Q3 2025 Davide Campari Milano NV Earnings Call Transcript
Key Points
- Davide Campari-Milano NV (DVDCF) recorded growth across all regions, with a resilient 4.4% organic growth in Q3, leading to a 1.5% organic growth over nine months.
- The company has successfully reduced its financial leverage, with a net debt-to-EBITDA ratio improvement from 3.6 times to 2.9 times over the past year.
- Strong performance in the US on-premise channel and NABCA, with a 5% growth year-to-date, driven by tequila and aperitifs portfolios.
- The company is on track with its extraordinary CapEx program for production capacity expansion and has made progress in portfolio streamlining with the disposal of non-core assets.
- Gross margin improved by 90 basis points over nine months, supported by positive mix and input cost benefits, particularly from Agave.
- The operating environment remains challenging, with economic pressures impacting consumer behavior, especially in the on-premise and in the US.
- FX impact was negative 2.4%, mainly due to the US dollar devaluation and Latin American currencies, affecting the total reported top line growth.
- The delisting in Germany continues to impact sales, with an expected total impact of $11 million by year-end.
- The company faces ongoing challenges with SKYY in the US, in line with other major players in the category.
- There is uncertainty regarding the impact of the recent hurricane in Jamaica, which could affect operations and recovery plans.
Good evening. This is the Chorus Call conference operator. Welcome, and thank you for joining the Campari Group nine months 2025 financial results conference call. (Operator Instructions)
At this time, I would like to turn the conference over to Simon Hunt, Chief Executive Officer; and Paolo Marchesini, Chief Financial and Operating Officer of Campari. Please go ahead, gentlemen.
Fantastic. Thank you very much. Good evening, good afternoon to everyone. Thank you for joining us to go through our 2025 nine months results and perspectives for the remainder of the year. Paolo is here with me; our IR team, Chiara and Gulse are happy to connect after the call to further deep dive with all of you in the upcoming days as necessary.
Now just before I get going, I think all of you already know, this is going to be Paolo's last call with us before he transitions to his new role as Vice Chairman. I'd like to thank him for all of his support, long-standing contribution to this group and
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