Bulldog brands.
iv. Other non-current assets
Disclosure

| 31 December
| 2024 | of which perimeter effect | 2023
| € million | € million | € million
Equity investment in other companies | 89.8 | 0.1 | 16.3
Other non-current assets | 8.5 | 3.2 | 6.6
Total other non-current assets | 98.3 | 3.3 | 22.9

During the year, equity investment in other companies increased by €73.5 million, primarily due to the
acquisition of a 15.4% minority stake in Capevin Holdings Proprietary Limited (€87.8 million composed of the
consideration paid for €86.8 million or GBP73.1 million as well as related ancillary fees of €1.0 million or GBP0.8
million). The target South African holding company indirectly owns 100% of CVH Spirits Limited, a Scottish
company operating in the production and commercialisation of renowned Single Malt Whiskies Bunnahabhain,
Deanston, Tobermory and Ledaig, and Blended Whiskies Scottish Leader and Black Bottle. Campari Group also
holds distribution rights for brands from the CVH Spirits Limited portfolio in France and South Korea.
The decrease components of 2024 were attributable to the disposal of minor agency brands connected with
third-party investments as well as a €24.7 million loss from valuation of operating investments, which was
recognised in the share of profit (loss) in joint-ventures and other investments in profit or loss statements.

Consolidated financial statements | 278

Campari Group annual report for the year ended 31 December 2024

v. Other current assets
Disclosure

| 31 December
| 2024 | of which perimeter effect | 2023
| € million | € million | € million
Other receivables from tax authorities | 49.8 | 0.7 | 52.6
Prepaid expenses | 29.6 | 8.5 | 13.2
Advances and other receivables from suppliers | 10.4 | - | 10.3
Receivables from personnel | 3.1 | - | 4.1
Advances to suppliers for fixed assets | - | - | 16.3
Receivables from Parent Company for tax consolidation | - | - | 0.1
Other | 3.4 | 0.1 | 4.9
Other current assets | 96.3 | 9.3 | 101.4

Other receivables from tax authorities, totalling €49.8 million, primarily comprise €43.3 million for VAT and €4.5
million for excise duties. The decrease was driven by the reimbursement received in 2024 by the Group for the
outstanding VAT position in Mexico which was linked to the significant capex investment in 2023 (shown as
overdue by 1 year in 2023 in the other current asset table). The change in prepaid expenses mainly related to
the future supply of liquid for the Cognac production in France.

at 31 December 2024 | other receivables⁽¹⁾ | provision for bad debt
| € million | € million
Not overdue | 67.2 | (0.5)
Overdue since | 0.3 | (0.2)
less than 30 days | - | -
30-90 days | - | -
1 year | 0.3 | (0.2)
5 years | - | -
more than 5 years | - | -
Total receivables broken down by maturity | 67.5 | (0.7)
Amount impaired | (0.7) | -
Total | 66.8 | -

(1)The item does not include prepaid expenses.

at 31 December 2023 | other receivables⁽¹⁾ | provision for bad debt
| € million | € million
Not overdue | 26.1 | -
Overdue since | 62.4 | (0.3)
Less than 30 days | 0.1 | -
30-90 days | 5.3 | -
1 year | 51.2 | -
5 years | 3.7 | -
more than 5 years | 2.1 | (0.3)
Total receivables broken down by maturity | 88.5 | (0.3)
Amount impaired | (0.3) |
Total | 88.2 |

(1) The item does not include prepaid expenses.
The tables below provide information on the credit risk exposure of the Group’s other current receivables using
a provisional matrix which reflected the low risk level connected with the specific counterpart of these
receivables.

| other current receivable days past due
| current | less than 30 days | 30-90 days | 1 year | 5 years | more than 5 years | total
at 31 December 2024 | € million | € million | € million | € million | € million | € million | € million
Credit loss rate | 0.5% | - | - | 0.2% | - | - | 0.7%
Estimated total gross carrying amount at default | 96.7 | 0.1 | - | 0.2 | - | - | 97.0
Provision for expected credit losses | (0.5) | - | - | (0.2) | - | - | (0.7)

Consolidated financial statements | 279

Campari Group annual report for the year ended 31 December 2024

| other current receivable days past due
| current | less than 30 days | 30-90 days | 1 year | 5 years | more than 5 years | total
at 31 December 2023 | € million | € million | € million | € million | € million | € million | € million
Credit loss rate | - | - | - | - | - | 0.3% | 0.3%
Estimated total gross carrying amount at default | 39.8 | 0.1 | 6.7 | 48.6 | 4.4 | 2.1 | 101.7
Provision for expected credit losses | - | - | - | - | - | (0.3) | (0.3)

vi. Other non-current liabilities
Accounting policy
For detailed information on the accounting policy on post-employment plans and share-based payments, please
refer to note 7 v-‘Share-based payments’ and 8 iv-‘Defined benefit and contribution plans’, respectively.
Disclosure

| 31 December
| 2024 | of which perimeter effect | 2023
| € million | € million | € million
Other employee benefits (including retention incentive) | 18.4 | 0.5 | 35.5
Social security on share-based plans | 1.4 | - | 1.8
Other share benefits long-term (cash settled plans) | 0.4 | - | 0.3
Profit sharing | 3.3 | - | 4.2
Other non-current liabilities | - | - | 0.7
Other non-current liabilities | 23.5 | 0.5 | 42.6

(1)Including non-recurring last mile long-term incentive schemes.
The change compared to the previous year is mainly related to non-recurring last mile long-term incentive
schemes with retention purposes totalling €30.0 million which was approved in the 2024 Annual General
Meeting and paid to senior management during the second half of 2024.
vii. Other current liabilities
Disclosure

| 2024 | of which perimeter effect | 2023
| € million | € million | € million
Payables to staff | 105.3 | 3.5 | 98.5
Payables to agents | 3.2 | - | 3.2
Deferred income | 6.2 | - | 5.1
Amounts due to controlling shareholder for Group VAT | 2.5 | - | 3.3
Value added tax | 34.6 | 0.2 | 27.9
Tax on alcohol production | 47.0 | - | 32.9
Withholding and miscellaneous taxes | 12.4 | 0.6 | 9.9
Other | 9.9 | 0.1 | 9.3
Other current liabilities | 221.1 | 4.4 | 190.2

at 31 December 2024 | other payables to third parties
| € million
On demand | 18.0
Due within 1 year | 203.1
Total | 221.1

at 31 December 2023 | other payables to third parties
| € million
On demand | 20.0
Due within 1 year | 170.2
Total | 190.2

Consolidated financial statements | 280

Campari Group annual report for the year ended 31 December 2024

5. Operating working capital
This section discloses the information on the Group’s operating working capital composition broken down into
the various items that are managed to generate the Group performance.
i. Trade receivables
Accounting policy
For details on the accounting policy, please refer to note 6 i-‘Financial instruments’.
Disclosure

| 31 December
| 2024 | of which perimeter effect | 2023
| € million | € million | € million
Trade receivables from external costumers | 425.2 | 0.4 | 373.9
Trade receivables from joint-ventures | - | 3.0 | -
Receivables in respect of contributions to promotional costs | 0.7 | - | 0.3
Trade receivables | 425.8 | 3.4 | 374.3

The table below shows the trade receivables broken down by maturity. In light of the analysis performed on
estimated expected future losses (using the expected credit loss method). Trade receivables which are deemed
not recoverable were balanced by an appropriate provision.

at 31 December 2024 | trade receivables(1) | provision for expected future losses and bad debt
| € million | € million
Not overdue | 333.4 | (7.0)
Overdue | 107.0 | (12.9)
Less than 30 days | 60.1 | (0.6)
30-90 days | 29.4 | (3.3)
Within 1 year | 7.2 | (2.7)
Within 5 years | 8.7 | (5.6)
Due after 5 years | 1.5 | (0.8)
Total receivables broken down by maturity | 440.4 | (19.9)
Amount impaired | (19.9) |
Total | 420.5 |

(1)This item does not include prepaid expenses.

at 31 December 2023 | trade receivables(1) | provision for expected future losses and bad debt
| € million | € million
Not overdue | 278.4 | (7.6)
Overdue | 112.0 | (9.4)
Less than 30 days | 66.3 | (0.7)
30-90 days | 20.7 | (2.8)
Within 1 year | 10.9 | (0.6)
Within 5 years | 14.0 | (5.2)
Due after 5 years | 0.1 | (0.1)
Total receivables broken down by maturity | 390.4 | (17.0)
Amount impaired | (17.0) |
Total | 373.3 |

(1)This item does not include prepaid expenses.
The overdue category decreased by €5.0 million on 2023 and is continuously monitored by the Group’s credit
management functions.
At 31 December 2024, the provision for expected future losses and bad debt amounted to €19.9 million,
increased from the value reported in 2023 (€17.0 million). The net increase recorded in 2024 was mainly driven
by the dynamic of gross trade receivables (increased by € 51.6 million), partly mitigated by a decrease in the
probability of default of several countries (namely Argentina and Russia).

Consolidated financial statements | 281

Campari Group annual report for the year ended 31 December 2024

The following table provides the probability of default, obtained from external data providers, used for the
calculation of the expected future losses for each subsidiary, used at 31 December 2024 and at 31 December
2023, according to the country in which the subsidiary is based.

| applied for the assessment at 31 December
| 2024 | 2023
Argentina | 9.03% | 20.94%
Australia | 0.04% | 0.06%
Austria | 0.07% | 0.06%
Belgium | 0.06% | 0.08%
Brazil | 0.35% | 0.25%
Canada | 0.08% | 0.13%
China | 0.22% | 0.25%
France | 0.08% | 0.07%
Germany | 0.03% | 0.06%
Greece | 0.11% | 0.19%
India | 0.10% | 0.22%
Italy | 0.11% | 0.19%
Jamaica | 0.84% | 0.84%
Martinique | 0.08% | 0.07%
Mexico | 0.24% | 0.22%
New Zealand | 0.11% | 0.07%
Peru | 0.20% | 0.17%
Russia | 5.59% | 9.12%
Singapore | 0.07% | 0.09%
South Africa | 0.33% | 0.84%
South Korea | 0.20% | 0.22%
Spain | 0.06% | 0.13%
Switzerland | 0.03% | 0.05%
United Kingdom | 0.07% | 0.11%
Ukraine | 100.00% | 100.00%
The United States | 0.17% | 0.31%

The tables below set out the information related to the credit risk exposure on the Group’s trade receivables
using a provision matrix:

| trade receivables days past due
| current | less than 30 days | 30-90 days | within 1 year | within 5 years | after 5 years | Total
at 31 December 2024 | € million | € million | € million | € million | € million | € million | € million
Credit loss rate | 1.5% | 0.4% | 0.4% | 0.6% | 1.3% | 0.1% | 4.5%
Estimated total gross carrying amount at default | 338.8 | 60.1 | 29.4 | 7.2 | 8.7 | 1.5 | 445.7
provision for expected future losses and bad debt | (6.7) | (1.8) | (2.0) | (2.9) | (5.9) | (0.6) | (19.9)

| trade receivables days past due
| current | less than 30 days | 30-90 days | within 1 year | within 5 years | after 5 years | Total
at 31 December 2023 | € million | € million | € million | € million | € million | € million | € million
Credit loss rate | 1.8% | 0.6% | 0.2% | 0.3% | 1.2% | 0.2% | 4.3%
Estimated total gross carrying amount at default | 279.3 | 66.3 | 20.7 | 10.9 | 14.0 | 0.1 | 391.3
provision for expected future losses and bad debt | (7.1) | (2.2) | (0.9) | (1.2) | (4.9) | (0.8) | (17.0)

The amount of the provision and the level of utilization over the years confirms that overall, the Group is
exposed to a cluster of customers and markets that are not significantly affected by credit risk.
ii. Trade payables
Accounting policy
For details on the accounting policy, please refer to note 6 i-‘Financial instruments’.

Consolidated financial statements | 282

Campari Group annual report for the year ended 31 December 2024

Disclosure

| at 31 December
| 2024 | of which perimeter effect | 2023
| € million | € million | € million
Trade payables to external suppliers | 672.7 | 30.1 | 521.1
Trade payables | 672.7 | 30.1 | 521.1

Trade payables showed an increase compared to 31 December 2023, mainly driven by a temporary phasing in
connection with timing of payables including non-recurring capital expenditure towards the end of the year which
will become due at the beginning of 2025. During 2024, the Group continued to join the reverse factoring
program in cooperation with an external banking provider and selected key suppliers. The program involved
strategic partners based in Italy and, starting from 2023, also in the United States, to allow participating
suppliers to receive early payments on their invoices. Based on the program’s characteristics and the nature of
the transaction, the trade payables in scope continued to be classified as a trade payable on the grounds which
led to an improvement in terms of commercial payment without giving any guarantee or change in terms or
conditions of the original agreements. The program led to an increase in payables by approximately €17.1
million at 31 December 2024 (compared to €27.8 million at 31 December 2023), resulting in a consistent
average extension of payment terms to 30 days across both years, as disclosed.

at 31 December 2024 | trade payables
| € million
On demand | 105.7
Due within 1 year | 565.8
Due in 1 to 2 years | 1.0
Total | 672.7

at 31 December 2023 | trade payables
| € million
On demand | 55.6
Due within 1 year | 465.5
Total | 521.1

iii. Inventories and biological assets
Accounting policy
Inventories are stated at the lower of cost and net realisable value. Costs of finished products include raw
materials, supplies and consumables, direct labor and expenses and an appropriate proportion of production
and other overheads. Cost is calculated at the weighted average cost incurred in acquiring inventories. Maturing
inventory includes the depreciation cost of the barrels used in the ageing process on a straight-line basis over
the ageing horizon. Maturing inventory, as well as biological assets that, due to their nature, are retained for
more than one year, are classified as current assets, as they are expected to be realized in the normal operating
cycle.
For detailed information on the accounting policy for inventory biological assets, please also refer to note 8
iii-‘Fair value information on assets and liabilities’.
Disclosure

| at 31 December
| 2024 | of which perimeter effect(1) | 2023
| € million | € million | € million
Finished products and goods for resale | 276.2 | 38.6 | 347.8
Maturing inventory | 1,157.2 | 394.3 | 603.3
Work in progress | 143.6 | (0.2) | 177.8
Raw materials, supplies and consumables | 104.8 | 8.5 | 108.4
Inventories | 1,681.8 | 441.2 | 1,237.4
Current biological assets | 21.3 | 0.1 | 15.1
Total | 1,703.1 | 441.3 | 1,252.5

(1)The perimeter effect included a €23.5 million finish product stock transfer agreement related to the Courvoisier acquisition.

Consolidated financial statements | 283

Campari Group annual report for the year ended 31 December 2024

Stocks totalled €1,703.1 million at 31 December 2024, up by €450.7 million on 31 December 2023 out of which
€441.3 million derive from the perimeter effect from the Courvoisier acquisition.
Current biological assets at 31 December 2024 totalled €21.3 million, corresponding to the fair value of the
sugar cane, grapes and agave harvests that had not yet ripened. All these biological products are classified as
current inventory in consideration of their annual vegetative growing process, except agave, which is also
classified as inventory during the 6-year growing period even though the agave plants are not yet ripe for the
harvest useful for distillation, as they can theoretically be sold as a growing plant. For more information related
to the fair value estimation, refer to note 8 iii-‘Fair value information on assets and liabilities’. No guarantees
were given to third parties in relation to these inventories. As of 31 December 2024, some eaux-de-vie
inventories in France were subject to agricultural guarantees for €8.0 million. Agricultural produce in Martinique
benefited from €0.1 million of public grants during 2024 (€0.3 million in 2023).
Inventories are reported net of the relevant impairment provisions amounting to €73.1 million (€22.3 million in
2023).

| € million
at 31 December 2023 | (22.3)
Perimeter effect for acquisition | (38.6)
(Accruals)/Release | (15.1)
Utilization | 3.1
Exchange rate differences and other changes | (0.3)
at 31 December 2024 | (73.1)

| € million
at 31 December 2022 | (16.3)
Perimeter effect for acquisition | (0.9)
(Accruals)/Release | (7.7)
Utilization | 1.4
Exchange rate differences and other changes | 1.3
at 31 December 2023 | (22.3)

6. Net financial debt
This section details accounting policies for financial assets and related impairment, financial liabilities,
derecognition of financial assets and liabilities, financial derivatives and hedging transactions, financial
guarantees and lease components. Judgements and estimates are stated with regard to incremental interest
rates for lease transactions. This section provides details of the Group’s net financial debt composition broken
down into the various items.
i. Financial instruments
Accounting policy
Financial instruments held by the Group are categorized as follows.
Financial assets, including trade and other receivables
Financial assets include investments, short-term securities and financial receivables, which, in turn, include the
positive fair value of financial derivatives, trade and other receivables and cash and cash equivalents. Trade
receivables arise from contracts with customers and are recognised when performance obligations are satisfied,
and the consideration due is unconditional as only the passage of time is required before the payment is
received.
Cash and cash equivalents include cash, bank deposits and highly liquid securities that are readily convertible
into cash and are subject to an insignificant risk of a change in value. Deposits and securities included in this
category mature in less than three months based on the conditions existing on the date of the acquisition of the
asset. Current securities include short-term securities or marketable securities that represent a temporary
investment of cash and do not meet the requirements for classification as cash and cash equivalents.
Financial assets are classified and measured based on a business model developed by the Group. The
business model has been defined at a level that reflects the way in which groups of financial assets are
managed to achieve a particular business objective. The model’s measurement process requires an
assessment based on both quantitative and qualitative factors relating to, for example, the way in which the

Consolidated financial statements | 284

Campari Group annual report for the year ended 31 December 2024

performance of the financial assets in question is communicated to management with strategic responsibilities
and the way in which the risks connected with these financial assets are managed.
The Group measures a financial asset at amortised cost if it meets both of the following conditions:
- it is held under a business model whose objective is to hold assets aiming to collect contractual cash flows;
and,
- its contractual terms and conditions are such that the cash flows generated by the asset are attributable
exclusively to payments of the principal and the related interest.
Financial assets measured at amortised cost are measured at fair value at the time of initial recognition;
subsequent measurements reflect the repayments made, the effects of applying the effective interest method
and any write-downs. Any gain or loss made on derecognition is recognised in profit or loss, together with
foreign exchange gains and losses.
Financial assets also include investments in companies that are not held for trading. These assets are strategic
investments, and the Group has decided to recognise changes in the related fair values through profit or loss
(‘FVTPL’).
Financial assets represented by debt securities are classified and valued in the statement of financial position
based on the business model adopted to manage these financial assets and the financial flows associated with
each financial asset. They are measured at fair value through other comprehensive income (‘FVOCI’) if all the
conditions required by IFRS 9 are respected.
Impairment of a financial asset
Financial assets are tested for recoverability by applying an impairment model based on the expected credit loss
(‘ECL’).
The Group applies the simplified method for trade receivables, which considers the probabilities of default over
the financial instrument’s life (lifetime expected credit losses). In making impairment assessments, the Group
considers its historical credit loss experience, adjusted for forward-looking factors specific to the nature of the
Group’s receivables and economic environment. If any such evidence exists, an impairment loss is recognised
under selling, general and administrative expenses. More specifically, non-performing receivables are analysed
based on the debtor’s creditworthiness and ability to pay the sums due, as well as the degree of effective
coverage provided by any collateral and personal guarantees in existence.
With regard to trade receivables, two approaches are applied to estimate impairment, based on the specific
characteristics of the individual countries in which the Group operates and its constant growth at a global level:
one is a matrix-based model and the other applies the probability of default (‘PD’) obtained from external
sources specialising in the country in which each subsidiary is located. The provision matrix, including the
overall actual result of the year, is reported in the relevant disclosure notes.
A financial asset is impaired when internal or external information indicates that it is unlikely that the Group will
receive the full contractual amount.
Lastly, with regard to other financial assets measured at amortised cost, and, more specifically, cash and cash
equivalents, the impact in terms of expected loss is not considered material and for this reason no adjustment is
made to the book values.
Financial liabilities, including trade and other payables
Financial liabilities include financial payables, bonds and loans due to banks, which, in turn, include the negative
fair value of financial derivatives, trade payables and other payables including contingent consideration and
variable payments deriving from business combination or asset deals.
Financial liabilities are classified and measured at amortised cost, except for financial liabilities that are initially
measured at fair value, for example derivative instruments, financial liabilities relating to earn-out linked to
business combinations and financial liabilities for put options over non-controlling interests.
Trade and other payables are initially recognised at fair value including transaction costs and subsequently
carried at amortised costs.
Derecognition of financial assets and liabilities
A financial asset (or, where applicable, a part of a financial asset or part of a group of similar financial assets) is
primarily derecognised (i.e. removed from the Group’s consolidated statement of financial position) when:
- the rights to receive cash flows from the asset have expired or,
- the Group has transferred its rights to receive cash flows from the asset or has assumed an obligation to pay
the received cash flows in full without material delay to a third party under a ‘pass-through’ arrangement and
either (i) the Group has transferred substantially all the risks and rewards of the asset, or (ii) the Group has
neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred
control of the asset.

Consolidated financial statements | 285

Campari Group annual report for the year ended 31 December 2024

A financial liability is derecognised when the obligation under the liability is discharged or cancelled or expires.
When an existing financial liability is replaced by another from the same lender on substantially different terms,
or the terms of an existing liability are substantially modified, such an exchange or modification is treated as the
derecognition of the original liability and the recognition of a new liability. The difference in the respective
carrying amounts is recognised in the statement of profit or loss.
For detailed information on the accounting policy for put and call options over joint-ventures agreements, please
refer to note 3 xii-‘Share of profit (loss) of joint-ventures’.
Financial derivatives and hedging transactions
Financial derivatives embedded in contracts in which the primary element is a financial asset that falls within the
scope of IFRS 9 are not treated separately. The hybrid instrument is instead examined as a whole for
classification in the statement of financial position and subsequent measurement.
Financial derivatives are used exclusively for hedging purposes to reduce exchange and interest rate risk. They
are only accounted for by applying the methods established for hedge accounting (fair value hedge or cash flow
hedge) if, at the start of the hedging period, the hedging relationship has been designated. It is assumed that the
hedge is highly effective: this effectiveness must be reliably measured during the accounting periods for which it
is designated. All financial derivatives are measured at fair value.
Where financial instruments meet the requirements to be reported using hedge accounting procedures, the
accounting treatment related to fair value hedge or cash flow hedge is applied.
If hedge accounting cannot be applied, any gains or losses resulting from measuring the financial derivative at
its present value are posted to the statement of profit or loss.
The Group is exposed to certain risks related to its ongoing business operations. The primary risks managed
using derivative instruments are foreign currency risk and interest rate risk.
Derivatives are designated as hedging instruments in the form of i) foreign exchange forward and option
contracts, elected as cash flow hedges to hedge highly probable forecast sales and purchases in different
currencies compared to € and, ii) interest-rate swap contracts to mitigate the risk associated with variable
interest rate changes on loan and bond agreements not issued at a fixed interest rate.
The Group also uses derivatives not designated as hedging instruments to reflect the change in fair value of
foreign exchange rates of forward and option contracts that are not elected in hedge relationships, but are,
nevertheless, intended to reduce the level of foreign currency risk for expected sales and purchases.
For Campari Group, net exposure to foreign exchange effects is limited to highly probable intra-group
transactions among Group companies relating to certain sales and purchases regulated in currencies other than
the functional currencies of the companies. Although these transactions represent only a portion of the overall
business, the Group determines the net exposure to the primary currencies (US$, GBP, AUD) based on its
predicted intercompany sales and purchases up to 18 months. Moreover, the Group determines the existence of
an economic relationship between the hedging instrument and hedged item based on the currency, amount and
timing of their respective cash flows. The Group’s reference is the budget exposure split by currencies and, as
effectively as possible, any under/over exposure which may arise through plain vanilla currency derivatives. The
derivative covers the period of exposure from the point the cash flows of the transactions forecasted up to the
point of settlement of the resulting receivable or payable that is denominated in the foreign currency. Derivative
contracts aiming to mitigate currency exchange risks are dynamically and qualitatively managed based on
business needs and specific contexts and circumstances. These are not framed within fixed or quantitative
policies regarding the percentage of coverage to be achieved. To avoid excessive coverage, the budget for
future transactions is typically hedged at a level between 50% and 90% throughout the whole year. In the hedge
relationships the main sources of ineffectiveness are:
- interest rate differentials between currencies and
- discrepancies between invoices issued and hedging contract (i.e. changes in the timing of the hedge
transaction).
Regarding derivative contracts intended to hedge interest rate exposures, they are namely connected with
financing and there is no established quantitative policy concerning the optimal level of exposure to fixed or
variable rates: the Group manages its interest rate risk by having a balanced portfolio of fixed and variable rate
loans and borrowings. The preferred exposure to fixed or variable rates is dynamically managed centrally within
the Group, considering current and future market conditions, the Group's level of indebtedness, business
performance, and in the context of the Group's expansion initiatives. The Group determined the existence of an
economic relationship between the hedging instrument and hedged item based on the reference interest rates,
tenors, repricing dated and maturities and the notional or par amount.

Consolidated financial statements | 286

Campari Group annual report for the year ended 31 December 2024

Financial guarantees
The Group recognises financial guarantees as a financial liability if the likelihood of these guarantees being
called is assessed not to be remote, and the Group is expected to be liable for any legal obligation in respect of
these financial guarantee agreements. Financial guarantee contract liabilities are measured initially at their fair
values with subsequent remeasurement impacting profit or loss. They are represented as a long- or short-term
financial liability, depending on the time of the expected execution of the guarantees. If the likelihood of these
guarantees being called is assessed to be remote, they are treated as commitments with disclosure
requirements only. It occurs when they are represented as other forms of security in favour of third parties, such
as customs guarantees for excise duties and guarantees to grant credit lines.
Disclosure

at 31 December 2024 | carrying amount | measurement at amortised cost | measurement at fair value through profit and loss | measurement at fair value with changes recognised in the statement of comprehensive income
€ million |
Cash and cash equivalents | 666.3 | 666.3 | - | -
Other current financial asset | 7.5 | 7.5 | - | -
Other non-current financial assets | 7.8 | 7.8 | - | -
Lease payables | (77.5) | (77.5) | - | -
Loans due to banks(1) | (1,205.8) | (1,205.8) | - | -
Bonds | (1,580.3) | (1,580.3) | - | -
Accrued interest on bonds | (21.3) | (21.3) | - | -
Other current financial liabilities | (1.0) | (1.0) | - | -
Liabilities for put option and earn-out payments(2) | (168.4) | (3.5) | (49.9) | (115.0)
Non-current and current assets for hedging derivatives(3) | 3.8 | - | 0.4 | 3.4
Non-current and current liabilities for hedging derivatives | (7.8) | - | (1.5) | (6.3)
Other non-current assets | 98.3 | 8.5 | 89.8 | -
Trade receivables | 425.8 | 425.8 | - | -
Trade payables | (672.7) | (672.7) | - | -
Total | (2,525.4) | (2,446.2) | 38.7 | (117.9)

(1)Excluding derivatives on loans due to bank.
(2)Liabilities linked to some business combinations may be elected to have the fair value variation accounted for against the Group equity.
(3)Derivatives on loans due to banks and new pre-hedging contract subscribed.

at 31 December 2023 | carrying amount | measurement at amortised cost | measurement at fair value through profit and loss | measurement at fair value with changes recognised in the statement of comprehensive income
€ million
Cash and cash equivalents | 620.3 | 620.3 | - | -
Other current financial asset | 18.7 | 18.7 | - | -
Other non-current financial assets | 7.0 | 7.0 | - | -
Lease payables | (76.0) | (76.0) | - | -
Loans due to banks(1) | (1,032.1) | (1,032.1) | - | -
Bonds | (1,145.8) | (1,145.8) | - | -
Accrued interest on bonds | (14.5) | (14.5) | - | -
Other current financial liabilities | (1.2) | (1.2) | - | -
Liabilities for put option and earn-out payments(2) | (235.1) | (3.3) | - | (231.8)
Current assets for hedging derivatives | 5.5 | - | 1.0 | 4.5
Non-current assets for hedging derivatives(3) | (0.4) | - | (0.2) | (0.1)
Other non-current assets | 22.9 | 6.6 | 16.3 | -
Trade receivables | 374.3 | 374.3 | - | -
Trade payables | (521.1) | (521.1) | - | -
Total | (1,977.4) | (1,767.0) | 17.0 | (227.4)

(1)Excluding derivatives on loans due to banks.
(2)Liabilities linked to some business combinations may be elected to have the fair value variation accounted for against the Group equity.
(3)Derivatives on loans due to banks.
The tables below show a breakdown of the foreign exchange contracts on highly probable sales and purchases
and interest-rate swap on loan. It also includes the effect of hedging derivatives, not in hedge accounting with
fair values variations recognised through the statement of profit or loss. Call and/or put agreements over joint-
ventures elected as derivative instruments with negligible fair value variation were disclosed below.

Consolidated financial statements | 287

Campari Group annual report for the year ended 31 December 2024

foreign exchange forward contracts and options (highly probable forecast sales and purchases) | 31 December
2024 | 2023
€ million | notional amount hedge items | average forward rate | notional amount hedge items | average forward rate
US$ | 187.2 | 1.08 | 90.5 | 1.07
New Zealand Dollar | - | - | 12.0 | 1.78
Australian Dollar | 38.8 | 1.67 | 17.8 | 1.63
Swiss Franc | 2.0 | 0.93 | 1.5 | 0.95
Singapore Dollar | 5.5 | 1.43 | - | -
Sterling Pound | 5.5 | 0.84 | 1.9 | 0.87
Total | 239.0 |  | 123.7 |

nature of hedged items and related derivatives forward | 31 December
2024 | 2023
€ million | notional amount hedge items | carrying amounts hedging instruments | change in fair value gain (losses) | notional amount hedge items | carrying amounts hedging instruments | change in fair value gain (losses)
foreign exchange forward contracts and options (highly probable forecast sales and purchases) fair value and cash flow hedge | 239.0 | (6.2) | (5.2) | 123.7 | 2.3 | (1.4)

nature hedged items and related derivatives interest rate swaps | 31 December
2024 | 2023
€ million | notional amount hedge items | carrying amounts hedging instruments(1) | change in fair value gain (losses) | notional amount hedge items | carrying amounts hedging instruments | change in fair value gain (losses)
interest rate swap contracts on loans financial statements impact | 963.7 | 2.1 | 0.8 | 700.0 | 2.9 | 6.1

(1)The carrying value is included in the line ‘Loans due to banks’ in the financial instruments’ recap table reported above.
In connection with the establishment of the joint-venture in Spiritus Co Ltd., commitments to increment the
ownership in the company exist in the form of put and/or call options elected as derivative financial instruments
measured at fair value with impact in the Campari Group statement of profit or loss. The fair value of these
options, which are dependent on the performance of the company, was determined to be fair value market terms
based on similar recent transactions, with fair value changes negligible at the end of 2024. At the time of the
expiry of the options and in case of satisfaction of the conditions stated in the relevant agreement between
parties, the derivatives will be replaced by an increased equity interest in the companies.
With respect to the derivative financial instruments related to the put and/or call options linked to third-party
investments in Monkey Spirits, LLC and Thirsty Camel Ltd., in December 2024, the remaining 40% minority
interest in Thirsty Camel Ltd. (effectively renamed as Campari New Zealand Ltd. starting from 1 January 2025)
was acquired. As a result, the derivatives position was converted into an outflow transaction (for more
information refer to note 2 v. -'Principles of control and consolidation'). Moreover, the Group decided on the
disposal of minor agency brands related to the third-party investment in Monkey Spirits, LLC. As a result, there
were no active derivative positions as of 31 December 2024.
ii. Cash and cash equivalents
Disclosure

| at 31 December
| 2024 | of which perimeter effect net of issuance of ordinary shares | 2023
| € million | € million | € million
Bank current accounts and cash | 647.7 | (557.6) | 269.9
Term deposit maturing within 3 months | 18.6 | - | 350.4
Cash and cash equivalents | 666.3 | (557.6) | 620.3

Cash and cash equivalent grew from €620.3 million to €666.3 million, supported by significant credit lines for a
total of €825.9 million, of which €400.0 million are committed and expiring in 2029 (undrawn at 31 December
2024). The balance of the uncommitted credit lines for an amount of €425.9 million was drawn down for €152.4
million at 31 December 2024. The main transactions that impacted the cash position in 2024 were the issuance
of new ordinary shares (for a gross amount of €650.0 million) and 5-year convertible bonds (for €550.0 million),
leading to a total gross amount cashed in of €1,200.0 million, primarily used to support the acquisition of the
Courvoisier business, as well as to capitalise on market conditions optimizing the funding structure.

Consolidated financial statements | 288

Campari Group annual report for the year ended 31 December 2024

For additional details, reference is made to cash flow information and the net financial debt (note 6
viii-’Reconciliation with net financial debt and cash flow statement’).
iii. Other current financial assets
Disclosure

| at 31 December
| 2024 | 2023
| € million | € million
Current assets for hedging derivatives reported using hedge accounting | 1.0 | 1.6
Current assets for hedging derivatives not reported using hedge accounting | 0.4 | 1.0
Other financial assets | 7.5 | 18.7
Of which: | - | -
Marketable securities maturing more than 3 months | 7.1 | 13.9
Financial receivables from Terra Moretti (i.e., business disposal)(1) | - | 0.1
Other financial assets | 0.4 | 4.7
Other current financial assets | 8.9 | 21.3

(1)The financial receivable associated with the past sale of Sella&Mosca S.p.A. and Teruzzi&Puthod S.r.l..
iv. Other non-current financial assets
Disclosure

| at 31 December
| 2024 | 2023
| € million | € million
Non-current assets for hedging derivatives | 2.4 | 2.9
Non-current restricted bank accounts | 5.4 | 4.7
Financial receivables from Terra Moretti (i.e., business disposal)(1) | - | 1.3
Other non-current financial assets | 2.4 | 1.0
Non-current financial assets | 10.2 | 9.8

(1)The non-current financial receivable associated with the past sale of Sella&Mosca S.p.A. and Teruzzi&Puthod S.r.l..
Non-current assets for hedging derivatives of €2.4 million referred to interest rate hedging derivatives associated
with a €400.0 million floating-rate term loan.
v. Non-current financial debt
Disclosure

| at 31 December
| 2024 | of which perimeter effect | 2023
| € million | € million | € million
Bond issued in 2020 | 548.0 | - | 547.2
Bond issued in 2023 | 298.8 | - | 298.6
Bond issued in 2024 | 733.6 | - | -
Non-current bonds | 1,580.3 | - | 845.8
Loans due to banks | 916.2 | - | 901.5
Lease payables | 58.7 | 0.1 | 60.0
Liabilities for put option and earn-out payments | 164.8 | 48.7 | 209.0
Non-current liabilities for hedging derivatives | 0.3 | - | -
Other non-current financial liabilities | 223.8 | 48.8 | 269.0
Total non-current financial debt | 2,720.4 | 48.8 | 2,016.3

The main financial liabilities and the main changes that occurred in the composition of financial liabilities during
the year are as follows.

Consolidated financial statements | 289

Campari Group annual report for the year ended 31 December 2024

Bonds
At 31 December 2024, the Bonds item included the following issues placed by the Parent Company, which are
fully €-denominated.

| at 31 December 2024
| original nominal value | maturity | coupon rate fixed
€ million
Bond issued in 2020 | 550.0 | 6/10/2027 | 1.250%
Bond issued in 2023 | 300.0 | 18/5/2030 | 4.710%
Bond issued in 2024 | 550.0 | 17/1/2029 | 2.375%
Bond issued in 2024 | 220.0 | 25/6/2031 | 4.256%

The main changes that occurred during 2024 were related to the placement of an unrated 7-year bond on 18
June 2024, targeted at institutional investors for €220.0 million (net proceeds excluding transaction costs
amounting to €217.5 million) in a principal aggregate amount of notes maturing on 25 June 2031, paying a fixed
annual coupon of 4.256% and issued at an issue price of 100% of the principal amount (for more detailed
information refer to ‘Group significant events and corporate actions’ in the Management Board Report) and the
issuance of senior unsecured bonds that are convertible into new and/or existing ordinary shares of Davide
Campari-Milano N.V. due in 2029, resulting in gross proceeds of approximately €550.0 million primarily serving
the Courvoisier acquisition. Pursuant to the resolution approved during the Company's Board of Directors
meeting on 14 December 2023, the offering of these convertible bonds excluded pre-emptive rights associated
with the transaction. The bonds have been issued in registered form, at their principal amount of €100,000 each
at par, and bear a coupon of 2.375% per annum, payable semi-annually in arrears on 17 July and 17 January of
each year, with the first coupon to be paid on 17 July 2024. The maturity is 5 years (unless previously
redeemed, converted or repurchased and cancelled) and the bonds will be redeemed at their principal amount
at maturity (on or around 17 January 2029) subject to Group’s option to deliver bond shares and, as the case
may be, an additional amount in cash (‘Share Settlement Option’). The book building process concluded on 10
January 2024 with an initial conversion price set at €12.3623, representing a premium of 32.5% above reference
share price and each convertible bond will be convertible into 8,089 underlying bond shares for a total issue of
approximately 44.5 million bond shares which represent approximately: 3.8% and 3.6% of the Issuer’s issued
ordinary share capital as of 31 December 2023 and 31 December 2024, respectively. The convertible bonds
were traded on Euronext Access Milan, a multilateral trading facility organised and managed by Borsa Italiana
S.p.A. by 26 March 2024.
The carrying amount of the host liability is composed as follows.

| € million
Proceeds for issue of convertible bond | 550.0
Transaction costs | (5.8)
Net proceeds | 544.2
Conversion options classified as equity net of transaction costs of €0.4 million | (37.2)
Amortising cost for the year 2024 | 7.5
Carrying amount of host liability at 31 December 2024 | 514.6

The conversion option of €37.6 million was classified as an equity component since it meets the ‘fixed-for-fixed’
requirement under the relevant accounting principle. Specifically, the conversion will result in a fixed number of
notes equivalent to the outstanding principal amount being exchanged for a fixed number of ordinary shares.
The aforementioned equity component was estimated as the difference between the fair value of the convertible
bond as a whole and the fair value of the liability component only. The transaction costs associated with the
equity component, amounting to €0.4 million, were accounted for as a deduction from equity by affecting
retained earnings reserve.

Consolidated financial statements | 290

Campari Group annual report for the year ended 31 December 2024

Liabilities and loans due to banks
This item includes €-denominated loans entered into with leading banks as follows.

at 31 December 2024 | original nominal value | residual nominal value | maturity | interest rate | nominal rate at 31 December 2024
non- current | current(1)
€ million | € million | € million
Loan 2021 | 100.0 | 101.8 | - | 30/6/2026 | fixed rate | 1.325%
Loan 2022 | 50.0 | - | 50.0 | 10/10/2025 | floating interest rate linked to Euribor plus spread | 3.740%
Term Loan US 2022(2) | 404.3 | 321.5 | 28.9 | 6/12/2027 | floating interest rate linked to Sofr(4) plus spread | 6.167%
Loan 2023(2) (3) | 50.0 | 4.1 | 16.7 | 31/3/2026 | floating interest rate linked to Euribor plus spread | 3.720%
Term Loan 2023(2) (3) | 400.0 | 363.8 | 35.0 | 30/6/2029 | floating interest rate linked to Euribor plus spread | 4.133%
Loan 2024 | 125.0 | 124.6 | - | 07/11/28 | floating interest rate linked to Euribor plus spread | 3.983%
Other Group company loans | 159.4 | 0.4 | 159.1 |  | variable rate | 4.966%

(1)The current portion is classified in current liabilities-loans due to banks.
(2)Variable interest rate component linked to business performance (Debt/EBITDA adjusted indicator).
(3)Variable interest rate component applicable and related to certain ESG targets.
(4)Secured Overnight Financing Rate ('Sofr').

at 31 December 2023 | original nominal value | residual nominal value | maturity | interest rate | nominal rate at 31 December 2023
non- current | current(1)
€ million | € million | € million
Loan 2021 | 100.0 | 100.0 | — | 30/6/2026 | fixed rate | 1.325%
Loan 2022 | 50.0 | 50.0 | — | 10/10/2025 | floating interest rate link to Euribor plus spread | 4.800%
Term Loan US 2022(2) | 380.1 | 330.3 | 27.1 | 6/12/2027 | floating interest rate linked to Sofr (4) plus spread | 6.778%
Loan 2023(2) (3) | 50.0 | 20.8 | 16.7 | 31/3/2026 | floating interest rate link to Euribor plus spread | 4.979%
Term Loan 2023(2) (3) | 400.0 | 400.0 | 0.0 | 30/6/2029 | floating interest rate link to Euribor plus spread | 5.225%

(1)The current portion is classified in current liabilities-loans due to banks.
(2)Variable interest rate component linked to business performance (Debt/EBITDA adjusted indicator).
(3)Variable interest rate component applicable and related to certain ESG targets.
(4)Secured Overnight Financing Rate ('Sofr').
The increase compared to last year was related to the subscription of a loan with a nominal amount of €125.0
million in November 2024 by Davide Campari-Milano N.V. with a duration of 4 years and a floating interest rate
of 3.983%.
The sustainability-linked facilities that contain a variable component of the interest rate applicable depending on
the achievement of certain ESG targets identified by Campari Group and particularly focused on the reduction of
emissions, as well as the responsible use of water and gender equality, led to overall reduced interest expense
of €0.2 million in 2024.
Liabilities for put options and earn-out

€ million |  | variation impacting profit or loss | variation impacting Group net equity or investment value
at 31 December 2023 | 209.0
perimeter effect | 48.7 | - | 48.7
amortisation costs effect | - | - | -
remeasurement | (46.4) | 1.0 | (47.3)
reclassification to current liability | (55.2) | - | -
exchange rate differences and other changes | 8.8 | - | 8.8
at 31 December 2024 | 164.8 |  |
of which measured at fair value | 164.8 |  |
of which measured at amortised cost | - |  |

Consolidated financial statements | 291

Campari Group annual report for the year ended 31 December 2024

€ million | total | variation impacting profit or loss | variation impacting Group net equity or investment value
at 31 December 2022 | 236.3
payments | (3.4) | - | (3.4)
perimeter effect | 0.5 | - | 0.5
remeasurement | 8.4 | (0.1) | 8.5
reclassification to current liability | (24.0) | - |
exchange rate differences and other changes | (8.8) | - | (8.8)
at 31 December 2023 | 209.0 |  |
of which measured at fair value | 209.0 |  |
of which measured at amortised cost | - |  |

At 31 December 2024, the long-term portion mainly included:
- the estimated payable for put options linked to Wilderness Trail Distillery, LLC totalling €114.9 million, whose
value decreased by €34.1 million, depending on the remeasurement and exchange rate effects;
- the estimated payable for earn-out linked to Courvoisier totalling €50.0 million, out of which €48.7 million as
perimeter and €1.2 million depending on the remeasurement;
- the estimated payable for the earn-out related to CT Spirits Japan Ltd. in the amount of €0.1 million.
The estimated payable for Licorera Ancho Reyes y CIA S.A.P.I. de C.V., and (ii) Casa Montelobos S.A.P.I. de
C.V. totalling €55.2 million after related remeasurement and exchange rates effects was reclassified to current
financial debt and paid in 2024 upon exercise of the call option contractually agreed at the business combination
time.
vi. Current financial debt
Disclosure

| at 31 December
| 2024 | of which perimeter effect | 2023
| € million | € million | € million
Bond issued in 2017 | - | - | 150.0
Bond issued in 2019 | - | - | 150.0
Bonds | - | - | 300.0
Loans due to banks | 289.6 | 11.5 | 130.6
Accrued interest on bonds | 21.3 | - | 14.5
Lease payables | 18.8 | 0.1 | 16.0
Liabilities for put option and earn-out payments | 3.6 | - | 26.1
Current liabilities for hedging derivatives reported using hedge accounting | 6.0 | - | 0.1
Current liabilities for hedging derivatives not reported using hedge accounting | 1.5 | - | 0.2
Other financial liabilities | 1.1 | - | 1.2
Other current financial liabilities | 52.3 | 0.1 | 58.1
Current financial debt | 341.9 | 11.6 | 488.6

The main financial liabilities and the main changes that occurred in the composition of financial liabilities during
the year are as follows.
Bonds
The bonds issued in 2017 and in 2019 for an overall amount of €300.0 million were repaid in line with their
expiry date in April 2024.
Liabilities and loans due to banks
At 31 December 2024, loans due to banks reported a net increase of €159.0 million due to the increased current
portion of medium- / long-term loans and usage of some short-term loans managed dynamically to strengthen
the Group's financial structure further and achieve greater flexibility to respond promptly to the volatile
macroeconomic context.

Consolidated financial statements | 292

Campari Group annual report for the year ended 31 December 2024

Liabilities for put options and earn-out payments

€ million |  | variation impacting profit or loss | variation impacting Group net equity or investment value
at 31 December 2023 | 26.1
Payments | (77.8) | - | -
Remeasurement | 0.8 | - | 0.8
reclassification from non-current liability | 55.2 | - | -
exchange rate differences and other changes | (0.8) | (0.4) | (0.4)
at 31 December 2024 | 3.6 |  |
of which measured at fair value | 0.1 |  |
of which measured at amortised cost | 3.5 |  |

€ million |  | variation impacting profit or loss | variation impacting Group net equity or investment value
at 31 December 2022 | 3.4
Remeasurement | (1.2) | (1.2) | -
reclassification from non-current liability | 24.0 | - | -
exchange rate differences and other changes | (0.1) | 0.1 | (0.2)
at 31 December 2023 | 26.1 |  |
of which measured at fair value | 22.8 |  |
of which measured at amortised cost | 3.3 |  |

At 31 December 2024, the short-term portion of the item included a liability of €3.6 million mainly for the
purchase of the residual non-controlling shares in J. Wray&Nephew Ltd., secured by restricted cash and cash
equivalents.
The decrease reported during 2024 was primarily related to the payment for the acquisition of the minority
stakes in Trans Beverages Ltd., Licorera Ancho Reyes y CIA S.A.P.I. de C.V., and Casa Montelobos S.A.P.I. de
C.V. and the earn-out related to Lallier totalling €77.8 million.
vii. Lease components in the statement of financial position
Accounting policy
The Group has various agreements in place for the use of offices, vehicles, machinery, shops and other minor
assets belonging to third parties. Each agreement is subject to a detailed analysis to define whether or not a
right-of-use/financial liability has to be recognised. Variable lease payments that are not linked to an index or
rate continue to be charged to the statement of profit or loss as costs for the period.
Lease agreements are generally entered into for a term of 3-10 years but may contain options to extend them.
The terms of a lease are negotiated individually and may contain a wide range of different terms and conditions.
Such agreements do not include covenants, but the leased assets may be used to guarantee the liability arising
from contractual commitments.
The value assigned to the rights of use corresponds to the amount of the lease liabilities recognised, plus initial
direct costs incurred, lease payments settled on the start date of the agreement or previously and restoration
costs, net of any lease incentives received. Restoration costs, which may be recognised in rare cases, normally
relate to offices, for which there could be a contractual requirement to restore them to their original state at the
end of the lease agreement. The Group estimates the restoration obligation based on the agreement with the
lessor or by using expert valuations of third parties. The value of the liability, discounted to present value, as
determined above, increases the right of use of the underlying asset, and a dedicated provision is created to
offset.
The discount rate used to measure the financial liability is the incremental borrowing rate (‘IBR’) when the
implicit interest rate in the lease agreement cannot be easily determined (explicit interest rates in lease
agreements are rare). The incremental borrowing rates used to evaluate leasing contracts are determined by
the Group and are revised on a recurring basis; they are applied to all agreements with similar characteristics,
which are treated as a single portfolio of agreements. The rates are determined using the average effective debt
rate of the subsidiary, appropriately adjusted and the most important elements considered in adjusting the rate
are the credit-risk spread of each country observable on the market and the different durations of the lease
agreements.
The term of the lease is calculated considering the non-cancellable period of the lease together with a) the
periods covered by an option to extend the agreement, if it is reasonably certain that it will be exercised, or b)

Consolidated financial statements | 293

Campari Group annual report for the year ended 31 December 2024

any period covered by an option to terminate the lease contract, if it is reasonably certain that it will not be
exercised. The Group assesses whether it is reasonably certain that any exercising of such options to extend or
to terminate the agreements will take place, considering all the relevant factors that create a financial incentive
for such decisions.
Disclosure
Changes in the lease payables in 2024 and 2023 are provided in the tables below.

lease payables | at 31 December 2023 | addition | payments | interest expenses | reclassification | perimeter effect | exchange rate differences and other changes | at 31 December 2024
| € million | € million | € million | € million | € million | € million | € million | € million
Within 12 months | (16.0) | - | 22.0 | - | (24.7) | (0.1) | (0.1) | (18.8)
Over 12 months | (60.0) | (19.7) | - | (3.7) | 24.7 | (0.1) | 0.1 | (58.7)
Total lease payables | (76.0) | (19.7) | 22.0 | (3.7) | - | (0.2) | - | (77.5)

lease payables | at 31 December 2022 | addition | payments | interest expenses | reclassification | exchange rate differences and other changes | at 31 December 2023
| € million | € million | € million | € million | € million | € million | € million
Within 12 months | (14.4) | - | 19.3 | - | (21.3) | 0.5 | (16.0)
Over 12 months | (65.1) | (14.1) | - | (3.3) | 21.3 | 1.8 | (60.0)
Total lease payables | (79.5) | (14.1) | 19.3 | (3.3) | - | 2.2 | (76.0)

The IBRs applied in 2024 and 2023 were as follows.

applied IBRs for the year ended 31 December 2024 Currency | within 5 years | from 5 to 10 years | over 10 years
EUR | 4.0% | 4.1% | 3.8%
US$ | 5.6% | 5.6% | 5.4%
GBP | 5.8% | 5.8% | 5.8%
applied IBRs for the year ended 31 December 2023 Currency | within 5 years | from 5 to 10 years | over 10 years
EUR | 4.8% | 4.9% | 4.6%
US$ | 5.9% | 5.9% | 5.7%
GBP | 6.0% | 5.8% | 5.7%

The change in IBR is connected with the macro-economic scenario.
The amounts recognised in the cash flow statement were as follows.

| For the year ended
€ million | 2024 | 2023
Total cash outflow for leases | (18.3) | (16.0)
Total cash outflow for interests | (3.7) | (3.3)
Total cash outflow for lease | (21.9) | (19.3)

The tables below show the breakdown of financial liabilities for leases by asset class.

€ million | within 12 months | over 12 months | total
Buildings | (9.2) | (44.9) | (54.1)
Vehicles | (7.3) | (10.8) | (18.1)
Machinery | (1.3) | (1.7) | (3.1)
Other | (1.0) | (1.0) | (2.0)
Land | - | (0.2) | (0.2)
Total financial liabilities for leases as of 31 December 2024 | (18.8) | (58.7) | (77.5)
Total financial assets for leases as of 31 December 2024 | - | - | -
Total financial assets and liabilities (net value) as of 31 December 2024 | (18.8) | (58.7) | (77.5)

Consolidated financial statements | 294

Campari Group annual report for the year ended 31 December 2024

€ million | within 12 months | over 12 months | total
Buildings | (10.1) | (48.6) | (58.7)
Vehicles | (3.5) | (7.1) | (10.6)
Machinery | (1.0) | (3.2) | (4.2)
Other | (0.7) | (1.6) | (2.3)
Land | - | (0.2) | (0.2)
Total financial liabilities for leases as of 31 December 2023 | (15.4) | (60.6) | (76.0)
Total financial assets for leases as of 31 December 2023 | - | - | -
Total financial assets and liabilities (net value) as of 31 December 2023 | (15.4) | (60.6) | (76.0)

viii. Reconciliation with net financial debt and cash flow statement
Disclosure

| at 31 December
| 2024 | 2023
| € million | € million
Cash and cash equivalents | 666.3 | 620.3
Cash (A) | 666.3 | 620.3
Other current financial assets | 8.9 | 21.3
Current financial assets (B) | 8.9 | 21.3
Loans due to banks current | (289.6) | (130.6)
Current portion of lease payables | (18.8) | (16.0)
Current portion of bonds | - | (300.0)
Other current financial payables | (30.0) | (16.0)
Current portion of payables for put option and earn-out | (3.6) | (26.1)
Current financial payables (C) | (341.9) | (488.6)
Net current financial debt (A+B+C) | 333.3 | 153.0
Loans due to banks non-current(1) | (916.5) | (901.5)
Non-current portion of lease payables | (58.7) | (60.0)
Non-current portion of bonds | (1,580.3) | (845.8)
Non-current portion of payables for put option and earn-out | (164.8) | (209.0)
Non-current financial debt (D) | (2,720.4) | (2,016.3)
Net debt (A+B+C+D)(2) | (2,387.1) | (1,863.3)
Reconciliation with the Group's net financial debt as shown in the Management report: | - | -
Other non-current financial assets | 10.2 | 9.8
Group net financial debt | (2,376.9) | (1,853.5)

(1)Including related derivatives.
(2)In accordance with ESMA guidelines.
A reconciliation of the net financial debt with the statement of financial position is provided below.

| at 31 December 2024 | at 31 December 2023
| € million | € million
Cash and cash equivalents | 666.3 | 620.3
Bonds current | - | (300.0)
Loans due to banks current | (289.6) | (130.6)
Other current financial assets | 8.9 | 21.3
Other current financial liabilities | (52.3) | (58.1)
short-term net financial debt including liabilities for put option and earn-out payments | 333.3 | 153.0
Bonds non-current | (1,580.3) | (845.8)
Loans due to banks non-current | (916.5) | (901.5)
Other non-current financial assets | 10.2 | 9.8
Other non-current financial liabilities | (223.6) | (269.0)
medium-/long-term net financial debt including liabilities for put option and earn-out payments | (2,710.2) | (2,006.5)
net financial debt | (2,376.9) | (1,853.5)

Reconciliation of the changes in financial liabilities used in financing activities with the cash flow statement

Consolidated financial statements | 295

Campari Group annual report for the year ended 31 December 2024

cash Flow generated (absorbed) from financial liabilities | bonds | payables for interest | borrowings | lease payables | other financial assets (liabilities)
€ million | current | non-current | current | current(3) | non- current(1) | current | non- current | current | non-current
at 31 December 2023 | (300.0) | (845.8) | (14.5) | (130.6) | (901.5) | (16.0) | (60.0) | 20.2 | 10.9
Notional liabilities addition | - | - | - | - | - | - | (19.7) | - | -
Interest accrued | - | - | (90.0) | - | - | - | (3.7) | (6.7) | (0.2)
New financing(2) | - | (770.0) | - | (393.9) | (125.0) | - | - | - | (1.3)
Repayment(2) | 300.0 | 8.4 | 90.0 | 371.4 | - | - | 22.0 | 0.2 | -
- of which long-term debt(4) | - | - | - | 46.6 | - | - | - | - | -
- of which other borrowings | - | - | - | 324.7 | - | - | - | - | -
Perimeter effects | - | - | - | (11.5) | - | (0.1) | (0.1) | - | -
Exchange rate effects | - | - | - | 6.3 | (20.9) | - | (1.4) | 0.4 | -
Reclassification | - | - | - | (130.5) | 130.5 | (2.8) | 2.8 | 1.0 | (1.0)
Other movements | - | 27.1 | (6.8) | (0.7) | 0.7 | 0.1 | 1.3 | 4.6 | 12.2
at 31 December 2024 | - | (1,580.3) | (21.3) | (289.6) | (916.2) | (18.7) | (58.7) | 19.6 | 20.7

(1)Included related derivatives.
(2)Cash flow generated (absorbed) from financial liabilities.
(3)Net change in short-term financial payables and bank loans is equal to €69.2 million (proceeds of €393.9 million net of repayments of €324.7 million).
(4)The repayment of non-current borrowings related to the long-term debt item is €46.6 million.

cash Flow generated (absorbed) from financial liabilities | bonds | payables for interest | borrowings | lease payables | other financial assets (liabilities)
€ million | current | non-current | current | current(3) | non-current(1) | current | non-current | current | non-current
at 31 December 2022 | - | (846.3) | (5.6) | (107.0) | (770.9) | (14.4) | (65.1) | 7.4 | 48.2
Notional liabilities addition | - | - | - | - | - | - | (14.1) | - | -
Interest accrued | - | - | (60.3) | - | - | - | (3.0) | (8.5) | -
New financing(2) | - | (300.0) | - | (216.9) | (450.0) | - | - | - | -
Repayment(2) | - | 1.5 | 60.3 | 267.4 | 250.0 | 19.3 |  | 8.3 | 1.4
of which long-term debt(4) | - | - | - | - | 250.0 | - | - | - | -
- of which other borrowings | - | - | - | 267.4 | - | - | - | - | -
Perimeter effects | - | - | - | (10.0) | (1.2) | - | (0.6) | (0.7) | -
Exchange rate effects | - | - | - | (6.0) | 12.8 | 0.4 | 1.4 | (0.5) | (0.1)
Reclassification | (299.9) | 299.9 | - | (61.0) | 61.0 | (21.3) | 21.3 | 6.3 | (6.3)
Other movements | (0.1) | (0.8) | (8.9) | 2.9 | (3.2) | - | - | 7.8 | (32.4)
at 31 December 2023 | (300.0) | (845.8) | (14.5) | (130.6) | (901.5) | (16.0) | (60.0) | 20.2 | 10.9

(1)Included related derivatives.
(2)Cash flow generated (absorbed) from financial liabilities.
(3)Net change in short-term financial payables and bank loans is equal to €50.5 million (proceeds of €216.9 million net of repayments of €267.4 million).
(4)The repayment of non-current borrowings related to the long-term debt item is €50.0 million
ix. Explanatory notes to the cash flow statement
This section aims to provide additional explanatory information on items indicated in the consolidated
statements of cash flows:
- Issue of new shares net of fees: the total proceeds of €643.3 million represented in the consolidated
statements of cash flows is composed of €650.0 million in proceeds from the issuance of new ordinary
shares less related ancillary fees in the amount of €6.7 million.
- Acquisition of companies or business divisions net of cash and cash equivalents acquired for an amount of
€1,109.8 million is related to:
a) €1,092.8 million related to the price paid at closing of €1,081.4 million (equivalent to US$1,170.0 million at
the hedged currency exchange rate) to which, according to the agreement, the standard post-closing price
adjustment mechanisms finalised in the second half of the year added an additional amount of €11.4 million
(please refer also to note 4 i- 'Acquisition and sale of business and purchase of non-controlling interests');
b) €6.5 million related to cash and cash equivalents acquired;
c) the overall amount of €23.5 million associated with the finished goods falling under the stock transfer
agreement which, while separate from the business combination transaction, remains correlated to the
Courvoisier business.
- Put options and earn-out payments included in the cash flow generated from (used in) financing activities
related to the outlay for acquiring the remaining 49% stakes in Licorera Ancho Reyes y cia, S.A.P.I. de C.V.
and Casa Montelobos, S.A.P.I. de C.V. as well as in Trans Beverages Company Ltd. (€55.2 million and €21.9
million respectively).
- Investment in joint-ventures and other investments for an amount of €98.8 million is related to the acquisition
of the 15.4% minority stake in Capevin Holdings Proprietary Limited for €87.8 million (GBP74.0 million

Consolidated financial statements | 296

Campari Group annual report for the year ended 31 December 2024

inclusive of acquisition-related fees) and the capital contribution amounting to €11.0 million in the Dioniso
joint-venture (contribution equally supported by Moët Hennessy.
7. Risk management and capital structure
This section details accounting policies for shareholders’ equity, share-based payments, basic and diluted
earnings per share. Judgements and estimates are stated with regard to compensation plans. This section also
details the Group’s capital structure and the financial risks it is exposed to. For information on the composition of
and changes in shareholders’ equity during the periods under review, refer to the statement of changes in
shareholders’ equity.
i. Capital management
Disclosure
With regard to capital management, Campari Group has implemented a dividend distribution policy which
reflects the Group priority to use its available financial sources mainly to fund external growth via acquisitions.
Concomitantly, via the Parent Company Davide Campari-Milano N.V., the Group carries out share buyback
programs on a rolling basis intended to meet the obligations arising from share-based payments plans currently
in force or to be adopted. The financial requirements deriving from the aforementioned capital management
operations are managed dynamically, maintaining an appropriate level of flexibility with regard to acquisition
opportunities and funding options, also taking into account the optimal and sustainable level of financial solidity
which is monitored on an ongoing basis through the index net debt on EBITDA-adjusted. For the purposes of
the ratio calculation, net debt (refer to note 6 viii-‘Reconciliation with net financial debt and cash flow statement’)
is the value of the Group’s net financial debt at 31 December 2024, whereas the EBITDA-adjusted relates to the
Operating result excluding depreciation and amortisation excluding the separately highlighted components that
may be considered non-representative of the current operating results (refer to note 3 vi-‘Selling, general and
administrative expenses’ and 5 viii-‘Depreciation and amortisation’) calculated based on the reported value at
the closing date of the reference period.
At 31 December 2024 this multiple was 3.2 times, compared with 2.5 times at 31 December 2023. The increase
in the ratio was primarily attributable to a temporary rise in financial leverage resulting from the Courvoisier
acquisition, as opposed to the increase in EBITDA-adjusted, which contributed only for eight months.
ii. Nature and extent of the risks arising from financial instruments
The Group’s main financial instruments include current accounts, short-term deposits, short and long-term loans
due to bank, lease payables and bonds. The purpose of these is to finance the Group’s operating activities. In
addition, the Group has trade receivables and payables resulting from its operations.
The main financial risks to which the Group is exposed are market (currency and interest rate risk), credit and
liquidity risk. These risks are described below, together with an explanation of how they are managed.
To cover these risks, the Group uses derivatives, primarily interest-rate swaps, cross-currency swaps and
forward contracts, to hedge interest-rate and exchange-rate risks
Credit risk
In specific markets in which the Group operates, sales are concentrated in a limited number of key customers.
Therefore, a possible change in the priorities or deterioration of the financial conditions of these customers could
have significant adverse effects on the Group’s business and outlook. Furthermore, if these key customers view
the contractual terms and conditions as no longer acceptable, they may ask for them to be renegotiated,
resulting in less favourable terms and conditions for the Group. Examples of mitigation measures: monitoring of
customers at market level, strategy and innovation development at corporate and market-level, multi-country
investment strategy.
With regard to trade transactions, the Group works with medium-sized and large customers (large-scale
retailers, domestic and international distributors) on which credit checks are performed in advance. Each
company carries out an assessment and control procedure for its customer portfolio, constantly monitoring
amounts received. In the event of excessive or repeated delays, supplies are suspended. Historically, losses on
receivables represent a very low percentage of revenues and outstanding annual receivables, and significant
hedging and/or insurance is put in place where there is uncertainty about cash collection.
Financial transactions are carried out with leading domestic and international institutions, monitored ratings to
minimise counterparty insolvency risk.

Consolidated financial statements | 297

Campari Group annual report for the year ended 31 December 2024

The maximum risk associated with commercial and financial transactions at the reporting date is equivalent to
the net carrying amount of these assets, also taking into account the risk of expected credit loss estimated by
the Group using the business model identified.
Liquidity risk
The Group’s ability to generate substantial cash flow through its operations minimises liquidity risk. This risk is
defined as the difficulty in raising funds to cover the Group’s financial obligations.
The table below summarises financial liabilities at 31 December 2024 by maturity, based on contractual
repayment obligations, including non-discounted interest.

at 31 December 2024 | on demand | within 1 year | due in 1 to 2 years | due in 3 to 5 years | due after 5 years | total
| € million | € million | € million | € million | € million | € million
Bonds | - | 43.5 | 43.4 | 1,216.6 | 552.9 | 1,856.3
Loans due to banks | - | 298.2 | 213.4 | 810.6 | - | 1,322.2
Leases | - | 21.7 | 17.8 | 30.0 | 3.5 | 72.9
Payables for put option and earn-out | - | 3.5 | 0.1 | 49.9 | 114.9 | 168.4
Other financial liabilities | - | 2.9 | - | - | - | 2.9
Trade payables | 105.7 | 565.8 | 1.0 | 0.1 | - | 672.7
Other non-financial liabilities | 17.8 | 203.1 | - | 0.1 | - | 221.1
Total liabilities | 123.6 | 1,138.7 | 275.7 | 2,107.3 | 671.2 | 4,316.6

at 31 December 2023 | on demand | within 1 year | due in 1 to 2 years | due in 3 to 5 years | due after 5 years | total
| € million | € million | € million | € million | € million | € million
Bonds | - | 326.7 | 21.0 | 606.1 | 328.3 | 1,282.1
Loans due to banks | - | 179.8 | 177.8 | 605.0 | 267.2 | 1,229.7
Leases | - | 18.8 | 17.1 | 37.6 | 8.3 | 81.8
Payables for put option and earn-out | - | 26.0 | 60.1 | - | 148.9 | 235.1
Other financial liabilities | - | 4.7 | - | - | - | 4.7
Trade payables | 55.6 | 465.5 | - | - | - | 521.1
Other non-financial liabilities | 20.0 | 170.2 | - | - | - | 190.2
Total liabilities | 75.6 | 1,191.6 | 276.0 | 1,248.8 | 752.7 | 3,544.7

The Group’s financial payables, except non-current payables with a fixed maturity, consist of short-term bank
debt. Thanks to its liquidity and satisfactory generation of cash flow from operations, the Group has sufficient
resources to meet its financial commitments at maturity. In addition, there are unused credit lines both
committed and uncommitted, that could cover any liquidity requirements (refer to note 6. 'ii Cash and cash
equivalents').
Interest rate risk
A breakdown of the effective interest rate, taking all the cost components of the amortised costs into account,
divided by type of financial liability is as follows.

|  |  |  | 31 December
| nominal interest rate | effective interest rate(1) | maturity | 2024 | 2023
|  |  | € million | € million | € million
Loans due to banks | variable rate | 4.966% | 2028 | 1,205.7 | 1,032.1
Parent Company bond issues |  |  |  |  |
- issued in 2017 | fixed rate 2.165% |  | 2024 | - | 150.0
- issued in 2019 | fixed rate 1.655% |  | 2024 | - | 150.0
- issued in 2020 | fixed rate 1.250% | 1.417% | 2027 | 548.0 | 547.2
- issued in 2023 | fixed rate 4.710% | 4.710% | 2030 | 298.8 | 298.6
- issued in 2024 | fixed rate 2.375% | 3.756% | 2029 | 514.6 | -
- issued in 2024 | fixed rate 4.256% | 4.269% | 2031 | 219.0 | -
Leases | incremental borrowing rate | incremental borrowing rate | 2025-2030 | 77.5 | 76.0

(1)Calculated on any difference included in the amortised cost accounting.
(2)The figure shown relates to the applied rate and maturity of the loans due to banks by Davide Campari Milano N.V. and Campari America, LLC, responsible for
nearly all market funding.
The Group is exposed to the risk of fluctuating interest rates in respect of its financial assets, loans due to banks
and lease agreements. Derivative contracts intended to hedge interest rate exposures connected with financing
are not subject to established quantitative policy concerning the optimal level of exposure to fixed or variable

Consolidated financial statements | 298

Campari Group annual report for the year ended 31 December 2024

rates: the Group manages its interest rate risk by having a balanced portfolio of fixed and variable rate loans
and borrowings. The preferred exposure to fixed or variable rates is dynamically managed centrally within the
Group, considering current and future market conditions, the Group's level of indebtedness, business
performance and in the context of the Group's expansion initiatives.
The Parent Company’s 2020, 2023 and 2024 bond issues pay interest at a fixed rate. Overall, at 31 December
2024, the nominal exposure of the Group’s total financial debt was 39% (40% in 2023) at variable-rate, while the
effective exposure, including the related hedging derivatives for the term loan subscribed in 2023, stood at 27%
at variable rate.
Sensitivity analysis
The table below shows the effects of a possible change in interest rates on the Group’s statement of profit or
loss, if all other variables remain constant. A negative value in the table indicates a potential net reduction in
profit or loss, while a positive value indicates a potential net increase in this item. The assumptions used with
regard to a potential change in rates are based on an analysis of the trend on the reporting date.
With regard to the fixed-rate financial liabilities hedged by interest-rate swaps, the change in the hedging
instrument offsets the difference in the underlying liability, with practically no effect in the statement of profit or
loss.

|  | profit or loss
| increase/decrease | increase in interest rates | decrease in interest rates
at 31 December 2024 | in interest rates in basis point | € million | € million
€ | +/- 5 basis points | (1.0) | 1.0
US$ | +30/-10 basis points | (1.3) | 0.4
Other currencies |  | 0.1 | (0.4)
Total effect |  | (2.2) | 1.0
at 31 December 2023 |  | - | -
€ | +/- 5 basis points | (0.7) | 0.7
US$ | +30/-10 basis points | (1.5) | 0.5
Other currencies |  | 0.1 | (0.7)
Total effect |  | (2.0) | 0.4

Exchange rate risk
The Group develops its business activities globally, and sales in non-€ markets are progressively increasing.
However, the establishment of Group companies in countries including the United States, Australia and
Switzerland allows exchange rate risk to be partly hedged, since both costs and income are denominated in the
same currency. For Campari Group, net exposure to foreign exchange effects is limited to transactions
concluded among Group companies relating to certain sales regulated in currencies other than the functional
currencies of the companies. Although these transactions represent only a portion of the overall business, the
Group policy regularly determines the net exposure to the primary currencies to mitigate the residual foreign
exchange risk by using forward and option derivatives agreements. Derivative contracts aiming to mitigate
currency exchange risks are dynamically and qualitatively managed based on business needs and specific
contexts and circumstances. These are not framed within fixed or quantitative policies regarding the percentage
of coverage to be achieved. To avoid excessive coverage, the budget for future transactions is typically hedged
at a level between 50% and 90% throughout the whole year.
Sensitivity analysis
An analysis was performed on the effects of a possible change in the exchange rates against the € on the
statement of profit or loss, keeping all the other variables constant. This analysis does not include the
Consolidated Financial statements’ effect on translating the financial statements of subsidiaries denominated in
a foreign currency following a possible change in exchange rates. The assumptions adopted regarding a
potential change in rates are based on an analysis of forecasts provided by financial information agencies on
the reporting date. The types of transactions included in this analysis are sales and purchases in any currency
other than the Group’s functional currency. The effects on shareholders’ equity are determined by changes in
the fair value of forward contracts on future transactions, which are used as cash flow hedges.

Consolidated financial statements | 299

Campari Group annual report for the year ended 31 December 2024

|  | net equity
| increase/decrease | increase in exchange rates | decrease in exchange rates
at 31 December 2024 | in currency rates in % | € million | € million
US$ | +8%/-1% | 0.7 | (9.4)
Other currencies |  | 0.6 | (0.5)
Total effect |  | 1.3 | (9.9)
at 31 December 2023 |  | - | -
US$ | +2%/-6% | 2.8 | (1.0)
Other currencies |  | 0.2 | (0.3)
Total effect |  | 3.0 | (1.4)

Market and price risk
Market risk consists of the possibility that changes in exchange rates, interest rates or the prices of raw
materials or commodities (alcohol, aromatic herbs, sugar, cereals and agave) could negatively affect the value
of assets, liabilities or expected cash flows.
The price of raw materials depends on a wide variety of factors, which are difficult to forecast and are largely
beyond the Group’s control. Historically, the Group has had no problem obtaining high-quality quantities of raw
materials. However, it cannot be excluded that the Group could face challenges in getting supplies of raw
materials. The Group is in the process of implementing measures aimed at limiting the risk of raw material price
fluctuations, including co-investments and agricultural production agreements with local producers, the benefits
of which can be seen over the medium-term as they are related to natural growing processes.
Campari Group has a substantial inventory of aged product categories, such as Bourbon whiskey, Scotch
whisky, Canadian whisky, rum, cognac and tequila, which mature over lengthy periods. While the maturing
inventory is stored at numerous locations around the world, the loss as a result of contamination, fire or other
natural disaster or destruction resulting from negligence or the acts of third parties or otherwise of all or a portion
of the inventory of any one of those aged product categories may not be replaceable and, consequently, may
lead to a substantial decrease in the supply of those products. Additionally, the judgemental nature of
determining how much of the Group’s aged products to lay down in any given year for future consumption
involves an inherent risk of forecasting error. Finally, price is another critical element, as the recoverability of the
cost incurred in the maturing process is subject to the Group's ability to select an adequate range of premium
products capable of satisfying the needs of demanding customers while the loss of sales and market shares
lead to future excess inventory and decreased profit margin. The Group regularly reviews its marketing and
production strategy to mitigate those risks enabling long-term forecasting analytical tools.
iii. Debt management
The Group’s debt management objectives are based on its ability to ensure that it retains an optimal level of
financial soundness, while maintaining an appropriate level of liquidity that enables it to secure an economic
return and, at the same time, access external sources of funding. The Group monitors changes to its net debt/
EBITDA-adjusted ratio on an ongoing basis as commented in the above note 7 i- ‘Capital management’.
iv. Shareholders’ equity
Accounting policy
Own shares (both ordinary and special voting shares) are reported as a reduction in shareholders’ equity.
Disclosure
The Group manages its capital structure and makes any corresponding changes based on the prevailing
economic conditions and the specific risks of the underlying asset. To maintain or change its capital structure,
the Group may adjust the dividends payments to shareholders and/or issue new shares. For information on the
composition of and changes in shareholders’ equity during the periods under review, see the statement of
changes in shareholders’ equity.
Issued capital and capital structure
The issued capital of Davide Campari-Milano N.V. at 31 December 2024 is represented in the table below. Both
ordinary and special voting shares A have a nominal value of €0.01 each, while special voting shares B have a
nominal value of €0.04 each. The ordinary share capital at 31 December 2024 is 1,231,267,738.

Consolidated financial statements | 300

Campari Group annual report for the year ended 31 December 2024

On 10 January 2024, Davide Campari-Milano N.V. successfully placed an offer totalling approximately €650
million through an accelerated book building offering at €9.33 per ordinary share. The offering was directed to
qualified investors pursuant to the resolution approved during the Company's Board of Directors meeting on 14
December 2023, for the issuance of new ordinary shares with a nominal value of €0.01 each, which excluded
pre-emptive rights and will carry equivalent rights, including dividend entitlements, as the existing ordinary
shares. The transaction costs associated with the issuance, amounting to €6.7 million, were accounted for as a
deduction from equity by affecting retained earnings reserve. The newly issued ordinary shares amounted to
69,667,738.
The following movements occurred during 2024 in the composition of the share capital.

| no. of shares | nominal value (€)
| ordinary shares | special voting shares A | special voting shares B | total | ordinary shares | special voting shares A | special voting shares B | total
Share capital at 31 December 2023 | 1,161,600,000 | 71,696,938 | 594,021,404 | 1,827,318,342 | 11,616,000 | 716,969 | 23,760,856 | 36,093,826
Issue of new ordinary shares | 69,667,738 | - | - | 69,667,738 | 696,677 | - | - | 696,677
Share capital at 31 December 2024 | 1,231,267,738 | 71,696,938 | 594,021,404 | 1,896,986,080 | 12,312,677 | 716,969 | 23,760,856 | 36,790,503

To foster the involvement of a stable base of long-term (loyal) shareholders, the Company’s articles of
association (‘Articles of Association’) were amended to adopt a mechanism based on the assignment to loyal
shareholders of special voting shares, to which multiple voting rights are attached, in addition to the one granted
by ordinary shares (the ‘Special Voting Mechanism’). The Special Voting Mechanism entails the possibility of
assigning to loyal, long-term shareholders: (i) two voting rights for each Campari ordinary share held for an
uninterrupted period of two years, through the assignment of a special voting share A (‘Special Voting Share A’)
with a nominal value of €0.01 each; (ii) five voting rights for each ordinary share held for an uninterrupted period
of five years, through the assignment of a special voting share B (‘Special Voting Share B’) with a nominal value
of €0.04 each and (iii) ten voting rights for each ordinary share held for an uninterrupted period of ten years
(‘Special Voting Share C’) with a nominal value of €0.09 each. The features of the Special Voting Shares (A, B,
C) are described in the Articles of Association as well as in the terms and conditions for Special Voting Shares
(‘SVS Terms’). The Special Voting Shares are not tradable on a regulated market.
The Company established a separate special capital reserve for the purpose of satisfying obligations related to
special voting shares. At the board's discretion, special voting shares may be issued using the funds from the
special capital reserve, in lieu of an actual monetary payment for the respective shares.
The features of the special voting shares (which can be A, B, C depending on the voting rights assigned) are
described in the articles of association as well as in the terms and conditions for special voting shares (‘SVS
Terms’). The special voting shares are not tradable on a regulated market. The special voting mechanism and
the features of the special voting shares have also been described in www.camparigroup.com.
Outstanding shares, own shares rights associated to the shares
On 29 October 2024 Campari Group announced the launch of a share buyback program (the 'program'),
coordinated by UBS Europe SE, in accordance with Article 5 of Regulation (EU) n.596/2014 and intended to
meet the obligations arising from the stock option plans and other share-based incentive plans, currently in force
or to be adopted and whose beneficiaries are (or will be) employees or members of the administrative and/or
management bodies of either the Company or other Campari Group's companies. The program will be
implemented in accordance with the resolution adopted by the Company’s General Meeting held on April 11,
2024, which authorised the Board of Directors to acquire, in one or more transactions, a maximum number of
shares in the capital of the Company which, when added to the treasury shares already held by Campari, will
not exceed the legal limit, for a period of 18 months from 11 April 2024, to 11 October 2025 (the ‘Authorisation’).
The Authorisation has also set out that purchases shall take place for (i) a minimum price, excluding expenses,
of the nominal value of Campari’s shares, and (ii) a maximum price of an amount equal to 10% above the
opening price on the day of acquisition of the share concerned. The program started on 30 October 2024 and
will end no later than 12 November 2025 (in case of Authorisation renewal). The maximum value allocated to the
program is €40 million and it is coordinated by UBS Europe SE which purchase Campari shares independently
of the Company at the most appropriate time and price (in any case, within the limits set out by the Authorisation
and all applicable laws and regulations).
The table below shows the reconciliation between the number of outstanding shares.

Consolidated financial statements | 301

Campari Group annual report for the year ended 31 December 2024

| no. of shares | nominal value (€)
| ordinary shares | special voting shares A | special voting shares B | total | ordinary shares | special voting shares A | special voting shares B | total
Outstanding shares at 31 December 2023 | 1,131,982,258 | 40,657,598 | 594,001,404 | 1,766,641,260 | 11,319,823 | 406,576 | 23,760,056 | 35,486,455
Issue of new ordinary shares | 69,667,738 | - | - | 69,667,738 | 696,677 | - | - | 696,677
Ordinary shares repurchased under share repurchase program | (1,079,420) | - | - | (1,079,420) | (10,794) | - | - | (10,794)
Ordinary shares assigned under share-based programs | 1,933,925 | - | - | 1,933,925 | 19,339 | - | - | 19,339
Special voting shares allocation | - | (201,009) | (20,000) | (221,009) | - | (2,010) | (800) | (2,810)
Outstanding shares at 31 December 2024 | 1,202,504,501 | 40,456,589 | 593,981,404 | 1,836,942,494 | 12,025,045 | 404,566 | 23,759,256 | 36,188,867
Total own shares held | 28,763,237 | 31,240,349 | 40,000 | 60,043,586 | 287,632 | 312,403 | 1,600 | 601,636
Own shares as a % total respective shares | 2.34% | 43.57% | 0.01% | 3.17% |  |  |  |

| no. of shares | nominal value (€)
| ordinary shares | special voting shares A | special voting shares B | total | ordinary shares | special voting shares A | special voting shares B | total
Outstanding shares at 31 December 2022 | 1,121,647,577 | 597,856,391 | - | 1,719,503,968 | 11,216,476 | 5,978,564 | - | 17,195,040
Ordinary shares repurchased under share repurchase program | (1,850,962) | - | - | (1,850,962) | (18,510) | - | - | (18,510)
Ordinary shares assigned under share-based programs | 12,185,643 | - | - | 12,185,643 | 121,856 | - | - | 121,856
Conversion from special voting shares A to special voting shares B | - | (594,021,404) | 594,021,404 | - | - | (5,940,214) | 23,760,856 | 17,820,642
Special voting shares allocation | - | 36,822,611 | (20,000) | 36,802,611 | - | 368,226 | (800) | 367,426
Outstanding shares at 31 December 2023 | 1,131,982,258 | 40,657,598 | 594,001,404 | 1,766,641,260 | 11,319,823 | 406,576 | 23,760,056 | 35,486,455
Total own shares held | 29,617,742 | 31,039,340 | 20,000 | 60,677,082 | 296,177 | 310,393 | 800 | 607,371
Own shares as a % total respective shares | 2.55% | 43.29% | - | 3.32% |  |  |  |

In terms of ordinary shares, between 1 January and 31 December 2024, Davide Campari-Milano N.V. granted
1,933,925 own shares, of which 958,942 shares were sold for a total cash inflow of €5.5 million, corresponding
to the average exercise price multiplied by the number of own shares sold to beneficiaries upon the exercise of
their stock option rights. Additionally, 964,426 and 10,557 shares were transferred in the context of the existing
share-based plans covering the medium- and long-term horizon, respectively. In the same period and through
the share buyback program, the Company purchased 1,079,420 shares at an average price of €5.8, for a total
amount of €6.3 million (the amount includes €0.1 million receivables to be collected in connection with the share
buyback program). At 31 December 2024, Davide Campari-Milano N.V. held 28,763,237 own shares, equivalent
to 2.3% of the share capital.
With reference to special voting shares, between 1 January and 31 December 2024 the Company allocated the
nominal value of n.221,009 special voting shares to the treasury shares reserve. This resulted from disposals of
outstanding ordinary shares having corresponding special voting shares. During the period, no cancellation of
the treasury special voting shares was resolved by the Shareholders’ meeting of the Company.
The table below shows changes in the number and values of own shares held during the periods considered.

| no. of ordinary shares held | purchase price (€ million)
| 2024 | 2023 | 2024 | 2023
Balance at 1 January | 29,617,742 | 39,952,423 | 306.4 | 388.1
Purchases | 1,079,420 | 1,850,962 | 6.3 | 21.0
Disposals | (1,933,925) | (12,185,643) | (18.6) | (102.7)
Final balance | 28,763,237 | 29,617,742 | 294.0 | 306.4
% of share capital | 2.34% | 2.55% |  |

Consolidated financial statements | 302

Campari Group annual report for the year ended 31 December 2024

Sales of own shares during the year, which are shown in the above table at an amount equal to the original
purchase cost of €18.6 million, were sold for a total cash inflow of €5.5 million corresponding to the average
exercise price multiplied by the number of own shares sold to stock option beneficiaries. The Parent Company
consequently reported a negative difference of €13.1 million which was recorded in shareholders' equity
(embedded within the retained earnings) and partially offset by the use of the stock option reserve of €12.3
million.
Dividends proposed
The table below shows the dividends proposed for the year and previous years.

| 2024 | 2023 | 2022
| € | € | €
Dividend per share proposed | 0.065 | 0.065 | 0.060
| € million | € million | € million
Total amount proposed | 78.2 | 78.1 | 67.3
of which, to owners of the Parent | 78.2 | 78.1 | 67.3
of which, to non-controlling interests | - | - | -

The dividends submitted for the approval of the General Meeting of Shareholders called to approve the financial
statements for the year ended 31 December 2024 is €78.2 million, calculated based on shares outstanding at 31
December 2024 (for information purposes, based on the 28,763,237 own shares held at 31 December 2023, the
shares outstanding amounted to 1,202,504,501). The dividend will be recalculated based on the total number of
outstanding shares as of the coupon detachment date. The proposed dividend for the period is €0.065 per
share, in line with the previous financial year.
Dividends paid
In terms of the distribution of dividends during the last five years, the dividend paid and the utilization of the
retained earnings reserve was as follows.

Dividends paid during the year on ordinary shares |  |  |  |  |
| 2024 | 2023 | 2022 | 2021 | 2020
dividend per share paid (€) | 0.065 | 0.060 | 0.060 | 0.055 | 0.055
total amount (€ million) | 78.1 | 67.5 | 67.6 | 61.6 | 62.9
retained earnings reserve (€ million) | 78.1 | 67.5 | 67.6 | 61.6 | 62.9
other reserve (€ million) | - | - | - | - | -

Consolidated financial statements | 303

Campari Group annual report for the year ended 31 December 2024

Other reserves and retained earnings attributable to Group shareholders

| equity reserves |  | retained earnings and other reserves
| cash flow hedge | currency translation differences | hyperinflation | remeasurem ent of defined benefit plans | total equity reserves | treasury ordinary shares | treasury special voting shares | share- based payments | other | share premium | retained earnings | total retained earnings and other
€ million
at 31 December 2023 before non-controlling interest | 9.3 | (153.1) | 67.2 | 3.7 | (72.9) | (0.3) | (0.3) | 56.8 | 33.6 | - | 2,872.2 | 2,962.0
Campari Group |  |  |  |  |  |  |  |  |  |  |  |
Cost of share-based payments for the period | - | - | - | - | - | - | - | 27.0 | - | - | - | 27.0
Share-based payments exercised | - | - | - | - | - | - | - | (12.2) | - | - | 12.2 | -
Issue of new shares net of fees | - | - | - | - | - | - | - | - | - | 642.6 | - | 642.6
Profits (losses) allocated to shareholders' equity | (3.7) | - | - | (1.3) | (5.0) | - | - | - | - | - | - | -
Tax effect recognised in shareholders' equity | 1.0 | - | - | 0.3 | 1.2 | - | - | - | - | - | - | -
Translation difference | - | 40.0 | - | - | 40.0 | - | - | - | - | - | - | -
Effects from hyperinflation accounting | - | - | 12.8 | - | 12.8 | - | - | - | - | - | - | -
Purchase of treasury shares | - | - | - | - | - | - | - | - | - | - | (6.3) | (6.3)
Sale of treasury shares | - | - | - | - | - | - | - | - | - | - | 5.5 | 5.5
Changes in ownership interests | - | - | - | - | - | - | - | - | - | - | 50.4 | 50.4
Dividends | - | - | - | - | - | - | - | - | - | - | (78.1) | (78.1)
Dividends to non-controlling interests | - | - | - | - | - | - | - | - | - | - | (0.8) | (0.8)
Net result of the period | - | - | - | - | - | - | - | - | - | - | 201.6 | 201.6
Other variations | - | - | - | - | - | - | - | - | - | - | 37.0 | 37.0
at 31 December 2024 before non-controlling interest | 6.6 | (113.1) | 80.0 | 2.7 | (23.8) | (0.3) | (0.3) | 71.5 | 33.6 | 642.6 | 3,093.9 | 3,841.0
Non-controlling interests |  |  |  |  |  |  |  |  |  |  |  |
Changes in ownership interests and other movements | - | - | - | - | - | - | - | - | - | - | (0.8) | (0.8)
Dividends | - | - | - | - | - | - | - | - | - | - | (0.8) | (0.8)
Net result of the period | - | - | - | - | - | - | - | - | - | - | (9.0) | (9.0)
Translation difference | - | 10.2 | - | - | 10.2 | - | - | - | - | - | - | -
at 31 December 2024 including non-controlling interests | 6.6 | (102.8) | 80.0 | 2.7 | (13.5) | (0.3) | (0.3) | 71.5 | 33.6 | 642.6 | 3,083.3 | 3,830.5

Consolidated financial statements | 304

Campari Group annual report for the year ended 31 December 2024

| equity reserves |  | retained earnings and other reserves
| cash flow hedge | currency translation differences | hyperinflation | remeasurem ent of defined benefit plans | total equity reserves | treasury ordinary shares | treasury special voting shares | share- based payments | other | retained earnings | total retained earnings and other
€ million
at 31 December 2022 before non-controlling interest | 27.3 | (99.9) | 51.8 | 3.5 | (17.4) | (0.4) | (0.7) | 47.5 | 51.4 | 2,577.5 | 2,675.3
Campari Group |  |  |  |  | - |  |  |  |  |  |
Cost of share-based payments for the period | - | - | - | - | - | - | - | 21.7 | - | - | 21.7
Share-based payments exercised | - | - | - | - | - | - | - | (12.5) | - | 12.5 | -
Profits (losses) allocated to shareholders' equity | (23.6) | - | - | 0.4 | (23.2) | - | - | - | - | - | -
Tax effect recognised in shareholders' equity | 5.7 | - | - | (0.2) | 5.4 | - | - | - | - | - | -
Translation difference | - | (53.2) | - | - | (53.2) | - | - | - | - | - | -
Effects from hyperinflation accounting | - | - | 15.4 | - | 15.4 | - | - | - | - | - | -
Purchase of treasury shares | - | - | - | - | - | - | - | - | - | (20.9) | (21.0)
Sale of treasury shares | - | - | - | - | - | 0.1 | - | - | - | 54.3 | 54.4
Changes in ownership interests | - | - | - | - | - | - | - | - | - | (14.1) | (14.1)
Special voting shares allocation | - | - | - | - | - | - | 0.4 | - | - | - | 0.4
Conversion from special voting shares A to special voting shares B | - | - | - | - | - | - | - | - | (17.8) | - | (17.8)
Dividends | - | - | - | - | - | - | - | - | - | (67.5) | (67.5)
Net result of the period | - | - | - | - | - | - | - | - | - | 330.5 | 330.5
at 31 December 2023 before non-controlling interest | 9.3 | (153.1) | 67.2 | 3.7 | (72.9) | (0.3) | (0.3) | 56.8 | 33.6 | 2,872.2 | 2,962.0
Non-controlling interests |  |  |  |  | - |  |  |  |  |  |
Changes in ownership interests and other movements | - | - | - | - | - | - | - | - | - | 6.2 | 6.2
Dividends | - | - | - | - | - | - | - | - | - | (2.0) | (2.0)
Net result of the period | - | - | - | - | - | - | - | - | - | 2.0 | 2.0
Translation difference | - | (6.0) | - | - | (6.0) | - | - | - | - | - | -
at 31 December 2023 including non-controlling interests | 9.3 | (159.1) | 67.2 | 3.7 | (78.9) | (0.3) | (0.3) | 56.8 | 33.6 | 2,878.5 | 2,968.3

Consolidated financial statements | 305

Campari Group annual report for the year ended 31 December 2024

The change in the currency translation differences reserve mainly related to net assets denominated in US$ and
Jamaican Dollar.
Changes in ownership interests referred to and included the impact of the movement of the year of non-
controlling interests and connected liabilities. The movements are as follows.

For the year ended 31 December 2024 | reclassification of initial non-controlling interest value | net result of the period(1) | exchange rate of the period | put and/or call option measurement | total reclassification to Group equity
| € million | € million | € million | € million | € million
Ancho Reyes and Montelobos | - | (1.9) | (0.3) | 3.8 | 1.5
Champagne Lallier | - | - | - | - | -
Trans Beverages Company | - | (1.0) | (0.2) | (0.8) | (1.9)
Wilderness Trail Distillery, LLC | - | (4.9) | 12.7 | 43.5 | 51.3
Thirsty Camel Ltd. | 0.5 | (0.8) | (0.2) | - | (0.5)
Changes in ownership interests | 0.5 | (8.6) | 12.0 | 46.6 | 50.4

(1)Excluding the net result of the period of Bellonnie et Bourdillon group equal to €(0.3) million and Courvoisier Group (negligible results)

for the year ended 31 December 2023 | reclassification of initial non-controlling interest value | net result of the period(1) | exchange rate of the period | put and/or call option measurement | total reclassification to Group equity
| € million | € million | € million | € million | € million
Ancho Reyes and Montelobos | - | (0.4) | 0.5 | (20.8) | (20.7)
Champagne Lallier | - | (0.1) | - | 0.9 | 0.8
Trans Beverages Company | - | 0.3 | (0.5) | (2.5) | (2.8)
Wilderness Trail Distillery, LLC | - | 2.3 | (7.6) | 13.9 | 8.6
Changes in ownership interests | - | 2.1 | (7.6) | (8.5) | (14.1)

(1)Excluding the net result of the period of Bellonnie et Bourdillon group equal to €(0.2) million and Thirsty Camel Ltd. equal to €0.2 million.
v. Share-based payments
Accounting policy
- Compensation plans in the form of stock options
The Group has multiple incentive plans in place, including benefits in the form of stock option plans, governed in
accordance with the shareholders’ resolution, pursuant to applicable law and implemented by means of a
specific regulation (‘Stock Option Regulations’). The purpose of the plan is to offer beneficiaries who occupy key
positions in the Group the opportunity to own shares in Davide Campari-Milano N.V., thereby aligning their
interests with those of other shareholders and fostering loyalty, in the context of the strategic goals to be
achieved. The recipients are employees, directors and/or individuals who regularly work for one or more Group
companies, who have been identified by the Board of Directors of Davide Campari-Milano N.V., and who, on the
approval date of the plan and until the date that the options are exercised, have worked as employees and/or
directors and/or in any other capacity at one or more Group companies without interruption. The Board of
Directors of Davide Campari-Milano N.V. has the right to draft regulations, select beneficiaries and determine
the share quantities and values for the execution of the stock option plans.
The fair value of stock options is represented by the value of the option calculated by applying the Black-
Scholes model and the grant date starts once the options are assigned. Volatility is estimated with the help of
data supplied by a market information provider together with a leading bank and corresponds to the estimate of
volatility recorded in the period covered by the plan. The stock options are recorded at fair value with an
offsetting entry in the stock option reserve. The dilutive effect of options not yet exercised is included in the
calculation of diluted earnings per share.
Disclosure
The AGM of 11 April 2024 approved a new Remuneration Policy in the form of other share-based instruments as
described below. Therefore, the last stock option plan was approved in 2023 while in 2024, no options were
granted. The following table shows the changes in stock option plans during the periods concerned.

Consolidated financial statements | 306

Campari Group annual report for the year ended 31 December 2024

| at 31 December 2024 | at 31 December 2023
| no. of shares | average allocation/ exercise price (€) | no. of shares | average allocation/ exercise price (€)
Options outstanding at the beginning of the period | 26,500.938 | 7.72 | 38,970.219 | 6.70
Options granted during the period | - | - | 450.033 | 11.61
(Options cancelled during the period) | (1,887.054) | 8.82 | (727.195) | 8.94
(Options exercised during the period)(1) | (958.942) | 5.89 | (12,158.728) | 4.47
(Options expired during the period) | - | - | (33.391) | -
Options outstanding at the end of the period | 23,654.942 | 7.72 | 26,500.938 | 7.72
of which exercisable at the end of the period | 5,560.902 | 6.38 | 6,173.487 | 6.16

(1)The average market price on the exercise date was €8.68.
The exercise prices for the options granted in each year range were as follows.

| exercise price
Allocations: 2018 | 6.25
Allocations: 2019 | 8.85
Allocations: 2020 | 6.41
Allocations: 2021 | 9.91
Allocations: 2022 | 10.29
Allocations: 2023 | 11.61

The stock option plan does not include vesting conditions linked to business results or market conditions. The
following assumptions were used for the fair value measurement of options issued in 2023. Considering the
transition to the new Long-Term Incentive Plan described below starting in 2024, no stock options have been
granted.

Black-Scholes model parameters | 2023
Expected dividends (€) | 0.065
Expected volatility (%) | 21.18%
Historic volatility (%) | 28.58%
Market interest rate | 2.930%
Expected option life (years) | 7.00
Exercise price (€) | 11.61

The average fair value of options granted in 2023 was €3.06. The average remaining life of outstanding options
at 31 December 2024 was 2.7 years (3.4 years at 31 December 2023).
Accounting policy
Share-based payments in the form of ‘Employees Share Ownership Plan’, ‘Extra-Mile Bonus Plan
(‘EMB’) and Mid-Term Incentive plan (‘MTI’)
The Shareholders’ Meeting of 8 April 2021 approved the resolution for the implementation of the Employee
Share Ownership Plan (‘ESOP’). ESOP is a share matching plan offering employees the opportunity to invest in
Davide Campari-Milano N.V. shares. The ESOP is intended for all Group employees, with the exception of
members of the Board of Directors. These employees will be offered the opportunity to allocate certain amounts
to the plan, which will be used to purchase shares of Davide Campari-Milano N.V. (the ‘Purchased Shares’) by
the plan administrator and, after a three-year vesting period, complementary free shares will be awarded. The
free shares granted represent an equity-settled arrangement.
The accounting treatment for the ESOP follows the accounting treatment applied for benefits granted in the form
of stock option plans. The fair value of the ESOP plan is represented by the value of the option calculated by
applying the Black-Scholes model. In the event that the granting of the benefit in the form of a share-based
scheme is not permitted or it is not effective on the basis of specific national legislation, the same benefits are
granted in the form of a phantom stock option plan. These plans confer the same rights as the ESOP plan but
are cash-settled and the initial fair value measurement is calculated by applying the Black-Scholes model. The
cost resulting from this valuation is spread over the vesting period, with an impact on the profit or loss using a
long-term liability offsetting account (instead of an equity reserve). As a subsequent measurement, at each
balance sheet date and at least once a year and on the settlement date, the value of the phantom plan must be
fully remeasured on the basis of the current market value of the Davide Campari-Milano N.V. shares. Any
cumulative changes in fair value are recognised in the profit or loss in the remeasurement period to align the
liability with the ‘pro-rata’ value of the expected bonus payment payout.

Consolidated financial statements | 307

Campari Group annual report for the year ended 31 December 2024

As part of this, the Extra-Mile Bonus Plan (‘EMB’) program was awarded in 2021, representing a preparatory
assignment to the launch of the ESOP program with which it shares the main features. The fair value of the
EMB plan is represented by the awarded number of rights assigned, calculated based on the annual base gross
salary of eligible employees at 31 December 2020, divided by twelve.
On 13 April 2022, the Annual General Meeting approved a Mid-Term Incentive plan (‘MTI’) based on Campari
shares and aimed at rewarding Camparistas for their active participation in the Group performance and fostering
their retention. Eligible Camparistas will be granted a right to receive a number of Campari shares for free,
subject to their uninterrupted employment over a three-year vesting period from the grant date. The number of
award rights to be granted to each beneficiary will be calculated based on the beneficiary’s annual base gross
salary as of 31 December preceding the grant date. The MTI plan approved in April 2022 foresees 3 grants for
the following three years, therefore the second grant was assigned in May 2023.
Disclosure
The table below shows the changes in share-based rights during 2024, compared with 2023.

| 31 December
n. of rights | 2024 | 2023
outstanding rights at the beginning of the year | 3,678.420 | 3,606.911
assigned during the period | 462.685 | 447.921
cancelled during the period | (261.583) | (349.497)
exercised during the period | (964.426) | (26.915)
outstanding rights at the end of the year | 2,915.095 | 3,678.420

With respect to EMB program granted in 2021 with a 3-year vesting period, the related shares were transferred
and thus exercised to the eligible employees in July 2024 and no outstanding shares remained related to this
dedicated plan.
The following assumptions were used for the weighted average fair value measurement of the ESOP plan for
complementary free shares assignment for the year ended 2024 and 31 December 2023. The weighted average
fair value for complementary free shares assigned in 2024 was €9.09 (€11.07 in 2023).

Black-Scholes - model parameters | 2024 | 2023
Expected dividends (€) | 0.065 | 0.065
Expected volatility (%) | 199.74% | 202.58%
Historic volatility (%) | 24.00% | 24.00%
Market interest rate | 2.75% | 3.34%
Expected option life (years) | 3 | 3

If a share-based scheme is not permitted or is not effective based on specific national legislation, a phantom
stock option plan is awarded, resulting in a liability. The latter, recorded under the item personnel long-term
liabilities, was €0.4 million at 31 December 2024 (€0.3 million at 31 December 2023).
Accounting policy
Share-based payments in the form of ‘Long-Term Incentive Plan (‘LTI’)
The General Meeting of 11 April 2024 approved a Remuneration Policy that entitles key management personnel
and senior employees to receive Long-Term Incentive Plans. The plans entitle eligible Camparistas to receive a
number of Campari shares for free, subject to their uninterrupted employment over a contractually defined
vesting period from the grant date (Restricted Stock Units or ‘RSU’) and a number of Campari shares for free,
subject to the achievement of Campari Group’s performance conditions (Performance Stock Units or ‘PSU’) to
be achieved over the vesting period. The performance conditions are both market conditions represented by the
relative Total Shareholders’ Return (‘TSR’) and non-market conditions represented by renewable energy targets.
The fair value of these plans has been measured based on the following: for RSU the number of award rights to
be granted to each beneficiary is calculated based on the beneficiary’s annual base gross salary as of 31
December preceding the grant date; for PSU the fair value has been measured using a stochastic or Black-
Scholes method, where service and non-market conditions attached to the agreements were not taken into
account in measuring fair value.
Disclosure
The approved Remuneration Policy pursuant to Dutch and European legislation included the following LTI plans:
i) Long-Term Incentive Plan for eligible employees of the Group ii) Long-Term Incentive Plan for the Company’s
Lead Team and iii) CFOO Last Mile Incentive plan. All plans rules are available on the Company’s website. The
2024 grant date of the three plans was 14 April 2024.

Consolidated financial statements | 308

Campari Group annual report for the year ended 31 December 2024

The purpose of the first plan is to reward selected employees of the Group for their active participation in Group
performance and to foster retention. The eligible employees have been awarded a right to receive for free a
number of Campari shares, subject to their continued employment during a vesting period of 3 years. The
number of assigned rights granted to each beneficiary was calculated based on the beneficiary’s annual base
gross salary as of 31 December 2023 with a fair value of €9.13.
With respect to the second plan mentioned above, the Long-Term Lead Team Incentive Plan, its purpose is to
create a link between the Company’s performance and the Company’s Lead Team members. The latter will be
awarded a right to receive for free a number of Campari shares, subject to their continued position or
employment relationship during a vesting period, and the achievement of a relative TSR target and a
Sustainability target. Two-thirds of the assigned rights were granted in the form of RSU and the remaining one-
third will be assigned in the form of PSU. The methodology valuation used for the RSU is the same applied for
the first plan described above, with a fair value of €9.13. PSU fair value was measured using a stochastic and
Black-Scholes method with a weighted average of €6.77.
With respect to the third plan, the Last-Mile Incentive plan for the Chief Financial and Operating Officer
(‘CFOO’), its purpose is to reward the CFOO, who has provided the Company with extraordinary value during a
long-standing managerial period, and to ensure his retention over the long-term. The CFOO will be awarded a
right to receive for free a number of Campari shares, subject to his continued directorship relationship during a
vesting period of 8 years and the achievement of certain performance targets: (i) the uninterrupted directorship
relationship with the Company until the vesting date under the terms and conditions set forth in the plan rules;
and (ii) the achievement of at least one of the envisaged key performance indicators stated in the plan
agreement. PSU fair value was measured using a Black-Scholes method with a weighted average of €8.64.
The table below shows the changes in share-based rights in the form of ‘Long-Term Incentive Plan' during 2024
compared with 2023.

n. of rights | 2024
outstanding rights at the beginning of the year | -
assigned during the period | 6,149.844
cancelled during the period | (66.313)
exercised during the period | (10.557)
outstanding rights at the end of the year | 6,072.974

The following assumptions were used for the fair value measurement of PSU assigned during the year 2024 in
connection with LTI plans for Lead Team and Last-Mile Incentive for CFOO. The weighted average fair value of
share-based rights assigned in 2024 was €8.47.

Black-Scholes and stochastic method - model parameters | 2024
Expected dividends yield (%) | 0.71%
Expected volatility (%) | 22.46%
Historic volatility (%) | 24%
Market interest rate | 3.30%
Expected option life (years) | 7.55

vi. Other comprehensive income
The changes during the year and the related tax effect on other comprehensive income items for the year ended
31 December 2024 and 2023 were as follows.

Consolidated financial statements | 309

Campari Group annual report for the year ended 31 December 2024

| for the year ended
| 2024 | 2023
| € million | € million
Cash flow hedge: |  |
Profit (loss) for the period | (0.8) | (3.9)
Profit (losses) classified to other comprehensive income | (2.9) | (19.7)
Related Income tax effect | 1.0 | 5.7
Total cash flow hedge | (2.7) | (17.9)
Foreign currency translation: | - | -
Hyperinflation effects | 12.8 | 15.4
Exchange differences on translation of foreign operations | 50.3 | (59.2)
Total foreign currency translation | 63.1 | (43.8)
Remeasurements of defined benefit plans: | - | -
Gains/(losses) on remeasurement of defined benefit plans | (1.3) | 0.4
Related Income tax effect | 0.3 | (0.2)
Total remeasurements of defined benefit plans | (1.0) | 0.2

In 2024, the impact of the non-monetary foreign currency effect was mainly driven by the US$ and the Jamaican
Dollar partially offset by Mexican Pesos and Brazilian Real.
vii. Shareholders’ equity attributable to non-controlling interests
Accounting policy
For accounting policy over non-controlling interests relate to the portion of a subsidiary’s shareholders’ equity
that is not directly or indirectly attributable to the Group, please refer to note 4 i-‘Acquisition and sale of
businesses and purchase of non-controlling interests’.
Disclosure
The changes during the year are reflected below.

non-controlling interests € million | Bellonnie et Bourdillon group | Ancho Reyes and Montelobos | Trans Beverages | Wilderness Trail Distillery | Thirsty Camel Ltd. | Courvoisier Group | total
at 31 December 2023 | 1.1 | - | - | - | 0.5 | - | 1.6
net result | (0.3) | (1.9) | (1.0) | (4.9) | (0.8) | - | (9.0)
translation difference | - | - | (0.2) | 10.4 | 0.1 | - | 10.2
perimeter effect for acquisition | - | - | - | - | - | 0.6 | 0.5
other movements | - | (0.3) | - | 3.1 | (0.3) | - | 2.6
dividends | - | - | - | (0.8) | - | - | (0.8)
reclassification to group net equity | - | 2.3 | 1.1 | (7.8) | 0.5 | - | (3.9)
at 31 December 2024 | 0.8 | - | - | - | - | 0.6 | 1.3

non-controlling interests € million | Bellonnie et Bourdillon group | Ancho Reyes and Montelobos | Champagne Lallier group | Trans Beverages | Wilderness Trail Distillery | Thirsty Camel Ltd. | total
at 31 December 2022 | 1.4 | - | - | - | - | - | 1.4
net result | (0.2) | (0.4) | (0.1) | 0.3 | 2.3 | 0.2 | 2.0
translation difference | - | 0.2 | - | (0.2) | (6.1) | - | (6.0)
perimeter effect for acquisition | - | - | - | - | - | 0.3 | 0.3
other movements | - | 0.3 | - | - | 0.1 | - | 0.4
dividends | - | - | - | (0.3) | (1.6) | - | (2.0)
reclassification to group net equity | - | (0.1) | 0.1 | 0.2 | 5.3 | - | 5.5
at 31 December 2023 | 1.1 | - | - | - | - | 0.5 | 1.6

The non-controlling interests at 31 December 2024 amounted to €1.3 million.
The main changes in 2024 were related to:
- the recognition of the non-controlling interests related to SCEA Domaine Guilloteau, SICA des Baronnies de
Jarnac, SICA Quinze des Borderies et Champagnes, Association Coopérative des Bouilleurs de Cru, as part
of the Courvoisier acquisition;
- the acquisition of the residual minority interest in Licorera Ancho Reyes y cia, S.A.P.I. de C.V. and Casa
Montelobos, S.A.P.I. de C.V., as well as in Trans Beverages Company Ltd. and Thirsty Camel Ltd. and
consequent derecognition of the relevant non-controlling interest.

Consolidated financial statements | 310

Campari Group annual report for the year ended 31 December 2024

With regard to Wilderness Trail Distillery, due to the existence of reciprocal purchase/sale agreements involving
put/call option mechanisms with existing non-controlling shareholders, the recognition of a financial liability
related to the future purchase obligation (refer to note 6 v-‘Non-current financial debt’) and the simultaneous
elimination of the amount recognised under non-controlling interests in favour of the Group’s shareholders’
equity (refer to note ‘Other reserves and retained earnings attributable to Group shareholders’ above) was
required.

Company name | Country of business | % of minority interest 2024 | % of minority interest 2023
Bellonnie et Bourdillon | Martinique | 3.47% | 3.47%
Ancho Reyes and Montelobos | Mexico | - | 49.0%
Trans Beverages | South Korea | - | 49.0%
Thirsty Camel Ltd. | New Zealand | - | 40.0%
Wilderness Trail Distillery, LLC | United States | 30.0% | 30.0%
SCEA Domaine Guilloteau | France | 15.0% | -
SICA des Baronnies de Jarnac | France | 83.6% | -
SICA Quinze des Borderies et Champagnes | France | 94.6% | -
Association Coopérative des Bouilleurs de Cru | France | 98.0% | -

The financial statements of the subsidiaries shown below are based on the same accounting standards applied
for the Group.

for the year ended 31 December 2024 | total non- controlling interest | Bellonnie et Bourdillon group | Ancho Reyes and Montelobos | Trans Beverages Co | Wilderness Trail Distillery | Thirsty Camel Ltd | Courvoisier Group
Net sales | 112.9 | 21.3 | 7.1 | 21.7 | 31.0 | 19.3 | 35.7
Profit (loss) for the period | (37.3) | (10.0) | (4.6) | 0.7 | (6.3) | (4.1) | -
Profit (loss) for the period attributable to non-controlling interest | (9.0) | (0.3) | (1.9) | (1.0) | (4.9) | (0.8) | -
Current assets | 221.4 | 58.7 | 14.9 | 17.4 | 47.0 | 21.5 | 55.1
Non-current assets | 659.8 | 50.7 | 5.9 | 0.9 | 541.0 | 5.7 | 0.7
Current liabilities | 284.3 | 85.4 | 22.1 | 13.5 | 11.7 | 28.4 | 54.8
Non-current liabilities | 11.3 | 2.2 | 1.8 | 0.3 | 4.3 | 2.3 | 0.1
Net assets | 585.6 | 21.7 | (3.0) | 4.5 | 572.0 | (3.5) | 0.9
Net assets attributable to non-controlling interest | 170.3 | 0.8 | (1.5) | 2.1 | 171.6 | (1.4) | 0.6
Of which represented as non-controlling interest in Campari Group statement of changes in shareholders' equity | 1.3 | 0.8 | - | - | - | - | 0.6

for the year ended 31 December 2023 | total non- controlling interest | Bellonnie et Bourdillon group | Ancho Reyes and Montelobos | Champagne Lallier group | Trans Beverages Co | Wilderness Trail Distillery | Thirsty Camel Ltd
Net sales | 127.8 | 24.3 | 14.4 | 15.4 | 27.8 | 29.1 | 16.8
Profit (loss) for the period | (9.3) | (6.7) | (0.7) | (10.9) | 0.5 | 8.0 | 0.4
Profit (loss) for the period attributable to non-controlling interest | 2.5 | (0.2) | (0.4) | 0.4 | 0.3 | 2.3 | 0.2
Current assets | 217.5 | 53.3 | 17.0 | 59.7 | 16.9 | 44.6 | 25.9
Non-current assets | 630.1 | 49.0 | 11.2 | 44.2 | 0.3 | 521.1 | 4.3
Current liabilities | 244.2 | 69.6 | 19.8 | 97.4 | 12.8 | 15.9 | 28.7
Non-current liabilities | 7.9 | 1.8 | 2.0 | 0.2 | 0.2 | 3.4 | 0.3
Net assets | 595.5 | 30.9 | 6.5 | 6.3 | 4.3 | 546.4 | 1.2
Net assets attributable to non-controlling interest | 171.8 | 1.1 | 3.1 | 1.3 | 2.0 | 163.9 | 0.5
Of which represented as non-controlling interest in Campari Group statement of changes in shareholders' equity | 1.6 | 1.1 | - | - | - | - | 0.5

viii. Transactions with non-controlling interests
In addition to the business combination completed during the year and involving non-controlling interests, in
September 2024 and November 2024 respectively, the Group finalised the negotiation to acquire the remaining
49% minority interests in Licorera Ancho Reyes y cia, S.A.P.I. de C.V. and Casa Montelobos, S.A.P.I. de C.V., as
well as in Trans Beverages Company Ltd., subsequently renamed Campari Korea Ltd.. The final considerations
were confirmed to be aligned with the estimated debts recognised previously and represented as 'Liabilities for
put option and earn-out payments' in the consolidated accounts.

Consolidated financial statements | 311

Campari Group annual report for the year ended 31 December 2024

Furthermore, in December 2024, the remaining 40% minority interest in Thirsty Camel Ltd. (effectively renamed
as Campari New Zealand Ltd. starting from 1 January 2025) was acquired. The consideration paid was broadly
in line with the related non-controlling interests previously recognised at Group level.
As all companies were already under Campari Group's control and included within its consolidation perimeter,
the above-mentioned transactions had no material impact on the Group economic results.
ix. Basic and diluted earnings per share
Accounting policy
Basic earnings per share are calculated by dividing the Group’s net result for the period by the weighted
average number of shares outstanding during the period, excluding the Group’s own shares held.
For the purposes of calculating the diluted earnings (loss) per share, the weighted average of outstanding
shares is adjusted in line with the assumption that all potential share-based payment plans and outstanding
convertible bond shares with diluting effect will be converted.
Disclosure

|  | 31 December 2024 | 31 December 2023
|  | € million | € million
Group net profit attributable to ordinary shareholders | € million | 201.6 | 330.5
Weighted average of ordinary share outstanding | number | 1,200,346,949 | 1,127,727,622
Basic earnings per share | € | 0.17 | 0.29
Group net profit attributable to ordinary shareholders net of dilution | € million | 215.8 | 330.5
Weighted average of ordinary share outstanding | number | 1,200,346,949 | 1,127,727,622
Dilution effect of share-based payments | number | 5,816,252 | 11,444,341
Dilution effect of convertible bond | number | 44,489,500 | -
Weighted average of ordinary shares outstanding net of dilution | number | 1,250,652,701 | 1,139,171,963
Diluted earnings per share | € | 0.17 | 0.29

8. Other disclosures
This section details accounting policies for provisions for risks, future charges and contingent assets and
liabilities, fair value information on assets and liabilities, defined benefit and contribution plans. Judgements and
estimates are stated with regard to contingent assets and liabilities and provisions.
Moreover, this section discloses additional information which management considers to be relevant for
stakeholders.
i. Provisions for risks, charges and contingent assets and liabilities
Accounting policy
Provisions arising from legal or constructive obligations resulting from past events are reliably estimated and
reviewed periodically to reflect changes in circumstances, timescales and discount rates. Revisions to estimates
of provisions are booked to the same statement of profit or loss item that contains the accrual or, if the liability
relates to tangible assets (i.e. dismantling and restoration), these revisions are reported as an offsetting entry to
the related asset. Where the financial impact of the timing is significant, and the payment dates of the
obligations can be reliably estimated, the provision is discounted to present value. The related amount over time
is allocated to the statement of profit or loss. When the Group expects that all or part of the provisions will be
repaid by third parties, a receivable is recorded under assets only if it is virtually certain, and the accrual and
related repayment are posted to the statement of profit or loss.
Dedicated restructuring provisions are only reported if there is a restructuring obligation deriving from a formal
detailed restructuring program, which has led to a reasonable expectation by interested parties that the
restructuring will be carried out with an outflow of resources whose amount can be reliably estimated, either
because the process has already started or because the main features of the restructuring program have
already been communicated.
For detailed information on the accounting policy related to tax provisions, please refer to note 3 xiii-‘Taxation’.
The Group may be involved in legal proceedings in respect of which it is not possible to make a reliable estimate
of any expected settlement. Such cases are reported as contingent liabilities with a specific disclosure made
available for information purposes.

Consolidated financial statements | 312

Campari Group annual report for the year ended 31 December 2024

The Group discloses purely contingent assets and provides information when there are material amounts that
are highly likely to be realized. The Group records the relevant asset only when the original uncertainty relating
to it no longer applies and it is virtually certain that the asset will be realized.
Disclosure
Provision for risks and charges

| tax provision | restructuring provisions | agent severance fund | other | total
| € million | € million | € million | € million | € million
at 31 December 2023 | 5.5 | 6.8 | 0.8 | 28.2 | 41.4
Perimeter effect for acquisition | 3.8 | - | - | - | 3.8
Accruals | - | 102.6 | 0.2 | 14.1 | 116.8
Utilizations | - | (30.4) | (0.1) | (11.8) | (42.3)
Releases | (1.4) | (2.8) | - | (0.8) | (5.0)
Reclassification | - | - | - | 5.5 | 5.5
Exchange rate differences and other changes | 0.1 | - | - | (2.1) | (2.0)
at 31 December 2024 | 8.0 | 76.2 | 0.9 | 33.1 | 118.2
of which: | - | - | - | - | -
- due within 12 months | 7.0 | 70.1 | - | 11.1 | 88.3
- due after 12 months | 0.9 | 6.1 | 0.9 | 22.0 | 29.9

| tax provision | restructuring provisions | agent severance fund | other | total
| € million | € million | € million | € million | € million
at 31 December 2022 | 9.0 | 7.8 | 1.0 | 21.2 | 39.0
Accruals | - | 1.7 | 0.2 | 13.8 | 15.7
Utilizations |  | (0.6) | (0.3) | (5.4) | (6.3)
Releases | - | (2.1) | (0.1) | (1.4) | (3.5)
Reclassification | (0.3) |  | - | (0.5) | (0.7)
Exchange rate differences and other changes | (3.2) | - | - | 0.5 | (2.8)
at 31 December 2023 | 5.5 | 6.8 | 0.8 | 28.2 | 41.4
Of which: |  |  |  |  |
- due within 12 months |  | 3.9 |  | 9.6 | 13.4
- due after 12 months | 5.5 | 3.0 | 0.8 | 18.6 | 27.9

On 29 October 2024 a restructuring program was launched, reflecting a balance of €76.2 million as of 31
December 2024. This initiative is among several strategic measures aimed at enhancing performance,
alongside efforts to drive growth, improve profitability, streamline processes and contain costs. At Group level,
the program is projected to achieve an improvement of 200 basis point of Selling, general and administrative
expenses over the three-year period from 2025 to 2027, encompassing both personnel and non-personnel
expenses. Included in the 2024 consolidated financial statements, the programme underwent a comprehensive
evaluation and estimation process to ensure compliance with applicable accounting standards and accurate
forecasting of expected costs which covered the full scope of the plan with partial payment made by 31
December 2024. Other provisions involved recognition by the Company and subsidiaries of liabilities for various
lawsuits, including a Brazilian legal dispute totalling €9.7 million over a distribution agreement, provision for
onerous contract in China (€4.7 million) and a number of customer legal claims in France and Mexico totalling
€5.3 million. Moreover, the other provisions for risks and charges were utilized for a total amount of €11.8 million
to offset the cost deriving from onerous contract in China accrued last year and for €3.5 million for settlement of
legal cases in Brazil.
Significant effect of the passage of time over provision was deemed to be not material.
Contingent liability
The information reported below concerns contingent liabilities arising from outstanding disputes, for which the
provision recognition criteria have not been met on the date of this report.
After having finally resolved the outstanding dispute related to ICMS (tax on the consumption of goods and
services), the following dispute is still outstanding with the Brazilian tax authorities; however, the Group believes
it is unlikely to lose the case, based on the information available at the date of this report. On the date of this
report, a dispute amounting to BRL6.6 million (€1.0 million at the exchange rate on 31 December 2024)
including the related penalties (excluding interests) corresponding to production tax (IPI) remains ongoing. The
tax authorities contested the correct classification of products sold by Campari do Brasil Ltda.. Based on the

Consolidated financial statements | 313

Campari Group annual report for the year ended 31 December 2024

assessments conducted by external legal consultants, the Group believes that the outcome of the dispute will be
in favour of the Company. It is therefore deemed unnecessary at present to create a specific provision.
Contingent assets
In 2021, the Brazilian Supreme Court issued a final ruling on the fiscal dispute concerning the exclusion of
certain PIS/COFINS taxes from the ICMS calculation base, affirming the Group’s right to offset amounts paid
since 2002. The related impacts were duly reflected in the Group’s financial statements. In 2024, the Brazilian
Federal Revenue introduced new regulations governing the calculating of credits arising from the
aforementioned exclusion of PIS and COFINS from the ICMS tax base resulting in additional credits totalling
BRL 14.4 million (€2.3 million as of 31 December 2024). As of 31 December 2024, in the absence of a definitive
ruling from the relevant Brazilian authorities in favour of the Group, the position has been classified as
contingent until it is deemed virtually certain.
ii. Commitments and risks
Accounting policy
Guarantees are disclosed at fair value determined based on the present value of the difference in cash flows
between the contractual payments required under the debt instrument and the payments that would be required
without the guarantee, or the estimated amount that would be payable to a third party for assuming the
obligations.
For the accounting policy on financial guarantees, please refer to note 6-‘Net financial debt’.
Disclosure
The main commitments and risks of the Campari Group on the reporting date are divided into the following
cat egories:
- Contractual commitments to purchase goods or services totalled €566.0 million (€551.4 million at 31
December 2023). These mainly included commitments for the purchase of packaging and pallets, amounting
to €195.7 million (€260.0 million at 31 December 2023); the purchase of raw materials, semi-finished goods
totalling €260.1 million (€156.6 million at 31 December 2023); initiatives to enhance and outsource selected
Group information technology services totalling €21.6 million (€41.6 million in 2023); the purchase of
advertising and promotional services and sponsorships totalling €20.3 million (€20.4 million at 31 December
2023); as well as for advisory services for €34.3 million (€36.0 million at 31 December 2023).
- Existing contractual commitments for purchasing of property, plant and equipment, and intangible assets
totalling €18.3 million (€159.1 million at 31 December 2023). The decrease compared to 2023 mainly relates
to tangible assets.
- Financial guarantees. The Group has pr ovided financial guarantees in the context of the 50%-50% joint-
venture in Dioniso Group with Moët Hennessy to create a premium pan-European Wines and Spirits e-
commerce player which holds the leading e-commerce platforms for wines and premium spirits in Italy
(Tannico e Wineplatform S.p.A.) and in France (Ventealapropriete.com) and is thus providing 50% of the
financial support to Dioniso Group to cover the committed liability for a personnel compensation scheme. At
31 December 2024 the estimated potential cash out totalled €0.4 million (€9.0 million at 31 December 2023).
The change was mainly due to the payment of the remaining liabilities connected to the put and/or call
options from the business combination in the second half of the year, for which the Group provided financial
support.
- Other guarantees. The Group has provided other forms of security in favour of third parties, totalling €677.0
million at 31 December 2024 (€627.4 million at 31 December 2023). These mainly include securities to
Group companies for credit lines totalling €602.4 million (€566.3 million at 31 December 2023) and customs
guarantees for excise duties totalling €61.6 million (€58.5 million at 31 December 2023).
- Contractual commitments for the use of third-party assets not recognised using lease accounting. The table
below breaks down the amounts owed by the Group in future periods by maturity, relating to the main
contractual commitments for the use of third-party assets. At 31 December 2024 they mainly related to
warehouses for storing goods and maturing stock as well as information technology, vehicles and buildings.
The increase compared to 2023 mainly refers to the subscription of new contracts to secure additional
warehouse space for storing stocks and maturing inventories, as well as new contracts related to information
technology and buildings.

Consolidated financial statements | 314

Campari Group annual report for the year ended 31 December 2024

| 31 December
| 2024 | 2023
| € million | € million
Within 1 year | 17.4 | 21.2
1-5 years | 44.3 | 12.7
After 5 years | 24.9 | 21.6
Total | 86.6 | 55.5

iii. Fair value information on assets and liabilities
Accounting policy
Fair value on financial assets and liabilities
For fair value information on financial assets and liabilities, please refer to note 6 i-‘Financial instruments’.
Fair value on biological assets
The Group’s biological assets include grapes for champagne production, sugar cane plantations for rum
production and agave for tequila/mezcal production, which are used as raw materials for the production of those
spirits.
Grapevines remain classified as fixed biological assets valued at cost, net of accumulated depreciation and
accumulated impairment losses. Immature vines are stated at accumulated cost. Capitalisation of costs ceases
when the vines reach maturity. Depreciation commences when the grapevines are considered mature, which is
when they produce their first commercially viable crop. Grapes growing on the plant are immediately classified
as biological inventory since agricultural output covers a one-year period and the harvest is expected to occur in
the second half of the year. Taking into account the biological and vegetative cycle, all the costs incurred in
anticipation of the future harvest (service, products and other ancillary costs) are considered as inventory in
current biological assets at the reporting date at a value that is in line with the fair value of the growing grapes
based on available information on commodities markets.
Sugar cane plantations remain classified as fixed biological assets valued at cost, net of accumulated
depreciation and accumulated impairment losses up to the harvest, which occurs from February to June. At
harvest time, the agricultural output that covers a one-year period is classified as an inventory item at a value
estimated based on the costs of infrastructure, land preparation and sugar cane cultivation, with reference to an
active market for comparable plantation and similar output in terms of age and qualitative characteristics, if
available.
Agave plantations remain classified as fixed biological assets valued at cost, net of accumulated depreciation
and accumulated impairment losses. The vegetative cycle for the ripening of the agave fruit is approximately six
years. During this period the agave plants have not yet matured to be used for distillation purposes but can
theoretically be sold as medium-aged plants. Agave cannot be distinguished from planting and can only be
harvested once. The value of the growing product is represented as biological inventory and the reported fair
value is estimated on the basis of the costs of infrastructure, soil preparation and agave cultivation, in the
absence of an active reference market for comparable plantations and similar productions in terms of age and
qualitative characteristics.
The following biological assets are not measured at fair value and consequently are not represented in this
disclosure section:
- grapevines and agave plantations which remain classified as fixed biological assets valued at cost, net of
accumulated depreciation and accumulated impairment losses,
- sugar cane plantations remain classified as fixed biological assets valued at cost, net of accumulated
depreciation and accumulated impairment losses, up to the annual harvest.
Fair value measurement of current biological assets in inventory (agricultural produce: agave, grapes and sugar)
is determined based on the sale price net of estimated sales costs, if available, or having as the main reference
the total production costs in case the agricultural product is so peculiar that there is an absence of any active
reference market for comparable plantation and similar output in terms of age and qualitative characteristics.
Disclosure
A summary of the financial and non-financial assets and liabilities measured at fair value is shown below. As
complementary information, the fair value of the financial items measured at amortised costs based on the
applicable business model is also included.

Consolidated financial statements | 315

Campari Group annual report for the year ended 31 December 2024

| at 31 December
| 2024 | 2023
| € million | € million
A) Items reported at fair value | 50.1 | 194.9
of which assets | 114.9 | 36.9
Current assets for hedging derivatives | 1.0 | 1.6
Current assets for hedge derivatives, not in hedge accounting | 0.4 | 1.0
Non-current assets for hedging derivatives | 2.4 | 2.9
Other non-current assets (non-financial item) | 89.8 | 16.3
Biological asset inventory (non-financial item) | 21.3 | 15.1
of which liability | 172.8 | 232.2
Current liabilities for hedging derivatives | 6.0 | 0.1
Non-current liabilities for hedging derivatives | 0.3 | -
Current liabilities for hedge derivatives, not in hedge accounting | 1.5 | 0.2
Liabilities for put option and earn-out payments | 164.9 | 231.8
B) Financial liabilities reported at amortised cost method but for which fair value information is provided | 2,794.6 | 2,192.9
of which liability | 2,794.6 | 2,192.9
Loans due to banks | 1,215.7 | 1,072.3
Bonds issued in 2017 | - | 149.0
Bonds issued in 2019 | - | 148.5
Bonds issued in 2020 | 517.0 | 504.4
Bonds issued in 2023 | 319.6 | 318.7
Bonds issued in 2024 | 742.3 | -

There were no changes in the Group’s valuation processes, techniques and types of inputs used in the fair
value measurements during the period regarding the fair value of a) financial and b) non-financial instruments.
The valuation date for all items is 31 December 2024.
Financial instruments
Fair value of financial instruments:
- for financial assets and liabilities that are liquid or nearing maturity, it is assumed that the carrying amount
equates to fair value; this assumption also applies to term deposits, securities that can be readily converted
to cash, and variable-rate financial instruments;
- for the measurement of hedging instruments at fair value, the Group used valuation models based on market
parameters;
- the fair value of non-current financial payables was obtained by discounting all future cash flows to present
value under the conditions in effect at the end of the year.
Derivatives, valued using techniques based on market data, are mainly interest-rate swaps and forward sales/
purchases of foreign currencies to hedge both the fair value of the underlying instruments and cash flows.
The most commonly applied measurement methods include forward pricing and swap models, which use
present value calculations. The models incorporate various inputs, including the non-performance risk rating of
the counterparty, market volatility, spot and forward exchange rates and current and forward interest rates.
An analysis of financial instruments measured at fair value based on three different valuation levels is provided
in the table below.
- level 1: valuation for the financial assets in question was calculated using a methodology based on the NAV,
which was obtained from specialised external sources;
- level 2: valuation used for financial instruments measured at fair value was based on parameters such as
exchange rates and interest rates, which are quoted on active markets or are observable on official yield
curves;
- level 3: valuation used for financial liabilities deriving from or connected to business combinations, where a
portion of the consideration was determined as a condition subordinated to the company’s performance
acquired, based on contractually agreed indicators.

Consolidated financial statements | 316

Campari Group annual report for the year ended 31 December 2024

at 31 December 2024 | level 1 | level 2 | level 3
| € million | € million | € million
Assets reported at fair value |  |  |
Current assets for hedging derivatives |  | 1.0 |
Current assets for hedge derivatives, not in hedge accounting |  | 0.4 |
Non-current assets for hedging derivatives |  | 2.4 |
Other non-current assets |  |  | 89.8
Biological asset inventory |  |  | 21.3
Liabilities reported at fair value |  |  |
Current liabilities for hedging derivatives |  | 6.0 |
Non-current liabilities for hedging derivatives |  | 0.3 |
Current liabilities for hedge derivatives, not in hedge accounting |  | 1.5 |
Liabilities for put option and earn-out payments |  |  | 164.9
Financial liabilities at fair value |  |  |
Loans due to banks |  | 1,215.7 |
Bonds issued in 2020 |  | 517.0 |
Bonds issued in 2023 |  | 319.6 |
Bonds issued in 2024 |  | 742.3 |

at 31 December 2023 | level 1 | level 2 | level 3
| € million | € million | € million
Assets reported at fair value |  |  |
Current assets for hedging derivatives | - | 1.6 | -
Current assets for hedge derivatives, not in hedge accounting | - | 1.0 | -
Non-current assets for hedging derivatives | - | 2.9 | -
Other non-current assets | - | - | 16.3
Biological asset inventory | - | - | 15.1
Liabilities reported at fair value |  |  |
Current liabilities for hedging derivatives | - | 0.1 | -
Current liabilities for hedge derivatives, not in hedge accounting | - | 0.2 | -
Liabilities for put option and earn-out payments | - | - | 231.8
Financial liabilities at fair value |  |  |
Loans due to banks | - | 1,072.3 | -
Bonds issued in 2017 | - | 149.0 | -
Bonds issued in 2019 | - | 148.5 | -
Bonds issued in 2020 | - | 504.4 | -
Bonds issued in 2023 | - | 318.7 | -

The following tables show the valuation techniques used in measuring level 2 and level 3 fair values at 31
December 2024 for financial instruments measured at fair value in the statement of financial position, and the
significant unobservable inputs used.

type | valuation technique | Significant unobservable inputs | inter-relationship between significant unobservable inputs and fair value measurement
Forward and option exchange contracts | The fair value is determined using quoted forward exchange rates at the reporting date based on high credit quality yield curves in the respective currencies. The models incorporate various inputs, including the counterparty's credit rating, market volatility, spot and forward exchange rates and current and forward interest rates. | Not applicable. | Not applicable.
Interest rate swaps | The fair value of interest rate swaps agreements is calculated as the present value of the estimated future cash flows. Estimates of future floating-rate cash flows are based on quoted swap rates, futures prices and interbank borrowing rates. Estimated cash flows are discounted using a yield curve constructed from similar sources reflecting the applicable benchmark interbank rate used by market participants when pricing interest rate swaps. The fair value estimate is subject to a credit risk adjustment that reflects the credit risk of the Group and the counterparty; this is calculated based on credit spreads derived from current credit default swap or bond prices. | Not applicable. | Not applicable.

Consolidated financial statements | 317

Campari Group annual report for the year ended 31 December 2024

Contingent consideration and put or put/call agreements connected with business combination | The valuation model considers the present value of expected payments, discounted using a risk-adjusted discount rate. | Wilderness Trail Distillery option - expected contractually target business performances measured over a period of 9 years from the acquisition date; - risk-adjusted discount rate: 3.9%. | The estimated fair value would increase (decrease) if: - the expected contractually target business performances, was higher (lower); or the risk-adjusted discount rate was lower (higher) with related impact in financial liabilities affecting the expected cash out value and Campari Group net equity.
Variable payments in form of earn-out agreements | The valuation model considers the present value of expected payments. | CT Spirits Japan variable earn-out - expected contractually target business performances measured over a period of 3 years from the acquisition date - risk-adjusted discount rate 3.5%. Courvoisier earn-out - company performance contractually envisaged with targets based on sales performances (in USD) in 2028 - risk adjusted discount rate 5.8%. | The estimated fair value would increase (decrease) if: - the expected contractually target business performances, was higher (lower) with related impact in financial liabilities affecting the expected cash out value and the statement of profit or loss.
Derivatives resulting from put/call agreement connected with equity investment and joint-venture | The valuation model considers the present value of expected payments, discounted using a risk-adjusted discount rate. | Spiritus Co Ltd. - expected contractually target business performances measured over a period of 3 years from the acquisition date; - risk-adjusted discount rate 3.5%. | The estimated fair value would increase (decrease) if: – the expected contractually target business performances, was higher (lower); or – the risk-adjusted discount rate was lower (higher) with related impact in financial liabilities affecting the expected cash out value and Campari Group net equity.

There were no transfers between fair value measurement levels during the period.
The following table shows a reconciliation from the opening balance to the closing balance of the periods for
level 3 fair values.

€ million | other non-current assets | liabilities for contingent considerations, put option and earn-out and derivatives over equity investments and joint-ventures
level 3 fair values at 31 December 2023 | 16.3 | 231.8
- change in fair value included in profit or loss | (1.1) | (0.3)
- disposal | (23.7) | (125.1)
- additions | 95.9 | 50.7
- exchange rate effect and other movements | 2.3 | 7.8
level 3 fair values at 31 December 2024 | 89.8 | 164.9

€ million | other non-current assets | liabilities for contingent considerations, put option and earn-out and derivatives over equity investments and joint-ventures
level 3 fair values at 31 December 2022 | 18.8 | 236.3
- change in fair value included in profit or loss | (1.7) | (1.4)
- change in fair value included in Group net equity | - | 8.5
- additions | 0.1 | 0.5
- exchange rate effect and other movements | (0.9) | (8.8)
level 3 fair values at 31 December 2023 | 16.3 | 231.8

For the level 3 fair value items, reasonably possible changes at the reporting date to one of the significant
unobservable inputs, holding other inputs constant, would have been the following effects. The baseline is the
contingent consideration recorded as put option liability in the Consolidated Financial statements at 31
December.

Consolidated financial statements | 318

Campari Group annual report for the year ended 31 December 2024

at 31 December 2024 | profit or loss | group net equity
€ million | (+) increase/(-) decrease | (+) increase/(-) decrease
liabilities for contingent considerations, put option and earn-out |  |
risk adjusted discount rate +/-1% (+/-100 basis points) | 1.8/-1.9 | 6.9/-7.5
expected contractually target business performances +/-10% (+/-1000 basis points) | -5.0/+5.0 | -11.5/+11.5

at 31 December 2023 | profit or loss | group net equity
€ million | (+) increase/(-) decrease | (+) increase/(-) decrease
liabilities for contingent considerations, put option and earn-out |  |
risk adjusted discount rate +/-1% (+/-100 basis points) | 0.1/-0.1 | 10.5/-11.3
expected contractually target business performances +/-10% (+/-1000 basis points) | -0.1/0.1 | -17.8/+17.8

In light of the negligible amount of derivatives over equity investments and joint-ventures classified as level 3 fair
value items, no sensitivity was detected as any reasonably possible changes at the balance sheet date of one of
the significant unobservable inputs, keeping the other variables constant, would not have generated material
effects either on the statement of profit or loss or on the group net equity.
Financial derivatives
A summary of financial derivatives implemented by the Group at 31 December 2024, broken down by hedging
strategy, is shown below.
- Derivatives used for fair value hedging
At 31 December 2024, certain Group subsidiaries have contracts for hedging payables and receivables in
foreign currency in place that meet the requirements to be defined as fair value hedging instruments. These
contracts were negotiated to match maturities with incoming and outgoing cash flows resulting from sales and
purchase s in individual currencies. At the reporting date the valuation of these contracts gave rise to the
reporting of assets of €0.9 million and liabilities of €4.2 million (€1.1 million of assets and €0.1 million of liabilities
in 2023).
Gains and losses on the hedged and hedging instruments used in all the Group’s fair value hedges,
corresponding to the contracts mentioned above, are summarised below.

| for the year ended 31 December
| 2024 | 2023
| € million | € million
Gains on hedging instruments | 1.3 | 0.9
Losses on hedging instruments | (0.3) | (0.1)
Total gains (losses) on hedging instruments | 1.0 | 0.8
Gains on hedged items | 3.7 | 0.2
Losses on hedged items | (1.3) | (2.0)
Total gains (losses) on hedged items | 2.5 | (1.8)

- Derivatives used for cash flow hedging
The Group uses the following contracts to hedge its cash flows:
i) interest-rate swaps hedging the risk of interest rate fluctuations on future transactions relating to the stipulation
of financial loans;
ii) hedging of future sales and purchases in currencies other than the € and interest rates on future transactions.
The fair value variation of the hedging instruments during the year generated a negative impact in other
comprehensive income of €2.9 million and €0.8 million in profit or loss related to the reversal of cash flow
reserve associated with the pre-hedge derivative (compared with negative impact of €19.7 million and €3.9
million respectively in 2023).
At the reporting date, the valuation of these contracts gave rise to the reporting of assets of €2.5 million and
€2.1 million of liabilities (€2.9 million of assets and negligible liabilities in 2023).
The table below shows when the aforementioned hedged cash flows are expected to be received (paid), at 31
December 2024. These cash flows concern both interest and currency derivatives and have not been
discounted. Since the Group does not distinguish the outflow for positive and negative fair values of derivative
contracts, the below cash outflows are presented net.

Consolidated financial statements | 319

Campari Group annual report for the year ended 31 December 2024

for the year ended 31 December 2024 | within one year | 1-5 years | total |
| € million | € million | € million |
Cash outflows (A) | (1.8) | (3.4) | (5.2) |
Cash inflows (B) | 0.5 | 10.2 | 10.7 |
Net cash flows (A+B) | (1.3) | 6.8 | 5.5 |

for the year ended 31 December 2023 | within one year | 1-5 years | total
| € million | € million | € million
Cash inflows | 0.5 | 11.7 | 12.3
Net cash flows | 0.5 | 11.7 | 12.2

The overall changes in the cash flow hedge reserve and the associated deferred taxes are shown below.

| gross amount | tax effect | net amount
| € million | € million | € million
at 31 December 2023 | 12.3 | (2.9) | 9.3
profit or loss impact | (0.8) | 0.2 | (0.6)
net equity impact | (2.9) | 0.8 | (2.1)
at 31 December 2024 | 8.6 | (2.0) | 6.6

| gross amount | tax effect | net amount
| € million | € million | € million
at 31 December 2022 | 35.9 | (8.6) | 27.3
profit or loss impact | (6.1) | 1.5 | (4.7)
net equity impact | (17.5) | 4.2 | (13.3)
at 31 December 2023 | 12.3 | (2.9) | 9.3

- Hedging derivatives not reported using hedge accounting
These instruments are mainly related to hedges of future purchases in currencies other than the €. At 31
December 2024, financia l asset s of €0.4 million and financia l liabilities of €1.5 million were recognise d (at 31
December 2023 financial assets of €1.0 million and financial liabilities of €0.2 million, respective ly).
b) Non-financial instruments
Fair value of non-financial instruments:
The table below details the hierarchy of non-financial instruments measured at fair value, based on the valuation
methods used:
- level 1: the valuation methods use prices quoted on an active market for the assets and liabilities subject to
valuation;
- level 2: the valuation methods take into account inputs other than the quoted market prices in level 1, but
only those that are observable on the market, either directly or indirectly;
- level 3: the methods used take into account inputs that are not based on observable market data.

31 December 2024 | level 1 | level 2 | level 3
| € million | € million | € million
Assets valued at fair value |  |  |
Third-party investment |  | - | 89.8
Biological assets in inventory |  | - | 21.3

31 December 2023 | level 1 | level 2 | level 3
| € million | € million | € million
Assets valued at fair value |  |  |
Third-party investment | - | - | 16.3
Biological assets in inventory | - | - | 15.1

The following tables show the valuation techniques used in measuring level 2 and level 3 fair values at 31
December 2024 for non-financial instruments measured at fair value in the statement of financial position, and
the significant unobservable inputs used.

Consolidated financial statements | 320

Campari Group annual report for the year ended 31 December 2024

type | valuation technique | significant unobservable inputs | inter-relationship between significant unobservable inputs and fair value measurement
biological assets (inventory) | The fair value of agricultural products grown on the plant is determined by considering the market value of similar commodities and the biological/vegetative cycle which is based on all costs incurred in anticipation of the future harvest (service, products and other ancillary costs). | - actual cost of cultivation and preparation of the land and the plant per hectare - estimated yields per hectare - estimated market price for similar commodities. | The estimated fair value would increase (decrease) if: - the estimated cost of cultivation and preparation of the land and plantation was higher (lower); or - the estimated yield per hectare was higher (lower).
third-party investments | The valuation model considers investments in companies that are strategic investments for the Group for which the election has been to recognise changes in the related fair values through profit or loss. The fair value is defined based on the performance result of the companies based on the last Financial Statements available. | - business performance. | The estimated fair value would increase (decrease) if the business performances, was higher (lower).

All the biological products (agave, sugar cane and grapes) are classified as current inventory in consideration of
their annual vegetative growing process, apart from agave which is classified as inventory even during the 6-
year growing period in consideration of the vegetative characteristics of the product. The amount disclosed in
the consolidated accounts at 31 December 2023 for sugar cane and grapes, was used in the production process
during the year 2023 and the value reported in the Group statement of financial position at 31 December 2024
represented the new value of agricultural products that are growing on the plants.
The following table shows a reconciliation from the opening and the closing balance for level 3 fair values as of
31 December 2024 and 2023 for biological assets in inventory and third-party investments, respectively.
In 2024, the change in fair value indicated referred to the harvests of agave and sugar cane carried out during
the year.

€ million | biological assets in inventoryʿ¹ʾ
at 31 December 2023 | 15.1
harvest and reclassification to raw materials | (0.6)
accretion | 9.3
change in fair value included in profit or loss (cost of goods sold) | 0.1
exchange rate differences | (2.6)
at 31 December 2024 | 21.3

(1)Please refer to note 5 iii-‘Inventories and biological assets’.

€ million | biological assets in inventory
at 31 December 2022 | 7.1
harvest and reclassification to raw materials | (1.2)
accretion | 7.2
change in fair value included in profit or loss (cost of goods sold) | 1.0
exchange rate differences | 0.9
at 31 December 2023 | 15.1

In light of the negligible amount of biological assets in inventory classified as level 3 fair value items, no material
sensitivity effect was detected as any reasonably possible changes at the balance sheet date of one of the
significant unobservable inputs, keeping the other variables constant, would not have generated material effects
either on the statement of profit or loss or on the inventory item.

€ million | third-party investments
at 31 December 2023 | 16.3
investments | 96.9
revaluation / devaluation | (24.7)
perimeter effect | 0.1
exchange rate differences | 1.3
at 31 December 2024 | 89.8

Consolidated financial statements | 321

Campari Group annual report for the year ended 31 December 2024

€ million | third-party investments
at 31 December 2022 | 18.8
investments | -
revaluation / devaluation | (1.7)
perimeter effect | -
exchange rate differences and other movements | (0.8)
at 31 December 2023 | 16.3

Due to the fact that the major value related to third-party investments classified as level 3 fair value items is
related to the recently acquired minority stake in Capevin Holdings Proprietary Ltd., the value recorded in the
financial statements is aligned with its fair value. No material sensitivity effect was detected, as any reasonably
possible changes at the balance sheet date of one of the significant unobservable inputs, keeping the other
variables constant, would not have generated material effects either on the statement of profit or loss or on the
statement of financial position.
iv. Defined benefit and contribution plans
Accounting policy
Post-employment benefits
Group companies provide post-employment benefits to staff, both directly and by contributing to external funds.
The procedures for providing these benefits vary depending on the legal, fiscal and economic conditions in each
country in which the Group operates.
Defined benefit plans
The Group’s obligations and the annual cost reported in the statement of profit or loss are determined by
independent actuaries using the projected unit credit method.
The costs associated with an increase in the present value of the obligation, as the time for payment of the
benefits draws nearer, are included under financial expenses, while the service costs are posted under the
reporting line of cost of sales and selling, general and administrative expenses.
Defined contribution plans
Based on legal or contractual obligations, or on a voluntary basis, the Group fulfils post-employment employees
obligations by paying contributions to a separate entity (publicly or privately administered pension funds),
without making any actuarial calculation. At the end of the financial year, any liabilities for contributions to be
paid are included in 'Other current liabilities’, while the cost for the period is recognised under the reporting line
of cost of sales and selling, general and administrative expenses.
Disclosure
Regarding the Group’s Italian subsidiaries, the defined benefit plans consist of the employee indemnity liability
(‘TFR’), to which its employees are entitled by law. Following the reform of the supplementary pension scheme
in 2007, for companies employing at least 50 people, TFR contributions accrued up to 31 December 2006 are
considered to be ‘defined benefit plans’, while contributions accruing from 1 January 2007, which have been
allocated to a fund held at the INPS (Italian social security agency) or to supplementary pension funds, are
considered to be ‘defined contribution plans’. The portion of the TFR considered as a defined benefit plan
consists of an unfunded plan that does not, therefore, hold any dedicated assets. The other unfunded defined
benefit plans relate to Campari France Distribution SAS, Courvoisier SAS and Jubert SAS. Campari
Deutschland GmbH and Campari Schweiz A.G. have some funded defined benefit plans in place for employees
and/or former employees. These plans have dedicated assets.
The liability for medical insurance in place at 31 December 2024 relates to J. Wray and Nephew Ltd. and offers
access to health care provided that employees stay with the company until pensionable age and have
completed a minimum period of service. The cost of these benefits is spread over the employee’s service period
using a calculation methodology similar to that used for defined benefit plans.
The table below summarises the changes in the present value of defined benefit obligations, and the fair values
of the assets relating to the plan in 2024 and 2023.

Consolidated financial statements | 322

Campari Group annual report for the year ended 31 December 2024

€ million | liabilities | assets
Liabilities (assets) at 31 December 2023 | 31.3 | (4.9)
Amounts included in profit or loss: |  |
current service costs(1) | 0.9 | -
- net interest | 1.0 | (0.1)
Total | 1.9 | (0.1)
Amounts included in the statement of other comprehensive income: |  |
- gain (losses) resulting from changes in actuarial assumptions | 1.0 | -
- changes to plan assets (excluding components already considered in net interest payable) | - | -
Total | 1.0 | -
Other changes: |  |
- benefits paid | - | 0.7
business combination(2) | 3.4 | -
- contribution to the plan by other members | 0.2 | (0.6)
- contributions to the plan by employees | 0.2 | (0.2)
- benefits transferred | (1.7) | -
- other changes | 0.1 | -
Total | 2.1 | (0.1)
Liabilities (assets) at 31 December 2024(3) | 36.3 | (5.0)

(1)Of which €0.7 million related to defined benefit plans and €0.2 million related to other liabilities.
(2)Of which €3.1 million of business combination and €0.3 million of movement of the year.
(3)Of which €25.9 million included under Defined benefit plans (note 8 iv); of which €5.4 million included under Other non-current liabilities (note 6 v-‘Non-current
financial debt’ of this Campari Group Consolidated Financial statements).

€ million | liabilities | assets
Liabilities (assets) at 31 December 2022 | 31.9 | (4.4)
Amounts included in profit or loss: |  |
- current service costs | 2.6 | -
- past service costs | (0.9) | -
- net interest | 0.9 | (0.1)
Total | 2.5 | (0.1)
Amounts included in the statement of other comprehensive income: |  |
- gain (losses) resulting from changes in actuarial assumptions | (0.5) | 0.1
- exchange rate differences | - | (0.1)
Total | (0.5) | (0.1)
Other changes: |  |
- benefits paid | (1.2) | 0.5
- contribution to the plan by other members | 0.2 | (0.6)
- contributions to the plan by employees | (0.3) | (0.2)
- benefits transferred | (1.4) | -
Total | (2.6) | (0.3)
Liabilities (assets) at 31 December 2023(1) | 31.3 | (4.9)

(1)Of which €22.6 million included under Defined benefit plans (note 8 iv); of which €3.9 million included under Other non-current liabilities (note 6 v-‘Non-current
financial debt’ of this Campari Group Consolidated Financial statements).
The table below shows the total changes in obligations for defined benefit plans financed using assets that
serve the plan (funded obligations) and the liabilities relating to long-term unfunded benefits. It also includes
benefits categorized as ‘other liabilities’ linked to medical cover provided by J. Wray and Nephew Ltd. to its
current and/or former employees, and the long-term benefits of the Group’s Italian companies (‘TFR’).

Consolidated financial statements | 323

Campari Group annual report for the year ended 31 December 2024

Current value of obligations | unfunded obligations | funded obligations
€ million | pension plans | other liabilities | gross value of pension plans | fair value of assets | net values
Liabilities (assets)at 31 December 2023 | 21.8 | 3.9 | 5.7 | (4.9) | 0.8
Amounts included in profit or loss: |  |  |  |  |
- current service costs | 0.3 | 0.2 | 0.3 | - | 0.3
- past service costs | - | - | - | - | -
- net interest | 0.8 | - | 0.1 | (0.1) | -
Total | 1.2 | 0.2 | 0.5 | (0.1) | 0.3
Amounts included in the statement of other comprehensive income: |  |  |  |  |
- gain/(losses) resulting from changes in actuarial assumptions | 0.3 | - | 0.7 | - | 0.7
- changes to plan assets (excluding components already considered in net interest payable) | - | - | - | - | -
- exchange rate differences | - | 0.1 | - | - | -
Total | 0.3 | - | 0.6 | - | 0.7
Other changes: |  |  |  |  |
- benefits paid | (0.3) | 1.0 | (0.7) | 0.7 | -
- business combination | 3.4 | - | - | - | -
- contribution to the plan by other members | - | - | 0.2 | (0.6) | (0.4)
- contributions to the plan by employees | (0.2) | 0.2 | 0.2 | (0.2) | -
- benefits transferred | (1.7) | - | - | - | -
- other changes | 0.1 | - | - | - | -
Total | 1.2 | 1.2 | (0.3) | (0.1) | (0.5)
Liabilities (assets) at 31 December 2024(1) | 24.5 | 5.4 | 6.4 | (5.0) | 1.4

(1)Of which €25.9 million included under Defined benefit plans (note 8 iv); of which €5.4 million included under Other non-current liabilities (note 6 v-‘Non-current
financial debt’ of this Campari Group Consolidated Financial statements).

Current value of obligations | unfunded obligations | funded obligations
€ million | pension plans | other liabilities | gross value of pension plans | fair value of assets | net values
Liabilities (assets) at 31 December 2022 | 23.6 | 3.5 | 4.8 | (4.4) | 0.4
Amounts included in profit or loss: |  |  |  |  |
- current service costs | 1.9 | 0.4 | 0.2 | - | 0.2
- past service costs | (0.9) | - | - | - | -
- net interest | 0.7 | - | 0.1 | (0.1) | -
Total | 1.8 | 0.4 | 0.3 | (0.1) | 0.2
Amounts included in the statement of other comprehensive income: |  |  |  |  |
- gain/(losses) resulting from changes in actuarial assumptions | (1.4) | 0.4 | 0.4 | 0.1 | 0.5
- exchange rate differences |  | (0.2) | 0.2 | (0.1) | 0.1
Total | (1.4) | 0.2 | 0.6 | (0.1) | 0.6
Other changes: |  |  |  |  |
- benefits paid | (0.4) | (0.3) | (0.5) | 0.5 | -
- contribution to the plan by other members | - | - | 0.2 | (0.6) | (0.3)
- contributions to the plan by employees | (0.4) | - | 0.2 | (0.2) | -
- benefits transferred | (1.4) | - | - | - | -
Total | (2.2) | (0.3) | (0.1) | (0.3) | (0.4)
Liabilities (assets) at 31 December 2023(1) | 21.8 | 3.9 | 5.7 | (4.9) | 0.8

(1)Of which €22.6 million included under Defined benefit plans (note 8 iv); of which €3.9 million included under Other non-current liabilities (note 6 v-‘Non-current
financial debt’ of this Campari Group Consolidated Financial statements).
The cost of work provided is classified under personnel costs, financial liabilities on obligations are classified
under financial liabilities, and the effects of the recalculation of actuarial impacts are recognised in the other
items of the statement of other comprehensive income. The table below provides a breakdown of the values of
assets that service the pension plans.

| at 31 December
| 2024 | 2023
- equity investments | 3.0 | -
- insurance policies | 2.1 | 4.9
Fair value of plan assets | 5.0 | 4.9

Obligations related to the plans indicated above are calculated on the basis of the following assumptions.

Consolidated financial statements | 324

Campari Group annual report for the year ended 31 December 2024

31 December | 2024 | 2023 | 2024 | 2023 | 2024 | 2023
| unfunded pension plans | funded pension plans | other plans
Discount rate | 3.00% - 3.40% | 3.75% - 4.07% | 1.05%-1.90% | 1.83%-1.90% | 8.50%-9.00% | 13.00%
Future salary increases | 2.00% - 3.42% | 2.00% - 4.00% | 1.40%-2.40% | 1.40%-2.40% | - | -
Future pension increases | - | - | 1.05%-2.00% | 1.20%-2.00% | - | -
Growth rate of healthcare costs | - | - | - | - | 7.50%-8.00% | 7.00%
Expected return on assets | - | - | - | 1.90% | - | -
Staff turnover rate | 0.00% - 37.00% | 0.00% - 40.41% | - | - | - | -
Forecast inflation rate | 2.00% - 2.50% | 1.65% - 3.00% | 1.00% | 1.20% | 6.00% | 5.50%

The rates relating to the costs of future medical costs are not included in the assumptions used in determining
the above-defined benefit obligations. Thus, any changes in these rates would not have any effect.
A quantitative sensitivity analysis of the significant assumptions used at 31 December 2024 is provided below.
Specifically, it shows the effects on the final net obligation arising from a positive or negative percentage change
in the key assumptions used.

| unfunded pension plans | funded pension plans | other plans
| change in the assumptions | impact of positive change | impact of negative change | change in the assumptions | impact of positive change | impact of negative change | change in the assumptions | impact of positive change | impact of negative change
2024 |  |  |  |  |  |  |  |  |
Discount rate | +\- 0.25%-0.5% | -4.80%/-0.78% | 0.90%/5.20% | +/- 0.5% | -6.53%/-8.40% | 7.38%/9.90% | +/- 1.0% | -4.35%/-7.75% | 8.98%/4.35%
Future salary increases | +\- 0.5% | 0.47%/1.30% | -0.44%/-1.20% | +/- 0.5% | 1.70% | -1.60% | - | - | -
Future pension increases | - | - | - | +/-0.50% | 3.45% | -3.28% | - | - | -
Staff turnover rate | +\- 0.5% | 0.05%/0.50% | -0.05%/-0.50% | - | - | - | - | - | -

2023 |  |  |  |  |  |  |  |  |
Discount rate | +\- 0.5% | -3.03%/-0.78% | 0.80%/3.25% | +/- 0.25% +/- 0.5% +/-1.00% | -7.9%/-1.75% | 1.77%/9.20% | +/- 1.0% | -6.70%/-4.80%/- 3.30% | 3.30%/4.80%/5. 90%
Future salary increases | - | - | - | +/- 0.25% +/- 0.5% +/-1.00% | 1.30%/3.43% | -1.20%/-3.25% | - | - | -
Future pension increases | - | - | - | - | - | - | - | - | -
Forecast inflation rate | - | - | - | - | - | - | - | - | -
Staff turnover rate | +\- 0.5% | -0.15%/-0.04% | 0.05%/0.08% | - | - | - | - | - | -
Growth rate of healthcare costs | - | - | - | - | - | - | - | - | -

The sensitivity analysis shown above is based on a method involving the extrapolation of the impact on the net
obligation for defined benefit plans of reasonable changes to the key assumptions made at the end of the
financial year. The methodology and the assumptions made in preparing the sensitivity analysis remain
unchanged from the previous year.
Given that pension liabilities have been adjusted based on the consumer price index, the pension plan is
exposed to the various countries’ inflation rates, to interest rate risks, and to changes in the future salary and
pension increases. Given that the assets servicing the plans mainly relate to investments in bonds, the Group is
also exposed to market risk in the related sectors. Overall, considering the contained exposure to funded
pension plans leveraging on plan assets, the financial volatility of markets is not generating material disruption
or criticality.
The following payments are the expected contributions made in future years to provide for the obligations of the
defined benefit plans.

Consolidated financial statements | 325

Campari Group annual report for the year ended 31 December 2024

€ million | at 31 December 2024 | unfunded pension plans | funded pension plans | other plans
Within 12 months | 14.5 | 13.8 | 0.5 | 0.2
From 2 to 5 years | 5.9 | 3.2 | 2.0 | 0.7
More than 5 years (1) | 9.4 | 4.8 | 3.3 | 1.3
Total | 29.8 | 21.8 | 5.7 | 2.3
Average plan duration (years) | 13 | 13 | 13 | 15

(1)Italian and Swiss companies have expected future contributions calculated up to 10 years.

€ million | at 31 December 2023 | unfunded pension plans | funded pension plans | other plans
Within 12 months | 14.9 | 14.3 | 0.4 | 0.2
From 2 to 5 years | 5.3 | 2.8 | 1.8 | 0.7
More than 5 years | 8.4 | 4.0 | 3.1 | 1.3
Total | 28.6 | 21.1 | 5.4 | 2.2
Average plan duration (years) | 12 | 9 | 12 | 14

v. Related parties
Disclosure
At 31 December 2024, Davide Campari-Milano N.V. was controlled by the Italian Branch of Lagfin S.C.A.,
Société en Commandite par Actions. Davide Campari-Milano N.V. and its Italian subsidiaries have adopted the
national tax consolidation scheme governed by articles 117 et seq of the Consolidated Law on Corporate
Income Tax (‘TUIR’) for 2024 to 2026 and the individual Italian companies' income tax receivables and payables
were recorded from or to, respectively,the Italian Branch of Lagfin S.C.A., Société en Commandite par Actions.
Furthermore, Lagfin S.C.A., Société en Commandite par Actions, Davide Campari-Milano N.V. and some of its
Italian subsidiaries, have joined the Group wide VAT scheme pursuant to article 73, para. 3, of Presidential
Decree (‘DPR’) 633/72. All tax receivables and payables are non-interest-bearing.
The tables below indicate the amounts for the various categories of transactions with related parties.

| receivables for tax consolidation | receivables (payables) for Group VAT | other non-current tax receivables (payables) | other financial (liabilities)(1)
31 December 2024 | € million | € million | € million | € million
Lagfin S.C.A., Société en Commandite par Actions | 5.7 | (2.5) | 0.1 | (1.0)
Total | 5.7 | (2.5) | 0.1 | (1.0)
% on the related financial statements item | 15.1% | 2.0% | 0.1% | 1.7%

(1)A related right-of-use asset with an amount of €1.0 million was recorded (please refer to the note 4 i-'Property, plant and equipment, right-of-use assets and
biological assets).

| receivables for tax consolidation | payables for tax consolidation | receivables (payables) for Group VAT | other non-current tax receivables | other financial liabilities
31 December 2023 | € million | € million | € million | € million | € million
Lagfin S.C.A., Société en Commandite par Actions | 20.0 | (9.2) | (3.2) | 0.1 | (1.2)
Total | 20.0 | (9.2) | (3.2) | 0.1 | (1.2)
% on the related financial statements item | 43.5% | 41.4% | 3.6% | 0.5% | 2.1%

| selling, general and administrative expenses
2024(1) | € million
Lagfin S.C.A., Société en Commandite par Actions | (0.1)
Total | (0.1)
% | -

(1)The financial interest component related to the other financial (liabilities) was negligible, depreciation and amortisation referring to the right-of-use asset not
represented in this related parties section amounted to €0.2 million and presented as selling, general and administrative expenses.

| selling, general and administrative expenses
2023 | € million
Lagfin S.C.A., Société en Commandite par Actions | (0.1)
Total | (0.1)
% | -

Consolidated financial statements | 326

Campari Group annual report for the year ended 31 December 2024

vi. Remuneration to the Parent Company’s Board of Directors
Disclosure
The remuneration to the Parent Company’s Board of Directors included in selling, general and administrative
expenses was as follows.

| for the year ended 31 December
| 2024 | 2023
| € million | € million
Short-term fixed and variable remuneration | 6.0 | 7.9
Termination benefits | 3.2 | -
Long-term and share - based remuneration(1) | 2.8 | 3.0
Last mile long-term retention scheme(2) | 2.5 | 10.0
Total | 14.5 | 20.9

(1)The value shown above also includes the liability relating to the cancellation of plans granted to outgoing directors.
(2)Pursuant to the Remuneration Policy, in 2024 a shared-based last mile incentive scheme with retention purpose to be potentially awarded to the current CFOO
has been approved by the Parent Company’s corporate bodies and therefore implemented as illustrated in the Remuneration report in the ‘Governance‘ section.
On the date of this report, a payable to directors of €3.7 million was recognised in the Group’s accounts (at 31
December 2023 amounted to €33.8 million).
vii. Employees
Disclosure
The tables below indicate the average number of employees at the Group, broken down by business segment,
category and region.

Business segment | 2024 | 2023
Production | 2,137 | 2,023
Sales and distribution | 2,055 | 1,885
General | 922 | 856
Total | 5,114 | 4,764
Category | 2024 | 2023
Managers | 839 | 783
Office staff | 3,168 | 2,869
Manual workers | 1,107 | 1,112
Total | 5,114 | 4,764
Region | 2024 | 2023
Italy | 1,194 | 1,147
Abroad | 3,920 | 3,617
Total | 5,114 | 4,764

At 31 December 2024, the average number of employees was 5,114 (employees 5,254 at 31 December 2024),
of which 1,194 were based in Italy and 3,920 around the world. No Group employees are based in the
Netherlands.
9. Subsequent events
i. Group corporate actions
Campari Group new operating model
As mentioned also in the 'Campari Group's identity and business overview' section of the Management Board
Report, a new business model will be launched in 2025 revolving around the interaction between the existing
regional business units and four newly created category divisions: House of Aperitifs, House of Whisk(e)y and
Rum, House of Agave, and House of Cognac&Champagne. Consequently, related disclosures over Net Sales
will be subject to a review.
Following the implementation of the new House of Brands business model starting from 1 January 2025, the
classification of certain cost items between ‘Selling, general and administrative expenses’ and ‘Cost of sales’ will
be reviewed. In particular, some expenses, primarily related to Supply Chain functions that have progressively
evolved into administrative and coordination roles, that were historically classified as Cost of sales, will be

Consolidated financial statements | 327

Campari Group annual report for the year ended 31 December 2024

presented under Selling, general and administrative expenses. This change reflects the transition of these
functions away from direct operational activities to supporting roles, in line with the Group's strategic evolution to
the new House of Brand business model. The new classification aims to provide a clearer and more accurate
representation of the nature and purpose of these expenses within the financial statements. To ensure
consistency and comparability, comparative data for the full year 2024 represented in the statement of profit or
loss, along with the related disclosures for Selling, general and administrative expenses and Cost of sales, will
be restated accordingly to reflect this revised presentation.
It is noted that the changes in representation do not imply changes in the disclosures provided in the
consolidated financial statements at 31 December 2024, which remain fully comprehensive and complete.
The table below showed the net sales and statement of profit or loss originally published in the consolidated
financial statements at 31 December 2024, alongside the corresponding figures following the above-mentioned
reclassifications.

for the year ended 31 December 2024 | published | House of Aperitifs | House of Whiskeys& Rum | House of Agave | House of Cognac& Champagne | local brands | reclassification | total - after reclassification
| € million | € million | € million | € million | € million | € million | € million | € million
global priority brands | 2,050.2 |  |  |  |  |  |  |
Aperol | 740.9 | 740.9 | - | - | - | - | - | -
Campari | 337.4 | 337.4 | - | - | - | - | - | -
Espolòn | 264.6 | - | - | 264.6 | - | - | - | -
Wild Turkey portfolio | 215.7 | - | 215.7 | - | - | - | - | -
Jamaican rums portfolio | 147.1 | - | 147.1 | - | - | - | - | -
Grand Marnier | 144.7 | - | - | - | 144.7 | - | - | -
SKYY | 127.3 | - | - | - | - | 127.3 | - | -
Courvoisier | 72.5 | - | - | - | 72.5 | - | - | -
regional priority brands | 563.7 |  |  |  |  |  |  |
Sparkling Wines, Champagne&Vermouth | 176.4 | - | - | - | 10.5 | 165.9 | - | -
Other specialities | 278.0 | 87.3 | - | 28.8 | 8.4 | 153.4 | - | -
Other Whisk(e)y | 45.2 | - | 25.9 | - | - | 19.3 | - | -
Crodino | 64.0 | 64.0 | - | - | - | - | - | -
local priority brands | 188.2 |  |  |  |  |  |  |
Campari Soda | 77.0 | 77.0 | - | - | - | - | - | -
Wild Turkey ready-to-drink | 48.7 | - | 48.7 | - | - | - | - | -
SKYY ready-to-drink | 36.8 | - | - | - | - | 36.8 | - | -
Ouzo 12 | 25.7 | - | - | - | - | 25.7 | - | -
rest of the portfolio | 267.6 | 20.1 | - | 1.0 | 2.1 | 244.5 | - | -
Net sales | 3,069.7 | 1,326.6 | 437.5 | 294.4 | 238.3 | 772.9 | - | 3,069.7
Cost of sales | (1,303.0) | - | - | - | - | - | 25.6 | (1,277.4)
Gross profit | 1,766.7 | - | - | - | - | - | 25.6 | 1,792.3
Advertising and promotional expenses | (513.3) | - | - | - | - | - | - | (513.3)
Contribution margin | 1,253.4 | - | - | - | - | - | 25.6 | 1,279.0
Selling, general and administrative expenses | (648.4) | - | - | - | - | - | (25.6) | (674.1)
Result from recurring activities (EBIT-adjusted) | 604.9 | - | - | - | - | - | - | 604.9

Consolidated financial statements | 328

Campari Group annual report for the year ended 31 December 2024

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Company only financial statements | 329

Campari Group annual report for the year ended 31 December 2024

Davide Campari-Milano N.V. - Company only financial statements at 31
December 2024

Company only financial statements | 330

Campari Group annual report for the year ended 31 December 2024

Index-Company only financial statements

Company only primary statements ............................................................................................................... | 332
Statement of profit or loss ......................................................................................................................... | 332
Statement of other comprehensive income ........................................................................................... | 332
Statement of financial position ................................................................................................................ | 333
Statement of cash flow .............................................................................................................................. | 334
Statement of changes in shareholders’ equity ....................................................................................... | 335
Notes to the Company only financial statements ..................................................................................... | 336
1. General information ............................................................................................................................ | 336
2. Accounting information and material general accounting policies ............................................... | 336
3. Results for the period .......................................................................................................................... | 342
i. Net sales ......................................................................................................................................... | 342
ii. Cost of sales ................................................................................................................................... | 344
iii. Advertising and promotional expenses ..................................................................................... | 344
iv. Public grants .................................................................................................................................. | 344
v. Selling, general and administrative expenses ....................................................................... | 345
vi. Personnel costs ............................................................................................................................ | 345
vii. Depreciation and amortisation ................................................................................................... | 346
viii. Financial income and expenses ......................................................................................... | 346
ix. Leases components ..................................................................................................................... | 347
x. Share of profit (loss) of joint-ventures and other investments ................................................ | 348
xi. Taxation ........................................................................................................................................ | 349
4. Operating assets and liabilities .......................................................................................................... | 351
i. Property, plant and equipment and right of use ......................................................................... | 352
ii. Intangible assets ............................................................................................................................ | 353
iii. Investments in subsidiaries and joint-ventures ........................................................................ | 356
iv. Other non-current assets ............................................................................................................. | 359
v. Other current assets ...................................................................................................................... | 359
vi. Other non-current liabilities ...................................................................................................... | 360
vii. Other current liabilities ................................................................................................................ | 360
viii. Capital grants .............................................................................................................................. | 361
5. Operating working capital ................................................................................................................... | 361
i. Trade receivables ................................................................................................................... | 361
ii. Trade payables ........................................................................................................................... | 362
iii. Inventories ..................................................................................................................................... | 363
6. Net financial debt ................................................................................................................................. | 364
i. Financial instruments .................................................................................................................... | 364
ii. Cash and cash equivalents ......................................................................................................... | 368
iii. Other current financial assets .................................................................................................... | 368
iv. Other non-current financial assets ............................................................................................ | 369
v. Non-current financial debt .......................................................................................................... | 369
vi. Current financial debt ................................................................................................................. | 371
vii. Lease components ...................................................................................................................... | 371
viii. Reconciliation with net financial debt and cash flow statement .......................................... | 373
ix. Explanatory notes to the cash flow statement ......................................................................... | 374
7. Risk management and capital structure .......................................................................................... | 374
i. Capital management ...................................................................................................................... | 374
ii. Nature and extent of the risks arising from financial instruments ...................................... | 374
iii. Shareholders’ equity .................................................................................................................. | 377
iv. Share-based payments ............................................................................................................ | 383
v. Other comprehensive income ..................................................................................................... | 386
vi. Reconciliation of the Parent Company and Group net profit and shareholders' equity .... | 386

Company only financial statements | 331

Campari Group annual report for the year ended 31 December 2024

8. Other disclosures ................................................................................................................................. | 387
i. Provisions for risks and future charges ....................................................................................... | 387
ii. Commitments and risks .............................................................................................................. | 388
iii. Fair value information on assets and liabilities ...................................................................... | 389
iv. Defined benefit plans ................................................................................................................... | 394
v. Related parties .............................................................................................................................. | 396
vi. Remuneration to the Company’s Board of Directors .............................................................. | 398
vii. Employees ................................................................................................................................... | 399
viii. Audit and non-audit related fees .............................................................................................. | 399
9. Subsequent events .............................................................................................................................. | 399
i. Company significant events .......................................................................................................... | 399

Company only financial statements | 332

Campari Group annual report for the year ended 31 December 2024

Company only primary statements
Statement of profit or loss

|  | for the year ended 31 December
| notes | 2024 | 2023
|  | € million | € million
Gross sales |  | 1,165.1 | 1,134.0
Excise duties(1) |  | (89.2) | (93.7)
Net sales | 3 i | 1,075.9 | 1,040.4
Cost of sales | 3 ii | (427.2) | (428.1)
Gross profit |  | 648.8 | 612.3
Advertising and promotional expenses | 3 iii | (79.0) | (80.8)
Contribution margin |  | 569.8 | 531.5
Selling, general and administrative expenses | 3 v | (300.6) | (226.5)
Operating result |  | 269.2 | 305.0
Financial expenses | 3 viii | (79.4) | (44.5)
Financial income | 3 viii | 38.0 | 17.6
Dividends | 3 viii | 21.1 | 105.9
Share of profit (loss) of joint-ventures and other investments | 3 x | (38.6) | (9.3)
Profit before taxation |  | 210.3 | 374.7
Taxation | 3 xi | (48.0) | (86.5)
Profit for the period |  | 162.3 | 288.2

(1)Excise duties where Campari Group acts as an agent.
Statement of other comprehensive income

|  | for the year ended 31 December
| notes | 2024 | 2023
|  | € million | € million
Profit for the period (A) |  | 162.3 | 288.2
B1) Items that may be subsequently reclassified to the statement of profit or loss |  |  |
Cash flow hedge: | 8 iii. |  |
Gains (losses) on cash flow hedge | 6 i | (4.2) | (23.8)
Related Income tax effect | 3 xi | 1.0 | 5.7
Total cash flow hedge |  | (3.2) | (18.1)
Total: items that may be subsequently reclassified to the statement of profit or loss (B1) |  | (3.2) | (18.1)
B2) Items that may not be subsequently reclassified to the statement of profit or loss |  |  |
Remeasurements of defined benefit plans: |  | - | -
Gains/(losses) on remeasurement of defined benefit plans | 8 iv | 0.2 | 0.1
Related Income tax effect | 3 xi | - | -
Total remeasurements of defined benefit plans |  | 0.1 | 0.1
Total: items that may not be subsequently reclassified to the statement of profit or loss (B2) |  | 0.1 | 0.1
Other comprehensive income (expenses) (B=B1+B2) |  | (3.0) | (18.0)
Total comprehensive income (A+B) |  | 159.3 | 270.2

Company only financial statements | 333

Campari Group annual report for the year ended 31 December 2024

Statement of financial position
(before appropriation of results)

|  | 31 December
| notes | 2024 | 2023
|  | € million | € million
ASSETS |  |  |
Non-current assets |  |  |
Property, plant and equipment | 4 i | 289.2 | 152.0
Right of use assets | 4 i | 7.2 | 5.2
Goodwill | 4 ii | 355.3 | 355.3
Brands | 4 ii | 378.7 | 388.2
Intangible assets with a finite life | 4 ii | 49.3 | 36.7
Investments in subsidiaries and joint-ventures | 4 iii | 3,641.1 | 2,302.8
Other non-current assets | 4 iv | 1.3 | 6.2
Other non-current financial assets | 6 iv | 1.3 | 4.2
Total non-current assets |  | 4,723.4 | 3,250.7
Current assets |  |  |
Inventories | 5 iii | 128.2 | 166.4
Trade receivables | 5 i | 201.1 | 191.8
Other current financial assets | 6 iii | 208.8 | 195.4
Cash and cash equivalents | 6 ii | 430.8 | 443.6
Income tax receivables | 3 xi. | 16.3 | 14.0
Other current asset | 4 v | 22.1 | 36.8
Total current assets |  | 1,007.3 | 1,047.9
Total assets |  | 5,730.7 | 4,298.6
LIABILITIES AND SHAREHOLDERS' EQUITY |  |  |
Shareholders' equity(1) |  |  |
Share capital |  | 36.8 | 36.1
Statutory reserve |  | 22.0 | 22.0
Legal Reserve |  | 5.9 | 9.0
Retained earnings and other reserves |  | 2,736.3 | 1,818.9
Profit for the period |  | 162.3 | 288.2
Total shareholders' equity | 7 iii | 2,963.3 | 2,174.3
Non-current liabilities |  |  |
Bonds | 6 v | 1,580.3 | 845.8
Loans due to banks | 6 v | 594.3 | 572.1
Other non-current financial liabilities | 6 v | 5.2 | 6.6
Post-employment benefit obligations | 8 iv | 4.3 | 4.2
Provisions for risks and charges | 8 i | 42.8 | 2.0
Deferred tax liabilities | 3 xi | 9.9 | 14.0
Other non-current liabilities | 4 vi | 13.9 | 32.5
Total non-current liabilities |  | 2,250.8 | 1,477.2
Current liabilities |  |  |
Bonds | 6 vi | - | 300.0
Loans due to banks | 6 vi | 102.7 | 17.7
Other current financial liabilities | 6 vi | 148.0 | 107.1
Trade payables | 5 ii | 217.6 | 172.5
Other current liabilities | 4 vii | 48.3 | 49.9
Total current liabilities |  | 516.6 | 647.1
Total liabilities |  | 2,767.4 | 2,124.3
Total liabilities and shareholders' equity |  | 5,730.7 | 4,298.6

Company only financial statements | 334

Campari Group annual report for the year ended 31 December 2024

Statement of cash flow

| 31 December
| notes | 2024 | 2023
|  | € million | € million
Operating profit |  | 269.2 | 305.0
Depreciation and amortisation | 3 vii | 23.4 | 25.2
Gain or loss on sale of fixed assets |  | 0.1 | -
Impairment of tangible fixed assets, goodwill, trademark and sold business |  | 9.4 | 0.8
Net cost of share-based instruments | 10 iii | 13.2 | 10.1
Change in payables to employees |  | (31.5) | 12.0
Change in provisions |  | 40.8 | (0.2)
Change in net operating working capital | 5 | 73.9 | (73.9)
Income taxes refund (paid) |  | (49.9) | (155.8)
Impairment loss in subsidiaries | 4 iii | 2.4 | 15.4
Other operating items including other indirect taxes |  | (6.9) | 3.5
Cash flow generated from (used in) operating activities |  | 344.2 | 142.3
Purchase of tangible and intangible fixed assets | 4 i-ii | (154.7) | (77.9)
Disposal of tangible and intangible assets |  | 0.1 | 5.5
Change in investments in subsidiaries | 4 iii | (1,335.3) | (149.4)
Change in investments in joint-ventures | 4 iii | (11.0) | (7.1)
Interests received | 3 viii | 28.2 | 12.2
Decrease (increase) in short-term deposits and investments |  | 6.8 | 0.3
Dividends received | 3 viii | 21.1 | 105.9
Cash flow generated from (used in) investing activities |  | (1,444.8) | (110.5)
Proceeds from issue of bonds, notes and debentures | 6 v | 761.6 | 298.5
Repayments of bonds, notes and debentures | 6 vi | (300.0) | -
Proceeds from non-current borrowings | 6 v | 125.0 | 450.0
Repayment of non-current borrowings | 6 viii | (17.0) | (250.0)
Net change in short-term financial payables and bank loans | 6 viii | (0.8) | (20.2)
Payment of lease liabilities | 6 vii | (2.4) | (1.9)
Interests paid on other financial items |  | (49.1) | (30.3)
Interest on paid leases | 3ix-6 viii | (0.3) | (0.2)
Other intercompany inflows (outflows) of cash | 6 viii | 6.9 | (125.4)
Inflows (outflows) of other financial items | 6 viii | (0.4) | 6.0
Purchase of own shares | 7 iii | (6.4) | (21.0)
Sale of own shares | 7 iii | 5.5 | 54.8
Issue of new shares net of fees | 7 iii | 643.3 | -
Dividend paid to equity holders of the Parent | 7 iii | (78.1) | (67.5)
Cash flow generated from (used in) financing activities |  | 1,087.8 | 292.9
Net change in cash and cash equivalents: increase (decrease) |  | (12.8) | 324.7
Cash and cash equivalents at the beginning of period | 6 ii | 443.6 | 119.0
Cash and cash equivalents at end of period | 6 ii | 430.8 | 443.6

Company only financial statements | 335

Campari Group annual report for the year ended 31 December 2024

Statement of changes in shareholders’ equity

| notes | share capital | statutory reserve | legal reserve | retained earnings and other reserves | profit for the period | total
|  | € million | € million | € million | € million | € million | € million
At 31 December 2023 |  | 36.1 | 22.0 | 9.0 | 1,818.9 | 288.2 | 2,174.3
Allocation of prior year result | 7 iii | - | - | - | 288.2 | (288.2) | -
Issue of new shares net of fees | 7 iii | 0.7 | - | - | 642.6 | - | 643.3
Dividend payout to Parent Company shareholders | 7 iii | - | - | - | (78.1) | - | (78.1)
Increase (decrease) through treasury share transactions | 7 iii | - | - | - | (0.8) | - | (0.8)
Increase (decrease) through share-based payment transactions | 7 iii | - | - | - | 27.0 | - | 27.0
Increase (decrease) through other changes | 7 iii | - | - | - | 38.3 | - | 38.3
Total comprehensive income (expense) |  | - | - | (3.2) | 0.1 | 162.3 | 159.3
At 31 December 2024 |  | 36.8 | 22.0 | 5.9 | 2,736.3 | 162.3 | 2,963.3

|  | share capital | statutory reserve | legal reserve | retained earnings and other reserves | profit for the period | total
|  | € million | € million | € million | € million | € million | € million
At 31 December 2022 |  | 18.3 | 39.8 | 27.1 | 1,314.6 | 516.1 | 1,915.9
Allocation of prior year result |  | - | - | - | 516.1 | (516.1) | -
Dividend payout to Parent Company shareholders |  | - | - | - | (67.5) | - | (67.5)
Increase (decrease) through treasury share transactions |  | - | - | - | 33.9 | - | 33.9
Increase (decrease) through share-based payment transactions |  | - | - | - | 21.8 | - | 21.8
Increase (decrease) through other changes |  | 17.8 | (17.8) | - | - |  | -
Total comprehensive income (expense) |  | - | - | (18.1) | 0.1 | 288.2 | 270.2
At 31 December 2023 |  | 36.1 | 22.0 | 9.0 | 1,818.9 | 288.2 | 2,174.3

Company only financial statements | 336

Campari Group annual report for the year ended 31 December 2024

Notes to the Company only financial statements
1. General information
Davide Campari-Milano N.V. is a company listed on the Italian Stock Exchange, with its legal domicile in
Amsterdam, in the Netherlands, and its corporate address at Via Franco Sacchetti 20, 20099 Sesto San
Giovanni, Milan, Italy. For the purposes of its business operations in Italy, the Company has established a
secondary seat with a permanent representative office within the meaning set forth in article 2508 of the Italian
Civil Code. The Company is entered in both the Netherlands Chamber of Commerce under the number
78502934 and the Milan Monza Brianza Lodi Chamber of Commerce under the number 06672120158.
At 31 December 2024, 51.7% of the share capital and 82.6% of the total voting rights of the Company were held
by the Italian Branch Lagfin S.C.A., Société en Commandite par Actions, headquartered in Luxembourg, which
is in turn controlled by Artemisia Management S.A., Société Anonyme, the ultimate controlling company of
Campari Group.
Davide Campari-Milano N.V. is the Parent Company of Campari Group. It trades directly on the Italian market
and, through its subsidiaries, on the international alcoholic and non-alcoholic beverages markets.
The Group has a global distribution reach, trading in over 190 nations with leading positions in Europe and the
Americas. It has 25 production sites, its own distribution network in 26 countries and employs on average 5,114
people globally.
As the Parent Company of Campari Group, Davide Campari-Milano N.V. has also drawn up the Consolidated
Financial statements of Campari Group at 31 December 2024. The financial statements of Davide Campari-
Milano N.V. for the year ending 31 December 2024 were approved and authorised for issue on 4 March 2025 by
the Board of Directors. The Board of Directors reserves the right to amend the results up to the date of the
General Meeting of Shareholders, should any significant events requiring changes occur.
2. Accounting information and material general accounting policies
The annual financial statements of Davide Campari-Milano N.V. (represented by the ‘Company only financial
statements’) for the year ended 31 December 2024, were prepared in accordance with Part 9 of Book 2 of the
Dutch Civil Code and the International Financial Reporting Standards issued by the International Accounting
Standards Board (‘IASB’) and ratified by the European Union (‘IFRS-EU’). These include all the international
accounting standards (International Accounting Standards-‘IAS’) and interpretations of the International
Financial Reporting Standards Interpretations Committee (‘IFRIC IC’), formerly the Standing Interpretations
Committee (‘SIC’).
The accounting standards adopted by the Company are the same as those that were applied for the company
only financial statements for the year ended 31 December 2023, except for the accounting standards specified
in note 2 v-‘Change in accounting standards-Summary of the new accounting standards endorsed and adopted
by the Company from 1 January 2024’. For the year ended 31 December 2024 there were no changes in
accounting estimates and errors.
The financial statements were prepared in accordance with the historical cost method and taking any value
adjustments into account where appropriate for certain categories of assets and liabilities, which were measured
in accordance with the methods provided by IFRS.
Comparative information shall be disclosed in respect of the preceding period for all amounts reported in the
financial statements. Comparative information has been included for narrative and descriptive information where
it is relevant to an understanding of the current period’s financial statements.
Whether individual items or groups of items have been disclosed separately in the primary financial statements
or in the notes depends on their materiality. Materiality is judged by reference to the size and nature of the item.
The deciding factor is whether the omission or misstatement could, individually or collectively, influence the
economic decisions that users make on the basis of the financial statements.
For ease of reference, all the figures in the notes of these Company only financial statements are expressed in €
million, whereas the original data and all percentages relating to changes between two periods or to
percentages of net sales or other indicators are always calculated/recorded in €.
The Company has prepared its financial statements on the basis that it will continue to operate as a going
concern. The Directors consider that there are no material uncertainties that may cast significant doubt over this
assumption. They have formed a judgement that there is a reasonable expectation that the Company has

Company only financial statements | 337

Campari Group annual report for the year ended 31 December 2024

adequate resources to continue in operational existence for the foreseeable future, and not less than 12 months
from the date of signing the Company only financial statements.
The Company is continuously improving its financial disclosures to make them more accessible and
understandable to its stakeholders. Material accounting policies applied by the Company based on IFRS have
been identified and are indicated within the notes to the company only financial statements with ‘Accounting
policy’, as well as key assumptions and estimates. Disclosures are provided for transactions and other events or
conditions that are material for the Company, following the overall sequence of items in the statement of profit or
loss and accounting subjects categorized by their intrinsic nature and related to the statement of financial
position.
i. Form and content
In line with the structure of the financial statements chosen by the Group, which is also adopted for the annual
financial statements of the Company itself, the statement of profit or loss has been classified by function, and
the statement of financial position is based on a distinction between current and non-current assets and
liabilities. The Company considers that this format will provide a more meaningful representation of the items
contributing to the results and financial position. The cash flow statement was prepared using the indirect
method.
In 2024, the Company did not carry out any atypical and/or unusual transactions which, due to their materiality
or size, type of counterparties to the transaction or method for determining the price and timing of the event
(proximity to the end of the period), could give rise to concerns over the accuracy or completeness of the
information in the financial statements, conflicts of interest or the safeguarding of company assets.
ii. Transactions in foreign currencies (not hedged with derivatives)
Revenues and costs related to foreign-currency transactions are reported at the exchange rate as of the date
the transaction is carried out. Monetary assets and liabilities in foreign currencies are initially converted into € at
the exchange rate as of the transaction date and subsequently converted into € at the exchange rate applied on
the reporting date, with the difference in value being posted to the statement of profit or loss. Non-monetary
assets and liabilities arising from the payment/collection of a foreign currency advance are initially recognised at
the exchange rate of the transaction date. They are not subsequently adjusted to reflect any changes in the
exchange rate as of the reporting date.
iii. Use of estimates
Preparation of the financial statements and the related notes in accordance with IFRS requires management to
make estimates and assumptions that impact the Company’s assets and liabilities and items in the profit or loss
during the year. These estimates and assumptions, which are based on the best valuations available at the time
of their preparation and are reviewed regularly, may differ from the actual circumstances and may be revised
accordingly at the time that circumstances change, or when new information becomes available. Future
outcomes can consequently differ from estimates. Details of critical estimates and judgements which could have
a material impact on the financial statements are set out in the related notes as follows:
- goodwill and intangible assets: management judgement of the assets to be recognised and synergies
resulting from an acquisition. Management judgement and estimate required in determining future cash flows
and appropriate applicable assumptions to support the intangible asset value. Please refer to note 4
ii-‘Intangible assets’ of the company only financial statements at 31 December 2024;
- investments in subsidiaries: management judgement in assessing any value of the investments in
subsidiaries exceeding their recoverable amounts. Please refer to note 4 iii-‘Investments in subsidiaries and
joint-ventures and share of profit (loss) of joint-ventures’ of the company only financial statements at 31
December 2024;
- restructuring provisions, provisions for risk and charges: management judgement in assessing the likelihood
of whether a liability will arise and an estimate to quantify the possible range of any settlement. Please refer
to note 8 i-‘Provisions for risks and future charges’ of the Company only financial statements at 31 December
2024;
- compensation plans in the form of share-based payments: management estimate in determining the
assumptions in calculating the fair value of the plans. Please refer to note 7 iv-‘Share-based payments’ of the
Company only financial statements at 31 December 2024;
- taxation: management judgement and estimate required to assess uncertain tax positions and the
recoverability of deferred tax assets. Please refer to note 3 xi-‘Taxation’ of the company only financial
statements at 31 December 2024.

Company only financial statements | 338

Campari Group annual report for the year ended 31 December 2024

Macroeconomic and geopolitical uncertainty
During 2024 the Company continued to monitor and analyse the evolution of macroeconomic and geopolitical
uncertainties. The critical review that was conducted included the ongoing conflicts and the impact of import
tariffs in strategic geographies. Regarding the latter potential remediation opportunities are currently evaluated
at Campari Group level and the Company will continue to monitor the evolution of this topic.
Moreover, the Company, like all members of the spirits industry, has been exposed to a persistently volatile
macroeconomic environment, which may have potential downside effects on consumer behaviour. It therefore
continuously monitors the evolving macroeconomic scenario to mitigate its impact on operations.
Sustainability and climate-related matters
The Company recognises that sustainability and climate-related matters are one of the greatest challenges for
the future of the planet and is actively engaged on its path related to the defined sustainability priorities to which
all major global functions contribute.
Following a very positive progression during recent years, more challenging medium- and long-term targets
have been set at Campari Group level to reinforce its environmental, social and governance commitments. In
the context of the prevailing macroeconomic environment, it is crucial to underscore that production operations,
the comprehensive value chain and the implementation of the Company's strategies might all potentially be
affected by the ramifications of climate change (both physical climate risks as well as transition risks). These
impacts could encompass both acute and extreme events, as well as chronic factors such as rising
temperatures and drought, and they therefore present physical risks. Climate change is therefore a major
disruptive force with the potential to drive substantial changes to the Company’s operations in the short to
medium and long term. Throughout the year and at Campari Group level, dedicated focus was on reviewing and
integrating ESG information in alignment with the new EU legislation, including the Corporate Sustainability
Reporting Directive ('CSRD'). This process involved the implementation of the European Sustainability
Reporting Standards ('ESRS'), enabling insights into double materiality analysis, taxonomy disclosures, and gap
assessments against previously applied sustainability standards. These efforts aim to ensure full compliance
with the regulatory requirements governing the Annual Report as of 31 December 2024, which also includes
these company only financial statements. The impact of the 2024 assessment in relation to ESG-related
material impacts, risks and opportunities has been considered in evaluating estimates and judgements in the
preparation of these company only financial statements. The analysis conducted in the course of 2024 did not
identify any issue not attributable to and not addressable in the ordinary course of business and did not highlight
any material economic issue that had any material impact on these company only financial statements.
Specific additional supplementary information is provided below with respect to the identified priorities and their
impact on the Company’s disclosure.
Going concern including net financial debt and liquidity risk
In terms of its operating and financial profiles, the Company continues to be very sound and was not exposed to
any going-concern issues during 2024. The positive business momentum for the Company has continued with a
stabilized performance in the fourth quarter following a challenging period characterized by adverse weather
conditions and wholesalers' de-stocking, which has been resolved throughout the year.
With regard to the Company’s net debt position and namely with respect to financial assets, these are not
subject to particular risks, since the investments considered are always the subject of a careful and scrupulous
preliminary analysis and are always aligned with the financial needs of the moment. With respect to financial
liabilities, the Group’s indebtedness ratios measured internally (given the lack of covenants on existing debt)
were under control and consistently at a level considered entirely manageable by the Company. During 2024,
the Company’s financial structure was confirmed to have been strengthened by the availability of significant
committed and uncommitted credit lines. No renegotiation of interest rates was performed outside the normal
course of business. The debt profile is appropriately balanced between variable and fixed rate, thus minimizing
the Company’s exposure to market risk. In 2024, with respect to lease and rental agreements, there were no
new significant negotiations, including sub-leases, nor significant contract amendments generating financial
receivables or liabilities. In terms of fair value measurement hierarchies of financial items, there were no
changes to be reflected other than those disclosed in the related notes.
A separate analysis was performed with reference to financial liabilities arising from earn-out agreements valued
at fair value and where the basis of the estimate is linked to brand performance. The analysis was conducted in
conjunction with the considerations described in relation to the impairment test on goodwill, brands and
intangible assets with a finite life, in order to ensure homogeneity and consistency in the valuation, and from the
analyses no particular circumstances emerged requiring significant revisions of these liabilities.

Company only financial statements | 339

Campari Group annual report for the year ended 31 December 2024

The macroeconomic trend during 2024 did not trigger any significant change in clients’ contracts or any change
in the revenue recognition criteria previously identified. No significant anticipated partial payments were
experienced, indicating an implicit price concession to be accounted for or an impairment loss.
To facilitate liquidity management, the Company continued the reverse factoring program, confirmed with a
limited number of trusted suppliers involved, consistent with previous years: the trade payables under reverse
factoring agreements continued to be classified as a component of the Company’s operating working capital
with no separate disclosure as primary line items of the Company only financial statements in consideration of
the total exposure.
Impairment of goodwill, brands and intangible assets with a finite life and investments in subsidiaries
In the current context with persisting macro challenges, the Company performed an assessment to identify any
triggering event implying the risk of impairment on its goodwill, trademark and intangible assets with a finite life.
This assessment confirmed that neither external nor internal events were triggering substantial change on the
recoverability of these intangible assets, thus no impairment loss was identified for the year ended 31 December
2024 except for Bulldog trademark, which recorded a write-off of €9.4 million due to the brand's persistent
underperformance in a competitive category.
Regarding the 2024 performance, the Company continued leveraging its strong brand portfolio, particularly in
growing categories such as aperitifs.
With respect to the investments in subsidiaries, the Company performed an in-depth analysis on their
recoverability and ensured that the value is not carried at above their recoverable amounts. In this respect, as of
31 December 2024, an impairment loss was identified for the investment in Campari Mixology S.r.l. for €2.4
million, due to challenging business performance in a normalizing consumption environment.
Provision for risk and charges and onerous contracts
In terms of the assessment of provisions for risks and charges and onerous contracts, significant judgements
were used to assess the impact of triggering events. The restructuring provision included in the 2024 Company
only financial statements was subject to a thorough evaluation and estimation process, in accordance with IFRS
principles, ensuring that recognition and measurement align with the underlying obligations and anticipated
costs.
Taxation
During the year, all material assumptions and estimates considered in the preparation of the 2024 Company
only financial statements were reviewed.
In particular tax rates were investigated to check for any changes that occurred during the period in the Italian
tax jurisdiction and any amendments substantially enacted were considered in assessing both current and
deferred taxes. The review conducted has not identified any new triggering events that could influence the
recoverability of deferred tax assets and the recognition of any additional liabilities for uncertain tax positions.
With reference to Organisation for Economic Cooperation and Development (‘OECD’) global minimum taxes
(‘Pillar two’), the Group updated its assessment confirming no significant amount of current taxes needed to be
recorded in the profit or loss of the Company for 2024
iv. Change in representation
The disclosure of ‘Net sales’ was reviewed due to the fact that the Company, starting from 1 January 2024,
reorganised its brand clusters in line with the Group, with Espolòn being promoted to global priority brand status
effective from the same date. Furthermore, to align with the comprehensive product portfolio review, minor
adjustments have been made to the composition of regional priority clusters.
To reflect this change in representation, comparative data for full year 2023 has been restated and reported here
below for ease of reference, accordingly in both disclosures 'Group net sales focus by region' as well as 'Group
net sales focus by priorities', statement of profit or loss and disclosure of selling, general and administrative
expenses.
It is noted that the changes in representation do not imply changes in the disclosures provided in the
Consolidated Financial statements at 31 December 2023, which remain fully comprehensive and complete.

Company only financial statements | 340

Campari Group annual report for the year ended 31 December 2024

| for the year ended 31 December 2023
| after reclassification | published
| € million | percentage of Company sales | € million | percentage of Company sales
global priority brands | 637.9 | 61.3% | 631.6 | 60.7%
Aperol |  | 41.0% |  | 41.0%
Campari |  | 17.3% |  | 17.3%
SKYY |  | 1.3% |  | 1.3%
Espolòn |  | 0.6% |  | -
Grand Marnier |  | 0.5% |  | 0.5%
Wild Turkey portfolio |  | 0.4% |  | 0.4%
Jamaican rums portfolio |  | 0.3% |  | 0.3%
regional priority brands | 294.5 | 28.3% | 279.4 | 26.9%
Sparkling Wines, Champagne&Vermouth |  | 10.1% |  | -
Other specialities |  | 10.8% |  | -
Other Whisk(e)y |  | 1.8% |  | -
Crodino |  | 5.5% |  | 5.5%
Sparkling Wine&vermouth |  | - |  | 9.8%
Italian specialities |  | - |  | 4.8%
Aperol Spritz ready-to-drink |  | - |  | 2.9%
The GlenGrant |  | - |  | 1.8%
Espolòn |  | - |  | 0.6%
other |  | - |  | 1.4%
local priority brands | 78.2 | 7.5% | 99.5 | 9.6%
rest of the portfolio | 29.8 | 2.9% | 29.8 | 2.9%
total | 1,040.4 | 100.0% | 1,040.4 | 100.0%

v. Changes in accounting standards
Summary of the new accounting standards endorsed and adopted by the Group from 1
January 2024
These amendments applied for the first time in 2024 but did not have a significant impact to be reported on
Company's full year Consolidated Financial statements.
Amendment to IAS 1-‘Presentation to Financial Statements’ including the following :
- ‘Classification of Liabilities as Current or Non-current’ and ‘Deferral of Effective Date’ (issued on 23 January
2020 and 15 July 2020 respectively). The amendment specifies the requirements to classify liabilities as
current or non-current by clarifying i) what is meant by a right to defer the settlement; ii) that if an entity has
the right to roll over an obligation for at least twelve months after the end of the reporting period, it classifies
the obligation as non‑current, even if it would otherwise be due within a shorter period; iii) that the
classification is unaffected by the likelihood that an entity will exercise its deferral right and iv) that the
settlement refers to a transfer to the counterparty that results in the extinguishment of the liability.
- ‘Non-current Liabilities with Covenants’ (issued on 31 October 2022). The amendments clarify that only
covenants with which an entity must comply on or before the reporting date will affect a liability’s
classification as current or non-current; while additional disclosures are required for non-current liabilities
arising from loan arrangements that are subject to covenants to be complied with within twelve months after
the reporting period.
Amendment to IFRS 16-‘Leases: Lease Liability in a Sale and Leaseback’ (issued on 22 September 2022). A
sale and leaseback transaction involves the transfer of an asset by an entity (the seller-lessee) to another entity
(the buyer-lessor) and the leaseback of the same asset by the seller-lessee. The amendment specifies how a
seller-lessee measures the lease liability, which arises in a sale and leaseback transaction, to ensure that it
does not recognise any amount of the gain or loss related to the right-of-use retained. The amendment does not
change the accounting for leases unrelated to sale and leaseback transactions.
Amendments to IAS 7-‘Statement of Cash Flows’ and IFRS 7-‘Financial Instruments: Disclosures: Supplier
Finance Arrangements’ (issued on 25 May 2023) which address the disclosure requirements to enhance the
transparency of supplier finance arrangements and their effects on a company’s liabilities, cash flows and
exposure to liquidity risk (refer to 6 -ix. 'Explanatory notes to the cash flow statement').

Company only financial statements | 341

Campari Group annual report for the year ended 31 December 2024

Accounting standards, amendments and interpretations that have been endorsed but are
not yet applicable/have not been adopted in advance by the Company
The Group is still assessing the impact of these amendments on its financial position or operating results, in so
far as they are applicable.
Amendments to IAS 21-‘The Effects of Changes in Foreign Exchange Rates': Lack of Exchangeability’ (issued
on 15 August 2023). The amendments clarify how an entity should assess whether a currency is exchangeable
and how it should determine a spot exchange rate when exchangeability is lacking, as well as require the
disclosure of information that enables users of financial statements to understand the impact of a currency not
being exchangeable. The first application is for annual periods starting on or after 1 January 2025.
Accounting standards, amendments and interpretations not yet endorsed
The Company is still assessing the impact of these amendments on its financial position or operating results, in
so far as they are applicable.
Amendments to IFRS 9 and IFRS 7-‘Amendments to the Classification and Measurement of Financial
Instruments’ (issued on 30 May 2024). The amendments are effective for annual periods starting on or after 1
January 2026 including:
- a clarification that a financial liability is derecognised on the ‘settlement date’ and introduce an accounting
policy choice (if specific conditions are met) to derecognise financial liabilities settled using an electronic
payment system before the settlement date;
- additional guidance on how the contractual cash flows for financial assets with ESG and similar features
should be assessed;
- clarifications on what constitute ‘non-recourse features’ and what are the characteristics of contractually linked
instruments;
- the introduction of disclosures for financial instruments with contingent features and additional disclosure
requirements for equity instruments classified at fair value through the statements of other comprehensive
income.
Amendments to IFRS 9 and IFRS 7-‘Contracts Referencing Nature-dependent Electricity’ (issued on 18
December 2024). The following amendments would enable the contracts relating to nature-based electricity to
be better recognised in companies’ financial statements:
- clarification of the application of the own use exemption to these contracts;
- amendment of the hedge accounting requirements to allow contracts for electricity from nature-dependent
renewable energy sources to be used as a hedging instrument if certain conditions are met;
- introduction of additional disclosure requirements to enable investors to understand the impact of these
contracts on a company's financial performance and future cash flow.
The amendments are effective for annual periods starting on or after 1 January 2026.
Annual Improvements to IFRS Accounting Standards-Volume 11 (issued on 18 July 2024). Includes
amendments that either clarify the wording of an IFRS standard or correct relatively minor unintended
consequences, oversights or conflicts between requirements in the standards. The amendments contained in
the Annual Improvements relate to IFRS 1, IFRS 7, IFRS 9, IFRS 10 and IAS 7. The amendments are effective
for annual periods starting on or after 1 January 2026, with earlier application permitted.
IFRS 18-‘Presentation and Disclosure in Financial Statements’ (issued on 9 April 2024). IFRS 18 replaces IAS
1-‘Presentation of Financial Statements’, introducing new requirements for presentation within the statement of
profit or loss, including specified totals and subtotals. Furthermore, entities are required to classify all income
and expenses within the statement of profit or loss into one of five categories: operating, investing, financing,
income taxes and discontinued operations, whereof the first three are new. It also requires disclosure of newly
defined management-defined performance measures (‘MPMs’), which are subtotals of income and expenses,
and includes new requirements for aggregation and disaggregation of financial information based on the
identified ‘roles’ of the primary financial statements and the notes.
In addition, narrow-scope amendments have been made to IAS 7-‘Statement of Cash Flows’, which include
changing the starting point for determining cash flows from operations under the indirect method, from ‘profit or
loss’ to ‘operating profit or loss’ and removing the optionality around classification of cash flows from dividends
and interest. In addition, there are consequential amendments to several other standards. The amendments are
effective for annual periods starting on or after 1 January 2027, but earlier application is permitted and must be
disclosed. IFRS 18 will apply retrospectively.

Company only financial statements | 342

Campari Group annual report for the year ended 31 December 2024

3. Results for the period
This section details accounting policies for net sales, cost of sales, point of sale materials, personnel costs,
depreciation and amortisation, financial income and expenses, lease components share of profit (loss) of joint-
ventures, as well as taxation. Judgements and estimates are stated regarding taxation.
This section discloses the information on costs and revenues, gains and losses affecting the results and
performance for the period ended 31 December 2024, as well as financial information for taxation and joint-
ventures.
i. Net sales
Accounting policy
Revenue recognition
Revenues are recognised when the customer gains control of the goods. Transfer of control is determined using
a five-step analytical model applied to all revenues from customer contracts.
This occurs when the goods are delivered to the customer, who has complete discretion over the sales channel
and price of the products themselves, and there is no unfulfilled obligation that could affect acceptance by the
customer. Delivery takes place when the products have been shipped to the specific location, the risks of
obsolescence and loss have been transferred to the customer and the customer has accepted the products in
accordance with the sales contract, the terms and conditions of acceptance have expired, or the Company has
objective evidence that all criteria for acceptance have been met. The Company’s revenues mainly include sales
of spirits on the market.
Revenues are recognised at the price stated in the contract, net of any estimates of deferred discounts or
incentives granted to the customer in line with industry practice, for example:
- volume/value discounts based on cumulative sales above a threshold at the end of a given period;
- performance-based discounts (such as discounts, rebates, performance bonuses, logistical discounts),
based on promotional activities performed by the customer and agreed upon in advance;
- customer incentives, such as discount vouchers, free products, price protection, market development
allowances and price reduction allowances (to compensate for low sales);
- product placement allowances (such as contributions for placement and range).
- Historical experience is used to estimate deferred discounts/incentives based on agreements with clients,
and revenues are recognised only to the extent that it is highly probable that there will be no need for
subsequent significant adjustments.
No financing element is deemed to be present as sales are made with only a brief delay before payment:
contracts are generally not entered into when there is more than one year between the transfer of the goods and
the payment by the customer. Discounts relating to specific payment terms that lower the Company’s collection
risk, reduce administrative costs and/or improve liquidity (such as payments at the time of sale) are recognised
as a reduction in revenue. A liability reducing the related trade receivable is recognised for deferred discounts
due to customers in relation to sales made up to the end of the period. Such liabilities can then be offset against
the amounts payable by the customer. Receivables are recognised when the goods are delivered, as this is the
point in time that the consideration is unconditional because only the passage of time is required before
payment is due.
Consumption taxes recognition
The Company incurs consumption taxes. Excise duty is a production tax that is payable by the manufacturer,
becomes payable when the product is removed from captive warehouses, and is not directly related to the sales
value: the excise duty is consequently recognised as a cost for the Company. Excise duties are normally
recovered through the sales, although they are generally not shown as a separate item on external invoices.
Excise duty increases are not always passed on to the customer, and if a customer does not pay for the product
received, the Company cannot request a refund of the excise duty. For excise duties passed on to customers,
the Company considers itself an agent of the regulatory authorities. Consequently, the re-invoiced excise values
are excluded from the presentation of net sales in the primary statements and are presented to offset the cost
incurred by the Company.

Company only financial statements | 343

Campari Group annual report for the year ended 31 December 2024

Disclosure

| for the year ended 31 December
| 2024 | 2023
| € million | € million
Sale of goods | 469.4 | 489.5
Sales to Group companies(1) | 606.6 | 550.9
Total net sales | 1,075.9 | 1,040.4

(1)Please refer to note 8 v-‘Related parties’ for further information about sales to Group companies.

| for the year ended 31 December
| 2024 | 2023
| € million | € million
Italy | 471.0 | 491.4
Germany | 148.9 | 137.6
United States | 98.6 | 86.7
France | 59.2 | 59.9
Belgium | 20.5 | 18.0
Austria | 18.7 | 16.9
Switzerland | 17.2 | 18.9
Spain | 17.2 | 12.0
United Kingdom | 16.3 | 12.1
Other | 208.3 | 186.8
Total net sales | 1,075.9 | 1,040.4

|  | for the year ended 31 December 2024(1)
| € million | percentage of Company sales | main region for brands
global priority brands | 673.2 | 62.6% | -
Aperol |  | 42.5% | EMEA
Campari |  | 16.3% | EMEA
SKYY(2) |  | 1.1% | EMEA
Espolòn |  | 0.9% | EMEA
Courvoisier(3) |  | 0.8% | EMEA
Grand Marnier |  | 0.5% | EMEA
Wild Turkey portfolio(2)(4) |  | 0.3% | EMEA
Jamaican rums portfolio(5) |  | 0.2% | EMEA
regional priority brands | 295.2 | 27.4% | -
Other specialities(6) |  | 10.6% | EMEA
Sparkling Wines, Champagne&Vermouth |  | 10.4% | EMEA
Crodino |  | 5.3% | EMEA
Other Whisk(e)y(7) |  | 1.1% | APAC
local priority brands | 76.7 | 7.1% | -
rest of the portfolio | 30.8 | 2.9% | -
total | 1,075.9 | 100.0% | -

(1)For information on reclassifications of comparative figures, refer to not e ‘Accounting information and material general accounting policies’.
(2)Excludes ready-to-drink.
(3)Excludes Salignac.
(4)Includes American Honey.
(5)Includes Appleton Estate, Wray&Nephew Overproof and Kingston 62.
(6)Includes Braulio, Cynar, Averna, Frangelico, Del Professore, Ancho Reyes, Montelobos, Cabo Wabo, Bisquit&Dubouché, Bulldog, Trois Rivières, Picon,
Maison La Mauny, Magnum Tonic, Aperol Spritz ready-to-enjoy and X-Rated.
(7)Includes The GlenGrant, Forty Creek and Wilderness Trail.
In 2024, net sales totalled €1,075.9 million, showing an increase of 3.4% on the previous year. This item
included sales of €471.0 million on the Italian market, of which €469.4 million was directly managed by the
Company. Performance in the Italian market in 2024 stabilised in the fourth quarter, mainly driven by Aperol and
Campari confirming their ongoing leading position and brand health in the market following a challenging period
impacted by poor weather especially in Europe, commercial disputes and wholesalers de-stockin g. The overall
sales to Group companies that primarily conduct their businesses in the international markets amounted to
€606.6 million, increasing 10.1% from the previous year.

Company only financial statements | 344

Campari Group annual report for the year ended 31 December 2024

ii. Cost of sales
Disclosure

| for the year ended 31 December
| 2024 | 2023
| € million | € million
Materials and manufacturing costs | 378.4 | 374.9
Distribution costs | 48.7 | 53.1
Total cost of sales | 427.2 | 428.1
Raw materials and finished goods acquired from third parties | 319.7 | 317.2
Variable transport costs | 38.2 | 41.8
Personnel costs(1) | 33.0 | 30.3
External production and maintenance costs | 10.5 | 11.9
Depreciation/amortisation(1) | 6.2 | 8.5
Utilities | 5.6 | 6.7
Inventory write-downs | 3.0 | 1.8
Other costs | 11.0 | 9.9
Total cost of sales | 427.2 | 428.1

(1)For an analysis of personnel costs and depreciation and amortisation components by nature, please see also the breakdown of personnel costs in note 3
vi-‘Personnel costs’ and 3 vii-‘Depreciation and amortisation’.
The cost of sales in 2024 was €427.2 million, in line with 2023. As a percentage of net sales, the cost of sales
was 39.7% in 2024, slightly down from the 41.1% recorded in 2023 and mainly driven by input costs inflation
and the strengthening of the staffing structure essential for the efficient management of the burgeoning business
is underway.
iii. Advertising and promotional expenses
Accounting policy
Point-of-sale materials are charged to advertising and promotional expenses at the time when the items are
purchased.
Costs incurred in research, developing alternative products or processes, or conducting technological research
and development are recognised in profit or loss in the period in which they are incurred.
Disclosure

| for the year ended 31 December
| 2024 | 2023
| € million | € million
Merchandising and promotional costs | 21.8 | 25.7
Advertising spaces | 21.5 | 16.9
Sponsorships, testimonial, influencers and events | 17.7 | 19.9
Media production | 6.6 | 9.0
Research and innovation(1) | 7.0 | 5.8
Personnel costs(2) | 0.3 | 0.4
Other, including trade allowance for promotional purposes | 4.1 | 3.0
Total advertising and promotional expenses | 79.0 | 80.8

(1)Research and innovation activities referred mainly to market research and packaging studies.
(2)For an analysis of personnel costs and depreciation and amortisation components by nature, please see also the breakdown of personnel costs in note 3
vi-‘Personnel costs’.
iv. Public grants
In 2024, operating grants for an overall €0.4 million were recorded in the statement of profit or loss (€1.5 million
in 2023). These public contributions were mainly due to the financing of marketing activities for the promotion of
quality wines in non-EU countries.

Company only financial statements | 345

Campari Group annual report for the year ended 31 December 2024

v. Selling, general and administrative expenses
Disclosure

| for the year ended 31 December
| 2024 | 2023
| € million | € million
Personnel costs(1) | 168.9 | 116.5
of which: | - | -
Restructuring and reorganization costs | 62.1 | 10.1
Last mile long-term incentive schemes with retention purposes(2) | 2.5 | 10.0
Services, utilities, maintenance and insurance | 80.9 | 73.4
of which: | - | -
Finance transformation | 5.4 | 2.1
Net expenses from acquisition/disposals of business or companies and indemnities from contract resolutions | - | 3.5
Other net (gain) expenses | 2.0 | -
Depreciation/amortisation(1) | 17.1 | 16.7
Travel, business trip, training and meetings | 16.3 | 18.1
Board fees and indemnities | 6.0 | 7.9
Agents and other variable sales costs | 4.7 | 4.7
Expenses for use of third-party assets | 1.9 | 1.6
Other | 4.7 | (12.3)
of which: | - | -
Net expenses from acquisition/disposals of business or companies and indemnities from contract resolutions | 0.6 | 1.0
Impairment of assets | 11.8 | 16.2
Capital (gains) losses on the disposal of tangible and intangible assets | - | 0.1
Other net (gain) expenses | - | 1.4
Total selling, general and administrative expenses | 300.6 | 226.5

(1)For an analysis of personnel costs and depreciation and amortisation components by nature, please see also the breakdown of personnel costs in notes 3
vi-‘Personnel costs’ and 3 vii-‘Depreciation and amortisation’.
(2)Pursuant to the Remuneration Policy, a last mile incentive scheme with retention purpose to be potentially awarded to the current CFO has been approved by
the Parent Company’s corporate bodies. For more information, refer to the section ‘Governance’ in the Campari Group annual report for the year ended 31
December 2024.
In 2024, selling, general and administrative expenses came to €300.6 million in accretion compared with the
€226.5 million reported in 2023. As a percentage of net sales, the cost of sales was 27.9% in 2024, increased
from the 21.8% recorded in 2023 mainly driven by the restructuring and organization cost accrued in 2024 and
other costs components which included, among other, transactions related to contracts with Group companies
(total cost of €4.7 million in 2024 compared to a total revenue of € 12.3 million in 2023).
The expenses incurred during the year included components that may be considered non-representative of the
current operating results. Throughout the year 2024, they referred mainly to restructuring and reorganization
projects for €62.1 million. T his is one of several key initiatives designed to enhance performance, alongside
efforts to accelerate growth and profitability through focus, process simplification and cost containment. This
initiative, included in the 2024 financial statements, underwent a thorough evaluation and estimation process,
ensuring alignment with applicable accounting principles and anticipated costs. Other costs are associated with
impairment of assets and brands (€11.8 million) together with long-term non-recurring last mile incentive plans
for retention purposes to be potentially recognised to senior management (€2.5 million).
vi. Personnel costs
Accounting policy
For detailed information on the accounting policy on post-employment plans and share-based payments, please
refer to notes 7 iv-‘Share-based payments’ and 8 iv-‘Defined benefit plans’, respectively.

Company only financial statements | 346

Campari Group annual report for the year ended 31 December 2024

| for the year ended 31 December
| 2024 | 2023
| € million | € million
Salaries and wages | 88.3 | 80.7
Social security contributions | 28.2 | 27.3
Cost of defined contribution plans | 7.3 | 6.6
Cost of defined benefit plans | 0.3 | 0.3
Other costs relating to mid/long-term benefits | 2.8 | 2.0
Cost of share-based payments | 13.2 | 10.1
Restructuring and other non-recurring costs | 62.1 | 20.1
Total personnel costs | 202.2 | 147.2
of which: |  |
Included in cost of sales | 33.0 | 30.3
Included in selling, general and administrative expenses | 168.9 | 116.5
Included in advertising and promotional expenses(1) | 0.3 | 0.4
Total | 202.2 | 147.2

(1) Includes personnel costs relating to the management of brand houses.
Personnel costs totalled €202.2 million, reflecting an increase of €55.0 million compared to the preceding year,
with the increase primarily driven by restructuring initiatives for €62.1 million (please refer to note 3 v. –‘Selling,
general and administrative expenses’). The total personnel costs also included the expenses associated with
last-mile long-term incentive schemes with retention purposes to be potentially awarded to senior management
(€2.5 million) included under salaries and wages.
vii. Depreciation and amortisation
Accounting policy
For detailed information on the accounting policy, please refer to notes 3 ix-‘Leases components’, 4 i-‘Property,
plant and equipment and right of use’, 4 ii-‘Intangible assets’ and 8 iii-‘Fair value information on assets and
liabilities’.
Disclosure

| for the year ended 31 December
| 2024 | 2023
| € million | € million
- Property, plant and equipment | 5.2 | 7.6
- Intangible assets | 0.2 | 0.2
- Right of use assets | 0.8 | 0.8
Depreciation and amortisation included in cost of sales | 6.2 | 8.5
- Property, plant and equipment | 2.8 | 2.8
- Intangible assets | 12.7 | 12.7
- Right of use assets | 1.6 | 1.2
Depreciation and amortisation included in selling, general and administrative expenses | 17.1 | 16.7
- Property, plant and equipment | 8.1 | 10.3
- Intangible assets | 12.9 | 12.9
- Right of use assets | 2.4 | 1.9
Total depreciation and amortisation in the statement of profit or loss | 23.4 | 25.2

viii. Financial income and expenses
Accounting policy
Financial income and expenses include interest income and charges in respect of financial instruments and the
results of hedging transactions used to manage interest rate risk. Borrowing costs are recognised in the income
statement based on the effective interest method, except for the qualifying assets whose borrowing costs are
capitalised on the underlying asset. The remaining financial components include items in respect of post-
employment plans and the discount unwind of long-term obligations. The exchange gain or loss is inclusive of
derivatives agreement impacts, excluding cash flow hedges that are used to cover the currency risk of highly
probable future currency transactions.

Company only financial statements | 347

Campari Group annual report for the year ended 31 December 2024

For detailed information on the accounting policy for financial instruments, please refer to note 6 i-‘Financial
instruments’.
Disclosure

| for the year ended 31 December
| 2024 | 2023
| € million | € million
Interest expenses | (68.0) | (35.8)
Bank expenses | (3.4) | (1.8)
Exchange gain net | (2.7) | (3.3)
Net interest on defined benefit plans | (0.2) | (0.1)
Other expenses | (5.1) | (3.7)
Total financial expenses | (79.4) | (44.6)
Dividends | 21.1 | 105.9
Bank and term deposit interests | 28.2 | 12.2
Earn-out liabilities change in estimate | 0.3 | 0.1
Other income | 9.5 | 5.3
Total financial income | 59.1 | 123.6
Net financial income (expenses) | (20.3) | 78.9

In 2024, net financial income (expenses) reported a total net expense of €20.3 million, compared to a net
income of €78.9 million in 2023. The overall variance was attributable to the lower dividend income collected
from Group companies compared to 2023 (€21.1 million and €105.9 million respectively) and additional interest
expenses (interest expenses stood at €68.0 million compared to €35.8 million reported in 2023) due to the new
bond issued in 2024 and the new term loans subscribed in 2024. The costs have been only partially offset by
income deriving from short term deposits, including deposits held in the first part of the year before the
completion of the Courvoisier business acquisition (for detailed information, please refer to the ‘Significant
events of the period’ paragraph in the management board report).
The sustainability-linked facilities that contain a variable component of the interest rate applicable depending on
the achievement of certain ESG targets identified by Campari Group and particularly focused on the reduction of
emissions, the responsible use of water and gender equality, led to an overall reduced interest expenses of €0.2
million.
Financial income and expenses arising from bond emissions and the related hedging instruments are shown
below.

| for the year ended 31 December
| 2024 | 2023
| € million | € million
Financial expenses to bondholders | (40.1) | (21.4)
Net changes in fair value and other amortised cost components | 0.4 | (0.9)
Cash flow hedge reserve reported in the statement of profit or loss during the year | 0.8 | (1.3)
Net interest expenses on bonds | (38.9) | (23.6)

ix. Leases components
Accounting policy
For detailed information on the accounting policy, please refer to note 3 ix-‘Lease components’.
Disclosure

| for the year ended
| 2024 | 2023
| € million | € million
Interest of lease | 0.3 | 0.2
Depreciation and amortisation on right-of-use underlying assets | 2.4 | 1.9
Variable lease payment not included in measurement of lease liability | 3.1 | 3.4
Expense related to leases with low value | 1.9 | 1.8
Other | 0.3 | 0.1
Total lease components in the statement of profit or loss | 8.2 | 7.6

Company only financial statements | 348

Campari Group annual report for the year ended 31 December 2024

The low-value leases included in the statement of profit or loss mainly referred to information technology
equipment. In contrast, while line variable leases include lease payments mainly referred to warehouses for
storing products.
x. Share of profit (loss) of joint-ventures and other investments
Accounting policy
Joint-ventures recognition
A joint-venture exists where there is a joint-control agreement under which the parties that hold joint control
have a right to the net assets covered by the agreement. Joint control is the contractually agreed sharing of
control under an agreement, which solely exists when decisions on relevant activities require unanimous
consensus from all the parties sharing control. The factors considered to determine significant influence or joint
control are similar to those necessary to determine control over subsidiaries.
Joint-ventures measurement
Joint-ventures are initially recognised at cost plus acquisition-related costs and are subsequently reported in the
Company-only financial statements using the equity method from the date on which significant influence or joint
control commences and ending when that influence or control ceases.
If there is a significant loss of influence or joint control, the holding and/or investment is recognised at fair value
and the difference between the fair value and the carrying amount is recorded in the statement of profit or loss.
Any committed payments to increment the ownership interest in a joint-venture, in the form of a put and/or call
option or a combination of both, cannot be estimated and recorded as a financial liability at the time of the
transaction since the guidance valid for financial instruments does not apply to interests in joint-ventures that are
accounted for using the equity method. These written agreements for put and/or call options are derivative
agreements and represented in the Company’s accounts as financial instruments measured at fair value with an
impact in the statement of profit or loss. When the call and/or put options expire, the derivatives will be replaced
by an increased value of the investment to be recorded against the cash out for the derivative settlement.
Contingent or committed payments in the form of an incentive plan granted to personnel of the joint-venture are
recorded as an incremental cost of the investment once the attainment of the performance condition becomes
probable, based on the fair value of the replacement award as of the acquisition date.
The Company assesses the existence of any impairment indicators whenever events or circumstances indicate
that the carrying amount of the investment may not be recoverable; any impairment loss is allocated to the
investment with effect in the statement of profit or loss. If the Company’s interest in any losses of the joint-
venture exceeds the carrying amount of the equity investment in the financial statements, the value of the equity
investment is derecognised, and the Company’s portion of further losses is not reported, unless, and to the
extent to which, the Company has a legal or implicit obligation to cover such losses.
Disclosure

€ million | Investment in joint-ventures
At 31 December 2023 | 32.2
Share of profit (loss) | (34.7)
Capital injection | 11.0
At 31 December 2024 | 8.5

€ million | Investment in joint-ventures
At December 31, 2022 | 35.5
Share of profit (loss) | (9.3)
Capital injection | 5.0
Increase in interests | 2.6
Reclassifications to subsidiaries | (1.7)
At December 31, 2023 | 32.2

D uring 2024, a capital injection in the Dioniso joint-venture (contribution equally supported by Moët Hennessy)
of €11.0 million was completed. During the period Dioniso joint-venture recorded an overall loss of €34.7 million,
mainly driven by non-recurring recognition of impairment loss over its intangible assets. Under the share of profit
from joint-ventures and other investments line (totalling €38.6 million in 2024) were additionally recorded losses
for €4.0 million related to operating investments in agency brand initiatives.

Company only financial statements | 349

Campari Group annual report for the year ended 31 December 2024

xi. Taxation
Accounting policy
Current tax is based on taxable profit for the year. Taxable profit is different from accounting profit due to
temporary differences between accounting and tax treatments and due to items that are never taxable or tax-
deductible. Tax benefits are not recognised unless it is probable that the tax positions are sustainable.
Preparing the taxation estimates, a detailed assessment is performed considering uncertainties regarding the
tax treatment of transactions carried out, which could give rise to disputes with the tax authorities with related
tax liabilities included in current liabilities. Current tax assets and liabilities are offset when a legal right of set-off
exists, provided that the realisation of the asset and the settlement of the liability occur simultaneously.
Other non-income taxes, such as property and capital taxes, are included in operating expenses. Penalties and
interest on tax liabilities are included in selling, general and administrative expenses and financial income and
expenses, respectively, unless they qualify as income taxes based on the local legislation, being in that case
classified as income taxes.
Deferred tax assets and liabilities are calculated on all temporary differences between the asset and liability
values recorded in the financial statements and the corresponding values recognised for tax purposes using the
liability method. Those values are determined based on the tax rates projected to be applicable under the
respective Italian laws in those periods when the temporary differences are generated or derecognised.
The Company has also opted for the national tax consolidation procedure, governed by Article 117 et seq of the
Italian Consolidated Law on Income Tax (‘TUIR’). The decision to adopt this procedure is reflected in the
accounting entries, showing receivables and payables arising from the tax consolidation procedure towards the
controlling shareholder Lagfin S.C.A., Société en Commandite par Actions.
Disclosure
Taxes are calculated based on the applicable regulations at the rates in force, which, in 2024, were 24.0% for
IRES (corporate income tax) and 5.57% for IRAP (regional production tax).
A breakdown of the current and deferred taxes included in the Company’s statement of profit or loss and
statement of other comprehensive income is as follows.

| for the year ended 31 December 2024
profit or loss and other comprehensive income | 2024 | 2023
| € million | € million
- current taxes for the year and previous years | (51.1) | (86.6)
- deferred tax expenses of the year | 3.1 | -
Taxes recorded in the statement of profit or loss | (48.0) | (86.5)
Taxes recorded in the statement of comprehensive income | 1.0 | 5.7

| 31 December
financial position | 2024 | 2023
| € million | € million
Deferred tax liabilities | (9.9) | (14.0)
Net deferred tax | (9.9) | (14.0)

Reconciliation of tax charges
The following table shows a reconciliation of the theoretical tax charge against the Company’s actual tax charge.
Based on the legal provisions, the theoretical rate used is the rate in force during the year in question,
considering the rates for IRES (corporate income tax) and IRAP (regional production tax) taxes, which have
different tax bases. Tax base differences has been taken into account as item with different theoretical tax rate .

Company only financial statements | 350

Campari Group annual report for the year ended 31 December 2024

| for the year ended 31 December
| 2024 | 2023
| € million | € million
Profit before tax | 210.3 | 374.7
Applicable tax rate | -24.0% | -24.0%
Theoretical taxes at current tax rate | (50.5) | (89.9)
Italian Patent Box tax benefit | 24.9 | -
Permanent differences | (4.9) | 21.1
Taxes relating to previous financial years | 1.5 | 0.2
Item with different theoretical tax rate | (16.4) | (16.6)
Other differences | (2.7) | (1.2)
Actual tax liability in the statement of profit or loss | (48.0) | (86.5)
Actual tax rate | -22.8% | -23.1%

Taxation in 2024 amounted to €48.0 million compared to €86.5 million reported in 2023.
Profit before taxation represents the basis on which tax is calculated in accordance with current tax regulations.
The reported tax rate in the 2024 period was 22.8%, compared to a reported tax rate of 23.1% in 2023. The
discrepancy in the reported net tax burden was driven by the dividend received from subsidiaries (€21.1 million
in 2024 compared with €105.9 million in 2023) included in permanent differences as they are subject to a lower-
than-nominal taxation (1.2% tax rate) under current Italian tax law. This was offset by the benefit derived from
the Italian Patent Box (€6.5 million referred to 2024 and €18.4 million from the recapture of previous year tax
credit) which will have a cash benefit impact on tax payments starting from 2025.
Effective 1 January 2024, Pillar Two legislation applies in Italy, where Davide Campari-Milano N.V. is tax
resident (see Legislative Decree of 27 December 2023, no. 209 or 'Italian Pillar Two legislation').
According to the Italian Pillar Two legislation, Davide-Campari-Milano N.V. qualifies as Partially Owned Parent
Entity ('POPE') for Pillar Two purposes. As a consequence, the Pillar Two perimeter would be identified with the
perimeter of the consolidated financial statements of Davide Campari-Milano N.V., including all the entities
which are consolidated on a line-by-line basis, as well as any minority participations and joint-ventures excluded
from the consolidation perimeter. As the POPE, Davide Campari-Milano N.V. will be generally required to pay in
Italy a top-up tax on profits of its subsidiaries that are taxed at an effective tax rate (determined in accordance
with the Italian Pillar Two rules) of less than 15%. In parallel, the Group is in scope of the enacted or
substantively enacted Qualified Domestic Minimum Top-up Taxes ('QDMTT') in the jurisdictions where it
operates.
The Group has performed a preliminary calculation of the ‘Transitional Safe Harbours’ for Pillar Two purposes
('TSH') on the basis of the Ministerial Decree of 20 May 2024, which is based on OECD standards, intended as
‘qualifying international agreement on safe harbours’ for the purposes of the EU Directive n. 2523/2022 (article
32) and the Italian Pillar Two rules. The Group’s assessment also took into consideration: i) Ministerial Decree of
1 July 2024 regarding the implementation of the Italian QDMTT; ii) Ministerial Decree of 11 October 2024
regarding the implementation of the Substance Based Income Exclusion rule' ('SBIE'); and both iii) Ministerial
Decree of 20 December 2024 and iv) Ministerial Decree of 27 December 2024, which implemented specific
items pursuant to the Italian Pillar Two legislation.
Calculation is based on the accounting data available at the end of December 2024 and no top-up-tax exposure
was detected demonstrating the Group commitment to fair and transparent tax management.

Company only financial statements | 351

Campari Group annual report for the year ended 31 December 2024

Breakdown of deferred taxes by type
Details of deferred tax income/assets and expenses/liabilities posted to the statement of profit or loss and
statement of financial position are broken down by type below.

| statement of financial position | statement of profit or loss | other comprehensive income Statements
| at 31 December 2024 | for the year ended 31 December 2024 | for the year ended 31 December
| 2024 | 2023 | 2024 | 2023 | 2024 | 2023
| € million | € million | € million | € million | € million | € million
Deferred expenses | 8.5 | 9.3 | (0.8) | 2.6 | - | -
Provisions for risk and charges | 11.2 | 1.4 | 9.8 | - | - | -
Unrealized exchange losses | - | 9.9 | (9.9) | - | - | -
Other | 5.8 | 2.4 | 3.3 | 2.6 | - | -
Reclassified in reduction of deferred tax liabilities | (25.5) | (23.1) | - | - | - | -
Deferred tax assets | - | - | 2.4 | 5.1 | - | -
Accelerated depreciation | (0.1) | (0.1) | - | - | - | -
Gains subject to deferred taxation | (0.1) | (0.1) | - | - | - | -
Goodwill and trademarks deducted locally | (30.5) | (23.9) | (6.6) | (3.2) | - | -
Cash flow hedging | (1.9) | (2.9) | - | - | 1.0 | 5.7
Unrealized exchange profit | - | (7.3) | 7.3 | (1.9) | - | -
Other | (2.8) | (2.8) | - | - | - | -
Reclassification of deferred tax assets | 25.5 | 23.1 | - | - | - | -
Deferred tax liabilities | (9.9) | (14.0) | 0.7 | (5.1) | 1.0 | 5.7
Total | (9.9) | (14.0) | 3.1 | - | 1.0 | 5.7

Deferred tax assets arise from temporary differences and mainly relate to costs that are deductible based on
certain tax measures, to the creation of taxed provisions (such as the provision for restructuring, inventory
impairment, provisions for risks, provision for expected future losses on receivables) and deferred expenses.
Temporary differences that entailed reporting deferred tax liabilities related mainly to the amortisation of goodwill
and brands, the deferral of gains made in previous years, and, lastly, unrealized exchange-rate gains.
The amounts credited and debited under this item are recognised in the statement of profit or loss for the period
or under other comprehensive income or expense if the temporary difference is also recorded under other
comprehensive income or expense.
The breakdown of income tax receivables and payables is as follows.

| 2024 | 2023
| € million | € million
Income tax receivable | 11.3 | 3.0
Receivables from controlling shareholder for tax consolidation(1) | 5.1 | 11.0
Income tax receivables | 16.3 | 14.0

(1)Please refer to paragraph 8 v-’Related parties’ for more information.
Income tax receivables and payables are all due within 12 months. The corporate income tax payable is shown
net of advance payments and taxes deducted at source.
At 31 December 2024, the Company’s tax receivables amounted to €16.3 million, which, compared to tax
receivables of €14.0 million at 31 December 2023 due to lower taxable income for IRES and IRAP purposes
than the previous year, arose mainly from the different business results.
4. Operating assets and liabilities
This section details accounting policies for property, plant and equipment, right of use assets, intangible assets,
post-employment plans and share-based payments. Judgements and estimates are stated with regard to
goodwill and intangible assets.
This section discloses the information on the assets used to generate the Company’s performance and the
liabilities incurred.

Company only financial statements | 352

Campari Group annual report for the year ended 31 December 2024

i. Property, plant and equipment and right of use
Accounting policy
Property, plant and equipment are stated at cost less accumulated depreciation, which is applied on a straight-
line basis to estimated residual values over their expected useful lives.
For right of use assets, please refer to the note 3 ix-‘Lease components’.
Land, even if acquired in conjunction with a building, is not depreciated, nor are held-for-sale tangible assets
reported at the lower of their carrying amount and fair value less cost to sell. Barrels are depreciated based on
the useful life, which can vary depending on the maturing work in progress for the liquid. For lease-hold-
improvements, the period of depreciation is the shorter of the economic life of the asset and the contract
duration of the underlying lease agreement. For right of use assets, unless the Company is reasonably certain
that it will obtain ownership of the leased asset at the end of the lease term, they are amortised on a straight-line
basis over their estimated useful life or the term of the agreement, whichever is the shorter.
The Company’s depreciation rate ranges by asset category are as follows:
- business-related properties and light construction: 1.5%-10%;
- plant and machinery: 3%-10%;
- furniture, office and electronic equipment: 10%-20%;
- vehicles: 20%-25%;
- miscellaneous equipment: 10%-30%.
Depreciation ceases on the date on which the asset is classified as held for sale or on which the asset is
derecognised for accounting purposes, whichever occurs first.
Depreciation rates are revised through an ongoing assessment of the residual useful life of each asset category.
This assessment is conducted in accordance with the technical and physical condition of the assets, the
technological environment, external factors, and generally accepted market and industry valuation criteria.
The Company performs impairment tests when there is an indication of impairment at the level of individual fixed
assets or group of fixed assets to ensure that property, plant and equipment are not carried at above their
recoverable amounts.
Borrowing costs are capitalised as part of the cost of an asset, only when generally attributable to a qualifying
asset.
Disclosure

| land and buildings | plant and machinery | other | total
| € million | € million | € million | € million
Carrying amount at the beginning of the period | 136.0 | 191.2 | 27.1 | 355.0
Accumulated depreciation at the beginning of the period | (63.2) | (118.2) | (21.6) | (203.0)
at 31 December 2023 | 72.7 | 73.8 | 5.5 | 152.0
Additions(1) | 119.5 | 23.6 | 2.5 | 145.6
Disposals | - | (0.2) | - | (0.2)
Depreciation | (2.8) | (4.4) | (0.9) | (8.1)
Reclassifications | (0.8) | (1.3) | 1.9 | -
at 31 December 2024 | 188.6 | 91.6 | 9.0 | 289.2
Carrying amount at the end of the period | 254.7 | 207.9 | 30.4 | 493.0
Accumulated depreciation at the end of the period | (66.1) | (116.2) | (21.4) | (203.7)

(1)Additions in property, plant and equipment exclude advances to suppliers for fixed assets, which are considered as capital expenditure in the cash flow.

| land and buildings | plant and machinery | other | total
| € million | € million | € million | € million
Carrying amount at the beginning of the period | 124.4 | 162.9 | 26.0 | 313.3
Accumulated depreciation at the beginning of the period | (60.1) | (111.8) | (20.6) | (192.5)
at 31 December 2022 | 64.3 | 51.1 | 5.5 | 120.8
Additions | 12.1 | 29.2 | 0.5 | 41.8
Disposals | - | (0.1) | - | (0.1)
Depreciation | (3.2) | (6.3) | (1.0) | (10.5)
Reclassifications | (0.5) | 0.1 | 0.5 | -
Impairment | - | (0.2) | - | (0.2)
at 31 December 2023 | 72.7 | 73.8 | 5.5 | 152.0
Carrying amount at the end of the period | 136.0 | 191.2 | 27.1 | 355.0
Accumulated depreciation at the end of the period | (63.2) | (118.2) | (21.6) | (203.0)

Company only financial statements | 353

Campari Group annual report for the year ended 31 December 2024

Land and buildings
This item included the land occupied by the Novi Ligure facility, the buildings essential for carrying out the
business, i.e. the building that accommodates the Company’s headquarters, and the Canale, Alghero and
Caltanissetta production units. This item also includes the water system, plumbing works and electricity units.
Increases totalling €119.5 million during the year were related mainly to the acquisition of the new headquarters
in Milan city centre. The borrowing costs associated with the acquisition of this qualified asset and capitalised
amounted to €0.2 million, calculated at an interest rate of 2.8%.
Plant and machinery
The item included plants, machinery and tanks for the production units and the facilities attached to the
Company’s headquarters. Increases totalling €23.6 million during the year were related mainly to capacity
expansion at some production facilities.
Other
This item included various devices, including laboratory equipment and other assets, such as furniture,
electronic machines, cars and goods vehicles.
Moreover, sustainability-related investments were carried out and amounted to €1.8 million in the period and
referred to energy and climate-related projects in the Italian-based plants.
There are no restrictions or covenants on the aforementioned assets.

right of use assets by nature | land and buildings | plant and machinery | other | total
| € million | € million | € million | € million
at 31 December 2023 | 0.1 | 1.9 | 3.2 | 5.2
Additions | - | 0.2 | 4.2 | 4.4
Depreciation | - | (0.6) | (1.8) | (2.4)
at 31 December 2024 | 0.1 | 1.5 | 5.6 | 7.2
Carrying amount at the end of the period | 0.1 | 4.2 | 8.6 | 12.9
Accumulated amortisation at the end of the period | (0.1) | (2.7) | (2.9) | (5.7)

right of use assets by nature | land and buildings | plant and machinery | other | total
| € million | € million | € million | € million
at 31 December 2022 | 0.1 | 2.1 | 1.8 | 4.0
Additions | - | 0.4 | 2.6 | 2.9
Depreciation | - | (0.6) | (1.3) | (1.9)
Other changes | - | - | 0.2 | 0.2
at 31 December 2023 | 0.1 | 1.9 | 3.2 | 5.2
Carrying amount at the end of the period | 0.1 | 4.1 | 5.5 | 9.7
Accumulated amortisation at the end of the period | - | (2.2) | (2.3) | (4.5)

ii. Intangible assets
Accounting policy
Intangible assets recognition
Intangible assets with definite life are recorded at cost, net of accumulated amortisation and any impairment
losses.
Intangible assets produced internally are not capitalized. They are reported in the statement of profit or loss in
the financial year in which they are incurred; there are no significant development costs to be considered. The
costs of innovation projects and studies are fully recorded in the statement of profit or loss in the year in which
they are incurred.
Software represents the cost of purchasing assets and licences and, if incurred, external consultancy fees and
internal labor costs to prepare the technology so that it is capable of operating in the manner intended by
management; there are normally no costs associated with development. These costs are recorded in the year in
which the internal or external costs are incurred to train personnel and other related costs.
The following contracts are managed as a service contract with the related costs expensed as they are incurred:
cloud computing arrangements under which i) the Company contracts to pay a fee in exchange for a right to
access the supplier’s application software for a specified term; ii) the cloud infrastructure is managed and
controlled by the supplier, insofar as access to the software is on an ‘as needed’ basis over the internet or via a
dedicated line and iii) the contract does not convey any rights over tangible assets to the Company. Any

Company only financial statements | 354

Campari Group annual report for the year ended 31 December 2024

prepayment giving a right to a future service is recognised as a prepaid asset. Detailed analysis is undertaken to
determine whether the implementation costs for software hosted under cloud arrangements can be capitalised.
Intangible assets amortisation and impairment
Intangible assets with a finite life are amortised on a straight-line basis in relation to their useful life. They are
reviewed for impairment whenever events or circumstances indicate that the carrying amount may not be
recoverable. The amortisation period of intangible assets with a finite life is reviewed at least at the end of every
financial year to ascertain any changes in their useful life, which, if identified, will be treated as changes in
estimates.
Intangible assets with indefinite life impairment test
Goodwill, brands and other intangible assets with an indefinite life are not amortised and are reviewed for
impairment tests every year or more frequently if there is any indication that the asset may be impaired. The
annual approval of the impairment test results is performed by the Board of Directors of Davide Campari-Milano
N.V., which takes place before the approval of the annual financial reports (consolidated and Company only).
The ability to recover the assets is ascertained by comparing the carrying amount to the related recoverable
value, which is represented by the higher of the fair value, less cost of disposal, and the value in use.
In the absence of a binding sale agreement, the fair value is estimated based on recent transaction values in an
active market or based on the best information available to determine the amount that could be obtained from
selling the asset. The value in use is determined by discounting expected cash flows resulting from the use of
the asset and, if significant and reasonably determinable, the cash flows resulting from its sale at the end of its
useful life. Cash flows are determined based on reasonable, documented assumptions representing the best
estimate of the future economic conditions that will occur during the remaining useful life of the asset, with
greater weight given to external information. Growth rate assumptions are applied to the years beyond the
business plan horizon. The discount rate applied considers the implicit risk of the business segment.
When it is not possible to determine the recoverable value of an individual asset, the Company estimates the
recoverable value of the cash-generating unit to which the asset belongs.
Impairment loss is recorded if the recoverable value of an asset is lower than its carrying amount by posting the
related cost in the statement of profit or loss. Goodwill impairments can no longer be written back.
Disclosure
Goodwill and Brands
At 31 December 2024, goodwill and brands amounted to €355.30 million and € 378.7 million, respectively.
Changes in goodwill and brands during 2024 and 2023 are shown in the tables below.

| goodwill | brands | total
| € million | € million | € million
at 31 December 2023 | 355.3 | 388.2 | 743.5
Amortisation | - | (0.2) | (0.2)
Impairment loss | - | (9.4) | (9.4)
at 31 December 2024 | 355.3 | 378.7 | 734.0

| goodwill | brands | total
| € million | € million | € million
at 31 December 2022 | 355.3 | 388.4 | 743.7
Amortisation | - | (0.2) | (0.2)
at 31 December 2023 | 355.3 | 388.2 | 743.5

Impairment loss of €9.4 million referred entirely to the Bulldog brand.
Refer to the paragraph ‘Impairment test on goodwill and brands’ for more information regarding the
aforementioned impairment loss.
The breakdown of the brands is as follows.

Company only financial statements | 355

Campari Group annual report for the year ended 31 December 2024

| at 31 December
| 2024 | 2023
| € million | € million
Trademarks with indefinite useful life |  |
Picon | 123.6 | 123.6
The GlenGrant and Old Smuggler | 88.8 | 88.8
Averna and Braulio | 65.5 | 65.5
Frangelico | 54.0 | 54.0
Bulldog | 25.6 | 35.0
Riccadonna-Mondoro, of which: | 12.3 | 12.3
Riccadonna | 11.3 | 11.3
Mondoro | 1.0 | 1.0
Del Professore | 6.4 | 6.4
Cynar | 1.6 | 1.6
Cinzano | 0.8 | 0.8
Total trademarks with indefinite useful life | 378.5 | 387.9
Trademarks with definite useful life | - | -
X-Rated Fusion Liqueur | 0.2 | 0.3
Total trademarks | 378.7 | 388.2

Brands with a finite life include the X-Rated Fusion Liqueur brand. In 2015, its useful life was reviewed and
determined as a total of ten years from 2016 to 2025.
Intangible assets with a finite life
Changes in this item that occurred in 2024 and 2023 are shown in the tables below.

| software | other | total
| € million | € million | € million
Carrying amount at the beginning of the period | 108.8 | 11.2 | 120.0
Accumulated amortisation at the beginning of the period | (74.1) | (9.2) | (83.3)
at 31 December 2023 | 34.7 | 2.0 | 36.7
Additions | 30.6 | - | 30.6
Disposal | (5.4) | - | (5.4)
Amortisation | (12.0) | (0.7) | (12.7)
at 31 December 2024 | 48.0 | 1.3 | 49.3
Carrying amount at the end of the period | 133.5 | 11.2 | 144.7
Accumulated amortisation at the end of the period | (85.5) | (9.9) | (95.4)

| software | other | total
| € million | € million | € million
Carrying amount at the beginning of the period | 95.1 | 11.2 | 106.3
Accumulated amortisation at the beginning of the period | (62.1) | (8.5) | (70.6)
at 31 December 2022 | 33.0 | 2.7 | 35.7
Additions | 19.9 | - | 19.9
Disposal | (5.5) | - | (5.5)
Amortisation | (12.0) | (0.7) | (12.7)
Impairment | (0.6) | - | (0.6)
at 31 December 2023 | 34.7 | 2.0 | 36.7
Carrying amount at the end of the period | 108.8 | 11.2 | 120.0
Accumulated amortisation at the end of the period | (74.1) | (9.2) | (83.3)

Intangible assets with a finite life are amortised according to their remaining useful life.
Net investment in information technology, totalling €30.6 million, primarily related to projects to continuously
upgrade the new information technology environment.
Impairment test on goodwill and brands
Goodwill and brands with an indefinite life are not amortised but are instead subject to impairment tests, which
are carried out annually or more frequently if events or changes in circumstances indicate a possible loss.
The recoverable amount of an asset is the greater of its ‘fair value less the cost to sell’ and its ‘value in use’.
With reference to the goodwill of Davide Campari-Milano N.V., the entire entity is identified as the lowest level of

Company only financial statements | 356

Campari Group annual report for the year ended 31 December 2024

cash-generating unit and the recoverable amount was measured using the fair value criterion minus the cost of
sales. This methodology applies parameters associated with the valuation assigned to comparable businesses
acquired in an active market in terms of the type of business acquired and transaction structure. These are
implicit parameters or multiples derived from the ratio between the acquisition price and specific economic and
financial values relating to comparable transactions. The fair value method was used to determine the
recoverable amount of goodwill, using the EV/EBITDA (enterprise value/earnings before interest, taxes,
depreciation and amortisation) multiple associated with those samples of comparable acquisitions in the spirit
sector. The multiples considered reflected the average industry transaction EBITDA multiples, applied to the
relevant profitability generated by the Company. The average multiple applied was c.18 times. The use of this
multiple is considered particularly effective as it avoids distortions caused by different tax regulations, financial
structures as well as extraordinary profit and facilitates comparison at international level.
In 2024, the impairment test confirmed the full recoverability of the goodwill booked in the Company with
sufficient headroom to exclude impairment losses that may arise from meaningful business downside risks.
Moreover, a sensitivity analysis of the recoverable amount based on the fair value was performed
conservatively, assuming a reduction of 10% and 20% to the metrics to which the multiple is applied. The
sensitivity analyses confirmed the full recoverability of the value recorded for the goodwill.
It should be noted that the brand values booked in the separate financial statements of Davide Campari-Milano
N.V. have already been tested within the impairment test of trademark values at Group level, confirming their full
recoverability (for details on the methodology, please refer to note 4 ii-‘Intangible assets-Impairment test on
goodwill and brands’ of the Campari Group consolidated financial statements at 31 December 2024).
iii. Investments in subsidiaries and joint-ventures
Accounting policy
Subsidiaries are entities over which the Company has control: control is achieved when the Company has valid
rights which enable it to use its power over the investee to affect the amount of the investor’s returns.
Investments in subsidiaries are recorded at cost, including purchase price and other costs directly attributable to
the acquisition, such as professional fees for legal services, transfer taxes and other transaction costs.
The initial recognition of the cost of the subsidiary is inclusive of the payments made at inception and the best
estimate of any variable or contingent considerations, having as reference the consideration the acquirer
transfers in the context of a business combination, managed at Campari Group level, even in the form of
exercise price of options on non-controlling interests, giving the acquirer present access to returns associated
with the ownership interest in the shares subject to the option. Options not giving the acquirer present access to
returns associated with the ownership interest in the shares subject to the option are derivative financial
instruments accounted for at fair value, with any subsequent change in the fair value recognised in the
statement of profit or loss.
Investments are finally tested for impairment every time there is an impairment indicator due to one or more
events that occurred after the initial recognition, which impact the future cash flows of the subsidiaries and the
dividends they could distribute. If the tests show evidence of impairment, the loss in value must be recorded as
an impairment in the statement of profit or loss and the carrying amount is consequently reduced to its
recoverable amount, usually determined based on the higher of the value in use and fair value less costs of
disposal. If the subsidiary’s losses exceed its share capital and reserves, the carrying amount of the investment
is derecognised and the portion of any further losses is posted to liabilities as a specific provision reflecting the
extent to which the Company is required to fulfil legal or implicit obligations concerning the subsidiary or, at
least, to cover its losses.
For detailed information on the accounting policy on joint-ventures, please refer to note 3 x-‘Share of profit (loss)
of joint-ventures’.

Company only financial statements | 357

Campari Group annual report for the year ended 31 December 2024

Disclosure
The list of investments in direct and indirect subsidiaries, including additional information extracted from their
last financial statements available or approved by the legally competent bodies, is as follows.

|  |  | Share value | Equity value | Profit (loss) of the year | Investment percentage | Carrying amount
Name | Head office | Currency | in local currency (LC) | € million | € million | Direct | Indirect | € million
Campari (Beijing) Trading Co. Ltd. | Beijing | CNY | 104,200,430 | (6.6) | 1.7 | 100.00 | - | 5.3
Campari America, LLC | New York | USD | 566,321,274 | 1,444.9 | 8.1 | 100.00 | - | 520.6
Campari Argentina S.A.(1) | Buenos Aires | ARS | 1,179,565,930 | 27.9 | (9.6) | 98.81 | 1.19 | 30.6
Campari Australia Pty Ltd. | Sydney | AUD | 56,500,000 | 59.0 | 0.7 | 100.00 | - | 43.6
Campari Austria GmbH | Wien | EUR | 500,000 | 3.6 | 2.9 | 100.00 | - | 2.3
Campari Benelux S.A. | Bruxelles | EUR | 1,000,000 | 2.8 | 1.7 | 61.01 | 38.99 | 4.5
Campari Deutschland GmbH | Munich | EUR | 5,200,000 | 23.2 | 7.6 | 100.00 | - | 19.8
Campari do Brasil Ltda. | Alphaville-Barueri-SP | BRL | 36,870,056 | 42.0 | 12.2 | 100.00 | - | 36.1
Campari España S.L.U. | Barcelona | EUR | 4,279,331 | 715.3 | (25.5) | 100.00 | - | 694.8
Campari India Private Ltd.(2) | New Delhi | INR | 172,260 | 1.7 | (0.2) | 99.99 | 0.01 | 1.6
Campari International S.r.l. | Sesto San Giovanni | EUR | 700,000 | 4.4 | 1.3 | 100.00 | - | 2.7
Campari Mexico S.A. de C.V. | Guadalajara | MXN | 5,525,434,642 | 241.0 | (2.4) | - | 100.00 | -
Campari New Zealand Ltd. | Auckland | NZD | 10,000 | 2.0 | 0.5 | - | 100.00 | -
Campari Peru SAC(3) | Lima | PEN | 34,733,588 | 12.9 | 0.6 | - | 100.00 | -
Campari RUS LLC | Moscow | RUB | 210,000,000 | 11.4 | 1.8 | 100.00 | - | 12.0
Campari Schweiz A.G. | Baar | CHF | 500,000 | 2.9 | 2.1 | 100.00 | - | 5.2
Campari Singapore Pte Ltd. | Singapore | SGD | 19,100,000 | 14.5 | 0.1 | 100.00 | - | 15.0
Campari South Africa Pty Ltd. | Cape Town | ZAR | 310,247,750 | 20.0 | 1.3 | - | 100.00 | -
Campari Ukraine LLC | Kiev | UAH | 87,396,209 | 6.0 | 1.5 | 99.00 | 1.00 | 0.2
Forty Creek Distillery Ltd.(3) | Grimsby | CAD | 105,500,100 | 37.9 | (0.4) | 100.00 | - | 77.3
Glen Grant Ltd. | Rothes | GBP | 164,949,000 | 315.0 | 4.9 | 100.00 | - | 334.5
J. Wray&Nephew Ltd. | Kingston | JMD | 750,000 | 299.2 | 33.3 | - | 100.00 | -
Campari Hellas Single Member Societe Anonyme | Volos | EUR | 6,811,220 | 24.0 | 4.5 | 100.00 | - | 29.2
Société des Produits Marnier Lapostolle S.A.S. | Paris | EUR | 62,941,820 | 1,297.7 | 6.1 | 100.00 | - | 1,776.2
Campari France S.A.S. | Paris | EUR | 262,093,200 | 1,376.1 | (20.0) | - | 100.00 | -
Campari Mixology S.r.l. | Milano | EUR | 68,880 | 0.4 | (4.0) | 100.00 | - | 8.1
Campari Mexico Destiladora S.A. de C.V. | San Ignacio Cerro Gordo | MXN | 10,100,000 | 0.1 | (0.3) | - | 100.00 | -
Bellonnie et Bourdillon Successeurs S.A.S. | Ducos Martinique | EUR | 5,100,000 | (1.6) | (7.7) | - | 96.53 | -
Distilleries Agricole de Sainte Luce S.A.S. | Ducos Martinique | EUR | 2,000,000 | (2.9) | (1.3) | - | 96.53 | -
SCEA Trois Rivières | Ducos Martinique | EUR | 5,920 | 0.9 | 0.1 | - | 96.53 | -
Casa Montelobos S.A.P.I. de C.V. | Mexico City | MXN | 5,247,771 | (7.5) | (5.6) | - | 100.00 | -
Licorera Ancho Reyes y cia S.A.P.I. de C.V. | Mexico City | MXN | 73,972 | 2.2 | 0.5 | - | 100.00 | -
Champagne Lallier S.A.S. | Ay | EUR | 3,778,450 | (21.6) | (12.9) | - | 100.00 | -
Eric Luc | Ay | EUR | 700,000 | 1.2 | (0.2) | - | 95.00 | -
Wilderness Trace Distillery, LLC | Kentucky | USD | - | 74.6 | 13.7 | - | 70.00 | -
Wilderness Trail Distillery, LLC | Kentucky | USD | - | - | - | - | 70.00 | -
Campari Korea Co. Ltd. | Seoul | KWD | 2,000,000,000 | 5.0 | 0.7 | - | 100.00 | -
Campari Japan Limited | Tokyo | YEN | 100,000,000 | 8.1 | 1.9 | 100.00 | - | 12.9
Thirsty Camel Limited | Auckland | NZD | 5,180,000 | (5.1) | (4.1) | - | 100.00 | -
Courvoisier S.A.S. | Châteauneuf-Sur-Charente | EUR | 168,100,293 | 449.5 | (10.0) | - | 100.00 | -
L. De Salignac&CIE | Châteauneuf-Sur-Charente | EUR | 1,143,750 | 7.0 | 0.3 | - | 100.00 | -
Distillerie Charentaise Jubert S.A.S | Châteauneuf-Sur-Charente | EUR | 329,400 | 2.8 | - | - | 100.00 | -
SCEA Domaine Guilloteau | Châteauneuf-Sur-Charente | EUR | 10,000 | 0.1 | - | - | 85.00 | -
SICA Des Baronnies de Jarnac(4) | Châteauneuf-Sur-Charente | EUR | 116,516 | 0.1 | - | - | 16.38 | -
SICA Quinze des Borderies et Champagnes(4) | Châteauneuf-Sur-Charente | EUR | 168,147 | 0.2 | - | - | 5.42 | -
Association Coopérative des Bouilleurs de Cru(4) | Châteauneuf-Sur-Charente | EUR | 248,561 | 0.3 | - | - | 1.96 | -
Total investments in subsidiaries |  |  |  |  |  |  |  | 3,632.6

(1)The share capital does not include effects related to the hyperinflation accounting standard.
(2)All data, excluding carrying amount, are at 31 March 2024.
(3)Includes the capital contribution.
(4)All data, excluding carrying amount, are at 31 October 2024.

Company only financial statements | 358

Campari Group annual report for the year ended 31 December 2024

The following table reflects the changes in investments in subsidiaries and joint-ventures.

€ million | at 31 December 2023 | contribution in kind(1) | increases | decreases | merger values | at 31 December 2024
Campari America, LLC | 515.4 | 5.1 | - | - | - | 520.5
Campari Benelux S.A. | 4.3 | 0.2 | - | - | - | 4.5
Campari do Brasil Ltda. | 57.8 | 0.2 | - | (21.9) | - | 36.1
Campari España S.L.U. | 628.3 | 1.5 | 65.0 | - | - | 694.8
Campari International S.r.l. | 2.3 | 0.4 | - | - | - | 2.7
Campari Argentina S.A. | 16.1 | 0.2 | 14.2 | - | - | 30.6
Campari Australia Pty Ltd. | 43.0 | 0.6 | - | - | - | 43.6
Campari Austria GmbH | 2.2 | 0.2 | - | - | - | 2.3
Campari (Beijing) Trading Co. Ltd. | 5.3 | - | - | - | - | 5.3
Campari Deutschland GmbH | 19.0 | 0.8 | - | - | - | 19.8
Campari Schweiz A.G. | 5.0 | 0.2 | - | - | - | 5.2
Campari Ukraine LLC | 0.1 | - | - | - | - | 0.2
Forty Creek Distillery Ltd. | 76.9 | 0.5 | - | - | - | 77.3
Campari RUS LLC | 12.0 | - | - | - | - | 12.0
Campari Hellas Single Member Societe Anonyme | 29.0 | 0.2 | - | - | - | 29.2
Campari Singapore Pte Ltd. | 14.3 | 0.7 | - | - | - | 15.0
Campari India Private Ltd. | 1.6 | - | - | - | - | 1.6
Campari Japan Limited | 11.7 | - | 1.2 | - | - | 12.9
Glen Grant Ltd. | 164.3 | 1.5 | 168.6 | - | - | 334.5
Société des Produits Marnier Lapostolle S.A.S. | 655.0 | 1.2 | 1,120.0 | - | - | 1,776.2
Campari Mixology S.r.l. | 6.2 | - | 3.5 | (2.4) | 0.8 | 8.1
Terrazza Aperol S.r.l. | 0.8 | - | - | - | (0.8) | -
Investments in subsidiaries | 2,270.6 | 13.7 | 1,372.5 | (24.3) | - | 3,632.6
Dioniso S.r.l. | 32.2 | - | 11.0 | (34.7) | - | 8.5
Investments in joint-ventures | 32.2 | - | 11.0 | (34.7) | - | 8.5
Total investments | 2,302.8 | 13.7 | 1,383.5 | (58.9) | - | 3,641.1

(1)Contribution in kind refers to the value of share-based payment plans awarded to the Company’s employees working in subsidiaries.
The changes in the investments in subsidiaries during the year were mainly to related to the following
subsidiaries:
- capital contribution to Campari España S.L.U. of €65.0 million was completed in June 2024, to support the
acquisition of the remaining 49% minority interests in Licorera Ancho Reyes y cia, S.A.P.I. de C.V. and Casa
Montelobos, S.A.P.I. de C.V.;
- increase in Campari Argentina S.A. in June 2024 for €14.2 million, following the waiver of intercompany
credit held in Campari Argentina S.A.;
- capital contribution to Glen Grant Ltd. of €168.6 million executed in November 2024, to support the
acquisition of a 15.4% minority stake in Capevin Holdings Proprietary Limited;
- capital contribution to Société des Produits Marnier Lapostolle S.A.S. of €1,120.0 million executed in June
2024, to support the acquisition of 100% of Beam Holdings France S.A.S. (renamed Courvoisier Holding
France S.A.S.), which in turn owns 100% of Courvoisier S.A.S., the owner of the Courvoisier brand.
- a capital contribution to Campari Mixology S.r.l. for €3.5 million was completed in December 2024.
Among the other movements of the period, the decreases were attributable to returns of capital by Campari do
Brasil Ltda. as a refund of the capital originally paid (€21.9 million) or to impairment loss allocation, following an
in-depth analysis to identify any triggering indicators on the recoverability of the value of investment. In this
respect, an impairment loss was identified for the investment in Campari Mixology S.r.l. for €2.4 million, due to
challenging business performance in a normalizing consumption environment. With respect to the merger
values, the movement of the year was driven by the merger of Terrazza Aperol S.r.l. within Campari Mixology
S.r.l. with an effective date for statutory and tax purposes of 1 January 2024.
The changes in interests joint-ventures during the year were related to Dioniso S.r.l., which was subject to a
capital contribution of €11.0 million. The joint-venture value was afterwards reduced by €34.7 million due to the
application of the equity method valuation at year-end.

Company only financial statements | 359

Campari Group annual report for the year ended 31 December 2024

iv. Other non-current assets
Disclosure

| 31 December
| 2024 | 2023
| € million | € million
Equity investment in other companies | 0.1 | 4.0
Other non-current receivables from related parties | 0.1 | 0.1
Other non-current tax receivables | 1.1 | 2.0
Total other non-current assets | 1.3 | 6.2

The reduction in equity investment in other companies was attributable to the disposal of minor agency brands
connected with operating investments with €4.0 million losses recognised in the share of profit (loss) in joint-
ventures and other investments in the profit or loss statements.
v. Other current assets
Disclosure

| 31 December
| 2024 | 2023
| € million | € million
Advances to suppliers | - | 16.2
Prepaid expenses | 9.0 | 7.5
Receivables from related parties | 8.8 | 8.2
Other | 4.2 | 4.9
Other current assets | 22.1 | 36.8

All receivables are due within 12 months, and their carrying amount is considered to be close to their fair value.
The advances to suppliers are principally related to the purchase of fixed assets.
For further details on receivables from related parties, please refer to note 8 v-‘Related parties’ of this Company
only financial statements.
The table below reflects a breakdown of receivables (the full other current asset balance excluding prepaid
expenses) by maturity.

at 31 December 2024 | other receivables(1) | of which related parties | provision for bad debts
| € million | € million | € thousand
Not overdue | 12.9 | 8.8 | -
Overdue | 0.3 | - | (0.1)
Less than 30 days | 0.2 | - |
Within 1 year | 0.1 | - | (0.1)
Total receivables broken down by maturity | 13.2 | 8.8 | (0.1)
Amount impaired | (0.1) |  |
Total | 13.1 |  |

(1)The item does not include prepaid expenses.

at 31 December 2023 | other receivables(1) | of which related parties | provision for bad debts
| € million | € million | € thousand
Not overdue | 22.7 | 8.2 | -
Overdue | 6.7 | - | (0.1)
Less than 30 days | 0.7 | - |
30-90 days | 0.2 | - | -
Within 1 year | 2.3 | - | -
Within 5 years | 2.0 | - | -
Due after 5 years | 1.4 | - | (0.1)
Total receivables broken down by maturity | 29.4 | 8.2 | (0.1)
Amount impaired | (0.1) |  |
Total | 29.2 |  |

(1)The item does not include prepaid expenses.

Company only financial statements | 360

Campari Group annual report for the year ended 31 December 2024

The tables below provide information on the composition of the provision for bad debt and the related credit risk
exposure for the Company’s other current receivables using a provisional matrix. The movements in the
provision during the year were negligible in 2024 and 2023.

| other current receivables days past due since(1)
| current | less than 30 days | 30-90 days | 1 year | 5 years | more than 5 years | total
at 31 December 2024 | € million | € million | € million | € million | € million | € million | € million
Credit loss rate | - | - | - | 1.1% | - | - | 1.1%
Estimated total gross carrying amount at default | 13.1 | 0.2 | - | 0.1 | - | - | 13.4
Provision for expected credit losses and bad debt | - | - | - | (0.1) | - | - | (0.1)

(1)The item does not include receivables to related parties.

| other current receivables days past due since(1)
| current | less than 30 days | 30-90 days | 1 year | 5 years | more than 5 years | total
at 31 December 2023 | € million | € million | € million | € million | € million | € million | € million
Credit loss rate | - | - | - | - | - | 0.4% | 0.4%
Estimated total gross carrying amount at default | 21.1 | 0.7 | 0.8 | 2.1 | 2.7 | 1.4 | 28.7
Provision for expected credit losses and bad debt | - | - | - | - |  | (0.1) | (0.1)

(1)The item does not include receivables to related parties.
vi. Other non-current liabilities
Accounting policy
For detailed information on the accounting policy on post-employment plans, please refer to note 8 iv-‘Defined
benefit plans.
Disclosure

| 31 December
| 2024 | 2023
| € million | € million
Employee benefit(1) | 13.9 | 31.8
Other | - | 0.7
Other non-current liabilities | 13.9 | 32.5

(1)Including non-recurring last mile long-term incentive schemes in 2023.
vii. Other current liabilities
Disclosure

| 31 December
| 2024 | 2023
| € million | € million
Payables to staff | 29.9 | 35.8
Payables to agents | 1.2 | 1.1
Deferred income | 2.9 | 3.3
Value added tax | 0.1 | -
Tax on alcohol production | 1.3 | 0.2
Withholding and miscellaneous taxes | 3.7 | 2.0
Other current liabilities to related parties | 4.1 | -
Payables to controlling shareholder for VAT consolidation | 2.5 | 3.2
Other | 2.6 | 4.1
Other current liabilities | 48.3 | 49.9

(1)Please refer to paragraph 8 v-‘Related parties’ for more information.
The following table shows a breakdown of payables by due date.

Company only financial statements | 361

Campari Group annual report for the year ended 31 December 2024

at 31 December 2024 | on demand | within 1 year | total
| € million | € million | € million
Other payables | 0.2 | 48.1 | 48.3
of which related parties | - | 6.6 | 6.6
Total | 0.2 | 48.1 | 48.3

at 31 December 2023 | on demand | within 1 year | total
| € million | € million | € million
Other payables | 0.3 | 49.6 | 49.9
of which related parties | - | 3.3 | 3.3
Total | 0.3 | 49.6 | 49.9

viii. Capital grants
Capital grants were mainly related to the funds received for investments in production plants at Novi Ligure. At
31 December 2024, deferred income in relation to capital grand totalled €2.9 million (€3.3 million at 31
December 2023) with an effect posted to the statement of profit or loss of €0.4 million (negative €1.0 million in
2023).
5. Operating working capital
This section details accounting policies for trade receivables, payables and inventory.
Moreover, this section discloses the information on the Company’s operating working capital composition broken
down into the various items that are managed to generate the Company’s performance.
i. Trade receivables
Accounting policy
For details on the accounting policy, please refer to note 6 i-‘Financial instruments.’
Disclosure

| 31 December
| 2024 | 2023
| € million | € million
Trade receivables from third parties | 27.7 | 31.3
Trade receivables from related parties | 172.7 | 160.2
Receivables in respect of contributions to promotional costs | 0.6 | 0.3
Trade receivables | 201.1 | 191.8

The carrying amount of the receivables due within 12 months is considered to be close to their fair value.
At 31 December 2024, the trade receivables item is reported net of the related impairment provision for
expected future losses, reflecting the effective collection risk. Compared to the last year, the increase in
receivables was mainly related to increased net sales thanks to the positive business performance. As a
percentage of net sales, trade receivables amounted to 18.7%, slightly up from 18.4% in 2023.
For further details on receivables from related parties, please refer to note 8 v-‘Related parties’.
The table below reflects receivables broken down by maturity.

Company only financial statements | 362

Campari Group annual report for the year ended 31 December 2024

at 31 December 2024 | trade receivables (1) | of which related parties | provision for expected future losses
| € million | € million | € million
Not overdue | 124.3 | 113.3 | -
Overdue | 77.6 | 59.5 | (0.8)
Less than 30 days | 36.5 | 20.9 | -
30-90 days | 8.0 | 6.7 | (0.1)
Within 1 year | 17.3 | 17.0 | (0.1)
Within 5 years | 14.6 | 14.3 | (0.1)
Due after 5 years | 1.2 | 0.6 | (0.6)
Total receivables broken down by maturity | 201.9 | 172.7 | (0.8)
Amount impaired | (0.8) |  |
Total | 201.1 | 172.7 |

(1) The item does not include prepaid expenses.

at 31 December 2023 | trade receivables (1) | of which related parties | provision for expected future losses
| € million | € million | € million
Not overdue | 106.9 | 107.4 | -
Overdue | 85.7 | 52.8 | (0.9)
Less than 30 days | 33.1 | 4.1 | -
30-90 days | 14.1 | 12.1 | -
Within 1 year | 26.1 | 25.5 | -
Within 5 years | 12.4 | 11.0 | (0.9)
Total receivables broken down by maturity | 192.6 | 160.2 | (0.9)
Amount impaired | (0.9) |  |
Total | 191.7 | 160.2 |

(1)The item does not include prepaid expenses.
The table below sets out the information in relation to the credit risk exposure on the Company’s trade
receivables using a provision matrix:

| trade receivables days past due(1)
| current | less than 30 days | 30-90 days | within 1 year | within 5 years | after 5 years | total
at 31 December 2024 | € million | € million | € million | € million | € million | € million | € million
Credit loss rate | - | - | 0.3% | 0.3% | 0.3% | 1.9% | 2.8%
Estimated total gross carrying amount at default | 11.0 | 15.6 | 1.3 | 0.3 | 0.4 | 0.7 | 29.1
Provision for expected credit losses | - | - | (0.1) | (0.1) | (0.1) | (0.6) | (0.8)

(1)The table does not include receivables from related parties.

| trade receivables days past due(1)
| current | less than 30 days | 30-90 days | within 1 year | within 5 years | after 5 years | total
at 31 December 2023 | € million | € million | € million | € million | € million | € million | € million
Credit loss rate | - | - | - | - | 3% | - | 3%
Estimated total gross carrying amount at default | (0.4) | 29.0 | 2.0 | 0.5 | 1.4 | - | 32.5
Provision for expected credit losses | - | - | - | - | (0.9) | - | (0.9)

(1)The table does not include receivables from related parties.
Overall, the amount of the provision and the level of utilization over the years confirmed that the Company is
exposed to a cluster of customers and markets that are not significantly affected by credit risk.
ii. Trade payables
Accounting policy
For details on the accounting policy, please refer to note 6 i-‘Financial instruments’.

Company only financial statements | 363

Campari Group annual report for the year ended 31 December 2024

Disclosure

| 31 December
| 2024 | 2023
| € million | € million
Trade payables to third parties | 186.8 | 145.9
Trade payables to related parties | 30.8 | 26.6
Trade payables | 217.6 | 172.5

The above payables are all due within 12 months. For further details on payables to related parties, see note 8
v-‘Related parties’.

at 31 December 2024 | on demand | within 1 year | due in 1 to 2 years | total
| € million | € million | € million | € million
Trade payables | - | 217.6 | - | 217.6
of which related parties | - | 30.8 | - | 30.8
Total | - | 217.6 | - | 217.6

at 31 December 2023 | on demand | within 1 year | due in 1 to 2 years | total
| € million | € million | € million | € million
Trade payables | 4.2 | 168.3 | - | 172.5
of which related parties | 0.8 | 25.8 | - | 26.6
Total | 4.2 | 168.3 | - | 172.5

The payment terms applied to suppliers are generally 60 days from the end of the month of the invoice.
The increase in the 2024 balance at year-end compared to the previous year was mainly related to phasing
effects. The balance also reflected the reverse factoring program launched in previous years in cooperation with
an external banking provider, which amounted to €16.3 million in 2024 (€25.3 million at 31 December 2023).
The program led to a consistent average extension of payment terms to 30 days across both years, as
disclosed. Given the nature of the program and the substance of the transaction, the trade payables under
reverse factoring agreements continued to be classified as a component of the Company’s operating working
capital with no separate disclosure as primary line items of the Company financial statements in consideration of
the total exposure.
iii. Inventories
Accounting policy
Inventories are stated at the lower of cost and net realisable value. Costs of finished product include raw
materials, supplies and consumables, direct labour and expenses and an appropriate proportion of production
and other overheads. Cost is calculated at the weighted average cost incurred in acquiring inventories.
Disclosure

| 31 December
| 2024 | 2023
| € million | € million
Finished goods | 59.2 | 102.2
Work in progress | 44.3 | 41.9
Raw materials, supplies and consumables | 22.0 | 20.0
Maintenance materials | 2.7 | 2.2
Inventories | 128.2 | 166.4

The value of finished goods has decreased as a result of improved inventory management, driven by more
efficient stock control, optimized supply chain processes, and a strategic approach to demand forecasting.
Inventories are reported net of the relevant impairment provisions amounting to €2.2 million (€2.0 million in
2023).

| € million
at 31 December 2023 | 2.0
Accruals | 3.0
Utilization | (2.8)
at 31 December 2024 | 2.2

Company only financial statements | 364

Campari Group annual report for the year ended 31 December 2024

| € million
at 31 December 2022 | 1.3
Accruals | 2.8
Utilization | (2.1)
Other | (0.1)
at 31 December 2023 | 2.0

6. Net financial debt
This section details accounting policies for financial assets and related impairment, financial liabilities,
derecognition of financial assets and liabilities, financial derivatives and hedging transactions, financial
guarantees and lease components. Judgements and estimates are stated with regard to incremental interest
rates for lease transactions. This section provides details of the Company’s net financial debt composition
broken down into the various items.
i. Financial instruments
Accounting policy
Financial instruments held by the Company are categorized as follows.
Financial assets, including trade and other receivables
Financial assets include investments, short-term securities and financial receivables, which, in turn, include the
positive fair value of financial derivatives, trade and other receivables and cash and cash equivalents. Trade
receivables arise from contracts with customers and are recognised when performance obligations are satisfied.
The consideration due is unconditional as only the passage of time is required before the payment is received.
Cash and cash equivalents include cash, bank deposits and highly liquid securities that are readily convertible
into cash and are subject to an insignificant risk of a change in value. Deposits and securities included in this
category mature in less than three months based on the conditions existing on the date of the acquisition of the
asset. Current securities include short-term securities or marketable securities that represent a temporary
investment of cash and do not meet the requirements for classification as cash and cash equivalents.
Financial assets are classified and measured based on a business model developed by the Company. The
business model has been defined at a level that reflects how groups of financial assets are managed to achieve
a particular business objective. The model’s measurement process requires an assessment based on both
quantitative and qualitative factors relating to, for example, how the performance of the financial assets in
question is communicated to management with strategic responsibilities and how the risks connected with these
financial assets are managed.
The Company measures a financial asset at amortised cost if it meets both of the following conditions:
- it is held under a business model whose objective is to hold assets aiming to collect contractual cash flows;
and,
- its contractual terms and conditions are such that the cash flows generated by the asset are attributable
exclusively to payments of the principal and the related interest.
Financial assets measured at amortised cost are measured at fair value at the time of initial recognition;
subsequent measurements reflect the repayments made, the effects of applying the effective interest method
and any write-downs. Any gain or loss made on derecognition is recognised in profit or loss, together with
foreign exchange gains and losses.
Financial assets also include investments in companies that are not held for trading. These assets are strategic
investments, and the Company has decided to recognise changes in the related fair values through profit or loss
(‘FVTPL’).
Financial assets represented by debt securities are classified and valued in the statement of financial position
based on the business model adopted to manage these financial assets and the financial flows associated with
each financial asset. They are measured at fair value through other comprehensive income (‘FVOCI’) if all the
conditions required by IFRS 9 are respected.
Impairment of a financial asset
Financial assets are tested for recoverability by applying an impairment model based on the expected credit loss
(‘ECL’).

Company only financial statements | 365

Campari Group annual report for the year ended 31 December 2024

The Company applies the simplified method for trade receivables, which considers the probabilities of default
over the financial instrument’s life (lifetime expected credit losses). In making impairment assessments, the
Company considers its historical credit loss experience, adjusted for forward-looking factors specific to the
nature of the Company’s receivables and economic environment. If any such evidence exists, an impairment
loss is recognised under selling, general and administrative expenses. More specifically, non-performing
receivables are analysed based on the debtor’s creditworthiness and ability to pay the sums due, as well as the
degree of effective coverage provided by any collateral and personal guarantees in existence.
With regard to trade receivables, the Group has defined a matrix-based approach for the Company, aiming to
estimate impairment losses. The provision matrix, including the overall actual result of the year, is reported in
the relevant disclosure notes.
With respect to intercompany receivables, the expected credit loss risk is minimal, as intercompany cash flows
are managed in a unified and coordinated manner at the Group level. Consequently, exposures are vigilantly
monitored, and the risk of loss is deemed negligible.
A financial asset is impaired when internal or external information indicates that it is unlikely that the Company
will receive the full contractual amount.
Lastly, with regard to other financial assets measured at amortised cost and, more specifically, cash and cash
equivalents, the impact in terms of expected loss is not considered material. For this reason, no adjustment is
made to the book values.
Financial liabilities, including trade and other payables
Financial liabilities include financial payables, bonds and loans due to banks, which, in turn, include the negative
fair value of financial derivatives, trade payables and other payables, including contingent consideration and
variable payments deriving from business combinations or asset deals.
Financial liabilities are classified and measured at amortised cost, except for financial liabilities that are initially
measured at fair value, for example, financial liabilities relating to derivative instruments (including put options
over non-controlling interests on subsidiaries) and financial liabilities for earn-outs.
Trade and other payables are initially recognised at fair value, including transaction costs, and subsequently
carried at amortised costs.
Derecognition of financial assets and liabilities
A financial asset (or, where applicable, a part of a financial asset or part of a group of similar financial assets) is
primarily derecognised (i.e. removed from the Company’s statement of financial position) when:
- the rights to receive cash flows from the asset have expired or,
- the Company has transferred its rights to receive cash flows from the asset or has assumed an obligation to
fully pay the received cash flows without material delay to a third party under a ‘pass-through’ arrangement;
and either (i) the Company has transferred substantially all the risks and rewards of the asset, or (ii) the
Company has neither transferred nor retained substantially all the risks and rewards of the asset, but has
transferred control of the asset
A financial liability is derecognised when the obligation under the liability is discharged or cancelled or expires.
When an existing financial liability is replaced by another from the same lender on substantially different terms,
or the terms of an existing liability are substantially modified, such an exchange or modification is treated as the
derecognition of the original liability and the recognition of a new liability. The difference in the respective
carrying amounts is recognised in the statement of profit or loss.
For detailed information on the accounting policy for put and call options over joint-ventures agreements, please
refer to note 3 xi-‘Share of profit (loss) of joint-ventures’.
Financial derivatives and hedging transactions
Financial derivatives embedded in contracts in which the primary element is a financial asset that falls within the
scope of IFRS 9 are not treated separately. The hybrid instrument is instead examined as a whole for
classification in the statement of financial position and subsequent measurement.
Financial derivatives are used exclusively for hedging purposes to reduce exchange and interest-rate risk. They
are only accounted for by applying the methods established for hedge accounting (fair value hedge or cash flow
hedge) if, at the start of the hedging period, the hedging relationship has been designated. It is assumed that the
hedge is highly effective: this effectiveness must be reliably measured during the accounting periods for which it
is designated. All financial derivatives are measured at fair value.
Where financial instruments meet the requirements to be reported using hedge accounting procedures, the
accounting treatment related to fair value hedge or cash flow hedge is applied.

Company only financial statements | 366

Campari Group annual report for the year ended 31 December 2024

If hedge accounting cannot be applied, any gains or losses resulting from measuring the financial derivative at
its present value are posted to the statement of profit or loss.
The Company is exposed to certain risks related to its ongoing business operations. The primary risks managed
using derivative instruments are foreign currency and interest rate risks.
Derivatives are designated as hedging instruments in the form of 1) foreign exchange forward and option
contracts, elected as cash flow hedges to hedge highly probable forecast sales and purchases in different
currencies compared to € and 2) interest rate swap contracts to mitigate the risk associated with variable
interest rate changes on loan and bond agreements not issued at a fixed interest rate.
The Company also uses derivatives not designated as hedging instruments to reflect the change in fair value of
foreign exchange rates of forward and option contracts that are not elected in hedge relationships but are,
nevertheless, intended to reduce the level of foreign currency risk for expected sales and purchases.
For the Company, net exposure to foreign exchange effects is limited to highly probable intra-group transactions
among its Group companies relating to certain sales and purchases regulated in currencies other than the
functional currencies of the companies. Although these transactions represent only a portion of the overall
business, the Company determines the net exposure to the primary currencies (US$, GBP, AUD) based on its
predicted intercompany sales and purchases up to 18 months. Moreover, the Company determines the
existence of an economic relationship between the hedging instrument and hedged item based on the currency,
amount and timing of their respective cash flows. The Group’s reference is the budget exposure split by
currencies and, as effectively as possible, any under/over exposure which may arise through plain vanilla
currency derivatives. The derivative covers the period of exposure from the cash flows of the transactions
forecasted up to the settlement of the resulting receivable or payable denominated in the foreign currency.
Derivative contracts that mitigate currency exchange risks are dynamically and qualitatively managed based on
business needs and specific contexts and circumstances. These are not framed within fixed or quantitative
policies regarding the percentage of coverage to be achieved. To avoid excessive coverage, the budget for
future transactions is typically hedged between 50% and 90% throughout the year. In the hedge relationships,
the main sources of ineffectiveness are:
- interest rate differentials between currencies and
- discrepancies between invoices issued and hedging contracts (i.e. changes in the timing of the hedge
transaction).
Regarding derivative contracts intended to hedge interest rate exposures, they are namely connected with
financing and there is no established quantitative policy concerning the optimal level of exposure to fixed or
variable rates: the Company manages its interest rate risk by having a balanced portfolio of fixed and variable
rate loans and borrowings. The preferred exposure to fixed or variable rates is dynamically managed centrally
within the Company, considering current and future market conditions, the Company’s level of indebtedness,
business performance, and in the context of the Company’s expansion initiatives. The Company determined the
existence of an economic relationship between the hedging instrument and hedged item based on the reference
interest rates, tenors, repricing dates and maturities and the notional or par amount.
Financial guarantees
The Company recognises financial guarantees as a financial liability if the likelihood of these guarantees being
called is assessed not to be remote, and the Company is expected to be liable for any legal obligation in respect
of these financial guarantee agreements. Financial guarantee contract liabilities are measured initially at their
fair values with subsequent remeasurement impacting profit or loss. They are represented as a long- or short-
term financial liability, depending on the time of the expected execution of the guarantees. If the likelihood of
these guarantees being called is assessed to be remote, they are treated as commitments with disclosure
requirements only. It occurs when they are represented as other forms of security in favour of third parties, such
as customs guarantees for excise duties and guarantees to grant credit lines.
Disclosure
The value of individual categories of financial assets and liabilities held by the Company at 31 December 2024
and 31 December 2023 is reflected below.

Company only financial statements | 367

Campari Group annual report for the year ended 31 December 2024

at 31 December 2024 | carrying amount | measurement at amortized cost | measurement at fair value through profit and loss | measurement at fair value with changes recognized in the statement of comprehensive income
€ million |  |  |  |
Cash and cash equivalents | 430.8 | 430.8 | - | -
Current financial receivables with related parties | 201.1 | 201.1 | - | -
Other current financial assets | 7.3 | 7.3 | - | -
Other non-current financial assets | 1.3 | 1.3 | - | -
Lease payables | (7.3) | (7.3) | - | -
Loans due to banks(1) | (697.0) | (697.0) | - | -
Bonds | (1,580.3) | (1,580.3) | - | -
Accrued interest on bonds | (21.3) | (21.3) | - | -
Other financial liabilities with related parties | (122.5) | (122.5) | - | -
Other current financial liabilities | (0.1) | (0.1) | - | -
Non-current and current assets for hedging derivatives(2) | 0.4 | - | 0.1 | 0.3
Non-current and current liabilities for hedging derivatives | (2.1) | - | (0.3) | (1.8)
Other non-current assets | 1.3 | 1.2 | 0.1 | -
Trade receivables | 28.3 | 28.3 | - | -
Trade payables | (217.6) | (217.6) | - | -
Total | (1,977.8) | (1,976.1) | (0.1) | (1.5)

(1)Excluding derivative on loans due to banks.
(2)Derivatives on loans due to banks and new pre-hedging contract subscribed.

at 31 December 2023 | carrying amount | measurement at amortized cost | measurement at fair value through profit and loss | measurement at fair value with changes recognized in the statement of comprehensive income
€ million |  |  |  |
Cash and cash equivalents | 443.6 | 443.6 | - | -
Current financial receivables with related parties | 178.7 | 178.7 | - | -
Other current financial assets | 16.0 | 16.0 | - | -
Other non-current financial assets | 1.3 | 1.3 | - | -
Lease payables | (5.3) | (5.3) | - | -
Loans due to banks(1) | (589.9) | (589.9) | - | -
Bonds | (1,145.8) | (1,145.8) | - | -
Accrued interest on bonds | (14.5) | (14.5) | - | -
Other financial liabilities with related parties | (93.2) | (93.2) | - | -
Other current financial liabilities | (0.1) | (0.1) | - | -
Liabilities for put option and earn-out payments(2) | (0.3) | - | - | (0.3)
Non-current and current assets for hedging derivatives(3) | 3.5 | - | - | 3.5
Non-current and current liabilities for hedging derivatives | (0.2) | - | (0.1) | (0.1)
Other non-current assets | 6.2 | 2.2 | 4.0 | -
Trade receivables | 31.6 | 31.6 | - | -
Trade payables | (172.5) | (172.5) | - | -
Total | (1,340.7) | (1,347.7) | 4.0 | 3.0

(1)Excluding derivatives on loans due to banks.
(2)Liabilities linked to some business combinations may be elected to have the fair value variation accounted for against the Group equity.
(3)Derivatives on loans due to banks and new pre-hedging contract subscribed.
The tables below show a breakdown of the foreign exchange contracts on highly probable sales and purchases
and interest rate swap on loan. It also includes the effect of hedge derivatives, not in hedge accounting with fair
values variations recognised through the statement of profit or loss.

foreign exchange forward contracts and options (highly probable forecast sales and purchases) | at 31 December 2024 | at 31 December 2023
€ million | notional amount hedge items | average forward rate | notional amount hedge items | average forward rate
US$ | 64.5 | 1.06 | 30.0 | 1.09
New Zealand Dollar | - | - | 12.0 | 1.78
Swiss Franc | 2.0 | 0.93 | 1.5 | 0.95
Australian Dollar | 17.0 | 1.66 | 6.8 | 1.63
Singapore Dollar | 5.5 | 1.43 | - | -
Sterling Pound | 5.5 | 0.84 | 1.9 | 0.87
Total | 94.5 |  | 52.2 |

Company only financial statements | 368

Campari Group annual report for the year ended 31 December 2024

nature of hedged items and related derivatives forward | at 31 December 2024 | at 31 December 2023
€ million | notional amount hedge items | carrying amounts of hedging instruments | change in fair value gain (losses) | notional amount hedge items | carrying amounts of hedging instruments | change in fair value gain (losses)
foreign exchange forward contracts and options (highly probable forecast sales and purchases) fair value and cash flow hedge | 94.5 | (1.4) | (0.1) | 52.2 | 0.4 | 0.2

nature of hedged items and related derivatives interest rate swaps | at 31 December 2024 | at 31 December 2023
€ million | notional amount hedge items | carrying amounts of hedging instruments(1) | change in fair value gain (losses) | notional amount hedge items | carrying amounts of hedging instruments | change in fair value gain (losses)
interest rate swap | 700.0 | - | 0.8 | 700.0 | 2.9 | 6.1

(1)The carrying value is included in the line ‘Loans due to banks’ in the recap table of financial instruments reported a bove.
ii. Cash and cash equivalents
Disclosure

| at 31 December
| 2024 | 2023
| € million | € million
Bank current accounts and cash | 430.8 | 143.6
Term deposit maturing within 3 months | - | 300.0
Cash and cash equivalents | 430.8 | 443.6

Cash and cash equivalents reduced from €443.6 million to €430.8 million, supported by significant credit lines for
a total of €568.0 million, of which €400.0 million are committed and expiring in 2029 (undrawn at 31 December
2024). The balance of the uncommitted credit lines amounted to €168.0 million (undrawn at 31 December
2024). The main transactions that impacted the cash position in 2024 were the issuance of new ordinary shares
(for a gross amount of €650.0 million) and 5-year convertible bonds (for €550.0 million), resulting in a total gross
amount of €1,200.0 million. This amount was primarily used to support the subsidiary Société des Produits
Marnier Lapostolle S.A.S. through a capital contribution, enabling the completion of the Courvoisier business
acquisition. Additionally, it was used to capitalise on market conditions and optimize the funding structure.
For a better understanding of liquidity management, reference is made to cash flow information and the net
financial debt (note 6 viii-‘Reconciliation with net financial debt and cash flow statement’).
iii. Other current financial assets
Disclosure

| at 31 December
| 2024 | 2023
| € million | € million
Financial investments | 7.1 | 14.0
Financial receivables from related parties | 201.1 | 178.7
Current assets for hedging derivatives reported using hedge accounting | 0.3 | 0.6
Current assets for hedging derivatives not reported using hedge accounting | 0.1 | -
Other financial assets | 0.1 | 2.1
Other current financial assets | 208.8 | 195.4

At 31 December 2024, financial receivables from related parties, totalling € 201.1 million, were mainly associated
with short-term loans for the cash pooling system granted by Davide Campari-Milano N.V. to various Group
companies. These financial assets were determined at interest rates in line with market conditions. For further
details, see note 8 v-‘Related parties’.

Company only financial statements | 369

Campari Group annual report for the year ended 31 December 2024

iv. Other non-current financial assets
Disclosure

| at 31 December
| 2024 | 2023
| € million | € million
Non-current assets for hedging derivatives | - | 2.9
Financial receivables | 1.3 | 1.3
Non-current financial assets | 1.3 | 4.2

v. Non-current financial debt
Disclosure

| at 31 December
| 2024 | 2023
| € million | € million
Bonds issued in 2020 | 548.0 | 547.2
Bonds issued in 2023 | 298.8 | 298.6
Bonds issued in 2024 | 733.6 | -
Non-current bonds | 1,580.3 | 845.8
Loans due to banks | 594.3 | 572.1
Lease payables | 4.9 | 3.6
Liabilities for put option and earn-out payments | - | 0.3
Other financial liabilities from related parties | - | 2.6
Non-current liabilities for hedging derivatives | 0.3 | -
Other non-current financial liabilities | 5.2 | 6.6
Total non-current financial debt | 2,179.9 | 1,424.6

Bonds
At 31 December 2024, the Bonds item included the following issues placed by the Company.

at 31 December 2024 | original nominal value | maturity | issue price | nominal coupon rate | rate type | effective yield
€ million |  |  |  |  |
Bond issued in 2020 | 550.0 | 6/10/2027 | 100% | 1.250% | fixed | 1.417%
Bond issued in 2023 | 300.0 | 18/5/2030 | 100% | 4.710% | fixed | 4.710%
Bond issued in 2024 | 550.0 | 17/1/2029 | 100% | 2.375% | fixed | 3.756%
Bond issued in 2024 | 220.0 | 25/6/2031 | 100% | 4.256% | fixed | 4.269%

The main changes that occurred during 2024 were related to the placement of an unrated 7-year bond on 18
June 2024, targeted at institutional investors for €220.0 million (net proceeds excluding transaction costs
amounting to €217.5 million) in a principal aggregate amount of notes maturing on 25 June 2031, paying a fixed
annual coupon of 4.256% and issued at an issue price of 100% of the principal amount (for more detailed
information refer to ‘Group significant events and corporate actions’ in the Management Board Report) and the
issuance of senior unsecured bonds that are convertible into new and/or existing ordinary shares of Davide
Campari-Milano N.V. due in 2029, resulting in gross proceeds of approximately €550.0 million to finance
indirectly the Courvoisier acquisition. Pursuant to the resolution approved during the Company's Board of
Directors meeting on 14 December 2023, the offering of these convertible bonds excluded pre-emptive rights
associated with the transaction. The bonds have been issued in registered form, at their principal amount of
€100,000 each at par, and bear a coupon of 2.375% per annum, payable semi-annually in arrears on 17 July
and 17 January of each year, with the first coupon to be paid on 17 July 2024. The maturity is 5 years (unless
previously redeemed, converted or repurchased and cancelled) and the bonds will be redeemed at their
principal amount at maturity (on or around 17 January 2029) subject to Group’s option to deliver bond shares
and, as the case may be, an additional amount in cash (‘Share Settlement Option’). The book building process
concluded on 10 January 2024 with an initial conversion price set at €12.3623, representing a premium of
32.5% above reference share price and each convertible bond will be convertible into 8,089 underlying bond
shares for a total issue of approximately 44.5 million bond shares which represent approximately: 3.8% and
3.6% of the Issuer’s issued ordinary share capital as of 31 December 2023 and 31 December 2024,
respectively. The convertible bonds were traded on Euronext Access Milan, a multilateral trading facility
organised and managed by Borsa Italiana S.p.A. by 26 March 2024.

Company only financial statements | 370

Campari Group annual report for the year ended 31 December 2024

The carrying amount of the host liability is composed as follows.

| € million
Proceeds for issue of convertible bond | 550.0
Transaction costs | (5.8)
Net proceeds | 544.2
Conversion options classified as equity net of transaction costs of €0.4 million | (37.2)
Amortising cost for the year 2024 | 7.5
Carrying amount of host liability at 31 December 2024 | 514.6

The conversion option of €37.6 million was classified as an equity component since the conversion will result in
a fixed number of notes, that is the outstanding principal amount of the notes, exchanged for a fixed number of
ordinary shares (i.e. since the ‘fixed-for-fixed’ requirement for the relevant accounting principle was met). The
aforementioned equity component was estimated as the difference between the fair value of the convertible
bond as a whole and the fair value of the liability component only. The transaction costs associated with the
equity component, amounting to €0.4 million, were accounted for as a deduction from equity by affecting
retained earnings reserve.
Liabilities and loans due to banks
This item includes €-denominated loans entered into with leading banks as follows.

at 31 December 2024 | original nominal value | residual nominal value | maturity | interest rate | nominal rate at 31 December 2024
| non-current | current(1) |  |  |
€ million | € million | € million
Loan 2021 | 100.0 | 101.8 | - | 30/6/2026 | fixed rate | 1.325%
Loan 2022 | 50.0 | - | 50.0 | 10/10/2025 | floating interest rate linked to Euribor plus spread | 3.740%
Loan 2023(3)(4) | 50.0 | 4.1 | 16.7 | 31/3/2026 | floating interest rate linked to Euribor plus spread | 3.720%
Term Loan 2023(2)(3)(4) | 400.0 | 363.8 | 35.0 | 30/06/2029 | floating interest rate linked to Euribor plus spread | 4.133%
Loan 2024 | 125.0 | 124.6 | - | 7/11/2028 | floating interest rate linked to Euribor plus spread | 3.983%

(1)The current portion is classified in current liabilities-loans due to banks.
(2)The loan was accompanied by a revolving credit facility for the same amount, hence an agreement for a total amount equal up to €800 million with a pool of
banks. The revolving credit facility was not used at 31 December 2024.
(3)Variable interest rate component linked to business performance (Debt/EBITDA adjusted indicator).
(4)Variable interest rate component applicable and related to certain ESG targets.
The increase compared to last year was related to the subscription of a loan with a nominal amount of €125.0
million in November 2024 with a duration of 4 years and a floating interest rate of 3.983%.
The sustainability-linked facilities that contain a variable component of the interest rate applicable depending on
the achievement of certain ESG targets identified by the Company and particularly focused on the reduction of
emissions, as well as the responsible use of water and gender equality, led to overall reduced interest expenses
of €0.2 million in 2024.

at 31 December 2023 | original nominal value | residual nominal value | maturity | interest rate | nominal rate at 31 December 2023
non-current | current(1)
€ million | € million | € million
Loan 2021 | 100.0 | 100.0 | - | 30/6/2026 | fixed rate | 1.325%
Loan 2022 | 50.0 | 50.0 | - | 10/10/2025 | floating interest rate linked to Euribor plus spread | 4.800%
Loan 2023(3)(4) | 50.0 | 20.8 | 16.7 | 31/03/2026 | floating interest rate linked to Euribor plus spread | 4.979%
Term Loan 2023(2)(3)(4) | 400.0 | 400.0 | - | 30/6/2029 | floating interest rate linked to Euribor plus spread | 5.225%

(1)The current portion is classified in current liabilities – loans due to banks.
(2)The loan was accompanied by a revolving credit facility for the same amount, hence an agreement for a total amount equal up to €800 million with a pool of
banks. The revolving credit facility was not used at 31 December 2023.
(3)Variable interest rate component linked to business performance (Debt/EBITDA adjusted indicator).
(4)Variable interest rate component applicable and related to certain ESG targets.
Liabilities for put options and earn-out
At 31 December 2024, the estimated payable for the earn-out related to Campari Japan Ltd. was negligible.

Company only financial statements | 371

Campari Group annual report for the year ended 31 December 2024

vi. Current financial debt
Disclosure

| at 31 December
| 2024 | 2023
| € million | € million
Current portion of bond issued in 2017 | - | 150.0
Current portion of bond issued in 2019 | - | 150.0
Bonds | - | 300.0
Loans due to banks | 102.7 | 17.7
Accrued interest on bonds | 21.3 | 14.5
Lease payables | 2.4 | 1.7
Current liabilities for hedging derivatives reported using hedge accounting | 1.5 | 0.1
Current liabilities for hedging derivatives not reported using hedge accounting | 0.3 | 0.1
Financial liabilities with related parties | 122.5 | 90.6
Other financial liabilities | 0.1 | 0.1
Other current financial liabilities | 148.0 | 107.1
Current financial liabilities | 250.8 | 424.7

The main changes that occurred in the composition of financial liabilities during 2024 are as follows:
Bonds
The bonds issued in 2017 and in 2019 for an overall amount of €300.0 million were repaid in line with their
expiry date in April 2024.
Liabilities and loans due to banks
At 31 December 2024, loans due to banks reported €102.7 million and primarily included the current portion of
medium to long-term loans subscribed in 2022 and 2023.
Financial liabilities with related parties
At 31 December 2024, item totalled €122.5 million (€90.6 million in 2023), resulting from the management of
cash pooling by the Company in respect of other Group companies. Please refer to note 8 v-‘Related parties’ for
further information about liabilities to Group companies.
vii. Lease components
Accounting policy
The Company has various agreements in place for the use of offices, vehicles, machinery and other minor
assets belonging to third parties. Each agreement is subject to a detailed analysis to define if a right-of-use/
financial liability has to be recognised or not. Variable lease payments that are not linked to an index or rate
continue to be charged to the statement of profit or loss as costs for the period.
Lease agreements are generally entered into for a term of 3-10 years but may contain options to extend them.
The terms of a lease are negotiated individually and may contain a wide range of different terms and conditions.
Such agreements do not include covenants, but the leased assets may be used to guarantee the liability arising
from contractual commitments.
The value assigned to the rights of use corresponds to the amount of the lease liabilities recognised, plus initial
direct costs incurred, lease payments settled on the start date of the agreement or previously and restoration
costs, net of any lease incentives received. Restoration costs, which may be recognised in rare cases, normally
relate to offices for which there could be a contractual requirement to restore them to their original state at the
end of the lease agreement. The Company estimates the restoration obligation based on the agreement with the
lessor or by using expert valuations of third parties. The value of the liability, discounted to present value, as
determined above, increases the right of use of the underlying asset, and a dedicated provision is created to
offset.
The discount rate used to measure the financial liability is the incremental borrowing rate ('IBR') when the
implicit interest rate in the lease agreement cannot be easily determined (explicit interest rates in lease
agreements are rare). The incremental borrowing rates used to evaluate leasing contracts are determined by
the Company and are revised on a recurring basis; they are applied to all agreements with similar
characteristics, which are treated as a single portfolio of agreements. The rates are determined using the
average effective debt rate of the subsidiary, appropriately adjusted and the most important elements

Company only financial statements | 372

Campari Group annual report for the year ended 31 December 2024

considered in adjusting the rate are the credit-risk spread of each country observable on the market and the
different durations of the lease agreements.
The term of the lease is calculated considering the non-cancellable period of the lease together with a) the
periods covered by an option to extend the agreement if it is reasonably certain that it will be exercised or b) any
period covered by an option to terminate the lease contract if it is reasonably certain that it will not be exercised.
The Company assesses whether it is reasonably certain that any exercising of such options to extend or
terminate the agreements will take place, considering all the relevant factors that create a financial incentive for
such decisions.
Disclosure

lease payables | at 31 December 2023 | addition | payments | interest expenses | reclassification | at 31 December 2024
| € million | € million | € million | € million | € million | € million
within 12 months | (1.7) | - | 2.6 | - | (3.4) | (2.4)
Over 12 months | (3.6) | (4.4) | - | (0.3) | 3.4 | (4.9)
Total lease payables | (5.3) | (4.4) | 2.6 | (0.3) | - | (7.3)

lease payables | at 31 December 2022 | addition | payments | interest expenses | reclassification | other changes | at 31 December 2023
| € million | € million | € million | € million | € million | € million | € million
within 12 months | (1.4) | - | - | - | (0.3) | - | (1.7)
Over 12 months | (2.7) | (2.9) | 2.0 | (0.2) | 0.3 | (0.2) | (3.6)
Total lease payables | (4.1) | (2.9) | 2.0 | (0.2) | - | (0.2) | (5.3)

The main average IBR in 2024 and 2023 were as follows.

for the year ended 31 December 2024 Currency | within 5 years | from 5 to 10 years | over 10 years
€ | 4.0% | 4.1% | 3.8%

for the year ended 31 December 2023 Currency | within 5 years | from 5 to 10 years | over 10 years
€ | 4.8% | 4.9% | 4.6%

The change in IBR is connected with the macro-economic scenario.
The amounts recognised in the cash flow were as follows.

€ million | at 31 December 2024 | at 31 December 2023
cash outflow for lease capital | (1.9) | (1.9)
cash outflow for lease interests | (0.2) | (0.1)
Total cash outflow for leases | (2.0) | (2.0)

The table below reflects the breakdown of the lease liabilities by asset class.

€ million | within 12 months | over 12 months | total
Machinery | (0.6) | (0.9) | (1.5)
Vehicles | (1.8) | (3.8) | (5.5)
Buildings | - | (0.1) | (0.1)
Other | - | (0.2) | (0.2)
Total financial liabilities for leases as of 31 December 2024 | (2.4) | (4.9) | (7.3)

€ million | within 12 months | over 12 months | total
Machinery | (0.6) | (1.4) | (2.0)
Vehicles | (1.1) | (2.0) | (3.0)
Buildings | - | (0.1) | (0.1)
Other | (0.1) | (0.1) | (0.1)
Total financial liabilities for leases as of 31 December 2023 | (1.7) | (3.5) | (5.2)

Company only financial statements | 373

Campari Group annual report for the year ended 31 December 2024

viii. Reconciliation with net financial debt and cash flow statement
Disclosure

| at 31 December
| 2024 | 2023
| € million | € million
Cash and cash equivalents | 430.8 | 443.6
Cash (A) | 430.8 | 443.6
Other current financial assets | 208.8 | 195.4
Current financial assets (B) | 208.8 | 195.4
Loans due to banks current | (102.7) | (17.7)
Current portion of lease payables | (2.4) | (1.7)
Current portion of bonds | - | (300.0)
Other current financial payables | (145.6) | (105.4)
Current financial payables (C) | (250.8) | (424.7)
Net current financial debt (A+B+C) | 388.9 | 214.3
Loans due to banks non-current(1) | (594.6) | (572.1)
Non-current portion of lease payables | (4.9) | (3.6)
Non-current portion of bonds | (1,580.3) | (845.8)
Other non-current financial payables | - | (2.6)
Non-current portion of liabilities for put option and earn-out payments | - | (0.3)
Non-current financial debt (D) | (2,179.9) | (1,424.6)
Net debt (A+B+C+D)(2) | (1,791.0) | (1,210.3)
Reconciliation with the financial position, as shown in the Directors' report: |  |
Other non-current financial assets | 1.3 | 4.2
Net financial position | (1,789.8) | (1,206.1)

(1)Including the related derivatives.
(2) In accordance with ESMA guidelines.
For the purpose of completeness, the changes in current and non-current financial payables during 2024 are
shown below.

Cash flow generated (absorbed) from financial liabilities | bonds | payables for interests | borrowings | lease payables | financial net debt with related parties | other financial assets (liabilities)
€ million | current | non- current | current | current(3) | non- current(1) | current | non-current | current | current | non- current
at 31 December 2023 | (300.0) | (845.8) | (14.5) | (17.7) | (572.1) | (1.7) | (3.6) | 85.5 | 16.3 | 4.2
notional liabilities addition | - | - | - | - | - | - | (4.4) | - | - | -
interest accrued | - | - | (49.1) | - | - | - | (0.3) | - | - | -
new financing(2) | - | (761.6) | - | (230.0) | (125.0) | - | - | - | (2.7) | -
repayments(2) | 300.0 | - | 49.1 | 247.5 | 0.3 | - | 2.7 | (6.9) | 2.9 | 0.2
of which long-term debt(4) | - | - | - | 16.7 | 0.3 | - | - | - | - | -
- of which other borrowings | - | - | - | 230.9 | - | - | - | - | - | -
merger | - | - | - | - | - | - | - | - | - | -
reclassification | - | - | - | (101.7) | 101.7 | (0.7) | 0.6 | - | - | -
other movements | (0.1) | 27.1 | (6.8) | (0.8) | 0.9 | - | - | - | (10.7) | (4.5)
At 31 December 2024 | - | (1,580.3) | (21.3) | (102.7) | (594.3) | (2.4) | (4.9) | 78.6 | 5.8 | (0.1)

(1)Included related derivatives.
(2)Cash flow generated (absorbed) from financial liabilities.
(3)Net change in short-term financial payables and bank loans is equal to €0.8 million (proceeds of €230.0 million net of repayments of €230.9 million).
(4)The repayment of non-current borrowings related to the long-term debt item is €17.0 million (€16.7 million and €0.3 million).

Company only financial statements | 374

Campari Group annual report for the year ended 31 December 2024

Cash flow generated (absorbed) from financial liabilities | bonds | payables for interests | Borrowings | lease payables | financial net debt with related parties | other financial assets (liabilities)
€ million | current | non-current | current | current(3) | non- current(1) | current | non-current | current | current | non- current
at 31 December 2022 | - | (846.3) | (5.7) | (8.3) | (401.8) | (1.4) | (2.7) | (39.9) | 17.0 | 42.5
notional liabilities addition | - | - | - | - | - | - | (2.9) | - | - | -
interest accrued | - | - | (30.3) | - | - | - | (0.2) | - | - | -
new financing(2) | - | (298.5) | - | (125.6) | (450.0) | - | - | - | (0.4) | (7.3)
repayments(2) | - | - | 30.3 | 145.8 | 250.0 | - | 2.0 | 125.4 | 0.2 | 1.5
- of which long-term debt | - | - | - | - | 250.0 | - | - | - | - | -
- of which other borrowings | - | - | - | 145.8 | - | - | - | - | - | -
reclassification | (299.9) | 299.9 | - | (29.2) | 29.2 | (0.3) | 0.3 | - | 1.0 | (1.0)
other movements | (0.1) | (0.8) | (8.8) | (0.5) | 0.5 | — | (0.2) | - | (1.4) | (31.5)
at 31 December 2023 | (300.0) | (845.8) | (14.5) | (17.7) | (572.1) | (1.7) | (3.6) | 85.5 | 16.3 | 4.2

(1)Included related derivatives.
(2)Cash flow generated (absorbed) from financial liabilities.
(3)Net change in short-term financial payables and bank loans is equal to €20.2 million (proceeds of €125.6 net of repayments of €145.8).
ix. Explanatory notes to the cash flow statement
This section aims to provide additional explanatory information on items indicated in the consolidated
statements of cash flows:
- Issue of new shares net of fees: the total proceeds of €643.3 million represented in the statements of cash
flows is composed of €650.0 million proceeds from the issuance of new ordinary shares less related ancillary
fees in the amount of €6.7 million.
- Change in investments in subsidiaries: the total outlay of €1,335.3 m illion referred to the following:
a) capital contribution to Campari España S.L.U. of €65.0 million in June 2024, to support the acquisition of the
remaining 49% minority interests in Licorera Ancho Reyes y cia, S.A.P.I. de C.V. and Casa Montelobos,
S.A.P.I. de C.V.;
b) capital contribution to Glen Grant Ltd. of €168.6 million executed in November 2024, to support the
acquisition of a 15.4% minority stake in Capevin Holdings Proprietary Limited;
c) capital contribution to Société des Produits Marnier Lapostolle S.A.S. of €1,120.0 million executed in June
2024, to support the acquisition of 100% of Beam Holdings France S.A.S. (renamed Courvoisier Holding
France S.A.S.), which in turn owns 100% of Courvoisier S.A.S., the owner of the Courvoisier brand;
d) a capital contribution to Campari Mixology S.r.l. for €3.5 million was completed in December 2024;
e) the refund of the capital originally paid by Campari do Brasil Ltda. (€21.8 million).
7. Risk management and capital structure
This section details accounting policies for shareholders’ equity and share-based payments. Judgements and
estimates are stated with regard to compensation plans. This section also details the Company’s capital
structure and the financial risks it is exposed to. For information on the composition of and changes in
shareholders’ equity during the periods under review, refer to the statement of changes in shareholders’ equity.
i. Capital management
Regarding capital management, the Company has implemented a dividend distribution policy which reflects the
Company's priority to use its cash mainly to fund external growth via acquisitions. Concomitantly, the Company
carries out share buyback programs on a rolling basis intended to meet the obligations arising from share-based
payment plans currently in force or to be adopted.
ii. Nature and extent of the risks arising from financial instruments
The Company’s main financial instruments include current accounts, short-term deposits, short and long-term
loans due to banks, lease payables and bonds. The purpose of these is to finance the Company’s operating
activities. In addition, the Company has trade receivables and payables resulting from its operations.
The main financial risks the Company is exposed to are market (currency and interest rate), credit and liquidity
risks. These risks are described below, together with an explanation of how they are managed. To cover some
of these risks, the Company makes use of derivatives, primarily interest-rate swaps, cross-currency swaps, and
forward contracts, to hedge interest-rate and exchange-rate risks.

Company only financial statements | 375

Campari Group annual report for the year ended 31 December 2024

Credit risk
Davide Campari-Milano N.V. directly undertakes commercial transactions on the Italian market and in foreign
markets through its Group companies. The composition of receivables from Italian customers varies widely in
terms of the different market channels, their size, and their commercial nature. The market consists of a high
number of customers from around Italy, with a balance between mass retail and purchasing consortia and
traditional retail, with a significant presence in the ho.re.ca (hotels/restaurants/cafés) sector.
The Company has an extensive portfolio, consisting of both Campari Group’s products and products distributed
under licence. There are no market concentration risks, as the Company sells internationally both within the
Group and to third parties.
Moreover, the Company has a credit management function exclusively dedicated to monitoring the progress of
receivables, chasing up payments and managing the exposure of individual customers in a targeted and timely
manner using internal risk monitoring procedures.
Non-performing receivables are pursued regularly with legal support with a view to continuously update
progress on individual cases. This is then reflected in the provision for doubtful receivables.
Trade receivables from third parties for which there is an impairment are classified as doubtful; these have
mainly been past due for more than one year and are the subject of legal proceedings.
Receivables from customers are mainly denominated in €. The maximum amount of risk on the reporting date is
equal to the net value of trade receivables, also considering the expected credit loss risk estimated by the
Company based on the business model identified.
Regarding receivables from subsidiaries, they are monitored and assessed based on internal policies. The
provision for doubtful receivables from subsidiaries was negligible at 31 December 2024.
Liquidity risk
The Company’s ability to generate substantial cash flow through its operations reduces its liquidity risk, defined
as the difficulty of raising funds to meet financial obligations.
The Company manages financial flows with the Italian subsidiaries through a centralised cash management
department, with transactions settled at market rates (refer to note 8 v-‘Related parties’).
Detailed information on financial payables and liabilities at 31 December 2024 is provided below, compared
against the previous year. The tables below summarise financial liabilities at 31 December 2024 and 2023 by
maturity based on contractual repayment obligations, including non-discounted interest.

at 31 December 2024 | on demand | within 1 year | due in 1 to 2 years | due in 2 to 5 years | due after 5 years | total
| € million | € million | € million | € million | € million | € million
Loans due to banks | - | 128.2 | 161.0 | 498.2 | - | 787.4
Bonds | - | 43.5 | 43.4 | 1,216.6 | 552.9 | 1,856.3
Financial payables to related parties | - | 121.2 | - | - | - | 121.2
Leases payables | - | 2.7 | 2.4 | 2.7 | 0.1 | 7.9
Trade payables | - | 217.6 | - | - | - | 217.6
Other non-financial payables | 0.2 | 48.1 | - | - | - | 48.3
Total liabilities | 0.2 | 561.2 | 206.8 | 1,717.5 | 552.9 | 3,038.6

at 31 December 2023 | on demand | within 1 year | due in 1 to 2 years | due in 2 to 5 years | due after 5 years | total
| € million | € million | € million | € million | € million | € million
Loans due to banks | - | 45.0 | 127.5 | 263.6 | 267.0 | 703.1
Bonds | - | 326.7 | 21.0 | 606.1 | 328.3 | 1,282.1
Financial payables to related parties | - | 95.4 | - | - | - | 95.4
Leases payables | - | 1.9 | 1.6 | 2.0 | - | 5.5
Trade payables | 4.2 | 168.3 | - | - | - | 172.5
Other non-financial payables | 0.3 | 49.6 | - | - | - | 49.9
Total liabilities | 4.5 | 686.8 | 150.2 | 871.7 | 595.2 | 2,308.5

Loans due to banks for current accounts and lines of credit reflect the negative balance of cash management.
The Company has also granted loans to subsidiaries, with interest charged at market rates.
The change in the overall structure of financial liabilities over the various deadlines reported above, which
provided the Company with a safe and structured long-term exposure profile, was achieved thanks to careful
liability management planning (refer to paragraph ‘Group financial review’ in the Management Board Report). In
addition, there are unused credit lines at 31 December 2024 that could cover any liquidity requirements (refer to
note 6 ii-‘Cash and cash equivalent’).

Company only financial statements | 376

Campari Group annual report for the year ended 31 December 2024

Market risk
Market risk consists of the possibility that changes in exchange rates, interest rates or the prices of raw
materials or commodities (alcohol, aromatic herbs and sugar) could negatively affect the value of assets,
liabilities or expected cash flows. The Company monitors market trends for the most crucial raw materials, which
historically have not been subject to unexpected or significant fluctuations.
Price risk
The price of raw materials and ancillary services (namely logistics and other input costs) depends on a wide
variety of factors, which are difficult to forecast and are largely beyond the Company’s control. Although
historically, the Company has not encountered any particular difficulties in purchasing high-quality raw materials
in sufficient quantities and appropriate services; it is not possible to rule out the possibility that the emergence of
any tensions in the supply chain area or macro-economic impacts could lead to difficulties in obtaining supplies
and services, causing costs to rise, which would have a negative impact on the Company’s financial results. The
aim of keeping costs below inflation and supporting the margin accretion becomes more and more important
due to inflation and related intensified input cost pressure worldwide. The Company monitors the relationship
with key suppliers on an ongoing basis, and specific projects are developed to foster virtuous business
practices.
In line with its decarbonisation strategy and with the goal of contributing to the achievement of its 2030 emission
reduction targets, the Company signed its first multi-year contract for the purchase of electric energy from wind
renewable sources (i.e. Off-site Power Purchase Agreement, ‘PPA’), active from January 1, 2024, for the next 5
years. The scope of the agreement is the Italian perimeter (all plants and headquarters are included), allowing to
cover about 30% of the Campari Group’s electricity needs in the country. With this agreement, the Company will
support the renewable producer in contributing to the construction of new generators, specifically wind farms in
Italy. It will receive from the seller the amount of Guarantee of Origin related to the energy purchased.
Interest-rate risk
The Company is exposed to limited risk of fluctuating interest rates with respect to its financial assets, loans due
to banks and lease agreements due to their modest proportion of total debt. The Company has bonds that pay
interest at a fixed rate and, therefore, is exposed to fair value risk. Derivative contracts intended to hedge
interest rate exposures connected with financing are not subject to established quantitative policy concerning
the optimal level of exposure to fixed or variable rates: the Company manages its interest rate risk by having a
balanced portfolio of fixed and variable rate loans and borrowings. The preferred exposure to fixed or variable
rates is dynamically managed centrally within Campari Group, considering current and future market conditions,
Campari Group's level of indebtedness, business performance and the context of Campari Group's expansion
initiatives.
At 31 December 2024, the nominal exposure of the Company’s total financial debt was 27% (28% in 2023) at
variable rate, while the effective exposure, including the related hedging derivatives for the term loan subscribed
in 2023, stood at 11% at variable rate (5% in 2023).
A breakdown of the effective interest rate, including all the cost components of the amortised costs, divided by
type of financial liability, is as follows.

|  |  |  | 31 December
| nominal interest rate | effective interest rate | maturity | 2024 | 2023
|  |  |  | € million | € million
Loans due to banks | variable rate | 3.851% | 2028 | 697.3 | 589.9
Bond issues: |  |  |  |  |
-- issued in 2017 | fixed rate 2.165% | - | 2024 | - | 150.0
-- issued in 2019 | fixed rate 1.655% | - | 2024 | - | 150.0
-- issued in 2020 | fixed rate 1.250% | 1.417% | 2027 | 548.0 | 547.2
-- issued in 2023 | fixed rate 4.710% | 4.710% | 2030 | 298.8 | 298.6
- issued in 2024 | fixed rate 2.375% | 3.756% | 2029 | 514.6 | -
- issued in 2024 | fixed rate 4.256% | 4.269% | 2031 | 219.0 | -
Lease payables | interest borrowing rate | interest borrowing rate | 2025-2030 | 7.3 | 5.3

Sensitivity analysis
The table below shows the effects of a possible change in interest rates on the Company’s statement of profit or
loss, if all other variables remain constant. A negative value in the table indicates a potential net reduction in
profit or loss while a positive value indicates a potential net increase in this item. The assumptions used with
regard to a potential change in rates are based on an analysis of the trend on the reporting date.

Company only financial statements | 377

Campari Group annual report for the year ended 31 December 2024

With regard to the fixed-rate financial liabilities hedged by interest rate swaps, the change in the hedging
instrument offsets the difference in the underlying liability with practically no effect on the statement of profit or
loss.

| increase/decrease | income statements (€ million)
at 31 December 2024 | in interest rates in basis point | increase in interest rates | decrease in interest rates
€ | +/- 5 basis points | (1.0) | 1.0
US$ | +75/-75 basis points | (0.1) | 0.1
Total effect | - | (1.1) | 1.1
at 31 December 2023 | - | - | -
€ | +/- 5 basis points | (0.6) | 0.6
Total effect | - | (0.6) | 0.6

Exchange-rate risk
The Company has hedging instruments in place to minimise exchange-rate risk, with a view to avoiding a
situation where unexpected variations in exchange rates occur on purchases and sales transactions.
Analysis was performed on the statement of profit or loss effects of a possible change in the exchange rates
against the €, keeping all the other variables constant. The types of transactions included in this analysis are
sales and purchases in a currency other than the Company’s functional currency.
Derivative contracts that mitigate currency exchange risks are dynamically and qualitatively managed based on
business needs and specific contexts and circumstances. These are not framed within fixed or quantitative
policies regarding the percentage of coverage to be achieved. To avoid excessive coverage, the budget for
future transactions is typically hedged between 50% and 90% throughout the year. The effects on shareholders’
equity are determined by changes in the fair value of forward contracts on future transactions, which are used
as cash flow hedges.
Sensitivity analysis
The following table reflects the effects of a potential change in interest rates on the statement of profit or loss
(gross of taxation effect) and the effect of a potential change in exchange rates against the € on the net equity,
keeping the Company’s other variables constant.
The assumptions used in terms of a potential change in rates are based on an analysis of the trends on the
reporting date. Regarding the fixed-rate financial liabilities hedged by interest rate swaps, the change in the
hedging instrument offsets the difference in the underlying liability with practically no effect on the income
statement.

| increase/decrease | net equity (€ million)
at 31 December 2024 | in currency rates in % | increase in exchange rates | decrease in exchange rates
US$ | +8%/-1% | 0.2 | (3.2)
Other Currency | - | 0.3 | (0.4)
Total effect |  | 0.5 | (3.6)
at 31 December 2023 |  |  |
US$ | +2%/-6% | 1.4 | (0.5)
Other Currency | - | - | (0.1)
Total effect |  | 1.4 | (0.6)

iii. Shareholders’ equity
Accounting policy
Own shares (both ordinary and special voting shares) are reported as a reduction in shareholders’ equity.
Disclosure
The company manages its capital structure and makes any corresponding changes based on economic
conditions and the specific risks of the underlying asset.
To maintain or change its capital structure, the Company may adjust the dividends paid to shareholders and/or
issue new shares. It should be noted that risk-capital management is carried out at the Group level. Please refer
to the relevant notes to Campari Group’s Consolidated Financial statements.
For information on the composition and shareholder equity changes during the comparison periods, please refer
to the statement of changes in shareholder equity.

Company only financial statements | 378

Campari Group annual report for the year ended 31 December 2024

Share capital structure
At 31 December 2024, the issued capital of Davide Campari-Milano N.V. is represented in the table below. Both
ordinary and special voting shares A have a nominal value of €0.01 each, while special voting shares B have a
nominal value of €0.04 each. The ordinary share capital at 31 December 2024 is 1,231,267,738.
On 10 January 2024, Davide Campari-Milano N.V. successfully placed an offer totalling approximately €650
million through an accelerated bookbuilding offering at €9.33 per ordinary share. The offering was directed to
qualified investors pursuant to the resolution approved during the Company's Board of Directors meeting on 14
December 2023, for the issuance of new ordinary shares with a nominal value of €0.01 each, which excluded
pre-emptive rights and will carry equivalent rights, including dividend entitlements, as the existing ordinary
shares. The transaction cost associated with the issuance, amounting to €6.7 million, were accounted for as a
deduction from equity by affecting retained earnings reserve. The newly issued ordinary shares amounted to
69,667,738.
The following movements occurred during 2024 in the composition of the share capital.

| no. of shares | nominal value (€)
| ordinary shares | special voting shares A | special voting shares B | total | ordinary shares | special voting shares A | special voting shares B | total
Share capital at 31 December 2023 | 1,161,600,000 | 71,696,938 | 594,021,404 | 1,827,318,342 | 11,616,000.00 | 716,969.38 | 23,760,856.16 | 36,093,825.54
Issue of new ordinary shares | 69,667,738 | - | - | 69,667,738 | 696,677.38 | - | - | 696,677.38
Share capital at 31 December 2024 | 1,231,267,738 | 71,696,938 | 594,021,404 | 1,896,986,080 | 12,312,677.38 | 716,969.38 | 23,760,856.16 | 36,790,502.92

To foster the involvement of a stable base of long-term (loyal) shareholders, the Company’s articles of
association (‘Articles of Association’) were amended to adopt a mechanism based on the assignment to loyal
shareholders of special voting shares, to which multiple voting rights are attached, in addition to the one granted
by ordinary shares (the ‘Special Voting Mechanism’). The Special Voting Mechanism entails the possibility of
assigning to loyal, long-term shareholders: (i) two voting rights for each Campari ordinary share held for an
uninterrupted period of two years, through the assignment of a special voting share A (‘Special Voting Share A’)
with a nominal value of €0.01 each; (ii) five voting rights for each ordinary share held for an uninterrupted period
of five years, through the assignment of a special voting share B (‘Special Voting Share B’) with a nominal value
of €0.04 each and (iii) ten voting rights for each ordinary share held for an uninterrupted period of ten years
(‘Special Voting Share C’) with a nominal value of €0.09 each. The features of the Special Voting Shares (A, B,
C) are described in the Articles of Association as well as in the terms and conditions for Special Voting Shares
(‘SVS Terms’). The Special Voting Shares are not tradable on a regulated market.
The Company established a separate special capital reserve for the purpose of satisfying obligations related to
special voting shares. At the board's discretion, special voting shares may be issued using the funds from the
special capital reserve, in lieu of an actual monetary payment for the respective shares.
The features of the special voting shares (which can be A, B, C depending on the voting rights assigned) are
described in the articles of association as well as in the terms and conditions for special voting shares (‘SVS
Terms’). The special voting shares are not tradable on a regulated market. The special voting mechanism and
the features of the special voting shares have also been described in www.camparigroup.com.
Outstanding shares, own shares rights associated with the shares
On 29 October 2024, the Company announced the launch of a share buyback program (the 'program'),
coordinated by UBS Europe SE, in accordance with Article 5 of Regulation (EU) n. 596/2014 and intended to
meet the obligations arising from the stock option plans and other share-based incentive plans currently in force
or to be adopted and whose beneficiaries are (or will be) employees or members of the administrative and/or
management bodies of the Company or other Campari Group companies. The program will be implemented in
accordance with the resolution adopted by the Company’s General Meeting held on 11 April 2024, which
authorised the Board of Directors to acquire, in one or more transactions, a maximum number of shares in the
capital of the Company which, when added to the treasury shares already held by Campari, will not exceed the
legal limit, for a period of 18 months from 11 April 2024 to 11 October 2025 (the ‘Authorisation’). The
Authorisation has also set out that purchases shall take place for (i) a minimum price, excluding expenses, of
the nominal value of Campari’s shares, and (ii) a maximum price of an amount equal to 10% above the opening
price on the day of acquisition of the share concerned. The program started on 30 October 2024 and will end no
later than 12 November 2025 (in case of Authorisation renewal). The maximum value allocated to the program is
€40 million and it is coordinated by UBS Europe SE, which purchases Campari shares independently of the

Company only financial statements | 379

Campari Group annual report for the year ended 31 December 2024

Company at the most appropriate time and price (in any case, within the limits set out by the Authorisation and
all applicable laws and regulations).
The table below shows the reconciliation between the number of outstanding shares.

| no. of shares | nominal value
| ordinary shares | special voting shares A | special voting shares B | total | ordinary shares | special voting shares A | special voting shares B | total
Outstanding shares at 31 December 2023 | 1,131,982,258 | 40,657,598 | 594,001,404 | 1,766,641,260 | 11,319,823 | 406,576 | 23,760,056 | 35,486,455
Issue of new ordinary shares | 69,667,738 | - | - | 69,667,738 | 696,677 | - | - | 696,677
Ordinary shares repurchased under share repurchase program | (1,079,420) | - | - | (1,079,420) | (10,794) | - | - | (10,794)
Ordinary shares assigned under share- based programs | 1,933,925 | - | - | 1,933,925 | 19,339 | - | - | 19,339
Special voting shares allocation | - | (201,009) | (20,000) | (221,009) | - | (2,010) | (800) | (2,810)
Outstanding shares at 31 December 2024 | 1,202,504,501 | 40,456,589 | 593,981,404 | 1,836,942,494 | 12,025,045 | 404,566 | 23,759,256 | 36,188,867
Total own shares held | 28,763,237 | 31,240,349 | 40,000 | 60,043,586 | 287,632 | 312,403 | 1,600 | 601,636
Own shares as a % total respective shares | 2.34% | 43.57% | 0.01% | 3.17% |  |  |  |

| no. of shares | nominal value
| ordinary shares | special voting shares A | special voting shares B | total | ordinary shares | special voting shares A | special voting shares B | total
Outstanding shares at 31 December 2022 | 1,121,647,577 | 597,856,391 | - | 1,719,503,968 | 11,216,476 | 5,978,564 | - | 17,195,040
Ordinary shares repurchased under share repurchase program | (1,850,962) | - | - | (1,850,962) | (18,510) | - | - | (18,510)
Ordinary shares assigned under share-based programs | 12,185,643 | - | - | 12,185,643 | 121,856 | - | - | 121,856
Conversion from special voting shares A to special voting shares B | - | (594,021,404) | 594,021,404 | - | - | (5,940,214) | 23,760,856 | 17,820,642
Special voting shares allocation | - | 36,822,611 | (20,000) | 36,802,611 | - | 368,226 | (800) | 367,426
Outstanding shares at 31 December 2023 | 1,131,982,258 | 40,657,598 | 594,001,404 | 1,766,641,260 | 11,319,823 | 406,576 | 23,760,056 | 35,486,455
Total own shares held | 29,617,742 | 31,039,340 | 20,000 | 60,677,082 | 296,177 | 310,393 | 800 | 607,371
Own shares as a % total respective shares | 2.55% | 43.29% | -% | 3.32% |  |  |  |

Treasury Ordinary Shares
In terms of ordinary shares, between 1 January and 31 December 2024, Davide Campari-Milano N.V. granted
1,933,925 own shares, of which 958,942 shares were sold for a total cash inflow of €5.5 million, corresponding
to the average exercise price multiplied by the number of own shares sold to beneficiaries upon the exercise of
their stock option rights. Additionally, 964,426 shares were transferred in the context of share matching plans. In
the same period and through the share buyback program, the Company purchased 1,079,420 shares at an
average price of €5.8, for a total amount of €6.3 million (the amount includes €0.1 million receivables to be
collected in connection with the share buyback program). At 31 December 2024, Davide Campari-Milano N.V.
held 28,763,237 own shares, equivalent to 2.3% of the share capital.
With reference to special voting shares, between 1 January and 31 December 2024 the Company allocated the
nominal value of n. 221,009 special voting shares to the treasury shares reserve. This resulted from disposals of
outstanding ordinary shares having corresponding special voting shares. During the period, no cancellation of
the treasury special voting shares was resolved by the Shareholders’ meeting of the Company.
The table below shows changes in the number and values of own shares held during the periods considered

| no. of ordinary shares held in treasury |  | purchase price (€ million)
| for the year ended 31 December |  | for the year ended 31 December
| 2024 | 2023 |  | 2024 | 2023
Balance at 1 January | 29,617,742 | 39,952,423 |  | 306.4 | 388.1
Purchases | 1,079,420 | 1,850,962 |  | 6.3 | 21.0
Disposals | (1,933,925) | (12,185,643) |  | (18.6) | (102.7)
Final balance | 28,763,237 | 29,617,742 |  | 294.0 | 306.4
% of share capital | 2.34% | 2.55% |  |  |

Company only financial statements | 380

Campari Group annual report for the year ended 31 December 2024

Sales of own shares during the year, which are shown in the previous table, at an amount equal to the original
purchase cost of €18.6 million, were sold for a total cash inflow of €5.5 million corresponding to the average
exercise price multiplied by the number of own shares sold to stock option beneficiaries. The Parent Company
consequently reported a negative difference of €13.1 million which was recorded in shareholders' equity
(embedded within the retained earnings) and partially offset by the use of the stock option reserve of €12.3
million.
Dividends paid and proposed
The dividends proposed are as follows.

| 2024 | 2023 | 2022
| € | € | €
Dividend per share proposed | 0.065 | 0.065 | 0.060
| € million | € million | € million
Total amount proposed | 78.2 | 78.1 | 67.3
of which, to owners of the Parent | 78.2 | 78.1 | 67.3
of which, to non-controlling interests | - | - | -

The dividends submitted for the approval of the General Meeting of Shareholders called to approve the financial
statements for the year ended 31 December 2024 is €78.2 million, calculated based on shares outstanding at 31
December 2024 (for information purposes, based on the 28,763,237 own shares held at 31 December 2024, the
shares outstanding amounted to 1,202,504,501). The dividend will be recalculated based on the total number of
outstanding shares as of the coupon detachment date. The proposed dividend for the period is €0.065 per
share, in line with previous financial year.
Dividends paid
In terms of the distribution of dividends during the last five years, the dividend paid and the utilization of the
retained earnings reserve was as follows.

Dividends paid during the year on ordinary shares |  | 2024 | 2023 | 2022 | 2021 | 2020
Dividend per share paid | € | 0.065 | 0.060 | 0.060 | 0.055 | 0.055
Total amount | € million | 78.1 | 67.5 | 67.6 | 61.6 | 62.9
retained earnings reserve | € million | 78.1 | 67.5 | 67.6 | 61.6 | 62.9
other reserve | € million | - | - | - | - | -

Company only financial statements | 381

Campari Group annual report for the year ended 31 December 2024

Retained earnings
Following the resolution of the General Meeting of Shareholders of 11 April 2024, the profit for the year at 31 December 2023, amounting to €288.2 million, was
allocated as follows:
- €78.1 million to dividends;
- €210.1 million to retained earnings.
Other reserves

| statutory reserve | legal reserve | retained earnings and other reserves
| special capital reserve | cash flow hedge reserve | treasury ordinary shares | treasury special voting shares | ordinary shares purchases/sale | share based payments | remeasuremen t of defined benefit plans | share premium | other reserve | retained earnings | total
| € million | € million | € million | € million | € million | € million | € million | € million | € million | € million | € million
at 31 December 2023 | 22.0 | 9.0 | (0.3) | (0.1) | (624.5) | 56.8 | (0.8) | - | 11.6 | 2,376.3 | 1,819.0
Issue of new shares net of fees | - | - | - | - | - | - | - | 642.6 | - | - | 642.6
Cost of share-based payments for the period | - | - | - | - | - | 13.3 | - | - | - | - | 13.3
Share-based payments-controlled companies | - | - | - | - | - | 13.7 | - | - | - | - | 13.7
Share-based payments assigned | - | - | - | - | - | (12.2) | - | - | - | 12.2 | -
Losses (profits) reclassified in the income statement | - | (0.8) | - | - | - | - | - | - | - | - | -
Profits (losses) allocated to shareholders' equity | - | (3.3) | - | - | - | - | 0.2 | - | - | - | 0.2
Tax effect recognised in shareholder's equity | - | 1.0 | - | - | - | - | - | - | - | - | -
Purchase of treasury shares | - | - | - | - | - | - | - | - | - | - | -
Sale of treasury shares | - | - | - | - | - | - | - | - | - | - | -
Dividends | - | - | - | - | - | - | - | - | - | (78.1) | (78.1)
Increase (decrease) through other changes | - | - | - | - | - | - | - | - | - | 37.6 | 37.6
Allocation of prior year result | - | - | - | - | - | - | - | - | - | 288.2 | 288.2
at 31 December 2024 | 22.0 | 5.9 | (0.3) | (0.1) | (624.5) | 71.5 | (0.7) | 642.6 | 11.6 | 2,636.1 | 2,736.3

Company only financial statements | 382

Campari Group annual report for the year ended 31 December 2024

| statutory reserve | legal reserve | retained earnings and other reserves
| special capital reserve | cash flow hedge reserve | treasury ordinary shares | treasury special voting shares | ordinary shares purchases/sale | share based payments | remeasurement of defined benefit plans | other reserve | retained earnings | total
| € million | € million | € million | € million | € million | € million | € million | € million | € million | € million
at 31 December 2022 | 39.8 | 27.1 | (0.4) | (0.7) | (658.3) | 47.5 | (0.9) | 11.6 | 1,915.7 | 1,314.6
Cost of share-based payments for the period |  |  |  |  |  | 10.1 |  |  |  | 10.1
Share-based payments - controlled companies |  |  |  |  |  | 11.7 |  |  |  | 11.7
Share-based payments assigned |  |  |  |  |  | (12.6) |  |  | 12.6 | -
Losses (profits) reclassified in the income statement |  | (6.1) |  |  |  |  |  |  |  | -
Profits (losses) allocated to shareholders' equity |  | (17.7) |  |  |  |  | 0.1 |  |  | 0.1
Tax effect recognised in shareholder's equity |  | 5.7 |  |  |  |  |  |  |  |
Purchase of treasury shares |  |  | - |  | (20.9) |  |  |  | (0.4) | (21.3)
Sale of treasury shares |  |  | 0.1 |  | 54.7 |  |  |  |  | 54.8
Special voting shares allocation |  |  |  | 0.4 |  |  |  |  |  | 0.4
Dividends |  |  |  |  |  |  |  |  | (67.5) | (67.5)
Conversion from special voting shares A to special voting shares B | (17.8) |  |  |  |  |  |  |  |  | -
Allocation of prior year result |  |  | - |  | - |  |  |  | 516.1 | 516.1
at 31 December 2023 | 22.0 | 9.0 | (0.3) | (0.3) | (624.5) | 56.8 | (0.8) | 11.6 | 2,376.5 | 1,818.9

The Company established a separate statutory reserve, herein referred to as the special capital reserve, for the purpose of satisfying obligations related to special
voting shares. At the Board's discretion, the issuance of special voting shares may be executed using the funds from the special capital reserve in lieu of an actual
monetary payment for the respective shares.
In addition, the reserve related to unrealized net gain connected to cash flow hedges through ‘other comprehensive income’ financial instruments was positive at €5.9
million (in 2023 the reserve was positive at €3.3 million), reporting an unrealized and not distributable net gain.

Company only financial statements | 383

Campari Group annual report for the year ended 31 December 2024

iv. Share-based payments
Accounting policy
- Compensation plans in the form of stock options
The Company has multiple incentive plans in place, including benefits in the form of stock option plans,
governed in accordance with the shareholders’ resolution, pursuant to applicable law and implemented by
means of a specific regulation (‘Stock Option Regulations’). The purpose of the plan is to offer beneficiaries who
occupy key positions at the Company the opportunity to own shares in Davide Campari-Milano N.V., thereby
aligning their interests with those of other shareholders and fostering loyalty, in the context of the strategic goals
to be achieved. The recipients are employees, directors and/or individuals who regularly work for one or more
Group companies, who have been identified by the Board of Directors of Davide Campari-Milano N.V., and who,
on the approval date of the plan and until the date that the options are exercised, have worked as employees
and/or directors and/or in any other capacity at the Company without interruption. The Board of Directors of
Davide Campari-Milano N.V. has the right to draft regulations, select beneficiaries and determine the share
quantities and values for the execution of the stock option plans.
The fair value of stock options is represented by the value of the option calculated by applying the Black-
Scholes model and the grant date starts once the options are assigned. Volatility is estimated with the help of
data supplied by a market information provider together with a leading bank and corresponds to the estimate of
volatility recorded in the period covered by the plan. The stock options are recorded at fair value with an
offsetting entry in the stock option reserve. The dilutive effect of options not yet exercised is included in the
calculation of diluted earnings per share.
Disclosure
The AGM of 11 April 2024 approved a new remuneration policy in the form of other share-based instruments as
described below. Therefore, the last stock option plan was approved in 2023 while in 2024, no options were
granted. The following table shows the changes in stock option plans during the periods concerned.

| 2024 | 2023
| No. of shares | average allocation/ exercise price (€) | No. of shares | Average allocation/ exercise price (€)
Options outstanding at the beginning of the period | 26,500,938 | 7.72 | 38,970,219 | 6.70
Options granted during the period | - | - | 450,033 | 11.61
(Options cancelled during the period) | (1,887,054) | 8.82 | (727,195) | 8.94
(Options exercised during the period)(1) | (958,942) | 5.89 | (12,158,728) | 4.47
(Options expired during the period) | - | - | (33,391) | -
Options outstanding at the end of the period | 23,654,942 | 7.72 | 26,500,938 | 7.72
of which exercisable at the end of the period | 5,560,902 | 6.38 | 6,173,487 | 6.16

(1)The average market price on the exercise date was €8.68.
The exercise prices for the options granted in each year range were as follows.

| exercise price
Allocations: 2018 | 6.25
Allocations: 2019 | 8.85
Allocations: 2020 | 6.41
Allocations: 2021 | 9.91
Allocations: 2022 | 10.29
Allocations: 2023 | 11.61

The stock option plan does not include vesting conditions linked to business results or market conditions. The
following assumptions were used for the fair value measurement of options issued in 2023.

| 2023
Expected dividends (€) | 0.065
Expected volatility (%) | 21.18%
Historic volatility (%) | 28.58%
Market interest rate | 2.93%
Expected option life (years) | 7.00
Exercise price (€) | 11.61

The average fair value of options granted in 2023 was€3.51 in 2023, while no options were granted in 2024.
The average remaining life of outstanding options at 31 December 2024 was 2.7 years (3.4 years at 31
December 2023), while for those held by the Company’s employees working in Italy, this was 1.1 years (1.9 at
31 December 2023).

Company only financial statements | 384

Campari Group annual report for the year ended 31 December 2024

Stock options and other share-based payments reserve
Accruals made to the stock option reserve during the year in respect of share-based payments totalled €26.7
million, of which €13.7 million was posted against the related investment for the allocation of stock options to
directors and employees of subsidiaries.
Moreover, options exercised (including both stock options and other forms of share-based payments) during the
year by beneficiaries at Davide Campari-Milano N.V. and its subsidiaries totalled €12.2 million.
For full information regarding stock option plans, see note 10 i-‘Share-based payments’.
Accounting policy
Share-based payments in the form of ‘Employees Share Ownership Plan’, ‘Extra-Mile Bonus Plan
(‘EMB’) and Mid-Term Incentive plan (‘MTI’)
The Shareholders’ meeting of 8 April 2021 approved the resolution for the implementation of the Employee
Share Ownership Plan (‘ESOP’). ESOP is a share matching plan offering employees the opportunity to invest in
Davide Campari-Milano N.V. shares. The ESOP is intended for all Group employees, with the exception of
members of the Board of Directors. These employees will be offered the opportunity to allocate certain amounts
to the plan, which will be used to purchase shares of Davide Campari-Milano N.V. (the ‘Purchased Shares’) by
the plan administrator and, after a three-year vesting period, complementary free shares will be awarded. The
free shares granted represent an equity settled arrangement.
The accounting treatment for the ESOP follows the accounting treatment applied for benefits granted in the form
of stock option plans. The fair value of the ESOP plan is represented by the value of the option calculated by
applying the Black-Scholes model. In the event that the granting of the benefit in the form of a share-based
scheme is not permitted or it is not effective on the basis of specific national legislation, the same benefits are
granted in the form of a phantom stock option plan. These plans confer the same rights as the ESOP plan but
are cash-settled and the initial fair value measurement is calculated by applying the Black-Scholes model. The
cost resulting from this valuation is spread over the vesting period, with an impact on the profit or loss using a
long-term liability offsetting account (in place of an equity reserve). As a subsequent measurement, at each
balance sheet date and at least once a year and on the settlement date, the value of the phantom plan must be
fully remeasured on the basis of the current market value of the Davide Campari-Milano N.V. shares. Any
cumulative changes in fair value are recognised in the profit or loss in the remeasurement period to align the
liability with the ‘pro-rata’ value of the expected bonus payment pay-out.
As part of this, the Extra-Mile Bonus Plan (‘EMB’) program was awarded in 2021 representing a preparatory
assignment to the launch of the ESOP program with which it shares the main features. The fair value of the
EMB plan is represented by the awarded number of rights assigned calculated based on the annual base gross
salary of eligible employees at 31 December 2020, divided by twelve.
On 13 April 2022, the Annual General Meeting approved a Mid-Term Incentive plan (‘MTI’) based on Campari
shares and aimed at rewarding Camparistas for their active participation in the Group performance and fostering
their retention. Eligible Camparistas will be granted a right to receive a number of Campari shares for free,
subject to their uninterrupted employment over a three-year vesting period from the grant date. The number of
award rights to be granted to each beneficiary will be calculated based on the beneficiary’s annual base gross
salary as of 31 December preceding the grant date. The MTI plan approved in April 2022 foresees 3 grants for
the following three years, therefore the second grant was assigned in May 2023.
Disclosure
The table below shows the changes in share-based rights during 2024 compared with 2023.

| 31 December
n. of rights | 2024 | 2023
outstanding rights at the beginning of the year | 1,137,363 | 1,070,036
assigned during the period | 137,696 | 125,930
rights related to employees transferred from (to) other Group companies | (14,531) | 8,036
cancelled during the period | (70,101) | (61,547)
exercised during the period | (283,469) | (5,092)
outstanding rights at the end of the year | 906,959 | 1,137,363

With respect to EMB program granted in 2021 with a 3-years vesting period, the related shares were transferred
and thus exercised to the eligible employees in July 2024 and no outstanding shares remained related to this
dedicated plan.

Company only financial statements | 385

Campari Group annual report for the year ended 31 December 2024

The following assumptions were used for the weighted average fair value measurement of the ESOP plan for
complementary free shares assignment for the year ended 2024 and 31 December 2023. The weighted average
fair value for complementary free shares assigned in 2024 was €9.09 (€11.07 in 2023).

Black-Scholes - model parameters | 2024 | 2023
Expected dividends (€) | 0.065 | 0.065
Expected volatility (%) | 199.74% | 202.58%
Historic volatility (%) | 24% | 24%
Market interest rate | 2.75% | 3.34%
Expected option life (years) | 3 | 3

The ESOP, EMB and MTI information documents, drafted in accordance with applicable legislation, are
available on the Company’s website: www.camparigroup.com/en/page/group/governance.
Accounting policy
Share-based payments in the form of ‘Long-Term Incentive Plan (‘LTI’)
The General Meeting of 11 April 2024 approved a remuneration policy that entitles key management personnel
and senior employees to receive Long-Term Incentive Plans. The plans entitle eligible Camparistas to receive a
number of Campari shares for free, subject to their uninterrupted employment over a contractually defined
vesting period from the grant date (Restricted Stock Units or ‘RSU’) and a number of Campari shares for free,
subject to the achievement of Campari Group’s performance conditions (Performance Stock Units or ‘PSU’) to
be achieved over the vesting period. The performance conditions are both market conditions represented by the
relative Total Shareholders’ Return (‘TSR’) and non-market conditions represented by renewable energy targets.
The fair value of these plans has been measured based on the following: for RSU the number of award rights to
be granted to each beneficiary is calculated based on the beneficiary’s annual base gross salary as of 31
December preceding the grant date; for PSU the fair value has been measured using a stochastic or Black-
Scholes method, where service and non-market conditions attached to the agreements were not taken into
account in measuring fair value.
Disclosure
The approved remuneration policy pursuant to Dutch and European legislation included the following LTI plans:
i) Long-Term Incentive Plan for eligible employees of the Group ii) Long-Term Incentive Plan for the Company’s
Lead Team and iii) CFOO Last Mile Incentive plan. All plans rules are available on the Company’s website. The
2024 grant date of the three plans was 14 April 2024.
The first one has the purpose to reward selected employees of the Group for their active participation in Group
performance and to foster retention. The eligible employees have been awarded a right to receive for free a
number of Campari shares, subject to their continued employment during a vesting period of 3 years. The
number of award rights assigned to each beneficiary was calculated based on the beneficiary’s annual base
gross salary as of 31 December 2023 with a fair value of €9.13.
With respect to the second plan mentioned above, the Long-Term Lead Team Incentive Plan, its purpose is to
create a link between the Company’s performance and the Company’s Lead Team members. The latter will be
awarded a right to receive for free a number of Campari shares, subject to their continued position or
employment relationship during a vesting period, and the achievement of a relative TSR target and a
Sustainability target. Two-thirds of the assigned rights were granted in the form of RSU and the remaining one-
third will be assigned in the form of PSU. The methodology valuation used for the RSU is the same applied for
the first plan described above, with a fair value of €9.13. PSU fair value was measured using a stochastic and
Black-Scholes method with a weighted average of €6.77 .
With respect to the third plan, the Last Mile Incentive plan for the Chief Financial and Operating Officer
(‘CFOO’), its purpose is to reward the CFOO, who has provided the Company with extraordinary value during a
long-standing managerial period, and to ensure his retention over the long-term. The CFOO will be awarded a
right to receive for free a number of Campari shares, subject to his continued directorship relationship during a
vesting period of 8 years and the achievement of certain performance targets: (i) the uninterrupted directorship
relationship with the Company until the vesting date under the terms and conditions set forth in the plan rules;
and (ii) the achievement of at least one of the envisaged key performance indicators stated in the plan
agreement. PSU fair value was measured using a Black-Scholes method with a weighted average of €8.64.
The table below shows the changes in share-based rights in the form of ‘Long-Term Incentive Plan during 2024
compared with 2023.

Company only financial statements | 386

Campari Group annual report for the year ended 31 December 2024

n. of rights | 2024
outstanding rights at the beginning of the year | -
assigned during the period | 1,427,016
rights related to employees transferred from (to) other Group companies | (7,503)
cancelled during the period | (56,696)
exercised during the period | (9,895)
expired during the period |
outstanding rights at the end of the year | 906,959

The following assumptions were used for the fair value measurement of PSU assigned during the year 2024 in
connection with LTI plans for Lead Team and Last Mile Incentive for CFOO. The weighted average fair value of
share-based rights assigned in 2024 was €8.47.

Black-Scholes and stochastic method - model parameters | 2024
Expected dividends yield (%) | 0.71%
Expected volatility (%) | 22.46%
Historic volatility (%) | 24%
Market interest rate | 3.30%
Expected option life (years) | 7.6

v. Other comprehensive income
Disclosure

| for the year ended 31 December
| 2024 | 2023
| € million | € million
Profit for the period (A) | 162.3 | 288.2
B1) Items that may be subsequently reclassified to the statement of profit or loss | - | -
Cash flow hedge: | - | -
(Profit) losses classified to other profit and loss | (0.8) | (6.1)
Profit (loss) for the period to net equity | (3.3) | (17.7)
Related Income tax effect | 1.0 | 5.7
Total cash flow hedge | (3.2) | (18.1)
B2) Items that may not be subsequently reclassified to the statement of profit or loss | - | -
Remeasurements of defined benefit plans: | - | -
Gains/(losses) on remeasurement of defined benefit plans | 0.2 | 0.1
Related Income tax effect | - | -
Total remeasurements of defined benefit plans | 0.1 | 0.1

vi. Reconciliation of the Parent Company and Group net profit and shareholders' equity
Disclosure

| 31 December
| 2024 | 2023
| shareholders’ equity | result of the period | shareholders’ equity | result of the period
| € million | € million | € million | € million
Figures from the annual financial statements of Davide Campari-Milano N.V. | 2,963.3 | 162.3 | 2,174.3 | 288.2
Difference between carrying value and pro-rata value of shareholders' equity of equity investments | 945.3 | - | 812.3 | -
Pro-rata results of subsidiaries | - | 56.8 | - | 220.0
Elimination of intra-group dividends | - | (24.4) | - | (178.5)
Elimination of intra-group profits and capital gains | (54.6) | 7.0 | (61.4) | 0.8
Figures from the consolidated financial statements (figures attributable to the Group) | 3,854.0 | 201.6 | 2,925.2 | 330.5
Shareholders’ equity and net profit attributable to non-controlling interests | 1.3 | (9.0) | 1.6 | 2.0
Group's equity and net profit | 3,855.3 | 192.7 | 2,926.8 | 332.5

Company only financial statements | 387

Campari Group annual report for the year ended 31 December 2024

8. Other disclosures
This section details accounting policies for provisions for risks, future charges and fair value information on
assets and liabilities, defined benefit and contribution plans. Judgements and estimates are stated regarding
provisions.
Moreover, this section discloses additional information which management considers to be relevant for
stakeholders.
i. Provisions for risks and future charges
Accounting policy
Provisions arising from legal or constructive obligations resulting from past events are reliably estimated and
reviewed periodically to reflect changes in circumstances, timescales, and discount rates. Revisions to
estimates of provisions are booked to the same statement of profit or loss item that contains the accrual or, if the
liability relates to tangible assets (i.e., dismantling and restoration), these revisions are reported as an offsetting
entry to the related asset. Where the financial impact of the timing is significant, and the payment dates of the
obligations can be reliably estimated, the provision is discounted to present value. The change in the related
amount over time is allocated to the statement for profit or loss. When the Company expects that third parties
will repay all or part of the provisions, a receivable is recorded under assets only if it is virtually certain, and the
accrual and related repayment are posted to the statement of profit or loss.
Dedicated restructuring provisions are only reported if there is a restructuring obligation deriving from a formal,
detailed restructuring program, which has led to a reasonable expectation by interested parties that the
restructuring will be carried out with an outflow of resources whose amount can be reliably estimated, either
because the process has already started or because the main features of the restructuring program have
already been communicated.
For detailed information on the accounting policy related to tax provisions, please refer to note 3 xi-‘taxation’.
The Company may be involved in legal proceedings in respect of which it is not possible to make a reliable
estimate of any expected settlement. Such cases are reported as contingent liabilities with a specific disclosure
made available for information purposes.
The Company discloses purely contingent assets and provides information when there are material amounts
that are highly likely to be realized. The Company records the relevant asset only when the original uncertainty
relating to it no longer applies and it is virtually certain that the asset will be realized.
Guarantees are disclosed at fair value determined based on the present value of the difference in cash flows
between the contractual payments required under the debt instrument and the payments that would be required
without the guarantee or the estimated amount that would be payable to a third party for assuming the
obligations.
Disclosure
Provision for risks and charges

| tax provision | restructuring provisions | agent severance fund | other | total
| € million | € million | € million | € million | € million
at 31 December 2023 | 0.1 | 0.8 | 0.8 | 0.3 | 2.0
Accruals | - | 62.1 | 0.2 | 0.2 | 41.3
Utilizations | - | (21.5) | (0.1) | - | (0.4)
at 31 December 2024 | 0.1 | 41.4 | 0.9 | 0.4 | 42.8
of which estimated outlay: |  |  |  |  |
- due within 12 months | - | 39.4 | - | 0.4 | 39.8
- due after 12 months | 0.1 | 2.0 | 0.9 | - | 3.0

Company only financial statements | 388

Campari Group annual report for the year ended 31 December 2024

| tax provision | restructuring provisions | agent severance fund | other | total
| € million | € million | € million | € million | € million
at 31 December 2022 | 0.1 | 0.8 | 1.0 | 4.5 | 6.4
Accruals | - | - | 0.2 | 0.9 | 1.1
Utilizations | - | - | (0.3) | (5.2) | (5.5)
Releases | - | - | (0.1) | - | (0.1)
at 31 December 2023 | 0.1 | 0.8 | 0.8 | 0.3 | 2.0
of which estimated outlay: |  |  |  |  |
- due within 12 months | - | 0.8 | - | 0.3 | 1.1
- due after 12 months | 0.1 | - | 0.8 | - | 0.9

On 29 October 2024 a global restructuring program was launched, reflecting a balance of €41.4 million as of 31
December 2024 in the Company only financial statements. This initiative is among several strategic measures
aimed at enhancing performance, alongside efforts to drive growth, improve profitability, streamline processes,
and contain costs. At the Group level, the program is projected to achieve an improvement of 200 basis point of
Selling, general and administrative expenses over the three-year period from 2025 to 2027, encompassing both
personnel and non-personnel expenses. Included in the 2024 Company only financial statements, the
programme underwent a comprehensive evaluation and estimation process to ensure compliance with
applicable accounting standards and accurate forecasting of expected costs which covered the full scope of the
plan with partial payment made by 31 December 2024.
There were no contingent liabilities to be reported.
ii. Commitments and risks
Existing contractual commitments for the purchase of goods or services, property, plant
and equipment
The Company’s other commitments for purchases of goods or services are shown below.

at 31 December 2024 | purchase of assets | purchase of raw materials, semi- finished products and finished products | logistic costs | advertising and promotional expenses | packaging, habillage | administration services | information system services | total
| € million | € million | € million | € million | € million | € million | € million | € million
within 1 year | 2.9 | 54.8 | 2.2 | 1.0 | 86.1 | 14.7 | 21.0 | 182.8
1-5 years | - | 72.2 | - | - | 89.4 | 28.1 | - | 189.7
after 5 years | - | - | - | - | - | 0.5 | - | 0.5
total commitments | 2.9 | 127.0 | 2.2 | 1.0 | 175.5 | 43.4 | 21.0 | 373.0

at 31 December 2023 | purchase of assets | purchase of raw materials, semi- finished products and finished products | logistic costs | advertising and promotional expenses | packaging, habillage | administration services | information system services | total
| € million | € million | € million | € million | € million | € million | € million | € million
within 1 year | 122.6 | 43.8 | 3.3 | 5.3 | 94.9 | 14.1 | 25.1 | 201.2
1-5 years | - | 65.0 | 2.1 | 3.2 | 123.0 | 29.9 | 16.4 | 239.6
total commitments | 122.6 | 108.8 | 5.4 | 8.5 | 217.9 | 44.0 | 41.5 | 440.7

Commitments mainly related to the purchase of assets, raw materials and packaging materials.
Other guarantees
Other forms of guarantees provided by the Company can be broken down as follows.

Company only financial statements | 389

Campari Group annual report for the year ended 31 December 2024

| 31 December
| 2024 | 2023
| € million | € million
Guarantees issued to third parties | 55.9 | 55.7
Guarantees issued to third parties in the interest of joint-ventures | 0.4 | 9.0
Guarantees issued to third parties in the interest of Group companies | 604.5 | 558.7
Total guarantees issued to third parties | 660.8 | 623.4
Other guarantees | 0.7 | 1.0
Total guarantees given | 661.5 | 624.4

Guarantees issued to third parties in the interest of Campari Group companies mainly consist of sureties
granted to third parties on behalf of Group companies for credit lines or commercial and financial agreements.
The Company also provides guarantees to customs or tax authorities for excise duty liabilities or tax stamp
liabilities, benefiting both Group companies and the Company itself.
The Company has provided financial guarantees in the context of the 50-50 joint venture in Dioniso Group with
Moët Hennessy to create a premium pan-European Wines and Spirits e-commerce player, which holds the
leading e-commerce platforms for wines and premium spirits in Italy (Tannico and Wineplatform S.p.A.) and in
France (Ventealapropriete.com). It is thus providing 50% of the financial support to Dioniso Group to cover the
committed liability for a personnel compensation scheme related to the business combination and at 31
December 2024 the estimated potential cash out for the Company totalled €0.4 million (€9.0 million at 31
December 2023). The change was mainly due to the payment of the remaining liabilities connected to the put
and/or call options from the business combination in the second part of the year, for which the Company
provided financial support.
Contractual commitments for the use of third-party assets that are not recorded using
lease accounting
The following table shows amounts owed by the Company in future periods, broken down by maturity, in relation
to the main contractual commitments for using of third-party assets that are not recorded using lease
accounting.
At 31 December 2024, the contracts mainly related to information technology equipment and warehouses for
storing products.

| 31 December
| 2024 | 2023
| € million | € million
within 1 year | 5.6 | 5.4
1-5 years | 10.8 | -
total | 16.4 | 5.4

No off-balance sheet agreements, including between affiliates, were concluded during the year that could
generate exposures or benefits for the Company, where knowledge of the same would be useful for assessing
the Company’s financial position or operating results.
iii. Fair value information on assets and liabilities
Accounting policy
Fair value on financial assets and liabilities
For fair value information on financial assets and liabilities, please refer to note 6 i.-‘Financial instruments’.
Disclosure
A summary of the financial and non-financial assets and liabilities measured at fair value is shown below. The
fair value of the financial items measured at amortised costs based on the applicable business model is also
included.

Company only financial statements | 390

Campari Group annual report for the year ended 31 December 2024

| at 31 December 2024 | at 31 December 2023
| € million | € million
A) Items reported at fair value | (0.4) | (7.2)
of which assets | 0.5 | 7.5
Current assets for hedging derivatives | 0.3 | 0.6
Current assets for hedge derivatives, not in hedge accounting | 0.1 | -
Non-current assets for hedging derivatives | - | 2.9
Other non-current assets (non-financial item) | 0.1 | 4.0
of which liability | 2.1 | 0.6
Current liabilities for hedging derivatives | 1.5 | 0.1
Non-current liabilities for hedging derivatives | 0.3 | -
Current liabilities for hedge derivatives, not in hedge accounting | 0.3 | 0.1
Liabilities for put option and earn-out payments | - | 0.3
B) Financial liabilities reported at amortised cost method but for which fair value information is provided | 2,301.6 | 1,733.3
of which liability | 2,301.6 | 1,733.3
Loans due to banks | 722.7 | 612.8
Bonds issued in 2017 | - | 149.0
Bonds issued in 2019 | - | 148.5
Bonds issued in 2020 | 517.0 | 504.4
Bonds issued in 2023 | 319.6 | 318.7
Bonds issued in 2024 | 742.3 | -

There were no changes in the Company’s valuation processes, valuation techniques, and types of inputs used
in the fair value measurements during the period with regards to the fair value of a) financial and b) non-financial
instruments. The valuation date for all items is 31 December 2024.
Financial instruments
Fair value of financial instruments
- for financial assets and liabilities that are liquid or nearing maturity, it is assumed that the carrying amount
equates to fair value; this assumption also applies to term deposits, securities that can be readily converted
to cash, and variable-rate financial instruments;
- for the measurement of hedging instruments at fair value, valuation models based on market parameters are
used;
- the fair value of non-current financial payables was obtained by discounting all future cash flows to present
value under the conditions in effect at the end of the year.
Derivatives, valued using techniques based on market data, are mainly interest-rate swaps and forward sales/
purchases of foreign currencies to hedge both the fair value of the underlying instruments and cash flows.
The most commonly applied valuation methods include forward pricing and swap models, which use present
value calculations. The models incorporate various inputs, including the non-performance risk rating of the
counterparty, market volatility, spot and forward exchange rates and current and forward interest rates.
An analysis of financial instruments measured at fair value based on three different valuation levels is provided
in the table below.
- level 1: valuation for the financial assets in question was calculated using a methodology based on the Net
Asset Value, which was obtained from specialised external sources;
- level 2: valuation used for financial instruments measured at fair value was based on parameters such as
exchange rates and interest rates, which are quoted on active markets or are observable on official yield
curves;
- level 3: valuation used for financial liabilities deriving from or connected to business combinations, where a
portion of the consideration was determined as a condition subordinated to the performance of the company
acquired on the basis of contractually agreed indicators.

Company only financial statements | 391

Campari Group annual report for the year ended 31 December 2024

at 31 December 2024 | level 1 | level 2 | level 3
| € million | € million | € million
Assets reported at fair value |  |  |
Current assets for hedging derivatives | - | 0.3 | -
Current assets for hedge derivatives, not in hedge accounting |  | 0.1 |
Other non-current assets | - | - | 0.1
Liabilities reported at fair value |  |  |
Current liabilities for hedging derivatives | - | 1.5 | -
Non-current liabilities for hedging derivatives | - | 0.3 | -
Current liabilities for hedge derivatives, not in hedge accounting | - | 0.3 | -
Financial liabilities fair value |  |  |
Loans due to banks | - | 722.7 | -
Bonds issued in 2020 | - | 517.0 | -
Bonds issued in 2023 | - | 319.6 | -
Bonds issued in 2024 | - | 742.3 | -

at 31 December 2023 | level 1 | level 2 | level 3
| € million | € million | € million
Assets reported at fair value |  |  |
Current assets for hedging derivatives | - | 0.6 | -
Non-current assets for hedging derivatives | - | 2.9 | -
Other non-current assets | - | - | 4.0
Liabilities reported at fair value |  |  |
Current liabilities for hedging derivatives | - | 0.1 | -
Current liabilities for hedge derivatives, not in hedge accounting | - | 0.1 | -
Liabilities for put option and earn-out payments | - | - | 0.3
Financial liabilities fair value |  |  |
Loans due to banks | - | 612.8 | -
Bonds issued in 2017 | - | 149.0 | -
Bonds issued in 2019 | - | 148.5 | -
Bond issued in 2020 | - | 504.4 | -
Bond issued in 2023 | - | 318.7 | -

The following tables show the valuation techniques used in measuring level 2 and level 3 fair values at 31
December 2024 for financial instruments measured at fair value in the statement of financial position, as well as
the significant unobservable inputs used.

Company only financial statements | 392

Campari Group annual report for the year ended 31 December 2024

type | valuation technique | significant unobservable inputs | inter-relationship between significant unobservable inputs and fair value measurement
Forward and option exchange contracts | The fair value is determined using quoted forward exchange rates at the reporting date based on high credit quality yield curves in the respective currencies. The models incorporate various inputs, including the credit rating of the counterparty, market volatility, spot and forward exchange rates and current and forward interest rates. | Not applicable. | Not applicable.
Interest rate swaps | The fair value of interest rate swaps agreements is calculated as the present value of the estimated future cash flows. Estimates of future floating-rate cash flows are based on quoted swap rates, futures prices and interbank borrowing rates. Estimated cash flows are discounted using a yield curve constructed from similar sources and which reflects the relevant benchmark interbank rate used by market participants for this purpose when pricing interest rate swaps. The fair value estimate is subject to a credit risk adjustment that reflects the credit risk of the Company and of the counterparty; this is calculated based on credit spreads derived from current credit default swap or bond prices. | Not applicable. | Not applicable.
Variable payments in the form of earn-out agreements | The valuation model considers the present value of expected payments. | CT Spirits Japan variable earn- out - expected contractually target business performances measured over a period of 3 years from the acquisition date - risk-adjusted discount rate of 3.5%. | The estimated fair value would increase (decrease) if: - the expected contractually target business performances, were higher (lower) with related impact in financial liabilities affecting the expected cash out value and the statement of profit or loss

There were no transfers between fair value measurement levels during the period.
For the level 3 fair value items, reasonably possible changes at the reporting date to one of the significant
unobservable inputs, holding other inputs constant, changes would be negligible. The baseline is the contingent
consideration recorded as earn-out liability in the company only financial statements at 31 December.
Financial derivatives
A summary of financial derivatives implemented by the Company at 31 December 2024 , broken down by
hedging strategy, is shown below.
- Derivatives used for fair-value hedging
At 31 December 2024, the Company had contracts for hedging payables and receivables in foreign currency in
place that meet the requirements to be recognised as hedging instruments based on the relevant accounting
standards. Specifically, it recognised forward contracts on receivables and payables in currencies other than the
€ recorded in its financial statements at 31 December 2024. These contracts were negotiated to match
maturities with incoming and outgoing cash flows resulting from sales and purchases in individual currencies.
The valuation of these contracts at the reporting date resulted in the reporting of assets of €0.3 million and
liabilities of €1.3 million (€0.4 million assets and €0.1 million liabilities at 31 December 2023).
Below is a summary of the gains and losses on hedging items and on hedged items with regard to all fair-value
hedges corresponding to the above-mentioned contracts.

| for the year ended 31 December
| 2024 | 2023
| € million | € million
Gains on hedging instruments | 0.3 | 0.3
Losses on hedging instruments | (0.1) | -
Total gains (losses) on hedging instruments | 0.2 | 0.3
Gains on hedged items | 0.9 | 0.1
Losses on hedged items | (0.1) | (0.7)
Total gains (losses) on hedged items | 0.8 | (0.6)

- Derivatives used for cash-flow hedging
The Company uses the following contracts to hedge its cash flows:
i) interest-rate swaps hedging the risk of interest rate fluctuations on future transactions relating to the clauses of
financial loans;

Company only financial statements | 393

Campari Group annual report for the year ended 31 December 2024

ii) hedging of future sales and purchases in currency and interest rates on future transactions.
The fair value variation of the hedging instruments during the year generated a negative impact in other
comprehensive income of €3.3 million and €0.8 million in profit or loss related to the reversal of cash flow
reserve associated with the pre-hedging derivative (€17.7 million and €6.1 million respectively in 2023).
At the reporting date, the valuation of these contracts gave rise to the reporti ng of liabilities of €0.5 million a nd
was negligible for assets (€2.9 million of assets associated with bonds and loans in 2023).
The table below shows when the aforementioned hedged cash flows are expected to be received (paid) at 31
December 2024 and 31 December 2023. These cash flows concern both interest and currency derivatives and
have not been discounted. Since the Company does not distinguish the outflow for positive and negative fair
values of derivative contracts, the below cash outflow is presented net.

at 31 December 2024 | within one year | 1-5 years | total
| € million | € million | € million
Cash outflows (A) | (0.1) | (2.8) | (2.9)
Cash inflows (B) | - | 7.8 | 7.8
Net cash flows (A+B) | (0.1) | 5.0 | 4.9

at 31 December 2023 | within one year | 1-5 years | total
| € million | € million | € million
Cash outflows (A) | - | - | -
Cash inflows (B) | 0.2 | 11.7 | 11.9
Net cash flows | 0.2 | 11.7 | 11.9

The overall changes in the cash-flow hedge reserve and the associated deferred taxes are shown below.

| gross amount | tax effect | net amount
| € million | € million | € million
at 31 December 2023 | 11.9 | (2.9) | 9.0
profit or loss impact | (0.8) | 0.2 | (0.6)
net equity impact | (3.3) | 0.8 | (2.5)
at 31 December 2024 | 7.7 | (1.9) | 5.9

| gross amount | tax effect | net amount
| € million | € million | € million
at 31 December 2022 | 35.7 | (8.6) | 27.1
profit or loss impact | (6.1) | 1.5 | (4.7)
net equity impact | (17.7) | 4.2 | (13.4)
at 31 December 2023 | 11.9 | (2.9) | 9.0

- Hedging derivatives not reported using hedge accounting
These instruments are mainly related to hedges of future purchases in currencies other than the €. At 31
December 2024, financial assets of €0.1 m illion were reported, wh ile financial liabilities were €0.3 million (at 31
December 2023 financial assets wer e negligible and financial liabilities of €0.1 million were reported).
Non-financial instruments
The following tables show the valuation techniques used in measuring level 2 and level 3 fair values at 31
December 2024 for non-financial instruments measured at fair value in the statement of financial position and
the significant unobservable inputs used.

type | valuation technique | significant unobservable inputs | inter-relationship between significant unobservable inputs and fair value measurement
third-party investments | The valuation model considers investments in companies that are strategic investments for the Company for which the decision has been to recognise changes in the related fair values through profit or loss. The fair value is defined based on the performance result of the companies based on the last financial statements available. | - business performance. | The estimated fair value would increase (decrease) if business performance was higher (lower).

Company only financial statements | 394

Campari Group annual report for the year ended 31 December 2024

In light of the negligible amount of other non-current assets classified as level 3 fair value items, no sensitivity
was detected as any reasonably possible changes at the balance sheet date of one of the significant
unobservable inputs, keeping the other variables constant, would not have generated material effects either on
the income statement or on the Company's net equity.

€ million | third-party investments
at 31 December 2023 | 4.0
revaluation / devaluation | (4.0)
at 31 December 2024 | 0.1

€ million | third-party investments
at 31 December 2022 | 4.1
revaluation / devaluation | (0.1)
at 31 December 2023 | 4.0

iv. Defined benefit plans
Accounting policy
Post-employment benefits
The Company provides post-employment benefits to staff, both directly and by contributing to external funds.
Defined benefit plans
The Company’s obligation and the annual cost reported in the statement of profit or loss are determined by
independent actuaries using the projected unit credit method.
The costs associated with an increase in the present value of the obligation, as the time for payment of the
benefits draws nearer, are included under financial expenses, while the service costs are posted under the
reporting line of cost of sales and selling, general and administrative expenses.
Defined contribution plans
Based on legal or contractual obligations, or on a voluntary basis, the Company fulfils post-employment
employees obligations by paying contributions to a separate entity (publicly or privately administered pension
funds), without making any actuarial calculation. At the end of the financial year, any liabilities for contributions to
be paid are included in 'Other current liabilities’, while the cost for the period is recognised under the reporting
line of cost of sales and selling, general and administrative expenses.
Disclosure
The employee liability indemnity ('TFR'), which relates to the Company’s employees, pursuant to Article 2120 of
the Italian Civil Code, falls under the scope of defined benefit plans. TFR contributions accrued up to 31
December 2006 remain with the Company; for contributions accruing from 1 January 2007, employees have the
choice of allocating them to a complementary pension scheme or to keep them with the Company, which will
transfer the contributions to a fund held at the INPS (the Italian social security agency).
Therefore, TFR contributions accrued from 1 January 2007 are classified as defined contribution plans.
As the Company usually pays contributions through a separate fund, without further obligations, it recognises its
contributions to the fund in the year to which they relate, in respect of employees’ service, without performing
any actuarial calculation. Since the contributions in question have already been paid by the Company at the
reporting date, no liability is recorded in the statement of financial position.
Nonetheless, TFR contributions accrued up to 31 December 2006 will continue to be classified as defined
benefit plans, with the actuarial valuation criteria remaining unchanged in order to reflect the current value of the
benefits payable on the amounts accrued at 31 December 2006 when employees leave the Company.
The tables below summarise the components of the net cost of benefits reported in the statement of profit or
loss and the statement of other comprehensive income in 2024 and 2023.

Company only financial statements | 395

Campari Group annual report for the year ended 31 December 2024

€ million | liabilities
Liabilities (assets) at 31 December 2023 | 4.2
Amounts included in the income statement: |
- current service costs | 0.3
- net interest | 0.2
Total | 0.4
Amounts included in the statement of comprehensive income: |
- gain/(losses) resulting from changes in actuarial assumptions | (0.2)
Total | (0.2)
Other changes: |
- benefits paid | (0.1)
Total | (0.1)
Liabilities (assets) at 31 December 2024 | 4.3

€ million | liabilities
Liabilities (assets) at 31 December 2022 | 4.1
Amounts included in the income statement: |
- current service costs | 0.2
- past service costs | 0.1
Total | 0.4
Amounts included in the statement of comprehensive income: |
- gain/(losses) resulting from changes in actuarial assumptions | (0.1)
Total | (0.1)
Other changes: |
- benefits paid | (0.2)
- contributions to the plan by employees | (0.1)
- benefits transferred | 0.1
Total | (0.3)
Liabilities (assets) at 31 December 2023 | 4.2

The main assumptions used in determining the obligations resulting from TFR are indicated below.

| 31 December
| 2024 | 2023
Discount rate | 3.00% | 4.07%
Staff turnover rate | 6.27% | 5.63%
Salary increase | 2.00% | -%
Forecast inflation rate | 2.00% | 3.00%

The quantitative sensitivity analysis of the significant assumptions used at 31 December 2024 is shown below.

at 31 December 2024 | change in the assumptions | impact of positive change | impact of negative change
Discount rate | discount rate +\- 0.5% | (3.00)% | 3.00%
Rate of employee turnover | turnover +\- 0.5% | 0.05% | (0.05)%
Future salary increases | salary increase rate +\- 0.5% | 47.00% | (44.00)%
Forecast inflation rate | inflation rate +\- 0.5% | 2.00% | (2.00)%

at 31 December 2023 | change in the assumptions | Impact of positive change | Impact of negative change
Discount rate | discount rate +\- 0.5% | (3.03)% | 3.25%
Rate of employee turnover | turnover +\- 0.5% | (0.05)% | 0.04%
Forecast inflation rate | inflation rate +\- 0.5% | 1.80% | (1.74)%

The sensitivity analysis shown above is based on a method involving the extrapolation of the impact on the
obligation of reasonable changes to the key assumptions made at the end of the financial year. The
methodology and the assumptions made in preparing the sensitivity analysis remain unchanged from the
previous year. Since pension liabilities have been adjusted on the basis of the consumer price index, the
pension plan is exposed to the inflation rate, interest-rate risks and changes in the rate of employee turnover.
Since there are no assets that support the plans, the Company is not exposed to market risk in the sectors in
which the plan is invested.
The table below reflects the expected payments in future years.

Company only financial statements | 396

Campari Group annual report for the year ended 31 December 2024

| 31 December
| 2024 | 2023
| € million | € million
Within 12 months | 0.3 | 0.2
From 2 to 5 years | 1.0 | 0.9
From 6 to 10 years | 1.0 | 0.9
Total | 2.2 | 2.1
Average plan duration (years) | 7 | 7

Cash flows expected for future payments into the plan are not likely to have a significant effect on the
Company’s statement of financial position or statement of profit or loss.
v. Related parties
Disclosure
The Company adopts procedures to ensure the substantive and procedural transparency and integrity of
transactions with related parties, whether carried out directly or through subsidiaries, in addition to defining the
concept of related parties.
The main intra-group activities, paid for at market prices, are carried out on the basis of contractual
relationships, which in particular relate to:
- the management of investments;
- the settlement of financial flows through the centralised intra-group cash and financial management system;
- the sharing of general, administrative and legal services;
- information technology support;
- commercial agreements.
Intra-group transactions are carried out through the centralised cash management system, with interest charged
at market rates.
In addition, transactions with related parties include the agreement with the controlling shareholder, Lagfin
S.C.A., Société en Commandite par Actions, relating to the option, exercised jointly with the Campari Group’s
other Italian subsidiaries, to adopt the national tax consolidation scheme governed by articles 117 et seq of the
Consolidated Law on Corporate Income Tax (‘TUIR’) for the period running from 2024 to 2026.
The Company has also joined, along with the controlling shareholder Lagfin S.C.A., Société en Commandite par
Actions, the Campari Group VAT scheme pursuant to article 73, para. 3, of Presidential Decree (‘DPR’) 633/72.
The receivables and payables arising as a result of the tax consolidation procedure are non-interest-bearing.
No other significant transactions have taken place with controlling entities, nor with their directly and/or indirectly
owned subsidiaries, other than with Group companies.
For further details on the relationships with the Company subsidiaries, see below.

Company only financial statements | 397

Campari Group annual report for the year ended 31 December 2024

€ million | trade receivables | financial receivables | receivables (payables) for tax consolidation | other receivables | other non- current assets | trade payables | financial payables | receivables (payables) for Group VAT | Other non- current liabilities | other current liabilities
Lagfin S.C.A. Société en Commandite par Actions | - | - | 5.1 | - | 0.1 | - | - | (2.5) | - | -
Campari Japan Limited | 1.6 | - | - | - | - | - | - | - | - | -
Campari Argentina S.A. | 4.4 | - | - | 0.2 | - | - | - | - | - | -
Campari Austria GmbH | 5.2 | - | - | 0.1 | - | - | 6.8 | - | - | -
Campari Australia Pty Ltd. | 3.2 | 6.0 | - | 0.2 | - | - | - | - | - | -
Campari Benelux S.A. | 0.5 | 1.5 | - | - | - | - | - | - | - | -
Campari do Brasil Ltda. | 2.6 | 0.8 | - | 0.2 | - | 0.2 | - | - | - | -
Forty Creek Distillery Ltd. | 1.3 | - | - | - | - | - | - | - | - | -
Campari Schweiz A.G. | 0.5 | - | - | - | - | 1.6 | - | - | - | -
Campari Beijing Trading Co. Ltd. | 2.0 | - | - | - | - | - | - | - | - | -
Campari Deutschland GmbH | 35.7 | - | - | 0.3 | - | 0.8 | 52.5 | - | - | 0.2
Campari España S.L.U. | 4.1 | - | - | - | - | 0.3 | 10.2 | - | - | -
Société des Produits Marnier Lapostolle S.A.S. | - | 3.2 | - | - | - | - | - | - | - | -
Campari Hellas Single Member Societe Anonyme | 2.5 | - | - | 0.8 | - | - | - | - | - | -
Campari International S.r.l. | 8.2 | - | - | - | - | - | 26.7 | - | - | -
J. Wray&Nephew Ltd. | 16.5 | - | - | 0.2 | - | 0.4 | - | - | - | -
Campari Mexico S.A. de C.V. | 3.3 | - | - | 0.8 | - | 0.8 | - | - | - | -
Campari Peru SAC | 8.9 | - | - | 0.1 | - | 0.4 | - | - | - | -
Campari RUS LLC | 17.9 | 0.3 | - | - | - | - | 0.1 | - | - | -
Campari Singapore Pte Ltd. | - | - | - | 0.7 | - | 5.7 | - | - | - | -
Campari Ukraine LLC | 4.2 | - | - | - | - | - | - | - | - | -
Glen Grant Ltd. | 9.0 | 11.8 | - | 0.2 | - | 7.9 | - | - | - | 3.9
Campari America, LLC | 22.8 | - | - | 2.0 | - | 6.6 | - | - | - | -
Campari South Africa Pty Ltd. | 0.7 | - | - | - | - | 0.1 | - | - | - | -
Campari India Private Ltd. | 1.1 | - | - | 0.4 | - | 1.2 | - | - | - | -
Campari Mixology S.r.l. | 0.1 | 2.2 | - | - | - | - | - | - | - | -
Campari France SAS | 11.2 | - | - | 0.4 | - | 2.3 | 25.9 | - | - | -
Bellonnie et Bourdillon Successeurs S.A.S. | 0.4 | 56.6 | - | - | - | - | - | - | - | -
Licorera Ancho Reyes Y Cia S.A.P.I. de C.V. | - | - | - | - | - | 0.1 | - | - | - | -
Casa Montelobos S.A.P.I. de C.V. | - | - | - | - | - | 0.1 | - | - | - | -
Champagne Lallier S.A.S. | 2.4 | 104.7 | - | - | - | - | - | - | - | -
Campari Korea Co. Ltd. | 1.9 | - | - | 0.1 | - | - | - | - | - | -
Thirsty Camel Ltd. | (2.2) | - | - | 0.1 | - | - | - | - | - | -
Wilderness Trace Distillery LLC | 0.5 | - | - | - | - | - | - | - | - | -
Courvoisier SAS | 1.8 | 13.1 | - | 2.0 | - | 2.1 | - | - | - | -
L. de Salignac & Cie SAS | - | - | - | - | - | - | 0.5 | - | - | -
Distillerie Charentaise Jubert SAS | - | 0.9 | - | - | - | - | - | - | - | -
Total at 31 December 2024 | 172.7 | 201.1 | 5.1 | 8.8 | 0.1 | 30.8 | 122.5 | (2.5) | - | 4.1
Total at 31 December 2023 | 160.2 | 178.7 | 11.0 | 8.2 | 0.1 | 26.6 | 90.6 | (3.2) | 2.6 | -

Company only financial statements | 398

Campari Group annual report for the year ended 31 December 2024

31 December € million | net sales | cost of sales | advertising and promotional expenses | selling, general and administrative expenses | dividends | financial income and expenses
Campari Argentina S.A. | 0.7 | - | - | 1.9 | - | -
Campari Austria GmbH | 30.5 | 0.1 | 0.2 | 1.0 | 2.5 | (0.2)
Campari Australia Pty Ltd. | 9.9 | - | (0.3) | 1.3 | - | 0.5
Campari Benelux S.A. | 29.0 | - | 0.1 | (1.6) | 1.3 | 0.2
Campari do Brasil Ltda | 2.2 | (0.4) | - | 5.6 | 0.9 | -
Forty Creek Distillery Ltd. | 5.8 | 0.1 | - | 1.5 | 1.9 | -
Campari Schweiz A.G. | 17.1 | - | 0.1 | (0.8) | 1.7 | -
Campari Beijing Trading Co. Ltd. | 3.7 | 0.1 | - | (7.4) | - | -
Campari Deutschland GmbH | 145.2 | (0.1) | 0.2 | 18.3 | - | (1.0)
Campari España S.L.U. | 16.3 | 0.1 | 0.1 | 2.0 | - | (1.2)
Société des Produits Marnier Lapostolle S.A.S. | - | - | - | - | - | 0.4
Campari Hellas Single Member Societe Anonyme | 6.9 | (0.2) | - | 3.3 | - | -
Campari International S.r.l. | 32.4 | 0.5 | 0.6 | 4.0 | 3.0 | (0.8)
J. Wray&Nephew Ltd. | 3.8 | (1.1) | - | 8.0 | - | -
Campari Japan Limited | 2.3 | - | - | 1.1 | - | -
Campari Mexico S.A. de C.V. | 6.1 | (3.9) | - | 4.9 | - | -
Campari New Zealand Ltd. | - | - | - | - | - | 0.1
Campari Peru SAC | 13.4 | 0.1 | (0.4) | (2.1) | - | -
Campari RUS LLC | 57.1 | - | - | (0.8) | 3.4 | (0.2)
Campari Singapore Pte Ltd. | 6.1 | 0.1 | - | (5.9) | - | -
Campari Ukraine LLC | 6.9 | - | - | 0.3 | - | -
Glen Grant Ltd. | 41.3 | (10.0) | 0.2 | (4.5) | 6.4 | 2.3
Campari America LLC | 102.4 | (1.6) | (3.2) | 5.8 | - | (0.3)
Campari South Africa Pty Ltd. | 1.8 | - | - | 0.4 | - | -
Campari India Pte Ltd. | 2.6 | - | - | (8.4) | - | -
Campari Mixology S.r.l. | 0.2 | - | - | (2.5) | - | 0.2
Campari France SAS | 58.3 | (4.7) | (0.7) | 9.7 | - | (1.1)
Campari Korea Co. Ltd. | 3.9 | - | - | (2.2) | - | -
Bellonnie et Bourdillon Successeurs S.A.S. | 0.1 | (0.6) | - | 0.8 | - | 2.0
Casa Montelobos S.A.P.I. de C.V. | - | (0.4) | - | (0.1) | - | -
Licorera Ancho Reyes Y Cia S.A.P.I. de C.V. | - | (0.2) | - | (0.1) | - | -
Champagne Lallier S.A.S. | - | (3.9) | - | 3.4 | - | 3.3
Thirsty Camel Ltd | 0.8 | - | - | (2.8) | - | -
Wilderness Trace Distillery LLC | - | - | - | 0.6 | - | -
Courvoisier SAS | - | (14.0) | - | 4.7 | - | 0.1
Total at 31 December 2024 | 606.6 | (40.0) | (3.2) | 39.5 | 21.1 | 4.3
Total at 31 December 2023 | 550.9 | (33.5) | (1.1) | 35.6 | 105.9 | 1.8

vi. Remuneration to the Company’s Board of Directors
Disclosure
The remuneration to the Company’s Board of Directors included in selling, general and administrative expenses
was as follows.

| for the year ended 31 December
| 2024 | 2023
| € million | € million
Short-term fixed and variable remuneration | 6.0 | 7.9
Termination benefits | 3.2 | -
Long-term and share - based remuneration(1) | 2.8 | 3.0
Last mile long-term retention scheme(2) | 2.5 | 10.0
Total | 14.5 | 20.9

(1)The value shown above also includes the liability relating to the cancellation of plans granted to outgoing directors.
(2)Pursuant to the Remuneration Policy, in 2024 a shared-based last mile incentive scheme with retention purposes to be potentially awarded to the current
CFOO has been approved by the Company’s corporate bodies and therefore implemented as illustrated in the Remuneration Report in the ‘Governance‘
section.
On the date of this report, a payable to directors of €3.7 million was recognised in the Group’s accounts (at 31
December 2023 amounted to €33.8 million).
For more information regarding the remuneration of directors, please refer to the ’Governance’ section.

Company only financial statements | 399

Campari Group annual report for the year ended 31 December 2024

vii. Employees
All of the Company’s employees are based in Italy and no employees work in the Netherlands.
The average number of staff in each category is shown below.
Disclosure

By category | 2024 | 2023
Managers | 304 | 279
Office staff | 582 | 558
Technical workers | 208 | 213
Total | 1,094 | 1,050

viii. Audit and non-audit related fees
Disclosure
The Company’s Annual General Meeting of Shareholders held on 13 April 2024 resolved the appointment of EY
Accountants B.V. for the statutory audit of the Company’s accounts for the financial years 2023-2027, pursuant
to applicable Dutch law.
The following table shows the 2024 amounts for external auditing activities and non-audit-related services
provided by companies from the EY Accountants B.V. network.
Audit fees for EY Accountants B.V. amounted to €0.3 million. No other fees were charged by EY Accountants
B.V..

for the year ended 31 December
€ million | 2024 | 2023
| EY Accountants B.V. | Other EY network firms | Other firms- outside EY network | Total | EY Accountants B.V. | Other EY network firms | Other firms - outside EY network | Total
Audit fees | 0.2 | 2.9 | 0.4 | 3.5 | 0.2 | 2.7 | 0.1 | 3.1
Audit related services | 0.1 | 0.2 | - | 0.3 | - | 0.1 | - | 0.1
Other non-audit services | - | - | - | - | - | 0.2 | - | 0.2
Total | 0.3 | 3.1 | 0.4 | 3.8 | 0.2 | 3.0 | 0.1 | 3.4

9. Subsequent events
i. Company significant events
There are no events to report after the end of the reporting period.

Proposal for appropriation of profit | 400

Campari Group annual report for the year ended 31 December 2024

Other information
Proposal for the appropriation of profit
The appropriation of the profit will be determined in accordance with article 28 of the Articles of Association of
Davide Campari-Milano N.V..
The total amount of the dividend distributed and, consequently, the residual amount of the profits carried
forward, will vary according to the number of shares entitled, and these amounts will be defined when the
dividend is actually paid on the basis of the shares outstanding at the coupon detachment date (therefore
excluding the Company’s own shares in the portfolio at that date).
In view of the above, it is proposed to:
- approve the financial statements for the year ended 31 December 2024 and
- to allocate the profit for the year of €162,325,818 as follows:
a) to distribute a dividend of €0.065 per ordinary share outstanding, except for own shares held by the
Company at the coupon detachment date (for information purposes, based on the 28,763,237 own shares
held at 31 December 2024, the total dividend is €78.2 million);
b) to carry forward the residual amount (for information purposes, amounting to €84.2 million on the basis of the
outstanding shares mentioned above);
- to pay the above dividend per share starting from 24 April 2025, with detachment of coupon n. 5 of 22 April
2025 (in accordance with the Italian Stock Exchange calendar) and a record date of 23 April 2025.
Sesto San Giovanni (MI), 4 March 2025
Chairman of the Board of Directors
Luca Garavoglia

Independent auditor's report | 401

Campari Group annual report for the year ended 31 December 2024

Independent auditor’s report
To: the shareholders and the board of directors of Davide Campari-Milano N.V.
Report on the audit of the financial statements 2024 included in the annual report
Our opinion
We have audited the accompanying financial statements 2024 of Davide Campari-Milano N.V. based in
Amsterdam, the Netherlands.
In our opinion the financial statements give a true and fair view of the financial position of Davide Campari-
Milano N.V. as at 31 December 2024 and of its result and its cash flows for 2024 in accordance with
International Financial Reporting Standards as adopted in the European Union (EU-IFRSs) and with Part 9 of
Book 2 of the Dutch Civil Code.
The financial statements comprise:
- The consolidated and company only statement of financial position as at 31 December 2024
- The following statements for 2024: the consolidated and company only statements of profit or loss, other
comprehensive income, cash flows and changes in shareholders’ equity
- The notes comprising material accounting policy information and other explanatory information
Basis for our opinion
We conducted our audit in accordance with Dutch law, including the Dutch Standards on Auditing.
Our responsibilities under those standards are further described in the Our responsibilities for
the audit of the financial statements section of our report.
We are independent of Davide Campari-Milano N.V. (the group) in accordance with the EU Regulation on
specific requirements regarding statutory audit of public-interest entities, the Wet toezicht
accountantsorganisaties (Wta, Audit firms supervision act), the Verordening inzake de onafhankelijkheid van
accountants bij assurance-opdrachten (ViO, Code of Ethics for Professional Accountants, a regulation with
respect to independence) and other relevant independence regulations in the Netherlands. Furthermore we
have complied with the Verordening gedrags- en beroepsregels accountants
(VGBA, Dutch Code of Ethics for professional accountants).
We believe the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Information in support of our opinion
We designed our audit procedures in the context of our audit of the financial statements as a whole and in
forming our opinion thereon. The following information in support of our opinion and any findings were
addressed in this context, and we do not provide a separate opinion or conclusion on these matters.
Our understanding of the business
Davide Campari-Milano N.V. is a global player in the branded spirits industry. With a portfolio of more than 50
premium brands and with leadership positions in Europe and the Americas and a growth strategy that aims to
combine organic growth and external growth via acquisitions. The group is structured in group entities and we
tailored our group audit approach accordingly. We paid specific attention in our audit to a number of areas
driven by the operations of the group and our risk assessment.

Independent auditor's report | 402

Campari Group annual report for the year ended 31 December 2024

We determined materiality and identified and assessed the risks of material misstatement of the financial
statements, whether due to fraud or error in order to design audit procedures responsive to those risks and to
obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion.
Materiality

Materiality | €26 million (2023: €25 million)
Benchmark applied | Approximately 5% of profit (loss) before taxation-adjusted for 2024.
Explanation | We have considered what is the most important financial statements measure to the users of the financial statements. In this respect, we presumed that for a profitable listed company the starting point is an earnings-based measure, specifically profit before taxation. Given the significant events disclosed in section Financial measures used to measure group performance of the annual report we decided to adjust the materiality basis for 2024 to account for components that may be considered non-representative of the current operating results and applied profit (loss) before taxation- adjusted as benchmark.

We have also taken into account misstatements and/or possible misstatements that in our opinion are material
for the users of the financial statements for qualitative reasons.
We agreed with the Control, Risk & Sustainability Committee, a standing committee of the board of directors
(hereinafter: Control, Risks & Sustainability Committee), that misstatements in excess of €1.3 million, which are
identified during the audit, would be reported to the board of directors, as well as smaller misstatements that in
our view must be reported on qualitative grounds.
Scope of the group audit
Davide Campari-Milano N.V. is at the head of a group of entities. The financial information of this group is
included in the financial statements.
We are responsible for planning and performing the group audit to obtain sufficient appropriate audit evidence
regarding the financial information of the entities or business units within the group as a basis for forming an
opinion on the financial statements. We are also responsible for the direction, supervision, review and
evaluation of the audit work performed for purposes of the group audit. We bear the full responsibility for the
auditor’s report.
Based on our understanding of the group and its environment, the applicable financial framework and the
group’s system of internal control, we identified and assessed risks of material misstatement of the financial
statements and the significant accounts and disclosures. Based on this risk assessment, we determined the
nature, timing and extent of audit work performed, including the entities or business units within the group
(components) at which to perform audit work. For this determination we considered the nature of the relevant
events and conditions underlying the identified risks of material misstatements for the financial statements, the
association of these risks to components and the materiality or financial size of the components relative to the
group. In establishing the overall approach to the audit, we determined the type of work that is needed to be
done by us, as group auditors, or by component auditors from Ernst & Young Global member firms and working
under our instructions as well as requesting component auditors to communicate matters related to the financial
information of the component that is relevant to identifying and assessing risks.
We have:
- Audited the group consolidation, financial statements, disclosures, adjustments to profit before taxation -
adjusted and the key audit matter Valuation of goodwill and brands with indefinite useful life. The procedures
on the key audit matter Improper revenue recognition of transactions around year-end including
management override of controls related to estimates of discounts and deferred incentives was supported by
component auditors from Ernst & Young Global member firms working under our supervision
- Selected 36 components to perform audits for group reporting purposes
- Performed centralized audit procedures for 22 components ourselves
This resulted in a coverage of 100% of the profit (loss) before taxation, 99% of the profit (loss) before taxation-
adjusted, 97% of gross sales and 99% of total assets.
For other components, we performed analytical procedures to corroborate that our risk assessment and scoping
remained appropriate throughout the audit.
We performed site visits to meet with local management and component teams, observe the component
operations, discuss the group risk assessment and the risks of material misstatements for Campari Davide
Milano N.V. in Italy and Courvoisier SAS in France. Additionally, we reviewed and evaluated the adequacy of the

Independent auditor's report | 403

Campari Group annual report for the year ended 31 December 2024

deliverables from component auditors and reviewed key working papers for selected components to address the
risks of material misstatement. We held planning meetings, key meetings required based on circumstances and
we attended closing meetings with local management for significant components. During these meetings and
calls, amongst others, the planning, procedures performed based on risk assessments, findings and
observations were discussed and any further work deemed necessary by the primary or component team was
then performed.
By performing the audit work mentioned above at the entities or business units within the group, together with
additional work at group level, we have been able to obtain sufficient and appropriate audit evidence about the
group’s financial information to provide an opinion on the financial statements.
Teaming and use of specialists
We ensured that the audit teams both at group and at component levels included the appropriate skills and
competences which are needed for the audit of a listed client in the consumer products industry. We included
specialists in the areas of actuarial services, climate and sustainability, IT audit, forensics, treasury, valuation
and business modelling and income tax.
Our focus on climate-related risks and the energy transition
Climate change and the energy transition are high on the public agenda. Issues such as CO2 reduction impact
financial reporting, as these issues entail risks for the business operation, the valuation of assets (stranded
assets) and provisions or the sustainability of the business model and access to financial markets of companies
with a larger CO2 footprint.
The board of directors summarized the group’s commitments and obligations, and reported in the section
Sustainability statement of the annual report how the group is addressing climate-related and environmental
risks. Furthermore, we refer to section Significant events of the year of the management board report where the
board of directors discloses its environmental targets in connection to climate-related risks and the effects of
energy transition.
As part of our audit of the financial statements, we evaluated the extent to which climate-related risks and the
effects of the energy transition and the group’s commitments and targets, are taken into account in estimates
and significant assumptions as well as in the design of relevant internal control measures. Furthermore, we read
the management board report and considered whether there is any material inconsistency between the non-
financial information in the sections Significant events of the year and Sustainability statement and the financial
statements.
Our audit procedures to address the assessed climate-related risks and the possible effects of the energy
transition did not result in a key audit matter. However, we describe the audit procedures responsive to the
assessed risk related to the valuation of goodwill and brands with indefinite useful life in the description of our
audit approach for the related key audit matter.
Our focus on fraud and non-compliance with laws and regulations
Our responsibility
Although we are not responsible for preventing fraud or non-compliance and we cannot be expected to detect
non-compliance with all laws and regulations, it is our responsibility to obtain reasonable assurance that the
financial statements, taken as a whole, are free from material misstatement, whether caused by fraud or error.
The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error,
as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal
control.
Our audit response related to fraud risks
We identified and assessed the risks of material misstatements of the financial statements due to fraud. During
our audit we obtained an understanding of the group and its environment and the components of the system of
internal control, including the risk assessment process and board of directors’ process for responding to the
risks of fraud and monitoring the system of internal control as well as the outcomes.
We refer to Section Risk management and Internal Control System of the annual report for the board of
directors’ (fraud) risk assessment.
We evaluated the design and relevant aspects of the system of internal control and in particular the fraud risk
assessment, as well as the Campari Group code of ethics, anti-corruption, anti-bribery, antitrust and
whistleblowing policies and incident registration. We evaluated the design and the implementation and, where
considered appropriate, tested the operating effectiveness, of internal controls designed to mitigate fraud risks.

Independent auditor's report | 404

Campari Group annual report for the year ended 31 December 2024

As part of our process of identifying fraud risks, we evaluated fraud risk factors with respect to financial reporting
fraud, misappropriation of assets and bribery and corruption in close co-operation with our forensic specialists.
We evaluated whether these factors indicate that a risk of material misstatement due to fraud is present.
We incorporated elements of unpredictability in our audit. We also considered the outcome of our other audit
procedures and evaluated whether any findings were indicative of fraud or non-compliance.
We addressed the risks related to management override of controls, as this risk is present in all organizations.
For these risks we have performed procedures among other things to evaluate key accounting estimates for
management bias that may represent a risk of material misstatement due
to fraud, in particular relating to important judgment areas and significant accounting estimates as disclosed in
Note 2 (iv) to the financial statements. We have also used data analysis to identify and address high-risk journal
entries and evaluated the business rationale (or the lack thereof) of significant extraordinary transactions,
including those with related parties.
When identifying and assessing fraud risks, we presumed that there are risks of fraud in revenue recognition, in
particular relating to estimates of discounts and deferred incentives. We describe the audit procedures
responsive to the presumed risk of fraud in revenue recognition in the description of our audit approach for the
key audit matter 'Improper revenue recognition of transactions around year-end including management override
of controls related to estimates of discounts and deferred incentives'.
We considered available information and made enquiries of relevant executives, directors, internal audit, legal,
compliance, human resources, regional directors and the Control, Risk & Sustainability Committee.
The fraud risks we identified, enquiries and other available information did not lead to specific indications for
fraud or suspected fraud potentially materially impacting the view of the financial statements.
Our audit response related to risks of non-compliance with laws and regulations
We performed appropriate audit procedures regarding compliance with the provisions of those laws and
regulations that have a direct effect on the determination of material amounts and disclosures in the financial
statements. Furthermore, we assessed factors related to the risks of non-compliance with laws and regulations
that could reasonably be expected to have a material effect on the financial statements from our general
industry experience, through discussions with the board of directors and the Control, Risk & Sustainability
Committee, reading minutes, inspection of internal audit and compliance reports, and performing substantive
tests of details of classes of transactions, account balances or disclosures.
We also inspected lawyers’ letters and correspondence with regulatory authorities and remained alert to any
indication of (suspected) non-compliance throughout the audit. Finally we obtained written representations that
all known instances of non-compliance with laws and regulations have been disclosed to us.
Our audit response related to going concern
As disclosed in section Going concern including net financial debt in Note 2iv to the financial statements, the
financial statements have been prepared on a going concern basis. When preparing the financial statements,
the board of directors made a specific assessment of the group’s ability to continue as a going concern and to
continue its operations for the foreseeable future.
We discussed and evaluated the specific assessment with the board of directors exercising professional
judgment and maintaining professional skepticism.
We considered whether the board of directors’ going concern assessment, based on our knowledge and
understanding obtained through our audit of the financial statements or otherwise, contains all relevant events
or conditions that may cast significant doubt on the group’s ability to continue as a going concern. If we
conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related
disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion.
Based on our procedures performed, we did not identify material uncertainties about going concern. Our
conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future
events or conditions may cause a group to cease to continue as a going concern.

Independent auditor's report | 405

Campari Group annual report for the year ended 31 December 2024

Our key audit matters
Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of
the financial statements. We have communicated the key audit matters to the Control, Risk & Sustainability
Committee. The key audit matters are not a comprehensive reflection of all matters discussed.
In comparison with previous year, the nature of our key audit matters did not change.

Valuation of goodwill and brands with indefinite useful life
Risk | Valuation of goodwill and brands with indefinite useful life are impacted by the same risk and procedures so we have combined these two matters in one key audit matter. At 31 December 2024, the recorded amounts of goodwill and brands with indefinite useful life were €2,420.1 million and €1,314.8 million, respectively. Financial statements disclosures related to the valuation of goodwill and brands with indefinite useful life are reported in Note 4iii Intangible assets which describes the composition of the value as at 31 December 2024 as well as the CGU (Cash Generating Unit) allocation process and the methodology applied to determine the recoverable amount of assets, and in particular the valuation methodology and assumptions used, as well as the sensitivity analyses performed on the recoverable amount upon the modification of the main assumptions. The process and the methodologies for the evaluation and calculation of the recoverable amount of goodwill and brands is based on assumptions that imply management judgment, with particular reference to the expected cash flows, included in the 2025 budget and the strategic plan for 2026-2027 (the cash flow plan). These are prepared by the operating companies and approved by the board of directors. The cash flow plan was extrapolated on a ten-year basis except for Glen Grant for which a fifteen-year period is used. The use of both forecast periods was justified by the extension of the life cycle of the brands in the reference market, as well as the length of the maturing process of certain brands in some CGUs. Regarding climate-related matters, the strategic plan considered the necessary investments according to the path to decarbonization. Additionally, for the period beyond the cash flow plan the board of directors has determined an appropriate long-term growth and discount rate to be applied to the cash flow forecasts. Considering the significance of the amounts for the financial statements, the level of management judgment in the assessment of the methodologies and assumptions adopted to determine the recoverable amount of goodwill and brands with indefinite useful life, we considered this matter a key-audit matter.
Our audit approach | Our audit procedures related to this key audit matter included, among others evaluating the appropriateness of group’s accounting policies related to the valuation of goodwill and brands with indefinite useful life in accordance with IAS 36, 'Impairment of Assets' and whether these accounting policies has been applied consistently or whether changes, if any, are appropriate in the circumstances. We obtained an understanding of the processes and key controls implemented by the group in connection to the valuation of goodwill and brands with indefinite useful life, as identified in the impairment test procedures approved by the board of directors and how assets and liabilities have been allocated to CGU’s. Furthermore, we performed the following procedures with the support of our own experts in valuation and business modelling: - Evaluation of the methodologies applied and the discount rates used by the group based on market practice as well as the mathematical accuracy of the calculation models - Inspection of the independent expert report supporting the group’s impairment test - Reperforming the sensitivity analysis on the key assumptions in order to identify the changes in assumptions that could have a significant impact on the determination of the recoverable amount. For the forward-looking information used in the cash flow plan, ten-year forecast and long-term expectations, we evaluated: • The quality of the forecasts as compared to the historical accuracy of the previous forecasts • How the strategic plan includes the necessary investments for the path to decarbonization • The criteria used in the determination of the long-term growth and the discount rates with market reports and public information about demographic and economic developments Lastly, we evaluated the adequacy of the related disclosure in the consolidated financial statements.
Key observations | The assumptions used in the impairment model are within acceptable ranges and we agree with the board of directors’ conclusions.

Independent auditor's report | 406

Campari Group annual report for the year ended 31 December 2024

Improper revenue recognition of transactions around year-end including management override of controls related to estimates of discounts and deferred incentives
Risk | The group recognizes revenues (gross sales) when the customer gains the control of goods according to the contract terms applicable to specific distribution channels. The revenue recognized is based on the price provided in the agreement, net of discounts or estimated deferred incentives granted in line with industry practice. The estimate of discounts and deferred incentives due to customers in relation to sales for the year is recognized based on customer agreements and historical experience. Considering the high volume of sales transactions, through different distribution channels, the significance of the estimate of discounts and deferred incentives, and the complexity due to the number of variable agreement terms for different customers, as well as the potential risk of management override of controls or other inappropriate influence on revenue recognition, we consider this matter a key audit matter. Financial statement disclosures related to revenue recognition, estimate of discounts and deferred incentives are reported in Note 3i Net sales in the paragraph related to Revenues from sales and services.
Our audit approach | Our audit procedures performed designed to address the matter in our audit included, among others evaluating the appropriateness of the company’s accounting policies for revenue recognition in particular relating to estimates of discounts and deferred incentives in accordance with IFRS 15 'Revenue from Contracts with Customers' and whether these policies have been applied consistently or whether changes, if any, are appropriate in the circumstances. We obtained an understanding of the processes and key controls implemented by the group in connection with the estimate of discounts and deferred incentives and tested key controls specifically related to determining satisfaction of the contractual terms and information related to sales. Furthermore, we performed the following substantive procedures: - Substantive testing on a sample of sales transactions, estimates of discounts and deferred incentives - Performing look-back analysis of prior year discount and deferred incentives estimate against actual results and analysis of variances - Substantive testing on a sample of sales transactions recognized at year end, considering the different distribution channels, to evaluate revenue recognition in the correct financial year Lastly, we evaluated the adequacy of the related disclosures in the consolidated financial statements.
Key observations | Based on the audit procedures performed, we did not identify any material misstatements in the gross sales reported.

Report on other information included in the annual report
The annual report contains other information in addition to the financial statements and our auditor’s report
thereon.
Based on the following procedures performed, we conclude that the other information:
- Is consistent with the financial statements and does not contain material misstatements
- Contains the information as required by Part 9 of Book 2 of the Dutch Civil Code for the management report
(excluding the sustainability statement) and the other information as required by Part 9 of Book 2 of the
Dutch Civil Code and as required by Sections 2:135b and 2:145 sub‑section 2 of the Dutch Civil Code for the
remuneration report
We have read the other information. Based on our knowledge and understanding obtained through our audit of
the financial statements or otherwise, we have considered whether the other information contains material
misstatements. By performing these procedures, we comply with the requirements of Part 9 of Book 2 and
Section 2:135b sub-Section 7 of the Dutch Civil Code and the Dutch Standard 720. The scope of the procedures
performed is substantially less than the scope of those performed in our audit of the financial statements.
The board of directors is responsible for the preparation of the other information, including the management
report in accordance with Part 9 of Book 2 of the Dutch Civil Code and other information required by Part 9 of
Book 2 of the Dutch Civil Code. The board of directors is responsible for ensuring that the remuneration report is
drawn up and published in accordance with Sections 2:135b and 2:145 sub‑section 2 of the Dutch Civil Code.
Report on other legal and regulatory requirements and ESEF
Engagement
We were engaged by the shareholders’ meeting as auditor of Davide Campari-Milano N.V. on 27 July 2020, as
of the audit for the year 2020 and have operated as statutory auditor ever since that date.
No prohibited non-audit services
We have not provided prohibited non-audit services as referred to in Article 5(1) of the EU Regulation on specific
requirements regarding statutory audit of public-interest entities.

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Campari Group annual report for the year ended 31 December 2024

European Single Electronic Reporting Format (ESEF)
Davide Campari-Milano N.V. has prepared the annual report in ESEF. The requirements for this are set out in
the Delegated Regulation (EU) 2019/815 with regard to regulatory technical standards on the specification of a
single electronic reporting format (hereinafter: the RTS on ESEF).
In our opinion the annual report prepared in the XHTML format, including the (partially) marked-up consolidated
financial statements as included in the reporting package by Davide Campari-Milano N.V., complies in all
material respects with the RTS on ESEF.
The board of directors is responsible for preparing the annual report, including the financial statements, in
accordance with the RTS on ESEF, whereby the board of directors combines the various components into a
single reporting package.
Our responsibility is to obtain reasonable assurance for our opinion whether the annual report in this reporting
package complies with the RTS on ESEF.
We performed our examination in accordance with Dutch law, including Dutch Standard 3950N, 'Assurance-
opdrachten inzake het voldoen aan de criteria voor het opstellen van een digitaal
verantwoordingsdocument' (assurance engagements relating to compliance with criteria for digital reporting).
Our examination included amongst others:
- Obtaining an understanding of the group’s financial reporting process, including the preparation of the
reporting package
- Identifying and assessing the risks that the annual report does not comply in all material respects with the
RTS on ESEF and designing and performing further assurance procedures responsive to those risks to
provide a basis for our opinion, including:
• Obtaining the reporting package and performing validations to determine whether the reporting package
containing the Inline XBRL instance document and the XBRL extension taxonomy files, has been
prepared in accordance with the technical specifications as included in the RTS on ESEF
• Examining the information related to the consolidated financial statements in the reporting package to
determine whether all required mark-ups have been applied and whether these are in accordance with
the RTS on ESEF
Description of responsibilities regarding the financial statements
Responsibilities of the board of directors for the financial statements
The board of directors is responsible for the preparation and fair presentation of the financial statements in
accordance with EU-IFRSs and Part 9 of Book 2 of the Dutch Civil Code. Furthermore, the board of directors is
responsible for such internal control as the board of directors determines is necessary to enable the preparation
of the financial statements that are free from material misstatement, whether due to fraud or error.
As part of the preparation of the financial statements, the board of directors is responsible for assessing the
group’s ability to continue as a going concern. Based on the financial reporting framework mentioned, the board
of directors should prepare the financial statements using the going concern basis of accounting unless the
board of directors either intends to liquidate the group or to cease operations or has no realistic alternative but to
do so. The board of directors should disclose events and circumstances that may cast significant doubt on the
group’s ability to continue as a going concern in the financial statements.
The Non-Executive Directors are charged with the supervision of the Executive directors, including supervision
on the integrity and quality of financial reporting. Working within the board of directors, the Control, Risk &
Sustainability Committee is charged with the monitoring of the group’s financial reporting process and the
preparatory work for the Non-Executive Directors’ decision-making regarding the supervision of the integrity and
quality of the group’s financial reporting.
Our responsibilities for the audit of the financial statements
Our objective is to plan and perform the audit engagement in a manner that allows us to obtain sufficient and
appropriate audit evidence for our opinion.
Our audit has been performed with a high, but not absolute, level of assurance, which means we may not detect
all material misstatements, whether due to fraud or error during our audit.
Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they
could reasonably be expected to influence the economic decisions of users taken on the basis of these financial

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Campari Group annual report for the year ended 31 December 2024

statements. The materiality affects the nature, timing and extent of our audit procedures and the evaluation of
the effect of identified misstatements on our opinion.
We have exercised professional judgment and have maintained professional skepticism throughout the audit, in
accordance with Dutch Standards on Auditing, ethical requirements and independence requirements. The
Information in support of our opinion section above includes an informative summary of our responsibilities and
the work performed as the basis for our opinion.
Our audit further included among others:
- Performing audit procedures responsive to the risks identified, and obtaining audit evidence that is sufficient
and appropriate to provide a basis for our opinion
- Obtaining an understanding of internal control relevant to the audit in order to design audit procedures that
are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of
the group’s internal control
- Evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates
and related disclosures made by the board of directors
- Evaluating the overall presentation, structure and content of the financial statements, including the
disclosures
- Evaluating whether the financial statements represent the underlying transactions and events in a manner
that achieves fair presentation
Communication
We communicate with the Control, Risk & Sustainability Committee regarding, among other matters, the
planned scope and timing of the audit and significant audit findings, including any significant findings in internal
control that we identify during our audit. In this respect we also submit an additional report to the Control, Risk &
Sustainability Committee in accordance with Article 11 of the EU Regulation on specific requirements regarding
statutory audit of public-interest entities. The information included in this additional report is consistent with our
audit opinion in this auditor’s report.
We provide the Control, Risk & Sustainability Committee with a statement that we have complied with relevant
ethical requirements regarding independence, and to communicate with them all relationships and other matters
that may reasonably be thought to bear on our independence, and where applicable, related safeguards.
From the matters communicated with the Control, Risk & Sustainability Committee, we determine the key audit
matters: those matters that were of most significance in the audit of the financial statements. We describe these
matters in our auditor’s report unless law or regulation precludes public disclosure about the matter or when, in
extremely rare circumstances, not communicating the matter is in the public interest.
Rotterdam, 4 March 2025
EY Accountants B.V.
signed by P.W.J. (Pieter) Laan

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Campari Group annual report for the year ended 31 December 2024

Limited assurance report of the independent auditor on the sustainability statement
To: the shareholders and board of directors of Davide-Campari Milano N.V.
Our conclusion
We have performed a limited assurance engagement on the consolidated sustainability statement for 2024 of
Davide-Campari Milano N.V. based in Amsterdam (hereinafter: the Group) in Section Environment Social and
Governance of the accompanying management board report including the information incorporated in the
sustainability statement by reference (hereinafter: the sustainability statement).
Based on our procedures performed and the evidence obtained, nothing has come to our attention that causes
us to believe that the sustainability statement is not, in all material respects:
- Prepared in accordance with the European Sustainability Reporting Standards (ESRS) as adopted by the
European Commission and compliant with the double materiality assessment process carried out by the
Group to identify the information reported pursuant to the ESRS
- Compliant with the reporting requirements provided for in Article 8 of Regulation (EU) 2020/852 (Taxonomy
Regulation)
Our conclusion has been formed on the basis of the matters outlined in this limited assurance report.
Basis for our conclusion
We have performed our limited assurance engagement on the sustainability statement in accordance with Dutch
law, including Dutch Standard 3810N, 'Assurance-opdrachten inzake duurzaamheidsverslaggeving' (Assurance
engagements relating to sustainability reporting), which is a specified Dutch standard that is based on the
International Standard on Assurance Engagements (ISAE) 3000 (Revised), 'Assurance engagements other than
audits or reviews of historical financial information'.
Our assurance engagement was aimed to obtain a limited level of assurance that the sustainability statement is
free from material misstatements. The procedures vary in nature and timing from, and are less in extent than for,
a reasonable assurance engagement. Consequently, the level of assurance obtained in a limited assurance
engagement is substantially lower than the assurance that would have been obtained had a reasonable
assurance engagement been performed.
Our responsibilities in this regard are further described in the Section 'Our responsibilities for the limited
assurance engagement on the sustainability statement' of our report.
We are independent of Davide-Campari Milano N.V. in accordance with the Verordening inzake de
onafhankelijkheid van accountants bij assurance-opdrachten (ViO, Code of Ethics for Professional Accountants,
a regulation with respect to independence) and other relevant independence regulations in the Netherlands.
This includes that we do not perform any activities that could result in a conflict of interest with our independent
assurance engagement and we are not involved in the preparation of the sustainability statement, as doing so
may compromise our independence.
Furthermore, we have complied with the Verordening gedrags- en beroepsregels accountants (VGBA, Dutch
Code of Ethics for Professional Accountants). The ViO and VGBA are at least as demanding as the International
code of ethics for professional accountants (including International independence standards) of the International

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Campari Group annual report for the year ended 31 December 2024

Ethics Standards Board for Accountants (the IESBA Code) as relevant to limited assurance engagements on
sustainability statements of public interest entities in the European Union.
We believe that the assurance evidence we have obtained is sufficient and appropriate to provide a basis for our
conclusion.
Emphasis of matter
The sustainability statement has been prepared in a context of new sustainability reporting standards, requiring
entity-specific interpretations and addressing inherent measurement or evaluation uncertainties. In this context,
we want to emphasize the following matters:
Emphasis on the most significant uncertainties affecting the quantitative metrics and
monetary amounts
We draw attention to Section ESRS 2 BP-2 - Disclosures in relation to specific circumstances in the
sustainability statement that identifies the quantitative metrics and monetary amounts that are subject to a high
level of measurement uncertainty and discloses information about the sources of measurement uncertainty and
the assumptions, approximations and judgements the Group has made in measuring these in compliance with
the ESRS. The comparability of sustainability information between entities and over time may be affected by the
lack of historical sustainability information in accordance with the ESRS and by the absence of a uniform
practice on which to draw, to evaluate and measure this information. This allows for the application of different,
but acceptable, measurement techniques, especially in the initial years.
Emphasis on the double materiality assessment process
We draw attention to Section ESRS 2 IRO-1 - Description of the process to identify and assess material
impacts, risks and opportunities in the sustainability statement. This disclosure explains future improvements in
the ongoing due diligence and double materiality assessment process, including robust engagement with
affected stakeholders. Due diligence is an on-going practice that responds to and may trigger changes in the
Group’s strategy, business model, activities, business relationships, operating, sourcing and selling contexts.
The double materiality assessment process requires the Group to make key judgments and use thresholds and
may also be impacted in time by sector-specific standards to be adopted. Therefore, the sustainability statement
may not include every impact, risk and opportunity or additional entity-specific disclosure that each individual
stakeholder (group) may consider important in its own particular assessment.
Our conclusion is not modified in respect of these matters.
Comparative information not assured
Sustainability information for reporting years before 2024 included in the sustainability statement, has not been
part of this limited assurance engagement. Consequently, we do not provide any assurance on the comparative
information and thereto related disclosures in the sustainability statement for reporting years before 2024. Our
conclusion is not modified in respect of this matter.
Limitation to the scope of our assurance engagement
In reporting forward-looking information in accordance with the ESRS, the board of directors describes the
underlying assumptions and methods of producing the information, as well as other factors that provide
evidence that it reflects the actual plans or decisions made by the Group (actions). Forward-looking information
relates to events and actions that have not yet occurred and may never occur. The actual outcome is likely to be
different since anticipated events frequently do not occur as expected. We do not provide assurance on the
achievability of forward-looking information.
Our conclusion is not modified in respect of this matter.
Responsibilities of the board of directors for the sustainability statement
The board of directors is responsible for the preparation of the sustainability statement in accordance with the
ESRS, including the double materiality assessment process carried out by the Group as the basis for the
sustainability statement and disclosure of material impacts, risks and opportunities in accordance with the
ESRS. As part of the preparation of the sustainability statement, the board of directors is responsible for
compliance with the reporting requirements provided for in Article 8 of Regulation (EU) 2020/852 (Taxonomy
Regulation).
Furthermore, the board of directors is responsible for such internal control as it determines is necessary to
enable the preparation of the sustainability statement that is free from material misstatement, whether due to
fraud or error.

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Campari Group annual report for the year ended 31 December 2024

The board of directors is responsible for overseeing the sustainability reporting process including the double
materiality assessment process carried out by the Group.
Our responsibilities for the limited assurance engagement on the sustainability
statement
Our responsibility is to plan and perform the limited assurance engagement in a manner that allows us to obtain
sufficient and appropriate assurance evidence for our conclusion.
We apply the applicable quality management requirements pursuant to the Nadere voorschriften
kwaliteitsmanagement (NVKM, regulations for quality management) and the International Standard on Quality
Management (ISQM) 1, and accordingly maintain a comprehensive system of quality management including
documented policies and procedures regarding compliance with ethical requirements, professional standards
and other relevant legal and regulatory requirements.
Our limited assurance engagement included amongst others:
- Performing inquiries and an analysis of the external environment and obtaining an understanding of relevant
sustainability themes and issues, the characteristics of the Group, its activities and the value chain and its
key intangible resources in order to assess the double materiality assessment process carried out by the
Group as the basis for the sustainability statement and disclosure of all material sustainability-related
impacts, risks and opportunities in accordance with the ESRS
- Obtaining through inquiries a general understanding of the internal control environment, the Group’s
processes for gathering and reporting entity-related and value chain information, the information systems
and the Group’s risk assessment process relevant to the preparation of the sustainability statement and for
identifying the Group’s activities, determining eligible and aligned economic activities and prepare the
disclosures provided for in Article 8 of Regulation (EU) 2020/852 (Taxonomy Regulation), without obtaining
assurance information about the implementation or testing the operating effectiveness of controls
- Assessing the double materiality assessment process carried out by the Group and identifying and assessing
areas of the sustainability statement, including the disclosures provided for in Article 8 of Regulation (EU)
2020/852 (Taxonomy Regulation), where misleading or unbalanced information or material misstatements,
whether due to fraud or error, are likely to arise (selected disclosures). Designing and performing further
assurance procedures aimed at assessing that the sustainability statement is free from material
misstatements responsive to this risk analysis.
- Considering whether the description of the double materiality assessment process in the sustainability
statement made by the board of directors appears consistent with the process carried out by the Group
- Performing analytical review procedures on quantitative information in the sustainability statement, including
consideration of data and trends
- Assessing whether the Group’s methods for developing estimates are appropriate and have been
consistently applied for selected disclosures. We considered data and trends, however our procedures did
not include testing the data on which the estimates are based or separately developing our own estimates
against which to evaluate the board of directors’ estimates
- Analyzing, on a limited sample basis, relevant internal and external documentation available to the Group
(including publicly available information or information from actors throughout its value chain) for selected
disclosures
- Reading the other information in the annual report to identify material inconsistencies, if any, with the
sustainability statement
- Considering whether the disclosures provided to address the reporting requirements provided for in Article 8
of Regulation (EU) 2020/852 (Taxonomy Regulation) for each of the environmental objectives, reconcile with
the underlying records of the Group and are consistent or coherent with the sustainability statement, appear
reasonable, in particular whether the eligible economic activities meet the cumulative conditions to qualify as
aligned and whether the technical screening criteria are met, and whether the key performance indicators
disclosures have been defined and calculated in accordance with the Taxonomy reference framework, and
comply with the reporting requirements provided for in Article 8 of Regulation (EU) 2020/852 (Taxonomy
Regulation), including the format in which the activities are presented
- Considering the overall presentation, structure and fundamental qualitative characteristics of information
(relevance and faithful representation: complete, neutral and accurate) reported in the sustainability
statement, including the reporting requirements provided for in Article 8 of Regulation (EU) 2020/852
(Taxonomy Regulation)
- Considering, based on our limited assurance procedures and evaluation of the evidence obtained, whether
the sustainability statement as a whole, is free from material misstatements and prepared in accordance with
the ESRS

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Campari Group annual report for the year ended 31 December 2024

Communication
We communicate with the Control, Risk and Sustainability Committee, which has been established within the
board of directors, regarding, among other matters, the planned scope and timing of the assurance engagement
and significant findings that we identify during our assurance engagement.
Rotterdam, 4 March 2025
EY Accountants B.V.
signed by P.W.J. (Pieter) Laan
Davide Campari-Milano N.V.
Legal domicile: Amsterdam, The Netherlands-Dutch Companies’ Register n. 78502934
Corporate address: Via Franco Sacchetti, 20, 20099 Sesto San Giovanni (Milan), Italy
Share capital composed of ordinary shares: €12,312,677.38
Fiscal Code and Milan Companies’ Register n. 06672120158 - VAT n. IT06672120158
Investor Relations
investor.relations@campari.com