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 situation seems to be improving overall despite the periodic onset of new pandemic waves, thanks largely to greater awareness of the prophylaxis to be followed to treat the disease and the ability of government policies to manage specific emergencies in a patchy way instead of applying global measures.

In July 2021 the regulation on the European Covid Digital Certificate (‘EUDCC’), also known as ‘green pass’, came into force in the European Union, allowing safe travelling among EU Member States. The green pass was also used by some governments to allow safe access to indoor spaces, including restaurants and bars as well as workplaces. Progressively during the year consumers started overall to return to enjoy a renewed conviviality that is characterized by a new awareness linked to the way of being together in a safe environment. The on-premise channel trend demonstrated the human desire to socialise remains strong and the physical distancing rules have prompted the development of new occasions for consumption as people attempt to make bar-quality drinks at home as a new source of entertainment. The off-premise channel remains resilient and solid; with the home mixology trend accelerating, more consumers have shown interest in buying sprits online and this trend has led to unprecedented levels of e-commerce development, driving the shift to digital marketing strategies. In addition, ready-to-drinks (‘RTD’s’), which in terms of channel pivoted to home consumption, showed strong resilience and development driven by the trend towards flavour, lower-ABV, refreshment and convenience, with spirits companies launching RTDs brands with a premium price positioning. Meanwhile, as international travel remains largely subdued due to various limitations still in place, the Global Travel Retail channel continued to be severely hit by the effects of the pandemic with respect to pre-Covid-19 levels, although it showed some signs of improvement starting from the second half of 2021, thanks to greater mobility for people, both for work and holidays, particularly among European countries.

While all Campari Group plants and distilleries continue to be fully operational, a new hybrid way of working has been launched globally for office-based Camparistas, where remote working and a safe return to the workplace coexist in the right balance. Togetherness, which is fundamental to the Group’s culture and success, is made possible by spaces that have been designed to support collaboration and relationship building. In this ‘way of working evolution’ technology has played a crucial role as it enables the inclusion of everyone who is virtually or physically present. ‘Togetherness’ is one of the key corporate values and is in the company’s DNA, which helps focus, productivity as well as collaboration and bonding between social individuals. In addition, in 2021 t he Extra- Mile Bonus Plan (‘EMB’) was given to all permanent employees, who worked at the Group for at least 6 months during the challenging year of 2020 to reward Camparistas for their resilience, while the Employee Stock Ownership Plan (‘ESOP’), launched in the fourth quarter of 2021, is yet another testimony of Campari Group’s ever stronger and long-lasting commitment towards its people, enabling them to benefit from the powerful effects of the transformation and evolution of the Group to which they contribute on a daily basis.

The upheaval generated by the pandemic was devastating, but at the same time it also generated new opportunities for those who were able to see them. Campari Group is continuing to monitor the developments of the pandemic and their effects on the macroeconomic scenario and on the markets in which it operates, with special focus on how they affect the behavioural patterns of its consumer base, the Group’s financial position and the results of its operations, despite the objective difficulty to forecast in a context constrained by numerous and new variables that are beyond the Group’s control. The Group demonstrated remarkable agility and learning ability to create new opportunities in uncertain times, engaging with new consumers on-line and leveraging social and digital media initiatives to further strengthen its brands actively, while gaining market share in the premium spirits segments and consolidating its leadership in the aperitifs category. Innovative brand experiences have been generated through distinguished activations and events in outdoor spaces, which also benefitted from overall good weather in key markets, particularly during the key summer tourist season and in compliance with all regulations. Resources continue to be monitored in a very timely manner to ensure an efficient allocation capable of optimising every opportunity identified and enhancing the innovation initiatives that are dynamically identified to strengthen the value of the Group's product and brand portfolio, also through a strong push towards a digital transformation capable of facilitating the identification of the ideal product for each geography, to be offered to the consumer in the most attractive way and in the appropriate moment of consumption, to generate a memorable consumption experience with our brands. At the same time, healthy work practices as well as secure premises have succeeded in protecting Camparistas whilst ensuring business continuity.

Thanks to an excellent execution of its strategy across key markets during 2021, Campari Group succeeded in recovering its performance above pre-pandemic levels.

The defining aspects of Campari Group’s culture and the constituent elements of its identity are: Corporate tagline, Mission, Values and Behaviours.

Corporate tagline

‘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 to ensure the business success. However, ‘Toasting Life Together’ is more than just that. It also means recognising 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

- 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.

- 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 of the Group’s stakeholders correctly and with respect. Most importantly, it means ensuring that fairness, honesty and consistency are the hallmarks of the business transactions and the guiding light for the employee’s professional lives.

- 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 -‘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.

- 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 work in isolation causes inefficiencies affecting the whole organisation. Everyone embraces his own responsibilities, but a job is considered incomplete if it is not supported by others’ knowledge, experience, advice, or 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 towards change is attitude self-defeating.

- Keep it simple and do more with less -Prioritising the necessary and eliminating the un-necessary 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