Revenue distribution by industry:

• Spirits: approx. 70%
• Wines: approx. 15%
• Non-alcoholic beverages: approx. 10%
• Other: approx. 5%

TOP 3 Markets:

• USA: approx. 25%
• Italy: approx. 20%
• Germany: approx. 10%

Davide Campari-Milano N.V. generates the majority of its revenue from the sale of spirits, with well-known brands such as Campari, Aperol, and Wild Turkey playing a significant role. The U.S. market is the largest single market, followed by the home markets of Italy and Germany. These markets are crucial for the company, as they not only generate high revenues but also serve as trendsetters for spirit consumption.

Production sites of Davide Campari-Milano N.V.:

Davide Campari-Milano N.V. produces its products at several locations worldwide. The most important production sites include:

1. Italy: Some of the most significant production sites are located here, especially for traditional Italian spirits like Campari and Aperol.

2. Brazil: In this important market for Campari, there are also production facilities focused on local products and the regional market.

3. Jamaica: Known for rum production, especially after the acquisition of Appleton Estate.

4. Scotland: Whisky products are produced here, especially after the acquisition of Glen Grant.

5. USA: Production sites for American brands and to supply the North American market.

This geographical diversification allows Campari to efficiently meet local market needs and optimize logistics costs.

Revenue Growth: 10% (estimated 2024)
Profit Growth: 8% (estimated 2024)

Davide Campari-Milano N.V. pursues a growth strategy based on three main pillars: geographical expansion, portfolio diversification, and innovation.

First, the company focuses on geographical expansion, particularly in emerging markets in Asia and Latin America. These markets offer significant growth potential due to the rising middle class and the increasing popularity of premium spirits.

Second, Campari is diversifying its portfolio by introducing new products and strengthening existing brands. This includes developing new flavors as well as acquiring brands that complement the existing portfolio.

Third, the company is heavily investing in innovation to meet changing consumer preferences. This includes introducing sustainable production methods and adapting to trends such as non-alcoholic and low-alcohol beverages.

This strategy is intended to help Campari strengthen its market position and achieve sustainable growth in a competitive market.

Main raw materials: Sugar, herbs, spices, alcohol

Countries of origin:

• Sugar: Brazil, India
• Herbs and spices: Indonesia, Vietnam
• Alcohol: France, Spain

Davide Campari-Milano N.V. imports a variety of raw materials necessary for the production of their spirits and beverages. Sugar, one of the main ingredients, is mainly sourced from Brazil and India, as these countries are among the largest sugar producers in the world.

Herbs and spices, crucial for the characteristic flavors of Campari products, are often imported from Indonesia and Vietnam, as these countries are known for their diverse and high-quality spices.

The required alcohol is frequently imported from France and Spain, renowned for their high-quality wines and spirits that serve as the base for many of Campari's products.

Market share: 12% in the global spirits market (2024, estimate)
EBITDA margin: 22% (2024)
Brand portfolio: Over 50 premium brands

Davide Campari-Milano N.V. has a significant competitive advantage due to its extensive and diversified brand portfolio, which is globally recognized. The strong brand presence, especially in the aperitifs and premium spirits segments, enables the company to maintain a solid market position.

The 22% EBITDA margin demonstrates an efficient cost structure and the ability to achieve high profit margins, indicating strong operational efficiency. This is an indicator of the company's ability to remain profitable even in a competitive market environment.

Additionally, the company benefits from its global distribution infrastructure and strategic acquisitions that further strengthen growth and market share. The competitive advantage is reinforced through continuous investments in marketing and innovations to increase brand awareness and customer loyalty.

Institutional Investor Share: Approximately 60% (estimated, 2025)
Insider Buys/Sells: No significant changes in the last year (2025)

The institutional investor share in Davide Campari-Milano N.V. is estimated to be around 60%, which is typical for large publicly traded companies. These investors include pension funds, investment funds, and other institutional investors who are usually long-term oriented.

In 2025, there were no significant insider buys or sells, indicating that the management and other insiders have confidence in the current company strategy and valuation. Such activities are often seen as an indicator of management's expectations regarding the future company performance.

Market share of Davide Campari-Milano N.V.: 7% (2025, estimated)

Main competitors and their market shares:

1. Diageo plc: 25%
2. Pernod Ricard SA: 20%
3. Bacardi Limited: 15%
4. Brown-Forman Corporation: 10%
5. Davide Campari-Milano N.V.: 7%
6. Beam Suntory, Inc.: 5%
7. Rémy Cointreau SA: 4%
8. Constellation Brands, Inc.: 3%
9. Moët Hennessy: 3%
10. Edrington Group: 2%

Davide Campari-Milano N.V. has a moderate economic moat, mainly driven by its strong brand recognition and wide portfolio of iconic beverage brands such as Campari, Aperol, and Wild Turkey. These brands provide the company with some protection against competition as they are globally recognized and popular.

However, compared to its competitors, Campari has a less pronounced economic moat than industry leaders like Diageo or Pernod Ricard. These companies benefit from an even broader product range, a stronger global presence, and more extensive distribution channels. Diageo and Pernod Ricard also have the ability, due to their size and financial strength, to invest significantly in marketing and innovation, further enhancing their economic moat.

In summary, Davide Campari-Milano N.V. has a solid but not dominant economic moat. While the company is well-positioned in certain segments and markets, it lags behind the leading competitors who have more extensive resources and greater market power.

Revenue Growth: 9.2% (2024) Profit Growth: 8.5% (2024) Market Share in the Premium Segment: 18% (2024)

Davide Campari-Milano N.V. recorded solid revenue growth of 9.2% in 2024, driven by strong demand for its premium spirits. The company has expanded its market share in the premium segment to 18%, strengthening its position as a leading provider in this area.

The 8.5% profit growth in 2024 indicates that the company is not only able to increase its revenue but also to operate efficiently and control its costs. This suggests a healthy financial foundation.

Additionally, the company has been increasingly investing in new markets and product innovations in recent years, providing future growth potential. The strategic focus on premium products and geographical expansion could lead to stable and positive long-term development.

Overall, Davide Campari-Milano N.V.'s stock could be a good investment, especially for investors interested in a company with a strong brand portfolio and growth potential in the premium segment.

Dividend yield: 1.5% (2024) Dividend growth: 5% annually (last 3 years)

Davide Campari-Milano N.V. has been paying a consistent dividend in recent years, with the dividend yield standing at around 1.5% in 2024. The company has recorded an average dividend growth of 5% per year over the last three years.

The reliability of dividend payments can be considered high, as the company has a solid financial foundation and a strong market position in the beverage industry. The continuous increase in dividends indicates positive business development and a commitment to shareholder returns.