Campari Posts Flat H1 Sales, With Upswing in Q2
August 1, 2025Campari Group posted sales of €1.5 billion ($1.7b) for its fiscal first half ended in June, eking out a gain of 0.1% on an organic basis. Campari pointed to stronger performance in the second quarter, with sales up 3.5% on an organic basis. Adjusted EBITDA was down 1% to €427 million ($488m) for the half, but saw a 6.6% organic rise in the second quarter. Campari recently sold the Cinzano and Frattina vermouth and wine brands to Caffo Group 1915 for €100 million ($117m) as it looks to sharpen focus on its core portfolio.
Campari Americas—representing 44% of group sales—was down by 1% in the first half, with Q2 sales up 4%. U.S. sales slipped 3% for the half, but turned positive with 3% growth in the second quarter. The rebound was driven by gains in Espolòn Tequila and the company’s aperitifs, with Skyy vodka continuing to face headwinds and Grand Marnier laboring against tough comps.
Campari’s aperitifs grew 8% in the Americas during Q2, showing solid momentum, although Wild Turkey American whiskey was held back by soft performance in the U.S., the company said. Espolòn Tequila saw continued U.S. gains, with its Blanco up 5% and Reposado rising 14%. The brand grew 9% by volume in control states in the first half, while Aperol rose 11%.
Campari is continuing to expect moderate organic topline growth and flat EBITDA for its full fiscal year, but warned that additional tariffs could make an impact. “While the backdrop continues to be volatile, our performance remains on-track and we have made good progress on our strategic priorities as planned,” said CEO Simon Hunt, who will be among the speakers at this fall’s 49th Annual Impact Marketing Seminar. “We recorded a positive organic topline growth in Q2, as expected, in early peak season. We remain confident in the delivery of long-term sustainable growth.”
| Campari America—Top 12 Brands | ||||||
| Rank | Brand | Origin/Type | Total 2024 U.S. Volume1 |
Control States’ Volume Growth 2025 YTD2 |
||
|---|---|---|---|---|---|---|
| 1 | Espolòn | Tequila | 1,578 | 9.3% | ||
| 2 | Skyy | American Vodka | 1,542 | -10.0% | ||
| 3 | Wild Turkey | Bourbon/Rye | 806 | 4.3% | ||
| 4 | Aperol | Imported Liqueur | 064 | 10.7% | ||
| 5 | Grand Marnier | Imported Liqueur | 556 | -4.5% | ||
| 6 | Wild Turkey American Honey | Flavored Whiskey | 480 | -4.0% | ||
| 7 | Courvoisier | Cognac | 406 | -10.0% | ||
| 8 | Campari | Imported Liqueur | 242 | 0.04% | ||
| 9 | Appleton3 | Imported Rum | 209 | 2.4% | ||
| 10 | Russell’s | Bourbon/Rye | 83 | -2.3% | ||
| 11 | Frangelico | Imported Liqueur | 69 | -3.4% | ||
| 12 | Cabo Wabo | Tequila | 54 | 0.4% | ||
| Total Campari America | 6,836 | -1.9% | ||||
| 1 Thousands of 9-liter case depletions. 2 Year-to-date June. 3 Includes Wray & Nephew and J. Wray Source: NABCA and IMPACT DATABANK © 2025 |
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