Note on presentation

The annual report for the year ended 31 December 2021 was prepared in accordance with the International Financial Reporting Standards (‘IFRS’), 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’).

In accordance with articles 15 and 18 of 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 actual impact of Covid-19 and its associated operating 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 ‘Euro’ or ‘€’.

For ease of reference, all the figures in this annual report are expressed in millions of Euro to one decimal place, whereas the original data is recorded and consolidated by the Group in Euro. 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 Euro. The use of values expressed in millions of Euro 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.

Campari Group at a glance

Campari Group, a leading company in the global branded spirits industry, was founded in Milan in 1860, when Gaspare Campari created the world-famous red aperitif. With a portfolio of more than 50 premium and super premium brands owned and with leadership positions in Europe and the Americas, Campari Group is today the sixth-largest player in the global premium spirits industry. Its brands are distributed in 190 markets through a direct distribution network in 22 countries and are manufactured in 22 production facilities around the world. With an official seat in the Netherlands , Campari Group is headquartered in Sesto San Giovanni (Milan), Italy, and employs approximately 4,000 people around the world.

Full year 2021 results-Key highlights

Campari Group achieved double-digit sales organic growth in 2021 driven by continued strong and healthy brand momentum. Despite the challenges of logistic constraints and the initial effect of cost inflation towards the year end, full year 2021 results showed a strong recovery versus the year before and benefitted from also an overall increased consumption and penetration of its brands compared to pre-pandemic levels.

In terms of profitability, it achieved a strong EBIT (2) growth and margin expansion mainly driven by favourable sales mix and operating leverage thanks to strong topline growth, which enabled in particular sustained brand building investments to fuel strong brands.

Thanks to the very healthy cash flow generation driven by the solid business performance, Campari Group achieved a significant de-leverage with net debt to EBITDA-adjusted (2) ratio down to the current 1.6 times at year end.

The Board of Directors proposed a full year dividend of €0.06 per share.

Key Financials

(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.

(1) Number of employees as of 31 December 2021.

The shares of the parent company, Davide Campari-Milano N.V. (Reuters CPRI.MI-Bloomberg CPR IM), have been listed on the Italian Stock Exchange since 2001.

(1) Total return with dividend reinvested (annualised). Source: Bloomberg.

(2) Initial public offering date: 6 July 2001.

Our people

• 6.7% voluntary people turnover in 2021 (4.0% in 2020).

• 51.6% Camparistas who decided to join the ESOP during 2021 (Employee Share Ownership Plan).

Responsible practices

• 100% communication containing Responsible Drinking Messages (RDMs) in 2021 (unchanged compared with 2020).

• Responsible communication e-learning for 100% marketing community activated in 2021 (in 2020 the project was approved and planned for 2021).

Environment

• -24% MJ/L energy consumption 2 in 2021 (-4% MJ/L in 2020).

• -26% L/L water consumption 3 in 2021 (-16% L/L in 2020).

2 Between FY 2021 and FY 2020

The Covid-19 (‘Coronavirus’) pandemic, which began in 2020 and had a huge impact on the world, still persists. The global recovery continues with different paths country by country, mainly thanks to progress of vaccination campaigns, nonetheless uncertainty remains due to the continued emergence of new appearing variants. Specifically, in many regions where vaccination rates remain low, such as some emerging markets, new localised lockdowns and renewed uncertainty occurred. Trade has largely returned to pre-pandemic levels, but tensions have emerged over supplies of commodities and intermediate inputs, partly due to the rapidity of the recovery, as well as logistics services, currently facing significant constraints across global markets. The health