davidecamparimilano-2024-12-31-en

1 Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to

information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC.


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Campari Group annual report for the year ended 31 December 2024

About this report

Note on presentation

These financial statements for the year ended 31 December 2024 was prepared in accordance with the International Financial

Reporting Standards, 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’).

These Sustainability statements for the year ended 31 December 2024 were prepared in accordance with the new European

Sustainability Reporting Standards (‘ESRS’) as adopted by the European Commission and compliant with the double materiality

assessment process carried out to identify the information reported pursuant to the ESRS, as well as with the reporting

requirements provided for in Article 8 of Regulation (EU) 2020/852 ('Taxonomy Regulation').

In accordance with articles 15 and 18 of Commissione Nazionale per le Società e la Borsa ('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 effects arising from intensification of the inflationary pressure mainly on input costs and interest rates, as well as the still

persistent complicated and uncertain macro-economic 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 €.

For ease of reference, all the figures in this annual report are expressed in millions of € to one decimal place, whereas the original

data is recorded and consolidated by the Group in €. 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 €. The use of values expressed in

millions of € 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.

European Single Electronic Format requirements

The Transparency Directive1 requires all natural and legal persons with securities listed on a European stock exchange to prepare

their annual financial reports in compliance with the European Single Electronic Format (‘ESEF’). The entire annual financial report,

i.e., including ad minima the audited financial statements and the Management Board Report, shall be prepared in xHTML format.

Specifically, issuers preparing IFRS consolidated financial statements shall mark up those using Inline XBRL and prepare a single

report ESEF compliant package. Campari Group managed ESEF by leveraging on a dedicated IT software, allowing to comply with

the new regulation. In accordance with ESEF Regulation, Campari Group implemented the 2022 ESEF XBRL Taxonomy file as

reference taxonomy for the 2024 annual accounts. This annual report is therefore ESEF compliant.

For 2024, general tagging of the Sustainability statement under Corporate Sustainability Reporting Directive is not applied, as the

related European Single Electronic Format has not been formally adopted.

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Campari Group annual report for the year ended 31 December 2024

Management Board report for the year ended 31 December 2024

Index- Management Board Report


About this report ................................................................................................................................................	5
Campari Group’s identity and business overview ...................................................................................	8
Campari Group at a glance .......................................................................................................................	8
Key highlights ...............................................................................................................................................	8
Financial performance ............................................................................................................................	8
Environmental sustainability performance ...........................................................................................	9
Campari Group and the macro environment ........................................................................................	10
Our world .......................................................................................................................................................	10
Our business in a nutshell .........................................................................................................................	12
Strongly positioned for future growth: our ambition roadmap ........................................................	13
Risk management and internal control system .........................................................................................	22
Performance review for the year ended 31 December 2024 ..................................................................	28
Sustainability statement ..................................................................................................................................	65
Other ESG information .....................................................................................................................................	191
Governance .........................................................................................................................................................	198
Corporate bodies .....................................................................................................................................	198
Shares and Shareholding Structure ......................................................................................................	199
Corporate Governance Report ..............................................................................................................	200
Remuneration report ...............................................................................................................................	218
Statement and Responsibilities in respect to the annual report .......................................................	228


Campari Group’s identity and business overview	8

Campari Group annual report for the year ended 31 December 2024

Campari Group’s identity and business overview

Campari Group at a glance

Campari Group was founded in 1860, the year Gaspare Campari invented the bright red bittersweet aperitif in

downtown Milan. Since then, Campari Group has grown to become the sixth-largest global player in the spirits

industry, featuring a diverse portfolio of over 50 premium and super-premium brands with international appeal.

This report not only provides a detailed overview of the Group financial performance, but also highlights on

strategic initiatives and dedication to creating sustainable, long-term value for our stakeholders.

Campari Group invites you to delve into the highlights of the past year, explore its strategic vision, and learn

about its plans to continue the journey of excellence and innovation in the years to come.

Key highlights

Financial performance


	for the year ended 31 December 2024
	2024	2023	change
	€ million	€ million	% total	% organic
Net sales(1)	3,069.7	2,918.6	5.2%	2.4%
EBITDA	520.0	650.4	-20.0%
EBITDA-adjusted(2)	732.6	728.9	0.5%	0.1%

EBIT	392.4	540.2	-27.36%
EBIT-adjusted(2)	604.9	618.7	-2.2%	-2.5%

Group(3) net profit	201.6	330.5	-39.0%
Group(3) net profit-adjusted(2)	376.0	390.4	-3.7%
Basic earnings per share (€)	0.17	0.29
Diluted earnings per share (€)	0.17	0.29
Basic earnings per share (€) adjusted(2)	0.31	0.35
Diluted earnings per share (€) adjusted(2)	0.31	0.34
Average number of employees	5,114	4,764
Free cash flow	173.0	(180.0)
Free cash flow adjusted(2)	586.2	66.9
Net financial debt	2,376.9	1,853.5

(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.

(3)Group refers to results attributable to owners of Davide Campari-Milano N.V..


key figures by geographical area for the year 2024
€ million/number	AMERICAS	EMEA	Asia-Pacific	total
net sales	1,388.5	1,464.7	216.5	3,069.7
EBIT-adjusted	282.6	322.8	(0.4)	604.9
employees as of 31 December 2024	2,060	2,660	534	5,254


key figures by geographical area for the year 2023
€ million/number	AMERICAS	EMEA	Asia-Pacific	total
net sales	1,282.6	1,405.8	230.2	2,918.6
EBIT-adjusted	261.1	347.5	10.0	618.7
employees as of 31 December 2023	2,039	2,394.0	500.0	4,933.0

1 The 2024 environmental data presented in the table pertains to the Group's scope including Courvoisier. Moreover 'L' means produced litres.

2The GHG Protocol Corporate Standard classifies a company’s GHG emissions into three ‘scopes’. Scope 1 emissions are direct emissions from owned or

controlled sources. Scope 2 emissions are indirect emissions from the generation of purchased energy.

3 Scope 3 emissions are all indirect emissions (not included in scope 2) that occur in the value chain of the reporting company, including both upstream and

downstream emissions.

4The previous value reported in 2023 disclosure (1.037) was recalculated in 2024.


Campari Group’s identity and business overview	9

Campari Group annual report for the year ended 31 December 2024

Environmental sustainability performance

Aligned with Campari Group’s short-to medium-term roadmap focusing on defined sustainability priorities, the

table below show the 2024 environmental performance compared to the 2023 data(1).


	2024	2023
GHG emissions intensity (kg of CO2/L) from direct operations (Scope 1&2)(2)	0.075	0.082
GHG emissions intensity (kg of CO2/L) from total supply chain (Scope 1, 2&3)(3)	0.985	1.050(4)
Water usage intensity (L/L)	6.2	9.1


	2024	2023
Electricity from renewable sources (%)	96.1%	93%
Waste to landfill (%)	1.1%	1.4%


CDP-Corporate questionnaire	2024	2023
CDP-Corporate questionnaire	B for Climate Change (Management level) A- for Water Security (Leadership level)	A- for Climate Change (Leadership level)

11 Organisation for Economic Cooperation and Development, Economic Outlook, December 2024.


Campari Group’s identity and business overview	10

Campari Group annual report for the year ended 31 December 2024

Campari Group and the macro environment

In 2024, the Group's performance showed solid growth driven by Global Priorities, primarily in the Americas and

EMEA, in a softened market context.

In terms of the macroeconomic scenario, over the past few years, the global economy has shown impressive

resilience in the face of significant challenges like the pandemic and the energy crisis. During 2024, global

growth has remained stable, and inflation has continued to decrease. The global economy remains resilient,

with moderating inflation and reviving global trade. Lower inflation helps boosting real household income and

spending, though consumer confidence has not fully recovered. Labour market pressures ease, though

unemployment generally remains at or near historical lows. Real interest rates are restrictive, but lower nominal

yields show early signs of revival in housing and credit markets, moreover, headline inflation has returned to

target in many economies.

Global GDP growth is projected at 3.2% this year, 3.3% in 2025 and 2026. Furthermore, low inflation, steady

employment growth, and less restrictive monetary policy are expected to support demand, despite fiscal policy

tightening. Differences across countries will fade as growth in the United States eases and Europe's recovery

gains pace, while stimulus measures are expected to support growth in Asia, mainly in China. Inflation is

forecast to moderate to 3.5% in 2025 and 2.9% in 2026 in the G20 countries and projected to be back to target

in almost all major economies by the end of 2025 or early 2026 1. Nonetheless, significant downside risks

anyway remain including continuous geopolitical tensions, potential oil price spikes, trade policy uncertainty, and

financial vulnerabilities. Anyway, there are also uncertain factors such as improved consumer confidence, early

resolution of geopolitical conflicts, and positive supply shocks, such as stronger-than-expected labour force

growth or a more vigorous revival of investment as financing conditions improve, that could generate positive

evolution and result in stronger growth than expected.

Our world

The defining aspects of Campari Group’s culture and the constituent elements of its identity are: Corporate tag

line, Mission, Values and Behaviours.

Corporate tag line

‘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 into ensuring

that the business is successful. However, ‘Toasting Life Together’ is more than just that. It also means

recognizing 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

- 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 Group stakeholders

correctly and with respect. Most importantly, it means ensuring that fairness, honesty and consistency are the

hallmarks of business transactions and the guiding light for employees’ professional lives.

- 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.

- 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-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.


Campari Group’s identity and business overview	11

Campari Group annual report for the year ended 31 December 2024

- 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 working in isolation

causes inefficiencies affecting the whole organisation. Everyone embraces their own responsibilities, but a

job is considered incomplete if it is not supported by others’ knowledge, experience, advice, or even 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 attitude towards change is self-defeating.

- Keep it simple and do more with less-Prioritizing the necessary and eliminating the unnecessary 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

keep under control what the 20% is: this also includes looking for best practices and scalable solutions, in

order to achieve excellent results, while optimizing time.

- Respect others and the planet-Camparistas behave as proper members of the Company community and

responsible citizens of this planet, and proactively commit to their development. Camparistas value diversity,

respect every opinion and firmly believe that diverse teams of non-experts perform better than non-diverse

teams of experts.


Campari Group’s identity and business overview	12

Campari Group annual report for the year ended 31 December 2024

Our business in a nutshell

Campari Group, founded in 1860 by Gaspare Campari with the creation of the iconic bright, red and bittersweet

aperitif in Milan, has grown into a multinational entity with a diverse portfolio of spirits and beverages, that enjoy

international appeal. This growth has been driven by both organic expansion and strategic acquisitions.

The Group aims to create and share long-term value with stakeholders, focusing on profitable growth, strong

cash generation, and becoming a leading player in the global spirits industry by combining brand building,

entrepreneurial drive, and operational efficiency.

The management believes that the Group's performance underlines the strength of its core brands and its

consistent commitment to long-term goals. Campari Group is well-positioned for future growth, leveraging on the

expansion of the international footprint of its enhanced brand portfolio, as well as on external growth through

acquisitions. The Group also benefits from its robust business operating model and infrastructure and extensive

distribution network in both developed and emerging economies, where it has made significant investments in

recent years.

Additionally, Campari Group is committed to addressing climate change as one of the greatest challenges for

the future of the planet as well as sustainability priorities, which have materialised in a short- to medium-term

roadmap focusing on environment, people, responsible practices and community involvement, supporting

various global and local sustainability projects.

- A history of entrepreneurship

Campari Group's expansion has been driven by intense acquisition activity and organic growth, the two pillars of

its growth strategy. The first acquisition in 1995 marked the beginning of a strategy that combines and balances

organic and external growth. Since then, nearly 40 acquisitions, for a total value of approximately €5.0 billion

have added over 50 premium brands to the Group, each with a unique history and identity, enriching the

Group’s portfolio. More recently, the Group has announced its intention to streamline its portfolio via possible

disposal of non-core assets, to further enhance its focus on key strategic priority brands. Moreover, in line with

its premiumisation strategy aiming to foster long-term future growth, the Group has undertaken significant

investments in maturing liquids in recent years, anticipating future demand for its aged product portfolio.

- Organisation roles and responsibilities

Headquartered in Milan, Italy, Campari Group is organised into centrally based corporate functions and regional

business units. The central functions are responsible for defining, guiding, coordinating, and supervising the

implementation of corporate strategies, ensuring compliance with Group guidelines and policies. These

functions include global brand strategies and consumer engagement, global supply chain, as well as group

finance, tax, global business services, legal and business development, public affairs and sustainability, internal

audit, human resources, IT and corporate communications.

The Group’s business includes sales of spirits on the markets that are affected by economic factors influenced

by homogeneous elements, although markets have different sizes and maturity profiles. These elements are

primarily attributable to geographical areas’ features and the related breakdown by countries and secondarily

attributable to the development of brand clusters (global, regional and local) and the related breakdown by

brands. From 1 January 2024, the Group's business units are organised by the following geographical regions:

'Americas', 'EMEA' (combining Europe and Southern Europe developing markets, Middle East and Africa) and

'Asia-Pacific. The in-market companies, organised alongside regional business units, are responsible for

implementing the Group's centrally defined strategy, key policies, and guidelines to support the international

development of its global brands. Additionally, their objective is to ensure the execution of brand-building

strategies for local and regional brands in their portfolios, develop commercial strategies with the company’s

customers, as well as build capabilities.

From 2025 the Group has further strengthened its operating model via the introduction of a fit-for-purpose

organisation designed to better support the growth of our brands with consumers around the world. Therefore,

to fully exploit the long-term potential of the Group’s diversified portfolio with increasing share of aged premium

spirits, Campari Group’s operating model will evolve towards an organisation that combines four newly created

Houses of Brands, interacting with the existing three regions, including House of Cognac&Champagne, House

of Aperitifs, House of Whisk(e)y and Rum as well as the House of Agave. According to the new model, the

Houses of Brands will be capable of enhancing the definition of the category ambition and also fuelling Campari

Group's premiumisation journey via a more focused and effective allocation of brand building resources and

investments in marketing, commercial, innovation and upstream supply chain, strictly coordinating with business

units which continue to identify the Group's internal organisational structure and the way financial information is

presented.


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Campari Group annual report for the year ended 31 December 2024

Strongly positioned for future growth: our ambition roadmap

i. Growth Strategy

Campari Group’s growth strategy aims to combine organic growth through strong brand building with

shareholder value-enhancing acquisitions. The Group's strategic vision is fuelled by the ambition to achieve or

strengthen a significant presence in key geographic markets.

Organic growth. The Group is continuously leveraging on the expansion of the international footprint of its own

enriched brand portfolio, aiming to drive faster growth of Global Priorities, incubate Regional Priorities with best-

in-class marketing, innovation and brand building and generate steady growth in key Local Priorities through

periodical renewals. It aims to continuously leverage rigorous cost discipline to reinvest savings in strategic

brand building and develop the Group’s presence in high-potential markets.

External growth. Campari Group focuses its external growth efforts on spirits, aiming to seek acquisitions on a

selective basis in markets where the Group controls its distribution, and to identify speciality brands with strong

equity and pricing power, while maintaining financial discipline. In addition to acquiring businesses that have

reached a meaningful scale on a stand-alone basis in given markets, thus giving the Group the critical mass to

build new distribution capabilities, the Group also remains committed to achieving potential synergies from

acquiring brands and/or businesses in markets where it has already established a strong presence.

Campari Group's growth plan focuses on a series of key priorities designed to enhance organisational agility,

enabling the Group to promptly address risks and seize opportunities both externally and internally. The Group

aims to expand its global leadership in the Aperitifs category, encompassing both alcoholic and non-alcoholic

segments. Additionally, Campari Group aims to accelerate the growth of its spirits portfolio and strengthen its

market presence in key regions such as Asia-Pacific.

To achieve these objectives, a comprehensive omnichannel strategy is being developed to foster brand

preference and ensure consistent consumer and customer experiences worldwide, reflecting the high

aspirational character of our brands and the Mediterranean lifestyle.

Moreover, Campari Group remains deeply committed to sustainable development, guided by a well-defined

framework with specific short-, medium-, and long-term commitments to create value across all business areas

and for key stakeholders.

ii. Key Strengths and Enablers

To achieve its medium-term ambitions, Campari Group leverages the following key strengths and enablers:

a) digital transformation;

b) empowered brand portfolio, brand building, innovation, consumer engagement and marketing capabilities;

c) strengthened route-to-market;

d) strengthened global supply chain;

e) strong cash flow generation and financial debt profile to fuel external growth and investments in business

infrastructure;

f) strong commitment to sustainability roadmap.

a) Digital transformation

Historically, the Group has demonstrated exceptional agility in addressing challenges, effectively combining the

robustness of a large organisation with resilience and an entrepreneurial spirit. A pivotal factor in Campari

Group’s agility is its commitment to digital transformation, to which the Group has allocated substantial

resources.

In fact, in 2024 Campari Group launched 'One Plan', an integrated transformation program designed to support

the Group's strategic agenda. This investment aims to enhance planning capabilities, driving actionable insights

through improved external data connection and structures, and achieve improved business outcomes. By

leveraging these enhanced capabilities, the program will identify and realise new sources of growth, profit and

productivity. The benefits of One Plan include improved forecast accuracy, enhanced decision-making and a

superior end-user experience. Additionally, the program will prepare the Group for the future by keeping it

aligned with industry trends and enable further innovation. This includes next-generation integrated planning

through the connection of planning systems and the use of external data, generative artificial intelligence

solutions ('AI') as well as other digital tools for which the Group already implemented guidelines for internal

usage.


Campari Group’s identity and business overview	14

Campari Group annual report for the year ended 31 December 2024

b) Empowered brand portfolio, brand building, innovation, consumer engagement and marketing capabilities

The brand portfolio represents a strategic asset for Campari Group, with intangible assets playing a key role in

the market value of spirit products and reflecting the brands’ strengths built over many years. The Group’s

diversified portfolio includes brands across a wide range of categories such as aperitifs, vodka, liqueurs, bitters,

whisk(e)y, tequila, rum, gin, cognac, champagne and non-alcoholic aperitifs.

Until full year 2024 the Group categorized its brands into three main clusters based on geographic scale,

business priority and growth potential: global, regional and local priorities. The eight Global Priorities (Aperol,

Campari, Espolòn, SKYY, Wild Turkey, Grand Marnier, Jamaican rums as well as Courvoisier, which was

acquired in 2024) are high-margin brands with strong market positioning in their core markets with potential to

expand their footprints internationally.

Moreover, the Group manages a pool of Regional Priorities brands, which currently still have limited scale but

potential for expansion in their regions. Local Priorities brands operate mainly in domestic markets with

significant sales growth and mix improvement potential. The rest of the portfolio category includes agency

brands and other non-strategic own brands, which the Group has progressively streamlined and divested in

recent years to focus on its owned core brands. In line with its premiumisation strategy, Campari Group

launched RARE, a division aimed at becoming a leading purveyor of luxury offerings in key global market,

aiming to unlock and accelerate the growth of the Group’s existing and future portfolio of super-premium

products and above.

In 2025, the newly introduced model, Houses of Brands, will be capable of enhancing the definition of the

category ambition and also fuelling the Group’s premiumisation journey via a more focused and effective

allocation of brand building resources and investments in marketing, commercial, innovation and upstream

supply chain, strictly coordinating with Business Units which continue to identify the Group's internal

organisational structure and the way financial information is presented.

The Group believes that with proper development, brand life can be indefinite: investments in brand-building fuel

and protect the long-term value of the brands. The Group is committed to marketing investments aiming to

strengthen brand recognition and reputation in key markets and new high-potential regions. By positioning its

brands clearly and consistently, Campari Group strives to grow and maintain market share. Brand image is

crucial as consumers are willing to pay higher prices for trusted brands, allowing companies to command higher

prices, improve the mix, generate higher returns in the medium- to long-term and build premium positioning.

The Group’s main marketing focus is to create a clear, distinctive, and enduring strategy to build and develop

each product, making them premium, dynamic and contemporary across diverse markets and consumer

audiences. The central marketing strategy is developed by the Group’s global strategic marketing team, and

internationally by local markets. This centralised approach also includes product innovations, giving a global

identity and strategic guideline tailored to local markets.

Campari Group leverages traditional media and new technologies, which are considered strategic due to their

interactive, customisable, and measurable properties, and thus fitting both the on-premise as well as the off-

premise channel. In fact, the Group has a growing focus on digital and social media, also building partnerships

with influences. Moreover, Campari Group has accelerated its digital transformation, including online sales, to

respond to changing circumstances and consumer behaviour, as well as further build momentum for its premium

portfolio. Brand houses, which promote visibility of the Group’s unique brands, remain a key pillar of the brand-

building activities.


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Campari Group annual report for the year ended 31 December 2024


House of Aperitifs
brand identity(1)	main brand-building during the year 2024
Aperol
Aperol is about joy of life. Bright orange in colour, it is low in alcohol content and has a unique bittersweet taste deriving from a secret recipe that has remained unchanged since its creation. Aperol Spritz is the quintessential social signature drink that perfectly expresses the brands ‘Contagious joy of life’. Aperol was founded in 1919 in Padova, an invention of brothers Silvio and Luigi Barbieri. Aperol became part of Campari Group’s brand portfolio in 2003 through the acquisition of Barbero 1891 S.p.A., achieving new records of popularity and diffusion at international level. Thanks to its easy taste and versatile consumption occasions as well as the continuous marketing support behind it, Aperol has grown by over ten times since its acquisition, while becoming an iconic brand both in Italy and in international markets. The brands’ core markets are Italy, Germany, the United States, France and the United Kingdom.	The music platform continues to be a key channel for the brand with multiple activations around the globe to increase relevance and equity. Starting in February with a communication campaign during the Sanremo Festival, arguably the most famous cross-generational song festival in Italy, the brand has then sponsored Coachella in the United States with a global amplification plan for a second year, as well as sponsoring multiple local music festivals in Canada. In addition, the brand returned again to Primavera Sound in Spain, followed by pan European activations: in Germany with the Aperol Sunday Vibes and an extensive TV media campaign, in the United Kingdom with Aperol Spritz Aperidisco at the Battersea Power station in London, as well as in Belgium, Austria and Italy by sponsoring locally relevant Music Festivals to connect to the younger generations. In Greece, on-premise activations and marketing throughout the cities picked-up pace. With respect to tennis, the bond between Aperol and tennis was initiated through the Australian Open sponsorship (for the seventh year), with an extensive campaign in Australia, New Zealand and Global Travel Retail (‘GTR’), as well as with the US Open (for the second consecutive year), focusing on brand awareness, utilising extensive media coverage, influencer partnerships, and on-site activations to promote Aperol as the ultimate daytime drink. During the winter season, the Aperol Winter Tour was launched in both the French and Italian Alps in key winter destinations during skiing World Cup events, while in Austria a fully immersive Aperol Spritz winter experience was built with premium on-trade activation and an experiential consumer event. At the end of the year the Aperol Christmas Campaign was launched in the United Kingdom, aimed to drive frequency among existing and lapsed Aperol drinkers, while Aperol End of the Year Take Over, a local sponsorship in Brazil, was launched in key locations with personalised activations for each party, elevating Aperol as the perfect partner to accompany Brazilian consumers in the most special moments.
Campari
Campari is the iconic, unforgettable Italian red bitter with its ethos of Red Passion. Vibrant red in colour, Campari has a unique and multi layered taste and is extremely versatile, offering boundless and unexpected possibilities. As a source Campari is the Group’s signature brand. With a history beginning in 1860, it is a timeless, sophisticated and quality brand, but at the same time always evolving and avant-garde, representing a symbol of Italian excellence. Today the brand is sold in over 190 countries and, with its unmistakable red colour, the heart of many famous classic cocktails around the world, including the Negroni and Americano. In recent years, consumers have been increasingly embracing bitters and showing growing interest in classic cocktails and aperitifs. Campari, being a key ingredient in this arena, is capitalizing this positive trend for further expansion, providing a more sophisticated Spritz option for bitter taste lovers. The brand has a well- diversified geographic exposure with key international markets for the Campari brand being Italy, Brazil. the United States, Germany and Jamaica.	Campari continued to champion the art of cinematic storytelling with a number of initiatives. Among these, Campari was an official partner at the Festival de Cannes (for the third consecutive year) with a stunning Hyde Beach and the unique Campari Lounge overlooking the iconic red carpet at Palais de Festival, while hosting unforgettable evenings, serving signature Campari cocktails. In addition, Campari was the official spirits sponsor at the 30th annual Screen Actors Guild Awards held in Los Angeles, as well as official co-partner of the 74th Berlinale Film Festival in Germany (for the second consecutive year), the official partner of the Locarno Film Festival and for the first year the official red carpet cocktail partner of the Toronto International Film Festival. For the seventh year in a row, Campari renewed its presence as the main sponsor of the 81st Venice International Film Festival with several activities, including a one-night-only Red Carpet of lights at the Nicelli Airport, celebrating a party of passion, mystery, and elegance. In Switzerland, the brand returned for the second year to Art Basel, one of the world’s most prestigious art fair, continuing its long history of collaborating with contemporary artists and creatives. At the end of the year the Campari Negroni Room initiative was launched in key Italian cities, aimed to enhance Campari's association with Negroni through immersive experiences.
Non-alcoholic Crodino
Crodino is a single-serve non-alcoholic aperitif, produced since 1964. It was acquired by the Group in 1995. Over the years the brand has gradually expanded to some international markets and the Group is expecting to further expand the brand both domestically and internationally, leveraging the positive trend of low-alcohol/non-alcoholic drinks. The key market is Italy, while it is expanding its footprint internationally, mainly in seeding markets such as Switzerland, Germany and Benelux.	With respect to Crodino, a new communication campaign was launched in Italy during the Italian Sanremo Festival to reinforce Crodino’s position as the leading non-alcoholic aperitif, while a 360-degree video strategy campaign was launched, focusing on multimedia platforms to enhance brand appeal among young individuals. In Antwerp (Belgium) the brand was one of the main sponsors of the Drip Festival, as well as Asfalt Festival in Gent (Belgium) with a big Liquid to Lips activation. In addition, the Christmas 2024 Communication campaign, aimed to drive awareness of the new and taller 17.5cl format and sustain rotation frequency during the peak season through an integrated video and social media strategy.
Aperol Spritz ready-to-enjoy
Aperol Spritz ready to enjoy is a convenient aperitivo drink made with selected and high-quality ingredients. Each ready-to-serve bottle features the unchanged and secret Aperol recipe made with citrus oil infused with precious herbs and roots, as well as dry sparkling wine and a dash of soda. The key markets for this brand are Italy and Germany. Moreover, the brand is being progressively introduced in new markets, such as Germany, Italy, the United States, Austria and Switzerland.
Campari Soda
Campari Soda is a single-serve alcoholic aperitif with its unique and incomparable flavour. This icon of the Italian aperitivo is presented in its signature bottle designed in the 1930s by Fortunato Depero. It was created in 1932 and is considered the first pre-mixed drink in the world. Italy is its core market. In terms of key marketing initiatives, a video strategy campaign has been activated in key moments during the year to support the sell-out. The brand exploited its unbreakable connection with the world of design during Milan Design Week 2024 bringing to life a 360 activation to increase relevance, while the Kappa X Campari Soda capsule collection was launched, aiming to attract younger consumers across Italy through a partnership with brand Kappa.

(1)Only main brands are presented in this table, while also other brands are included in the House of Aperitifs cluster, such as Sarti, Picon or Cynar.


Campari Group’s identity and business overview	16

Campari Group annual report for the year ended 31 December 2024


House of Whiskeys&Rum
brand identity	main brand-building during the year 2024
Wild Turkey
Wild Turkey is an American icon. It has been the authentic Kentucky Straight Bourbon Whiskey for over 100 years, with the original distillation and maturing process that has never been changed since it was first introduced. The brand was acquired by Campari Group in 2009 and under the guidance of Master Distiller Jimmy Russell, who has worked in the distillery for over 70 years, the Wild Turkey Bourbon offering has seen extraordinary growth. Russell’s Reserve is a whiskey born in the rick house, an exemplary Kentucky Straight craft whiskey that explores the benefits of extended ageing. Russell’s Reserve bourbon and rye are a product of time, place, and masterful maturation, each reflective of the environment and magic that unfolds in the barrel and represent the very best in American Whiskey. The Group’s key focus area to further develop the Wild Turkey portfolio is to premiumise the offering through the introduction of more premium extensions and limited editions, for both the Wild Turkey and Russell’s Reserve brand. The United States is the biggest market for the Wild Turkey portfolio, followed by Australia, South Korea, Japan and Canada.	Wild Turkey The new Jimmy Russell Wild Turkey Experience brand house was opened in Lawrenceburg, building on its established Kentucky roots to offer immersive whiskey experiences, celebrate its heritage and strengthen its position as a global premium American icon. Jimmy Russell’s 70th anniversary as the world’s longest-serving spirits Master Distiller was celebrated in September with a special limited-edition Wild Turkey Jimmy Russell’s 70th Anniversary 8-Year-Old, which was launched firstly in the United States. Moreover, the 10th edition of the annual limited release series, Wild Turkey Master’s Keep, showcased Triumph, a 10-year-old Kentucky rye whiskey. Russel's Reserve Driven by a commitment to release just the highest quality offerings, only when they are at their peak of maturity, Master Distiller Eddie Russell and his team identified a particular 15-year small-batch bourbon as this year's gold standard from the historic distillery and thus the Russell’s Reserve 15-year- old Kentucky Straight Bourbon Whiskey, the first ever 15-year-old offering, was launched as a limited edition. The third release of the Single Rickhouse series, Russell's Reserve Single Rickhouse 2024 from Camp Nelson B, featured a rare release from a single rick house, with supporting activities including a press tasting and an ‘Ask Me Anything’ session with Bruce Russell
Jamaican Rums
The Jamaican sumptuous rums characteristics are alive, vivid and rich with complex flavours and aromas. The portfolio was acquired by the Group in 2012. It includes mainly Appleton Estate and Wray and Nephew Overproof, a high-proof white rum, continuing to develop its reputation as a mixologist’s favourite due to the depth of its flavour, versatility, and quality. The rum category continues to innovate and increase its premium positioning through the launch of more high-end propositions, ranging from the Signature release to the 21-year-old,from sumptuous cocktail rums to luxurious sipping rums, remaining true to its roots and Jamaican flavour. The Jamaican rum portfolio has grown positively in recent years both in its domestic Jamaican market and in international markets, especially the United States, the United Kingdom, Canada and Mexico.	Appleton Estate The brand continued its journey to become the ultimate luxury rum, engaging consumers in a series of high-touch rum Masterclasses at the world’s most prestigious art fair, Art Basel in Switzerland. In terms of innovations and exclusively for the Canadian market, Appleton Estate launched an 8-year-old Double Cask rum, an innovative rum finished in Speyside scotch barrels, while one of the rarest and most exclusive releases of the collection to date the Appleton Estate Hearts Collection (1998 release) was launched with successful press tastings and events across the European markets. Wray & Nephew Overproof In its homeland of Jamaica, Wray & Nephew is omnipresent: in 2024, the brand signed on as the title sponsor of the Jamaican Premier League. With annual presence across events like Notting Hill Carnival in the United Kingdom and the annual Pull Up event series in the United States, the brand also continued to have a meaningful presence in markets beyond Jamaica.
Other Wisk(e)y(1)
The GlenGrant is an ultra-premium single malt Scotch whisky brand, established in 1840 in Rothes, Scotland. It was acquired by the Group in 2006. The brand has reached a fairly diversified geographic exposure and in recent years the Group has decided to increase its long-term strategic focus on higher margin and longer aged ultra-premium and luxury expressions of the brand. The key markets for the brand are South Korea, Japan and Global Travel Retail. Wilderness Trail whiskeys are for discerning craft bourbon and rye enthusiasts looking for something new – a whiskey that is a little bit science and a little bit rock and roll. Unlike most American whiskeys, Wilderness Trail uses a sweet mash fermentation technique, rather than the more widely sour mash, along with a proprietary infusion mashing process that better maintains grain integrity while using as little energy as possible. The ultimate result is a softer, more grain-flavour-forward-finish that has become a hallmark of all Wilderness Trail’s world-class whiskeys. The brand’s key market is the United States. Wild Turkey ready-to-drink is a genuine drink with its authentic bourbon characteristic. the core market of this brand is Australia, followed by Japan.	In terms of innovations, The GlenGrant launched ‘The Glasshouse Collection’, featuring the brand’s permanent prestige range of whiskies, including new 25- year-old and 30-year-old expressions, and partnered with artist Lachlan Turczan for an installation.

(1)Other Whisk(e)y also includes American Honey.


Campari Group’s identity and business overview	17

Campari Group annual report for the year ended 31 December 2024


House of Agave
brand identity	main brand-building during the year 2024
Espolòn
Espolòn is an award-winning premium tequila made from hand harvested 100% blue weber agave. It is distilled and bottled at Casa San Nicolas distillery in Los Altos, in the Jalisco region of Mexico. Espolòn was founded in 1998 by Maestro Cirilo Oropeza, who dreamed of creating a tequila that blends Mexican tradition with modern production techniques. Acquired by the Group in 2008, Espolòn has been re-launched as a premium tequila brand and since then, recorded a strong growth, proving itself as one of the key players in an ever-growing tequila category. The core markets for Espolòn are the United States and Australia, moreover, it is continuing to expand to other international markets, such as Canada, Italy and more.	The first global campaign for the brand To the Bone was launched in the United Stated and Australia: a departure from the traditional industry-standard backdrop of agave fields, the new campaign was shot in the inspiring, creative hub of Mexico City, highlighting the contemporary, unstated vibrancy of Mexican culture, that is at the core of the brand, and aiming to become the most irreverent and iconic premium tequila globally. Espolòn launched its 25th Anniversary Edition, the first-ever limited edition, in collaboration with renowned Mexican artist Saner, to celebrate modern Mexico and the brand’s connection to street art and design. Moreover, the brand was the main tequila partner of the renowned Governor’s Ball Music Festival in New York. During the fall the new limited-edition Flor de Oro, the first tequila of its kind (a marigold-infused reposado tequila) was released, aiming to reinforce the brand's authentic Mexican heritage and premium perception. This special seasonal release was launched in the United States and GTR markets with a special release celebrating the Day of the Dead, supported by media and events. In November, Espolòn became the official tequila sponsor of the 25th Annual Latin Grammy Week and partnered with renowned Grammy nominated Latin Music Superstar Álvaro Díaz, celebrating Latin creativity and culture through various events, including the 25th Annual Latin GRAMMY Awards® ceremony, and introducing ‘The Calavera Collection: Los Mavericks Edition’ with custom merchandise and sneakers.
Mexican specialities
Cabo Wabo shines with smooth, authentic flavour and unique personality. It is created with respect of the long-standing tequila traditions in Mexico. A tequila made with an undeniably American spirit. It embodies the freedom to live, work and play hard. The brand’s top market is the United States. Montelobos is born from centuries of ancient mezcalero craft and enlightened by the methodical pursuit of true perfection. Meticulously crafted, sustainable, artisanal-produced and strikingly balanced, Montelobos is an experience unto itself. Its key markets are Mexico and the United States. Ancho Reyes is a craft Mexican liqueur made from the beloved and unique Ancho Chile, inspired from a 1920s recipe from the town of Puebla in Mexico. Spicy, rich, and uniquely influenced by the old-world liqueurs that made their way to Mexico, Ancho Reyes evokes a sense of timelessness with authentic flavours of Mexico. Its key markets are Mexico and the United States.	At the Global Spirits Masters for Tequila&Mezcal awards, organised by ‘The Spirits Business’ publication in London, the Group’s tequila and mezcal portfolio emerged as significant winner affirming the quality of products and their strong presence in the premium market with brands like Cabo Wabo and recognizing Montelobos as a standout in the mezcal category. With respect to the Montelobos brand, it held its annual best in class 3-day experiential event around Dia de los Muertos, 'Noche de Lobos' in Oaxaca, Mexico, aimed to position Montelobos as a top mezcal brand, educate on the category, and build advocacy with top tier trade, media, influencers and brand partners around the world,


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Campari Group annual report for the year ended 31 December 2024


House of Cognac&Champagne
brand identity	main brand-building during the year 2024
Grand Marnier
Grand Marnier cognac and orange liqueur is the iconic spirit of vibrant French lifestyle around the world. In its unique and timeless bottle, which evokes the silhouette of the Cognac copper still, it is made from the unique combination of the finest French cognacs and essence of exotic bitter oranges. Created in 1880, Grand Marnier is one of the world’s most recognised and storied spirits brands with a rich history and strong presence in premium on-trade outlets. It was acquired by Campari Group in 2016 and following the acquisition, the Group has relaunched the brand through a new marketing campaign emphasizing the heritage and quality of the brand as well as redefining the brand’s drinking strategy by focusing on mixology, classic cocktails, particularly the Grand Margarita which leverages the buoyant trend of premium tequila, and long drinks. Aiming to further premiumise the offerings, the Group also launched a selection of high-end expressions of Grand Marnier, such as Grand Marnier Cuvée du Centenaire and the Grande Cuvée Quintessence. The United States is the biggest market for the brand, followed by Canada, France, Global Travel Retail and Italy.	Given its affinity with the rap and hip-hop scene as well as a younger multicultural consumer profile especially in the United States, Grand Marnier has launched many initiatives and partnerships to strengthen its image within these communities. Accordingly, the brand sponsored the post-event celebration of the NBA All-Star Weekend Festival featuring a surprise performance by hip-hop icon 2 Chainz, with whom a partnership agreement has been started and will include various events and marketing initiatives in the upcoming period. In fact, 2 Chainz was also present at the New York Fashion Week to celebrate the fusion of Grand Marnier, music and fashion, collaborating with designer Brandon Blackwood, while in collaboration with him The Rouge Room was launched, a digital content series celebrating the power of unexpected collaborations. Moreover, the brand was celebrated at exclusive cocktail parties during the Grammy Awards weekend, and within the activation Encounter on the road, an event held at Miami Music Week to enhance the brand’s cultural and musical blend and expand its consumer base. A summer campaign was launched in major cities in Canada, aimed at enhancing the perception of Grand Marnier as a viable alternative in the Margarita, the country’s most popular cocktail. A special partnership with grammy winning rapper, entrepreneur and fashion icon, Future, was launched at the end of the year, featuring exclusive Grand Margarita tasting events and promotional activities in key cities in the United States. In France, Grand Marnier continued to conquer the hearts of bartenders, with the Grand Margarita remaining at the heart of cocktail masterclasses and bar takeovers. Finally, Grand Marnier was also an official sponsor of the World’s 50 Best Bars in Madrid, hosting an exclusive bartender evening at the heart of the city pre-event.
Courvoisier
Maison Courvoisier was founded in 1828, by Félix Courvoisier in Jarnac, the Charente region of France. Courvoisier is the youngest and most awarded of the ’big four’ historical cognac houses and received the title of Official Supplier to the House of the Emperor by Napoléon III, supplied the royal courts of Europe. Courvoisier has a range of expressions that appeals to a variety of cognac preferences and lifestyles, including VS, VSOP, XO, XO Royal and the ultimate expression of the House, L'Essence de Courvoisier. Based on the joyful, generous, and sophisticated house style and commitment to community and craftsmanship, Courvoisier continues to value its relationships with local artisans and winegrowers to produce its high-quality, award-winning cognac portfolio. The core markets for Courvoisier are the United States and the United Kingdom.	Campari Group launched the reopening of Maison Courvoisier in the heart of Jarnac after a multi-year restoration, transforming the historic home into a showcase of Cognac heritage, led by renowned designers Gilles&Boissier. Covered by top press from around the globe, this beautiful space also features a visitor centre for year-round tastings and custom bottling experiences. During the launch event 14 key writers and influencers were invited to experience its nearly 200 years of history and exceptional design first-hand including Forbes, Elle Decoration, Architectural Digest and Sunday Times SA. At the end of 2024, Courvoisier was announced as the Official Cognac Sponsor of GQ's Men of the Year rolling out a robust 360 media and e- commerce plan building relevance, driving consideration, and increasing conversion for the brand. Man of The Year received strong numbers hitting a huge audience of red-carpet viewers during the livestream and impressions. Every year, GQ highlights the most influential people in fashion, entertainment, and sports, including cultural pioneers such as Dwayne 'The Rock' Johnson, Pharrell Williams, and Shaboozey who all received their own personalized Courvoisier bottle at the event. The United Kingdom and South African markets were also highly active with a series of influencer programmes set to celebrate the end of year and festive season. An exclusive Friendsgiving supper club in partnership with tastemaker Jesse Jenkins took place in London pairing Courvoisier cocktails with show-stopping dishes.
Champagne Lallier
Champagne Lallier was founded in 1906 in Aӱ, one of the few villages classified as ‘Grand Cru’, and a prestigious name embodying Champagne magnificent heritage. Lallier stands as a modern and respected Champagne House, thriving on the reputed vineyards elevated through progressive savoir- faire. Its distinctive winemaking philosophy aims at enhancing the individuality of a terroir. The key markets are France, the United States and Italy.	With respect to Champagne Lallier, the brand sponsored sommelier events aimed at high-profile global sommeliers to generate reach and affinity for the brand. Champagne Lallier Réflexion R.020 was launched in the brand’s core markets, and was introduced to esteemed representatives of the press and distinguished clients. R.021, the latest iteration of the product, and the first created by Dominique Demarville from vine to bottle launched in France. The Lallier Réflexions platform, launched in 2023 to reinforce Lallier awareness, collaborates annually with new craftspersons and local chefs. For 2024 and 2025, the platform features British ceramicist Olivia Walker, who created a porcelain diptych inspired by R.021 wines, with local launches and food pairings in key markets.
Bisquit
The House of Bisquit Cognacs was founded in 1819 in the heart of France, from the spirit of one man: Alexandre Bisquit. While discovering the world to promote his Cognacs, he understood how important it is to give things time and to cultivate privileged moments as Time is what you make it. A life philosophy that he decided to implement for the elaboration of his Cognac.


Campari Group’s identity and business overview	19

Campari Group annual report for the year ended 31 December 2024


Local brands
brand identity	main brand-building during the year 2024
SKYY
SKYY Vodka was acquired by the Group in 2001, born in San Francisco in 1992 and is steeped with the innovative and progressive spirit of California. Conceived by a first-generation American inventor looking to create the world's smoothest vodka, SKYY revolutionized vodka quality with its proprietary quadruple-distillation and triple-filtration process. SKYY has recently added more character to its liquid, now made with water enhanced by minerals, including Pacific minerals sourced from the San Francisco Bay Area, and filtered through California Limestone for fresher tasting cocktails. With its iconic, cobalt-blue bottle, which reflects the name of the product, SKYY was the first vodka to introduce packaging as a ‘style image’. The United States has been the biggest market for SKYY. At the same time, SKYY has expanded into many international markets which represent key growth drivers for the brand. Key markets outside of the United States include Argentina, Germany, China and South Africa.	The new digital global campaign Embrace Every Y was firstly launched in the core United States market, celebrating the spirit of innovation and bold creativity that the brand has embodied since its inception in San Francisco in 1992. In May the brand was the official Vodka Partner of Electric Daisy Festival Las Vegas, the biggest electronic dance music festival in the United States.
Sparkling Wines&Vermouth
The Cinzano portfolio includes on the one hand sparkling wines and on the other hand vermouth and therefore offers a wide range of quality products that are suitable for different occasions and tastes. The portfolio was acquired by the Group in 1999. The key markets for Cinzano sparkling wines are Germany and Mexico. The key market for Cinzano vermouth is Argentina. Mondoro is an Italian superior quality sparkling wine brand. Its elegant taste and prestigious, sensual bottle design are a symbol of taste and quality. Riccadonna is one of Campari Group's historical brands and offers a range of dry and sweet sparkling wines. The brand was founded in 1921 and acquired by the Group in 2003. The key markets for Mondoro and Riccadonna are France and South America.
SKYY ready-to-drink
SKYY Vodka ready-to-drink offers the taste of the premium SKYY vodka in a convenient format with soda and various flavoured ingredients, ready to be enjoyed in any social moment of consumption. Mexico is the core market for the brand.

c) Strengthened route-to-market

In recent years, the Group has invested significantly in reinforcing its distribution capabilities across on-premise

and off-premise channels in international markets. The strategy involves establishing its own distribution

network in each country (‘direct market’), selling to retailers and wholesalers through its internal sales

organisation whenever the critical mass reached in a given market makes a direct investment financially

attractive. Establishing direct markets increases focus on the Group’s own brands, improves working capital

management and achieves financial benefits.

Currently Campari Group’s distribution network largely reflects the structure of the three regional business units,

and broadly covers core markets in Europe and the Americas, as well as APAC, with direct networks in 26

markets: 7 in the Americas (the United States, Jamaica, Canada, Brazil, Mexico, Argentina and Peru), 13 in

EMEA (Germany, Italy, France and Martinique, Spain, Russia, Switzerland, Austria, Benelux, the United

Kingdom, Ukraine, South Africa and Greece) and 6 in Asia-Pacific (Australia, China, South Korea, India as well

as New Zealand and Japan). In markets without own local sales organisations (‘third-party markets’), the Group

works with local independent importers or local partnerships.

The Group remains committed to establishing and sustaining a leading position in all direct markets

emphasizing its own brands and leveraging on a scalable business model throughout the organisation.

Approximately 93.0% of the Group’s consolidated net sales in 2024 was generated by its direct markets.

d) Strengthened global supply chain

Over the years the Group has significantly expanded its supply chain capabilities, bringing bottling activities to

the core markets like the United States and Australia. At 31 December 2024, the Group owns 25 production

sites across various countries, including Italy, France, Scotland, Greece, the United States, Canada, Jamaica,

Mexico, Brazil, Argentina and Australia.

The Global Supply Chain (‘GSC’) structure is optimized to have central GSC design solutions, while regional

teams manage their execution locally. This approach ensures more consistency, reduced IT complexity and cost

efficiency, and is supported by recent tech investments in SAP Integrated Business Planning systems for Supply

Chain powered by SAP HANA for the implementation of automated, tightly coordinated supply chain planning

processes. The GSC operates an end-to-end supply solution covering the functions of planning, logistics,

engineering, manufacturing, transformation, quality, environment, global research and development. Moreover,

this organisational structure clearly ensures the separation of roles and responsibilities between marketing and

sales organisations, responsible for sales and marketing activities, and the GSC organisation, responsible for

coordinating all supply chain activities.

GSC’s strategy aims at providing a high-quality, customer-centric supply chain that is globally leveraged, with

focus on margin protection, which has become increasingly crucial in the current global macroeconomic

landscape. It consistently ensures optimal efficiency levels and oversees demand planning to provide accurate

forecasts for future demand. The primary objective is to optimize inventory levels while maintaining high

customer service standards.


Campari Group’s identity and business overview	20

Campari Group annual report for the year ended 31 December 2024

Furthermore, with the objective of fostering sustained long-term growth, in 2024 the Group continued its

extraordinary investment plan to substantially expand production capacity, finished product storage, and site

utilities, driven by positive demand expectations, particularly for aperitifs, bourbon and tequila.

Externally, GSC ensures that the Group’s products are offered with the right quality to consumers, meet

regulatory requirements and food safety and quality standards, which is guaranteed through rigorous inspection

and analysis. Also, the monitoring and addressing of consumer complaints is part of its role, aiming to ensure

the right level of customer service.

Campari Group’s environmental and sustainability strategy is embedded in the comprehensive engagement of

all production activities and the entire value chain aiming at optimizing energy consumption, including the

transition to renewable energy sources, decarbonisation, minimizing water and waste, and ensuring compliance

with local regulatory environmental standards, thus minimizing the environmental footprint.

e) Strong cash flow generation and financial debt profile to fuel external growth and investments in business

infrastructure

Campari Group has a solid track record of acquisitions and confirmed this strategy in 2024. Since 1995, the

Group has completed a total of nearly 40 acquisitions for an overall amount of approximately €5.0 billion. In

2024, the largest deal in the Group’s history was completed (the purchase price paid amounted to US$1.2

billion, corresponding to €1.1 billion at the hedged currency exchange rate). The brand strategic assessment

and way forward are expected to be ready at the end of 2024 for launch and rollout in 2025 with focus on

structural reset of brand health and profitability with clear long-term roadmap. More recently, the Group has

announced its intention to streamline its portfolio via possible disposal of non-core assets, to further enhance its

focus on key strategic priority brands.

The continuous commitment to an efficient working capital management and strong cash flow generation over

the past years, driven by sustained operating performance, has enabled rapid deleveraging after acquisitions,

while maintaining a disciplined approach to financial management across the whole organisation and focusing

on a conservative leverage profile.

Net financial position management is characterised by the following features:

- predominant medium- and long-term exposure balanced by positive short-term net financial position;

- focus on an optimized leverage profile, internally measuring the indebtedness ratio with the aim to retain it at

a manageable level;

- flexibility guaranteed namely by no covenants on existing debts and strong financial structure boosted by

liquidity and available credit lines, aligning the credit profile with optimal market opportunities;

- adeptly balancing the current profile between variable and fixed rates and dynamically leveraging market

conditions, aiming to minimise exposure to risks and navigate the substantial market volatility stemming from

the prevailing macroeconomic environment;

- optimizing the Group’s debt structure by extending the average maturity of its liabilities while benefiting from

favourable market conditions;

- exposure to exchange rate risk, namely deriving from financial requirements connected with business

development, managed primarily through ‘natural hedges’ achieved through the modulation of debt exposure

as well as the stipulation of derivative contracts only with hedging purposes;

- embedding sustainability-linked components in new facilities or loans, considering the Group’s goal of fully

integrating its sustainability strategy into its business activity.

f) Strong commitment on sustainability roadmap

The Group strategy, values and priorities are integrated with Campari Group key ESG topics, principal risks,

core KPIs, targets and the Group contributions to the sustainable development goals. This approach offers a

holistic view of the business and its influence on the broader spirits sector, intertwined with a culture of ethics

that permeates the entire Group. This ensures that every aspect of the Group operations is consistently

managed with probity and integrity. Campari Group constantly comes across new opportunities to generate

positive economic, social and environmental impacts. As a result, the Group sustainability commitments are

formalised and articulated in a roadmap endorsed by top management, with support from all major global

functions. This roadmap directs investments and drives performance towards specific priorities within each area,

reflecting the Group’s values and culture. It has led to the identification of key actions in the sustainability areas

deemed most relevant for a company in the spirits sector. During 2024, the Group worked on the internal

implementation of the regulatory requirements arising from the Corporate Sustainability Reporting Directive

(‘CSRD’). In particular the Group reviewed and integrated the following activities to ensure compliance for the

first integrated annual report disclosures at 31 December 2024 based on the new regulatory environment: i) EU

taxonomy disclosure; ii) double materiality assessment; iii) European Sustainability Reporting Standards

(‘ESRS’) with a gap analysis compared to what was disclosed in the 2023 sustainability disclosure.

Although the updated double materiality assessment did not result in significant changes to the overarching

strategic objectives, it did drive the establishment of targets for other critical areas and the prioritisation of


Campari Group’s identity and business overview	21

Campari Group annual report for the year ended 31 December 2024

material topics. Building on the insights gained from the current assessment, the Group is refining the

methodology for the next phase of sustainability due diligence assessment. For additional information please

refer to the 'Sustainability statement' -section.

iii. Key Company Initiatives

2024 was a year marked by a challenging backdrop due to macroeconomic, sectorial and climatic factors.

During the year, Campari Group also completed its largest ever acquisition with Courvoisier. Throughout this

period, the Group has shown significant resilience and adaptability while maintaining its focus on medium- to

long-term strategy. In order to further accelerate its growth and profitability going forward, the Group has defined

some strategic actions to increase focus, simplification and cost containment. Accordingly, Campari Group will

launch the following three key actions which will be rolled out gradually over the coming months consisting of

three main components:

- implementation of a New Operating Model (‘House of Brands’)

- management of Portfolio Optimization

- execution of a Cost Containment Program.

- New Operating Model – Houses of Brands: the House of Brands model is the new Operating Model that

Campari Group aims to adopt, revolving around the interaction between the existing regional business units

and four newly created category divisions: House of Aperitifs, House of Whisk(e)y and Rum, House of

Agave, and House of Cognac&Champagne. This model aims to enhance category ambition, premiumisation

and end-to-end responsibility for global category profit or loss and resource allocation. Moreover, it will

enable better definition of category ambitions, stronger central coordination of marketing, increased

efficiency, and more effective allocation of brand-building resources and investments. It will also enhance

marketing effectiveness by leveraging local marketing capabilities. The new Operating Model has three key

objectives: i) enhance focus on strategic brands and streamline and rationalise brand portfolio with possible

disposal of non-core assets, ii) create entrepreneurial mindset in category and brand organisation, as well as

iii) simplify and streamline strategy and planning processes.

- Portfolio Optimization: in line with the strategy to continuously enhance focus on core priority brands,

portfolio optimization involves streamlining the brand portfolio by disposing of non-core brands as well as

reallocating resources to the Group’s core priority brands. This strategy aims to maximise returns as well as

overall profitability and support growth consistently with the House of Brands model. Since 2013, the Group

has completed over 10 disposals for a total amount of approximately €500 million.

- Cost Containment Program: the Cost Containment Program is a set of initiatives designed to create

efficiency in structure costs through better resource allocation, simplification and end-to-end process review.

It includes technology infrastructure investments and a comprehensive review of all functional organisations

and is expected to lead to operating margin accretion, comprehensive selling, general and administrative

expenses savings, and improved business insights through next generation planning processes while

maintaining business investments to support growth going forward. The program will also contribute to the

overall financial health and sustainability of Campari Group and is comprised of the following design

principles: i) alignment to the new operating model, ii) delayering, iii) process simplification and automation,

iv) prioritizing activities and initiatives, v) holistic cost reasoning, vi) functional accountability, vii) year-over-

year productivity.

The program will stem from reorganization and policy reviews, including labour cost reductions across the

organisation and containment of selling, general and administrative expenses, in line with the new operating

model. The project will be gradually rolled out over the coming months, starting in 2025. Implementation

involves a detailed analysis of the operating model, simplification of key processes, and alignment of resources.

The financial impact was recorded in the Group’s results for the year ended 31 December 2024 the restructuring

initiative line totalling €102.6 million.


Risk management and internal control system	22

Campari Group annual report for the year ended 31 December 2024

Risk management and internal control system

The risk management and internal control system is an integral part of Campari Group’s operations and culture

and supports the efficiency and effectiveness of business processes, the reliability of financial and sustainability

information and compliance with laws and regulations.

The Group has a risk management system in place aimed at identifying, assessing, taking action and monitoring

opportunities or risks and events that could have an impact on Campari Group’s strategic, operational, financial,

compliance and ESG-related business objectives. The goal is to strike a balance between mitigating the

adverse impact of risks while maximising the ability to create value for its stakeholders. Campari Group has

implemented the Self-Risk Assessment (‘SRA’) to determine, assess and monitor corporate risks, as well as the

Fraud Risk Assessment (‘FRA’) to identify, assess and monitor fraud risks. Both initiatives enable self-

assessment and direct participation by operational management and/or other operators responsible for risk

assessment.

The SRA and FRA involve individuals globally at local, business unit and group level, and their objectives can be

summarised as follows:

- help the business to promptly identify corporate and fraud risks and consequently make strategic and

operational decisions;

- strengthen the understanding of the Group’s risk profile to allow decision-makers to analyse corporate and

fraud risks and monitor how they evolve over time;

- ensure the traceability of risk assessment activities that provide the foundation for the financial and

sustainability information communicated to stakeholders.

To assess the effectiveness of this framework and identify opportunities for improvement, the internal control

system is subject to annual verification and updating to ensure that it is always a suitable instrument of control

over the business’s principal areas of risk. Campari Group operates at three levels of internal control:

- first level: structures responsible for individual risks, for their identification, measurement and management,

as well as for performing the necessary checks;

- second level: departments responsible for supporting management with setting policies and procedures and

developing processes and controls to manage risks and issues;

- third level: this provides independent and objective assurance of the adequacy and effective operation of the

first and second levels of control and, in general, of the overall way of managing risks. This activity is carried

out by the Internal Audit function, which operates independently; assessment of the controls may require the

definition of compensating controls and plans for remediation and improvement. The results of the monitoring

activity are subject to periodic review by management.

In accordance with international best practices and in line with the Group’s values and ethical principles, the

controls put in place by Campari Group can be preventive (i.e. designed to prevent errors or fraud) or detective

(i.e. designed to reveal errors or fraud that have already occurred). An assessment of the design and operating

effectiveness of key controls is carried out by the Internal Audit function.

The Control, Risks and Sustainability Committee, External Auditors and Board of Directors monitor the

effectiveness of Campari Group’s internal control and risk management system. In 2024, Campari Group’s risk

management and internal control system operated as designed, as no significant failings were identified in both

financial and sustainability disclosures. For more detailed information on the main features of the risk

management and internal control system in relation to the sustainability reporting process, which were

enhanced according to the new CSRD requirements, please refer to the 'Risk management and internal controls

over sustainability reporting' in the 'Sustainability statement' section in the 2024 Management Board Report.

i. Risk appetite

The principal risks have been categorized by their relationship to strategic, operational, financial, compliance or

ESG-related business objectives and linked to the related underlying driver.

Campari Group sets its risk appetite within risk-taking and risk acceptance parameters driven by the applicable

laws, the Code of Ethics, core values and corporate policies. Campari Group operates within a relatively low

overall risk range inherent to its activities and strategy. The Group’s risk appetite differs by risk category, as set

out below:


Risk management and internal control system	23

Campari Group annual report for the year ended 31 December 2024


Risk Category	Category Description	Risk Appetite
Strategic	Risks related to Campari Group’s business strategy that could affect its long-term positioning and performance.	Campari Group is prepared to take risks in a responsible way that takes stakeholders’ interests into account and is consistent with the Group’s growth strategy by maintaining a very disciplined financial approach.
Operational	Risks impacting internal processes, people, systems and/or external resources that affect the Group’s ability to pursue its strategy.	Campari Group looks to mitigate operational risks to the maximum extent based on cost/ benefit considerations.
Financial	Risks relating to the uncertainty of return and financial loss due to financial performance.	Campari Group has a cautious approach with respect to financial risks. Through debt capital market transactions, cash balances and bank credit line agreements, Campari Group seeks to maintain a debt/capital structure profile that achieves investment in long- term goals and rewards stakeholders.
Compliance	Risks of non-compliance with laws, regulations, local standards, Code of Ethics, internal policies and procedures.	Campari Group has a cautious approach with respect to Compliance risk and holds itself and its employees responsible for acting with honesty, integrity and respect and strives to comply with the Group’s Code of Ethics, applicable laws and regulations at all times everywhere the Group operates.
ESG-related	Risk from insufficient ESG analysis not meeting stakeholders’ expectations as well as execution of effective sustainability strategies, and risk of not properly delivering the Group’s commitment to social and environmental targets, leading to business, financial and reputational damage or legal action.	Campari Group adopts a prudent strategy towards ESG initiatives, focusing on clearly defining and executing sustainable business objectives. The Group is committed to continuously enhancing its engagement with stakeholders, recognizing the increasing demand for transparent disclosure of its social, governance, and environmental impacts. Campari Group strives to mitigate ESG risks to the greatest extent possible, balancing economic and strategic considerations to ensure the protection and long-term sustainability of the Group's assets. All ESG-related risks are covered in the Double Materiality Assessment section of the Sustainability statements included in this Annual report.

ii. Main risks for Campari Group

The Group systematically assesses risks of various natures that could influence sustainable business

operations. These risks are categorized according to their overall exposure, assigning them a designated

priority. This classification enables a focused approach towards addressing the most pertinent risks. The

expectation is that these risks will be mitigated through meticulously planned initiatives, aiming to restrict them

to a level aligning with the predetermined risk appetite. This approach is consistently maintained with the

foresight that risk management will be an integral part of regular business proceedings.

The results of the risk assessment for 2024 were managed in consistency with the double materiality

assessment (‘DMA’) performed on ESG-related topics. This approach has been pivotal in shaping the Group’s

annual strategy, identifying concrete actions and establishing comprehensive risk mitigation processes. These

outcomes strengthen the development of policies, procedures and controls, while also defining the scope of

internal audit activities and guiding the business planning and performance management processes.

The main risks to which the Group is exposed are noted in the next paragraph. Although the principal risks

reported are largely similar compared to what was disclosed in the Campari Group Annual Report at 31

December 2023.

The representation does not include all possible risks associated with Campari Group’s business and the order

of presentation does not imply a list of priorities. Additional risks not known or currently deemed to be less

significant could have a negative effect on the Group’s performance.

As cautionary notice, it is important to highlight that within the current macroeconomic landscape, production

activities, the entire value chain, and the execution of Campari Group’s strategies are susceptible to the impacts

of climate change. These impacts encompass both acute and extreme unpredictable events, as well as chronic

factors such as rising temperatures and drought, presenting physical risks. These risks have the potential to

disrupt local supply chains, modify industrial processes, impact sales seasonality and cause damage to

products, consequently disrupting production at certain facilities.


Risk management and internal control system	24

Campari Group annual report for the year ended 31 December 2024


Risk area	Risk category	Sub-risks and definitions	Remediation actions and mitigation plans
Risks relating to Campari Group’s dependence on consumer preferences and habits and propensity to spend	Strategic risks	A critical success factor in the beverage industry is the ability to interpret consumer preferences and tastes and to continually adapt sales strategies to anticipate market trends and developments. Preferences and tastes can change in unpredictable ways due to a variety of factors, such as changes in demographics, consumer health and wellness, concerns about obesity or alcohol consumption, product attributes and ingredients and negative publicity resulting from regulatory action or litigation against Campari Group. If the Group’s ability to understand and anticipate consumer tastes and expectations and to manage its own brands were to cease or decline significantly, this could have a major impact on its activities and operating results. Moreover, the unfavourable economic situation in certain markets, the heightened macroeconomic volatility, inflation, a downturn in economic conditions or a rise in prices that may reduce disposable income may dampen consumer confidence, making consumers less likely to buy drinks and reduce their demand for products in the spirits and wine categories in general. Unfavourable economic conditions could also cause governments to increase taxes on beverage alcohol to attempt to raise revenue, reducing consumers’ willingness to buy products. In terms of consumption trends, the total spirits market showed sign of slowdown/softening in 2024 after years of buoyant consumption.	Campari Group leverages a diversified portfolio of brands to ensure coverage of consumer occasions, trends and prices and constantly monitors consumer trends at market and brand level. Campari Group is continuing to monitor the macroeconomic scenario and the markets in which it operates, the behavioural patterns of its consumer base, the Group’s financial position and the results of its operations.
Risks relating to dependency on the sale of key products and the seasonality of certain Campari Group products	Strategic risks	A significant proportion of Campari Group’s sales are focused on certain key brands, such as Campari Group Global Priorities. Accordingly, any factor adversely affecting the sale of these key products could adversely affect Campari Group’s results from operations and cash flows. In addition, sales of certain Campari Group products are affected by seasonal factors due to different consumption patterns or consumer habits. In particular, aperitif consumption tends to be concentrated in the hottest months of the year (May to September), whereas sales of other products, such as sparkling wines and spirits, are concentrated in the last quarter (September to December). Seasonal consumption cycles in the markets in which Campari Group operates may have an impact on its financial results and operations. Although Campari Group has a global presence, most of its revenue is in the northern hemisphere, and unseasonably cool or wet weather in the summer months can affect sales volumes.	Mitigation actions include investments in products’ success and growth to increase brand value and the Group’s diversified portfolio of products and brands. In order not to be excessively exposed to seasonal peaks in wintertime, the Group is developing initiatives to de-seasonalize the consumption moments of the main brands, with particular attention to the aperitif segment, guaranteeing constant consumption throughout the year. The initiatives were carried out through the development and strengthening of Group communication via a multiple-channel approach and focusing particularly on digital channels used by consumers to inform themselves about brands and products and the related consumption experiences.
Risks relating to acquisitions	Strategic risks	Campari Group expects that the ongoing consolidation within the spirits business will continue. It will therefore continue to evaluate potential acquisitions, incurring additional indebtedness to finance them. If the pursuit of an opportunity is successful, the subsequent integration of the businesses acquired poses significant challenges in terms of effort and costs that may have an adverse effect on Campari Group’s financial performance and cash flows from its operations. This is the case if the Group is unable to implement its acquisition strategy and/or realise the full intended benefits of synergies, namely in case of acquisitions in markets outside of those in which the Group currently operates due to unfamiliar regulatory and competitive environment.	Campari Group performs in-depth preliminary analyses supported by actual and prospective economic data to select acquisitions that are optimally compatible with the Group's long-term objectives. After the acquisition, the Group constantly monitors the contribution of new businesses acquired to the overall Group’s performance and the cash flow generation through the synthetic net debt/EBITDA index. Dedicated procedures and internal resources have been established and allocated to oversee and coordinate the integration of newly acquired business, aiming to make the integration process as smooth and efficient as possible.


Risk management and internal control system	25

Campari Group annual report for the year ended 31 December 2024


Risk area	Risk category	Sub-risks and definitions	Remediation actions and mitigation plans
Risks relating to adverse macroeconomic and business conditions and instability in the countries in which the Group operates	Strategic risks	Global economic conditions and conditions specific to the markets in which Campari Group operates could substantially affect its profitability and cash flows. Operating in emerging markets makes the Group vulnerable to various risks inherent in international business, including exposure to an often unstable local political and economic environment which may impact the ability of the Group to trade locally and the ability of the Group’s counterparties to meet their financial obligations, exchange-rate fluctuations (and related hedging issues), export and import quotas and limits or curbs on investment, advertising or repatriation of dividends. Inflation, geopolitical tensions, the economic slowdown in some countries, as well as introduction of potential import duties affecting spirit products in some countries are likely to lead to lowering marginality and cash generation, increased volatility and generally remain threats to global stability and growth. It is difficult to determine the breadth and duration of the economic and financial market problems and their potential effects on consumers of the Group’s products and its suppliers, customers and business in general. Continuation or a further worsening of financial and macroeconomic conditions could materially and adversely affect Campari Group’s sales, profitability and results from its operations.	The Group takes remedial actions by continuously monitoring global geopolitical developments that may necessitate a reassessment of corporate strategies and/or the implementation of protective measures to safeguard its competitive position and performance. Furthermore, the Group actively evaluates the markets in which it operates and analyses customer behaviour to promptly address potential challenges.
Risks relating to market competition and the consolidation of participants in the beverage industry	Strategic risks	The Group is part of the alcoholic and non- alcoholic beverage sector, where there is high competition and a vast number of operators. The main competitors are large international groups operating aggressive strategies at a global level and benefiting from significant financial resources and a very diversified portfolio of brands and geographical areas, which could imply a reduction in the number of distribution outlets available to the Group or involve higher distribution costs. The Group’s competitive position vis-à-vis these major global players makes its exposure to market competition particularly significant. The second layer of competitors are independent wholesalers and retailers which offer other products, sometimes including their own brands, which directly compete with Campari Group’s products by limiting available shelf space in retail stores. If independent wholesalers and retailers give higher priority to other brands, purchase less or devote inadequate promotional support to Campari Group brands, it could materially and adversely affect the Group’s sales and reduce the Group’s competitiveness.	The Group constantly monitors the industry dynamics of mergers and acquisitions and the initiatives taken by competitors, regularly invests in advertising and promotion initiatives to reinforce its brand equity in order to ensure the success and growth of its product, as well as to expand its customer base. E-commerce is also becoming an alternative to traditional distribution channels, which is monitored as an opportunity for the Group to gain greater flexibility.
Risk of reputation and branding	Strategic risks	Brands represent a key asset and might be exposed to several threats, including unauthorised reproduction/imitation of products and negative social media coverage. In particular, inadequate brand protection or poor intervention to address counterfeiting of the Group’s products increases the threats posed by illicit products, including harm to consumers and damage to the Group’s and brands’ reputation. In addition, the constant increase in the number and importance of social media exposes the Group to the risk of harmful media messages as it might be a victim of a malicious attack or as a consequence of a communication incident. As a result, the Group’s products and reputation might be negatively or not correctly perceived by the public, impacting the brands’ performance and cash flows.	The Group constantly monitors the markets in which it operates as well as customers’ behavioural patterns. In addition, social media guidelines were implemented, and an internal awareness initiative on social media security was launched.


Risk management and internal control system	26

Campari Group annual report for the year ended 31 December 2024


Risk area	Risk category	Sub-risks and definitions	Remediation actions and mitigation plans
Risks relating to the disruption or termination of Campari Group’s arrangements with the Group’s third-party manufacturers or distributors	Strategic risks	The production and distribution of the Campari portfolio is carried out, for the vast majority, directly by Campari Group. However, Campari Group relies upon third parties (including key customers in specific geographies) to distribute, and in some cases also produce or co-pack, its own brands in a number of markets under licensing arrangements. The use of or reliance on third parties for these functions entails risks, including the risk of termination of licenses and delays or disruptions in production and distribution. Disruption or termination of Campari Group’s present arrangements with these third parties without having suitable alternative arrangements in place could have a material adverse effect on the Group’s business, resulting from its operations and/or financial condition.	The Group put into practice the signing of licensing agreements with various trusted third parties to avoid concentration on a few counterparties.
Exchange-rate and other financial risks	Strategic and Financial risks	While Campari Group reports its financial results in €, the Group’s portfolio of brands generates sales and costs throughout the world in a variety of currencies. With the Group’s international operations outside the € area growing, significant fluctuation in exchange rates could have a negative impact on the Group’s activities and operating results. In general, economic volatility or failure to react quickly enough to changing monetary policies and economic conditions (including currency instability) could impact the Group’s financial performance.	The Group closely monitors its performance and key business drivers by region to be able to quickly adapt to changing market conditions. Furthermore, permanent Group operations in countries such as the United States, the United Kingdom, Australia, Jamaica, Brazil, Canada, Russia and Argentina allow this risk to be partially hedged, given that both costs and revenues are broadly denominated in the same currency. For a more comprehensive analysis of the Group’s financial risks, please refer to note 7 ii.-‘Nature and extent of the risks arising from financial instruments’ of Campari Group Consolidated Financial statements at 31 December 2024.
Risk relating to unavailability and cost of materials	Operational risks	The Group’s ability to produce and sell products depends upon the availability of key materials and services. The current geopolitical and macroeconomic landscape continues to affect international trade, in terms of disruptions/bottlenecks in transport and high cost of components/raw materials. The risk is that the Group could face unpredictable events in terms of supply challenges that could have a negative impact on the Group’s results and cash flow. In addition, changes in exchange rates, and inflation on prices for raw materials or commodities (alcohol, aromatic herbs, sugar, agave and cereals) may not be offset by higher prices applied on the sale of the Group’s products. The price of raw materials depends on a vast multiplicity of unpredictable factors out of the Group’s control. The risk is that the Group could face negative effects on its financial results and cash flows.	To mitigate those risks, safety stocks are kept available in key locations; capital investments are made to increase the Group’s production capability and, whenever possible, contracts with multiple suppliers are in place. In addition, the Group has implemented actions to reduce fluctuations in raw material prices, including signing co- investment agreements with local agricultural producers to ensure an adequate supply of high-quality agave. The benefits of these investments will probably only be observable in the medium term, given the long natural growing process of plants such as agave. Moreover, to mitigate these risks of energy price increases resulting in higher transportation, freight and other operating costs for the Group with an indirect impact on the purchase of key packaging and ancillary materials, such as glass, the Group is constantly reviewing procurement policies to maximise efficiency and the collaboration with key suppliers.


Risk management and internal control system	27

Campari Group annual report for the year ended 31 December 2024


Risk area	Risk category	Sub-risks and definitions	Remediation actions and mitigation plans
Risk relating to disruption in information technology systems	Operational risks	The Group depends on its information technology and data processing systems to operate its business. Campari Group is engaged in major projects that leverage digitalisation and expand on smart working in the Group’s offices. More flexible working methods are being promoted as they can bring benefits for both Camparistas and the Group, encouraging a better work-life balance, attracting and retaining personnel and increasing employees’ responsibilities in pursuing the Group’s objectives and results. The digitalisation that the Group has undertaken has entailed a greater exposure to risks deriving from cyberattacks, in addition to those related to significant system malfunctions or disruptions, problems connected to migrations affecting key IT systems, to ineffective security measures and power outages. All the aforementioned events could adversely affect the Group’s business continuity and its ability to compete. Additionally, stringent personal data protection regulations and the Network and Information Security ('NIS') directive are increasing the risks associated with regulatory non-compliance.	The Group conducts cyber risk analysis to assess the main risks related to cyber security and evaluate the controls in place to mitigate these risks. Based on the outcomes of this analysis, areas for improvement in cyber security measures are identified and action plans are developed. These action plans include reviewing existing cyber security organisational and technological measures, such as the processes within the Group Security Operations Center (‘SOC’), to enhance the Group’s cyber security detection and incident response capabilities 24x7, as well as processes to improve the management of access to the Group technological systems through employees’ and third parties’ digital identities (i.e. usernames and passwords). Additionally, new technologies are being implemented, including a new antispam solution, new vulnerability management systems covering various levels of the Group’s infrastructure, and a continuous threat monitoring system that simulates real-world cyber-attacks to identify weaknesses and provide insights on how to fix them. The pilot for the implementation of a data loss prevention system has also started to ensure that specific controls are in place to protect documents containing the Group’s personal and business data according to its confidentiality level. The Group also takes into great consideration the ‘human factor’ and has implemented awareness campaigns to heighten employees’ awareness of cyber risks. The Security Awareness program is moving towards a ‘Cyber Security Culture’ adoption program including a constant simulated phishing campaign, tailored communications and training to different organisational levels of the Group (including the C- level suite) and mandatory training on cyber security for all employees. The Group is committed to staying abreast of any new regulations and directives concerning cyber security and business continuity such as the second release of the Network and Information Security Directive or the Critical Entities Resilience Directive. This involves continuous monitoring of legislative changes and regulatory updates to ensure compliance and mitigate risks. The Legal&Compliance department, in collaboration with the IT and Cyber Security team, strives to regularly review and update internal policies and procedures to align with the latest regulatory requirements. By proactively monitoring and adapting to regulatory changes, the Group aims to maintain robust cyber security measures and ensure business continuity, thereby safeguarding its operations and protecting stakeholders' interests.
Tax risks and changes in fiscal regulations	Compliance risks	Distilled spirits and wines are subject to import duties or excise taxes in many countries where the Group operates. An increase in import duties or excise taxes could adversely affect profit margins or sales revenue by reducing overall consumption or encouraging consumers to switch to lower-taxed categories of alcoholic beverages. Furthermore, significant changes to the international tax environment or tax-related changes in any of the markets in which the Group operates could alter the Group’s results, leading to an increase in the effective tax rates and/or unexpected tax exposures and uncertainty that could increase the Group’s overall business costs.	The Group has in force a Tax Strategy focused on compliance with applicable laws and regulations. The Group adopts a transparent attitude towards the tax authorities and applies a transfer pricing policy among all Group companies based on the arm’s length principle to ensure that profits are taxed in a consistent manner. The Group regularly reviews its business strategy and tax approach in light of legislative and regulatory changes and assesses the likelihood of any negative results of potential tax inspections to determine the adequacy of its tax provisions. The Group’s Tax Strategy, recently approved by the Board of Directors of Davide Campari-Milano N.V., is available on the Group’s Corporate website. In addition, Davide Campari-Milano N.V. has recently implemented a Tax Control Framework, a model through which it identifies, monitors and manages the tax risks, thus minimizing the risk of tax law violations and/or failing to implement relevant changes in tax regulations.
Risks relating to legislation on the beverage industry	Compliance risks	Activities relating to the alcoholic beverages and soft drinks industry, production, distribution, export, import, sales and marketing are governed by complex national and international legislation, often drafted with somewhat restrictive aims. The requirement to make the legislation governing the health of consumers, particularly young people, ever more stringent could, in the future, lead to the adoption of new laws and regulations aimed at discouraging or reducing the consumption of alcoholic drinks. Such measures could include restrictions on advertising or tax increases for certain product categories, leading to a fall in demand for the Group’s products.	Campari Group is committed to constantly publicising messages and models of behaviour associated with responsible consumption and serving of alcoholic drinks through its communication channels, and continuously monitors any changes in the legislation applicable to the beverage industry.


Performance review	28

Campari Group annual report for the year ended 31 December 2024

Performance review for the year ended 31 December 2024

Index- Performance review


Significant events during the period ............................................................................................................	29
Acquisitions and commercial agreements ..............................................................................................	29
Group significant events and corporate and sustainable actions .......................................................	30
Group financial review .....................................................................................................................................	33
Sales performance .....................................................................................................................................	33
Statement of profit or loss ........................................................................................................................	39
Profitability by business area ..................................................................................................................	43
Operating working capital ........................................................................................................................	45
Reclassified statement of cash flows ......................................................................................................	45
Net financial debt ........................................................................................................................................	47
Capital expenditure ....................................................................................................................................	49
Reclassified statement of financial position ...........................................................................................	50
Reconciliation of the Company and Group net profit and shareholders’ equity ...............................	50
Conclusion and Outlook ..................................................................................................................................	51
Definitions and reconciliation of the Alternative Performance Measures (APMs or non- GAAP measures) to GAAP measures ......................................................................................................................	52
Group Sustainability performance review ..................................................................................................	58
Stock performance in the capital market ....................................................................................................	61


Performance review	29

Campari Group annual report for the year ended 31 December 2024

Significant events during the period

Acquisitions and commercial agreements

Acquisition of Courvoisier Cognac

On 30 April 2024, Campari Group completed the acquisition of 100% of Beam Holdings France S.A.S. (renamed

Courvoisier Holding France S.A.S.), which in turn owns 100% of Courvoisier S.A.S., the owner of the

Courvoisier brand, according to the terms of the acquisition agreement previously disclosed. The closing of the

agreement occurred after the successful and seamless completion of the consultation process with the French

employees’ representatives, the fulfilment of the appropriate regulatory processes, as well as the receipt of

customary antitrust approvals.

The purchase price paid amounted to US$1.2 billion, corresponding to €1.1 billion at the hedged currency

exchange rate. In addition to the price paid, an amount related to finished goods has been agreed following a

dedicated stock transfer agreement. The standard price adjustment mechanisms resulted in an additional

payment obligation of US$7.7 million (€7.2 million at the exchange rate on the closing date), which was paid in

the last quarter of 2024. Moreover, a contractually defined earn-out estimated at US$67.9 million on an

undiscounted basis (€48.7 million discounted at the closing date currency exchange rate), will be payable in

2029 based on the achievement of net sales targets realized in full year 2028.

The transaction was financed in cash using the Group’s available resources resulting from the combined offer

directed to qualified investors on 10 January 2024. This offer consisted of the issuance of new ordinary shares

for gross proceeds of approximately €650 million, as well as senior unsecured bonds that are convertible into

new and/or existing ordinary shares of Davide Campari-Milano N.V. due in 2029, resulting in gross proceeds of

approximately €550 million (for more detailed information refer to Campari Group annual report for the year

ended 31 December 2023).

The consolidation effect of the acquisition was reflected in Campari Group financials from the closing date

onwards. The acquired business includes an enviable inventory of maturing eaux-de-vie, consisting of well-

balanced age profiles to support future brand development. Moreover, the acquisition perimeter includes the

trademarks as well as comprehensive production facilities consisting of distillation, warehouses, vineyards, a

visitor centre and château (hosting a museum), blending facilities, ageing cellars and an automated bottling

plant. As a premium cognac, Courvoisier is positioned to further strengthen Campari Group’s portfolio of global

brand priorities, particularly in aged spirits, as well as supporting future long-term premiumisation ambitions in

key strategic segments for the Group. The brand, world-renowned and a global icon of luxury, presents the

opportunity to strategically enhance the Group’s presence in one of the most significant spirit categories in the

United States. Additionally, it promises to reshape Campari Group’s growth profile in Asia and GTR through the

expansion of its footprint of luxury expressions.

Additional Acquisition Endeavours

In September 2024, Campari Group announced the completion of the acquisition of a 14.6% minority stake in

Capevin Holdings Proprietary Limited, with an additional 0.7% through a transaction related to the first one

finalised in October 2024, thus leading to a total stake of 15.4%. The target South African holding company

indirectly owns 100% of CVH Spirits Limited, a Scottish company operating in the production and

commercialisation of renowned Single Malt Whiskies Bunnahabhain, Deanston, Tobermory and Ledaig, and

Blended Whiskies Scottish Leader and Black Bottle. Campari Group also holds distribution rights for brands

from the CVH Spirits Limited portfolio in France and South Korea. In accordance with Capevin Holdings

Proprietary Limited's memorandum of incorporation, Campari Group has exercised its right to appoint a board

member and has additional governance rights to protect its minority position. The purchase price paid in

September 2024 amounted to GBP69.6 million (corresponding to €82.6 million at the exchange rate of the

transaction date) plus GBP3.5 million (€4.2 million at the relative exchange rate of the transaction date) for the

additional stake subsequently acquired. The transaction was financed using available cash.

Moreover, in September 2024 and November 2024 respectively, the Group finalised negotiations to acquire the

remaining 49% minority interests in Licorera Ancho Reyes y cia, S.A.P.I. de C.V. and Casa Montelobos, S.A.P.I.

de C.V., (for a final consideration amounting to €55.2 million) as well as in Trans Beverages Company Ltd. (for a

final amount of €21.9 million), subsequently renamed Campari Korea Ltd.. The final considerations were

confirmed to be aligned with the estimated debts recognised previously and represented as 'Liabilities for put

option and earn-out payments' in the consolidated accounts.

Furthermore, in December 2024, the remaining 40% minority interest in Thirsty Camel Ltd. (effectively renamed

as Campari New Zealand Ltd. starting from 1 January 2025) was acquired. The consideration paid was broadly

in line with the related non-controlling interests previously recognised at Group level.

As all companies were already under Campari Group's control and included within its consolidation perimeter,

the above-mentioned transactions had no material impact on the Group economic results.


Performance review	30

Campari Group annual report for the year ended 31 December 2024

New Route-to-Market and Distribution Agreements Evolution

As of 1 January 2024, Campari Group entered the Greek market by leveraging on its subsidiary Campari Hellas

S.A., which undertook the trading and distribution of the Group’s portfolio for Greece. The strategic decision

demonstrates the importance of the Greek market for the Group’s growth trajectory, given the prospects and

opportunities the country offers, particularly for aperitifs, as one of the most popular summer destinations.

From January 2024, Campari France is the exclusive distributor of Irish whiskeys Bushmills and The Sexton and

of The Kraken rum owned by Proximo Spirits for the European territory of France and Monaco, across all trade

channels. Proximo Spirits products will complete and reinforce Campari’s position in two key segments of the

market. From the same date, Campari Group is no longer distributing Beam Suntory brands in the French

market as the distribution agreement expired at the end of 2023 with no extension. From October 2024,

Campari Japan entered into an exclusive distribution agreement for Jägermeister products in the Japanese

market.

Group significant events and corporate and sustainable actions

Annual General Meeting of Davide Campari-Milano N.V. and Board member changes

The Annual General Meeting of shareholders held on 11 April 2024 (‘AGM’) approved the annual accounts for

the financial year 2023 (including, inter alia, the financial statements for the year ended 31 December 2023, the

non-financial disclosure, the corporate governance and the remuneration report) and the distribution of a cash

dividend of €0.065 per share outstanding, gross of withholding taxes, up by +8.3% compared with the previous

financial year. The total dividend amounted to €78.1 million and was paid on 24 April 2024 in accordance with

the Italian Stock Exchange calendar. The AGM granted discharge to the Executive and Non-Executive directors

in office in 2023 in relation to the performance of their respective duties pursuant to applicable regulation. Other

AGM resolutions were the following:

- adoption of a new Company remuneration policy aimed at providing a compensation structure that allows

Campari to attract and retain the most highly qualified executive talent and to motivate such executives to

achieve business and financial goals that create value for shareholders and other stakeholders consistently

in line with the Group’s core business and leadership values;

- approval of a Long-Term Incentive Plan (‘LTI Plan’) for the Company’s Lead Team with the aim of creating a

link between the Company’s performance and the Company’s Lead Team members: the latter will be

awarded a right to receive a number of Campari shares for free, subject to i) their continued directorship or

employment relationship during a three-year vesting period and ii) the achievement of certain performance

targets; as well as approval of a LTI Plan for eligible employees of the Group, aimed at rewarding selected

employees of the Group for their active participation in Group performance and to foster retention. The

eligible employees will be awarded a right to receive for free a number of Campari shares, subject to their

continued employment during a three-year vesting period. All details of the plans are available at https://

www.camparigroup.com/en/page/group/governance in the ‘Lead Team LTI Information Document’ and in the

‘LTI Information Document’, prepared in accordance with Article 84-bis of the 11971 Regulation;

- approval of a LTI Plan for the Company’s Chief Financial and Operating Officer (‘CFOO’), aimed at rewarding

the CFOO, who has provided the Company with extraordinary value during a long-standing managerial

period, and ensuring retention of the CFOO with a long-term vision. The Company’s CFOO will be awarded a

right to receive for free a number of Campari shares, subject to his continued directorship relationship during

an eight-year vesting period and the achievement of certain performance targets, as further explained in

accordance with Article 114-bis of the 11971 Regulation;

- authorisation of the Board of Directors to purchase the Company’s own shares, mainly aimed at the

replenishment of the portfolio of own shares to serve the current and future equity-based incentive plans for

the Group’s management, according to the limits and procedures provided by the applicable laws and

regulations. The authorisation is granted until 11 October 2025.

Following the decision of Robert Kunze-Concewitz to resign as Executive Director and Chief Executive Officer of

the Company, effective as of the 2024 AGM, Matteo Fantacchiotti was appointed as Executive Director of the

Company by the AGM and subsequently Chief Executive Officer by the Board of Directors on 15 April 2024. Due

to Matteo Fantacchiotti’s resignation for personal reasons, effective 18 September 2024, the Board decided to

appoint Paolo Marchesini (Chief Financial and Operating Officer) and Fabio Di Fede (Chief Legal and M&A

Officer) as ad interim co-Chief Executive Officers. Considering these Board changes, Paolo Marchesini and

Fabio di Fede have also been appointed as executive members of a Leadership Transition Committee, chaired

by Bob Kunze-Concewitz. This Committee has been entrusted with overseeing the selection of the new Chief

Executive Officer, to be proposed to the Board of Directors following a thorough evaluation of both internal and

external candidates, in line with best governance practices. Simultaneously, Jean-Marie Laborde, currently

serving as a member of the Board of Directors of Davide Campari-Milano N.V. and the Control, Risks, and

Sustainability Committee, has been appointed Vice Chairman.


Performance review	31

Campari Group annual report for the year ended 31 December 2024

On 4 December 2024 the Board of Directors announced that Simon Hunt has been selected as the nominee for

Chief Executive Officer of Campari Group. In accordance with Dutch law, the Board of Directors has resolved to

call an Extraordinary General Meeting on 15 January 2025 to appoint Simon Hunt as Executive Director of

Davide Campari-Milano N.V.. During that extraordinary meeting a large majority of shareholders approved the

appointment of Simon Hunt as Executive Director of the Board of Directors of the Company until the Annual

General Meeting to be held in 2028.

Financial Debt Management

In addition to the funding mentioned above related to the Courvoisier acquisition, on 18 June 2024 Davide

Campari-Milano N.V. successfully completed the placement of an unrated 7-year bond targeted at institutional

investors for €220.0 million in principal aggregate amount of notes maturing on 25 June 2031, paying a fixed

annual coupon of 4.256% and issued at an issue price of 100% of the principal amount. The notes were

admitted to trading on Euronext Access Milan on 25 June 2024. The funds raised from the issuance will be

allocated towards general corporate purposes, encompassing capital investments aimed at fostering the

Group's growth. Through this transaction, which follows the repayment of the two bonds that expired in April

2024 for an overall amount of €300.0 million, Davide Campari-Milano N.V. intends to optimize its debt structure

by extending the average maturity of its liabilities while benefiting from favourable market conditions.

Reorganization of Brand clusters and Business Unit Reconfiguration

The Group undertook a partial business unit reconfiguration, resulting in the combined EMEA region starting

from 1 January 2024. The unified European area is aimed at strengthening the Group's leadership position in

this region, unlocking operational and commercial efficiencies. Therefore, to enhance disclosure concerning net

sales information, from 2024 the Group is overseen through distinct business units organised by the following

geographical regions: 'Americas', 'EMEA' (combining Europe and Southern Europe Developing Markets, Middle

East and Africa), and 'Asia-Pacific'.

The following table highlights the changes that affected the Group's net sales data, published during 2023,

which are re-presented combined, with reference to the new EMEA region. Despite the changes mentioned

being applicable from 1 January 2024, the table is shown to guarantee comparative consistency.


	for the year ended 31 December 2023
Group net sales focus by region	after reclassification		published
Group net sales focus by region	€ million	%	€ million	%
Americas	1,282.6	43.9%	1,282.6	43.9%
Southern Europe, Middle East and Africa	-	-	804.5	27.6%
North, Central and Eastern Europe	-	-	601.3	20.6%
EMEA	1,405.8	48.2%	-	-
Asia-Pacific	230.2	7.9%	230.2	7.9%
total	2,918.6	100.0%	2,918.6	100.0%

Simultaneously, the Group reorganised its brand clusters, with Espolòn being promoted to global priority brand

status effective from the same date. Global expansion for Espolòn is now enabled by an unconstrained supply

supported by the recent production capacity expansion. Furthermore, to align with the comprehensive product

portfolio review, minor adjustments have been made to the composition of regional priority clusters.

The following table highlights the changes that affected the Group's net sales data published during 2023, which

are re-presented with reference to the brand clusters review, despite the changes mentioned being applicable

from 1 January 2024, to guarantee comparative consistency.


	for the year ended 31 December 2023
Group net sales focus by priorities	after reclassification		published
Group net sales focus by priorities	€ million	%	€ million	%
global priority brands	1,897.8	65.0%	1,664.1	57.0%
regional priority brands	570.1	19.5%	751.1	25.7%
local priority brands	191.1	6.5%	242.2	8.3%
rest of the portfolio	259.5	8.9%	261.1	8.9%
total	2,918.6	100.0%	2,918.6	100.0%


Performance review	32

Campari Group annual report for the year ended 31 December 2024


	for the year ended 31 December 2023
	after reclassification	published
	€ million	€ million
global priority brands	1,897.8	1,664.1
Aperol	703.5	703.5
Campari	309.6	309.6
Espolòn	233.2	-
Wild Turkey portfolio	226.9	226.9
Jamaican rums portfolio	156.5	156.5
Grand Marnier	143.2	143.2
SKYY	124.4	124.4
regional priority brands	570.1	751.1
Sparkling Wines, Champagne&Vermouth	158.8	-
Other specialities	289.8	-
Other Whisk(e)y	57.7	-
Crodino	63.9	63.9
Espolòn	-	233.2
Sparkling Wine&vermouth	-	150.5
Italian specialities	-	79.7
Magnum Tonic	-	52.5
Aperol Spritz RTE (ready-to-enjoy)	-	38.7
The GlenGrant	-	31.1
other	-	101.5
local priority brands	191.1	242.2
Campari Soda	78.7	78.7
Wild Turkey ready-to-drink	48.6	48.6
SKYY ready-to-drink	40.8	40.8
Ouzo	23.0	-
X-Rated	-	12.3
other	-	61.8
rest of the portfolio	259.5	261.1
total	2,918.6	2,918.6

For more detailed information refer to the Campari Group annual report for the year ended 31 December 2023.

Future Relocation of Campari Group’s Headquarters

Campari Group undertook new investments in a real-estate project to host its new headquarters and the new

combined EMEA region, creating a fully modernised working environment, leveraging its proprietary brand

houses and academies in the city centre, thus re-establishing its bond with Milan. The new headquarters will

serve as a pivotal, iconic and accessible hub, attracting and retaining the best domestic and international talent.

Additional capital expenditure to support the Group’s move to new headquarters in downtown Milan is estimated

at an initial investment of approximately €110.0 million in 2024 plus renovation. The move is expected to take

place in 2027 following renovation.


Performance review	33

Campari Group annual report for the year ended 31 December 2024

Group financial review

Sales performance

The nature, amount, timing and uncertainty of sales, as well as the corresponding cash flows, are affected by

economic and business factors which differ across markets, also as a function of their different sizes and

maturity profiles. These elements are primarily attributable to demographics, consumption habits and are also

influenced by historical, social and climatic factors, local consumer taste preferences, propensity to consume,

the market commercial structure in terms of the weight of the distribution channels (off-premise versus on-

premise) as well as retailer concentration. As an effect of the above factors, the sales composition by brand

differs from market to market. Consequently, the brand-building and sales infrastructure investments are

allocated to respond to each market priority.

Starting from 1 January 2024, the Group implemented a partial business unit reconfiguration which combined

the EMEA region (combining Europe and Southern Europe Developing Markets, Middle East and Africa), aiming

to enhance the Group's leadership position in this region, unlocking operational and commercial efficiencies.

Following the aforementioned changes, the Group's business units are organised by the subsequent

geographical regions: 'Americas', 'EMEA' and 'Asia-Pacific'.

To highlight the main business performance drivers in a diversified context and to assess the contribution of the

different brands to the overall sales performance of the Group, further breakdowns by brand category (global,

regional and local brands) and for major brands are provided to better explain their contribution to the region.

The categorisation of brands into three main clusters (global priorities, regional priorities and local priorities) is

based on their scale, growth potential and business priority. As indicated in the ‘Group significant events and

corporate actions’, effective as of 1 January 2024, the Group also reorganised its brand clusters, applying

modifications with a retrospective approach. Although the changes mentioned are applicable from 1 January

2024, the information presented below has been uniformly restated to ensure comparative consistency.

i. Key highlights

In 2024, Group net sales amounted to €3,069.7 million, with a reported increase of +5.2% compared with the

same period of 2023 with solid growth driven by global priorities, primarily in the Americas and EMEA, in a

softened market context. This increase was composed of organic growth of +2.4%, driven by global priorities,

primarily in the Americas and EMEA, notwithstanding the negative impact of poor weather especially in Europe,

pressure on disposable income from inflation, challenging trading conditions and a perimeter impact of +2.7%

mainly driven by Courvoisier, while the exchange rate component was negligible at +0.1%.


	for the year ended 31 December
	2024	2023	total change	full year change %, of which				organic change % by quarter
	€ million	€ million	€ million	total	organic	perimeter	exchange rate(1)	first	second	third	fourth
total	3,069.7	2,918.6	151.1	5.2%	2.4%	2.7%	0.1%	0.2%	6.9%	-1.4%	3.4%

(1)Includes the effects associated with hyperinflation in Argentina.

To mitigate the effect of hyperinflationary economies, the organic change for countries having to adopt the

hyperinflationary methodology laid down in IFRS (i.e. Argentina) includes only the component attributable to

volumes sold in relation to net sales, while the effects associated with hyperinflation, including price index

variation and price increases, are treated as exchange rate effects. As regards the ongoing business in Russia-

Ukraine, it continued to have a limited impact on the Group’s consolidated results.

An in-depth analysis by geographical region and core market of sales registered in 2024 compared with the

same period of 2023 is provided below. Unless otherwise stated, the comments relate to the organic change in

each market.

ii. Organic sales performance of operating segments

The sales performance of the Group’s operating segments in 2024 compared with the same period of 2023 is

provided in the table below.


Performance review	34

Campari Group annual report for the year ended 31 December 2024


	for the year ended 31 December
Group net sales focus by region	2024		2023		total change	full year change %, of which				fourth quarter organic change %
Group net sales focus by region	€ million	%	€ million	%	€ million	total	organic	perimeter	exchange rate(1)	fourth quarter organic change %
Americas	1,388.5	45.2%	1,282.6	43.9%	105.8	8.3%	3.6%	3.7%	0.9%	-
EMEA	1,464.7	47.7%	1,405.8	48.2%	58.9	4.2%	2.7%	1.9%	-0.3%	6.7%
Asia-Pacific	216.5	7.1%	230.2	7.9%	(13.6)	-5.9%	-5.8%	1.6%	-1.8%	4.3%
total	3,069.7	100.0%	2,918.6	100.0%	151.1	5.2%	2.4%	2.7%	0.1%	3.4%

(1)Includes the effects associated with hyperinflation in Argentina.

- Americas

The region, broken down into its core markets below, recorded an overall organic increase of +3.6%. The region

is predominantly off-premise skewed, particularly North America.


		for the year ended 31 December
% of Group total		2024		2023		total change	full year change %, of which				fourth quarter organic change %
% of Group total		€ million	%	€ million	%	€ million	total	organic	perimeter	exchange rate(1)	fourth quarter organic change %
US	28.0%	860.2	62.0%	813.1	63.4%	47.1	5.8%	-	5.8%	-	-6.5%
Jamaica	4.8%	148.2	10.7%	151.0	11.8%	(2.7)	-1.8%	1.1%	-1.4%	-1.5%	1.5%
Other countries of the region(1)	12.4%	380.1	27.4%	318.6	24.8%	61.5	19.3%	14.1%	0.6%	4.6%	18.1%
Americas	45.2%	1,388.5	100.0%	1,282.6	100.0%	105.8	8.3%	3.6%	3.7%	0.9%	-

(1)Includes the effects associated with hyperinflation in Argentina.

In 2024, the United States , accounting for 28.0% of Group net sales, showed flat full year performance in a

softened market context, with a fourth quarter (-6.5%) impacted by a high base (fourth quarter 2023: +12.8%).

Espolòn (+11.8% in 2024 and +38.1% in 2023) and Aperol (+10.9% in 2024 and +52.0% in 2023), despite tough

comparison bases, as well as Grand Marnier, continued to outperform the industry, offset by persisting

challenges in SKYY and some softness in Wild Turkey.

In the fourth quarter, Jamaica showed low single-digit growth (+1.5% while full year 2024 was +1.1%) with

normalisation following the impact of the hurricane in July. Performance was driven by Appleton Estate and

Magnum Tonic Wine during the year, supported by price increases offsetting supply challenges, mainly in Wray

and Nephew Overproof.

Ongoing solid performance (+14.1%) was registered across the rest of the region, mainly driven by double-

digit growth in Brazil due to aperitifs and local Brazilian brands. Sustained performance in the other markets was

mainly driven by Aperol.

- EMEA

The region, which is broken down by core markets in the table below, reported an organic increase of +2.7%.

The predominance between off-premise and on-premise channels varies by country.


		for the year ended 31 December
% of Group total		2024		2023		total change	full year change %, of which				fourth quarter organic change %
% of Group total		€ million	%	€ million	%	€ million	total	organic	perimeter	exchange rate	fourth quarter organic change %
Italy	15.3%	469.0	32.0%	489.6	34.8%	(20.6)	-4.2%	-4.3%	0.1%	-	0.9%
Germany	8.2%	253.2	17.3%	240.1	17.1%	13.1	5.5%	5.1%	0.4%	-	3.6%
France	5.2%	160.1	10.9%	171.6	12.2%	(11.5)	-6.7%	0.2%	-6.9%	-	9.4%
United Kingdom	3.8%	116.3	7.9%	94.4	6.7%	21.9	23.2%	-5.8%	26.4%	2.6%	0.2%
Other countries of the region	15.2%	466.2	31.8%	410.1	29.2%	56.0	13.7%	12.5%	2.9%	-1.8%	14.8%
EMEA	47.7%	1,464.7	100.0%	1,405.8	100.0%	58.9	4.2%	2.7%	1.9%	-0.3%	6.7%

In Italy, performance stabilised in the fourth quarter (+0.9%), mainly driven by Aperol and Campari, confirming

their ongoing leading position and brand health in the market following a challenging period impacted by poor

weather, commercial dispute and wholesalers de-stocking leading to a full year decrease of -4.3%.

Solid ongoing performance in Germany (+5.1%) was driven by further reinforcement of aperitifs leadership with

Aperol as well as Sarti Rosa (5.6% of Germany sales compared to 1.4% last year) with continued gains in brand

health indicators.

France showed stable full year performance (+0.2%) with a favourable fourth quarter (+9.4%) benefiting from an

easy comparison base (fourth quarter 2023: -6.4%) in an ongoing subdued market environment, mainly driven

by Campari and Picon.


Performance review	35

Campari Group annual report for the year ended 31 December 2024

Performance in the United Kingdom was stable in the fourth quarter 2024 (+0.2%) despite an ongoing

challenging operating environment. Negative full year performance (-5.8%) was driven by the impact of supply

constraints in Jamaican rums and Magnum Tonic Wine as well as a challenging comparison base.

The other countries in the region showed double-digit growth (+12.5%) driven by a positive contribution from

most markets, mainly driven by aperitifs as well as Espolòn off a small base. The biggest drivers of growth are

GTR and Greece (which now contributes 1% of Group sales benefiting from recent local route-to-market

investments) as well as Spain and the Netherlands.

- Asia-Pacific

This region, which is predominantly off-premise skewed and whose market breakdown is shown in the table

below, recorded organic change of -5.8%.


		for the year ended 31 December
% of Group total		2024		2023		total change	full year change %, of which				fourth quarter organic change %
% of Group total		€ million	%	€ million	%	€ million	total	organic	perimeter	exchange rate	fourth quarter organic change %
Australia	3.8%	115.8	53.5%	123.2	53.5%	(7.4)	-6.0%	-5.5%	0.1%	-0.7%	2.1%
Other countries of the region	3.3%	100.8	46.5%	107.0	46.5%	(6.2)	-5.8%	-6.1%	3.3%	-3.1%	7.1%
Asia-Pacific	7.1%	216.5	100.0%	230.2	100.0%	(13.6)	-5.9%	-5.8%	1.6%	-1.8%	4.3%

Australia showed positive fourth-quarter performance (+2.1%), mainly driven by aperitifs during peak season,

to be further supported by a focused on-premise strategy in the upcoming period. Espolòn grew rapidly both in

bottled and newly launched RTD formats off a small base. Full year performance was -5.5%. Excluding co-

packing activities, it was flat in full year and +5.0% in the fourth quarter of 2024.

Regarding the other countries of the region, a positive performance was achieved in the fourth quarter

(+7.1%), mainly driven by China and India, benefiting from RTM investments which previously weighed on

performance. Full year performance (-6.1%) was driven by Wild Turkey bottle and Ready-To-Drink innovation in

Japan and positive performance in China.

- Brand contribution on segments

The table shows the brand contribution to consolidated net sales and the most relevant segment and markets

for each brand. While the global priority cluster includes brands with a globally diversified geographic exposure

(either current or potential), regional priorities are concentrated in a limited number of countries within the same

region, while local priorities focus on one main domestic market.


Performance review	36

Campari Group annual report for the year ended 31 December 2024


Group percentage and net sales by priority for the year ended 31 December 2024			full year change % compared with full year 2023, of which(1)				fourth quarter organic change % compared with fourth quarter 2023	main region/markets for brands
	%	€ million	total	organic	perimeter	exchange rate		main region/markets for brands
global priority brands	66.8%	2,050.2	8.1%	3.6%	3.8	0.6%	4.1%	-
Aperol	24.1%	740.9	5.3%	5.1%	-	0.2%	13.7%	-
								Italy, EMEA
								Germany, EMEA
								US, AMERICAS
								France, EMEA
								United Kingdom, EMEA
Campari	11.0%	337.4	9.0%	8.8%	-	0.2%	12.8%	-
								Italy, EMEA
								Brazil, AMERICAS
								US, AMERICAS
								Germany, EMEA
								Jamaica, AMERICAS
Espolòn	8.6%	264.6	13.5%	13.7%	-	-0.3%	0.2%	-
								US, AMERICAS
								Australia, APAC
								Canada, AMERICAS
								Italy, EMEA
								GTR, EMEA
Wild Turkey portfolio(2)(3)	7.0%	215.7	-4.9%	-4.2%	-	-0.7%	-2.8%	-
								US, AMERICAS
								Australia, APAC
								South Korea, APAC
								Japan, APAC
								Canada, AMERICAS
Jamaican rums portfolio(4)	4.8%	147.1	-6.0%	-5.2%	-	-0.8%	-5.1%	-
								Jamaica, AMERICAS
								US, AMERICAS
								United Kingdom, EMEA
								Canada, AMERICAS
								Mexico, AMERICAS
Grand Marnier	4.7%	144.7	1.1%	1.3%	-	-0.2%	-10.6%	-
								US, AMERICAS
								Canada, AMERICAS
								France, EMEA
								GTR, EMEA
								Italy, EMEA
SKYY(2)	4.1%	127.3	2.3%	-8.5%	-	10.8%	-1.8%	-
								US, AMERICAS
								Argentina, AMERICAS
								Germany, EMEA
								China, APAC
								South Africa, EMEA
Courvoisier(5)	2.4%	72.5	-	-	-	-	-	-
								US, AMERICAS
								United Kingdom, EMEA
regional priority brands	18.4%	563.7	-1.1%	-1.6%	-	0.5%	0.5%	-
Sparkling Wines, Champagne&Vermouth	5.7%	176.4	11.1%	10.3%	-	0.8%	10.3%
Other specialities(6)	9.1%	278.0	-4.1%	-4.9%	-	0.8%	-0.1%
Other Whisk(e)y(7)	1.5%	45.2	-21.6%	-19.9%	-	-1.7%	-31.5%
Crodino	2.1%	64.0	0.3%	0.1%	-	0.2%	-0.1%
local priority brands	6.1%	188.2	-1.5%	-0.7%	-	-0.9%	0.3%	-
Campari Soda	2.5%	77.0	-2.2%	-2.3%	-	-	-1.2%
Wild Turkey ready-to-drink(8)	1.6%	48.7	0.3%	1.2%	-	-0.9%	1.0%
SKYY ready-to-drink	1.2%	36.8	-9.8%	-6.7%	-	-3.1%	-
Ouzo 12	0.8%	25.7	11.6%	11.6%	-	0.1%	3.4%
rest of the portfolio	8.7%	267.6	3.0%	4.8%	1.9%	-3.8%	8.6%	-
total	100.0%	3,069.7	5.2%	2.4%	2.7%	0.1%	3.4%	-
(1)For information on reclassifications of comparative figures, refer to note ‘Significant events during and after the end of the period’. (2) Excludes ready-to-drink. (3)Includes American Honey. (4)Includes Appleton Estate, Wray&Nephew Overproof and Kingston 62. (5)Excluding Salignac. (6)Includes Braulio, Cynar, Averna, Frangelico, Del Professore, Ancho Reyes, Montelobos, Cabo Wabo, Bisquit&Dubouché, Bulldog, Trois Rivières, Picon, Maison La Mauny, Magnum Tonic, Aperol Spritz ready-to-enjoy and X-Rated. (7)Includes The GlenGrant, Forty Creek and Wilderness Trail. (8)Includes American Honey ready-to-drink.

Focusing on the key brands driving the aforementioned performance by segment, the main drivers by brand-

category and by brand are reported below.


Performance review	37

Campari Group annual report for the year ended 31 December 2024

Global priority brands reported resilient performance of +3.6% overall. Double-digit growth for Aperol in the

fourth quarter (+13.7%) was driven especially by the United States, Germany and Italy. Full year growth (+5.1%)

was mainly driven by the Americas, including the United States, Canada and seeding markets like Mexico and

Brazil, as well as Germany, Greece, Spain, GTR and Australia, partially offset by softened trends in Italy during

peak season. Campari recorded solid ongoing growth in the fourth quarter (+12.8%), leading to solid +8.8% full

year growth driven by the Americas, especially Brazil, as well as GTR, France and Greece. Espolòn continued

double-digit growth (+13.7%) on a high comparison base (full year 2023: +35.7%) led by the core United States

market and seeding markets like Australia, Italy and GTR off a small base, in line with the international

expansion strategy. Wild Turkey showed soft full year performance (-4.2%) driven by the core United States

and Australia, offsetting solid growth in Japan and other European markets off a small base. Russell’s Reserve

grew by +2.1% in the full year and +9.3% in the fourth quarter with an impact on volumes offset by price

repositioning against a backdrop of ongoing competition. Jamaican Rums declined in the fourth quarter

(-5.1%), albeit with decelerating pace in comparison with the third quarter of 2024, across all core markets (the

United States, Canada, the United Kingdom and Jamaica) due to supply constraints offsetting the positive

contribution from Jamaica in the full year due to strong first half of the year performance. Grand Marnier grew

by +1.3% on a full year basis, mainly driven by the core United States (+2.6%) and GTR. Decline in the fourth

quarter (-10.6%) was driven by the United States with a focus on pricing in a highly competitive market. SKYY

was down by -8.5% with decelerating pace in the fourth quarter (-1.8%). The trend was mainly driven by the

core United States in line with other major players in the category, more than offsetting growth in the rest of the

Americas as well as GTR off a small base. Courvoisier was incorporated into the Group’s global priority brands

as of May 2024 and generated sales of €72.5 million (excluding Salignac) primarily in the United States and the

United Kingdom, accounting for 2.4% of total net sales. The integration of the new business is progressing in

line with plan, with strengthening of sales capabilities in core focus markets underway, primarily the United

States, the United Kingdom and China. Concomitantly, commercial actions are ongoing with a focus on (i)

clearing of trade channels, (ii) renegotiation of commercial agreements to re-align the pricing structure and (iii)

start of brand-building investments. The brand is to be consolidated into organic growth as of May 2025.

Regional priority brands showed an organic decrease of -1.6%. Sparkling Wines, Champagne&Vermouth

reported solid growth (+10.3%), driven particularly by Lallier Champagne across various countries, including

Australia, the United Kingdom, Italy and France supported by increased focus and the launch of the new

Reflexion R.020 edition during the year; solid growth for Mondoro Sparkling Wine and Cinzano Vermouth. Other

specialities were down by -4.9%, with positive performance of Picon and Aperol Spritz RTE offset by Magnum

Tonic due to supply constraints and X-Rated in the Asia-Pacific region. The performance of other Whisk(e)y

(-19.9%) was impacted by pressure on the category, albeit with positive trends ongoing in Japan. Core no-

alcohol Crodino (+0.1%) showed solid growth across EMEA excluding Italy (+18.7% in 2024) while Italy was

impacted by variant discontinuation (excluding this impact, Italy +3%).

The local priority brands showed a negligible organic reduction of -0.7%. Campari Soda (-2.3%) was impacted

by poor weather in the core Italian market in the second quarter of the year. Wild Turkey ready-to-drink

(+1.2%) grew, driven mainly by ongoing positive results in Japan off a small base. SKYY ready-to-drink (-6.7%)

was impacted by the highly competitive core Mexican market. Ouzo 12 reported solid positive double-digit

growth (+11.6%) mainly thanks to the core market Germany as well as the United States and GTR off a small

base.

The rest of the portfolio reported positive growth of +4.8% mainly driven by Sarti Rosa and the Brazilian

brands.

iii. Perimeter variation

The perimeter variation of 2.7% in 2024, as compared with sales in 2023 , is analysed in the table below.


perimeter variation
breakdown of the perimeter effect	€ million	% on 2023
asset deals and business acquisitions	74.6	2.6%
total asset deals and business acquisitions	74.6	2.6%
new agency brands	36.2	1.2%
discontinued agency brands	(33.3)	-1.1%
total agency brands	2.9	0.1%
total perimeter effect	77.5	2.7%


Performance review	38

Campari Group annual report for the year ended 31 December 2024

- Asset deals and business acquisitions

In the year 2024, the contribution to sales from business acquisitions amounted to +2.6% at overall Group level

and was comprised of the Courvoisier brands (Courvoisier and Salignac), since the business has been

integrated into the Group since the completion of the transaction on 30 April 2024.

- Agency brands distribution

The perimeter variation due to the agency brands in the year ended 31 December 2024 was +0.1%, mainly

related to the sales generated by Miraval, which was exclusively distributed in the United States and France

markets, and the Proximo portfolio in France, offset by the discontinuation of other agency brands.

iv. Exchange rate effects

The exchange rate effect for the year ended 31 December 2024 was slightly positive at +0.1% due to the

offsetting effect of the depreciation and appreciation against the € of the Group’s key currencies. The exchange

rate effect includes the impact of applying the IAS29 Hyperinflation principle in Argentina. Moreover, as a

prudent measure to strip out the effects of the local high inflation rate, the exchange rate effect also includes the

pricing component.

The table below shows, for the Group’s most important currencies, the average exchange rates for the year

ended 31 December 2024 and the same period of 2023 respectively, and the spot rates at 31 December 2024,

with the percentage change against the € compared with 31 December 2023.


	average exchange rates			spot exchange rates
	for the year ended 31 December 2024	for the year ended 31 December 2023	revaluation/(devaluation) vs. nine months 2023	at 31 December 2024	at 31 December 2023	revaluation/(devaluation) vs. 31 December 2023
	1 Euro	: 1 Euro	%	1 Euro	: 1 Euro	%
US$	1.082	1.082	-	1.039	1.105	6.4%
Canadian Dollar	1.482	1.460	-1.5%	1.495	1.464	-2.0%
Jamaican Dollar	169.267	166.714	-1.5%	161.513	170.623	5.6%
Mexican Peso	19.825	19.190	-3.2%	21.550	18.723	-13.1%
Brazilian Real	5.827	5.402	-7.3%	6.425	5.362	-16.6%
Argentine Peso(1)	1,070.806	892.924	-16.6%	1,070.806	892.924	-16.6%
Russian Ruble(2)	100.374	92.479	-7.9%	116.562	99.192	-14.9%
Great Britain Pound	0.847	0.870	2.8%	0.829	0.869	4.8%
Swiss Franc	0.953	0.972	2.0%	0.941	0.926	-1.6%
Australian Dollar	1.640	1.628	-0.7%	1.677	1.626	-3.0%
Yuan Renminbi	7.786	7.659	-1.6%	7.583	7.851	3.5%
(1)The average exchange rate of the Argentine Peso for both 2024 and 2023 was equal to the spot exchange rate at 31 December 2024 and at 31 December 2023 respectively, based on IFRS accounting requirements for hyperinflation. (2) On 2 March 2022, the European Central Bank (‘ECB’) decided to suspend the publication of € reference rate for the Russian Ruble until further notice. The Group has therefore decided to refer to an alternative reliable source for exchange rates based on executable and indicative quotes from multiple dealers.


Performance review	39

Campari Group annual report for the year ended 31 December 2024

Statement of profit or loss

Key highlights

The table below shows the statement of profit or loss for the year ended 31 December 2024 and a breakdown of

the total change by organic, perimeter and exchange rate effects.


	for the year ended 31 December
	2024		2023		total change		of which organic		of which perimeter		of which due to exchange rates and hyperinflation
	€ million	%	€ million	%	€ million	%	€ million	%	€ million	%	€ million	%
Net sales(1)	3,069.7	100.0	2,918.6	100.0	151.2	5.2%	70.5	2.4%	77.5	2.7%	3.2	0.1%
Cost of sales	(1,303.0)	(42.4)	(1,218.5)	(41.7)	(84.5)	6.9%	(29.7)	2.4%	(55.9)	4.6%	1.1	-0.1%
Gross profit	1,766.7	57.6	1,700.1	58.3	66.6	3.9%	40.7	2.4%	21.6	1.3%	4.3	0.3%
Advertising and promotional expenses	(513.3)	(16.7)	(494.1)	(16.9)	(19.2)	3.9%	(5.2)	1.1%	(13.4)	2.7%	(0.6)	0.1%
Contribution margin	1,253.4	40.8	1,206.0	41.3	47.4	3.9%	35.5	2.9%	8.2	0.7%	3.7	0.3%
Selling, general and administrative expenses	(648.4)	(21.1)	(587.3)	(20.1)	(61.2)	10.4%	(50.7)	8.6%	(11.4)	1.9%	1.0	-0.2%
Result from recurring activities (EBIT-adjusted)(2)	604.9	19.7	618.7	21.2	(13.7)	-2.2%	(15.2)	-2.5%	(3.2)	-0.5%	4.7	0.8%
Other operating income (expenses)	(212.6)	(6.9)	(78.5)	(2.7)	(134.0)	170.7%
Operating result (EBIT)	392.4	12.8	540.2	18.5	(147.8)	-27.4%
Financial income (expenses) and adjustments	(88.9)	(2.9)	(75.6)	(2.6)	(13.3)	17.5%
Earn out income (expenses) and hyperinflation effect	11.6	0.4	10.3	0.4	1.4	13.1%
Profit (loss) related to joint-ventures and other investments	(59.5)	(1.9)	(8.3)	(0.3)	(51.2)	617.0%
Profit before taxation	255.6	8.3	466.5	16.0	(210.9)	-45.2%
Profit before taxation-adjusted(2)	522.8	17.0	544.2	18.6	(21.4)	-3.9%
Non-controlling interests-before taxation	(11.9)	(0.4)	1.8	0.1	(13.7)	-753.1%
Group profit before taxation	267.5	8.7	464.7	15.9	(197.2)	-42.4%
Group profit before taxation adjusted(2)	534.7	17.4	542.4	18.6	(7.7)	-1.4%
Taxation	(63.0)	(2.1)	(134.0)	(4.6)	71.1	-53.0%
Net profit for the period	192.6	6.3	332.5	11.4	(139.9)	-42.1%
Net profit for the period-adjusted(2)	367.0	12.0	392.4	13.4	(25.4)	-6.5%
Non-controlling interests	(9.0)	(0.3)	2.0	0.1	(11.0)	-545.1%
Group net profit	201.6	6.6	330.5	11.3	(128.9)	-39.0%
Group net profit-adjusted(2)	376.0	12.2	390.4	13.4	(14.4)	-3.7%
Total depreciation and amortisation	(127.7)	(4.2)	(110.2)	(3.8)	(17.4)	15.8%	(15.6)	14.2%	(2.7)	2.5%	0.9	-0.8%
EBITDA-adjusted(2)	732.6	23.9	728.9	25.0	3.7	0.5%	0.4	0.1%	(0.5)	-0.1%	3.8	0.5%
EBITDA	520.0	16.9	650.4	22.3	(130.3)	-20.0%

(1)Sales after deduction 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 additional financial information.

The change in profitability for the year ended 31 December 2024 shown as variation of percentage margin on

net sales (basis points) and in percentage terms, is as follows(1).


	for the year ended 2024 compared to the year ended 2023
margin accretion (dilution) in basis point(2) and organic	total	organic bps	% organic
Net sales	-	-	2.4%
Cost of sales	(70)	-	2.4%
Gross profit	(70)	-	2.4%
Advertising and promotional expenses	20	20	1.1%
Contribution margin	(50)	20	2.9%
Selling, general and administrative expenses	(100)	(120)	8.6%
Result from recurring activities (EBIT-adjusted)	(150)	(100)	-2.5%


Performance review	40

Campari Group annual report for the year ended 31 December 2024


	fourth quarter 2024 compared to fourth quarter 2023
margin accretion (dilution) in basis point(2) and organic	total	organic bps	% organic
Net sales	-	-	3.4%
Cost of sales	(60)	40	2.5%
Gross profit	(60)	40	4.1%
Advertising and promotional expenses	130	170	-5.4%
Contribution margin	70	210	9.5%
Selling, general and administrative expenses	(110)	(170)	11.4%
Result from recurring activities (EBIT-adjusted)	(40)	40	6.6%
(1)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 additional financial information. (2)There may be rounding effects given that the corresponding basis points have been rounded to the nearest ten.

The perimeter component for the year ended 31 December 2024 reflected the integration of the Courvoisier

business from May 2024 onwards with negligible contribution in terms of EBIT due to the reinvestment into the

business brand building and commercial capabilities. In addition, the perimeter included the net effect of new

agency brands, including the Miraval and Proximo Spirits brands, which were more than offset by the

discontinuation of other agency business in France.

The exchange rate effect was slightly positive during the period, mainly driven by the positive impact of the US$,

Great Britain Pound and Mexican Peso, offset by other American currencies.

Statement of Profit or Loss in detail

The key profit or loss items for the year ended 31 December 2024 are analysed below, while a detailed analysis

of the ‘sales performance’ is included in the previous paragraph, to which reference is made.

Gross profit for the period amounted to €1,766.7 million, representing an increase of 3.9% compared to 2023

driven by top-line performance despite a challenging comparison base offsetting the increase in cost of sales.

As a percentage of net sales, gross margin stood at 57.6%, below the 58.3% reported in 2023, and hence

generating a dilutive effect of 70 basis points on a reported basis. The organic component was 2.4%, with a flat

effect on margin (0 basis points organic variation) with positive price impact, mainly skewed in the first quarter

due to carry-over effect, offset by cost of sales inflation on high-cost stock and the impact of lower volume on

fixed production costs as well as a negative mix effect in a challenging peak season for the high margin aperitifs.

Espolòn's contribution to margin was positive in 2024 thanks to the impact of declining agave cost, mainly

skewed in the fourth quarter with positive price impact offset by mix. In the fourth quarter, organic gross profit

benefited from a higher increase in net sales than cost of sales with a positive effect on margin (40 basis points

organic variation), thanks to a more efficient absorption of fixed production costs due to increased production

volume, despite mix being negatively affected by Espolòn's growth. Full year exchange rate variation was

positive at 0.3% (equivalent to an accretion of 10 basis points), while the perimeter was positive at 1.3%

(resulting in a dilution of 80 basis points).

Advertising and promotional expenses amounted to €513.3 million, reporting a 3.9% increase compared with

2023. In organic terms, the variation was positive by 1.1%, thus generating an organic accretive effect of 20

basis points on profitability, impacted mainly by lower activations during peak season due to poor weather

especially in Europe. Advertising and promotional expenses remained stable as a percentage of net sales on an

annual basis (16.7% for the year ended 31 December 2024, broadly in line with the 16.9% reported in 2023)

below normalized levels of 17-17.5%. Perimeter and exchange rate variation were both negligible at 2.7% and

0.1% respectively.

Contribution margin was €1,253.4 million for the year ended 31 December 2024, with a reported increase of

3.9% compared to 2023. As a percentage of sales, contribution margin stood at 40.8%. The organic growth

component was 2.9% with an accretive effect on profitability (20 basis points). The perimeter effect was positive

at 0.7%, with an 80 basis points dilutive effect on profitability, while the exchange rate effect of 0.3% led to an

accretive impact on margins of 10 basis points.

Selling, general and administrative expenses amounted to €648.4 million in 2024, up by 10.4% compared

with 2023. As a percentage of sales, they amounted to 21.1% (20.1% in 2023). At organic level, selling, general

and administrative expenses increased by 8.6%, therefore generating a dilutive effect on margins of 120 basis

points. The variation was largely due to the finalization of planned business investments, especially in route-to-

market, in the context of a more moderate top-line growth trend period which led to lower absorption of fixed

costs.


Performance review	41

Campari Group annual report for the year ended 31 December 2024

The result from recurring operations (EBIT-adjusted) for the period was €604.9 million. The return on sales-

adjusted (‘ROS’) stood at 19.7%, down from 21.2% in the same period of 2023, resulting in a dilutive effect of

150 basis points on a reported basis. The organic component was -2.5% with a profit dilution of 100 basis points

on net sales. The impact of the exchange rate variation was positive at 0.8% (10 basis points accretive). The

perimeter effect was negative at -0.5% (60 basis points dilutive), mainly due to the net effect of the Courvoisier

business contribution from May 2024 onwards, Miraval and Proximo, partly offset by the termination of some

agency brands in France.

Other operating income (expenses) comprised a net expense of €212.6 million compared with €78.5 million

reported in 2023. The primary factors impacting 2024 were attributable to restructuring initiatives for €102.6

million, representing one of several key initiatives aimed at enhancing performance, alongside efforts to drive

growth, improve profitability, streamline processes and contain costs. At Group level, the program is projected to

achieve an improvement of 200 basis point of Selling, general and administrative expenses over the three-year

period from 2025 to 2027, encompassing both personnel and non-personnel expenses. Included in the 2024

consolidated financial statements, the programme underwent a comprehensive evaluation and estimation

process to ensure compliance with applicable accounting standards and accurate forecasting of expected costs

which covered the full scope of the plan with partial payment made by 31 December 2024.

Other operating income (expenses) also comprised the non-cash effect of the impairment of brands and fixed

assets (€56.8 million) and acquisition costs (totalling €12.3 million) primarily related to the Courvoisier deal,

penalties from the settlement of legal disputes (€5.4 million), non-recurring costs linked to finance transformation

(€4.9 million), last-mile long-term incentive schemes with retention purposes to be potentially awarded to senior

management (€2.5 million) as well as associated route-to-market changes (€25.9 million of which €16.0 million

cash neutral).

Operating result (EBIT) for the year ended 31 December 2024 was €392.4 million, reflecting a decrease of

-27.4% compared with 2023. ROS stood at 12.8% (18.5% reported in 2023).

Depreciation and amortisation totalled €127.7 million, up by +15.8% on the year ended 31 December 2023, of

which +14.2% was at organic level, -0.8% related to exchange rate variations and +2.5% increase due to

perimeter.

EBITDA-adjusted stood at €732.6 million, up by 0.5% compared to 2023 (0.1% organic level, 0.5% exchange

rate variations and nil perimeter effect).

EBITDA was €520.0 million for the year ended 31 December 2024, with a variation of -20.0% on a reported

basis compared with 2023.

Net financial expenses totalled €88.9 million compared with €75.6 million reported in 2023, including the

negative foreign exchange rate effect of cross-currency transactions of €9.0 million compared with the

corresponding negative effect of €19.2 million recorded for the year ended 31 December 2023, benefiting from a

supportive trend in exchange rates despite the ongoing inability to mitigate exposure to certain currencies

through derivative agreements. Excluding these components, net financial expenses amounted to €79.9 million

in the year ended 31 December 2024, showing an increase of €23.5 million compared to 2023. The growth was

driven by the higher average net debt in the year ended 31 December 2024 (€2,132.6 million at 31 December

2024 and €1,732.7 million at 31 December 2023), mainly due to the Courvoisier acquisition combined with the

increased average cost of financing in a higher interest rate environment, partially offset by the benefit of

temporary significant cash position ahead of the Courvoisier closing and debt repayments. The average cost of

net debt was 3.8% (3.3% in 2023). A summary of the net financial expenses is provided in the table below.


	for the year ended 31 December
	2024	2023
	€ million	€ million
Total interest expenses bond, loans and leases	(111.4)	(70.8)
Bank and other term deposit interest income	36.3	21.7
Other net expenses	(5.4)	(7.3)
Total financial expenses before exchange gain (losses)	(79.9)	(56.4)
Exchange gain (losses)	(9.0)	(19.2)
Total financial income (expenses)	(88.9)	(75.6)

Focusing in more detail on the composition of interest, the result for the year ended 31 December 2024 was

primarily influenced by the following key factors:

1 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’ in this Management Board Report.


Performance review	42

Campari Group annual report for the year ended 31 December 2024

- interest expenses on bonds and loans of €111.4 million, compared to €70.8 million recorded in the

corresponding period of the previous year, primarily determined by the higher average net debt and

incremental level of interest associated with the renegotiation of bonds and loans in the ordinary course of

business, within a higher interest rate environment;

- interest income accrued from substantial liquidity available from the issuance of new ordinary shares and

senior unsecured convertible bonds which contributed to the majority of the €36.3 million income stream with

a factual increase, compared to the €21.7 million recorded in 2023.

Earn-out income (expenses) and hyperinflation effect was positive at €11.6 million and mainly related to

hyperinflation in Argentina.

Profit (loss) related to joint-ventures and other investments represented a net loss of €59.5 million, mainly

related to the non-cash effect of the impairment of the investments in Dioniso Group and Monkey Spirits.

Profit before taxation (Group and non-controlling interests) was €255.6 million, -45.2% compared with

2023. Profit before taxation as a percentage of sales was 8.3% (16.0% reported in 2023). After excluding

operating adjustments, the profit before taxation-adjusted amounted to €522.8 million, down -3.9% compared

to the year ended 31 December 2023, adjusted accordingly.

Group profit before taxation amounted to €267.5 million, -42.4% on the comparative 2023 period. The Group’s

profit before taxation as a percentage of sales was 8.7%, compared with the 15.9% reported in the year ended

31 December 2023. After excluding operating adjustments, the Group profit before taxation-adjusted

amounted to €534.7 million, -1.4% on the figure reported in the year ended 31 December 2023, adjusted

accordingly.

Taxation amounted to €63.0 million on a reported basis in 2024 . The reported tax rate for the year was 24.6%,

a decrease from the reported tax rate of 28.7% in 2023 due to benefit deriving from the Italian Patent Box (€6.5

million referred to 2024 and €18.4 million from the recapture of previous year's tax credit), partly offset by

country mix. Excluding adjustments to operating, financial and fiscal expenses and the extraordinary tax effect

mentioned above (totalling €92.8 million in 2024 compared to €17.7 million in 2023), the normalized tax rate was

29.8% in 2024, up from the 27.9% recognised in 2023 driven by country mix. Excluding the impact of the non-

cash component attributable to the deferred taxes relating to the amortisation of goodwill and brands eligible for

tax purposes (€16.4 million in 2024, down from €21.4 million in 2023 with the variance driven by the end of the

tax amortisation period of the Wild Turkey and The GlenGrant brands), the cash tax rate for 2024 was 26.6%,

above the 24.0% cash tax rate calculated for 2023.

Profit (loss) before taxation relating to non-controlling interests for the period under analysis was negative

at €9.0 million, compared to a gain of €2.0 million in the year 2023 .

Group net profit was €201.6 million in 2024, a decrease of -39.0%% compared to 2023, with a sales margin of

6.6%, lower than 2023 (11.3%). Excluding the adjustments to the operating and financial result and the related

tax effects and tax adjustments, the Group’s net profit decreased by 3.7% to €376.0 million (€390.4 million in

2023 reported on a consistent basis).

Basic and diluted earnings per share 1 were both €0.17. Once adjusted for the aforementioned components,

adjusted basic earnings amounted to €0.31 and adjusted diluted earnings amounted to €0.31. Adjusted basic

earnings per share and adjusted diluted earnings per share were up by -9.5%% and -9.0%% respectively,

compared to 2023 measured on a consistent basis.

The profit before taxation and the net profit, reported and adjusted to take into account other operating income

and expenses and adjustments to financial income and expenses, together with the related tax effects and other

tax adjustments, are shown below.


Performance review	43

Campari Group annual report for the year ended 31 December 2024


	for the year ended 31 December
	2024		2023
	€ million		€ million
adjustments to operating income (expenses), of which:		(212.6)		(78.5)
restructuring and reorganization costs	(102.6)		(19.6)
fees from acquisition/disposals of business or companies, route to market changes and indemnities from contract resolutions	(38.1)		(17.0)
non-recurring costs related to IT system implementation	-		(13.3)
finance transformation costs	(4.9)		-
last mile long-term incentive schemes with retention purposes	(2.5)		(10.0)
impairment of tangible assets, brands and business disposed	(56.8)		(11.9)
net penalties or gains arising from the settlement of tax and legal disputes	(5.4)		(8.4)
Ukraine and Russia conflict costs	-		(2.3)
capital gains (losses) on the disposal of tangible and intangible assets	-		7.6
other adjustments of operating income (expenses)	(2.3)		(3.6)
adjustments to financial income (expenses)		0.5	-	(0.1)
adjustment related to remeasurement in joint ventures and associates		(55.1)	-	0.9
total adjustments		(267.2)	-	(77.7)
tax adjustments, of which:		92.8	-	17.7
tax adjustments	30.2		(2.6)
tax effect on operating and financial adjustments	62.6		20.3
total net adjustment		(174.4)		(59.9)


	for the year ended 31 December
	2024			2023			changes
€ million	reported	adjustments	adjusted	reported	adjustments	adjusted	reported	adjusted
profit before taxation	255.6	(267.2)	522.8	466.5	(77.7)	544.2	-45.2%	-3.9%
total taxation	(63.0)	92.8	(155.7)	(134.0)	17.7	(151.8)	-53.0%	2.6%
tax adjustments		30.2			(2.6)
tax effect on operating and financial adjustments		62.6			20.3
net profit for the period	192.6	(174.4)	367.0	332.5	(59.9)	392.4	-42.1%	-6.5%
tax rate (reported and adjusted)	-24.6%		-29.8%	-28.7%		-27.9%
deferred taxes on goodwill and trademarks		(16.4)	(16.4)		(21.4)	(21.4)
cash tax rate			-26.6%			-24.0%

Profitability by business area

A breakdown of the three geographical regions in which the Group operates is provided below and shows the

percentage of sales and the operating result from recurring activities for each segment for the two periods under

comparison.

Please refer to the ‘Sales performance’ paragraph of this Management Board Report for a more detailed

analysis of sales by business area for the period.


	for the year ended
	2024				2023
	net sales	% of total	result from recurring activities (EBIT-adjusted) (1)	% of total	net sales	% of total	result from recurring activities (EBIT-adjusted) (1)	% of total
	€ million	%	€ million	%	€ million	%	€ million	%
Americas	1,388.5	45.2%	282.6	46.7%	1,282.6	43.9%	261.1	42.2%
EMEA	1,464.7	47.7%	322.8	53.4%	1,405.8	48.2%	347.5	56.2%
Asia-Pacific	216.5	7.1%	(0.4)	-0.1%	230.2	7.9%	10.0	1.6%
Total	3,069.7	100.0%	604.9	100.0%	2,918.6	100.0%	618.7	100.0%

(1)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 additional financial information.


Performance review	44

Campari Group annual report for the year ended 31 December 2024

Americas


	for the year ended
	2024		2023		total change		organic change		organic accretion/dilution of profitability
	€ million	%	€ million	%	€ million	%	€ million	%	basis points
Net sales	1,388.5	100.0	1,282.6	100.0	105.8	8.3%	46.5	3.6%	-
Gross margin	753.8	54.3	702.8	54.8	51.0	7.3%	29.8	4.2%	30
Advertising and promotional expenses	(243.3)	(17.5)	(233.3)	(18.2)	(10.0)	4.3%	(2.8)	1.2%	40
Selling, general and administrative expenses	(227.9)	(16.4)	(208.3)	(16.2)	(19.6)	9.4%	(17.8)	8.5%	(80)
result from recurring activities (EBIT- adjusted) (1)	282.6	20.4	261.1	20.4	21.5	8.2%	9.1	3.5%	-

(1)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 additional financial information.

EMEA


	for the year ended
	2024		2023		total change		organic change		organic accretion/dilution of profitability
	€ million	%	€ million	%	€ million	%	€ million	%	basis points
Net sales	1,464.7	100.0	1,405.8	100.0	58.9	4.2%	37.3	2.7%	-
Gross margin	916.2	62.5	894.1	63.6	22.1	2.5%	15.6	1.7%	(60)
Advertising and promotional expenses	(234.3)	(16.0)	(224.7)	(16.0)	(9.6)	4.3%	(2.3)	1.0%	30
Selling, general and administrative expenses	(359.1)	(24.5)	(321.9)	(22.9)	(37.2)	11.6%	(27.8)	8.6%	(130)
result from recurring activities (EBIT- adjusted) (1)	322.8	22.0	347.5	24.7	(24.8)	-7.1%	(14.5)	-4.2%	(160)

(1)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 additional financial information.

APAC


	for the year ended
	2024		2023		total change		organic change		organic accretion/dilution of profitability
	€ million	%	€ million	%	€ million	%	€ million	%	basis points
Net sales	216.5	100.0	230.2	100.0	(13.6)	-5.9%	(13.3)	-5.8%	–
Gross margin	96.7	44.7	103.2	44.8	(6.4)	-6.2%	(4.6)	-4.5%	60
Advertising and promotional expenses	(35.7)	(16.5)	(36.1)	(15.7)	0.3	-0.9%	(0.1)	0.2%	(100)
Selling, general and administrative expenses	(61.4)	(28.4)	(57.1)	(24.8)	(4.3)	7.6%	(5.1)	8.9%	(390)
result from recurring activities (EBIT-adjusted) (1)	(0.4)	(0.2)	10.0	4.4	(10.4)	-103.9%	(9.8)	-97.8%	(430)

(1)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 additional financial information.

EMEA is the Group’s largest region in terms of net sales, at 47.7%, and profitability, at 53.4%, followed by

Americas (net sales and profitability respectively 45.2% and 46.7%) and APAC (net sales and profitability

respectively 7.1% and -0.1%).

Americas reported a result from recurring activities at 46.7% of Group overall, up 8.2%, and flat margin, driven

by gross margin accretion of 30 basis points due to the favourable price impact in Jamaica and Brazil;

advertising and promotional expenses were accretive by 40 basis points in a muted on-premise environment

and selling, general and administrative expenses were dilutive by -80 basis points due to planned investments in

the commercial and marketing infrastructure with accelerated focus on efficiency gains.

EMEA reported a result from recurring activities at 53.4% of Group overall (-7.1% compared to 2023) and

organic margin dilution of -160 basis points, driven by gross margin dilution of -60 basis points caused by a less

favourable sales mix due to softened trend in aperitifs during peak season; advertising and promotional

expenses were accretive by 30 basis points due to lower activations during peak season. Selling, general and

administrative expenses were dilutive by -130 basis points driven by new route-to-market investments (Greece),

completion of committed business investments and lower fixed cost abortion on moderate top-line growth trend.


Performance review	45

Campari Group annual report for the year ended 31 December 2024

APAC reported a result from recurring activities at -0.1% of Group overall and organic margin dilution of -430

basis points with an overall contribution remaining relatively negligible within the broader context of the Group's

operations. Gross margin was accretive by 60 basis points, mainly driven by the mix effect in Japan (thanks to

the growth in more premium whiskey) and China (supported by route-to-market investments); advertising and

promotional expenses and selling, general and administrative expenses were impacted by investments in route-

to-market capabilities in the region to support accelerated growth going forward, leading to margin dilution of

-100 basis points and -390 basis points respectively.

Operating working capital

The breakdown of the total change in operating working capital compared with the figure at 31 December 2023

is as follows.


	at 31 December 2024	at 31 December 2023	total change	organic	perimeter	exchange rates and hyperinflation
	€ million	€ million	€ million	€ million	€ million	€ million
Trade receivables	425.8	374.3	51.6	54.5	3.4	(6.4)
Total inventories, of which:	1,703.1	1,252.5	450.7	(6.5)	441.3	15.8
- maturing inventory	1,127.0	603.3	523.7	106.7	394.3	22.7
- biological assets	21.3	15.1	6.2	8.7	0.1	(2.6)
- other inventory	554.8	634.1	(79.2)	(121.9)	47.0	(4.3)
Trade payables	(672.7)	(521.1)	(151.6)	(126.1)	(30.1)	4.6
Operating working capital	1,456.3	1,105.6	350.6	(78.0)	414.7	14.0
Sales in the previous 12 months rolling	3,069.7	2,918.6
Working capital as % of net sales rolling	47.4	37.9

At 31 December 2024, operating working capital amounted to €1,456.3 million, marking an increase of € 350.6

million compared to 31 December 2023. This increase was primarily due to the Courvoisier business acquisition,

which contributed €414.7 million. The existing business registered an organic decrease of €78.0 million, partially

offset by exchange rate variations of €14.0 million, thus leading to a reduction of percentage of net sales from

37.9% at the end of 2023 to 34.6% at the end of 2024 on a like-for-like comparison base. Including the impact of

the Courvoisier acquisition, working capital as a percentage of net sales stood at 47.4% at the end of 2024 on a

reported basis.

Focusing solely on organic performance, trade receivables increased by €54.5 million, persistently mirroring the

positive performance of net sales, notwithstanding the steadily progressing improvement in collection conditions

during the year. Inventory saw a slight organic decrease of €6.5 million, primarily driven by a significant

reduction in other inventory represented namely by finished products, by €121.9 million. This decrease was

partially offset by an increase of €106.7 million in maturing liquid across bourbon, Scotch, rum and cognac

supporting the strategic focus on premiumisation. It should be noted that, due to its nature, ageing liquid is

comparable to invested capital as its growth profile is planned over a long-term horizon. Trade payables

experienced an organic increase of €126.1 million compared to 2023, largely driven by the business dynamics,

especially in the final quarter of 2024.

The increase of €14.0 million related to the exchange rate component was primarily associated with inventories,

which saw a rise of €15.8 million. This was driven by maturing stock valued at €22.7 million, located in the

United States, Jamaica and the United Kingdom, and was impacted by the revaluation of the US$, Jamaican

Dollar and Great Britain Pound.

The effect of the first consolidation of Courvoisier, following its acquisition completed on 30 April 2024, led to a

substantial increase in operating working capital by €414.7 million. This rise was essentially attributed to

maturing inventory of cognac valued at €394.3 million, which was recorded at fair market values in accordance

with applicable accounting standards within the context of a business combination (refer to the paragraph

‘Acquisitions and commercial agreements’ in the events section of the Management Board Report).

Reclassified statement of cash flows

The table below shows a simplified and reclassified version of the cash flow statement in the Consolidated

Financial statements. The main classification consists of the representation of the change in net financial debt at

the end of the period as the final result of the total cash flow generated (or absorbed). Therefore, the cash flows

relating to changes in net financial debt components are not shown.


Performance review	46

Campari Group annual report for the year ended 31 December 2024


	for the year ended 31 December
	2024	of which recurring	2023	of which recurring
	€ million	€ million	€ million	€ million
Operating result (EBIT)	392.4	-	540.2	-
Result from recurring activities (EBIT-adjusted)	-	604.9	-	618.7
Depreciation and amortisation	127.7	127.7	110.2	110.2
EBITDA	520.0	-	650.4	-
EBITDA-adjusted	-	732.6	-	728.9
Effects from hyperinflation accounting standard adoption	16.8	16.8	14.6	14.6
Accruals and other changes from operating activities	84.2	45.3	36.7	26.7
Goodwill, brand, tangible fixed assets and sold business impairment	56.8	-	11.9	-
Income taxes paid	(85.3)	(89.7)	(195.0)	(188.0)
Cash flow from operating activities before changes in working capital	592.5	705.0	518.7	582.3
Changes in net operating working capital	78.0	78.0	(362.2)	(362.2)
Cash flow from operating activities	670.5	783.0	156.5	220.1
Net interest paid	(57.0)	(57.0)	(40.8)	(40.8)
Capital expenditure	(440.5)	(139.8)	(295.7)	(112.4)
Free cash flow	173.0	586.2	(180.0)	66.9
(Acquisition) disposal of business	(1,220.3)	-	(13.0)	-
Issuing of new shares/capital increase net of related ancillary costs	643.3	-	-	-
Dividend paid out by the Company	(78.1)	-	(67.5)	-
Other items including net purchase of own shares	16.7	-	(5.3)	-
Cash flow invested in other activities	(638.4)	-	(85.7)	-
Total change in net financial debt due to operating activities	(465.5)	-	(265.7)	-
Put option and earn-out liability changes(1)	(11.1)	-	1.2	-
Increase in investments for lease right of use(2)	(18.8)	-	(14.0)	-
Net cash flow of the period=change in net financial debt	(495.3)	-	(278.5)	-
Effect of exchange rate changes	(28.1)	-	(19.6)	-
Net financial debt at the beginning of the period	(1,853.5)	-	(1,552.5)	-
Opening restatements(3)	-	-	(2.8)	-
Net financial debt at the beginning of the period-reclassified	(1,853.5)	-	(1,555.3)	-
Net financial debt at the end of the period	(2,376.9)	-	(1,853.5)	-
(1)This item, which is a non-cash item, was included purely to reconcile the change in financial debt relating to activities in the period with the overall change in net financial debt. (2)For information on the value shown, please see note 4 ii-‘Property, plant and equipment-right-of-use assets by nature’ of the Campari Group-consolidated financial statements at 31 December 2023. (3)For information on reclassifications of comparative figures, refer to note 2 vi.-‘Reclassification of comparative figures at 31 December 2022’ of Campari Group Consolidated Financial statements at 31 December 2023. The reclassification is related to the post-closing adjustment payment connected with Wilderness Trail Distillery, LLC. Net financial debt at the beginning of the period post-reclassifications was €1,555.3 million.

Key highlights

At 31 December 2024, net cash flow showed a cash flow absorption of €495.3 million, also reflected as an

equivalent increase in the net financial debt compared to 31 December 2023, to which a negative exchange rate

effect of €28.1 million was added. The cash generation in terms of free cash flow on a reported basis was

positive at €173.0 million in 2024 compared to a negative free cash flow of €180.0 million reported in 2023. The

main driver of the change was due to the different contribution of operating working capital evolution compared

to the last year, which showed a cash generation of €78.0 million in 2024. The recurring free cash flow was

strong during the period and amounted to €586.2 million, compared with a positive recurring cash flow of €66.9

million in 2023. In terms of percentages on EBITDA-adjusted, recurring free cash flows totalled 80.0%,

compared to 9.2% in the same period of 2023.

Analysis of the consolidated statement of cash flows

The following drivers contributed to the generation of the above-mentioned free cash flows in 2024:

- operating result (EBIT) amounted to €392.4 million, compared to €540.2 million in 2023, and included a

negative effect of €212.6 million related to operating adjustments (€78.5 million in 2023). Excluding operating

adjustments, the result from recurring activities (EBIT-adjusted) amounted to €604.9 million (€618.7 million in

2023);

- EBITDA amounted to €520.0 million decreasing by €130.3 million on the previous year. Excluding the

aforementioned non-recurring components, EBITDA-adjusted amounted to €732.6 million (€728.9 million in

2023);

- non-cash component arising from the application of the hyperinflation accounting standard in Argentina

amounted to €16.8 million in 2024 (€14.6 million in 2023);

- accruals for provisions net of utilizations and other miscellaneous operating changes showed a positive effect

of €84.2 million. Excluding non-recurring provisions related to restructuring initiatives (€72.1 million) as well


Performance review	47

Campari Group annual report for the year ended 31 December 2024

as carving out the payment of non-recurring last mile long-term incentive schemes with retention purposes

(€33.2 million), accruals and other changes from recurring operating activities amounted to €45.3 million;

- non-cash write-off losses related to tangible and intangible assets stood at €56.8 million and related

principally to the impairment loss of €50.8 million attributable to the Cabo Wabo, Wilderness and Bulldog

brands;

- the cash financial impact deriving from the tax payments effected during 2024 was €85.3 million, a decrease

of €109.7 million compared to the previous year. The amount paid included refunds of tax credits totalling

€4.4 million, which pertained to the Courvoisier business prior to acquisition but were received after its

completion. Consequently, this effect was classified as a non-recurring item and excluding the latter, taxes

paid amounted to €89.7 million, a decrease of €98.3 million compared to the same period of the previous

year. This variation was primarily due to cash phasing effects based on tax calendars and the use of tax

credits from previous years. Moreover, the benefit derived from the Italian Patent Box (€6.5 million referred to

2024 and €18.4 million from the recapture of previous year's tax credit) is not yet reflected and will have a

cash benefit impact on tax payments starting from 2025;

- working capital recorded a cash generation of €78.0 million (refer to the paragraph ‘Operating working

capital’ for details);

- interest paid, net of interest received, stood at €57.0 million in 2024 (€40.8 million in 2023);

- net investment in capital expenditure amounted to €440.5 million, of which the recurring component was

€139.8 million. Extraordinary capital expenditure amounted to €300.7 million, confirming the Group’s

commitment to continue to invest in the expansion of its production capacity and efficiency to support long-

term growth and sustainability initiatives. Additionally, the extraordinary capital expenditure also included the

Group’s real-estate project in the heart of Milan.

Cash flow invested in other activities was negative at €638.4 million, compared to a negative absorption of

€85.7 million in 2023 resulting primarily in:

- the purchase of the Courvoisier business for a total consideration of €1,121.5 million, inclusive of the net

financial positions acquired, as well as the acquisition of the 15.4% minority stake in Capevin Holdings

Proprietary Limited for €87.8 million (GBP74.0 million inclusive of acquisition-related fees) and the capital

contribution amounting to €11.0 million in the Dioniso joint-venture (contribution equally supported by Moët

Hennessy);

- the proceeds from the issuance of new ordinary shares net of related fees for €643.3 million;

- dividends paid of €78.1 million;

- other items including net sale of own shares for €16.7 million.

New lease changes, put option and earn-out liabilities changes are presented solely to reconcile net cash

flows for the period with total net financial debt. These components collectively contributed total net debt

absorption of €29.9 million.

Net financial debt

As of 31 December 2024, consolidated net financial debt amounted to €2,376.9 million, up by €523.4 million

compared with €1,853.5 million reported at 31 December 2023, driven by a perimeter increase of €1,269.0

million, partially compensated by the issuance of ordinary shares (€650.0 million). Organically, the net financial

position decreased by €123.7 million, remaining focused on medium to long-term maturities. This aligns with

Campari Group’s long-term growth strategy, supported by substantial credit lines totalling €825.9 million. Of

these, €400.0 million are committed until 2029 (undrawn as of 31 December 2024) and €425.9 million are

uncommitted, with €144.1 million drawn down at 31 December 2024). Changes in the debt structure in the two

periods under comparison are shown in the table below.


Performance review	48

Campari Group annual report for the year ended 31 December 2024


	31 December			of which
	2024	2023	total change	organic	issuance of ordinary shares	perimeter	exchange rates
	€ million	€ million	€ million	€ million	€ million	€ million	€ million
cash and cash equivalents	666.3	620.3	46.0	609.0	650.0	(1,208.6)	(4.4)
bonds	-	(300.0)	300.0	300.0
loans due to banks	(289.6)	(130.6)	(159.1)	(153.8)		(11.5)	6.3
lease payables	(18.8)	(16.0)	(2.8)	(2.7)		(0.1)
other financial assets and liabilities	(21.1)	5.3	(26.4)	(26.8)			0.4
short-term net financial position	336.9	179.1	157.7	725.7	650.0	(1,220.2)	2.2
bonds	(1,580.3)	(845.8)	(734.5)	(734.5)
loans due to banks	(916.5)	(901.5)	(15.0)	6.0			(20.9)
lease payables	(58.7)	(60.0)	1.3	2.8		(0.1)	(1.4)
other financial assets and liabilities	10.2	9.8	0.4	0.3
medium-/long-term net financial position	(2,545.3)	(1,797.5)	(747.8)	(725.4)		(0.1)	(22.3)
net financial debt before put option and earn-out	(2,208.5)	(1,618.4)	(590.1)	0.3	650.0	(1,220.3)	(20.1)
liabilities for put option and earn-out payments	(168.4)	(235.1)	66.7	123.4		(48.7)	(8.0)
net financial debt	(2,376.9)	(1,853.5)	(523.4)	123.7	650.0	(1,269.0)	(28.1)

Below is a deep dive on the business development initiatives affecting the perimeter in the net financial debt

position for the period, split by items.


	Courvoisier cognac business(1)	joint-ventures and third- party investments(2)	total perimeter
	€ million	€ million	€ million
net impact on cash and cash equivalents	(1,109.8)	(98.8)	(1,208.6)
net financial assets (debt) acquired in business combinations	(11.7)	-	(11.7)
other financial debt for contingent considerations	(30.3)	-	-
total acquisition effect on closing date	(1,121.5)	(98.8)	(1,220.3)
settlement or (recognition) of put option liabilities	(48.7)	-	(48.7)
Net effect of (acquisitions) disposals over net financial debt	(1,170.2)	(98.8)	(1,269.0)
of which reported at 31 December 2024
net impact on cash and cash equivalent	(1,109.8)	(98.8)	(1,208.6)
net impact on net financial debt other than cash and cash equivalent	(60.4)	-	(60.4)

(1)Courvoisier Holding France S.A.S. acquisition completed in April 2024 (refer to ‘Significant events during the period’ paragraph of this additional financial

information).

(2)Acquisition of a minority stake of 15.4% in Capevin Holdings Proprietary Limited and capital contribution in the Dioniso joint-venture.

The short-term net financial debt position, mainly consisting of cash and cash equivalents (€666.3 million)

net of loans due to banks (€289.6 million), was positive at € 336.9 million, thus increasing compared with 31

December 2023. The main transactions that impacted the cash position in 2024 were the following:

- the issuance of new ordinary shares (for €650.0 million) and 5-year convertible bonds (for €550.0 million),

leading to a total gross amount cashed in of €1,200.0 million, primarily used to support the acquisition of

Courvoisier business, as well as to capitalise on market conditions optimizing the funding structure;

- the issuance of a new unrated 7-year bond on 18 June 2024 for a nominal amount cashed in of €220.0

million allocated for general corporate purposes;

- the repayment of unrated bonds issued in 2017 and 2019 with maturity in April 2024 for a total overall

amount cashed out of €300.0 million;

- the outlay for acquiring a minority stake of 15.4% in Capevin Holdings Proprietary Limited for €87.8 million

(€86.8 million and acquisition-related fees for €1.0 million);

- the outlay for acquiring the remaining 49% stakes in Licorera Ancho Reyes y cia, S.A.P.I. de C.V. and Casa

Montelobos, S.A.P.I. de C.V. as well as in Trans Beverages Company Ltd. (€55.2 million and €21.9 million

respectively) impacting liabilities for put option and earn-out payments;

- the capital contribution in the Dioniso joint-venture (contribution of €11.0 million equally supported by Moët

Hennessy);

- capital expenditure initiatives (€440.5 million), the dividend payment (€78.1 million) and income taxes paid

(€85.3 million).

The medium to long-term financial debt position primarily consisted of bonds and loans due to banks

totalling €2,545.3 million, increasing by €747.8 million, primarily related to the issue of the aforementioned

bonds.

The Group's bank loans include sustainability-linked facilities for an original nominal aggregated value of €450.0

million, reinforcing the Group's dedication to its sustainability journey. These facilities provide for a variable

interest rate component tied to the achievement of certain ESG targets identified by Campari Group and which

1 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 Management Board Report.


Performance review	49

Campari Group annual report for the year ended 31 December 2024

are particularly focused on the reduction of emissions, as well as the responsible use of water and gender

equality.

The Group’s net financial debt position included liabilities of €168.4 million related to future commitments to

acquire outstanding minority interests in controlled companies as well as liabilities for put options and earn-out

payments, including the earn-out related to the Courvoisier acquisition. The net decrease of €66.7 million

observed during the period can be attributed to the interplay of the following factors:

- the above-mentioned acquisition of the remaining 49% minority interests in Licorera Ancho Reyes y cia,

S.A.P.I. de C.V. and Casa Montelobos, S.A.P.I. de C.V.. The total consideration was confirmed to be aligned

with the estimated debt previously recognised. Since the companies were already under Campari Group's

control and included within its consolidation perimeter, hence in the estimated put option and earn-out

liabilities, the transaction had no material impact on the Group’s figures;

- net effect from remeasurement of the estimated liabilities resulted in a total net decrease of €45.6 million,

primarily related to Wilderness Trail Distillery, LLC and exchange rate fluctuations (€8.0 million);

- the recognition of the Courvoisier earn-out of liability assessed at €48.7 million at the acquisition date and

payable in 2029, contingent upon achievement net sales targets realized in full year 2028.

At 31 December 2024, Campari Group’s net debt/EBITDA-adjusted ratio 1 was 3.2 times, compared with 2.5 at

31 December 2023. At 31 December 2024, the increase in the ratio was primarily attributable to a temporary rise

in financial leverage resulting from the Courvoisier acquisition, as opposed to the increase in adjusted EBITDA,

which contributed for only eight months. The proforma index-adjusted at 31 December 2024, taking into account

a simulated annual effect on EBITDA of the new business in the last 12 months, would be unchanged and equal

to 3.2 times, assuming the same contained impact from the new business on a conservative basis.

Capital expenditure

During 2024, net investments totalled €440.5 million, of which €139.8 million were recurring and €300.7 million

were non-recurring.

The recurring investments were related to initiatives focused on continuously enhancing the supply chain, via

efficiency improvements, sustainability-related initiatives and business infrastructure development.

Specifically, they related to the following projects:

- maintenance expenditure on the Group’s operations and production facilities, offices and IT infrastructure

which, although individually not material, amounted overall to €71.1 million;

- the purchase of barrels for maturing bourbon and rum totalling €52.7 million, net of related disposals;

- investments to develop biological assets, totalling €15.9 million.

In terms of non-recurring investments, €96.9 million were related to the real-estate project to host the Group's

future new headquarters. Moreover, initiatives associated with supply chain capacity expansion aimed at

meeting anticipated long-term consumer demand were carried out for an amount of €187.7 million. The

initiatives were primarily allocated in the United States to expand bourbon production capacity (€53.7 million), in

Jamaica (€38.4 million), in Mexico to expand supply chain facilities for tequila production (€40.6 million), in Italy

to enhance the manufacturing footprint for aperitifs (€19.9 million), in France to modernise the production

process for cognac (€19.5 million), as well as in the United Kingdom (€3.1 million).

Focusing on sustainability-related investments included in the initiatives listed above (€55.7 million in 2024),

they were allocated to Jamaica (€32.6 million), Mexico (€13.6 million), the United Kingdom (€2.5 million) and

Martinique (€1.9 million).

Additionally, the Group continued to pursue its digital transformation path, investing €16.2 million during the

year. The investments also include an integrated transformation programme designed to support the Group's

strategic agenda: it enhances planning capabilities, drives actionable insights through improved external data

connection and structures, thus achieving improved business outcomes.

Concerning the nature of investments, net purchases encompassed tangible assets totalling €387.0 million,

biological assets namely related to agave plantations amounting to €15.9 million and intangible assets valued at

€37.6 million.

Lastly, investments for the rights of use of third-party assets were related to tangible assets attributable to

offices, plant and machinery and vehicles, which increased by €18.8 million during the period.


Performance review	50

Campari Group annual report for the year ended 31 December 2024

Reclassified statement of financial position

The Group’s financial position is shown in the table below in summary and in reclassified format, to highlight the

structure of invested capital and financing sources.


	31 December			of which
	2024	2023	total change	organic change	perimeter	exchange rates and hyperinflation
	€ million	€ million	€ million	€ million	€ million	€ million
fixed assets	5,326.3	4,115.4	1,210.9	296.2	823.5	91.2
other non-current assets and (liabilities)	(457.1)	(375.9)	(81.2)	13.1	(77.0)	(17.3)
operating working capital	1,456.3	1,105.6	350.6	(78.0)	414.7	14.0
other current assets and (liabilities)	(93.3)	(64.9)	(28.3)	(34.9)	9.6	(3.0)
total invested capital	6,232.2	4,780.2	1,452.0	196.4	1,170.7	84.9
Group shareholders' equity	3,854.0	2,925.2	928.8	981.1	(98.8)	46.5
non-controlling interests	1.3	1.6	(0.3)	(11.1)	0.5	10.2
net financial debt	2,376.9	1,853.5	523.4	(773.7)	1,269.0	28.1
total financing sources	6,232.2	4,780.2	1,452.0	196.4	1,170.7	84.9

Invested capital at 31 December 2024 was €6,232.2 million, an increase of €1,452.0 million compared with the

figures at 31 December 2023. This change was primarily related to the Courvoisier acquisition, completed on 30

April 2024. It was mainly driven by fixed assets, particularly intangible assets for brand and goodwill, and

inventory, primarily related to maturing stock. All reported values at the acquisition date were recorded at fair

market values in accordance with applicable accounting standards for business combination (refer to the

paragraph ‘Acquisitions and commercial agreements’ in the events section of the Management Board Report).

Focusing on the organic change, the most significant variations attributable to the invested capital referred to:

- the increase of €296.2 million in fixed assets, mainly related to investments envisaged for enhancing supply

chain capacity and efficiency, sustainability-related initiatives, as well as the real-estate project for the

Group’s headquarters in Italy;

- the decrease of €78.0 million in operating working capital, mainly attributable to an increase in trade

payables largely driven by business dynamics, especially in the final quarter of 2024, partially offset by an

increase in trade receivables, followed by the positive performance of net sales (refer to paragraph

‘Operating working capital’ for more information);

- the change of €34.9 million in other current liabilities net of assets, mainly related to value added tax as well

as excise taxes.

Moreover, invested capital at 31 December 2024 was significantly impacted by non-monetary foreign currency

exchange effects, resulting in a net increase of €84.9 million.

In terms of financing sources, significant changes occurred, notably an overall increase of €928.8 million in the

Group’s shareholders’ equity. This increase predominantly arose from the combined effect of issuance of new

ordinary shares for gross proceeds of €650.0 million, the Group results for the period of €201.6 million, dividend

payment of €78.1 million as well as an increase in non-monetary foreign currency effect of €46.5 million. The net

financial debt variations totalling €523.4 million were primarily related to the successful placement of senior

unsecured convertible bonds due in 2029 with an aggregate principal amount of €550.0 million as well as the

placement of an unrated bond issue due in 2031 for €220.0 million in principal aggregate amount (for more

detailed information, refer to the paragraph ‘Net financial debt’ in this Management Board Report).

As a result of the changes mentioned above, the Group’s financial structure showed a net debt to shareholders’

funds ratio of 61.7% at the end of the period, slightly decreased from 63.4% recorded at 31 December 2023.

Reconciliation of the Company and Group net profit and shareholders’ equity

For information related to the reconciliation between the result for the period and shareholders’ equity for the

Group with the same items of the Parent Company Davide Campari-Milano N.V., please refer to paragraph

‘Shareholders’ equity’ in the Company only financial statement at 31 December 2024.


Performance review	51

Campari Group annual report for the year ended 31 December 2024

Conclusion and Outlook

The full-year 2024 results demonstrated resilient performance in an environment marked by macroeconomic

and geopolitical volatility.

In the context of the current low visibility as to the duration of cyclical macro headwinds, 2025 is expected to be

a transition year. Moderate organic full-year net sales growth is expected to continue, with an improving trend in

the second half of 2025. The timing of Easter will drive a phasing of shipments leading to a low single-digit

negative growth in the first quarter, mainly driven by the European markets, followed by a progressive

improvement as markets continue to get back to normal consumption patterns.

Organic EBIT-adjusted margin is expected to be directionally flat for the year. Gross margin trends will be

determined based on the sales mix evolution despite confirmed cost of sales tailwinds. The step-up of

reinvestment in advertising and promotion initiatives is intended to restore to a historic normalized range of

17-17.5% of net sales. The initiated selling, general and administrative expenses containment program is

confirmed to deliver approximately 50 basis points of benefit on sales in 2025, phased into the second half of

the year. Accordingly, EBIT-adjusted performance is projected to be skewed into the second half of 2025 due to

adverse phasing of gross margin improvement, adverting and promotion spending and selling, general and

administrative expenses savings.

The 25% tariffs on imports from Mexico, Canada and Europe into the United Stated are estimated to have an

annualized potential impact of approximately €90.0 to €100.0 million before any potential mitigation actions,

which are currently under assessment and not included in the aforementioned guidance.

Medium- to long-term outlook announced on 29 of October 2024, is confirmed with confidence in continued

outperformance and market share gains leveraging strong brands in growing categories, leading to a gradual

return to mid-to-high single digit organic net sales growth trajectory in the medium-term in a normalized macro

environment before the impact of potential tariffs. Gross margin is expected to benefit from sales growth with

positive sales mix driven by aperitifs, tequila and premiumisation across the portfolio, as well as cost of sales

efficiencies. EBIT-adjusted margin accretion is expected to be also supported by the key company initiatives

delivering 200 basis points overall benefit on selling, general and administrative expenses over net sales in

three years by 2027 and increased efficiency in brand building spending.


Performance review	52

Campari Group annual report for the year ended 31 December 2024

Definitions and reconciliation of the Alternative Performance Measures (APMs or non-

GAAP measures) to GAAP measures

This paragraph presents and comments on certain financial performance measures that are not defined in the

IFRS (non-GAAP measures).

These measures, which are described below, are used to analyse the Group's business performance in the 'Key

highlights' and 'Management board report' sections and comply with the Guidelines on Alternative Performance

Measures issued by the European Securities and Markets Authority ('ESMA') in its communication

ESMA/2015/1415.

The alternative performance measures listed below should be used to supplement the information required

under IFRS to help readers of the annual report to gain a better understanding of the Group's economic,

financial and capital position. They are applied to Group planning and reporting, and some are used for

incentive purposes.

Alternative performance measures can serve to facilitate comparison with groups operating in the same sector,

although, in some cases, the calculation method may differ from those used by other companies. They should

be viewed as complementary to, and not replacements for, the comparable GAAP measures and movements

they reflect.

FINANCIAL MEASURES USED TO MEASURE GROUP PERFORMANCE

Organic change: Campari Group shows organic changes to comment on its underlying business performance.

By using this measure, it is possible to focus on the business performance common to both periods under

comparison, and which management can influence. Organic change is calculated by excluding both the impact

of currency movement against the € (expressed at average exchange rates for the same period in the previous

year) and the effects of brand asset deals, business acquisitions and disposals, as well as the signing or

termination of distribution agreements.

Specifically:

- the exchange rate effects are calculated by converting the figures for the current period at the exchange

rates applicable in the same period in the previous year. The exchange rate includes the effects associated

with hyperinflationary economies;

- the results attributable to businesses acquired or the conclusion of distribution agreements during the current

year are excluded from organic change for 12 months from the date on which the transaction is closed;

- the results attributable to businesses acquired or the conclusion of distribution agreements during the

previous year are included in full in the figures for the previous year as from the closing date of the

transaction, and are only included in the current period's organic change 12 months after their conclusion;

- the results from business disposals or the termination of distribution agreements during the same period in

the previous year are wholly excluded from the figures for that period and, therefore, from organic change;

- the results from business disposals or the termination of distribution agreements during the current period

are excluded from the figures for the same period in the previous year from their corresponding date of

disposal or termination.

To mitigate the effect of hyperinflationary economies, the organic change for countries having to adopt the

hyperinflationary methodology laid down in IFRS includes only the component attributable to volumes sold in

relation to net sales, while the effects associated with hyperinflation, including price index variation and price

increases, are treated as exchange rate effects.

The organic change as a percentage is the ratio of the overall value of the organic change, calculated as

described above, to the overall value of the measure in question for the previous period under comparison.

Gross profit: calculated as the difference between net sales and the cost of sales (consisting of their materials,

production and distribution cost components).

Contribution margin: calculated as the difference between net sales, the cost of sales (consisting of their

materials, production and distribution cost components) and advertising and promotional expenses.

Other operating income (expenses): related to certain transactions or events identified by the Group as

adjustment components for the operating result, such as:

- capital gains (losses) on the disposal of tangible and intangible assets;

- capital gains (losses) on the disposal of businesses;

- penalties or gains arising from the settlement of tax disputes;

- impairment losses on fixed assets (tangible and intangible);

- restructuring and reorganization costs;

- ancillary expenses associated with acquisitions (disposals) of businesses or companies;


Performance review	53

Campari Group annual report for the year ended 31 December 2024

- other non-recurring income (expenses).

These items are deducted from, or added to, the following measures: operating result (EBIT), EBITDA, profit or

loss before taxation, the Group's profit before taxation, net profit and the Group's net profit for the period.

For a detailed reconciliation of the items that impacted on the alternative performance measures referred to

above in the current and comparison periods, see the appendix at the end of this section.

The Group believes that properly adjusted measures help both management and investors to assess the

Group's results and cash flows year on year on a comparable basis as well as against those of other groups in

the sector, as they exclude the impact of certain items that are not relevant for assessing performance.

Operating result (EBIT): calculated as the difference between net sales, the cost of sales (in terms of their

materials, production and distribution), advertising and promotional expenses, and selling, general and

administrative expenses.

Result from recurring operations (EBIT-adjusted): the operating result for the period before the other

operating income (expenses) mentioned above.

EBITDA: the operating result before depreciation and amortisation of intangible assets with a finite life, property,

plant and equipment and right of use assets.

EBITDA-adjusted: EBITDA, as defined above, excluding other operating income (expenses).

Adjustments to financial income (expenses): certain transactions or events identified by the Group as

components adjusting the profit or loss before taxation related to events covering a single period or financial

year, such as:

- interest on penalties or gains arising from the settlement of tax disputes;

- expenses related to the early settlement of financial liabilities or liability management operations, including

financial liability remeasurement effects;

- financial expenses arising from acquisitions (disposals) of businesses or companies;

- other non-recurring financial income (expenses).

Put option, earn-out income (expenses): relates to the income (expenses) associated with the review of

estimates and assessment of expected cash-out settlement for put option and earn-out agreements, also

including the non-cash effect arising from the related actualisation.

Profit (loss) related to joint-ventures and other investments: relates to the income (expenses) resulting from

the application of the equity method in the valuation of the Group's interests in joint-ventures as well as from

other investments. The item also includes any fair value reassessments of previously held Group interests in

joint-ventures before their consolidation.

Profit (loss) before taxation-adjusted: refers to the result before taxation for the period, excluding other

operating income (expenses) and adjustments to financial income (expenses), as well as put option and earn-

out income (expenses). It also excludes the profit (loss) associated with the reassessments of previously held

joint-venture investments before their consolidation and any impairment related to investment initiatives, while

including the result before taxation attributable to non-controlling interests.

Tax adjustments: include the tax effects of transactions or events identified by the Group as components

adjusting the taxation of the period related to events covering a single period or financial year, such as:

- positive (negative) taxation effects associated with the operating and financial adjustments, as well as the put

option, earn-out income (expenses) and the profit (loss) related to re-assessments of previously held joint-

ventures before their consolidation;

- non-recurring positive (negative) taxation effects.

Tax rate-adjusted

The tax rate-adjusted is calculated by deducting the tax adjustments mentioned above from the taxation. The

new value of taxation-adjusted is then correlated to the profit or loss before taxation-adjusted.

Cash tax rate

The cash tax rate is calculated by deducting the tax adjustments mentioned above and the deferred taxes on

brands and goodwill which are relevant for tax purposes from the taxation. The new value of cash taxation is

then correlated to the profit or loss before taxation-adjusted.


Performance review	54

Campari Group annual report for the year ended 31 December 2024

Group’s net profit-adjusted: the result for the period attributable to the Group (i.e., excluding the non-

controlling interests result after taxation) before other operating income (expenses), adjustments to financial

income (expenses), to put option and earn-out income (expenses) and the profit (loss) related to re-

assessments of previously held joint-venture investments before their consolidation and any impairment related

to investment initiatives, before the related taxation effect and before other positive/negative tax adjustments for

the period.

Basic and diluted earnings per share-adjusted (basic/diluted EPS-adjusted): basic/diluted earnings per

share before other operating income (expenses), adjustments to financial income (expenses), to put option,

earn-out income (expenses) and the profit (loss) related to re-assessments of previously held joint-venture

investments before their consolidation and any impairment related to investment initiatives, before the related

taxation effect and before other positive (negative) tax adjustments for the period.

ROS (return on sales): the ratio of the operating result (EBIT) to net sales for the period.

ROS-adjusted: the ratio of the result from recurring activities (EBIT-adjusted) to net sales for the period.

Operating working capital as percentage of net sales

The ratio is calculated by dividing the net sales on operating working capital balances based on the reported

value at the closing date of the reference period; the net sales reference value is twelve months and is

calculated based on the reported value at the closing date of the reference period, into which the portion of net

sales recorded in the previous year is incorporated for the remaining months. Upon the occurrence of significant

business acquisition (or disposal) transactions, a pro-forma index is calculated to take into account the annual

effect on net sales of the business transaction (including for acquisition, excluding for a disposal) of the last

twelve months, to ensure consistency in comparative terms with the previous year reported.

Reclassified statement of financial position

The items included in the reclassified statement of financial position are defined below as the algebraic sum of

specific items contained in the financial statements:

Fixed assets: calculated as the algebraic sum of:

- property, plant and equipment;

- right of use assets;

- biological assets;

- investment property;

- goodwill;

- brands;

- intangible assets with a finite life.

Other non-current assets and liabilities: calculated as the algebraic sum of:

- other non-current assets;

- deferred tax assets;

- other non-current financial assets;

- deferred tax liabilities;

- post-employment benefit obligations;

- provisions for risks and charges;

- investments in joint-ventures.

- other non-current liabilities;

- other non-current financial liabilities.

Operating working capital: calculated as the algebraic sum of:

- inventories;

- biological asset inventories;

- trade receivables;

- trade payables.

Other current assets and liabilities: calculated as the algebraic sum of:

- income tax receivables;

- other current assets;

- income tax payables;

- other current liabilities;

- other current financial assets;

- other current financial liabilities;

- assets and liabilities held for sale.


Performance review	55

Campari Group annual report for the year ended 31 December 2024

Invested capital: calculated as the algebraic sum of the items listed above and in particular:

- fixed assets;

- other non-current assets and liabilities;

- operating working capital;

- other current assets and liabilities.

Financing sources: calculated as the algebraic sum of:

- Group shareholders' equity;

- non-controlling interests;

- net financial debt.

Net financial debt: calculated as the algebraic sum of:

- cash and cash equivalents;

- lease receivables;

- bonds;

- loans due to banks;

- lease payables;

- liabilities for put option and earn-out payments;

- other current and non-current financial assets and liabilities.

Organic change reported in operating working capital, net financial debt and reclassified financial

position items

The organic change is calculated by excluding, from the overall change of the period, the exchange rate effects

and the perimeter effect. The perimeter effect represents the items of the business acquired and sold as well as

the items connected with brand asset deals, at the date of their transaction.

Capital expenditure

This item includes the cash flow from the purchase of intangible and tangible fixed assets net of disposals made

during the period.

Recurring capital expenditure

This item shows the net cash flows from purchases/disposals relating to projects managed in the ordinary

course of business.

Reclassified statement of cash flows

The reclassified statements show a simplified and reclassified version of the cash flow statement disclosed in

the Consolidated Financial statements. The main classification consists of the representation of the change in

net financial debt at the end of the period as the final result of the total cash flow generated (or absorbed). The

total cash flows generated (or used) in the period thus correspond to the change in net financial debt.

Free cash flow

This is a liquidity measure and provides useful information to the readers of the report about the amount of cash

generated, which can be used for general corporate purposes, after payments for interest, direct taxes, capital

expenditure, and excluding income from the sale of fixed assets. Free cash flow shall be considered in addition

to, not as a substitute for, or superior to, cash flow from operating activities prepared in accordance with GAAP.

Recurring free cash flows: cash flows that measure the Group’s self-financing capacity, calculated on the

basis of cash flows from operations, before the other operating income and expenses referred to above, and

adjusted for interest, net direct taxes paid and cash flows used in capital expenditure attributable to ordinary

business before the income/losses component arising from the sale of fixed assets.

Recurring provisions and operating changes: these include provisions and operating changes, excluding the

other operating income and expenses referred to above.

Recurring taxes paid: these include taxes paid, excluding cash flows from tax incentives and from the disposal

of the Group's non-strategic assets.

Debt/EBITDA-adjusted ratio

The net debt/EBITDA-adjusted ratio is used by management to assess the Group's level of financial leverage,

which affects its capacity to refinance its debt by the set maturity dates and to obtain further financing to invest

in business development. The Group's debt management objective is based on the achievement of an optimal

and sustainable level of financial solidity while maintaining an appropriate level of flexibility with regard to

funding options. The Group monitors changes in this measure on an ongoing basis. Net debt is the Group's net

financial debt reported at the closing date of the reference period; the Group's EBITDA-adjusted for the past 12

months is calculated based on the reported value at the closing date of the reference period, into which the


Performance review	56

Campari Group annual report for the year ended 31 December 2024

portion of EBITDA-adjusted recorded in the previous year is incorporated for the remaining months. Upon the

occurrence of significant business acquisition (disposal) transactions, a pro-forma index-adjusted is calculated

to take into account the annual effect on EBITDA of the business transaction (including for acquisition, excluding

for a disposal) of the last twelve months, to ensure consistency in comparative terms with the previous year

reported.

Appendix of alternative performance indicators

For the year ended 31 December 2024.


For the year ended 31 December 2024	EBITDA		EBIT		profit before taxation		Group net profit		basic earnings per share	diluted earnings per share
	€ million	% on sales	€ million	% on sales	€ million	% on sales	€ million	% on sales	€	€
alternative performance measure reported	520.0	16.9%	392.4	12.8%	255.6	8.3%	201.6	6.6%	0.17	0.17
restructuring and reorganization costs	(102.6)	-3.3%	(102.6)	-3.3%	(102.6)	-3.3%	(102.6)	-3.3%	(0.09)	(0.08)
impairment of tangible assets, brands and business disposed	(56.8)	-1.8%	(56.8)	-1.8%	(56.8)	-1.8%	(56.8)	-1.8%	(0.05)	(0.05)
last mile long-term incentive schemes with retention purposes	(2.5)	-0.1%	(2.5)	-0.1%	(2.5)	-0.1%	(2.5)	-0.1%	-	-
fees from acquisition/disposals of business or companies	(12.3)	-0.4%	(12.3)	-0.4%	(12.3)	-0.4%	(12.3)	-0.4%	(0.01)	(0.01)
net expenses from route to market changes and indemnities from contract resolutions	(25.9)	-0.8%	(25.9)	-0.8%	(25.9)	-0.8%	(25.9)	-0.8%	(0.02)	(0.02)
net penalties or gains arising from the settlement of tax and legal disputes	(5.4)	-0.2%	(5.4)	-0.2%	(5.4)	-0.2%	(5.4)	-0.2%	-	-
finance transformation costs	(4.9)	-0.2%	(4.9)	-0.2%	(4.9)	-0.2%	(4.9)	-0.2%	-	-
other adjustments of operating income (expenses)	(2.3)	-0.1%	(2.3)	-0.1%	(2.3)	-0.1%	(2.3)	-0.1%	-	-
financial interest on tax litigation	-	-	-	-	0.5	-%	0.5	-%	-	-
impairment related to investment initiatives	-	-	-	-	(55.1)	-1.8%	(55.1)	-1.8%	(0.05)	(0.04)
tax adjustments	-	-	-	-	-	-%	92.8	3.0%	0.08	0.07
total adjustments	(212.6)	-6.9%	(212.6)	-6.9%	(267.2)	-8.7%	(174.4)	-5.7%	(0.15)	(0.14)
alternative performance measure adjusted	732.6	23.9%	604.9	19.7%	522.8	17.0%	376.0	12.2%	0.31	0.31


For the year ended 31 December 2024		basic	diluted (1)
Group net profit adjusted	€ million	376.0	390.2
outstanding shares	n.	1,200,346,949	1,250,652,701
earnings per share adjusted	€	0.31	0.31

(1)Both Group net profit-adjusted and outstanding shares are calculated also including the dilution from convertible instrument effect.


For the year ended 31 December 2024	Free cash flow
	€ million
alternative performance measure reported	173.0
impairment of assets	56.8
other changes from operating activities	(212.6)
non-recurring taxes paid	4.4
changes in other non-financial assets and liabilities	38.9
net cash flow from non-recurring investments	(300.7)
total adjustments	(413.2)
alternative performance measure adjusted (recurring free cash flow )	586.2


For the year ended 31 December 2024
€ million
EBITDA-adjusted at 31 December 2024	732.6
net financial debt at 31 December 2024	2,376.9
net debt/EBITDA-adjusted ratio	ratio 3.2
rolling twelve months EBITDA adjusted for business acquisition	748.5
net debt/EBITDA-adjusted for business acquisition ratio	ratio 3.2


Performance review	57

Campari Group annual report for the year ended 31 December 2024

For the comparative figures for the year ended 31 December 2023.


For the year ended 31 December 2023	EBITDA		EBIT		profit before taxation		Group net profit		basic earnings per share	diluted earnings per share
	€ million	% on sales	€ million	% on sales	€ million	% on sales	€ million	% on sales	€	€
alternative performance measure reported	650.4	22.3%	540.2	18.5%	466.5	16.0%	330.5	11.3%	0.29	0.29
net expenses from acquisition/disposals of business or companies and indemnities from contract resolutions	(17.0)	-0.6%	(17.0)	-0.6%	(17.0)	-0.6%	(17.0)	-0.6%	(0.02)	(0.01)
restructuring and reorganization costs	(19.6)	-0.7%	(19.6)	-0.7%	(19.6)	-0.7%	(19.6)	-0.7%	(0.02)	(0.02)
last mile long-term incentive schemes with retention purposes	(10.0)	-0.3%	(10.0)	-0.3%	(10.0)	-0.3%	(10.0)	-0.3%	(0.01)	(0.01)
Ukraine and Russia conflict	(2.3)	-0.1%	(2.3)	-0.1%	(2.3)	-0.1%	(2.3)	-0.1%	-	-
impairment of assets	(11.9)	-0.4%	(11.9)	-0.4%	(11.9)	-0.4%	(11.9)	-0.4%	(0.01)	(0.01)
net penalties or gains arising from the settlement of tax and legal disputes	(8.4)	-0.3%	(8.4)	-0.3%	(8.4)	-0.3%	(8.4)	-0.3%	(0.01)	(0.01)
non-recurring costs related to IT system implementation	(13.3)	-0.5%	(13.3)	-0.5%	(13.3)	-0.5%	(13.3)	-0.5%	(0.01)	(0.01)
capital (gains) losses on the disposal of tangible and intangible assets	7.6	0.3%	7.6	0.3%	7.6	0.3%	7.6	0.3%	0.01	0.01
other net (gain) expenses	(3.6)	-0.1%	(3.6)	-0.1%	(3.6)	-0.1%	(3.6)	-0.1%	-	-
adjustments to financial income (expenses)	-	-	-	-	(0.1)	-	(0.1)	-	-	-
profit (loss) related to re-assessments of previously held joint-ventures	-	-	-	-	0.9	-	0.9	-	-	-
tax adjustments	-	-	-	-	-	-	17.7	0.6%	0.02	0.02
total adjustments	(78.5)	-2.7%	(78.5)	-2.7%	(77.7)	-2.7%	(59.9)	-2.1%	(0.05)	(0.04)
alternative performance measure-adjusted	728.9	25.0%	618.7	21.2%	544.2	18.6%	390.4	13.4%	0.35	0.34


For the year ended 31 December 2023		basic	diluted
Group net profit-adjusted	€ million	390.4	390.4
outstanding shares	n.	1,127,727,622	1,139,171,963
earnings per share-adjusted	€	0.35	0.34


For the year ended 31 December 2023	Free cash flow
	€ million
alternative performance measure reported	(180.0)
impairment of assets	11.9
other changes from operating activities	(78.5)
non-recurring taxes paid	(7.0)
changes in other non-financial assets and liabilities	10.0
net cash flow from non-recurring investments	(183.3)
total adjustments	(246.9)
alternative performance measure-adjusted (recurring free cash flow )	66.9


For the year ended 31 December 2023
€ million
rolling twelve months EBITDA-adjusted PY	728.9
net financial debt at 31 December 2023	1,853.5
net debt/EBITDA-adjusted ratio	ratio 2.5


Performance review	58

Campari Group annual report for the year ended 31 December 2024

Group Sustainability performance review

In a world where environmental, social and governance (‘ESG’) protection is not merely an option but an

imperative, Campari Group is focused on spearheading change through sustainable innovation and responsible

practices in the management of its business activities, consistently in line with the system of values that has

always guided it and that it considers of fundamental importance for the Group's sustainable growth.

During 2024, the Group was engaged in the analysis of non-financial information required according to the

Corporate Sustainability Reporting Directive (‘CSRD’). In particular, the Group reviewed and integrated the

following activities to ensure compliance for the first integrated annual report at 31 December 2024: i) EU

taxonomy disclosure; ii) double materiality analysis; iii) European Sustainability Reporting Standards (‘ESRS’)

with a gap analysis compared to what was disclosed in the 2023 sustainability disclosure (for comprehensive

information refer to the 'Sustainability statement' included in the Management Board Report).

By embedding ESG principles into every facet of its operations, the Group is committed to foster a culture of

sustainability. Below are highlights of some initiatives realized throughout the year.

The Group joined the UN Global Compact in May 2024: a call to companies to conduct their operations and

strategies according to ten universal principles in human rights, labour, environment and anti-corruption. In

alignment with the UN Global Compact, Campari Group continues to take action in support of the sustainable

development goals and operating responsibly to create a brighter future and a better society.

Environment(1)

During the year, the Group has actively pursued initiatives to enhance environmental sustainability, prioritizing

GHG emissions, water and renewable source usage and waste. These efforts have been essential in fostering a

culture of responsibility and long-term stewardship, creating a lasting positive impact on the planet and future

generations.


	2024		2023	2019 baseline	Target 2025	Target 2030	Target 2050
GHG emissions intensity (kg of CO2/L) from direct operations (Scope 1&2)(2)	0.075 (including Courvoisier, -51.2% vs. 2019 and -8.8% vs. 2023)	0.084 (excluding Courvoisier, -45.7% vs. 2019 and +1.4% vs. 2023)	0.082 (-47% vs. 2019 and -2% vs. 2022)	0.154	-55% vs. 2019 (previous target of -20% already achieved)	-70% vs. 2019 (previous target of -30% already achieved)	Net Zero
GHG emissions intensity (kg of CO2/L) from total supply chain (Scope 1, 2&3)(3)	0.985 (including Courvoisier, -23.3% vs. 2019 and -6.2% vs. 2023)	1.038 (excluding Courvoisier, -19.1% vs. 2019 and -1.1% vs. 2023)	1.050(4) (-19% vs. 2019 and -6% vs. 2022)	1.284	-	-30% vs. 2019	Net Zero
Water usage intensity (L/L)	6.2 (including Courvoisier, -68.3% vs. 2019 and -32.1% vs 2023)	6.9 (excluding Courvoisier, -64.6% vs. 2019 and -24.1% vs. 2023)	9.1 (-54% vs. 2019 and -8% vs. 2022)	19.6	-60% vs. 2019	-62% vs. 2019	-

(1)The environmental data presented in the table pertains to the Group's scope including Courvoisier (first 2024 column) and excluding Courvoisier (second 2024

column). Since the targets refer to the scope before the Courvoisier integration, they exclude Courvoisier. Targets including Courvoisier will be updated

accordingly during 2025.

(2)The GHG Protocol Corporate Standard classifies a company’s GHG emissions into three scopes. Scope 1 emissions are direct emissions from owned or

controlled sources. Scope 2 emissions are indirect emissions from the generation of purchased energy.

(3)Scope 3 emissions are all indirect emissions (not included in Scope 2) that occur in the value chain of the reporting company, including both upstream and

downstream emissions.

(4)The previous value reported in 2023 disclosure (1.037) was recalculated in 2024.


	2024		2023	Target 2025
	including Courvoisier	excluding Courvoisier	2023	Target 2025
Electricity from renewable sources (%)	96.1%	96.0%	93%	90%
Waste to landfill (% over total waste)	0.9%	1.1%	1.4%	Zero waste to landfill


	2024	2023
CDP-Climate Change score	B for Climate Change (Management level) A- for Water Security (Leadership level)	A- (higher than the Food&Beverage processing sector average of B-)

In 2024, the Group results on energy and emission intensity in direct operations reflected changes in volume

and product mix. This was driven by a reduction in distilled production, which was less than the decline in

bottled production, and the baseload effect of reduced operations in several plants. Despite these challenges,


Performance review	59

Campari Group annual report for the year ended 31 December 2024

the Group continued to invest in energy efficiency and decarbonization initiatives, including heat pumps, boiler

upgrades, and thermal vapour recovery in Rothes distillery in Scotland, to partially offset the negative volume-

mix influences. The Group successfully reduced intensity emissions from direct operations by 8.8% compared to

the previous year, achieving a total reduction of about 7,518 tons of CO2e in 2024. Likewise, the GHG

emissions intensity performance for the total supply chain saw a reduction from the previous year, mainly due to

adjusted purchased goods and services in response to declining volumes, packaging optimizations, improved

supplier performance (disclosures through supplier engagement), and the carry-over effect of goods purchased

but not consumed in the last quarter of 2023. Overall, the intensity emissions of the Group value chain were

reduced by 6.2% compared to 2023.

In 2024, the Group continued local interventions and investments in production plants in line with its global water

reduction program. The Thermal Vapour Recompression system was completed at the Rothes distillery in

Scotland, significantly reducing cooling water consumption and recovering energy. A major impact on water

intensity improvements came from water reuse initiatives in Jamaica. The Group continues to ensure the safe

return of 100% of wastewater from operations to the environment, with no major incidents reported.

Furthermore, the ongoing expansion project for vinasse treatment at the tequila distillery was initiated .

The Group consistently achieved its target of sourcing electricity from renewable sources. The newly acquired

Courvoisier cognac business operates on 100% renewable power. As part of the Group decarbonisation

program, the production of on-site solar installations increased by 63% compared to 2023 and the photovoltaic

system installations was expanded at several production sites. Notably, while the Group's first Power Purchase

Agreement (wind power, baseload contract) in Italy was already in place in 2023, it was in 2024 that the Group

fully reaped its benefits.

During the year the Group's waste to landfill was 0.9% of the total waste generated (and 1.1% excluding

Courvoisier for a like-for-like comparison), equating to 261 tonnes less of waste to landfill compared to 2023.

Regarding Courvoisier's operations, the company also maintains a zero-waste-to-landfill policy, further

underscoring the Group's commitment to sustainable waste management practices.

In 2024, Campari Group reported its climate-related progress to the Carbon Disclosure Project ('CDP') for the

third time in the Climate Change section and for the first time in the Water Security section. The CDP is a non-

profit organization that promotes transparency and action on environmental issues. It helps investors and

companies make informed decisions and encourages leadership in climate action. CDP scores range from D- to

A. In 2024 Campari Group received a ‘B’ score for Climate Change, making a modest drop from its 2023 score

of 'A-', and an 'A-' score for Water Security. These ratings highlight the Group's effective environmental impact

management and its strong strategies for assessing water-related risk.

Responsible practices

Over the years, Campari Group has spearheaded a range of initiatives to promote responsible drinking, with a

strong focus on education, awareness and harm reduction. These efforts have been instrumental in fostering a

culture of moderation and accountability, generating a positive impact on individuals and communities alike. As a

leading force in the spirits industry, the Group upholds a commitment to quality and responsibility, demonstrated

through strategic communication projects, initiatives and training programs - both independently and in

collaboration with industry partners and trade associations.


	2024	2023	Target 2026
Responsible drinking	- Launch of the first corporate responsible drinking campaign - Launch of a pilot project in the EU to display QR codes on physical labels worldwide for nutritional information, ingredients and messages on responsible drinking - Bartender Hero training is further promoted through in-person masterclasses in partnership with the International Bartenders Association (IBA).	- Mandatory internal training on Code on Commercial Communication and responsible alcohol consumption - Digital brands’ campaigns on responsible drinking - Partnership with the International Bartenders Association (‘IBA’) for the development of responsible serving initiatives for bartenders	Educational sessions on responsible consumption of alcoholic beverages for 100% of Camparistas by 2026

Building on years of dedication to this cause, Campari Group actively engages employees and bartenders to

raise awareness about conscious and responsible consumption. Reinforcing this commitment, in 2024, the

Group took a significant step forward in consumer transparency by making all of its products available on

camparigroup.info, a dedicated digital labelling platform designed to provide key product information and

promoting responsible consumption.


Performance review	60

Campari Group annual report for the year ended 31 December 2024

Starting from 10 December 2024, a global communication campaign on responsible drinking ‘Take Time to

Taste’ has been launched, aimed at raising consumer awareness of a responsible approach to alcoholic

beverages, prioritizing moderation and responsibility. The campaign has also been published on the Group’s

official social channels featuring three great classics of Italian aperitivo, Aperol Spritz, Americano and Negroni,

elevating time as a key ingredient to fully experience moments of conviviality and togetherness, focusing on the

importance of responsible consumption. The communications also include messages for responsible and

moderate drinking that encourage combining the consumption of alcoholic beverages with food, staying

hydrated, observing drink-driving rules and respecting others and their choices.

Our People

Throughout the year, the Group has undertaken several impactful initiatives, reinforcing its commitment to

people-centric sustainability. These actions and results listed below have fostered inclusivity, equity, safety and

empowerment, creating meaningful value for our communities and stakeholders.


Female representation at management and senior management levels	2024	2023	target 2027
	38.3%	36.8%	40% by 2027


	2024	2023
Gender Equality and Equal Pay	- New more inclusive Parental Leave Policy released in 2024 - Gender Pay Gap -6.8% (adjusted pay gap 2.0%)	- Gender Fair Pay: new top workplace equity analysis to address pay fairness and equal opportunities - Gender Pay Gap -5.1% (adjusted pay gap 2.0%)
Health and Safety (1)	- The rate of recordable work-related accidents was 5.38 - The severity index was 0.20	-

(1)The metrics for the comparative year were not reported when calculated using 2023 measurement standards, as these differ from European Sustainability

Reporting Standards.

In 2024, Campari Group reinforced its commitment to diversity, equity, inclusion, health, and safety through

several key initiatives. The Group earned Fair Pay Workplace certification, recognizing its dedication to

equitable compensation. The certification process revealed an unadjusted median gender pay gap in Total

Actual Cash of 18.53%, meaning men earned 81.47 cents for every dollar earned by women. However, after

accounting for legitimate factors, the gap narrowed to near parity, with women earning 99.65 cents for every

dollar earned by men. To maintain pay equity, the Group will continue monitoring and reporting.

Campari Group also strengthened workplace safety and well-being by implementing targeted measures across

all production sites, benefiting both employees and contractors.

In June 2024, the Group approved a Global Parental Leave Policy designed to support Camparistas during one

of life’s most significant milestones. The policy ensures consistent leave duration (establishing a comprehensive

framework for minimum leave periods for both primary and secondary caregivers), eligibility criteria and benefits

offered across all countries, creating a more equitable and inclusive workplace and is part of the Group’s

commitment to enabling caring and career and to creating the best Camparista experience.

In September 2024, the Group was awarded Fair Pay certification by the non-profit organisation Fair Pay

Workplace. This milestone underscores the Group’s ongoing commitment to ensuring that everyone receives

fair compensation for their hard work, earning equal pay for equal work, regardless of gender.

1 International Monetary Fund, World Economic Outlook


Performance review	61

Campari Group annual report for the year ended 31 December 2024

Stock performance in the capital market

The global economy

Global macroeconomic conditions in 2024 have reflected a complex mix of ongoing recovery, persistent

challenges and evolving dynamics in multiple areas. Global growth has stabilized after the COVID-19 pandemic,

impact on inflation and supply chain disruptions. The latest estimates released in October 2024 by the

International Monetary Fund ('IMF') expect global growth in 2025 to be stable versus the 3.2% that is forecasted

for 2024. The highest contribution is expected to come from Asian emerging markets and the United States,

mitigating weakness in the Euro area. The strategies implemented by central banks in the past to increase

interest rates to fight inflation trends is bringing the expected results with global headline inflation expected to

fall from an annual average of 6.7% in 2023 to 5.8% in 2024 and 4.3% in 2025 according to IMF’s latest

estimates as of October 2024. Trade relationships are influenced by the ongoing geopolitical tension, in

particular between United States and China. Stronger protectionist policies could heighten trade tensions,

decrease market efficiency, and cause further disruptions to supply chains.

Regarding the Group's largest market, the United States, GDP is expected to grow by +2.2% in 2025 while the

second largest market Italy is forecasted to grow by +0.8% in 2025, below the general Euro area at +1.2%.

Regarding the Group’s other key markets in Europe, GDP in Germany is expected to grow by +0.8% in 2025, in

France by +1.1% and in the United Kingdom by +1.5%. Australia, the main market for the Group in the Asia-

Pacific region, is expected to register growth of +2.1% in 2025. As a key emerging market for the Group, Brazil

is expected to grow by +2.2% in 2025, and China by +4.5% in the same period 1.

Spirits sector

In the spirits industry, 2024 has seen a further normalisation of consumption compared to previous years,

influenced by persistently high inflation and lower consumer confidence. As a result, wholesalers and

distributors have engaged in destocking to align with current consumer demand. Additionally, the spring and

summer weather conditions, particularly in countries with a strong aperitif culture, negatively affected

consumption, especially within the on-premise channel. Ready-to-drink ('RTD') products continue to be a

growing trend in regions like the United States, with strong growth partially offsetting the more moderate

performance in the bottled category.

Financial markets

The year 2024 was positive year overall for equity markets, continuing the trend from 2023. At the same time,

volatility levels remained high throughout the year due to factors such as geopolitical tensions, prolonged

inflation, the continuation of the Russia-Ukraine conflict and the breakout of further conflicts in the Middle East.

During 2024, the FTSE MIB Index increased by +12.6%, led by the financial sector. In Europe, the MSCI Europe

Index registered performance of +5.7%, while in the United States, the S&P 500 Index increased by +23.3%

overall. Driven by some of the sector-specific challenges impacting consumer staples, the MSCI Europe

Consumer Staples Index decreased by -5% during the same period.

Regarding exchange rate fluctuation over the year 2024, many Group currencies depreciated vs. the €,

including the Canadian Dollar (-1.5%), the Jamaican Dollar (-1.5%) and the Mexican Peso (-3.2%). The British

Pound appreciated (+2.8%) vs. the € as well as the Swiss Franc (+2%). The US$ remained flat compared to

2023.

Stock performance in the capital market

During 2024, the Campari Group stock price decreased by -41.1% in absolute terms, underperforming the

STOXX Europe 600 Food&Beverage Index by -28.2%. It also underperformed the FTSE MIB Index by -53.7%

during the same period. This performance was driven by a general de rating of spirits companies due to the

sector-specific cyclical impacts as well as company-specific impacts throughout the year.

1 Refer to ‘Governance’ section in the 2024 Annual Report for additional information regarding the composition of the share capital and details on major

shareholders.


Performance review	62

Campari Group annual report for the year ended 31 December 2024

Performance of the Campari stock and the main benchmark indices from 1 January 2024 to 31

December 2024

Note: The STOXX Europe 600 Food & Beverage Price Index is a capitalisation-weighted index which includes European companies operating in the food and

beverage industry

Davide Campari-Milano N.V. stock

Shares 1

As of 31 December 2024, the total share capital of Davide Campari-Milano N.V. (including Special Voting

Shares) was equal to €36,790,503.

The total share capital consisted of 1,231,267,738 ordinary shares with a nominal value of €0.01 each, for a

total of €12,312,677; 71,696,938 Special Voting Shares A with a nominal value of €0.1 each, and 594,021,404

Special Voting Shares B with a nominal value of €0.04 each, for a total of €36,790,503. Further information is

available on Campari Group’s website: Investors | Campari Group.

Dividend

The Board of Directors voted to propose to the Annual General Meeting (‘AGM’) a dividend of €0.065 per share

for the year 2024, gross of withholding taxes, in line with the previous year.

The dividend will be paid on 24 April 2025 (with an ex-date for coupon n. 5 of 22 April 2025 in accordance with

the Italian Stock Exchange calendar, and a record date of 23 April 2025). The Board of Directors resolved to

convene the AGM on 16 April 2025 to approve, inter alia, the Financial Statements for the year ended 31

December 2024 as well as the Remuneration Report (advisory vote).

Information on the Campari stock and valuation indicators

The tables below show the performance of the Campari stock and the main valuation indicators used by

Campari in the last five years.


Year	Minimum price	Maximum price	Average price	Price on 31 December	Change in Campari stock	Change in FTSE MIB	Relative performance of Campari(1)	Average daily trading volume	Average daily trading value	Stock market capitalisation at 31 December	Annualized Total Shareholder Return
	€	€	€	€	%	%	%	millions of shares	€ million	€ million	%
2024	5.58	10.08	8.42	6.02	-41.09%	+12.63%	-53.72%	10.0	84.0	7,410	-40.7%
2023	9.56	12.93	11.26	10.22	+7.71%	+28.03%	-20.32%	4.5	50.9	11,866	+8.3%
2022	8.65	12.87	10.05	9.48	-26.22%	-13.31%	-12.91%	2.0	20.2	11,017	-25.8%
2021	8.68	13.47	11.10	12.86	+37.63%	+23.00%	+14.63%	1.7	11.1	14,913	+38.4%
2020	5.54	9.85	8.25	9.34	+14.74%	-5.42%	+20.16%	2.6	21.0	10,849	+15.6%

(1)Compared with the FTSE MIB index.


Performance review	63

Campari Group annual report for the year ended 31 December 2024

The table below provides information on the main valuation indicators for Campari stock in the last five years.


Year	Basic earnings per share(1)	Diluted earnings per share (1) (2)	Price/ shareholders' equity per share	Gross dividend per share (€)(3)	Payment date	Dividend Paid (€)	Price/net profit per share (1)	Dividend/net profit per share (1) (3)	Dividend/ price per share(3)
2024	0.17	0.17	1.92	0.065	Apr-25	78.2	35.8	0.388	0.012
2023	0.29	0.29	4.06	0.065	Apr-24	78.1	34.9	0.236	0.006
2022	0.30	0.29	4.12	0.060	Apr-23	67.5	32.1	0.202	0.006
2021	0.25	0.25	6.3	0.060	Apr-22	67.6	50.9	0.239	0.005
2020	0.17	0.16	5.43	0.055	Apr-21	61.6	56.4	0.328	0.006

(1)Based on net profit (not adjusted for non-recurring components) and total number of shares of 1,200,346,949 for 2024.

(2)For the purposes of calculating the diluted earnings (loss) per share, the weighted average of outstanding shares is adjusted in line with the assumption that all

potential shares with a diluting effect will be converted. The total # of shares used for 2024 is 1,250,652,701.

(3)Dividend relating to the year. Proposed dividend for the 2024 financial year.

Investor relations

In compliance with both applicable Italian and Dutch laws, Davide Campari-Milano N.V. (as a Dutch company

listed on the Italian Stock Exchange) transmits any regulated information through the transmission system 1Info

SDIR, managed by Computershare S.p.A., and files such information through ‘Loket AFM’ to the AFM (Authority

for the Financial Markets), which makes it available on its website’s relevant register at www.afm.nl.


Performance review	64

Campari Group annual report for the year ended 31 December 2024

Intentionally blank page


Sustainability statement	65

Campari Group annual report for the year ended 31 December 2024

Sustainability statement

Index-Sustainability statement


General information ..........................................................................................................................................	66
Basis for preparation ..................................................................................................................................	66
The Sustainability Governance model ....................................................................................................	68
Campari Group’s Value Chain ..................................................................................................................	77
Engagement with stakeholders ................................................................................................................	78
Presentation of the results of the double materiality assessment process ......................................	80
List of datapoints in cross-cutting and topical standards that derive from other EU legislation ....	87
Reconciliation table related to General information ..............................................................................	92
Environmental information .............................................................................................................................	94
ESRS E1 Climate Change ........................................................................................................................	94
ESRS E3 Water and marine resources ..................................................................................................	109
ESRS E4 Biodiversity and ecosystems ..................................................................................................	114
ESRS E5 Resource use and circular economy .....................................................................................	120
EU Taxonomy disclosures ........................................................................................................................	124
Reconciliation table related to Environmental information ..................................................................	138
Social information .............................................................................................................................................	141
ESRS S1 Own workforce ..........................................................................................................................	141
ESRS S2 Workers in the value chain .....................................................................................................	167
ESRS S4 Consumers and end-users .....................................................................................................	175
Reconciliation table related to Social information .................................................................................	183
Governance information ..................................................................................................................................	186
ESRS G1 Business conduct .....................................................................................................................	186
Reconciliation table related to Business conduct ..................................................................................	190

1 Intern: student or recent graduate undergoing a supervised work experience for a limited period of time with a specific, non-regular, employment contract with

Campari Group.

2 Casual worker: worker working for Campari Group on an ongoing contract with no end date and with no guaranteed working hours (as usually irregular), having

a specific, non-regular, employment contract with Campari Group.

3 Agency worker: worker supplied to Campari Group by an employment (staffing/workforce resourcing) agency, with which they have an employment contract.


Sustainability statement	66

Campari Group annual report for the year ended 31 December 2024

General information

This section addresses the requirements of the Dutch Civil Code, and of the Dutch Decree on Non-Financial

Information (‘Besluit bekendmaking niet-financiële informatie’), which is a transposition of Directive 2014/95/EU

‘Disclosure of non-financial and diversity information’ into Dutch law.

At Campari Group, the concept of Environmental, Social and Governance (‘ESG’) was adopted to articulate its

influence on the surrounding world and on the Group’s commitment to eliminating, mitigating, or reducing

adverse impacts: it strives to manage risks effectively while seizing opportunities for positive change. This

introduction outlines Campari Group’s approach to managing ESG priorities and evaluating its performance in

these areas. In the following sections, detailed disclosures were provided to delve into Campari Group’s

materiality assessment process, which enables the identification of the most significant ESG issues to Campari

Group stakeholders. These material topics were aligned with the Group’s growth strategies and will be

incorporated into its sustainability roadmap. The Sustainability information sections provide a detailed overview

of the Group’s impacts, strategic approach and progress made, as well as the related performance metrics and

targets for each key area. Please note that, if not otherwise stated, no metric provided in this Sustainability

Statement is validated by an external body other than the assurance provider.

In 2023, the Group began preparing to comply with the Corporate Sustainability Reporting Directive (‘CSRD’),

actively involving a wide range of stakeholders throughout the process. This new regulation introduced by the

European Union mandates companies to disclose sustainability-related information starting from the reporting

year 2024. The law aims to enable investors and stakeholders to evaluate investment risks associated with

climate change and other sustainability-related factors. Additionally, it seeks to enhance transparency regarding

a company’s impact on people and the environment, as well as the influence of external environmental and

societal factors on the Group itself.

The reported disclosures were based on the new European Sustainability Reporting Standards (‘ESRS’) as

adopted by the European Commission and compliant with the double materiality assessment process carried

out to identify the information reported pursuant to the ESRS, as well as with the reporting requirements

provided for in Article 8 of Regulation (EU) 2020/852 ('Taxonomy Regulation').

Since 2004, Campari Group, headquartered in Sesto San Giovanni (Milan), has been developing a proprietary

direct distribution network, which has grown from 5 to 26 markets worldwide in 16 years. The Group brought the

bottling activities in the core markets and, since 2004, has been increasing the number of production sites

around the world from 8 to 25 at 31 December 2024: Italy (4), Greece, Scotland, Jamaica (3), France (7),

Australia, Mexico (3), United States (2), Canada, Argentina, and Brazil. For general information on Campari

Group and highlights on financial performances please refer to the ‘Campari Group at a glance’ and

‘Performance review’ chapters of the Management Board Report.

On 31 December 2024, the total workforce consisted of 5,560 people, of whom 5,254 were Campari Group

employees (Camparistas: of whom 5,122 had a permanent contract), 129 interns 1, 54 casual workers 2 and 123

agency workers 3. Camparistas by region, gender and professional category (for further information about

headcount of employees by geographical areas refer to 'ESRS S1 - Metrics and Targets related to Own

workforce').

No entity-specific information was identified to be reported.

The Reconciliation tables required by the European Sustainability Reporting Standards, are presented at the

end of each chapter to ensure transparency by linking sustainability data with Sustainability statement. They

enhance stakeholders' understanding, support comparability, and strengthen trust in corporate reporting,

aligning with European standards for accuracy and accountability.

Basis for preparation

On 4 March 2025 the Board of Directors of the Parent Company approved the Sustainability statement of

Campari Group for the year ended 31 December 2024 and authorized them for issue.


Sustainability statement	67

Campari Group annual report for the year ended 31 December 2024

The preparation of the Sustainability statement requires management to exercise judgement, make estimates,

and apply assumptions that influence the reported amounts and disclosures. These estimates and assumptions

are informed by experience and other factors deemed reasonable under the prevailing circumstances. They are

subject to continuous review and reassessment. Key Performance Indicators (‘KPIs’) involve a heightened level

of judgement and complexity. Consequently, changes in the underlying assumptions and estimates could lead to

outcomes differing from those reflected in the Sustainability statement included in this Annual Report. The

indicators subject to significant judgement in this estimation are those referring to Scope 3 emissions, with

particular reference to the categories 'Capital goods', 'Employee commuting', 'Upstream leased assets' and

'Investments', the data of water discharged, waste and materials in resources inflows of Casa Lumbre and the

data of materials in resource inflows of Courvoisier. For more information on estimates refer to the following

chapters: 'Climate change commitments, Actions and Metrics' in the 'ESRS E1 Climate Change' section, 'Metrics

and Targets related to water and marine resources' in the 'ESRS E3 Water and marine resources' section,

'Metrics and Targets related to resource use and circular economy' in the 'ESRS E5 Resource use and circular

economy'.

The Sustainability statement of Campari Group was prepared on a consolidated basis, with the scope of

consolidation matching that of the Consolidated Financial Statements at 31 December 2024 (please refer to the

note 2 v.-'Principles of control and consolidation' of the Campari Group Consolidated Financial statements). With

regard to investments, such as joint-ventures where Campari Group did not have direct operational control, full

consolidation was not considered in the Sustainability statement. Regarding the acquisitions made during the

year, they have been reflected in these statements; however, they did not contribute to the previously defined

ESG strategic objectives for 2024. This is due to the common delay between the closing of a business

transaction and its full integration into sustainability goals. As for the Courvoisier business, it will be incorporated

into the revised strategic sustainability objectives planned for 2025.

The material impacts, risks and opportunities connected to the Sustainability statement pertains to the Group's

entire value chain, which has been assessed as part of its double materiality assessment.

In alignment with the CSRD requirements, the materiality assessment was revised in 2024 based on the newly

introduced principle of Double Materiality, reflecting the implementation of the CSRD within the European

context.

The reporting period applicable to these Sustainability statement aligns with the reporting period of the

Consolidated Financial Statements. Furthermore, the Sustainability statement encompasses the following time

intervals:

- short-term time horizon: defined as one year from 31 December 2024.

- medium-term horizon: spanning from the conclusion of the short-term reporting period up to five years;

- long-term horizon: extending beyond five years.

The data relating to previous years is reported for comparative purposes on a voluntary basis, to allow

performance to be assessed on a multi-annual basis. In the event that the indicator measured in comparative

periods proves not to be fully aligned with the new CSRD requirements, these are not included.

Data collection and monitoring were managed through the Group’s sustainability platforms (i.e., Enablon,

SuccessFactors for data related to Campari Group's own workforce and Dynamics Quality for complaints

information) and included all information related to headcounts (‘Social Information’ chapter) and the main

environmental Key Performance Indicators (‘KPIs’) (‘Environmental Information' chapter). With the exception of

Scope 3 emissions, all environmental data refer to the Group's own plants, while offices are not included in the

calculation.

Some disclosures are incorporated by reference, such as those concerning the description of business activities

and markets served, and ESG considerations in remuneration. Wherever information is incorporated by

reference, this is explicitly indicated.

For 2024, general tagging of the Sustainability statement under CSRD is not applied, as the European Single

Electronic Format (ESEF) has not been formally adopted.


Sustainability statement	68

Campari Group annual report for the year ended 31 December 2024

The Sustainability Governance model

Sustainability core commitments

In 2020 Campari Group formalised and disclosed its sustainability commitments into a roadmap, providing a

strategic framework to guide investments and performance in alignment with the Group’s values. In 2024, the

Group continued implementing the initiatives to achieve global targets while integrating regulatory requirements

arising from the CSRD, including revising its materiality analysis based on the double materiality principle under

the European Sustainability Reporting Standards. Material topics are detailed in the 'Presentation of the results

of the double materiality assessment process' section and will inform the Group's evolving strategy. For the

broader Campari business strategy, please refer to the ‘Strongly positioned for future growth: our ambition

roadmap’ paragraph of the Management Board Report.

As its business grows, Campari Group constantly encounters new opportunities to generate positive economic,

social and environmental impacts. Campari Group’s approach to sustainability identifies the following four areas

through which the Group’s commitment to creating value in each business area is structured:

a) our people: for its people, the Group prioritises health, safety, and diversity, equity, and inclusion (DEI),

fostering a collaborative and inclusive culture through a dedicated DEI strategy;

b) responsible practices: the Group responsible drinking strategy is aimed at educating and sensitising

employees, bartenders, and consumers on mindful alcohol consumption;

c) the environment: the Group environmental goals target energy, emissions, water, and waste reduction by

2025 and 2030, with a net zero ambition by 2050;

d) community involvement: in the broader context of sustainability, it is essential to implement the initiatives

outlined above with a comprehensive approach that prioritises the needs and well-being of local

communities. This means not only considering material ESG impacts, but also ensuring that these actions

are aligned with the cultural, social, and economic realities of the communities involved.

Sustainability targets are set, tracked, and reported annually in the Sustainability statement, ensuring

transparency and accountability. The targets have been voluntarily adopted in 2020, revised in 2023 and

established by the functions responsible for their management and the implementation of related actions. As

explained in detail in the sustainability-specific topics related to the material ESG components in the following

section of this Sustainability statement, targets are set in alignment with industry trends and reporting standards

through a rigorous process involving benchmark analyses, business insights, and stakeholder comparisons.

This ensures targets are ambitious yet achievable, supporting strategic planning and continuous improvement.

With a 5- to 10-year horizon, Campari Group can effectively plan, implement, and refine sustainable practices.

The Campari Group’s sustainability core commitments are disclosed below.


Sustainability statement	69

Campari Group annual report for the year ended 31 December 2024


Our people Ensuring health and safety, diversity, equity and inclusion, enhances employee satisfaction and innovation. Strategic alignment: a motivated and diverse workforce drives better business performance and supports the Group's goal of being an employer of choice.		Responsible practices Promoting responsible sourcing, communication and granting access to qualified information, enhances brand trust and loyalty. Strategic alignment: by implementing the Global Strategy on Responsible Drinking and responsible communication initiatives, Campari Group reinforces its reputation for high quality and responsible consumption. This directly supports its strategic objective of maintaining strong brand equity and consumer trust.
Diversity, Equity and Inclusion, learning and development, health and safety - Diversity, Equity and Inclusion (‘DEI’): consistent and intentional strategy on Diversity, Equity and Inclusion that will sustain and enable continuous workplace improvement and business results. Specific targets on female representation are: at least 33.33% female Executive Directors by the Board of Directors’ renewal in 2028; at least 40% female Non-Executive Directors by the Board of Directors’ renewal in 2025; at least 40% female members of Management by the end of 2027. - Development Culture: establishing integrated processes across the organisation to support the development of Camparistas at individual and company level. - Sustainable improvement in the health and safety management system through the realisation of initiatives in specific fundamental areas.		Education and involvement with regard to responsible drinking - Continuous training for the global marketing community on the principles of responsible marketing, with yearly targets; - Ensure Responsible Drinking Messages ('RDMs') are included in 100% of marketing and communications for alcoholic products; - Educational sessions on responsible consumption of alcoholic beverages for 100% Camparistas by 2026; - Continue to ensure that the products' information is available to consumers for all the Group’s products on camparigroup.info; - Launch the first corporate responsible drinking campaign by end of 2024.



Environment Energy efficiency, decarbonisation, waste and water management reduce operational costs and carbon footprint. Strategic alignment: setting environmental targets and focusing on sustainability practices ensures long- term operational efficiency and risk management. This aligns with the Group's strategic goal of sustainable growth and resilience against climate-related risks.		Community involvement Balancing global sustainability goals with local priorities fosters more inclusive and equitable outcomes, helping to build lasting partnerships, create positive, long-term change, foster goodwill and enhance brand reputation. Strategic alignment: initiatives such as sharing health and safety best practices, providing educational support, engaging in community service and promoting art and culture strengthen Campari Group’s social licence to operate. These efforts align with the Group’s goal to create positive social impact, build strong community ties and ensure long-term brand loyalty and market presence. By embedding sustainability into its core strategy, Campari Group addresses key environmental and social challenges while unlocking opportunities for growth and resilience.
Energy and GHG emissions - Achieve net-zero emissions by 2050 or, hopefully, sooner. - Reduce greenhouse gas (‘GHG’) emissions intensity (kg CO2 /L) from direct operations by 55% by 2025, by 70% by 2030 and by 30% from the total Supply Chain by 2030, with 2019 as a baseline. - 90% renewable electricity in all Group’s production sites by 2025. Water - Reduce water usage intensity (L/L) by 60% by 2025 and by 62% by 2030, with 2019 as a baseline. - Continue to ensure the safe return of wastewater from direct operations to the environment. Waste - Zero waste to landfill from direct operations by 2025.		Exporting best practices across key markets - Strong commitment to work, education and culture will continue to be key for Campari Group. - Best local practices, will be exported to other geographies around the world. - Continuous involvement in the art world through sponsoring major events, collaborating with renowned artists and further developing iconic brand houses and the Campari Gallery. - Strong support to business partners through activations and events, being committed to playing a major role in the comeback of the on-premise channel. - Strong support to foundations around the world, to promote assistance, training, education and charity in favour of Camparistas and local communities.

These initiatives are in line with Campari Group’s goal of fully integrating its sustainability strategy into its

business activity, aimed at contributing to the attainment of the United Nations Sustainable Development Goals

(‘SDGs’) established under the UN 2030 Sustainable Development Agenda and insights gathered through

stakeholder engagement. Campari Group contributes to the attainment of 11 of the 17 Sustainable Development

Goals (‘SDGs’), which promotes the active participation of all stakeholders (i.e., private sector, public sector,

institutions and local communities). In particular, the objectives shown in the table below were linked to the

sustainability topics that constituted the starting point for conducting the Group 2024 Double Materiality

Assessment (‘DMA’).


Sustainability statement	70

Campari Group annual report for the year ended 31 December 2024


SDGs	Campari Group topics	Campari Group commitments
1-No Poverty	Remuneration policies Relationships and initiatives for the community Activities supporting foundations	Exporting best practices across key markets - Strong commitment to work, education and culture will continue to be key for Campari Group. - Best local practices will be exported to other geographies around the world. - Supporting foundations in the world, to promote assistance, training, education and charity in favour of Camparistas and local communities Learning and development, health&safety - Development culture: establishing integrated process across the organisation to support the development of Camparistas at individual and company level. - Sustainable improvement in the health and safety management system through the realisation of initiatives within specific fundamental areas. Education and involvement on responsible drinking - Ad hoc and continuous training for the global marketing community going into digital communication in great depth - Educational sessions on responsible drinking for 100% of Camparistas - Responsible serving project for bartenders to be leveraged at global level.
4-Quality Education	Employee training and development Relationships and initiatives for the community Activities supporting foundations
8-Decent Work and Economic Growth	Value generated and distributed to stakeholders Economic sustainability Job creation Diversity, equal opportunities and inclusion Training and employee development Human rights Recruitment, turnover and pension policies Talent attraction Remuneration policies Industrial relations Work-life balance Employee satisfaction Health and safety
3-Good Health and Well- being	Health and safety Emissions Waste Water	Energy and GHG emissions - Achieve net-zero emissions by 2050 or, hopefully, sooner. - Reduce greenhouse gas (GHG) emissions from direct operations (Scope 1 and 2) by 55% by 2025, by 70% by 2030 and by 30% for the total Value Chain by 2030. - 100% renewable electricity for European production sites by 2025. Water - Reduce water usage (L/L) by 60% by 2025 and by 62% by 2030. - Return 100% of wastewater from Campari Group operations to the environment safely. Waste - Zero waste to landfill within 2025.
6-Clean Water and Sanitation	Water
7-Affordable and Clean Energy	Energy Renewable energy
12-Responsible Consumption and Production	Emissions Energy Water Waste Materials Supply chain transparency and traceability Product quality Food safety
13-Climate Action	Emissions Energy Suppliers-Qualification and evaluation with respect to environmental criteria
5-Gender Equality	Diversity, equal opportunities and inclusion Remuneration policies Human rights	Diversity, Equity and Inclusion - Consistent and intentional strategy on Diversity, Equity and Inclusion that will sustain and enable continuous workplace improvement and business results.
10-Reduced Inequalities	Diversity, equal opportunities and inclusion Remuneration policies Human rights Indirect economic impact on communities Initiatives for the community Activities of the Foundations
17-Partnerships for the Goals	Business relations with responsible and transparent partners Relations with institutions Projects and initiatives on sustainability	Exporting best practices across key markets - Continuous involvement in the world of art, through sponsoring major events, collaboration with renowned artists and further developing iconic brand houses and the Campari Gallery. - Strong support to business partners through activations and events, being committed to playing a major role in the comeback of the on-premise channel.

As sustainable finance grows, investors increasingly offer sustainability-linked loans with lower capital costs for

companies that meet defined sustainability targets. This improved access to capital reduces costs. In 2023 the

Group has adopted sustainable finance instruments, aligning funding with ESG commitments, and launched an

€800.0 million sustainability-linked facility, comprising a €400.0 million term facility and a €400.0 million revolving

facility, backed by nine banks. The facility’s interest rate varies based on ESG targets related to emissions

reduction, water conservation, and gender equality, with annual adjustments based on performance. For the

year ended 31 December 2024 the saving in financial costs was €154.4 thousand (refer to '3-x. Financial

income and expenses' in the Campari Group Consolidated Financial statements) The strategy is in line with the

Group's goal to increase transparency and improve sustainability disclosures, ensuring comparability.


Sustainability statement	71

Campari Group annual report for the year ended 31 December 2024

Due diligence process

The following table provides a mapping of how Campari Group applies the core elements of due diligence in

relation to people and the environment and where they are presented in this Sustainability Statement.


Core elements of Due Diligence	Paragraph in the Sustainability Statement
Embedding sustainability due diligence in governance, strategy, and business model	The role of the management and supervisory bodies; Risk management and internal controls over sustainability reporting; Technical competences over ESG matters; Committees; Presentation of the results of the Double Materiality Assessment process
Engaging with affected stakeholders in all key steps of the sustainability due diligence	The role of the management and supervisory bodies; Presentation of the results of the Double Materiality Assessment process; Engagement with stakeholders; Risk management and internal controls over sustainability reporting
Identifying and assessing adverse impacts	Risk management and internal controls over sustainability reporting; Presentation of the results of the Double Materiality Assessment process
Taking actions to address those adverse impacts	Reference to Topical ESRS, which reflect the set of actions, including transition plans, through which impacts are addressed, in particular: E1: Transition Plan for Climate change; Climate change commitments, Actions and Metrics; E3: Policies, Actions and Impact, Risk and Opportunity related to Water and marine resources; E4: Strategy, Policies and Actions related to Biodiversity and ecosystem; E5: Policies and Actions related to Resource use and circular economy; S1: Policies and Actions related to Own workforce; S2: Strategy, Policies and Actions related to Workers in the value chain; S4: Strategy, Policies and Actions related to Consumers and end-users
Tracking effectiveness of these efforts and communicating	Reference to Topical ESRS, which reflect the set of the metrics and targets, in particular: E1: Climate change commitments, Actions and Metrics; E3: Metrics and Targets related to water, marine resources and water consumption disclosures; E4: Metrics and Targets related to Biodiversity and ecosystem; E5: Metrics and Targets related to Resource use and circular economy; S1: Metrics and Targets related to Own workforce; S2: Impacts, risks and opportunities related to Workers in the value chain; S4: Metrics and Targets related to Consumers and end-users

The role of the management and supervisory bodies

The Campari Group corporate governance framework complies with the Dutch Civil Code, the Dutch Corporate

Governance Code and all applicable laws and regulations. It is also closely aligned with the Group’s strategy.

The company operates under its Articles of Association and adheres to internal procedures. The roles of the

management and supervisory bodies in overseeing sustainability impacts, risks, and opportunities are

represented below. Details regarding the management and supervisory bodies expertise and competencies in

sustainability-related matters are provided in 'ii. Board of Directors' paragraph in the ‘Governance’ section of the

Management Board Report while information about business conduct matters is reported in 'Governance and

Policies related to Business conduct' in the ‘ESRS G1 Business conduct' section.

Corporate bodies

Board of Directors

The Company has adopted a one-tier governance structure. It has a board of directors (‘Board of Directors’)

consisting of 11 directors, comprising both executive directors, having responsibility for the day-to-day

management of the Company (‘Executive Directors’), and non-executive directors (‘Non-Executive Directors’),

not having such day-to-day responsibility but in charge of supervising the Executive Directors.

The Board of Directors is entrusted with the management of the Company. Each Director has a duty to the

Company to properly perform the tasks assigned to them and to act in the Company’s corporate interest.

In accordance with the DCGC, the Board of Directors focuses on sustainable long-term value creation for the

Company and its affiliated enterprise, taking into account the stakeholders’ interests relevant to this context.

The Board of Directors was appointed by the General Meeting held on 12 April 2022. The Directors will remain

in office for a three-year period expiring at the closure of the Annual General Meeting to be held in 2025. On 4

December 2024 the Board of Directors announced that Simon Hunt had been selected as the nominee for Chief

Executive Officer of Campari Group. The selection was the result of a thorough assessment of both internal and

external candidates by the Remuneration and Appointment Committee, the Leadership Transition Committee

and the Board of Directors. In accordance with Dutch law, the Board of Directors called an ad hoc General

Meeting on 15 January 2025 to appoint Simon Hunt as Executive Director of Davide Campari-Milano N.V..


Sustainability statement	72

Campari Group annual report for the year ended 31 December 2024

The table below shows the members of the Board of Directors at 31 December 2024.


Name	Principal position	Nationality	Gender	Age range
Luca Garavoglia	Chairman	Swiss	M	> 50
Jean-Marie Laborde	Independent Director(1) Vice-Chairman of the Board	French	M	> 50
Paolo Marchesini	Executive Director, Chief Financial Officer and Operating Officer and interim co-Chief Executive Officer	Italian	M	> 50
Fabio Di Fede	Executive Director, Chief Legal and M&A Officer and interim co-Chief Executive Officer	French	M	> 50
Eugenio Barcellona	Independent Director(1) (2)	Italian	M	> 50
Emmanuel Babeau	Independent Director(2)	French	M	> 50
Alessandra Garavoglia	Independent Director	Maltese	F	> 50
Robert Kunze-Concewitz	Independent Director	Austrian	M	> 50
Margareth Henriquez	Independent Director	Venezuelan	F	> 50
Christophe Navarre	Independent Director(2)	Belgian	M	> 50
Lisa Vascellari Dal Fiol	Independent Director(1)	Italian	F	30-50

(1)Member of the Control, Risks and Sustainability Committee.

(2)Member of the Remuneration and Appointments Committee.

The Board of Directors, through the Executive Directors and relevant corporate functions, is responsible for

ensuring that the organisation exercises due diligence to identify and manage its impacts on the economy,

environment, and people as well as the development and approval of the organisation's mission in line with its

strategies, policies, and objectives concerned with sustainable development. The Board discusses the results of

such processes and evaluates their adequacy in dedicated meetings at least annually, when approving the

Annual Report including the Sustainability statement, together with the relevant corporate functions.

In this respect, Non-Executive Directors help influence long-term value by:

- overseeing the progress of the Global Sustainability Strategy and, as part of the Board of Directors,

approving the Sustainability statement contained in the Management Report of the Annual Report.

- serving as members of the Control, Risks, and Sustainability Committee, periodically examining ESG

matters, such as sustainability, diversity, and climate-related matters, as well as ensuring that appropriate

actions are taken and reflected in the Sustainability disclosure.

For further information on the composition (i.e., tenure, other positions and commitments, competencies

relevant to the impacts of the organisation, etc.), nomination and selection, conflicts of interest and the Board of

Directors’ performance evaluation, refer to the ‘Corporate Governance’ section of the Campari Group

Consolidated Financial statements at 31 December 2024. At 31 December 2024, 8 out of 11 Board of Directors

are independent (72.7%) and 3 are women (27.3%). Employee representation is ensured by the Head of Human

Resources who is member of the Sustainability Committee and Global Leadership teams.

Committees

Campari Group’s Board of Directors has established internal committees: the Control and Risks and

Sustainability Committee ('CRSC'), acting as an audit committee according to Dutch law and to the Dutch

Corporate Governance Code (‘DCGC’), the Remuneration and Appointment Committee and the Sustainability

Committee. The Board of Directors shall determine the composition of these committees.

The current members of the Control and Risks and Sustainability Committee are Jean-Marie Laborde

(Chairman), Eugenio Barcellona, and Lisa Vascellari Dal Fiol. In addition to its responsibilities for risk

management and compliance oversight, the committee assumes responsibility for sustainability matters,

ensuring that Campari Group operates in accordance with environmental, social, and governance standards and

effectively manages its stakeholder relationships.

The Remuneration and Appointment Committee is responsible for formulating and submitting clear and

comprehensible proposals to the Board of Directors regarding remuneration. Its duties include proposing the

remuneration framework for individual Executive Directors, monitoring the adequacy and implementation of the

company’s remuneration policy, and preparing the remuneration report. These activities are conducted in

alignment with the requirements of the DCGC and applicable legal provisions. The Remuneration and

Appointment Committee is currently led by Eugenio Barcellona, with further membership from Emmanuel

Babeau and Christophe Navarre.

The Sustainability Committee is established by the Board of Directors under the supervision of the Control,

Risks and Sustainability Committee with new terms of reference detailing the functioning of the Sustainability

Committee approved by the Board of Directors on 29 October 2024. The Committee consists of seven

members, representing all the Campari Group’s corporate functions contributing to the sustainability strategy,


Sustainability statement	73

Campari Group annual report for the year ended 31 December 2024

aiming at providing a comprehensive view of the Group’s sustainability scenario, supporting the management,

overseeing sustainability in a focused and coordinated way across the company and making sure that the ESG

factors can permeate the whole organisational structure and its processes. Specifically, the members of the

Committee are: the Group Head of Public Affairs, Communications and Sustainability (Committee Chairperson),

the Group Head of FP&A, Consolidated IFRS and CSRD Reporting, Investor Relations, Corporate

Finance&Brand Valuations, OnePlan, the Group Head of Human Resources, the Head of Global Quality, R&D

and Environmental Sustainability, the Group Head of Brands and Strategy, the Group Internal Audit Senior

Director, and the Corporate Sustainability Manager (acting as Committee Secretary). Individual members of

these functions, comprising key department managers, participate in various matters depending on their

expertise. This group of functions reports to the respective line managers and provides updates to Global Public

Affairs, Communications & Sustainability and Group FP&A, Consolidated IFRS and CSRD Reporting, Investor

Relation & Corporate Finance, who jointly oversee the overall reporting, strategy, cohesion as well as

compliance over law and legislation on ESG matters. The Global Head of Public Affairs, Communications and

Sustainability reports to the Chairman and Group FP&A, Consolidated IFRS and CSRD Reporting, Investor

Relation & Corporate Finance reports to the CFOO, who in turn reports to the CEO. The Sustainability

Committee is responsible for stakeholder engagement, setting sustainability targets, monitoring progress, and

delivering results. It reports directly or indirectly to the members of the Board of Directors, at least once a year in

respect of approval of Sustainability matters, and on a regular basis to the CRSC. It prepares and shares a

report with the CRSC after each meeting to inform the committee about the subject of the meetings, the

progress of the strategy and the decisions taken. The CRSC oversees the Sustainability Committee’s activities

and sustainability impacts, risks and opportunities related to the Group’s operations, value chain and

interactions with stakeholders, monitoring the progress of the Global Sustainability Strategy, reporting to the

Board of Directors on a quarterly basis.

The above committees have complementary roles, and they provide guidance and oversee the management’s

impact on economic, environmental and social issues. While the committees provide guidance and have

supervisory roles, the Board of Directors is ultimately accountable for the opinions and recommendations

formulated by these bodies. Each committee operates strictly within the scope of authority explicitly conferred by

the Board of Directors and cannot exercise powers that exceed those available to the Board of Directors as a

whole. For further information on the composition, appointment and selection of the committees, please refer to

the ‘Corporate Governance’ section of the Campari Group Annual Report.

Supervisory Body

In addition to the Non-Executive Directors responsible for supervising the activities of the Executive Directors,

Campari Group has established a supervisory body (‘Organismo di Vigilanza’) in accordance with its

‘Organisation, Management, and Control Model’ (the ‘Model’), pursuant to Italian Legislative Decree 231 of 8

June 2001, with a focus on offences against the public administration, corporate and financial offences and

breaches of health and safety regulations at work. The Supervisory Body is currently composed of the

independent professionals Enrico Colombo (Chairman), Fabio Facchini, and Lisa Vascellari Dal Fiol.

Internal audit

As Chief Financial and Operating Officer (‘CFOO’), Paolo Marchesini is responsible for overseeing the

functionality of the internal control and risk management system.

The Board of Directors appointed the Head of Internal Audit following a proposal from the Chief Financial and

Operating Officer and along with the opinion of the Control, Risks and Sustainability Committee. The Head of

Internal Audit does not have any operating responsibilities and does not report to any managers working in

operational areas, including administration and finance. Instead, he reports to the Chairman directly.

The Internal Audit is an independent function in charge of assuring that the company’s internal control, risk

management and governance processes operate effectively. It periodically reports findings, conclusions and

recommendations to the Board of Directors and the Control, Risks and Sustainability Committee.

Internal auditors operate in conformity with applicable laws and regulations and the activities of the department

are conducted in accordance with the Institute of Internal Auditors' International Standards for the Professional

Practice of Internal Auditing (IIA Standards) as well as the organisation’s Code of Ethics.

In addition, the Internal Audit function has adopted data analytics, continuous monitoring, and process mining

methodologies to improve operational efficiency for compliance and audit purposes. Specifically in relation to

ESG topics, a comprehensive self-risk assessment at each legal entity level is conducted on bi-annual basis,

while a self-risk assessment review at group functions level is managed annually.

For more information about the risk assessment approach followed, refer to the ‘Risk management and internal

control system’ chapter.


Sustainability statement	74

Campari Group annual report for the year ended 31 December 2024

In line with best practice provision 2.6.1 of the DCGC and applicable law, Campari Group has set the ‘Campari

Safe Line’, a whistleblowing system, available to employees, customers and suppliers, i.e., the Campari Group’s

stakeholders, to report any breaches of the Code of Ethics or irregularities in the application of internal

procedures. This policy was inspired by the 2019 Whistleblowing Directive, officially known as EU Directive (EU)

2019/1937. There was no concrete evidence identified of functions or roles particularly exposed to corruption or

bribery risks. However, the Corruption Perception Index (‘CPI’) was considered a useful indicator for identifying

higher-risk geographies. Campari Group’s stakeholders may report any breaches, even if only suspected, using

the following means:

- ordinary mail addressed to the company, to the attention of the Supervisory Body or the Head of the Internal

Audit function;

- e-mail to: [email protected]; or

- through the ‘Campari Safe Line’ service, described below.

Reports to the ‘Campari Safe Line’ may be submitted, in various languages, by telephone, e-mail, post, fax or

online. The procedure for reporting actual or suspected irregularities within Campari Group is published on the

Group’s Corporate website (https://www.camparigroup.com) and is available to all Camparistas through the

internal portal. The channels are also reported in the Group's Suppliers Code. Each report must be fully

documented and addressed to the Chairman of the Board of Directors and the Head of the Internal Audit

function in strict confidence. This dedicated information channel is, in fact, confidential and maintains the

anonymity of the individuals making the report. Whistleblowers are guaranteed maximum protection, ensuring in

advance that they are safeguarded against any act of retaliation or discrimination, direct or indirect, due to

whistleblowing. For more information on the internal policy for training over business conduct refer to ‘ESRS G1

Governance information’ in the Sustainability Statement.

For complementary information regarding risk management and internal controls over sustainability reporting

refer to the dedicated paragraph ‘Risk management and internal controls over sustainability reporting'.

Statutory audit of the accounts

The Company has an external auditor (‘practitioner’), i.e., EY Accountants B.V., in charge of examining the

Financial statements approved by the Board of Directors and of consequently expressing a conclusion in a form

that conveys whether, based on the procedures performed and evidence obtained, matters have come to the

practitioner’s attention to cause the practitioner to believe the subject matter information is materially misstated.

In addition EY Accountants B.V. verified, through a limited assurance engagement in accordance with Dutch law,

including Dutch Standard 3810N, 'Assurance-opdrachten inzake duurzaamheidsverslaggeving' (Assurance

engagements relating to sustainability reporting), which is a specified Dutch standard that is based on the

International Standard on Assurance Engagements (ISAE) 3000 (Revised), 'Assurance engagements other than

audits or reviews of historical financial information', the Sustainability statement included in the Management

Board Report is in compliance with the ESRS Standards.

Technical competences over ESG matters

The Board of Directors and Control, Risks and Sustainability Committee are committed to continuously

enhancing their skills and expertise to effectively oversee sustainability matters. This includes developing

specific knowledge and experience in areas related to environmental, social, and governance (ESG) issues,

tailored to each member's respective field of expertise. During 2024 one independent member of the Board of

Directors who is part also of the Control, Risks and Sustainability Committee, was designated to cover more

specific topics on sustainability and he/she has embarked on a comprehensive training program focused on

sustainability, having developed significant expertise in Sustainability and ESG through various courses focused

on Sustainability Strategy and Governance, ESG strategy at the board level, gender equality in capital markets,

and greenwashing. Additionally, another Independent Director and member of the Control, Risk and

Sustainability Committee contributed to corporate and financial law literature, focusing on governance issues,

the relationship between corporate purpose and ESG principles, and relevant legal frameworks. To further

advance the collective knowledge, skills, and experience in sustainable development, the Chairman, CEO,

CFOO, Chief Legal and M&A Officer, and the Head of Supply Chain have participated in induction sessions on

sustainability and will take part in specific initiatives related to ESG matters. The induction covered several

important topics: the evolution of sustainability legislation at the European level, highlighting how laws have

developed over time with a stronger focus on ESG criteria; the main elements of the CSRD, outlining its

requirements for companies to disclose detailed information on sustainability issues and the resulting

implications for Campari Group, including compliance requirements and necessary strategic adjustments; the

presentation of the double materiality assessment carried out and the results identifying the key sustainability

topics; the main outcomes of a gap analysis that compares current practices with best practices and regulatory

requirements, highlighting areas for improvement to meet new standards. Finally, the strategic actions that

Campari Group should focus on from 2025 onwards to enhance sustainability practices and comply with new


Sustainability statement	75

Campari Group annual report for the year ended 31 December 2024

regulations were outlined. Moreover, the CFOO also oversees the management of the Supply Chain function

and therefore monitors and is constantly updated on environment and health and safety topics.

Administrative, management, and supervisory bodies assess CVs for relevant education and experience. They

review past projects and leadership roles, focusing on achievements. Both technical and soft skills, such as

strategic thinking and communication, are evaluated. Continuous education through training and certifications is

also considered to ensure a well-rounded set of skills for effective oversight. Through continuous training and

updates, the Group ensures that the administrative bodies possess the necessary skills for managing impacts,

risks, and opportunities. Specifically, they are kept informed about performance related to environmental targets,

ensuring that the IROs linked to ESRS-E1, ESRS-E3, and ESRS-E5 (for waste-related aspects) are properly

considered. Regarding responsible practices, they are engaged on topics related to responsible consumption of

alcoholic beverages, applicable to ESRS-S4. Concerning people management topics, they are informed about

working conditions and equal treatment and opportunities for all (ESRS-S1). Other topics resulting material,

based on the assessment of double materiality, will be gradually integrated into the Group's sustainability

strategy with specific information provided to top management. For more information and description of how the

administrative, management and supervisory bodies determine whether appropriate skills and expertise are

available to oversee sustainability matters please refer to the CV illustrated in the ‘Corporate Governance

Report’ under the Governance section.

Leadership and oversight over ESG-related matters

The management and supervisory bodies play a pivotal role in ensuring effective governance and strategic

oversight. The Board of Directors is responsible for the company’s day-to-day operations, including the

integration of sustainability into business strategy and achieving long-term value creation. It is responsible for

assessing the overall adequacy of the organisation's internal controls to ensure the integrity and credibility of

sustainability reporting, addressing risks and opportunities and ensuring that management decisions align with

the company’s objectives, stakeholder interests, and regulatory requirements. The Control, Risks and

Sustainability Committee plays a key role in providing independent oversight and guidance and in evaluating the

Group's sustainability strategy by reviewing reports that address the quality, health, safety, and environmental

aspects of all the Group’s production facilities. Both bodies collaborate closely to maintain a balance between

economic performance, environmental stewardship, and social responsibility, with a shared commitment to

ethical governance and sustainable development.

The Company encourages an open and constructive dialogue with the stakeholders. ESG discussions with

investors take place mostly during investor roadshows, conferences, company visits and General Meetings,

which provide a forum for shareholders to engage with the Board of Directors. During the Annual General

Meeting, stakeholders also have an opportunity to submit questions for the Board of Directors. Any critical

concerns, discovered or detected also through internal risk management and control systems, are promptly

addressed. No material concern was identified or communicated during the 2024 reporting period.

The Board of Directors reviews and approves ESG-related material topics resulting from the DMA assessment

in a dedicated meeting before year-end. Material impacts, risks, and opportunities are integrated into the

strategic planning by the establishment of risk assessments and opportunity analyses; for example, during major

transactions sustainability due diligence – which includes identifying any potential regulatory, environmental, or

social risks associated – is conducted to ensure alignment with the Group’s sustainability goals and overall

strategy. In 2025 the sustainability strategy will be updated based on the results of the DMA. The Board ensures

that material ESG issues are incorporated into the business strategy as they might affect the Group’s long-term

goals and competitiveness. The full set of information included in the Sustainability Declaration is reviewed and

approved within the Annual Report, on an annual basis in the context of the meeting for the approval of the

financial statements normally held in the first months of each financial year. The same set of documents is also

reviewed by the Annual General Meeting.

Apart from the roles of the Control, Risks and Sustainability Committee and the Board, management of the

impacts on the economy, environment and people, induced by the organisation, falls within the scope of the

corporate function Global Public Affairs, Corporate Communications and Sustainability, and particularly the team

dedicated to Corporate Sustainability. It shall report to the Executive Managing Directors at least once a year in

respect of approval of the 'Sustainability statement', and on a regular basis to the Control, Risks, and

Sustainability Committee.

Integration of sustainability-related performance in incentive schemes

To substantiate the top management's dedication to sustainability, ESG-related objectives are embedded within

the performance metrics for executive members. In 2024, with the submission of the new Remuneration Policy

to the Annual General Meeting on 11 April 2024, the adoption of a new long-term variable incentive for senior


Sustainability statement	76

Campari Group annual report for the year ended 31 December 2024

management has been proposed to the shareholders. It consists of a share-based incentive, combining

restricted stock units (RSU) and performance share units (PSU), the latter conditional upon the achievement of

a financial target (relative total shareholder return) and a sustainability target (renewable electricity

consumption). Among the others, such equity-based award aims at further aligning the Executive Directors’

commitment to sustainable long-term value creation with shareholders’ interests and with the Campari Group’s

sustainability agenda, following the implementation of the revised EU Shareholder Rights Directive. Specifically,

as of 2024, the senior management team Long-term incentive (‘LTI’) program included Restricted Performance

Unit (2/3) and Performance Share Units (1/3) which are awarded annually and have a three-year vesting period.

90% of the PSU are linked to TSR (Total Shareholder Return), in line with best practices for consumer

companies while 10% is linked to renewable energy sourcing. With respect to CFOO the Annual General

Meeting of 11 April 2024 approved a Last Mile Incentive plan, with the purpose to reward the CFOO, who has

provided the Company with extraordinary value during a long-standing managerial period, and to ensure his

retention over the long-term. The CFOO will be awarded a right to receive for free a number of Campari shares,

subject to (i) the uninterrupted directorship relationship with the Company until the vesting date under the terms

and conditions set forth in the plan rules; and (ii) the achievement of at least one of the envisaged key

performance indicators stated in the plan agreement. In particular, one of the key performance indicators is ESG

related and is based on the quantity of renewable electricity supplied in the Group's production sites starting

from full year 2024 to full year 2031. A comprehensive breakdown of ESG targets, along with the 2024

performance outcomes, is provided in the 'Remuneration Report' included into the 'Governance' section.

Risk management and internal controls

Developing an effective internal control system for ESG compliance under the CSRD requires a structured and

integrated approach. This system, while serving as an additional layer, is an integral part of the Group’s risk

management system framework (refer to 'Risk management and internal controls system' section in the

Management Board Report). Campari Group started to align its processes with CSRD requirements to ensure

accurate reporting, risk mitigation, and sustainable value creation. This involves establishing specific

governance frameworks, identifying key ESG metrics, implementing data collection and validation processes,

and fostering accountability across all levels of the organization. By embedding ESG considerations into existing

internal controls, the Group can enhance transparency, meet stakeholder expectations, and drive long-term

strategic alignment.

The main risks identified in relation to the sustainability reporting process are data consistency and accuracy.

Data consistency refers to the challenge of maintaining uniform information across different systems, reports,

and time periods. This often arises due to the multiple data sources adopted by the Group, varying reporting

standards, including the transition from GRI and ESRS, and human error, which can introduce discrepancies.

Data accuracy involves ensuring the correctness and precision of the reported data and can be compromised by

measurement errors, incomplete data sets, and potential misrepresentation.

Internal controls related to sustainability reporting vary depending on the specific reporting area, as multiple

internal functions contribute to the process based on the ESG topic. The majority of reported relevant metrics

and targets are managed by the direct impacted functions. Data collection is undertaken locally and double-

checked at country and regional levels. At group level, control measures and mitigation controls are

implemented to ensure accurate and complete reporting of ESG-related metrics as part of the Campari Group

Annual Report, including Internal Audit activities, to ensure maximum data consistency. The adoption of various

IT platforms covering many of the ESG topics, enables monitoring of the Group’s performance more effectively

and establishes internal targets for overall improvement in the medium- and long-term. In 2024, the Group

began developing a roadmap aimed at achieving robust readiness for its sustainability KPIs within a medium-

term horizon.

For an overview of the main ESG-related business risk to which the Group is exposed refer to ‘ii. Main risks for

Campari Group’ in the ‘Risk Management and Internal Control System’ in Management Board Report. These

risks constitute a comprehensive enterprise risk framework for Campari ESG matters and have been thoroughly

considered in the development of the 2024 DMA. No significant risks of material adjustment are anticipated

during the upcoming annual reporting period for the going concern assumption, with respect to the carrying

amounts of assets and liabilities reported in the Campari Group Consolidated Financial statements.

During 2024, internal audit controls were strengthened to address the requirements of the CSRD, including, for

example, the Double Materiality Assessment process, the sustainability reporting perimeter and the analysis of

Impacts, Risks, and Opportunities, as part of the updated internal audit engagement over sustainability

reporting. While not all IROs have been fully analysed, a progressive approach is currently being developed to

achieve full coverage in the coming years. The results and main findings of the analysis performed by the

Internal Audit function in 2024 have been communicated to the Corporate Sustainability and Consolidated IFRS

and CSRD Reporting teams for their evaluation and integration into the assessments. The Group is committed

to increasing and consolidating controls throughout 2025 and reporting internally to the CRSC.


Sustainability statement	77

Campari Group annual report for the year ended 31 December 2024

Campari Group’s Value Chain

The Group operates comprehensively, managing the entire production chain from sourcing raw materials to

executing sales through a strategically defined distribution network. This approach is underpinned by active

brand value management, ensuring a well-curated and diverse product portfolio that meets the needs of

customers across regions and categories (for additional information on the Group’s business model refer to the

‘Campari Group’s identity and business overview’-section of the Management Board Report).

To effectively identify Impacts, Risks and Opportunities ('IROs') connected to the Campari Group business, a

preliminary activity was carried out to understand the Group’s value chain. The activity involved the engagement

of the Corporate Sustainability function for a general overview of the Campari business. Additionally, the Global

Procurement, Global Logistics and the Global Environmental Sustainability functions were involved to provide

more detailed information relating to the upstream, own operations and downstream phases of the value chain.

Campari Group carried out an in-depth analysis to precisely define its business model and operational activities,

including a detailed mapping of the value chain, identifying key actors related to both upstream and

downstream, as well as the main areas of focus within the chain, such as the procurement of critical raw

materials and the organisation and structure of logistics. Stakeholders were engaged through dedicated

interviews, meetings and focus groups.

The value chain within Campari Group operates encompassing the various activities that companies engage to

produce, market, and distribute their products: it is essential for understanding how value is created and

delivered to consumers. The key components of the beverage and spirits value chain applicable to Campari

Group are represented below:

- Agricultural Production: the value chain begins with the cultivation of raw materials, such as grains (for

spirits), grapes (for wine), fruits (for flavored beverages), and other botanicals. This stage involves farming

practices, crop management, and securing high-quality ingredients.

- Raw Material and Water Sourcing: after agricultural production, raw materials are sourced from farmers or

agricultural suppliers via purchase agreements; water is source from surface water-rivers, groundwater,

rainwater and municipalities. The Group may establish direct relationships with suppliers to ensure high

quality and sustainability, sometimes engaging in vertical integration.

- Processing and Manufacturing (Campari Group own operations): in this phase, raw materials are processed

and transformed into beverages. This could involve fermenting, distilling, filtering, ageing, and bottling.

Quality-control measures are implemented to ensure consistency and safety throughout the manufacturing

process.

- Packaging (Campari Group own operations): once the beverages are produced, they are packaged for sale.

Packaging is vital as it impacts the product's shelf life, marketing appeal and consumer convenience.

Packaging is mainly composed by glass, metal and paper.

- Marketing and Branding (Campari Group own operations): effective marketing strategies are crucial for

establishing brand identity and attracting consumers. This stage includes advertising, promotions, social

media campaigns, sponsorships, and events focused on enhancing brand visibility and consumer

engagement.

- Distribution and Logistics: efficient distribution is key to ensuring that products reach retailers, wholesalers

and, ultimately, consumers. This involves managing supply chain logistics, warehousing, inventory levels,

and transportation. The Group may leverage third-party distributors or establish their own distribution

networks.

- Retail and Sales: products are sold through a variety of channels, including supermarkets, convenience

stores, specialist shops, bars, restaurants, and online platforms. Point-of-sale strategies and promotions

often play a significant role in influencing consumer purchasing decisions.

- Customer Engagement and Support: building a relationship with consumers is increasingly important in the

beverage and spirits industry. This consists of customer support services, event experiences, feedback

collection, and engaging with customers through social media and loyalty programs.

- Regulatory Compliance and Quality Assurance: given the nature of the industry, compliance with regulations

concerning production, labelling, distribution, and marketing is critical. Campari Group must ensure

adherence to health and safety standards, as well as local, national, and international laws. Campari Group

does not have banned products across markets.

- Recycling and Sustainability Initiatives: sustainability practices are becoming more prominent within the

beverage and spirits industry. Campari Group focuses on recycling in its own operations, minimizing waste,

reducing water usage, and adopting environmentally friendly practices throughout its operations. The Group

is not active directly in stand-alone post-consumptions initiatives.

The value chain for Campari Group focuses heavily on quality, branding, and consumer preferences.


Sustainability statement	78

Campari Group annual report for the year ended 31 December 2024

The table below provides an overview of how Campari Group acquires, develops, and safeguards these inputs

to maintain a seamless and efficient value chain.

Table 1 - Visual representation of Campari Group value chain

Campari Group’s core business delivers moments of enjoyment through its product offerings, yet its dedication

to responsible practices remains a cornerstone of value creation for stakeholders. The Group has developed a

comprehensive global strategy encompassing short- and medium-term initiatives, both internal and external, to

promote awareness and education among key stakeholders, including Camparistas, bartenders, and

consumers, on the principles of responsible consumption and communication regarding its products and

alcoholic beverages as a whole.

In late 2024, further underscoring this commitment, the Group launched a global campaign on responsible

consumption targeting external stakeholders. In the realm of sustainable supply chain management, Campari

Group initiated a new sustainable procurement roadmap in 2024, which included a Human Rights Due Diligence

process aimed at safeguarding the rights of workers throughout its value chain.

Environmental sustainability is another key focus area, with particular emphasis on energy and emissions,

water, and waste. The Group has set ambitious reduction and efficiency targets for 2025 and 2030, supported

by global projects designed to achieve these goals and ultimately reach net-zero emissions by 2050 or sooner, if

possible. Throughout 2024, Campari Group reaffirmed its commitment to the Net Zero roadmap by

implementing initiatives to minimise environmental impacts across manufacturing, materials, and services while

integrating sustainable practices throughout its value chain.

Additionally, the Group remains devoted to fostering community projects, particularly in education, culture, and

employment, further reinforcing its commitment to social responsibility.

Engagement with stakeholders

Recognizing the importance of fostering consistent and effective stakeholder interactions, Campari Group

actively engages in an ongoing dialogue with its stakeholders, integrating their feedback and needs into daily

business operations. Stakeholders are defined as individuals, groups, or organisations that can influence or be

influenced by the Group's activities. In the table below there is a summary of the stakeholders who have direct

contact with Campari Group employees, along with the related engagement methods and material topics

addressed in daily operations. The process is led by the Corporate Sustainability function, as outlined in the

'Role of Management and Supervisory Body' section, in continuous dialogue with the Campari Group contact

functions.

The value delivered to Campari Group’s stakeholders is shaped by the Group’s efforts and external factors,

such as market dynamics and the quality of stakeholder relationships. Stakeholders contribute to the Group’s

performance by challenging its practices, voicing concerns, providing constructive feedback, and collaborating

to address shared challenges.

Stakeholder perspectives are indirectly integrated into the governance framework via the Sustainability

Committee and the CRSC which serve as intermediaries, embedding sustainability and corporate responsibility

into decision-making processes. This structured approach strengthens stakeholder relationships, fostering trust

and long-term commitment. To further enhance this connection, Campari Group has developed and adopted the


Sustainability statement	79

Campari Group annual report for the year ended 31 December 2024

Stakeholder Dialogue Policy, approved by the Board of Directors on 14 December 2023 (for more details, see

the Governance Information section in the Management Board Report).

In the 2024 Double Materiality assessment, external stakeholder perspectives were incorporated indirectly

through the involvement of Campari Group’s relevant contact functions: cross-functional knowledge exchange

provided a foundation for integrating stakeholder interests. Direct engagement was complemented by involving

a sustainable procurement expert in the analysis of specific IROs and RES.m HUB in corroborating the overall

DMA process. This ensured a more structured, expert-driven, and sustainability-focused approach to effective

stakeholder dialogue. This process will be further refined in 2025.

External stakeholders whose view was indirectly considered in the 2024 DMA.


Campari Group Contact Function	Stakeholder	Reasons for engagements	Channels of Dialogue	Key Topics
Investor Relations, Finance, Corporate Sustainability	Shareholders, Asset managers, Investors, Financial and sustainability analysts, Credit institutions	- Funding	- Shareholders’ meetings	- Financial performance and business strategy
		- Maintain and enlarge investor base	- Management Board reports	- Governance and remuneration policies
		- Improve corporate reputation	- Press releases, investor presentations, and meetings	- Diversity and equity
		- Build credibility and trust	- Analyst calls	- GHG emissions
		- Strategic guidance and expertise	- Roadshows and investor conferences	- ESG monitoring of the value chain
		- Market validation	- Requests via email and questionnaires	- Community engagement
		- Accelerate growth	- Dedicated email: [email protected]	- Water management
Customer Marketing and Sales Functions, Logistics, Corporate and Environmental Sustainability	Customers and Distributors	- Maintain and increase distribution and sales channels	- Responses to requests and questionnaires	- Scope 3 GHG emissions
		- Meet ESG due diligence requirements	- Campari Academies	- Contractual terms and payment practices
		- Education on responsible serving	- Events	- Compliance with Campari policies
			- Commercial visits	- Human rights
				- Working conditions
				- Responsible serving (bartenders)
Procurement, Corporate and Environmental Sustainability	Suppliers	- Meet ESG requirements	- Sedex	- Scope 3 GHG emissions
		- Collaborate on ESG topics to achieve goals	- Co-development and innovation projects	- Biodiversity
		- Improve corporate reputation	- Business meetings	- Water management
		- Reduce sustainability-related risks	- Supplier Code	- Packaging and circularity
		- Build long-term relationships	- Third-party verifications	- Contractual terms
			- Sharing, validation, and certification of reports	- Compliance with policies
				- Human rights
				- Working conditions
Public Affairs, Corporate Sustainability	Industry Associations	- Develop shared positions	- Regular meetings	- Responsible drinking
		- Represent industry interests	- Preparation and sharing of best practices	- Sector interests
		- Collaborate on ESG projects	- Participation in roundtables and association activities	- Regulatory evolution
		- Stay updated on regulations and trends	- Participation in roundtables and association activities	- Environmental topics
Public Affairs	Public Institutions	- Share industry views and positions	- National and international conferences	- Sector-specific concerns
			- Engagement via associations and meetings	- Transparent communication
			- Written communication	- Compliance with laws
			- Written communication	- Sound business management
Public Affairs, Corporate Sustainability	NGOs, Foundations, and Local Communities	- Collaborate to address community needs	- Partnerships and memberships in networks	- Social and environmental impacts
		- Provide opportunities for positive social impact	- Meetings and written communication	- Community investments and support
			- Community support and corporate volunteering
			- Events
HR	Workers' Representatives and Trade Unions	- Meet employee expectations	- Collective bargaining	- Human rights
		- Ensure legislative compliance	- Meetings with union representatives	- Working conditions
		- Reduce risk of strikes	- Conferences	- Secure employment
		- Protect corporate reputation		- Equal treatment
		- Protect corporate reputation		- Freedom of association


Sustainability statement	80

Campari Group annual report for the year ended 31 December 2024


Campari Group Contact Function	Stakeholder	Reasons for engagements	Channels of Dialogue	Key Topics
Tax Department	Tax Authorities	- Legislative compliance	- Respond to requests	- Tax compliance
		- Effective communication	- Provide updates on guidelines and requirements	- Tax regulations
		- Effective communication	- Provide updates on guidelines and requirements	- Transparency
HR, Environmental Sustainability, Corporate Sustainability	Schools, Universities, and Research Institutes	- Attract talent	- Responses to surveys	- Education
		- Collaborate on projects	- Joint industry labs	- Job creation
		- Enhance reputation	- Corporate volunteering	- Innovation
		- Contribute to research	- Projects and partnerships	- Quality
		- Provide training opportunities	- Graduate programs	- Quality
Public Affairs, Marketing, Corporate Sustainability	Consumers	- Meet consumer expectations	- Events	- Product quality
		- Enhance reputation	- Brand houses and flagships	- Information transparency
		- Promote responsible drinking	- Communication campaigns	- Responsible communication
			- Market research	- Data privacy
			- Focus groups	- Data privacy
HR, Health and Safety, Workers’ Representatives	Employees	- Meet employee expectations	- Internal surveys	- Health and safety
		- Ensure workplace equity	- Whistleblowing channels	- Equal treatment
		- Attract and retain talent	- Meetings	- Professional development
			- Performance evaluations	- Welfare
			- Training programs	- Compensation
Corporate Communications, Investor Relations, PR	Press	- Build brand awareness	- Press releases	- Transparent communication
		- Manage public perception	- Websites	- Information on corporate topics
		- Share announcements	- Interviews	- Statements from management
		- Handle crises	- Events	- Statements from management
Corporate Communications, Campari Gallery, Foundations	Schools and Universities	- Attract talent	- Graduate programs	- Partnerships
		- Collaborate on research and development	- Presentations	- Financing
		- Build corporate reputation	- Guided tours	- Sustainability
		- Build corporate reputation	- Projects supported by foundations	'- Values and culture

External stakeholders directly involved in the 2024 DMA.


Stakeholder	Reasons for engagements
External consultants on Sustainable Procurement	Direct involvement in double materiality analysis for all procurement-related topics
Research Centre for Responsibility, Ethics and Sustainability in Management (RES.m HUB) of the Università Cattolica del Sacro Cuore.	Corroborating the DMA process and output as independent research institute considered to be an expert on sustainability

During the year ended 31 December 2024 no amendment to the Group’s strategy and business model have

occurred as a result of stakeholder engagement.

Presentation of the results of the double materiality assessment process

In 2024 Campari Group’s risk assessment process for identifying and evaluating material impacts, risks, and

opportunities related to ESG topics has been improved in an effort to meet with the requirements of the

Corporate Sustainability Reporting Directive ('CSRD').

A comprehensive analysis was conducted to evaluate the impacts, risks, and opportunities associated with

environmental, social, and governance factors, also examining their interaction with Campari Group’s strategic

goals and business model. This evaluation integrates insights from internal and external stakeholder

engagements, addressing both impact materiality and financial significance. The outcome provides a detailed

perspective on the most material impacts, risks, and opportunities across the entirety of the Group value chain.

No entity-specific impacts, risks and opportunities resulted from the DMA process. Details on the process steps

taken in the double materiality assessment are described below.

According to the new definition of materiality provided by ESRS, a sustainability matter is relevant when it meets

the criteria defined for i) impact materiality or ii) for financial materiality or for iii) both. The concept of double

materiality, introduced by CSRD, stands out for its dual focus, integrating both impact materiality (inside-out

perspective) and financial materiality (outside-in perspective). This approach represents a transformative shift in

how businesses understand and report their activities' significance. On the one hand, impact materiality focuses

on how a company’s activities, operations, and decisions affect the environment, society and economy. On the

other hand, financial materiality examines how sustainability matters could affect the company’s financial

position, performance and long-term value creation focusing on the risks and opportunities associated with

environmental, social, and governance factors that could influence their financial performance. These two facets


Sustainability statement	81

Campari Group annual report for the year ended 31 December 2024

are not only complementary but deeply interconnected. Double Materiality allows undertakings to develop a

more holistic understanding of their sustainable impact, fostering transparency and responsibility.

According to ESRS indications, Campari Group has consequently adopted a structured approach to

implementing the double materiality through a five-phase assessment process developed taking into

consideration the short, medium and long-term horizon reported in the 'Basis of preparation' section, and shown

below:

a) Understanding. Campari Group undertook a thorough analysis to accurately understand its operational

activities, processes and value chain (‘Campari Group’s identity and business overview’ section of the

Management Board Report). This included a detailed mapping of its value chain (‘Campari Group’s Value

Chain’ chapter) and the identification key actors, both upstream and downstream, as well as the primary

areas of interest within the chain, such as procurement of most critical raw materials and logistics

organisation and structure. The analysis was performed in strong collaboration with all supply chain function

senior managers, internal experts and employees responsible for the various steps via internal surveys and

meetings. The results were reviewed with the support of an external expert. Additionally, other stakeholders

were systematically identified to evaluate specific topics. Engagement plans were developed to identify

relevant experts, define their roles in the upcoming assessment phase, understand the broader context

(including business, value chain, and related activities), and establish a strategy for effective stakeholder

involvement ( ‘Engagement with stakeholders’ chapter) .

b) Identification. Campari Group conducted a comprehensive analysis to establish a list of its potential IROs

connected to its value chain including own operations. This analysis was informed by in-depth research

activities, desk analysis, benchmarking against industry peers and competitors and alignment with sector

standards. Stakeholder engagement played a critical role in this phase, providing valuable input to identify

and validate the IROs, based on the ESRS topics.

c) Assessment. The preliminary long list of IROs underwent a comprehensive assessment through a

questionnaire assessment. Stakeholder insights were integrated into the Double Materiality Assessment to

enhance the evaluation of each item on the list, according to each of the characteristics required by the

standards and time horizon in line with ESRS requirements, resulting in an overall value for each item, as

follows:

• positive impacts, such as benefits for people that are caused, contributed to, or directly linked to

Campari Group's activities, have been assessed based on their scale and scope;

• negative impacts, such as harm to people and/or the environment caused, contributed to, or directly

linked to Campari Group's activities, have been assessed based on their scale, scope, irremediability,

and likelihood (the latter applying only to potential impacts);

• for risks and opportunities, those that have a material influence (or are likely to have a material

influence) on Campari Group’s cash flows, development, performance, position, cost of capital or

access to finance, the likelihood and the severity have been assessed, taking into consideration any

effects due to dependencies identified, as requested by ESRS indications.

For each relevant topic, where stakeholder input was essential, participants were invited to provide

qualitative and quantitative feedback on specific parameters based on a scoring scale for each of the

characteristics listed above, addressing both the inside-out perspective, related to Impact Materiality, and the

outside-in perspective, tied to Financial Materiality concerning risks and opportunities. In the case of a

potential negative human rights impact, the severity of the impact, increased by 25%, takes precedence over

its likelihood.

Furthermore, to conduct a proper understanding and assessment of material IROs, the impact materiality

assessment process considers disaggregation by country and by significant site or by significant asset, if

relevant. With reference to financial materiality, the disaggregation by country, by significant site, and by

significant asset has not been included in the definition of the 2024 Double Materiality Assessment,

considering the top-down approach applied at Group level.

d) Definition. To identify and prioritise the relevant IROs for Campari Group, a materiality threshold has been

defined as half of the maximum possible impact value and half of the maximum possible financial value for

impact materiality and financial materiality, respectively, representing the upper median threshold of

significance. Prioritisation facilitated the focused allocation of efforts and resources towards topics of genuine

relevance to the Group. The entire process underwent a comprehensive review by the internal department

responsible for the coordination and management of CSRD topics, to ensure both oversight and validation of

the process and its outcomes. In parallel, a detailed gap analysis was performed comparing the information

requirements of the ESRS based on the material items identified against data points already available. The

results of the gap analysis were embedded in the disclosures provided in the dedicated Sustainability

statement sections ‘Environmental information’, ‘Social information’ and ‘Governance information’.

e) Validation. Engagement with key stakeholders and senior management was conducted to validate areas of

impact identified through the materiality process. For both internal and external stakeholders, this was


Sustainability statement	82

Campari Group annual report for the year ended 31 December 2024

achieved through video calls, where the outcomes of the double materiality assessment were reviewed and

confirmed. Senior management participated in dedicated meetings to discuss and validate the finalized list of

material topics. The main internal functions involved were Corporate Sustainability, Finance, Legal, Internal

Audit, Supply chain, Procurement, Logistics, HR and the other items listed in the stakeholder engagement

disclosed in the dedicated paragraph. A shortlist of material topics was consequently derived from the above-

described rigorous validation steps:

• Internal Validation: Reviewed by management teams of relevant subject matter experts and the Control

Risks and Sustainability Committee.

• Executive Approval: The Company Board of Directors as well as the Control Risks and Sustainability

Committee approved the 2024 double materiality assessment, with the Supervisory Body informed of

the process and results.

• External Validation: The shortlist and results were positively corroborated with external stakeholders

represented by an independent research institute recognised as an authority in the field of sustainability,

the Research Centre for Responsibility, Ethics, and Sustainability in Management (RES.m HUB) at the

Università Cattolica del Sacro Cuore (Catholic University of the Sacred Heart, Milan), thereby

reinforcing the credibility and rigour of the assessment.

f) Ongoing review. The double materiality assessment will undergo an annual review to ensure that material

impacts, risks, and opportunities are updated based on evolving insights and stakeholder feedback.

List and description of the 2024 material impacts, risks and opportunities (IROs) outcome

The Campari Group 2024 materiality assessment process facilitates the identification and prioritisation of the

ESG topics that are most material and of paramount significance to stakeholders. With a steadfast commitment

to delivering sustainable, long-term value for our stakeholders, this evaluation ensures that our ESG strategy

remains aligned with stakeholder expectations and responsive to evolving external trends.

A mapping from the material risks, impacts and opportunities and the connection with the associated European

Sustainability Reporting Standards disclosure requirements is represented as follows.

A detailed list of the material topics identified in the DMA process and the related connection with the ESRS

reference and position along the value chain is represented below.

In the spirits industry, the harm from irresponsible drinking of alcoholic beverages is high. Recently, there has

been a trend towards moderate consumption and demand for non-alcoholic products, reducing the likelihood of

negative impacts. Although this negative impact could be seen as particularly significant in those countries

where the incidence of irresponsible consumers is highest, the Group is committed to promoting remediation

activities regardless of geography. In addition the negative consequences could be counteracted with a certain

choral effort, which includes on the one hand raising awareness on the part of the manufacturers and industry

associations to moderate consumption, and on the other hand the necessary involvement of the Governments in

defining clear laws on the subject (i.e., prohibition for minors, regulations on alcohol and driving, etc.) and in


Sustainability statement	83

Campari Group annual report for the year ended 31 December 2024

guaranteeing support for people in need. As a result, the initiatives promoted by the Group enhance and

advocate responsible drinking, with an effort to counteract irresponsible consumption.


ESRS	Topic	Sub-Topic	Sub sub-topic	IROs	IRO description	Position along the Value Chain	Time horizons	Connections
E1	Climate Change	Climate Change adaptation	-	Risk	Failed transition to a lower-carbon and energy-efficient economic system	Own Operations	Long-term	Technologies
		Climate Change mitigation	-	Risk	Natural disasters	Upstream & Own Operations	Long-term	Climate
		Climate Change mitigation	-	Impact (negative; actual)	Contributions to GHG emissions	Across	All	-
		Energy	-	Impact (negative; actual)	Increasing energy consumption and contributing to negative environmental impacts due to manufacturing activities	Across	All	-
		Energy	-	Opportunity	Reducing the energy consumption of the Company's operations	Upstream & Own Operations	Long-term	Market
E3	Water and marine resources	Water	Water consumption	Risk	Potential negative financial externalities due to increasing global water scarcity	Upstream & Own Operations	Medium-term and Long-term	Nature
			Water discharges	Impact (negative; actual)	Water supply depletion due to the need to treat process wastewater.	Upstream & Own Operations	All	-
			Water withdrawals	Opportunity	Improving water management systems efficiency especially in water-stressed areas	Upstream & Own Operations	Long-term	Technologies
E4	Biodiversity and ecosystems	Direct impact drivers of biodiversity loss	Land-use change	Impact (negative; actual)	Ongoing loss of biodiversity, deterioration of soil and ecosystem resilience in farming activities of ingredient production and directly managed crops (i.e., Vineyards in France)	Upstream & Own Operations	Medium-term and Long-term	-
E5	Resource use and circular economy	Resources inflows, including resource use	-	Impact (negative; actual)	Usage of virgin and non- recycled materials in product's packaging impacting the environment	Upstream & Own Operations	Medium-term and Long-term	-
E5	Resource use and circular economy	Waste	-	Impact (negative; actual)	Production and disposal of waste	Own Operations	Short-term and Medium-term	-


Sustainability statement	84

Campari Group annual report for the year ended 31 December 2024


ESRS	Topic	Sub-Topic	Sub sub-topic	IROs	IRO description	Position along the Value Chain	Time horizons	Connections
S1	Own Workforce	Working conditions	Health and safety	Impact (negative; actual)	Negative externalities on employees due to accidents	Own Operations	All	-
			Health and safety	Risk	Potential H&S incidents resulting in injuries/ deaths	Own Operations	Short-term	Human capital
			Freedom of association, the existence of works councils and the information, consultation and participation rights of workers	Impact (positive; actual)	Promoting participation in framework of national and supranational trade associations to safeguard general interest and actively contributing to the development at sectorial level	Own Operations	Medium-term and Long-term	-
			Secure employment	Risk	Own operations management issues related to labour and ethics may lead to regulatory fines, increased long-term operational costs, and reputational harm for entities	Own Operations	Long-term	Human capital
		Equal treatment and opportunities for all	Training and skills development	Impact (positive; actual)	Promotion of a culture of quality and responsibility through communications projects and actions conducted (i.e. specific educational training courses) towards internal workers aimed at educating consumers on the responsible consumption of alcoholic beverages and on the importance of quality vs quantity	Own Operations	All	-
			Training and skills development	Opportunity	Ability to attract and retain people	Own Operations	Long-term	Human capital
			Gender equality and equal pay for work of equal value	Risk	Failure to enforce and apply Diversity, Equity&Inclusion policies and practices resulting in discrimination cases	Own Operations	Medium-term and Long-term	Human capital
		Other work- related rights	Privacy	Impact (negative; potential)	Safeguard of data for all stakeholders (employees)	Own Operations	Medium-term and Long-term	-
S2	Workers in the value chain	Working conditions	Health and safety	Impact (negative; actual)	Negative externalities on workers in the value chain due to accidents	Upstream and Downstream	All	-
S2	Workers in the value chain	Other work- related rights	Privacy	Impact (negative; potential)	Safeguard of data for all stakeholders (workers in the value chain)	Upstream and Downstream	Medium-term and Long-term	-


Sustainability statement	85

Campari Group annual report for the year ended 31 December 2024


ESRS	Topic	Sub-Topic	Sub sub-topic	IROs	IRO description	Position along the Value Chain	Time horizons	Connections
S4	Consumers and end- users	Information- related impacts for consumers and/or end- users	Access to (quality) information	Impact (negative; potential)	Failure to communicate all the necessary information related to Campari's product including nutritional values	Downstream	Long-term	-
			Privacy	Impact (negative; potential)	Safeguard of data for all stakeholders (consumers)	Downstream	Long-term	-
		Social inclusion of consumers and/or end- users	Responsible marketing practices	Impact (positive; actual)	Ability to promote a marketing communication always able to maintain a high level of corporate integrity, business ethics, and social responsibility which leads to increased consumer trust and loyalty, improved brand reputation, increased customer satisfaction and active consumer involvement	Own Operations and Downstream	Medium-term and Long-term	-
				Impact (positive; actual)	Promotion of a culture of quality and responsibility through communications projects and actions conducted (i.e., specific educational training courses) towards internal workers and external stakeholder (i.e., consumers) aimed at educating consumers on the responsible consumption of alcoholic beverages and on the importance of quality vs quantity	Own Operations and Downstream	All	-
				Risk	Potential social repercussion on the company due to a lack of awareness activities	Across	Medium-term and Long-term	Human capital
				Risk	Inability to interpret consumer preferences and to continually adapt strategies accordingly	Own Operations and Downstream	Long-term	Consumers
G1	Business conduct	Corruption and bribery	Incidents	Impact (negative; potential)	Fines and reputational damage deriving from unethical business practices, including fraud and corruption may result in negative impact on Campari operations	Across	Long-term	-
		Management of relationships with suppliers including payment practices	-	Impact (positive; actual)	Fostering responsible sourcing practices by engaging directly with suppliers	Across	All	-
			-	Risk	Disruptions in transport	Own Operations and Upstream	Long-term	Market

In evaluating the impacts, risks, and opportunities associated with identified material topics, including climate

change, the Group has assessed their effects on the Consolidated Financial Statements regarding financial

position, performance, and cash flows:

- 2024 Analysis: the analysis conducted in 2024 did not identify any issues that could not be managed within

the ordinary course of business. Furthermore, no material ESG issues were identified that would have a

significant impact on the financial position or performance.

- Climate Change Impact: the anticipated effects of climate change are not expected to materially affect the

Group’s financial performance over the specified going concern period.

- Sensitivity of Biological Goods: agricultural ingredients remain at risk primarily due to water scarcity and

rising temperatures. To mitigate and minimise these risks, the Group has established contingency plans for

alternative sourcing of biological assets, which remained dormant in 2024. Additionally, proactive measures

to address water scarcity risks have been initiated, including capital expenditures (Capex) eligible under

CSRD requirements in the United Kingdom and Jamaica.


Sustainability statement	86

Campari Group annual report for the year ended 31 December 2024

- Impact on Cash Flow Forecasts: the implications of climate change have been factored into cash flow

projections used for impairment assessments of non-current assets, including goodwill.

- Non-Current Asset Valuation: the potential impact of climate change on residual values, useful lives, and

depreciation methods for non-current assets was evaluated, with no triggering factors identified in 2024.

No significant risk of material adjustment was identified within the next annual reporting period to carrying the

amounts of assets and liabilities reported in related financial statements.

Campari Group has been managing sustainability matters for years, with identified impacts already integrated

into the Group’s sustainability strategy, thus confirming that no impacts have occurred outside the scope of its

ordinary business operations that would necessitate adjustments to its business model, value chain, or strategic

and decision-making processes:

- Material Impacts, Risks and Opportunities: the current and anticipated effects of material impacts, risks, and

opportunities have not led to changes in the Group’s business model or strategy, as the core topics were

already integrated into the existing strategy. Any new topics identified will be thoroughly considered in the

near future. Responses to these factors remain aligned with the Group’s established frameworks and do not

require significant strategic adjustments.

- Connection to Strategy and Business Model: the undertaking's strategy and business model

comprehensively consider most of the material impacts identified by the Group and newly identified topics

will be incorporated into actions and targets starting from 2025 onwards.

- Resilience of Strategy and Business Model: the Group’s strategy and business model have demonstrated

resilience thanks to the robust experience in effectively addressing material impacts and risks while

maintaining the capacity to capitalize on material opportunities.

Moreover, the results from the DMA were considered in the updates of the Group Sustainability Strategy with

particular focus for the Sustainable Procurement Roadmap starting from 2025.

There are no impacts, risks and opportunities that were not covered by ESRS Disclosure Requirements in the

following section of the Sustainability statement.

For some impacts, disaggregation is particularly relevant. Specifically, the impact contributing to GHG emissions

and energy consumption is more significant for sites where distilleries are located. Regarding Scope 3

emissions, the categories that contribute the most are the purchase of goods and services (66%), transport and

upstream and downstream distribution (17%), and capital goods (11%), which together account for 95% of the

total Scope 3 impact.

In terms of direct impact drivers of biodiversity loss, disaggregation is relevant because the Group’s operations

in France are adjacent to an area important for biodiversity. Specifically, the Lallier production site is located in

Oger, in the Champagne region of France, which is a UNESCO World Heritage Site. Another area of concern is

Mexico, where there is a risk of deforestation connected with the cultivation of agave.

For waste disposal, the topic is particularly relevant for those sites where distilleries are located, as it is

important to rely on waste treatment plants for processing by-products originating from the distillation process.

The impact related to the usage of only virgin or non-recycled materials further exploits natural resources and is

particularly important for specific materials used in packaging, namely glass, cardboard, and aluminum.

The possible negative impacts on employees, which may result from falls, transportation accidents, equipment-

related accidents, and heat-related illness or injury, apply to all Campari Group sites but are particularly relevant

in plants and factories where the risk and severity of accidents are higher than in offices. Regarding positive

impacts, engagement with suppliers and commercial partners to define and adopt sustainable and responsible

practices with regards to the sourcing of materials is relevant. Efforts aimed at reducing Scope 3 emissions

highlight that the hotspot of emissions is the glass industry, concentrated in Italy, the United States and in Brazil.

Relationships with suppliers is particularly important when addressing social issues, such as human rights. The

priority countries of interest are Jamaica and Mexico, where there are agricultural supply chains with a higher

risk of human rights not being respected and where it becomes particularly essential to implement and enforce

sustainable and ethical practices. The double materiality assessment identifies material sustainability topics. For

each material topic, the ESRS provide specific disclosure requirements, outlining what information needs to be

disclosed and how it should be presented. This alignment ensures that the disclosed information is relevant,

comprehensive, and transparent. In the 2024 Campari Group’s Sustainability statement, these material related

disclosure requirements are detailed, showing how each material topic is addressed. This connection between

material topics and disclosure requirements ensures that stakeholders receive a clear understanding of the

company's impacts, risks, and opportunities in relation to key material topics. By following this process, the

Group can provide transparent, relevant, and comprehensive information to its stakeholders, enhancing their

understanding of the company’s impact and performance.

1 Regulation (EU) 2019/2088 of the European Parliament and of the Council of 27 November 2019 on sustainability-related disclosures in the financial services

sector (Sustainable Finance Disclosures Regulation) (OJ L 317, 9.12.2019, p. 1)

2 Regulation (EU) n. 575/2013 of the European Parliament and of the Council of 26 June 2013 on prudential requirements for credit institutions and investment

firms and amending Regulation (EU) n. 648/2012 (Capital Requirements Regulation ‘CRR’) (OJ L 176, 27.6.2013, p. 1).

3 Regulation (EU) 2016/1011 of the European Parliament and of the Council of 8 June 2016 on indices used as benchmarks in financial instruments and financial

contracts or to measure the performance of investment funds and amending Directives 2008/48/ EC and 2014/17/EU and Regulation (EU) n. 596/2014 (OJ L

171, 29.6.2016, p. 1).

4 Regulation (EU) 2021/1119 of the European Parliament and of the Council of 30 June 2021 establishing the framework for achieving climate neutrality and

amending Regulations (EC) n. 401/2009 and (EU) 2018/1999 (‘European Climate Law’) (OJ L 243, 9.7.2021, p. 1).

5 Commission Delegated Regulation (EU) 2020/1816 of 17 July 2020 supplementing Regulation (EU) 2016/1011 of the European Parliament and of the Council

as regards the explanation in the benchmark statement of how environmental, social and governance factors are reflected in each benchmark provided and

published (OJ L 406, 3.12.2020, p. 1).

6 Commission Implementing Regulation (EU) 2022/2453 of 30 November 2022 amending the implementing technical standards laid down in Implementing

Regulation (EU) 2021/637 as regards the disclosure of environmental, social and governance risks (OJ L 324,19.12.2022, p.1.).

7 Commission Delegated Regulation (EU) 2020/1818 of 17 July 2020 supplementing Regulation (EU) 2016/1011 of the European Parliament and of the Council

as regards minimum standards for EU Climate Transition Benchmarks and EU Paris-aligned Benchmarks (OJ L 406, 3.12.2020, p. 17).


Sustainability statement	87

Campari Group annual report for the year ended 31 December 2024

List of datapoints in cross-cutting and topical standards that derive from other EU

legislation


Disclosure Requirement and related datapoint	SFDR reference 1	Pillar 3 reference 2	Benchmark Regulation reference 3	EU Climate Law reference 4	Paragraph title in the 2024 Sustainability Statement	Not material
ESRS 2 GOV-1 Board's gender diversity paragraph 21 (d)	Indicator number 13 of Table #n. 1 of Annex 1	-	Commission Delegated Regulation (EU) 2020/1816 Annex II 5	-	The role of the management and supervisory bodies	-
ESRS 2 GOV-1 Percentage of board members who are independent paragraph 21 (e)	-	-	Delegated Regulation (EU) 2020/1816, Annex II	-	The role of the management and supervisory bodies	-
ESRS 2 GOV-4 Statement on due diligence paragraph 30	Indicator number 10 Table #n. 3 of Annex 1	-	-	-	Due diligence process and human rights	-
ESRS 2 SBM-1 Involvement in activities related to fossil fuel activities paragraph 40 (d) i	Indicators number 4 Table #n. 1 of Annex 1	Article 449a Regulation (EU) No 575/ 2013; Commission Implementing Regulation (EU) 2022/2453 Table 1: Qualitative information on Environmental risk and Table 2: Qualitative information on Social risk 6	Delegated Regulation (EU) 2020/1816, Annex II	-	-	Not material
ESRS 2 SBM-1 Involvement in activities related to chemical production paragraph 40 (d) ii	Indicator number 9 Table #n. 2 of Annex 1	-	Delegated Regulation (EU) 2020/1816, Annex II	-	-	Not material
ESRS 2 SBM-1 Involvement in activities related to controversial weapons paragraph 40 (d) iii	Indicator number 14 Table #n. 1 of Annex 1	-	Delegated Regulation (EU) 2020/1818, Article 12(1) Delegated Regulation (EU) 2020/1816, Annex II 7	-	-	Not material
ESRS 2 SBM-1 Involvement in activities related to cultivation and production of tobacco paragraph 40 (d) iv	-	-	Delegated Regulation (EU) 2020/1818, Article 12(1) Delegated Regulation (EU) 2020/1816, Annex II	-	-	Not material
ESRS E1-1 Transition plan to reach climate neutrality by 2050 paragraph 14	-	-	-	Regulation (EU) 2021/1119, Article 2(1)	Transition Plan for Climate change	-


Sustainability statement	88

Campari Group annual report for the year ended 31 December 2024


Disclosure Requirement and related datapoint	SFDR reference 1	Pillar 3 reference 2	Benchmark Regulation reference 3	EU Climate Law reference 4	Paragraph title in the 2024 Sustainability Statement	Not material
ESRS E1-1 Undertakings excluded from Paris- aligned Benchmarks paragraph 16 (g)	-	Article 449a Regulation (EU) No 575/2013; Commission Implementing Regulation (EU) 2022/2453 Template 1: Banking book- Climate Change transition risk: Credit quality of exposures by sector, emissions and residual maturity	Delegated Regulation (EU) 2020/1818, Article12.1 (d) to (g), and Article 12.2	-	Governance and policies related to Climate change mitigation and adaptation and Energy	-
ESRS E1-4 GHG emission reduction targets paragraph 34	Indicator number 4 Table #n. 2 of Annex 1	Article 449a Regulation (EU) No 575/2013; Commission Implementing Regulation (EU) 2022/2453 Template 3: Banking book – Climate change transition risk: alignment metrics	Delegated Regulation (EU) 2020/1818, Article 6	-	Climate change commitments, Actions and Metrics	-
ESRS E1-5 Energy consumption from fossil sources disaggregated by sources (only high climate impact sectors) paragraph 38	Indicator number 5 Table #n. 1 and Indicator n. 5 Table #2 of Annex 1	-	-	-	Climate change commitments, Actions and Metrics	-
ESRS E1-5 Energy consumption and mix paragraph 37	Indicator number 5 Table #n. 1 of Annex 1	-	-	-	Climate change commitments, Actions and Metrics	-
ESRS E1-5 Energy intensity associated with activities in high climate impact sectors paragraphs 40 to 43	Indicator number 6 Table #n. 1 of Annex 1	-	-	-	Climate change commitments, Actions and Metrics	-
ESRS E1-6 Gross Scope 1, 2, 3 and Total GHG emissions paragraph 44	Indicators number 1 and 2 Table #n. 1 of Annex 1	Article 449a; Regulation (EU) No 575/ 2013; Commission Implementing Regulation (EU) 2022/ 2453 Template 1: Banking book – Climate change transition risk: Credit quality of exposures by sector, emissions and residual maturity	Delegated Regulation (EU) 2020/1818, Article 5(1), 6 and 8 (1)	-	Climate change commitments, Actions and Metrics	-
ESRS E1-6 Gross GHG emissions intensity paragraphs 53 to 55	Indicators number 3 Table #n. 1 of Annex 1	Article 449a Regulation (EU) No 575/ 2013; Commission Implementing Regulation (EU) 2022/ 2453 Template 3: Banking book – Climate change transition risk: alignment metrics	Delegated Regulation (EU) 2020/1818, Article 8(1)	-	Climate change commitments, Actions and Metrics	-
ESRS E1-7 GHG removals and carbon credits paragraph 56	-	-	-	Regulation (EU) 2021/1119, Article 2(1)	-	Not Material
ESRS E1-9 Exposure of the benchmark portfolio to climate-related physical risks paragraph 66	-	-	Delegated Regulation (EU) 2020/1818, Annex II Delegated Regulation (EU) 2020/1816, Annex II	-	-	Omission for the first year of disclosure


Sustainability statement	89

Campari Group annual report for the year ended 31 December 2024


Disclosure Requirement and related datapoint	SFDR reference 1	Pillar 3 reference 2	Benchmark Regulation reference 3	EU Climate Law reference 4	Paragraph title in the 2024 Sustainability Statement	Not material
ESRS E1-9 Disaggregation of monetary amounts by acute and chronic physical risk paragraph 66 (a) ESRS E1-9 Location of significant assets at material physical risk paragraph 66 (c).	-	Article 449a Regulation (EU) No 575/ 2013; Commission Implementing Regulation (EU) 2022/ 2453 paragraphs 46 and 47; Template 5: Banking book - Climate change physical risk: Exposures subject to physical risk.	-	-	-	Omission for the first year of disclosure
ESRS E1-9 Breakdown of the carrying value of its real estate assets by energy-efficiency classes paragraph 67 (c).	-	Article 449a Regulation (EU) No 575/ 2013; Commission Implementing Regulation (EU) 2022/ 2453 paragraph 34; Template 2:Banking book -Climate change transition risk: Loans collateralised by immovable property - Energy efficiency of the collateral	-	-	-	Omission for the first year of disclosure
ESRS E1-9 Degree of exposure of the portfolio to climate- related opportunities paragraph 69	-	-	Delegated Regulation (EU) 2020/1818, Annex II	-	-	Omission for the first year of disclosure
ESRS E2-4 Amount of each pollutant listed in Annex II of the E- PRTR Regulation (European Pollutant Release and Transfer Register) emitted to air, water and soil, paragraph 28	Indicator number 8 Table #n. 1 of Annex 1 Indicator number 2 Table #n. 2 of Annex 1 Indicator number 1 Table #n. 2 of Annex 1 Indicator number 3 Table #n. 2 of Annex 1	-	-	-	-	Not material
ESRS E3-1 Water and marine resources paragraph 9	Indicator number 7 Table #n. 2 of Annex 1	-	-	-	Policies, Actions and Impact, Risk and Opportunity related to Water and marine resources	-
ESRS E3-1 Dedicated policy paragraph 13	Indicator number 8 Table 2 of Annex 1	-	-	-	-	Omission for the first year of disclosure
ESRS E3-1 Sustainable oceans and seas paragraph 14	Indicator number 12 Table #n. 2 of Annex 1	-	-	-	-	Not material
ESRS E3-4 Total water recycled and reused paragraph 28 (c)	Indicator number 6.2 Table #n. 2 of Annex 1	-	-	-	Metrics and Targets related to water, marine resources and water consumption disclosures	-
ESRS E3-4 Total water consumption in m 3 per net revenue on own operations paragraph 29	Indicator number 6.1 Table #n. 2 of Annex 1	-	-	-	Metrics and Targets related to water, marine resources and water consumption disclosures	-
ESRS 2 IRO-1 – E4 paragraph 16 (a) i	Indicator number 7 Table #n. 1 of Annex 1	-	-	-	Impacts, risk and opportunities related to Biodiversity and ecosystems	-
ESRS 2 IRO-1 – E4 paragraph 16 (b)	Indicator number 10 Table #n. 2 of Annex 1	-	-	-	-	Not material


Sustainability statement	90

Campari Group annual report for the year ended 31 December 2024


Disclosure Requirement and related datapoint	SFDR reference 1	Pillar 3 reference 2	Benchmark Regulation reference 3	EU Climate Law reference 4	Paragraph title in the 2024 Sustainability Statement	Not material
ESRS 2 IRO-1 – E4 paragraph 16 (c)	Indicator number 14 Table #n. 2 of Annex 1	-	-	-	-	Not material
ESRS E4-2 Sustainable land / agriculture practices or policies paragraph 24 (b)	Indicator number 11 Table #n. 2 of Annex 1	-	-	-	Strategy, Policies and Actions related to Biodiversity and ecosystem	-
ESRS E4-2 Sustainable oceans / seas practices or policies paragraph 24 (c)	Indicator number 12 Table #n. 2 of Annex 1	-	-	-	-	Not material
ESRS E4-2 Policies to address deforestation paragraph 24 (d)	Indicator number 15 Table #n. 2 of Annex 1	-	-	-	Strategy, Policies and Actions related to Biodiversity and ecosystem	-
ESRS E5-5 Non- recycled waste paragraph 37 (d)	Indicator number 13 Table #n. 2 of Annex 1	-	-	-	Metrics and Targets related to Resource use and circular economy	-
ESRS E5-5 Hazardous waste and radioactive waste paragraph 39	Indicator number 9 Table #n. 1 of Annex 1	-	-	-	Metrics and Targets related to Resource use and circular economy	-
ESRS 2- SBM3 - S1 Risk of incidents of forced labour paragraph 14 (f)	Indicator number 13 Table #n. 3 of Annex I	-	-	-	Strategy related to Own workforce Material impacts, risks and opportunities and their interaction with strategy and business model Policies and Actions related to Own Workforce Deep dive on human rights	-
ESRS 2- SBM3 - S1 Risk of incidents of child labour paragraph 14 (g)	Indicator number 12 Table #n. 3 of Annex I	-	-	-	Strategy related to Own workforce Material impacts, risks and opportunities and their interaction with strategy and business model Policies and Actions related to Own Workforce Deep dive on human rights	-
ESRS S1-1 Human rights policy commitments paragraph 20	Indicator number 9 Table #n. 3 and Indicator number 11 Table #n. 1 of Annex I	-	-	-	Strategy related to Own workforce Polices and Actions related to Own workforce	-
ESRS S1-1 Due diligence policies on issues addressed by the fundamental International Labor Organisation Conventions 1 to 8, paragraph 21	-	-	Delegated Regulation (EU) 2020/1816, Annex II	-	Strategy related to Own workforce Polices and Actions related to Own workforce	-
ESRS S1-1 processes and measures for preventing trafficking in human beings paragraph 22	Indicator number 11 Table #n. 3 of Annex I	-	-	-	Strategy related to Own workforce Polices and Actions related to Own workforce	-
ESRS S1-1 workplace accident prevention policy or management system paragraph 23	Indicator number 1 Table #n. 3 of Annex I	-	-	-	Strategy related to Own workforce Polices and Actions related to Own workforce	-


Sustainability statement	91

Campari Group annual report for the year ended 31 December 2024


Disclosure Requirement and related datapoint	SFDR reference 1	Pillar 3 reference 2	Benchmark Regulation reference 3	EU Climate Law reference 4	Paragraph title in the 2024 Sustainability Statement	Not material
ESRS S1-3 grievance/ complaints handling mechanisms paragraph 32 (c)	Indicator number 5 Table #n. 3 of Annex I	-	-	-	Polices and Actions related to Own workforce Processes to remediate negative impacts and channels for own workforce to raise concerns	-
ESRS S1-14 Number of fatalities and number and rate of work-related accidents paragraph 88 (b) and (c)	Indicator number 2 Table #n. 3 of Annex I	-	Delegated Regulation (EU) 2020/1816, Annex II	-	-	-
ESRS S1-14 Number of days lost to injuries, accidents, fatalities or illness paragraph 88 (e)	Indicator number 3 Table #n. 3 of Annex I	-	-	-	-	-
ESRS S1-16 Unadjusted gender pay gap paragraph 97 (a)	Indicator number 12 Table #n. 1 of Annex I	-	Delegated Regulation (EU) 2020/1816, Annex II	-	-	-
ESRS S1-16 Excessive CEO pay ratio paragraph 97 (b)	Indicator number 8 Table #n. 3 of Annex I	-	-	-	Metrics and Targets related to Own workforce	-
ESRS S1-17 Incidents of discrimination paragraph 103 (a)	Indicator number 7 Table #n. 3 of Annex I	-	-	-	-	-
ESRS S1-17 Non- respect of UNGPs on Business and Human Rights and OECD Guidelines paragraph 104 (a)	Indicator number 10 Table #n. 1 and Indicator n. 14 Table #n. 3 of Annex I	-	Delegated Regulation (EU) 2020/1816, Annex II Delegated Regulation (EU) 2020/1818 Art 12 (1)	-	-	Not material
ESRS 2- SBM3 – S2 Significant risk of child labour or forced labour in the value chain paragraph 11 (b)	Indicators number 12 and n. 13 Table #n. 3 of Annex I	-	-	-	Strategy, Policies and Actions related to Workers in the value chain	-
ESRS S2-1 Human rights policy commitments paragraph 17	Indicator number 9 Table #n. 3 and Indicator n. 11 Table #1 of Annex 1	-	-	-	Strategy, Policies and Actions related to Workers in the value chain	-
ESRS S2-1 Policies related to value chain workers paragraph 18	Indicator number 11 and n. 4 Table #n. 3 of Annex 1	-	-	-	Strategy, Policies and Actions related to Workers in the value chain	-
ESRS S2-1 Non- respect of UNGPs on Business and Human Rights principles and OECD guidelines paragraph 19	Indicator number 10 Table #n. 1 of Annex 1	-	Delegated Regulation (EU) 2020/1816, Annex II Delegated Regulation (EU) 2020/1818, Art 12 (1)	-	Strategy, Policies and Actions related to Workers in the value chain	-
ESRS S2-1 Due diligence policies on issues addressed by the fundamental International Labor Organisation Conventions 1 to 8, paragraph 19	-	-	Delegated Regulation (EU) 2020/1816, Annex II	-	Strategy, Policies and Actions related to Workers in the value chain	-
ESRS S2-4 Human rights issues and incidents connected to its upstream and downstream value chain paragraph 36	Indicator number 14 Table #n. 3 of Annex 1	-	-	-	Strategy, Policies and Actions related to Workers in the value chain	-


Sustainability statement	92

Campari Group annual report for the year ended 31 December 2024


Disclosure Requirement and related datapoint	SFDR reference 1	Pillar 3 reference 2	Benchmark Regulation reference 3	EU Climate Law reference 4	Paragraph title in the 2024 Sustainability Statement	Not material
ESRS S3-1 Human rights policy commitments paragraph 16	Indicator number 9 Table #n. 3 of Annex 1 and Indicator number 11 Table #1 of Annex 1	-	-	-	-	Not material
ESRS S3-1 non- respect of UNGPs on Business and Human Rights, ILO principles or OECD guidelines paragraph 17	Indicator number 10 Table #n. 1 Annex 1	-	Delegated Regulation (EU) 2020/1816, Annex II Delegated Regulation (EU) 2020/1818, Art 12 (1)	-	-	Not material
ESRS S4-1 Policies related to consumers and end- users paragraph 16	Indicator number 9 Table #n. 3 and Indicator number 11 Table #n. 1 of Annex 1	-	-	-	Impact, risk and opportunity related to Consumers and end-users	-
ESRS S4-1 Non- respect of UNGPs on Business and Human Rights and OECD guidelines paragraph 17	Indicator number 10 Table #n. 1 of Annex 1	-	Delegated Regulation (EU) 2020/1816, Annex II Delegated Regulation (EU) 2020/1818, Art 12 (1)	-	Impact, risk and opportunity related to Consumers and end-users	-
ESRS S4-4 Human rights issues and incidents paragraph 35	Indicator number 14 Table #n. 3 of Annex 1	-	-	-	Strategy, Policies and Actions related to Consumers and end-users Impact, risk and opportunity related to Consumers and end-users	-
ESRS G1-1 United Nations Convention against Corruption paragraph 10 (b)	Indicator number 15 Table #n. 3 of Annex 1	-	-	-	-	Not material
ESRS G1-1 Protection of whistle- blowers paragraph 10 (d)	Indicator number 6 Table #n. 3 of Annex 1	-	-	-	-	Not material
ESRS G1-4 Fines for violation of anti- corruption and anti- bribery laws paragraph 24 (a)	Indicator number 17 Table #n. 3 of Annex 1 Delegated	-	Delegated Regulation (EU) 2020/1816, Annex II)	-	Governance and policies related to Business conduct	-
ESRS 2 GOV-1 Percentage of board members who are independent paragraph 21 (e)	Indicator number 16 Table #n. 3 of Annex 1	-	-	-	The role of the management and supervisory bodies	-

Reconciliation table related to General information


Standard ESRS	Sustainability statement paragraph	Notes
General
ESRS 2 BP-1 - General basis for preparation of the Sustainability statement	Basis for preparation For more details related to the scope of the document please refer to note 2 '5-Principles of control and consolidation' of the Campari Group- Consolidated Financial statements at 31 December 2024’).
ESRS 2 BP-2 - Disclosures in relation to specific circumstances	General information Basis for preparation For more details related to the incorporation by reference applied by Campari Group please refer to Appendix section of the 'Sustainability statement'	ESRS 2 BP-2 par 10.b is not applicable since the improvements planned to increase accuracy is underway ESRS 2 BP-2 par. 11.a-b.i are not applicable ESRS 2 BP-2 par. 13-14 are not applicable since this is the first Sustainability Statement with ESRS ESRS 2 BP-2 par. 17 is not applicable since Campari Group exceeds the average number of 750 employees.


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Campari Group annual report for the year ended 31 December 2024


Governance
ESRS 2 GOV-1 - The role of the administrative, management and supervisory bodies	The role of the management and supervisory bodies Risk management and internal controls over sustainability reporting Technical competences over ESG matters Committees	For more information related to ESRS 2 GOV-1 par. 21, 22.a-c.ii, 22.d and 23.a please refer to the section 'The role of the management and supervisory bodies' For more information related to ESRS 2 GOV-2 par. 22.c.iii please refer to the section 'Risk management and internal controls over sustainability reporting' For more information related to ESRS GOV-1 par. 23 please refer to the section 'Technical competences over ESG matters' For more information related to ESRS GOV-1 par. 23.b please refer to the section 'Committees'
ESRS 2 GOV-2 - Information provided to and sustainability matters addressed by the undertaking’s administrative, management and supervisory bodies	The role of the management and supervisory bodies Presentation of the results of the Double Materiality Assessment process – DMA	For more information related to ESRS 2 GOV-2 par.26.a-b please refer to the section 'The role of the management and supervisory bodies' For more information related to ESRS 2 GOV-2 par.26.c please refer to the section 'Presentation of the results of the Double Materiality Assessment process – DMA'
ESRS 2 GOV-3 - Integration of sustainability- related performance in incentive schemes	The role of the management and supervisory bodies	For more information related to ESRS 2 GOV-3 par.29 please refer to the section 'The role of the management and supervisory bodies'
ESRS 2 GOV-4 - Statement on due diligence	Due diligence process and human rights	For more information related to ESRS 2 GOV-4 par.30, 32 please refer to the section 'Due diligence process on sustainability'
ESRS 2 GOV-5 - Risk management and internal controls over sustainability reporting	The role of the management and supervisory bodies Risk management and internal controls over sustainability reporting'	For more information related to ESRS 2 GOV-5 par.36.a-e please refer to the sections 'The role of the management and supervisory bodies' and 'Risk management and internal controls over sustainability reporting'
Strategy
ESRS 2 SBM-1 - Strategy, business model and value chain	Campari Group’s Value Chain	For more information related to ESRS 2 SBM-1 please refer to paragraph 'Strongly positioned for future growth: our ambition roadmap' of the Management board report ESRS 2 SBM-1 par. 40.b-c are not applicable since Campari Group applied the phased-in provision ESRS 2 SBM-1 par. 40.d.i-iv, 40.e-f, 41 are not applicable to Campari Group For more information related to ESRS 2 SBM-1 par. 40.g, please refer to the 'Sustainability strategy and business model' paragraph and each chapter related to the ESRS specific topic
ESRS 2 SBM-2 – Interests and views of stakeholders	Engagement with stakeholders	ESRS 2 SBM-2 par. 45.c.i-iii are not applicable to Campari Group For more information related to ESRS 2 SBM-2 par. 45.d please refer to sections 'The role of the management and supervisory bodies' and 'Stakeholder involvement'
ESRS 2 SBM-3 – Material impacts, risks and opportunities and their interaction with strategy and business model	Presentation of the results of the double materiality assessment process	ESRS 2 SBM-3 par 48.e is not applicable since Campari Group applied the phased-in provision ESRS 2 SBM-3 par 48.g is not applicable since this is the first year Campari Group is applying the CSRD
Impact, risk and opportunity management
IRO-1	Due diligence process and human rights Risk management and internal controls over sustainability reporting Presentation of the results of the double materiality assessment process	ESRS 2 IRO-1 par.53.h is not applicable for Campari Group
IRO-2	Presentation of the results of the double materiality assessment process List of datapoints in cross-cutting and topical standards that derive from other EU legislation	For more information related to ESRS 2 IRO-2 par. 56 please refer to the section 'List of datapoints in cross-cutting and topical standards that derive from other EU legislation' ESRS 2 IRO-2 par.57 is not applicable for Campari Group


Sustainability statement	94

Campari Group annual report for the year ended 31 December 2024

Environmental information

ESRS E1 Climate Change

Governance, Strategy and Policies mitigation and adaptation related to Climate change

On 11 April 2024, the corporate bodies responsible for the adoption and execution of a new Remuneration

Policy presented a new one to the AGM, proposing the introduction of a new long-term variable incentive plan

for senior management, following also the suggestions resulting from the stakeholders’ dialogue resulting from

previous AGM meetings. For detailed information refer to the 'Governance' section in the Management Board

Report and to section '7-v.Share-based payments' included in the Campari Group Consolidated Financial

statements.

Sustainability-related features, objectives and criteria are increasingly integrated into corporate processes and

procedures. This includes the specification of sustainability requirements within procurement guidelines,

managing supplier relationships, consideration of environmental and social issues in new product development

projects and embedding sustainable management principles into employee training and professional

competence-building programs.

Campari Group’s Environmental Policy (or 'Policy') is part of the key global policies, and is integrated into the

broader Quality, Food Safety, Occupational Safety and Environmental Policy, which was revised and updated in

2024. The Policy addresses the themes of climate change mitigation and adaptation and focuses on corporate

commitments regarding the reduction of GHG emissions from direct operations and the value chain, limiting

water usage intensity in the production process, ensuring that wastewater discharge complies with applicable

legislations, managing waste to minimise landfill disposal and promoting initiatives related to the circular

economy in packaging materials. Since most of the production sites are ISO-certified, the requirements of the

standard, as well as the guidelines of industry associations, including food and beverage and spirits

associations, and spirits and voluntary frameworks, were considered when updating the Policy. Moreover, with

this Policy Campari Group is committed to the preservation of biodiversity through cooperation with business

partners along the value chain. The Policy is recognizing the impact of upstream and downstream business

activities, emphasizing engagement with value chain suppliers (especially related to raw materials, packaging

and logistics service providers) to align with the Group’s objectives and key material topics.

The revised double materiality analysis led to the identification of new material topics with negative impacts for

which new ambitions and mitigations will be formulated in the near future, including the strengthening of circular

economy initiatives, the expansion of biodiversity actions and an increased focus on the management of water

in the Group value chain.

Accountability for implementing the Environmental Policy lies with the Chief of Supply Chain, a C-suite executive

and the highest-ranking position within the Campari Group directly overseeing environmental matters. To drive

environmental improvements, several of the Group's manufacturing sites have obtained certification under the

ISO 14001 Environmental Management System. The performance of the Environmental Certification rate (%),

measured as bottles produced in production units certified according to international standards for the

environment, slightly increased in 2024, compared to the previous year. For more information on the

Environmental Certification rate of Campari Group, refer to the 'Other ESG information' section.

In formulating the Policy and its objectives, Campari Group aligns with guidelines from industry associations in

the food, beverage, and spirits sectors, as well as voluntary frameworks specific to the beverage industry

represented by FSSC22000, ISO45001, ISO14001 and their amendment and additions. The development

process for the definition of the Policy incorporated key industry topics, market and technological trends,

investor expectations, regulatory changes, and insights from local engagements at operational sites. For more

information on the stakeholder involvement refer to 'Engagement with stakeholders' in General Information

section. Contributions from academic experts further ensured the Policy's relevance and robustness. The Policy

is available on the Campari Group corporate website and is shared with stakeholders, including customers, in

supplier engagement processes, with the aim of integrating environmental initiatives along the value chain.

The Group has established a Control, Risks, and Sustainability Committee within the Board of Directors with the

purpose of overseeing sustainability matters and integrating environmental risks within its broader global risk

assessment process. This is one of the most important steps comprising, among others, the Self Risk

Assessment ('SRA') that is conducted at different levels and functions, including environmental sustainability. It

assesses the risks of both acute and chronic climate change impacts, as well as potential regulatory shifts and

market disruptions driven by climate change. The findings of the SRA include action plan that considers the


Sustainability statement	95

Campari Group annual report for the year ended 31 December 2024

need to develop updated policies and procedures, investments, operational improvements, and emergency

preparedness and response strategies. This proactive attitude seeks to make Campari Group resilient amidst

changing climate-related difficulties.

With reference to climate change adaptation, Campari Group incorporates its Policy into the overall business

risk assessment processes. The outcomes from the periodic risk analyses (the latest one completed in

September 2024) formulate plans for specific adaptation measures designed to address physical climate risk.

Such measures would include targeted investments in emergency preparedness strategies and operational

enhancements at manufacturing locations to make them more resilient. Regarding supplier engagement,

Campari Group assesses physical risks by evaluating business continuity, ensuring a stable supply chain and

guaranteeing the reliability of supply commitments. In the future, the Group will continue broadening the risk

assessment with suppliers to include both physical and transitional risks pertinent to their operations. The risk

assessment process required by CSRD will be pivotal to ensure a more comprehensive evaluation of climate-

related risks along the full value chain.

Energy efficiency is one of the fundamental pillars of emission-reduction strategies in the manufacturing

industry. It consists of productivity improvements to larger-scale, and transformational initiatives such as the

adoption of advanced energy-efficient technologies. Examples include innovations in various processes like

distillation. In addition, energy efficiency is increasingly viewed as an important element of supplier engagement,

especially in industries where raw materials and packaging are one of the primally inputs.

Deployment of renewable energy in direct operations is an integral part of the Campari Group Environmental

Policy with defined time-based objectives. At least 90% of the power used within the Campari Group’s

operations by 2025 will come from renewable energy. This commitment, which is also included in the

remuneration performance metrics for Executive members, includes both energy generated from own renewable

assets and energy procured through recognised market-based instruments, such as guarantees of origin or

renewable energy certificates. Moreover, the emission reduction strategies for manufacturing sites include

securing renewable thermal energy or, alternatively, the electrification of heat processes. The Group encourages

key suppliers of goods and services to procure renewable energy sources, promoting sustainability across the

supply chain. This collaboration fosters broader systemic change within the Group industry and beyond.

Transition plan for Climate change

In order to address the transition plan for climate change, which will be prepared within next two years, Campari

Group has identified some key decarbonization levers that exist across its operations, value chain, and product

portfolio to drive the sustainability processes, namely:

Own operations:

- Energy and process efficiency: aiming to optimize energy consumption and enhance the process efficiency

of all Group facilities;

- Best available technology in energy recovery: implementing the best technologies available for energy

recovery to waste as little as possible and use the most amounts of energy;

- Electrification of heat utilities: transitioning the operations from fossil fuel-based heat solutions to electric-

based solutions to reduce carbon emissions;

- Renewable electricity and fuels: transitioning to renewable electricity sources and renewable fuels, using

market-based instruments to track and incentivize this shift.

Value chain:

- Optimization of distribution services: optimizing the distribution services to lower energy consumption and

associated emissions;

- Increase in intermodal transport: increasing logistics efficiency by diversifying into greener transport modes,

such as rail and shipping in addition to road transportation;

- Switch to renewable fuels and electric trucks: shifting gradually to electric trucks and using renewable fuels

for transportation, thereby reducing carbon emissions, is one of the core initiatives;

- Supplier engagement: engaging with Group suppliers to encourage the use of renewable energy and fuels in

their operations;

- Regenerative agriculture for raw materials: for commodities sourced from farmland, promote regenerative

agriculture practices that enhance soil health and sequester carbon;

- Biofuel transition of ingredient processing: driving the energy transition in the ingredient processing

operations where biofuels will play a more sustainable role.


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Campari Group annual report for the year ended 31 December 2024

Product portfolio:

- Packaging innovations: looking for ways to redesign packaging to minimise material intensity, reduce weight,

and avoid over-packaging;

- Alternative production and dispensing concepts: looking at innovative ways of packaging and dispensing that

are more environmentally friendly.

The spirits’ industry does not have significant ‘locked-in' emissions associated with its operational assets or

business activities. In the main manufacturing facilities, there are both fossil fuel and renewable energy sources,

thus providing pathways for transitioning to lower-carbon alternatives. Additionally, there are well-established

technical options to reduce dependence on thermal energy in production processes, further minimizing

emissions. The nature of products, defined by recipes and guaranteed sourcing, is such that it usually demands

long-distance transportation from the manufacturing locations to the final consumer. For this distribution,

shipping transport plays a key role and will have to go through a decarbonization transition using alternative

fuels, along with innovations in logistics technologies. Campari Group did not account for any significant ‘locked-

in' emissions resulting from the use of the finished products themselves. The post-consumer packaging is

designed for circularity, making it suitable for recycling and reuse in accordance with sustainability goals.

Campari Group, operating into the beverage sector, is included in the EU-Paris aligned Benchmarks.

The Transition Plan will be implemented in the coming years, and currently, detailed information regarding the

financial resources allocated to the action plan is not available. Efforts are underway to finalise the budgetary

allocations necessary to support the plan's initiatives and objectives.

Impacts, risk and opportunities related to Climate change

Between 2023 and 2024 Campari Group has undertaken a thorough climate change risk assessment to

evaluate and better understand the potential impacts of climate change on its operations and strategies on its

value chain. This assessment includes an in-depth analysis of environmental risks, opportunities for

sustainability improvements, and the development of mitigation and adaptation plans. By doing so, the Group

aims to enhance its resilience and contribute positively to global climate action efforts.

Climate- and nature-related risks encompass the potential for adverse impacts on human lives, livelihoods,

health, assets, services, biodiversity, ecosystems, supply chains, and infrastructure. These risks stem from shifts

in climatic patterns, rising global temperatures, and other environmental challenges. Physical risks refer to the

growing intensity and frequency of climate- and weather-related events, such as floods, droughts, and tropical

storms, as well as ecological issues, including soil degradation and the decline of pollinator populations.

Transition risks and opportunities pertain to structural changes associated with the shift to a low-carbon,

environmentally sustainable economy, driven by evolving consumer behaviors, advancements in technology,

and the implementation of climate- and nature-focused policies and regulations.

An explanation of the principal aforementioned challenges is presented below. All of these findings highlight

critical vulnerabilities requiring attention or opportunities that were embedded in the DMA for 2024.

These include material risks linked to energy use, mitigating and adapting to climate change:

- Physical risks: both acute (short-term) and chronic (long-term), which include potential impacts that climate

change will have on the Group's physical assets, infrastructure, and farmland. These risks could arise from

extreme weather events, sea-level rise, and other climate-induced phenomena that could cause damage or

disrupt operations.

- Transition risk: this would result from the transition to a low-carbon economy: evolving policy and regulation;

changing customers and investors’ expectations; fluctuating supply chain costs; and the rate of development

of new technologies and market dynamics. Governments are gradually beginning to strengthen their climate

policies, and consumer preferences are changing. Companies, therefore, must alter their business models to

avoid competitive and financial pressures.

Overall, this comprehensive assessment underlines the range of risks and opportunities that could affect the

resilience and sustainability of the Group’s business and that require proactive management and strategic

adaptation. The resilience analysis focused on critical operational assets, including utilities, transportation

networks, and agricultural commodity supply chains and it evaluated the flexibility of core manufacturing

processes. In doing so, both physical and transition risks and opportunities were considered. The analysis

focused primarily on identifying the key products that generated the greatest revenues for the Group, including

production facilities, supply chains, and distribution networks. This approach provided a deep understanding of

the vulnerabilities and how they could disrupt the Group’s core operations and revenue streams.

Physical risks to manufacturing assets were assessed through a desk study using geospatial data and

insurance industry risk models compatible with climate scenarios. However, due to data constraints and lack of


Sustainability statement	97

Campari Group annual report for the year ended 31 December 2024

visibility into the activities of suppliers, many of the findings had to be proxy estimates based on high-level

assumptions. For this reason, global and regional risk maps were used to identify key risk areas and hotspots.

Because the overall policy and regulatory changes are uncertain, this study mostly focuses on known

developments in climate-related policy, with a special emphasis on Europe, where such policies are more

developed. The analysis considers the broader transition to a lower-carbon and more resilient economy, based

on crucial assumptions about the scale, speed, and geographical distribution of the risks. It also includes, but is

not limited to, other risk factors, such as regulatory changes and technological disruption. Three likely scenarios

have been developed to describe these different outcomes: negatively critical, highly positive, and moderate.

The transition is framed within the context of macroeconomic trends, consumption patterns, energy systems,

and technological deployments. The time horizons used for the analysis were 2030 and 2050 to represent the

near-term and long-term strategic targets respectively, where relevant, were set as part of a science-based

approach. The three climate change scenarios considered, are:

- Representative Concentration Pathway ('RCP') 2.6 with Shared Socioeconomic Pathway ('SSP') 1-an

element of the ‘green road’ pathway, assuming global warming of +1.5°C.

- RCP 4.5 with SSP2, a pathway based on the ‘middle of the road’ concept, assuming global warming at

+2.4°C.

- RCP 8.5 combined with SSP5, which includes a fossil fuel-based growth pathway with assumed global

warming at +4°C.

The potential financial impact of material risks was selectively studied, focusing on agricultural commodities,

particularly price volatility and supply chain disruptions, and glass packaging, considering the cost of carbon

emissions and the regulatory effect. For direct operations, the physical risk of operational disruption and

business continuity was considered. This in-depth risk assessment, which has been initiated and is still ongoing

and being refined, reflects the financial consequences of both short- and long-term environmental and policy

changes, with the quantification for 2024 available and the 2025 budget currently being defined. Related

investment in CapEx is disclosed in the 'Climate change commitments, Actions and Metrics' section below.

The most significant uncertainties in this report stem from the scale and variance of risk quantifications, the

combined effects of multiple risks, and the increasing possibility of a similar risk to occur over larger and more

connected areas. While asset-level physical risk methodologies are well established, area-level risk

assessments -especially those including complex supply chain and infrastructure systems- lack a clear,

standardized framework, leading to a wide variety of approaches. As the study progresses, further in-depth

analysis will continuously refine both resilience assessments and risk evaluations. In addition, a forthcoming

study as part of the upcoming climate transition plan will develop the broader adaptation of business models in

more detail. This plan will analyse how companies can better adapt to the evolving challenges of climate

change.

The main findings from the resilience analysis of the Group’s assets and value chain are as follows:

- The spirit industry is strongly linked to agricultural raw materials, packaging materials and large distance

distribution from origin to consumption.

- Most of the carbon footprint is in value chain and not in direct manufacturing.

- The spirits industry possesses proven and scalable technologies and energy supply solutions that can

significantly support decarbonization. Greater adoption of energy recovery technologies in distillation, and

increased sourcing of renewable energy are assumed.

- For many products the legal (product definitions) and traditional (controlled designation of origin) conditions

constrain the place of manufacturing and/or ingredient sourcing while consumer markets are distant. This

poses a particular challenge for decarbonization and exposes the industry to location-based climate risks.

- Climate risks with secondary effects on supply chain resilience and market volatility must be regularly

integrated into the broader corporate risk assessment process. Climate change scenarios indicate the

increased risk of supply chain disruption and disturbance and market volatility, which must be regularly fed

into the business continuity and supplier engagement agenda.

- The most vulnerable regions to climate change are those with limited sourcing options, where large-scale

disruption cannot offer alternatives (e.g. geographically limited grape and agave sourcing regions). Extreme

weather events may lead to increased frequency in time and space, and more severe acute or chronic

disruptions in supply chains, including damage to crops, production and distribution, energy and fuel

supplies.

- Most regions where raw materials, production and distribution are located are assumed to be affected.

Impacts on farming are expected from drought risks in the Mediterranean region (Italy), the dry areas of the

United States' corn belt, while variability in rainfall and irrigation could affect sugarcane cultivation in the

Caribbean and South America. Botanicals deserve special attention as the risks are poorly understood;

erratic weather conditions that alter sensitive habitats are believed to pose the highest risk of crop harvest

and plant migration.


Sustainability statement	98

Campari Group annual report for the year ended 31 December 2024

- Campari Group’s manufacturing sites are moderately and punctually affected: hurricane risk in Jamaica,

water supply risks at other sites (Mexico, Italy, Greece).

- provided that established experience will favour new farming practices (regenerative agriculture) and that

regulations/incentives for farmland to include conscious ecosystem services, agriculture can improve soil

resilience, long-term productivity, and biodiversity restoration.

- it is assumed that the energy-intensive packaging industry will gradually progress with the technological

transition to low-emission production, especially for container glass. Alternative low-carbon packaging is not

expected on a medium-term scale.

Campari Group is adopting a phased approach to enhance its understanding of the potential impacts of climate

change on its business operations. The main reference for determining the impacts of climate change, and in

particular greenhouse gas emissions, is the GHG Protocol Corporate Accounting and Reporting Standard ('GHG

Protocol') with several supporting tools and resources, publicly available industry guidelines for sectors such as

food, beverage, and spirits, and comparisons with peer companies. The compilation of the emissions inventory

started with the screening of the company’s activities, then with the collection of value chain data. These,

together with available activity data, were used to estimate the key emission categories. Generic product carbon

footprints were applied for value chain emissions, for instance, for packaging, agricultural raw materials, and

semi-finished products. These carbon footprint benchmarks enabled the quantification emissions impacts and a

better understanding of the overall environmental footprint.

Most relevant physical risks and opportunities (including DMA results)

Campari Group analyzed its assets and business activities, focusing on raw material sourcing, packaging,

distribution and infrastructure, to assess exposure to physical risks. These include acute events, such as

droughts, flooding, heat waves, and heavy precipitation, and chronic risks like heat stress, water stress, land-

use changes and temperature variations. The assessment evaluated key production facilities for criticality and

substitution potential, reviewed purchased goods, analyzed commodity flows, and mapped sourcing regions for

main agricultural commodities. The risks identified for further analysis include: extreme weather events, such as

hurricanes and heavy rainfall, affecting Jamaican production sites, with one site also vulnerable to rising sea

levels; water stress threatens six major locations across Italy, Greece, Mexico, and Australia; broader value

chain risks involve intensifying extreme weather and water stress; heat stress impacts outdoor operations,

agriculture, and construction, particularly during heat waves in Europe, the United States and Brazil, and in high-

temperature, high-humidity tropical and subtropical regions.

- Climate change - chronic physical

Physical risks to manufacturing assets were assessed in a detailed study using geospatial data and insurance

industry risk models compatible with the climate scenarios considered. Due to limitations in available information

and limited disclosures of suppliers' activities, many high-level assumptions were made with a global view of key

risks and hotspots (using global and regional data and risk maps). Due to the uncertainty of policy and

regulatory risks, the focus was on known developments, mainly in Europe (carbon pricing).

The critical assumptions about the transition to a lower-carbon and resilient economy were related to the scale,

speed, and geography of risks, including risks other than climate-related. Negative, positive, and moderate

scenarios were defined for the study. The transition was put into the context of macroeconomic and

consumption trends, energy systems, and technology deployments.

The time horizons used were 2030 and 2050. The first two were connected with near- and long-term target

setting (science-based approach). The climate change scenarios used in the study, as anticipated, were the

following: RCP 2.6 with SSP1 ('green road' pathway) with global warming +1.5°C, RCP 4.5 with SSP2 ('middle

of the road' pathway) with global warming +2.4°C, and RCP 8.5 SSP5 (fossil-fuelled growth) with global

warming +4°C. The potential financial effects from material risks were studied selectively with a focus on

agricultural commodities (pricing volatility and supply disruptions) and glass packaging (cost of carbon,

regulation), and for direct operations, the physical risks of disruption and business continuity.

Looking at the high emission scenario (RCP 8.5 SSP5) with fossil-fuelled growth, the Group identified the

following climate-related hazards to be affecting our business with more frequency and severity:

- Temperature-related heat stress and heat waves affecting outdoor operations (construction, logistics, travel),

increasing the risk of accidents, and lowering the efficiency of outdoor activities.

- Wind-related extreme weather incidents, with the main impact in hurricane regions (e.g., Caribbean), leading

to disruptions and damage.

- Water-related extreme weather (extreme rainfall with flash flooding, or persistent drought) predicted to occur

in several regions, leading to disruptions, infrastructural damage, crop loss, and price volatility.

- The overall risk of local or widespread disruption to supply chains, physical assets, infrastructure, energy,

and water supplies is considered increasing and severe in a high-emission climate scenario.


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Campari Group annual report for the year ended 31 December 2024

- Potential financial impacts stem from infrastructure damage, rerouted supplies, reduced capacity, and

alternative sourcing, with additional costs incurred to maintain service levels and deploy continuity measures.

In the high-emission scenario of continued global growth (RCP 8.5 SSP5), consumer markets would offer

commercial growth opportunities, but serving the markets would become extremely difficult due to the rising risk

of supply chain and route-to-market disruptions and volatility (extreme weather, crop losses), ultimately resulting

in major changes in supply chains (especially looking beyond 2050 with major shifts in agricultural conditions for

main commodities for the industry).

In terms of mitigation and adaptation, the short- and mid-term measures should include enhanced engineering

standards and flood response procedures, while engaging strategic suppliers to address physical risks and

business continuity. Supply chains are expected to prioritize infrastructure criticality and exercise preparedness

to manage more frequent disruptions. In the longer term, adaptation should include the transition to new supply

chain networks and route-to-market, building resilience in agricultural production and general infrastructure.

- Water stress

Campari Group faces vulnerability from water stress at manufacturing sites with significant operations or high

vulnerability to water supply disruptions. Using the Aqueduct 4.0 Water Risk Atlas, the Group identified at-risk

sites and conducted local assessments in 2024 to address global risks with site-specific analyses and mitigation

measures. As water stress zones have expanded, including Italy, further investigations are required. Local

evaluations consider physical constraints, regulatory and policy changes, reputational factors, and regional

economic activity affecting water use. Water stress can lead to production losses or limit capacity growth at

affected sites. To mitigate these risks, the Group plans investments in water reuse, reduction, and recycling

technologies to sustain current and future operations (for information on the CapEx amount invested refer to

'Metrics and Targets related to water and marine resources' in 'ESRS E3 Water and marine resources' section).

- Water stress in upstream value chain - chronic physical

The risk of chronic water stress from heat and drought affects farms supplying agricultural raw materials and

semi-finished products to Campari Group. Using the Aqueduct 4.0 Water Risk Atlas and supplier disclosures, the

Group identifies vulnerable regions and monitors risks through market intelligence reports. Severe droughts are

expected to heighten market volatility, impacting commodity prices and availability, particularly for geographically

constrained or regulated crops like grapes and sugar. Persistent drought conditions amplify financial risks as

climate change progresses, with long-term impacts anticipated to be significant. The most affected regions are

located in France, Italy, Mexico and the United States. Strategies to address the risk include breeding drought-

resistant crop varieties, improving irrigation techniques, and relocating sourcing to less vulnerable regions.

Notable initiatives involve research into resilient crops in the United Kingdom, innovative wine production

methods in France, and the use of wastewater for sugarcane irrigation in Martinique (for information on the

CapEx amount invested refer to 'Metrics and Targets related to water and marine resources' in 'ESRS E3 Water

and marine resources' section).

- Water, reduced usage in direct operations

To mitigate the risks of water stress and supply disruptions, Campari Group has implemented an enhanced

water improvement program focused on reduction, reuse, and recycling. These measures help free up capacity

for future growth and sustain operations during supply constraints, ensuring resilience and enabling production

expansion (for information on the CapEx amount invested refer to 'Metrics and Targets related to water and

marine resources' in 'ESRS E3 Water and marine resources' section).

To assess the anticipated financial effects Campari Group has identified the applicable physical risks as follows:

extreme rainfall/wind due to hurricanes and tropical storms in three locations in Jamaica (regions: Clarendon,

Saint Elizabeth, Kingston), sea level rise/flooding in one near-sea location in Jamaica (region Kingston), risk of

drought limiting water supply at six locations, two in Italy (region Piedmont), one in Greece (region Thessaly),

one Mexico (region Jalisco), one in Australia (region Victoria). Small sites and non-material physical risks are

not considered as insignificant. For these identified sites, the Group has qualitatively assessed the possible

anticipated financial effects in relation to additional protective measures (i.e., CapEx, increased building

standards) and operational changes (i.e., emergency operating procedures, business continuity provisions). The

financial effects related to physical risks (mainly the impact of acute physical risks, i.e., extreme weather) were

assessed qualitatively for the following business activities: supply of raw material (price volatility, supply

disruptions due to loss of crop or poor harvest), stability of energy (power supply disruptions due to extreme

weather conditions), distribution (delivery and distribution by land and sea disrupted by extreme weather

conditions). The risk assessment of assets was conducted in cooperation with an insurance provider. The

climate change scenarios were used with risk maps for different climate risks, under scenarios of RCP 2.6, 4.5

and 8.5. In addition, water risk was evaluated as physical water stress until 2030 using Aqueduct Water Risk


Sustainability statement	100

Campari Group annual report for the year ended 31 December 2024

Atlas 2.0. (for information on the CapEx amount invested refer to 'Metrics and Targets related to water and

marine resources' in 'ESRS E3 Water and marine resources' section)

Most relevant transitional risks and opportunities (including DMA results)

Potential transition events were identified for each climate scenario the Group analyzed, varying in intensity and

likelihood. Campari Group conducted an analysis of transition risks based on a wide variety of sources,

including global policy studies, industry trends, market research and our peer group. The main transition risks

identified in the analysis were associated with policy and regulatory developments, including carbon pricing and

energy system change, as well as emerging customer, consumer, and investor demand. There was also

significant financial exposure within the supply chain due to the costs related to the transition to a low-carbon

economy and due to technology and market changes affecting the products that it delivers. These main

identified vulnerabilities are a key part of the Group’s long-term strategic planning, as the Group continues to

monitor and adapt to changing circumstances.

Transitional effects could derive from the following:

- policy and regulations (focus on carbon pricing, emission controls, packaging, agriculture, energy transition,

increased reporting requirements, water restrictions),

- customer and consumer trends (transparency and use of Product Carbon Footprints, minimum requirements

on packaging, brand value of sustainability features, requirement to commit to science-based targets),

- investor expectations/reputation for stakeholders and society (disclosure of risks, targets and progress made,

commitment to science-based targets, competition for raw materials, access to finance, stigmatization of

industry),

- costs of supply chain (volatility of commodities, financing the energy transition by key suppliers),

- technology and market changes (new packaging, new raw materials for spirits, new manufacturing

technologies, speed and scale of low-carbon products from suppliers).

An in-depth description of transitional risks and opportunities is provided below:

- Carbon pricing

The rising of carbon pricing policies, particularly in Europe’s glass industry, could impact Campari Group due to

its reliance on glass packaging, which contributes significantly to its Scope 3 carbon footprint. Medium-term

effects are expected from existing regulations and the Emission Trading Scheme. If carbon pricing extends to

other sectors, it may lead to indirect cost pressures on raw materials, packaging and energy-intensive services.

- Climate change, transition to lower emission technology and products

The vulnerability lies in the glass packaging industry's slow transition to low-emission technologies, which are

crucial for reducing CO2 emissions in the spirits industry. The process is hindered by existing assets that can

only achieve limited emission reductions, with significant progress requiring new furnaces and the use of

renewable energy sources. This transition could lead to a temporary or persistent shortage of low-emission

glass containers, as the industry's shift to new technologies may not meet the demand for emission reductions

across beverage companies and glass manufacturers. The main response involves ensuring full emission

disclosure from strategic suppliers and establishing agreements on their CO2 transition plans.

- Climate change, soil and farming

This vulnerability pertains to the second-largest source of CO2 emissions in Campari Group's value chain:

farming and the processing of agricultural commodities like sugarcane, maize, barley, and agave. The

vulnerability arises from the slow adoption and varying standards of regenerative farming practices, which aim to

reduce emissions through soil conservation, ecosystem services and sustainable use of fertilisers and fuels. The

transition, in fact, may not proceed quickly or broadly enough to decarbonise agricultural value chains

effectively. Financially, this risk exposes agriculture to rising energy costs, soil degradation, and loss of

ecosystem services. Campari Group’s response includes engaging suppliers to adopt globally recognised

certification schemes that promote regenerative farming, biodiversity, and water stewardship. The Group also

ensures that its directly managed farms, such as vineyards in France, adhere to these schemes, with

participation levels as KPIs. Examples of schemes include Cognac Environmental Certification ('CEC') in

Cognac and Viticulture Durable in Champagne.

- Climate change: regenerative farming

The opportunity lies in improving farming practices in intensive agriculture, which often relies on fuels and

chemical fertilisers while neglecting soil and ecosystem health. Regenerative farming practices aim to boost

resilience against climate change, ensure long-term soil productivity, and reduce dependency on chemicals.

Campari Group aims to enhance farm returns by supporting certification schemes for regenerative farming,

biodiversity, and water stewardship. The Group endorses globally or regionally recognised schemes to drive


Sustainability statement	101

Campari Group annual report for the year ended 31 December 2024

widespread adoption. The Group’s own farms, like those in France, are also certified, with progress tracked by

participation rates. Key certifications include CEC in Cognac and Viticulture Durable in Champagne.

- Climate change: increased demand for sustainable materials/products

The growing demand for low-emission packaging materials, particularly bottles, closures, and cans, is driven by

the need for reduced carbon footprints. This can be achieved through increased recycled content, material

substitution, and energy transitions in the packaging industry. By setting CO2 targets, spirits and beverage

companies are pushing for the glass industry’s transformation, making it more resilient to rising carbon costs,

particularly in the EU ETS. The adoption of new furnace technologies and renewable fuels will lower costs and

improve competitiveness in low-carbon packaging. Subsidies for demonstration projects in the EU and the

United States can further support this transition. Additionally, demand for certified packaging materials, such as

those from sustainable forestry or farming, will aid the adoption of new, sustainable products. Campari Group's

response involves collaborating with strategic suppliers on CO2 transition plans.

- Climate change: increased demand for low-carbon transport

As beverage and spirits companies set CO2 emission reduction targets, the demand for low-emission transport

services is increasing, as transportation accounts for a significant portion of their carbon footprints. The industry

is collectively pushing for a transition to renewable fuels, electrification of fleets, and greater use of intermodal

solutions, such as more rail and less truck transport. The market is signalling the need for infrastructure and

fleet changes, with studies indicating cost-neutral opportunities for renewable rail services and savings for truck

transport with renewable fuels. Campari Group's logistics strategy focuses on cost-neutral intermodal transport,

increasing the use of renewable fuels and electric trucks, while optimizing shipping container loading, truck

routes, and warehousing.

- Climate change: increased availability of products with reduced impact

The opportunity lies in developing new packaging formats (alternatives to glass, reuse-refill options), about

packaging re-design, requiring from suppliers more recycled content in our packaging. Packaging re-design,

reduction of material use (light-weighting), alternative packaging per trade channel, increased recycled content

are measures that offer a profitable opportunity to reduce the cost of packaging or the route to market, while

reducing the CO2 impact. Campari Group has a dedicated Packaging Research&Development function that is

driving the agenda, in collaboration with the Procurement, Sales and Marketing functions.

- Climate change/water: improved ratings and access to capital

Enhancing Campari Group’s climate change management will strengthen its ESG ratings and sustainability

index positioning, driving positive financial outcomes. Higher ESG ratings attract ESG-focused investors,

potentially increasing investment and improving debt conditions. More specifically the Group is committed to

achieving several key sustainability targets, besides which decreasing by 30% GHG emissions form total supply

chain by 2030. For information about the Group funding initiatives ESG-related refer to 'Sustainable core

commitments' in the 'The Sustainability Governance model'.

No significant transition risks were identified for the Group's own assets. The main transition risk identified with

financial effect is carbon pricing, which leads to an increase in fossil energy costs and incentivises energy

transition (investments). The industrial and geographical hotspot involved was considered to be glass containers

produced in Europe

The result of the above-described processes together with the DMA completed for the year 2024 to identify and

assess material climate-related impacts, risks and opportunities related to climate change for the reporting

period 2024 is summarised below. It should be noted that the topics considered material represent only a subset

of the full range of possible scenarios.


Relevant sub topic	Impacts	Risks	Opportunities
Climate Change adaptation	-	Failed transition to a lower-carbon and energy-efficient economic system (Transitional risk)	-
Climate Change mitigation	Contributions to GHG emissions (negative)	Natural disasters (Physical risk)	-
Energy	Increasing energy consumption and contributing to negative environmental impacts due to manufacturing activities (negative)	-	Reducing the energy consumption of the Company's operations (Transitional opportunity)


Sustainability statement	102

Campari Group annual report for the year ended 31 December 2024

Metrics and Targets related to Climate change

In 2024, Campari Group reported publicly on its climate-related progress, disclosing for the third time to the

Carbon Disclosure Project (‘CDP’) framework. CDP is the most important global questionnaire collecting

climate-related data, in which companies gather and externally disclose their strategy, targets and projects

aimed at managing and mitigating climate change aspects. Investors and companies use the CDP to make

informed decisions, to reward companies that demonstrate leadership and to lead collective climate action.

With regard to the 2024 CDP Corporate questionnaire, Campari Group received a ‘B’ score (Management level)

for the Climate Change section (a slight drop from the 2023 score of 'A-') and an 'A-' score (Leadership level) for

the Water Security section, which the Group responded for the first time in 2024. To reach Management and

Leadership levels, the Group is expected to demonstrate an awareness of its environmental and water security

impacts while implementing effective measures to mitigate them. These scores indicate that Campari Group has

successfully managed the environmental impacts of its operations, maintained proper environmental

management practices, and developed comprehensive water-related risk assessment strategies and best

practices in water management.

In consistency with its Global QHSE Policy, Campari Group continues on its energy efficiency path through its

global multi-year program launched in 2020, committing to promote energy-saving initiatives, implement

sustainable solutions and decarbonise production activities. In addition to the continuous and robust

commitment in reducing the carbon emissions from its direct operations, Campari Group has extended its efforts

to the broader supply chain, aiming at reducing total Supply Chain GHG emissions’ intensity (Scope 1, 2 and 3)

by 30% by 2030 and achieving net-zero emissions by 2050 or sooner.

In 2023 the Group defined its first high-level Net Zero roadmap including actions to deliver the 2025 and 2030

commitments, as well as directional activities reaching beyond the 2030 target.


Sustainability statement	103

Campari Group annual report for the year ended 31 December 2024


Targets	2024 Achievements	Next steps
Reduce greenhouse gas (GHG) emissions intensity (kg of CO2/L) from direct operations (Scope 1 and Scope 2 market-based) by 55% within 2025, by 70% within 2030, and by 30% from the total Supply Chain /scope 1, 2 and 3) by 2030 having 2019 as a baseline.	- Local interventions and investments in the Group’s plants according to the energy efficiency and decarbonisation project launched in 2023/2024, including heat pumps, boiler upgrades, thermal vapour recovery in distilling. - Energy Performance (kWh/L) reduced by 43.6% compared to 2019 and by 6.7% compared to 2023. - Greenhouse gas (GHG) emissions intensity performance (kg of CO2/L) from direct manufacturing operations decreased by 8.8% compared to 2023 and by 51.2% compared to base-year 2019. - Greenhouse gas (GHG) emissions intensity performance (kg of CO2/L) for total supply chain reduced by 23.3% compared to 2019 and by 6.2% vs 2023. - Climate risk and opportunities assessment was conducted for the first time following guidance from CDP and CSRD disclosure requirements. A physical risk evaluation was performed, along with a mitigation plan for key manufacturing sites. - CDP-Corporate questionnaire filed with new content requirements. Campari Group received a A- score (‘Leadership’) to the Water Security section and a 'B' score ('Management') to the Climate Change section	- Strategy review and target revision to align with CSRD requirements (science-based approach) and reconciliation with current commitments for 2025/2030 - Preparation of a climate transition plan with main levers to reduce emissions and ensure internal alignment. - Completion of a vinasse treatment plant (aerobic digestion with biogas fuel integration) at the Arandas tequila distillery in Mexico. - Utility plant upgrade at the New Yarmouth rum distillery in Jamaica, including a new cogeneration plant and supporting photovoltaic plant. - Boiler replacement at the Appleton distillery in Jamaica. - New high-energy-efficiency dry house for stillage at the Wild Turkey distillery in the United States. - Planning and execution of major energy projects in the 3-year capital investment plan, including projects at main distilleries for energy recovery in distillation, increasing the capacity of renewable energy assets, and anaerobic digestion of distillery stillage.
90% renewable electricity for all Group’s production sites by 2025.	- 96.1% of the total electricity used by the Group’s production sites comes from renewable sources. The newly acquired Courvoisier cognac company in fact is using 100% renewable power. - Increased production of on-site solar installations by 63% compared to 2023. Extension of photovoltaic system installations at several Group production sites. - Attainment of Guarantees of Origin in all European and Americas plants following RE100(1) Technical Criteria. - Activation in Italy of the Group’s first Power Purchase Agreement (wind power, baseload contract), contributing 8% to the total energy intake.	- Explore further Power Purchase Agreements and the extension of solar power assets, including energy storage.

(1)RE100 is a global corporate initiative bringing together hundreds of businesses committed to using 100% renewable electricity in their operations (source:

www.there100.org).

Campari Group is committed to reducing the intensity of GHG emissions across its direct operations (Scope 1

and 2) and throughout its entire value chain (Scopes 1, 2 and 3), along with initiatives to use renewable energy

and improve energy efficiency in production. Although no specific targets have yet been set to address risks and

opportunities related to climate change adaptation or to mitigate physical and transition risks, the Group plans to

set absolute emission targets in the next two years based on science-based criteria. The current targets, set in

2021 with a base year of 2019, use an emission intensity metric aligned with the GHG Protocol Corporate

Carbon Footprinting Guidance, which allows the impacts from organic and perimeter changes to be included

without requiring recalculations. These targets, which are not externally assured, are designed to exceed the

reductions required by science-based approaches and are consistent with a net-zero ambition by 2050, with

intermediate goals set for 2030, and are inspired by the principles and ambitions of the Paris Agreement,

actively contributing to the containment of global temperature increase to within 1.5° C. Scope 3 reduction

activities address key categories, such as purchased goods and services, transportation, and distribution. The

baseline value used to measure progress towards the targets has been carefully selected to ensure it accurately

represents the company’s activities and accounts for any significant external influences. To ensure its

robustness, the data has been verified against the operational activity levels for the period and, where

necessary, normalized to account for exceptional factors, such as climatic variations or extraordinary events.

This approach enables the provision of a reliable and transparent representation of Group's progress toward

achieving its targets.

The Group explicitly excludes GHG removals, carbon credits and avoided emissions from its climate mitigation

strategy, focusing instead on tangible emission reductions across its operations and value chain. As a

consequence, no carbon allowances were purchased during the year 2024, consistent with the practice

observed in 2023. This strategic decision reflects the Group's continued commitment to minimizing its carbon


Sustainability statement	104

Campari Group annual report for the year ended 31 December 2024

footprint by sourcing renewable energy and in 2024, the total costs for Guarantees of Origin amounted to €111.5

thousand. Guarantees of Origin certify that the energy consumed is generated from renewable sources,

reinforcing Group's dedication to sustainability and compliance with environmental standards.

By 2030, direct operations are expected to account for up to 5% of total carbon footprint reductions through

measures such as energy and process efficiency, adoption of best available techniques for energy recovery and

electrification of heat utilities, and the use of renewable electricity and fuels, including market-based

instruments. In the value chain, a reduction of 25% is expected, supported by optimizing distribution services,

increasing intermodal transportation, transitioning to renewable fuels and electric trucks, and encouraging

suppliers to adopt renewable energy and regenerative agricultural practices. Additional efforts include shifting to

biofuels in ingredient processing and redesigning packaging to reduce material intensity, weight, and over-

packaging while exploring innovative distribution solutions.

Target-setting involved dialogue with investors and alignment with industry ambitions, taking into account typical

industry emission reduction rates and the company’s organic growth trajectory. The Group tracks its

performance using intensity metrics and renewable energy deployment levels, assessing progress against the

2019 baseline, with interim targets set for 2025 and for 2030. Annual reassessments of risks and opportunities,

along with detailed analysis of emissions by category and region, further support the implementation of these

measures.

Actions and resources in relation to climate change policies

The actions planned are well calibrated to achieve the short- and medium-term goals, which are key targets to

be achieved in 2025 and 2030. All initiatives promote achievement of the Group’s sustainability objectives. The

actions described have energy efficiency as a decarbonization lever and, with reference to the Scope 2

emissions reductions initiatives, of the transition to renewable energies. The above-mentioned climate

scenarios, taken into account for risk (and opportunity) analyses, were also used to determine key

decarbonization levers.

The key actions planned for delivering this climate-related policy are grouped under the following headings:

- Scope 1 reductions: activities aimed at reducing emissions directly from production processes, along with

increasing energy efficiency to reduce overall energy demand, leveraged as follows:

a) Industrial energy efficiency: energy efficiency efforts were consolidated in 2024 into a Best Practices program

encompassing people, process (with digitalisation), techniques and technologies. Campari Group collected

the existing best practice from sites and external industry guidance, conducted site assessments and

developed action plans for each site, with a focus on big manufacturing locations. The program will continue

in the coming years, adapting local demands and capabilities. Selected sites were recognised by the Group

Supply Chain for their efforts in 2024 in improving performance and implementing corrective actions despite

unfavourable operating conditions (i.e., reduction in production volume).

b) New technologies: November 2024 saw the completion of the Campari Group’s first advanced energy

recovery technology in distillation, the so-called Thermal Vapor Recompression system in pot stills in the

GlenGrant distillery in Rothes, Scotland. The solution helps the GlenGrant distillery reduce gas consumption

by 30% and water use at the site by more than 20%. In the coming years, Campari Group is investigating

energy-recovery technologies for distillation columns also for other sites.

c) Renewable fuels: the Campari Group’s plant in Arandas, Mexico is completing an anaerobic digester (known

as Vinasse Treatment Plant) that will convert the vinasse, a by-product of distillation, into renewable energy

(biogas) that will be used as renewable fuel by the site. The plant is due in early 2025 and is expected to

cover more than 50% of the site’s heat demand. In the coming years, the Group will explore further options

and locations of renewable fuels (and electrification of heat supply) available for our sites.

d) Due to revised demand for distilled products and operational issues at some plants (including extreme

weather events in Jamaica), without considering the impact of Courvoisier, Scope 1 emissions fell by 10.4%

compared to the previous year, aligning with the distilled volume reduction (-10%). The benefits of ongoing

energy improvement projects were offset by lower capacity utilization and issues related to reduced

production.

- Scope 2 reductions: activities to reduce the levels of greenhouse gases resulting from electricity

consumption through procurement strategies and by reducing the use of electricity in production processes,

with the following levers:

a) On-site renewable energy: Campari Group increased the installed capacity of on-site photovoltaic systems

by 1 MWe (including new and extended systems in Australia, Italy, France, Jamaica), increasing solar power

generation by 1,354 MWh.

1 In December 2023 the Company signed its first multi-year contract for the purchase of electric energy from wind renewable sources (i.e., Off-site Power

Purchase Agreement, PPA), active from January 1, 2024


Sustainability statement	105

Campari Group annual report for the year ended 31 December 2024

b) Market-based instruments: effective from 2024, the Group has introduced its first Power-Purchase

Agreement 1, based on wind farm in Italy that supplies over 30% power to its Italian manufacturing sites; and

it also continues to purchase guarantees of origin and renewable energy credits for power sourced from the

grids, covering 95.8% of total energy purchased.

c) Industrial energy efficiency: Campari Group continued to implement and develop best practice programs on

energy efficiency (combined with thermal energy), including electricity consumption and baseload reduction.

- Scope 3 reductions: engaging with suppliers to achieve emission reductions throughout the value chain

through continuous company-wide improvements, focusing on indirect emissions, such as fuel and energy-

related activities, product use and waste management, with the following levers:

a) Disclosure on emissions: in 2024 the Group made an extensive prioritisation of suppliers in terms of absolute

contribution to its carbon footprint. These suppliers were identified mainly in the raw materials and packaging

categories. Campari Group redefined the engagement process with those partners and required disclosure

of emissions pertaining to its products and action plans to reduce emissions. This process will result in better

data quality and incorporation of improvements into the Group’s carbon footprint. The Group supports and

explicitly asks suppliers about energy-efficiency programs, renewable energy sourcing (suppliers’ Scope 2),

low-carbon product re-design, use of renewable fuels, and electrification of thermal processes and

technology transitions (particularly in the glass container industry and in food processing, such as sugar and

alcohol). On farms, Campari is tracking the development of best practices in regenerative agriculture.

b) Logistics optimization: Campari Group continued and supported low-emission transportation choices in

several markets (intermodal, biofuel truck), implemented a series of projects to improve container loading

and order fewer trucks for the same volume of goods, and almost completely eliminated air cargo.

c) Rationalisation of service spending: 2024 was the year when new travel rules were introduced in the

Company that contributed to the reduction of emissions (-3,000 tonnes compared to 2023), especially in air

travel. The Group improved sustainability-related service KPIs for the supply of Point-of-Sale materials,

emphasizing lower emission intensity, recyclability and plastics reduction.

d) Packaging optimization together with supplier-side emission reductions: continuous redesign and

improvement of packaging with the aim of minimizing resource usage and adopting a more circular economy

concept. These changes are leading to a reduction emissions of -2.5% compared to last year.

e) Major changes in purchased goods and services resulted from an altered manufacturing program in

response to weaker demand and a reduction of working capital in the supply chain. This included revised

distillation plans, a reduction in material and finished goods inventories during the year, and additional

operational issues at some plants. The reduction in spending on packaging materials was related to reduced

bottling volumes, with a global decrease of 16% compared to 2023. The reduction in raw materials for

distillation was directly related to changes in the annual distillation program, with a 10% decrease in volume

distilled from the previous year (not considering Courvoisier).

Campari Group's ability to implement its actions depends on the availability and allocation of resources.

Campari Group’s climate change planning activities involve several departments supported by consultancy

services on specific topics: carbon footprint analysis, sustainability data platforms, CSRD reporting requirements

and mandatory disclosures. In terms of capital expenditure, sustainability projects in supply chain are typically

planned over a three-year horizon and are aligned with the Group's Strategic Plan for 2025-2027. In 2024, total

CapEx for environmental sustainability was €55.7 million, while allocated projects for 2025 amount to €20.3

million (refer to paragraph 'ii. Property, plant and equipment, right of use assets and biological assets' in the '4.

Operating assets and liabilities' note and in 'iv. Use of estimate' in '2. Accounting information and material

general accounting policies' the Campari Group Consolidated financial statements at 31 December 2024).

Where possible, the Group also considers third-party solutions, especially for developments close to its sites,

such as the treatment and conversion of distillery by-products or the inclusion of renewable energy assets. In

addition to these, publicly supported schemes, which provide subsidies or concessional loans, are also

considered in pursuit of sustainability objectives.

Within the total CapEx for environmental sustainability and with focus on climate-related projects only dedicated

to energy and energy efficiency, the Group allocated €20.9 million in the 2024 (including carry-over from the

previous period and new developments) and plans to allocate €16.2 million in 2025.


Sustainability statement	106

Campari Group annual report for the year ended 31 December 2024

Metrics


Total energy consumption	UoM	2024	2023
Purchased fuel consumption (including Courvoisier)	MWh	317,706.4	-
Purchased fuel consumption (excluding Courvoisier)	MWh	313,132.0	348,811.2
Purchased fuel consumption from fossil sources	MWh	313,132.0	348,811.2
of which diesel	MWh	18,725.0	18,317.7
of which oil	MWh	59,483.5	75,731.8
of which natural gas	MWh	233,619.0	253,408.6
of which other (gasoline, LPG, propane, kerosene, butane)	MWh	1,304.5	1,353.1
Purchased fuel consumption from renewable sources	MWh	-	-
of which from biofuels	MWh	-	-
of which from biogas	MWh	-	-
of which hydrogen from renewable sources	MWh	-	-
of which other	MWh	-	-
Purchased energy (including Courvoisier)	MWh	47,522.6	-
Purchased energy (excluding Courvoisier)	MWh	46,434.0	51,577.5
Purchased energy from fossil sources	MWh	1,993.6	3,200.8
of which electricity	MWh	1,993.6	3,200.8
of which heat	MWh	-	-
of which cooling	MWh	-	-
of which steam	MWh	-	-
of which other	MWh	-	-
Purchased energy from renewable sources	MWh	44,440.4	48,376.7
of which electricity	MWh	44,440.4	48,376.7
of which heat	MWh	-	-
of which cooling	MWh	-	-
of which steam	MWh	-	-
of which other	MWh	-	-
Purchased energy from nuclear sources	MWh	-	-
Self-generated energy		14,529.7	12,355.5
Self-generated non-fuel renewable energy	MWh	3,495.3	2,141.7
of which consumed	MWh	3,322.1	2,140.7
of which sold	MWh	173.2	1.0
Self-generated energy from renewable sources	MWh	11,034.4	10,213.9
of which consumed	MWh	8,592.2	6,919.4
of which sold	MWh	2,442.2	3,294.4
Total energy consumed (including Courvoisier)		377,143.3	-
Total energy consumed (excluding Courvoisier)	MWh	371,480.3	409,448.8
of which from fossil sources (including Courvoisier)	MWh	319,700.0	-
As a percentage of total consumption	%	84.8%	-
of which from fossil sources (excluding Courvoisier)	MWh	315,125.6	352,012.0
As a percentage of total consumption	%	84.8%	86.0%
of which from renewable sources (including Courvoisier)	MWh	57,443.3	-
Share of renewable sources in total energy consumption (%)	%	15.2%	-
of which from renewable sources (excluding Courvoisier)	MWh	56,354.7	57,436.8
Share of renewable sources in total energy consumption (%)	%	15.2%	14.0%
of which from nuclear sources	MWh	-	-
As a percentage of total consumption	%	-	-


Energy consumption	UoM	2024	2023
From fossil fuels (including Courvoisier)	MWh	319,700.0	-
From fossil fuels (excluding Courvoisier)	MWh	315,125.6	352,012.0
of which from coal and coal products	MWh	-	-
of which from crude oil and petroleum products	MWh	78,794.7	94,220.4
of which from natural gas	MWh	233,619.0	253,408.6
of which from other fossil sources	MWh	718.3	1,182.2
of which consumption of purchased or acquired electricity, heat, steam, or cooling from fossil sources	MWh	1,993.6	3,200.8


Sustainability statement	107

Campari Group annual report for the year ended 31 December 2024


Total energy consumption (Courvoisier)	UoM	2024
Purchased fuel consumption from fossil sources	MWh	4,574.4
of which diesel	MWh	359.2
of which natural gas	MWh	4,215.3
Purchased energy from renewable sources	MWh	1,088.6
of which electricity	MWh	1,088.6


Energy intensity	UoM	2024	2023	% change 2024 vs. 2023
Intensity	MWh/€ million	122.9	140.3	-12.4%
Total energy consumption	MWh	377,143.3	409,448.8	-7.9%
Net revenue	€ million	3,069.7	2,918.6	5.2%
Intensity per litre manufactured (including Courvoisier)	kWh/L	0.42	-	-6.7%
Intensity per litre manufactured (excluding Courvoisier)	kWh/L	0.46	0.45	3.5%

Without considering the impact of Courvoisier, the Energy Performance (kWh/L) was reduced by 37.4%

compared to 2019, while increased by 3.5% compared to 2023, mainly due to a volume-mix effect, driven by a

reduction in distilled production, which was less than the decline in bottled production, and the baseload effect of

reduced operations in several plants.


High climate impact sectors that are used to determine the energy intensity required by paragraph 40	Sector
	Manufacturing - Activity Beverage Industry*

Campari Group is active in the 'Manufacturing - Activity Beverage Industry' sector which, as indicated in

regulation in NACE Sections A to H and Section L defined in Commission Delegated Regulation (EU)

2022/1288, is considered to be a high climate impact sector.

Campari Group GHG Emission footprint is divided as follows: 8% for Scope 1 and 2 emissions and 92% for

Scope 3 emissions.


Scope 1 GHG emissions	UoM	Retrospective
Scope 1 GHG emissions	UoM	2024	2023	Base Year (2019)	% change 2024 vs. 2023
Gross Scope 1 GHG emissions (the consolidated accounting group [the parent and subsidiaries])	tCO2eq	66,573.6	-	-	-9.2%
Gross Scope 1 GHG emissions (the consolidated accounting group excluding Courvoisier)	tCO2eq	65,677.6	73,323.0	76,765.0	-10.4%
Percentage of Scope 1 GHG emissions from regulated emission trading schemes (%) (the consolidated accounting group [the parent and subsidiaries])	%	-	-	-	-

In 2024, Scope 1 biogenic CO2 emissions from own biomass used as biofuels and from fermentation processes

in distilleries were estimated at 34,395 tonnes. The emission factor for biofuels was derived from literature on

bagasse fuels in the sugar cane industry, while the emission factor for fermentation was calculated based on the

chemical reaction converting fermentable sugars to ethanol and CO2.


Scope 2 GHG emissions	UoM	Retrospective
Scope 2 GHG emissions	UoM	2024	2023	Base Year (2019)	% change 2024 vs. 2023
Gross location-based Scope 2 GHG emissions (the consolidated accounting group [the parent and subsidiaries])	tCO2eq	14,732	-	-	-18.6%
Gross location-based Scope 2 GHG emissions (the consolidated accounting group excluding Courvoisier)	tCO2eq	14,682	18,097	19,900	-18.9%
Gross market-based Scope 2 GHG emissions (the consolidated accounting group [the parent and subsidiaries])	tCO2eq	1,233	-	-	-38.4%
Gross market-based Scope 2 GHG emissions (the consolidated accounting group excluding Courvoisier)	tCO2eq	1,233	2,001	17,030	-38.4%

No biogenic emissions from Scope 2 are currently reported, as none of the Group's sites are supplied with

energy from biofuels and the data on the biofuel component of grid electricity is not available.


Sustainability statement	108

Campari Group annual report for the year ended 31 December 2024


Scope 3 GHG emissions	UoM	Retrospective
Scope 3 GHG emissions	UoM	2024	2023	Base Year (2019)	% change 2024 vs. 2023
Total Gross indirect (Scope 3) GHG emissions (the consolidated accounting group [the parent and subsidiaries])	tCO2eq	819,971	-	-	-7.2%
Total Gross indirect (Scope 3) GHG emissions (the consolidated accounting group excluding Courvoisier)	tCO2eq	764,108	883,572	685,155	-13.5%
Purchased goods and services	tCO2eq	505,180	637,500	553,138	-20.8%
Capital goods	tCO2eq	87,591	84,720	41,860	3.4%
Fuel and energy-related activities (not included in Scope 1 or Scope 2)	tCO2eq	13,160	20,543	17,619	-35.9%
Upstream transportation and distribution	tCO2eq	105,746	98,458	56,426	7.4%
Waste generated in operations	tCO2eq	1,973	2,181	1,906	-9.5%
Business travel	tCO2eq	2,540	5,558	2,962	-54.3%
Employee commuting	tCO2eq	6,007	4,319	3,741	39.1%
Upstream leased assets	tCO2eq	2,374	1,293	224	83.6%
Downstream transportation and distribution	tCO2eq	27,513	16,078	948	71.1%
Processing of sold products	tCO2eq	-	-	-	-
Use of sold products	tCO2eq	-	-	-	-
End-of-life treatment of sold products	tCO2eq	11,983	12,922	6,331	-7.3%
Downstream leased assets	tCO2eq	-	-	-	-
Franchising	tCO2eq	-	-	-	-
Investments	tCO2eq	42.39	-	-	-


Significant scope 3 GHG emissions (excluding Courvoisier)	Total emissions (tCO2eq)	Boundary	% estimated	% measured	Methods and estimates used in the calculation

Purchased goods and services	505,179.7	Minimum boundary	2%	98%	Supplier-specific, average data, spend-based
Capital goods	87,591.4	Minimum boundary	100%	-	Spend-based
Fuel and energy-related Activities (not included in Scope 1 or Scope 2)	13,159.6	Minimum boundary	-	100%	Average-data
Upstream transportation and distribution	105,745.7	Minimum boundary	6%	94%	Distance-based, spend-based
Waste generated in operations	1,973.4	Minimum boundary and optional boundary for waste transportation	-	100%	Average-data
Business travel	2,539.7	Minimum boundary	24%	76%	Distance-based
Employee commuting	6,006.5	Minimum boundary, with optional for teleworking	100%	-	Distance-based
Upstream leased assets	2,374.5	Minimum boundary	100%	-	Proxy indicators used for warehousing emissions
Downstream transportation and distribution	27,512.9	Minimum boundary	17%	83%	Distance-based, spend-based
Processing of sold products	-	-	-	-	-
Use of sold products	-	-	-	-	-
End-of-life treatment of sold products	11,982.6	Minimum boundary and optional boundary for transportation of sold products at their end of life	-	100%	Average-data
Downstream leased assets	-	-	-	-	-
Franchising	-	-	-	-	-
Investments	42.4	Minimum boundary	100%	-	Average-data

Scope 3 biogenic emissions are related to bio-waste composted. In 2024 Scope 3 biogenic CO2 emissions were

estimated at 1,915 tonnes. The emission factor used was derived from bagasse composting.


Total GHG emissions	UoM	Retrospective
Total GHG emissions	UoM	2024	2023	Base Year (2019)	% change 2024 vs. 2023
Total location-based GHG emissions (the consolidated accounting group [the parent and subsidiaries])	tCO2eq	901,277	-	-	-7.6%
Total location-based GHG emissions (the consolidated accounting group excluding Courvoisier)	tCO2eq	844,468	974,992	781,820	-13.4%
Total market-based GHG emissions (the consolidated accounting group [the parent and subsidiaries])	tCO2eq	887,778	-	-	-
Total market-based GHG emissions (the consolidated accounting group excluding Courvoisier)	tCO2eq	831,019	958,896	778,950	-13.3%


Sustainability statement	109

Campari Group annual report for the year ended 31 December 2024


GHG emissions (Courvoisier)	UoM	2024
Gross Scope 1 GHG emissions	tCO2eq	896.0
Gross location-based Scope 2 GHG emissions	tCO2eq	50.1
Gross market-based Scope 2 GHG emissions	tCO2eq	-
Gross Scope 3 GHG emissions	tCO2eq	55,863


GHG intensity	UoM	Retrospective
GHG intensity	UoM	2024	2023	% change 2024 vs. 2023
Total GHG emissions intensity location-based based on net revenue (the consolidated accounting group [the parent and subsidiaries])	tCO2eq/€ million	293.6	334.1	-12.1%
Total GHG emissions intensity market-based based on net revenue (the consolidated accounting group [the parent and subsidiaries])	tCO2eq/€ million	289.2	328.5	-12.0%
Net revenue (Monetary unit)	€ million	3,069.7	2,918.6	5.2%


Net revenue used to calculate GHG intensity	€ million 3,069.7
Net revenue (other)	- € million
Total net revenue (in financial statements)	3,069.7 € million


GHG intensity targets and progress	UoM	Retrospective				Milestones and target years
GHG intensity targets and progress	UoM	2024	2023	Base Year (2019)	% change 2024 vs. 2023	2025	2030	2050	Annual % target / Base year
Scope 1 and 2 GHG emissions intensity market-based per litre manufactured (the consolidated accounting group [the parent and subsidiaries])	kgCO2eq/L	0.075	-	-	-8.82%	-	-	-	-51.2%
Scope 1 and 2 GHG emissions intensity market-based per litre manufactured (the consolidated accounting group excluding Courvoisier])	kgCO2eq/L	0.084	0.082	0.154	1.36%	0.069	0.046	-	-45.7%
Total GHG emissions intensity market-based per litre manufactured (the consolidated accounting group [the parent and subsidiaries])	kgCO2eq/L	0.985	-	-	-6.22%	-	-	-	-23.3%
Total GHG emissions intensity market-based per litre manufactured (the consolidated accounting group excluding Courvoisier])	kgCO2eq/L	1.038	1.050	1.284	-1.12%	1.030	0.900	-	-19.1%

Without considering the impact of Courvoisier, the scope 1 and 2 emission intensity did not decrease due to the

opposite effect of volume changes in the mix related to falling demand.

ESRS E3 Water and marine resources

Strategy, Policies and Actions related to Water and marine resources

Campari Group's water management is embedded in the Group's Environmental Policy. For additional

information refer to the 'ESRS E1 Climate change-Governance and policies related to Climate change mitigation

and adaptation and Energy' section.

Campari Group’s Environmental Policy includes commitments to reduce water intensity, with time-bound targets

for production and compliance with wastewater discharge standards, adoption of resource management

practices that include the use of biomaterials derived from wastewater as an important pollution prevention

technique, and collaboration with supply chains on material sustainability topics. The Policy is designed to adopt

a proactive and virtuous approach across all areas of operation, with particular emphasis on regions

experiencing water stress. In these high-risk areas, the Group prioritises implementing measures to optimize

water usage, reduce wastage, and enhance sustainability practices. Campari Group has set overall targets on

water consumption, without identifying specific targets for high-stress areas, focus ensures that the Group not

only minimises its environmental footprint but also contributes to the preservation of critical water resources in

regions where they are most needed. The Group's approach to water management is integrated into the

Campari Group’s Environmental Management System which comprises the following steps:

- optimization, achieving efficiencies in water use;


Sustainability statement	110

Campari Group annual report for the year ended 31 December 2024

- risk control, managing identified risks;

- impact reduction, defining initiatives aimed at reducing, re-using and recycling, in line with Group global

targets;

- continuous improvement, aligning with industry best practices.

The Group is committed to reducing water consumption for sites with high water risk, and this action would

represent a step towards the broad goal of reducing water intensity in direct operations, with global water use

reduction targets that encompass the entire Group, with particular emphasis on regions facing water risks,

including areas experiencing high water stress. Targets for water use in the value chain will be formulated after a

planned two-year review phase of supplier engagement and after identifying key commodities and sourcing that

require attention due to water risks.

Impact, risk and opportunity related to Water and marine resources

The Campari Group's water risk assessment adopts a structured, phased approach encompassing: mapping

water-related activities, identifying and evaluating the significance of impacts, and prioritizing water risks,

culminating in the identification of the following material IROs for the reporting period 2024 .


Relevant sub-sub-topic	Impacts	Risks	Opportunities
Water withdrawals	-	-	Improving water management systems efficiency especially in water-stressed areas
Water discharges	Water supply depletion due to the need to treat process wastewater (negative)	-	-
Water consumption	-	Potential negative financial externalities due to increasing global water scarcity	-

- Potential relevant financial externalities due to increasing global water scarcity

a) Water Stress at Manufacturing Sites

This risk applies to those locations where the manufacturing sites operate in water-stressed areas, particularly

on a large scale or when there is a high risk of water supply interruptions or shortages. These were identified

using the Aqueduct 4.0 Water Risk Atlas. In 2024, the Group carried out local assessments to convert global

water risk data into site-specific symptoms, risks and necessary actions needed to mitigate the risk. As the water

stress areas have expanded compared to the previous versions of the Aqueduct Atlas (i.e., Italy), additional

locations needed to be investigated. During the local risk verification, internal teams examined a variety of

factors that included physical limitations, regulations changes, reputation and trends in local economic activities

that affect water consumption. Water stress that leads to a restriction or interruption of water supply can result in

a loss of revenue due to reduced production or the limited growth capacity of some plants.

In developing risk responses, the Group considered several dimensions of water stress: physical, regulatory,

and reputational, and assumed that the financial implications for water stress would be supported by

investments in water reuse, reduction, and recycling technologies at affected sites. Moreover, considering the

uncertainties of the regulatory and physical environments, the assumptions for the mid- and long-term remain

consistent.

b) Chronic Physical Water Stress in the Value Chain

This risk relates to long-term water stress in agriculture, especially because of heat and drought conditions that

affect the supply of agricultural raw materials and semi-finished products necessary for production. The Group

identified water-stressed areas with the support of the Aqueduct 4.0 Water Risk Atlas in combination with

supplier sourcing data. It also monitored key commodities for multiple risks and price pressures through regular

market intelligence reports. Going forward, the Group will work with its suppliers to implement a more detailed

risk identification and mitigation strategy, using current best practices for each category. In the event of severe

regional droughts, significant market volatility could be expected which would directly impact the price and

availability of commodities, such grapes and sugar.

- Water supply depletion due to the need to treat process wastewater

- The treatment of process wastewater can have significant impacts on both groundwater and surface water.

When organic-loaded wastewater is discharged, it often contains contaminants that can seep into the

groundwater, leading to potential contamination. This can affect the quality of drinking water sources and

harm aquatic ecosystems. In some cases, treated wastewater is used for groundwater recharge, which can

be beneficial if done correctly. However, it requires careful monitoring and management to ensure that the

water quality remains safe. Being a complex issue that requires a balance between treating wastewater

effectively and protecting water resources, the Group as developed several mitigation activities listed below.


Sustainability statement	111

Campari Group annual report for the year ended 31 December 2024

- Improving water-management systems efficiency especially in water-stressed areas

In response to the increasing possibility of water stress and supply disruptions, Campari Group is committed to

release a comprehensive program to improve on-site water through reduction, reuse and recycling projects.

Implementing effective water conservation measures can significantly contribute to maintaining and enhancing

production capacity. By focusing on water reuse and recycling, businesses can ensure continued operation

during periods of water supply limitation or disruption. Such projects not only support immediate operational

needs but also facilitate plant expansion in the long run. Technical strategies aimed at reducing water

consumption and promoting reuse and recycling are likely to sustain and possibly increase production capacity

over medium and long-term horizons. These initiatives are pivotal as they help secure water availability, thereby

supporting consistent and reliable production processes.

The analysis makes use of the available industry guidelines, global water risk maps (including for example the

WRI1 Aqueduct Water Risk Atlas) standard databases on the water footprint of agricultural and other

commodities, insights with suppliers on the relevance related issues, and industry benchmarks.

Since the impact on local communities surrounding manufacturing sites was deemed negligible, direct

consultations with affected communities were not conducted. Based on the local evidence of impacts, there is a

clear absence of public complaints and observed incidents of non-compliance with applicable laws, and

cooperation with law enforcement agencies was observed.

In order to mitigate its relevant impacts and reduce significant risks, Campari Group is committed to improving

water efficiency, promoting sustainability, and responsibly managing water resources across its operations. In

addition to tracking and measuring water use, the following initiatives have been implemented:

a) Water reduction in direct operations: the Group has introduced engineering projects to reduce water

consumption, and these include the installation of a cooling tower system at its distillery in Jamaica, thermal

vapour recompression technology in Scotland’s distillery, continuous maintenance in pasteurisers,

optimizations in Cleaning-In-Place (CIP) systems, and efficiency uplifts in reverse osmosis plants.

b) Best practice program of improvements in direct operations: Campari Group introduced a standardised

catalogue of best practices for water management in 2024, covering operational, maintenance, and technical

improvements at its sites. This catalogue is used to perform gap assessments, as well as identify and

prioritise actions. The Group also plans to develop specific training and technical support focusing on areas

such as boiler makeup and water treatment, to enable further strengthening of water performance

management and promote continuous improvement.

c) Water reuse projects: several water reuse initiatives have been implemented, including cooling water used

for irrigation in Jamaica, treated wastewater in Martinique, post-infusion water in a French distillery, bottle

rinsing water and the reutilization of white water in utilities in Italy.

d) Supplier engagement on water materiality: Campari Group plans to continue engaging with suppliers with a

more detailed approach to risk identification and mitigation, including current best practices per category.

e) Water Scarcity Assessments: starting in 2024, the Group has conducted local assessments to translate the

global vision of water risk into site-specific issues, risks and required mitigation measures. In these local

assessments, Campari Group’s teams consider various factors, including physical limitations, regulatory and

policy changes, reputational issues and economic trends that may affect water consumption. Furthermore,

the Group has developed updated action plans to address water stressors, focusing on water avoidance,

reduction, reuse, and recycling strategies, considering a pessimistic water stress scenario and any measures

that may be required. With particular reference to those sites that operate on a large scale or face a high risk

of disruptions or limitations in water supply, the main activities implemented were: water optimization

initiatives in Arandas (Mexico) and Volos (Greece) plants, an efficiency action plan especially on rinsers and

can pasteurisers in the Derrimut (Australia) plant, and water-reuse projects adopted in the Group's

production facilities located in Italy.

To support the execution of the initiatives outlined in the action plan and confirm the full integration of

sustainability into business operations, also supporting the achievement of the United Nations' 2030 SDGs, the

Group secured sustainability-linked loan facility (for information about the Group funding initiatives ESG-related

refer to 'Sustainable core commitments' in the 'The Sustainability Governance model'). More specifically the

Group is committed to achieving several key sustainability targets: decreasing water usage (L/L) by 60% by

2025 and by 62% by 2030.

Within the total CapEx for environmental sustainability which amounted to €55.7 million in 2024 and €20.3

million planned for 2025 (refer to paragraph 'ii. Property, plant and equipment, right of use assets and biological

assets' in the '4. Operating assets and liabilities' note and in 'iv. Use of estimate' in '2. Accounting information

and material general accounting policies' the Campari Group Consolidated financial statements at 31 December

2024), CapEx on water sustainability only, with projects dedicated to water and wastewater management,

amounted to €34.8 million. Additionally, the value of ongoing and forthcoming water related projects for 2025 is


Sustainability statement	112

Campari Group annual report for the year ended 31 December 2024

expected to reach €4.1 million. Campari Group expects that those projects will be sufficient to deliver the

planned water intensity reductions and water reuse. In subsequent planning horizons, capital expenditure

allocations are projected for water risk sites to support mitigation and adaptation efforts. Financial resources will

be allocated based on target gaps, focusing on projects that have the highest impact in addressing identified

water risks.

Due to the nature of the production processes (infusion, mashing, fermentation, distillation with water cooling,

and alcohol adjustment with deionised water) the possibility of avoiding or drastically reducing water use is very

limited. However, the production process has achieved considerable improvements in water efficiency in

processing and bottling operations. Campari Group has consolidated best practice solutions into a catalogue

and is currently assessing sites for which water-efficiency-implementation roadmaps need to be developed. In

addition, Campari Group has established a monthly water-efficiency review process to monitor progress, track

corrective actions, and identify new best practices.

Water reuse holds potential in specific areas of Campari Group’s operations and can sometimes extend beyond

production sites into the local water ecosystem. For example, at the Bourg Charente distillery in France, process

water reuse has resulted in 61% of water being recycled. In Novi Ligure, the Group has put into operation the

first water reuse plant for bottle rinsing in 2024, achieving over 90% efficiency, and expanding the same to other

bottling lines. Recovered water can be used for rinsing and flushing in utility plants, but the largest reuse

projects are in the Caribbean, where uncontaminated cooling water or treated effluent is used for sugarcane

irrigation in Jamaica and Martinique.

Thanks also to the sustainability-linked loan facility, Campari Group has implemented several actions to water

stress locations of manufacturing sites, already mentioned above.

Metrics and Targets related to water and marine resources


Targets	2024 Achievements	Next steps
Reduce water usage intensity (litres withdrawn per litre manufactured L/L) by 60% within 2025 and by 62% within 2030, having 2019 as a baseline.	- Local interventions and investments in the Group’s plants according to its global water reduction program. - Completion of the Thermal Vapour Recompression system in Rothes distillery, Scotland, to reduce water consumption. - Water usage intensity (L/L) reduced by 68.3% compared to 2019.	-Further reduce water usage in the Group’s production sites through water usage projects, with a particular focus on water stress areas
Continue to ensure the safe return of 100% of wastewater from operations to the environment.	-No major incidents recorded in 2024.	- Continue to guarantee the safe return of wastewater to the environment from direct operations.

Campari Group's has defined specific global objectives related to its direct operations and analysed the potential

for improvement, priority areas, risks and industry benchmarks. If necessary, the objectives can be declined at a

later stage at site level to reflect the local situation and needs.

As mentioned above, the goal is to reduce water usage intensity by 60% by 2025 and by 62% by 2030,

compared to the 2019 base year. Water usage intensity is defined as the total water consumed in the direct

manufacturing operations in relation to the production volume. Campari Group addresses water management

comprehensively through reducing consumption, assuring efficient treatment, promoting reuse inside or outside

of plants and considering future recycling in water-stressed locations. Moreover, Campari Group tracks water

usage intensity on a monthly basis in each site, regionally and globally. At the plant level the frequency of

monitoring varies depending on water management maturity, ongoing actions and other performance

management routines.

Risks associated with water-stressed locations at production sites are monitored through ongoing assessments.

A local assessment was conducted in 2024 to translate global water risk data into site-specific risks, symptoms

and necessary mitigation measures, which identified more locations subject to water stress compared to

previous versions of the Aqueduct Water Risk Atlas, such as Italy, for which further investigation was required.

The following factors were considered in the verification of water risk at the local level: physical limitations,

regulatory and policy changes, reputational issues, and trends in economic activity that influence the level of

water consumption. All of these elements were considered in the 2024 DMA.

Regarding the topic of water in the value chain no targets have been set so far, and the supplier engagement

process remains at the exploratory stage, focusing on risk identification and response.

The process started with the identification of value chain elements with potentially high-water consumption and

geographic concentration. Then a short-list of value chain hotspots was identified and located on a water risk

map for assessment. The water assessment process was based on the WRI Aqueduct Water Stress Indicator

(Aqueduct Version 4.0) and the analysis focused on the sourcing areas of agricultural commodities. For the


Sustainability statement	113

Campari Group annual report for the year ended 31 December 2024

production sites of Tier 1 suppliers, Campari Group examined the resilience of the supplier network with regard

to water risks (for water-intensive industries), business continuity and relevance of the water topic (semi-finished

products and agricultural raw materials). The results of the top-down water-stress analysis were discussed with

the functional teams to collect feedback, identify exact issues and develop action plans. In the next steps, water

risks for the most exposed commodities will be included in the supplier-engagement process and market

analysis. All of these elements were considered in the 2024 DMA.

Campari Group assessed the materiality of water issues in the production and value chain by analyzing water

and climate risks under different scenarios (for more information on the scenarios considered, refer to 'Strategy,

Impacts, risk and opportunities related to Climate change' paragraph). Risk mapping is based on scientifically

supported projections of climate change and global water scarcity and has been compared with industry best

practices, relevant and comparable policies, investor expectations and available guidelines, such as CDP Water

Security.

The Group’s water use intensity targets are defined in each geographic area and have been adopted on a

voluntary basis, but local water intake limits may be applied at each production site in consideration of the

regulatory context, according to the terms of local water agreements and permits.


Water consumption	UoM	2024	2023	% change 2024 vs. 2023
Total water consumption (including Courvoisier)	m3	4,157,675.6	-	-35.2%
Total water consumption (excluding Courvoisier)	m3	4,124,277.6	6,414,199.6	-35.7%
Total water consumption of sites in areas at water risk, including areas of high-water stress	m3	228,246.6	292,098.2	-21.9%
Australia (Derrimut)	m3	85,770.0	117,197.0
Greece (Volos)	m3	6,358.0	6,443.0
Italy (Novi Ligure, Canale, Alghero, Caltanissetta)	m3	123,628.6	132,191.7
Mexico (Arandas)	m3	12,490.0	36,266.5
Total water recycled and reused by the organization	m3	133,309.5	148,476.5
Total water stored and changes in storage	m3	-	-


Water Consumption intensity	UoM	2024	2023	% change 2024 vs. 2023
Total water consumption	m3	4,157,675.6	6,414,199.6	-35.2%
Total net revenues	€ million	3,069.7	2,918.6	5.2%
Water intensity	m3/€ million	1,354.4	2,197.7	-38.4%
Water intensity per litre manufactured (including Courvoisier)	L/L	4.6	-	-34.3%
Water intensity per litre manufactured (excluding Courvoisier)	L/L	5.2	7.0	-26.6%


Water usage	UoM	Retrospective
Water usage	UoM	2024	2023	Base Year (2019)	% change 2024 vs. 2023
Total volume of water withdrawn (including Courvoisier)	m3	5,593,880.0	-	-	-33.0%
Total volume of water withdrawn (excluding Courvoisier)	m3	5,552,982.0	8,343,728.1	11,935,254.7	-33.4%
Surface water-rivers	m3	1,786,367.4	2,468,938.9	6,689,586.7
Groundwater	m3	2,991,560.0	5,015,961.6	4,498,040.3
Rainwater	m3	3,658.0	1,607.0	3,640.0
Municipal water supply	m3	771,285.6	857,220.6	742,618.7
Water received from another organization	m3	111.0	-	1,369.1


Water usage intensity targets and progress	UoM	Retrospective				Milestones and target years
Water usage intensity targets and progress	UoM	2024	2023	Base Year (2019)	% change 2024 vs. 2023	2025	2030	Annual % target / Base year
Water usage intensity (litres withdrawn per litre manufactured) (including Courvoisier)	L/L	6.2	-	-	-32.1%	-	-	-68.3%
Water usage intensity (litres withdrawn per litre manufactured) (excluding Courvoisier)	L/L	6.9	9.1	19.6	-24.1%	7.8	7.5	-64.6%


Sustainability statement	114

Campari Group annual report for the year ended 31 December 2024


Wastewater discharges(1)	UoM	2024	2023	% change 2024 vs. 2023
Total wastewater discharges (including Courvoisier)	m3	1,436,204.4	-	-25.6%
Total wastewater discharges (excluding Courvoisier)	m3	1,428,704.4	1,929,528.5	-26.0%
Wastewater discharged in bodies of surface water	m3	436,271.8	634,365.0
Wastewater discharged into groundwater	m3	185,058.7	355,555.0
Wastewater discharged into consortium plants	m3	286,679.7	294,824.5
Wastewater discharged into municipal or other facilities	m3	255,653.8	274,358.8
Wastewater reused by/sent to another organisation	m3	265,040.3	370,425.3
Wastewater discharge intensity (including Courvoisier)	L/L	1.6	—
Wastewater discharge intensity (excluding Courvoisier)	L/L	1.8	2.1	-15.5%

(1)The wastewater discharge data for Casa Lumbre have been estimated using the water data from Arandas, given the similar distillation processes for tequila

and mezcal.


Water usage and discharges (Courvoisier)	UoM	2024
Total volume of water withdrawn	m3	40,898.0
Surface water-rivers	m3	30,591.0
Groundwater	m3	4,561.0
Municipal water supply	m3	5,746.0
Total wastewater discharges	m3	7,500.0
Wastewater discharged into municipal or other facilities	m3	7,500.0

Data are based on direct measurements and process water balancing where the metering structure is not fully

representative.

Campari Group identified two water-related effects and their interdependencies, with the associated financial

impacts set to be quantified in the near future.

a) Water availability risks in its direct operations: water stress could sometimes lead to supply limitations or

disruptions, causing revenue losses due to reduced production or limited capacity of certain facilities. In

defining the risk response, the Group considered multiple dimensions of water stress, such as physical,

regulatory and reputational. In addition, the Group’s risk analysis assumes that financial impact due to water

stress will be consistent with the response measures, comprising investments in water reuse, reduction, and

recycling technologies at affected sites. Since uncertainties are high for both the regulatory and physical

contexts, assumptions are consistent between the medium- and long-term.

b) Water stress in raw material supplies (agriculture): prolonged and extensive drought conditions for

agricultural commodities increase market volatility, especially for commodities subject to geographical

constraints, as might be the case for grapes from some regions, and for globally traded ones. Campari

Group would expect this risk to increase with climate change and progressing weather instability, especially

over the long-term. As the development of risk responses is still in its infancy, and since suppliers are taking

actions at their sole discretion not fully disclosed to the Group, a detailed estimate of costs for mitigating

measures through drought-resistant crop variety development, improved irrigation techniques, or changes in

sourcing areas cannot be provided.

ESRS E4 Biodiversity and ecosystems

Strategy, Policies and Actions related to Biodiversity and ecosystem

Campari Group is strictly committed to protecting the ecosystems in which it operates. Its commitment is

embedded into the Group's Environmental Policy. For additional information refer to the 'ESRS E1 Climate

Change-Governance and policies related to Climate change mitigation and adaptation and Energy' section.

Campari Group’s biodiversity policy emphasises the minimisation of negative impacts and the restoration of

biodiversity potential. The materiality of biodiversity impacts is primarily linked to the upstream supply chain,

encompassing agricultural and natural commodities, while the direct impact of the Group's operations, such as

manufacturing and self-managed farmland, is more limited in scale and scope. Consequently, the

implementation of the Group’s biodiversity policy relies on both its own demonstration projects and, more

critically, collaboration across the value chain. The current approach focuses on fostering widely recognised

standards and third-party certifications that promote biodiversity and ecosystems stewardship, including the

necessary traceability of raw materials. In its QHSE Policy, the Group commits to implementing proactive and

preventative programs designed to mitigate risks across all operational activities, ensuring traceability from

ingredients and packaging material supply to the finished products reaching consumers. The initial step involves

scaling up participation in established collaborative schemes, such as those in France, while exploring


Sustainability statement	115

Campari Group annual report for the year ended 31 December 2024

opportunities for other commodities and geographies. In subsequent phases, the Group intends to define its

ambition and identify mechanisms to ensure measurable efforts in biodiversity stewardship throughout the

supply chain.

The Campari Group's Policy actively promotes the adoption of farming standards and certification schemes

designed to deliver verifiable reductions in environmental impact and improved biodiversity performance.

The Group adopted several policies and practices aimed at biodiversity and ecosystems protection, with a focus

on sustainable resource management and land-use practices. The application of this Policy, including the

identification of relevant areas, suppliers and commodities, is an ongoing process.

The Group also adheres to policies promoting sustainable land and agricultural practices, which are closely

integrated with efforts to protect water resources. While policies specific to sustainable ocean and sea practices

are not applicable to Campari Group's operations, the Group indirectly addresses deforestation concerns

through its policies related to land-use changes, reflecting its commitment to mitigating environmental impacts

throughout its value chain.

The Campari Group's Policy is subject to ongoing refinement, including the expansion of its scope to define new

ambitions, targets, and key actions. The Group plans to review and enhance the Policy within the next two years

to ensure its continued relevance and alignment with evolving sustainability priorities.

Currently biodiversity offsets are not included explicitly in both the Policy and the action plan.

The Campari Group’s efforts and actions in biodiversity and ecosystems conservation span four key areas:

- its own operations, including manufacturing and farms in France and Martinique;

- regional collaborations with certified farm schemes in France for champagne and cognac production;

- an exploration of diverse initiatives across various regions and commodities within its upstream value chain,

such as cereals in the United Kingdom and the United States, sugarcane in Latin America, sugar beets in

Italy and France, and botanicals through global suppliers;

- research initiatives to enhance biodiversity and resilience against infestations, including breeding disease-

resistant bitter oranges.

Action plans for habitat improvements and restorations, especially those recently implemented in France and

Martinique, are developed in consultation with local professional nature developers, including biologists,

ecologists, and landscape architects. These plans leverage scientific knowledge, consider local conditions, and

reflect historical landscapes known for their higher biodiversity value.

Biodiversity projects at operational sites

In its owned sites and farms, Campari Group has undertaken habitat restoration projects as, for example, at the

Group owned Lallier winery, where biodiversity habitats were created in green areas of the manufacturing site.

Additionally, biodiversity hedges have been planted along its vineyards, introducing around 1.300 of specially

selected plants to replicate different biotopes and support local ecosystems. Similarly, at its distillery in

Martinique, Campari Group implemented biodiversity-focused initiatives on its sugarcane plantations in the

island’s southern arid region, included planting hedgerows and establishing a reforested area to protect soil,

enhance water retention, and create habitats for native species.

Regional certification schemes

- Champagne Region, France

Campari sources 90% of its grape needs for its Lallier champagne from external suppliers. While a five-year

Sustainability Plan guides improvements in its own vineyards, Campari-Lallier is actively engaging suppliers to

adopt the HEV ('High Environmental Value') certification. This French Ministry of Agriculture initiative promotes

environmentally friendly practices such as minimizing fertilisers and eliminating herbicides. Currently, 40% of

suppliers are certified, with targets set to reach 65% by 2024, 90% by 2028 and full compliance by 2030. In

2024, the adoption of HEV certification among sourcing farmers surpassed expectations, reaching 82%, noting

that Lallier’s own vineyard has been certified since 2022. To incentivise participation, Campari-Lallier offers

financial premiums for certified grapes.

- Cognac Region, France

In the Cognac region, Campari Group operates under the Cognac Environmental Certification ('CEC')

framework, a collective approach overseen by the Bureau National Interprofessionnel du Cognac ('BNIC') to

enhance environmental and climate sustainability. This initiative addresses biodiversity, water and soil quality,

and reductions in chemical use and carbon emissions. Currently, 98% of Campari’s suppliers in the region are

engaged in this program, with 55 suppliers already certified. The target is to achieve 100% supplier certification

by 2028.


Sustainability statement	116

Campari Group annual report for the year ended 31 December 2024

- Martinique, Caribbean region

In Martinique, the Group supports small-scale sugarcane farmers, who supply one-third of its raw material,

through a dedicated association. This initiative provides financial assistance, technical guidance, and training on

best practices in agriculture, including soil management and fertilisation. The Group has also funded soil

cartography projects and works closely with the island’s technical centre for sugar cane to improve agricultural

resilience and productivity.

Supplier engagement in biodiversity

Campari Group engages suppliers globally to promote sustainability certifications and biodiversity practices.

These include regenerative barley farming in the United Kingdom, the 'Bonsucro' sugarcane program in Latin

America, regenerative farming for sugar in Europe, sustainable agave farming in Mexico under the

Environmentally Responsible Agave 'ARA' initiative and fair-sourcing standards for botanicals. These

collaborations help guide Campari’s strategy in prioritizing future actions.

Research on bitter oranges

Campari Group supports agronomic research to combat citrus diseases such as Huanglongbing ('HLB'), which

has devastated orchards globally. In partnership with the French Agricultural Research Centre 'CIRAD', Campari

funds research to develop disease-resistant bitter orange varieties without relying on pesticides. Following a

successful pilot in Guadeloupe, the Group is exploring a multi-year expansion to include sweet oranges and

other regions, such as Brazil. The biodiversity research on citrus genetics represents a long-term initiative aimed

at broadening its agricultural resilience strategies.

Campari Group’s habitat restoration projects in France and Martinique include annual monitoring with biological

assessments of effects over the short- and mid-term. Farming certification schemes in the champagne and

cognac regions are regularly reviewed under program guidelines.

The action plans for habitat improvements and restorations, particularly those done recently in France and

Martinique, have consulted with local professional nature developers (i.e., biologists, ecologists, landscape

architects), drawing experience from scientific knowledge, local conditions and historical landscapes with higher

biodiversity value.

In 2024, Campari Group allocated over €0.3 million to biodiversity projects, which included habitat restoration

initiatives in France and Martinique as well as research on orange genetic diversity. All projects were financed

through the Group’s own capital investment, with the exception of the orange genetic diversity research, which

was conducted as a joint collaboration between the industry and the French Government.

Impacts, risk and opportunities related to Biodiversity and ecosystems

In conducting a biodiversity and ecosystems-related analysis, the Group has identified, within the sector, the

existence of chronic physical risks related to climate change, exposure to low genetic variability, vulnerability to

pests and ecosystem degradation due to intensive farming practices. Transition risks associated with land use

changes, habitat restoration, and regenerative farming practices have also been recognised. Regarding its value

chain, the scope of the analysis conducted by the Group focused primarily on risks in upstream sourcing areas

of farm-based raw materials, with risks in other areas of the value chain considered to be of lower significance.

In this regard, the identification of biodiversity-sensitive sourcing areas is still ongoing. Risks are expected to

increase over the mid- and long-term horizon, particularly as new scientific evidence and extreme events

elevate the probability or severity of impacts.

The main finding is that global food production is widely regarded as a primary driver of biodiversity loss, with

significant implications for the spirits and beverage industry. The impact stems largely from conventional farming

practices that supply raw materials. Some examples are: intensive farming with high land utilization,

monocropping with low genetic diversity, heavy tilling that depletes soil health, and the intensive use of chemical

fertilisers and pesticides all of which contribute to over-fertilisation, toxicity, and resource competition. In the

case of nature-based herbs and botanicals, risks arise from interference with natural ecosystems, over-

harvesting, and reduced yields due to habitat changes and climate change.

The industry, in collaboration with agricultural supply chains, research institutions and regional partnerships,

must address these challenges through targeted actions. These include minimizing environmental impact by

reducing fertilisers and pesticides and improving soil care, restoring biodiversity through habitat recreation and

conservation and building resilience with future-proof crops, such as genetically diverse or drought-resistant

varieties, and transitioning from wild to cultivated plant sources. For widely dispersed raw materials like grains,

sugar cane, and sugar beet, risks are more manageable across broader sourcing regions. However, materials


Sustainability statement	117

Campari Group annual report for the year ended 31 December 2024

tied to specific geographic origins, such as agave and grapes, face amplified risks due to limited flexibility if

environmental conditions significantly deteriorate.

Action plans for habitat improvement and restoration, such as those recently implemented in France and

Martinique, are developed in consultation with local professional experts, including biologists, ecologists and

landscape architects. These plans are grounded in scientific knowledge, local environmental conditions and

historical landscapes known for their higher biodiversity value. Similarly, farming certification schemes are

created in collaboration with agronomists, scientific researchers, and relevant authorities to ensure alignment

with sustainability standards and best practices.

As of now, Campari Group has not established a transition plan or determined a timeline for its development.

The result of the processes and analysis described above lead the Group to identify and assess material

biodiversity and ecosystems impacts, risks and opportunities for the reporting period 2024, as summarised

below.


Relevant sub-sub-topic	Impacts	Risks	Opportunities
Land-use change	Ongoing loss of biodiversity, deterioration of soil and ecosystem resilience in farming activities of ingredient production and directly managed crops (e.g. vineyards in France) (negative)	-	-

Despite no identified risks related to biodiversity emerged during the DMA, Campari Group Campari Group

recognises physical chronic risks at local level, including environmental pollution and the loss of biodiversity and

habitats in both farmland and wild nature. These risks are primarily driven by the continuation of high-intensity

industrialised farming practices among its suppliers, leading to soil degradation, water pollution and disruption of

local water balances. Climate change exacerbates these issues, particularly through chronic changes and the

increasing frequency and severity of extreme weather events. Transition risks are also evident, linked to the

capacity to transform farming practices at the scale and speed required to adopt effective techniques for

mitigating these impacts. The transition is further hindered by the emerging and not yet widely established

farming techniques of regenerative agriculture, which encompass soil conservation, fertiliser and fuel

management, ecosystem services and biodiversity enhancement. In addition to the risks, Campari Group has

also identified significant biodiversity-related opportunities. These include implementing regenerative farming

practices and improving biodiversity on farms at scale through recognised certification schemes. The goal of

regenerative farming and biodiversity restoration is to increase farm resilience against climate change, reverse

biodiversity loss, ensure long-term soil productivity and reduce reliance on chemical fertilisers. These practices

are believed to enhance long-term farm yields by strengthening the ecosystem services interdependent with

farmland.

The Group's primary response focuses on supplier engagement by promoting certification schemes that

incorporate regenerative farming practices, biodiversity care, water stewardship and other key elements of

environmental sustainability, endorsing globally and regionally recognised schemes supported by the broader

industry to achieve scalable adoption.

Campari Group has conducted an analysis of its sites under operational control to determine their significant

actual or potential impacts on biodiversity and ecosystems, using the WWF Biodiversity Risk Filter and

comparing them with the UNESCO Man and the Biosphere Reserves and the Ramsar sites. The analysis

revealed that the island of Martinique is part of the UNESCO Man and the Biosphere Reserves. As previously

mentioned, the Group has already initiated actions for biodiversity restoration in Martinique, where it owns one

operational site which consists of a distillery and a bottling operation. Moreover, according to the WWF

Biodiversity Risk Filter also Jamaica is located in a key biodiversity area at high risk, where the Group owns two

distilleries. However, the risk assessment will be confirmed based on further guidance on biodiversity criteria.

Beyond its own operations, based on the Company's current limited mapping of agricultural commodity sourcing

areas, it cannot exclude the possibility of impacts on biodiversity-sensitive areas. These impacts could result

from practices such as intensive farming, misuse of fertilisers and pesticides, and the intensive collection of

herbal and aromatic plants.

Campari Group applied two primary criteria for its analysis: the location of operations in or near biodiversity-

sensitive areas, and the relative impact intensity per crop, assessed in reference to best farming practices,

including certification schemes addressing biodiversity impacts. Location analysis was conducted for Company-

operated sites, including agricultural land in France and Martinique, while the assessment of raw material

sourcing areas remains ongoing due to the effort required and the current visibility of sourcing origins.


Sustainability statement	118

Campari Group annual report for the year ended 31 December 2024

The following impacts related to biodiversity have been identified by the Group: the loss of biodiversity, including

both flora and fauna, within farmlands and natural ecosystems that supply its raw materials, and the

deterioration of ecosystems caused by the continuation of high-intensity industrialized farming practices among

its suppliers, leading to soil degradation, water pollution and CO2 emissions.

The Group recognised the upstream supply chain of raw materials, sourced from farms and naturally occurring

botanicals, as critical for resilience against food safety risks, the sustainability of agricultural production, and as

a foundation for future genetic improvements in crops and natural plants.

Furthermore, Campari Group identified chronic physical risks linked to climate change, low genetic variability,

and vulnerability to pests, as well as ecosystem degradation due to intensive-farming practices. Additionally, the

Company acknowledged transition risks related to land-use changes, habitat restoration, and the adoption of

regenerative-farming practices. The identification of biodiversity-sensitive sourcing areas is ongoing.

Campari Group assumes systemic risks for food systems arising from biodiversity and ecosystems

performance. However, at the current level of understanding, it cannot comprehensively evaluate these risks

and anticipates further guidance on the topic in the short-term.

No consultations were conducted regarding these matters above.

Metrics and Targets related to Biodiversity and ecosystem

Campari Group has not yet established global targets for biodiversity; however, the Group plans to define its

ambitions and objectives in the coming years. In fact, over the next two years, the Policy, along with its

ambitions and objectives, will undergo review and expansion to encompass broader operations and upstream

activities across the Group. Certain market companies within the Group, such as Campari France, have already

set local targets. The Group monitors progress through an indirect metric: the adoption of certification schemes

by farmers and relies on external reviews to provide insights into the effectiveness of these schemes. In France,

Campari-Lallier aims at reaching 65% of certified suppliers by 2024, 90% by 2028, and full compliance by 2030,

while in the Cognac Region the goal is to achieve 100% supplier certification by 2028 (for more information refer

to the 'Regional Certification Schemes' paragraph in the 'E4-Impacts, risks and opportunities' chapter).

The current Policy prioritises targets within key sourcing areas and Campari Group's own plantations,

specifically vineyards in the Champagne and Cognac regions of France and sugarcane plantations in

Martinique. In France, the target timeframe aligns with sectoral initiatives in wine-growing regions, aiming for

completion by 2030.

Campari Group's local targets are closely tied to addressing the risk of ecosystem deterioration through

minimisation efforts and leveraging opportunities for ecosystem improvements via restoration and the recreation

of biodiversity potential. The current Policy focuses on key sourcing areas and the Group's own plantations in

France, specifically vineyards in the Champagne and Cognac regions, as well as sugarcane plantations in

Martinique. It is specified that biodiversity offsets are not used in achieving these targets. Direct actions on

Company-managed land, such as the introduction of hedges and areas enhancing biodiversity, prioritise habitat

restoration and impact minimisation. Upstream actions, meanwhile, concentrate on minimizing environmental

impacts through the adoption of farming-certification schemes.

Biodiversity metrics

Campari Group has identified three sites under its operational control that are located in biodiversity-sensitive

areas: the site in Martinique (which includes a distillery and a bottling plant) and the Appleton and New

Yarmouth distilleries in Jamaica. Martinique is part of the UNESCO Man and the Biosphere Reserves, while

Jamaica, according to the WWF Biodiversity Risk Filter, is situated in a high-risk key biodiversity area. In

Martinique, Campari Group owns 776 hectares and rents an additional 336 hectares. In Jamaica, the total area

of the distilleries amounts to about 1,343 hectares.

In 2024, Campari Group’s direct business activities contributed to land-use change within designated land

allocated for industrial development. This includes plant extension projects aimed at expanding built-up areas

within existing premises, such as at the Lawrenceburg distillery in the United States and the New Yarmouth

Estate distillery in Jamaica. At the same time, the Group is implementing improved farming management

practices on directly cultivated land, such as sugarcane plantations in Martinique and vineyards in the

Champagne region of France, with the goal of minimizing environmental impacts and restoring areas with higher

biodiversity.

Biodiversity-deep dive on local risks


Sustainability statement	119

Campari Group annual report for the year ended 31 December 2024

Campari Group recognises several risks associated with reduced and volatile farm yields, which directly impact

supply security and price stability. These risks are linked to factors such as soil degradation, vulnerability to

drought, topsoil washout and erosion, and heavy reliance on chemical fertilisation to sustain yields. Additionally,

monoculture farming increases exposure to pests, further exacerbating these challenges. Similarly, there is a

risk of reduced harvests of naturally grown herbs and botanicals, driven by biodiversity changes resulting from

land-use interventions and habitat alterations, often compounded by climate change. The risks associated with

reduced and volatile farm yields can significantly disrupt the operations and financial stability of a company like

Campari Group. These risks can cause supply chain interruptions, leading to challenges in sourcing the

necessary raw materials and maintaining consistent production levels. This, in turn, affects the costs and

availability of products, potentially leading to increased prices and volatility. At this stage, detailed assumptions

about the financial impacts of these risks cannot be provided. However, the Company expects that the effects

will become evident in the medium- to long-term. Improvements in biodiversity and natural ecosystems could

deliver several benefits over this timeframe. These include reduced reliance on fertilisers and pesticides,

decreased mechanical pressure on soil, and the restoration of the soil's biological potential. Other advantages

encompass carbon sequestration, natural nitrogen binding, and nature-based defence mechanisms supported

by healthy soils, hedges, and recreated biodiversity areas. Such improvements also restore ecosystem services,

such as pollination, which are critical for other crops.

While the potential benefits and risks are expected to increase in probability and severity over the medium- to

long-term, quantifying financial effects requires further research and empirical data collected across different

regions over extended vegetation cycles. This data will be crucial for drawing consistent conclusions and

extrapolating impacts.

To address these challenges, Campari Group is actively engaging with key suppliers to exchange knowledge

and advance the understanding of effective solutions and their impacts. However, due to the current limitations

in methodological approaches, the Company refrains from providing specific assessments of the financial

effects related to biodiversity and ecosystems services. Nonetheless, Campari Group assumes that consistent

efforts to minimise negative impacts and restore ecosystem potential will lead to widespread improvements.

These efforts are expected to enhance crop resilience, improve soil health, and enable farmers to reduce their

reliance on synthetic chemicals.


Sustainability statement	120

Campari Group annual report for the year ended 31 December 2024

ESRS E5 Resource use and circular economy

Strategy, Policies and Actions related to Resource use and circular economy

Campari Group's commitment to enhancing circularity and efficient resource utilization is embedded into the

Group's Environmental Policy. For additional information refer to the 'ESRS E1 Climate Change-Governance

and policies related to Climate change mitigation and adaptation and Energy' section.

The policy addresses circularity and resource management through several key dimensions, listed below:

- Resource management: Campari Group is committed to collaborating with partners in its value chain to

optimize material use and improve waste management, minimise waste sent to landfill, reduce environmental

impacts and risks, and explore innovations for continuous improvement;

- Bio-materials: Campari Group works to ensure the responsible management of bio-materials throughout the

alcoholic and non-alcoholic beverages production process. These materials, which flow through

fermentation, infusion, distillation and blending, are responsibly managed to avoid the discharge of

environmentally harmful wastewater. Liquid by-products are separated, and where possible, efforts are made

to achieve zero waste to landfill. Moreover, where possible, the conversion of bio-materials into new

sustainable products fulfils the Group’s commitments to responsible water management and waste disposal;

- Circular packaging: the circularity of Campari Group’s packaging is in line with its GHG emission-reduction

targets, as recycling materials helps to avoid Scope 3 emissions and save energy.

Campari Group has developed internal guidelines for packaging design and sourcing with the aim of increasing

the recycled content in packaging materials purchased in the market. This includes assessing the availability

and technical feasibility of including recycled content or replacing fossil-based materials with bio-based

materials, as well as considering other material specifications and legislative requirements. Recycled content is

routinely discussed in the context of supplier engagement and is included as a contractual requirement for most

packaging categories.

In addition, the Group has internal procurement guidelines that define sustainable sourcing conditions related to

packaging materials, mainly paper and other natural materials. Whenever possible, Campari Group incorporates

these sustainability criteria into its purchasing specifications and supply chain processes. Continuous monitoring

process is ensured by the dedicated Research & Development packaging team within the Supply Chain

function.

The Group has established that, within the scope of its manufacturing operations, a zero-waste-to-landfill

approach shall be followed, focusing on reducing waste generation, exploring new waste destinations, and

collaborating with suppliers on sustainable packaging solutions. During 2024, the Group took key actions to

improve the circularity of packaging introduced to the market. These efforts were based on the main measures

taken since the creation of the packaging design criteria and the engagement of suppliers in 2022. The actions

initiated, were the following:

- Increased recycled content in plastic bottles ('PET'), outer cases (cardboard boxes), and metal cans. These

actions have resulted in an estimated reduction of 4,100 tonnes of CO2e;

- Light-weighting projects on key glass bottles, which enabled a reduction of 1,400 tonnes of CO2e.

- Improved logistics through flow optimization and pallet efficiency, with an estimated reduction of 4,200 tons of

CO2e.

- Elimination of over packaging, such as pourers, gift boxes and dividers, to reduce material intensity,

achieving a reduction of 700 tonnes of CO2e.

- Evaluation of new product ideas based on Campari Group’s sustainable packaging design criteria, with over

90% adherence to these guidelines.

- Engagement with suppliers through an annual process of ongoing discussions and material improvement

plans, including recycled content, recyclability and material intensity reduction. This will enable short- and

medium-term planning for CO2e emissions reductions and circularity improvements.

Campari Group is committed to continuing similar actions through 2025 until 2027, with the following projected

outcomes:

- Increased recycled content in glass bottles and cardboard boxes, with the goal of reducing CO2e by

8,000-10,000 tonnes.

- Light weighting key glass bottles, with an estimated reduction of 4,000-6,000 tonnes of CO2e.

- Improving logistics through further localisation and pallet optimization, with an estimated reduction of

2,000-3,000 tons of CO2e.

- Avoidance of over packaging (i.e., gift boxes, dividers, returnable components) to reduce material intensity,

with a target reduction of 3,000-4,000 tonnes of CO2e.


Sustainability statement	121

Campari Group annual report for the year ended 31 December 2024

Campari Group has an internal Packaging Research&Development department that works closely with suppliers

and commercial teams. Most of the packaging redesign activities are aimed at saving material, in order to

optimize packaging consumption. In specific cases, packaging changes are made to achieve environmental

benefits, and the additional cost is incorporated into the overall product price.

Impact, risk and opportunity related to Resource use and circular economy

Campari Group performed a flow analysis, covering the conversion of raw materials into spirits and other

beverages and packaging activities at primary, secondary and transport levels. The waste and by-products of

the production process were also analyzed in terms of waste diversion from landfills and reuse of materials at

the production site. In the context of extended circularity, packaging waste within the value chain and post-

consumer packaging waste are considered, with a focus on waste minimization and material recycling. The

Group conducted independent consultations and participated as a member of the 'spiritsEUROPE industry

association' in the consultation process on the Packaging and Packaging Waste Regulation ('PPWR') within the

European Union.

Through the conducted analysis, the Group identified the following key risks and opportunities for the industry.

- Regulatory transition risk: the main consequences are related to changes in the regulatory framework on

recycling rates and plastic waste management.

- Failure to meet recycling targets: the risk of not meeting recycling targets due to underdeveloped collection

systems, waste leakage and the competition between industries for recycled content.

- Circularity and CO2e emission reduction: Campari Group identified the potential to lower CO2e emissions by

increasing the recycled content of paper, glass and plastics.

- Packaging innovation: the industry can further promote sustainability and environmental impact reduction by

minimizing the use of materials and replacing them with innovative packaging concepts.

The results of the processes to identify and assess material resource use and circular economy impacts, risks

and opportunities for Campari Group for the reporting period 2024 are summarized below.


Relevant sub-topic	Impacts	Risks	Opportunities
Resources inflows, including resource use	Usage of virgin and non-recycled materials in products' packaging impacting the environment (negative)	-	-
Waste	Production and disposal of waste (negative)	-	-

With regard to the environmental impact of natural resources’ depletion coming from the usage of virgin and

non-recycled materials in product packaging, the Group has assessed the main possible levers providing

opportunities for mitigating such impact. The key findings are listed below.

- Sustainability of packaging materials: approximately 99% of Campari Group’s packaging materials are highly

recyclable, including glass, paper and metal, which contribute to waste avoidance and energy savings

through circular solutions. There is a huge opportunity in improving collection rates and increasing the

efficiency of recycling processes.

- Material intensity reduction: there is also an opportunity to reduce material intensity by light-weighting and

improving the recyclability of accessory materials, such as natural materials and plastics. This would have

the major benefit of reducing energy consumption and waste for disposal.

- Innovative packaging concepts: a significant opportunity also lies in researching innovative packaging

solutions, such as reuse and refill systems for specific trade channels, which could further improve the

Group’s sustainability performance.

Metrics and Targets related to Resource use and circular economy

Regarding waste, the Group set a global target related to the waste sent to landfill as defined below:


Sustainability statement	122

Campari Group annual report for the year ended 31 December 2024


Targets	2024 Achievements	Next steps
Zero waste to landfill by 2025.	- Without considering the impact of Courvoisier, total waste reduced by 15.5% compared to 2023, while including Courvoisier, total waste increased by 6.9%. - Waste to landfill reduced by 33%, equal to 261 tonnes less of waste, compared to 2023. - The ratio between the total waste destined for landfill (530 tonnes) and the total volume of waste produced including Courvoisier (62,226 tonnes) was reduced to 0.9%. Without considering Courvoisier, the ratio is 1.1%.	-Continue the global reduction program towards the zero waste to landfill target within 2025.

Regarding the resources use in the packaging, the actions taken, directly related to policy objectives, are

monitored by Campari Group across several key dimensions:

- regular evaluation of new packaging ideas against sustainable design criteria to minimise the proliferation of

non-compliant solutions;

- circularity conditions and packaging performance are discussed and assessed annually with suppliers,

including the development of forward-looking action plans;

- the impact of circularity is also measured through CO2e savings, particularly as part of the Scope 3 carbon

footprint.

With reference to circularity, improvement measures are defined annually, with a continuous pipeline of projects.

Overall progress is consolidated annually based on key drivers: material intensity, recyclability, recycled content

of key materials and packaging design compliance. Internal targets are set based on industry benchmarks and

feasibility assessments.

Campari Group has set organization-wide targets for external disclosure and plans to define and communicate

its commitments to circularity over the next two years.

Campari Group’s targets voluntarily achieved encompass many resource inflows and outflows to promote the

growth of the circular economy. However, for some markets and jurisdictions, the respective targets may also

coincide and reflect compliance obligations under local legislations. These main principles and strategies for

sustainable development and circular economy practices can be summarized in the following key specific

actions:

a) circular design and durability: Creating products that are designed to be durable, easy to disassemble,

reusable, and recyclable.

b) use of circular materials: increasing the use of circular materials in products and manufacturing processes to

reduce reliance on virgin raw materials.

c) sustainable supply sources: ensuring that renewable resource-based supplies come from sustainable

sources and adhere to the cascading principle.

d) recycled content and material intensity: meeting targets for recycled content and reducing material intensity.

e) waste management: implementing waste management practices that prepare for proper treatment and

recyclability, considering the realities of post-consumer waste in target markets.

f) carbon footprint monitoring: focusing on monitoring and reducing carbon footprint intensity, particularly Scope

3 emissions.

Resource inflows

The data below cover only the raw materials derived from the negative impact generated, i.e., 'usage of virgin

and non-recycled materials in products' packaging impacting the environment'.


Materials used in resource inflows(1)	UoM	2024	2023	% change 2024 vs. 2023
Overall total weight of products and technical and biological materials used	t	281,693.8	376,200.0	-25.1%
Glass	t	248,047.0	340,000.0
Metal	t	3,935.7	3,600.0
Paper	t	26,990.2	30,000.0
Plastic	t	1,694.6	1,400.0
Cork	t	1,026.37	1,200.00

(1)The data reported on materials used in resource inflows include estimates for Casa Lumbre, derived using data available for products produced in the Arandas

plant, given the similar packaging used for tequila and mezcal.

The weight and percentage of recycled materials in resource inflows is provided in the table below. In 2024, with

particular reference to recycled glass, the value dropped to 27.5% for two main reasons: market volatility, which

caused a shortage and price increase of cullet, and improved data coverage. In 2023, around 80% of volumes

were covered, while in 2024, coverage increased to 91% by including smaller suppliers who have lower cullet

percentages.

1 The waste data for Casa Lumbre in the tables above have been estimated using the data available from Arandas, given the similar distillation processes for

tequila and mezcal.


Sustainability statement	123

Campari Group annual report for the year ended 31 December 2024


Recycled materials in resource inflows(1)	UoM	2024	2023	% change 2024 vs. 2023
Weight of secondary reused or recycled components used to manufacture the undertaking’s products and services (including packaging)	t	89,664.3	142,984.6	-37.3%
Glass	t	68,140.9	121,720.0
Metal	t	2,377.5	2,073.6
Paper	t	18,611.8	18,750.0
Plastic	t	534.0	441.0
Cork	t	-	-
Weight of secondary intermediary products used to manufacture the undertaking’s products and services (including packaging)	t	-	-
Weight of secondary materials used to manufacture the undertaking’s products and services (including packaging)	t	-	-
Percentage of secondary reused or recycled components used to manufacture the undertaking’s products and services (including packaging)	%	31.8%	38.0%	-6.2%
Glass	%	27.5%	35.8%
Metal	%	60.4%	57.6%
Paper	%	69.0%	62.5%
Plastic	%	31.5%	31.5%
Cork	%	-	-
Percentage of secondary intermediary products used to manufacture the undertaking’s products and services (including packaging)	%	-	-
Percentage of secondary materials used to manufacture the undertaking’s products and services (including packaging)	%	-	-

(1)The recycled content is based on the purchased volumes for which the Group has visibility of recycled content. This perimeter covers 91% for glass, 90% for

metal, 52% for paper, 58% for plastic.

Resource outflows-Waste 1


Waste produced	UoM	2024	2023	% change 2024 vs. 2023
Total amount of waste generated (including Courvoisier)	t	62,225.9	-	6.9%
Waste intensity per litre manufactured (including Courvoisier)	kg/L	0.1	-	7.8%
Total amount of waste generated (excluding Courvoisier)(1)	t	49,181.9	58,221.0	-15.5%
Waste intensity per litre manufactured (excluding Courvoisier)	kg/L	0.1	0.1	-4%
Total amount of waste diverted from disposal (including Courvoisier)	t	61,305.8	-	7%
Total amount of waste diverted from disposal (excluding Courvoisier)	t	48,291.8	57,409.4	-16%

(1)The discrepancy between the total amount of waste generated (excluding Courvoisier) and the destination of total waste (315.9 tonnes) is due to the fact that

waste produced in a given month may sometimes be destined in later months.


Hazardous waste diverted from disposal (excluding Courvoisier)	UoM	2024	2023	% change 2024 vs. 2023
Total amount of hazardous waste diverted from disposal	t	122.0	61.2	99.3%
Preparation for reuse (both internal and external)	t	0.8	9.6
Recycling	t	50.9	4.3
Recovery, including energy recovery	t	64.1	37.0
Composting	t	-	-
Fertilization in agriculture	t	-	-
Other recovery operations (deep well injection, on-site storage, other waste destination)	t	6.2	10.3


Non-hazardous waste diverted from disposal	UoM	2024	2023	% change 2024 vs. 2023
Total amount of non-hazardous waste diverted from disposal (including Courvoisier)		61,183.8	-	6.7%
Total amount of non-hazardous waste diverted from disposal (excluding Courvoisier)	t	48,169.8	57,348.2	-16.0%
Preparation for reuse (both internal and external)	t	17,252.1	22,043.0
Recycling	t	3,804.0	4,072.5
Recovery, including energy recovery	t	12,991.0	13,279.1
Composting	t	12,329.9	16,460.6
Fertilisation in agriculture	t	9.0	-
Other recovery operations (deep well injection, on-site storage, other waste destination)	t	1,783.8	1,493.0


Sustainability statement	124

Campari Group annual report for the year ended 31 December 2024


Waste directed to disposal	UoM	2024	2023	% change 2024 vs. 2023
Total amount of waste directed to disposal (including Courvoisier)	t	604.3	-	-25.4%
Total amount of waste directed to disposal (excluding Courvoisier)	t	574.3	810.5	-29.1%
Amount of hazardous waste directed to disposal	t	35.9	14.1
Incineration	t	24.1	13.6
Landfill	t	11.8	0.5
Other disposal operations	t	-	-
Amount of non-hazardous waste directed to disposal (including Courvoisier)	t	568.4	-
Amount of non-hazardous waste directed to disposal (excluding Courvoisier)	t	538.4	796.4
Incineration	t	19.9	6.2
Landfill	t	518.5	790.2
Other disposal operations	t	-	-


Non-recycled waste	UoM	2024	2023	% change 2024 vs. 2023
Total amount of non-recycled waste (including Courvoisier)	t	604.3	-	-25.4%
Percentage of non-recycled waste (including Courvoisier)	%	1.0%	-	-0.4%
Total amount of non-recycled waste (excluding Courvoisier)	t	574.3	810.5	-29.1%
Percentage of non-recycled waste (excluding Courvoisier)	%	1.2%	1.4%	-0.2%


Waste produced (Courvoisier)	UoM	2024
Total amount of waste generated	t	13,044.0
Total amount of non-hazardous waste	t	13,044.0
of which diverted from disposal	t	13,014.0
of which directed to disposal	t	30.0
Total amount of hazardous waste	t	-
Total amount of waste diverted from disposal	t	13,014.0

Campari Group’s waste levels are consistent with the industry standard for typical production. The waste

composition consists mainly of solid wastes and by-products (bagasse, fermentation sludge, infusion deposits)

and post-distillation liquid residues (stillage, vinasse). The absence of radioactive waste is confirmed.

Data are primarily based on direct measurements using available and practicable systems in each country.

However, some markets may be limited by factors such as poor infrastructure for waste diversion, low landfill

costs or the general lack of feasibility of waste recovery, especially in remote areas such as islands. These

factors are taken into consideration when determining and classifying products designed according to circular

principles, with the associated assumptions disclosed accordingly.

Anticipated financial benefits cannot be reliably estimated. Most packaging redesign solutions result in material

savings, which translates into optimized packaging costs. In some cases, modifying packaging to achieve an

environmental benefit may result in a modest additional cost, which is usually absorbed in the overall cost of the

product. The use of recycled content in primary packaging materials (glass, paper and aluminum) offers cost

benefits to the supplier.

EU Taxonomy disclosures

The following disclosure complies with the reporting requirements of the EU Regulation 852/2020, hereafter

referred to as ‘Taxonomy Regulation’ or ‘Taxonomy’, and subsequent delegated regulations and amendments,

including Delegated Regulation 2021/2139 (Climate Delegated Act), Delegated Regulation 2021/2178

(Disclosure Delegated Act) and Delegated Regulation 2023/2486 (Environmental Delegated Act). In particular,

the application of the EU Taxonomy Regulation and connected Delegated Act entrails reporting eligibility and

alignment regarding activities contributing to all six environmental objectives (climate change mitigation and

adaptation, sustainable use of water and marine resources, transition to circular economy, pollution prevention

and control and prevention and restoration of biodiversity and ecosystem) in all reports covering the fiscal year

2024.

Campari Group’s approach

Campari Group is committed to the responsible use of resources and reduction of the environmental impact of

production activities as outlined in the targets set at Group level. The Taxonomy framework permeates directly


Sustainability statement	125

Campari Group annual report for the year ended 31 December 2024

into the way Campari Group operates, as it commits in the future to increasingly include the Regulation’s

requirements within its business conduct, both at strategic and operational level.

Eligibility Assessment

The Group carried out a screening of its activities and operations to identify economic activities that could be

considered as eligible with respect to all six environmental objectives.

Moreover, it has carried out an in-depth assessment of the consolidated revenues in the financial statement, in

order to assess the presence of eligible economic activities that generate net sales. The KPI of turnover is

considered with respect to the provision of par. 1.1.1. of Annex I Disclosure Delegated Act as net sales in line

with International Accounting Standard (IAS) 1, paragraph 82(a) as reported in Campari Group Consolidated

Financial statements at 31 December 2024, paragraph 3.i.. The analysis included a screening of the activities of

the six climate objectives with the aim of assessing their eligibility, and whether they are classified within the

consolidated net sales items. The assessment showed that Campari has no revenue-generating activity

included in the accounting item ‘net sales’: for Campari Group, net sales are almost entirely related to the sale of

spirits in the Group's markets.

Capital expenditures (‘CapEx’) and operating expenditure (‘OpEx’) were analysed separately to map those

connected with assets or processes that are associated with Taxonomy-eligible economic activities and with the

acquisition of outputs from eligible economic activities or individual measures that reduce greenhouse gasses

emissions[1]. Such types of CapEx and OpEx will hereafter be referred to as capital and operating expenditures

in eligible (or aligned) economic activity. Campari Group identified some capital expenditure in eligible economic

activities contributing to the Climate Change Mitigation and Circular Economy objectives. In case of eligible

individual measures, they will be implemented and operational within 18 months from the recognition of the

CapEx within the financial statement.

It should be noted that as the Group’s core activities are not yet included in the Regulation and thus there are no

specifications of what characteristics its core business activities must have to be taxonomy-eligible or -aligned,

Campari Group is not investing in a ‘CapEx plan’ as defined by the Regulation to expand Taxonomy-aligned

economic activities or to allow Taxonomy-eligible economic activities to become Taxonomy-aligned with respect

to its own core activities. Nevertheless, it is committed to considering and evaluating the integration of

sustainability criteria as defined by the EU Taxonomy Regulation in its investments whenever possible.

The main difference in the composition and magnitude of eligible activities is connected to the activity ‘7.7

Acquisition and ownership of buildings (CCM)’, which includes the purchase of the building for the new Campari

headquarters in Milan. This project is expected to entail resources invested in the renovation of the building in

the coming years.

CapEx considered eligible can be divided into the following activities, potentially contributing to the following

objectives: Climate change mitigation ('CCM') and Transition to a circular economy ('CE').

These capital and operating expenditures are defined by the Commission Delegated Regulation (EU) 2021/2178

of 6 July 2021, Art. 8 Delegated Regulation-(Annex I) as ‘related to the purchase of output from Taxonomy-

aligned economic activities and individual measures enabling the target activities to become low carbon or to

lead to greenhouse gas reductions’.

The list of eligible activities and the related contribution objectives is detailed below. The data refer to eligible

activities and eligible but not aligned activities.


Economic Activities	Activity objectives for eligibility	Percentage of eligibility (CapEx)
Acquisition and ownership of buildings	CCM 7.7.	15.62%
Construction of new buildings	CCM 7.1., CE 3.1.	6.86%
Construction, extension and operation of waste water collection and treatment	CCM 5.3.	3.36%
Anaerobic digestion of bio-waste	CCM 5.7.	2.02%
Renovation of existing buildings	CCM 7.2., CE 3.2.	1.12%
Installation, maintenance and repair of renewable energy technologies	CCM 7.6.	0.55%
Production of alternative water resources for purposes other than human consumption	CE 2.2.	0.31%
Provision of IT/OT data-driven solutions	CE 4.1.	0.08%
Total % of eligible projects (eligible activities and eligible but not aligned activities)		29.91%

Some activities were further explored following refinements to the analysis methodology. Specifically, the irrigation project located in Martinique at the Bellonnie

et Bourdillon Successeurs S.A.S. legal entity, last year was deemed as eligible for activity ‘5.1 Construction, extension and operation of water collection,

treatment and supply systems (CCM)’, while this year it was assessed as eligible for activity ‘2.2 Production of alternative water resources for purposes other

than human consumption (CE)’ as well. Similarly, the Vinasse Treatment Plant project in Arandas (Mexico) at the Campari Mexico Destiladora S.A. de C.V legal

entity, this year has been assessed as eligible for activity ‘5.7 Anaerobic digestion of bio-waste (CCM)’.


Sustainability statement	126

Campari Group annual report for the year ended 31 December 2024

Alignment Assessment

The identified capital expenditures in eligible economic activities have been investigated to assess whether they

could be considered aligned. The assessment was conducted considering the projects’ features and involving

the most relevant suppliers that collaborated with Campari Group for the implementation of each project.

Minimum Safeguards

In line with the provision of the Taxonomy Regulation, the Group ensures that it will carry out its activities in

respect of the social minimum safeguards drawing guidance from globally recognised frameworks such as the

OECD Guidelines for Multinational Enterprises (OECD MNE Guidelines), the UN Guiding Principles on Business

and Human Rights ('UNGPs'), including the principles and rights set out in the eight fundamental conventions

identified in the Declaration of the International Labor Organization on Fundamental Principles and Rights at

Work and The International Bill of Human Rights.

Consistently with the previous reporting period, the Group adopted a two-level assessment approach,

conducting a screening at both organization level and supplier level to ensure compliance with the minimum

safeguards within its operations and along the supply chain. The assessment focused on the topics of human

rights (including labor and consumer rights), corruption and bribery, taxation and fair competition.

Regarding compliance within the organization, Campari Group has adopted the Code of Ethics that summarizes

the guiding principles of the Group’s conduct and implemented specific measures for each of the topics covered

by the minimum safeguards. Detailed information about the Code of Ethics and the measures taken by the

Group in the areas of human rights, corruption and bribery, taxation and fair competition can be found in the

dedicated sections in this document. With the aim of enhancing transparency around diversity and inclusion

within the Group, Campari Group monitors disparities in remuneration among genders by adopting the KPI of

gender pay gap, as reported in the ‘ESRS S1 Own workforce - Equal treatment and opportunities for all’

paragraph of this document. Additional information on diversity and inclusion with regard to the composition of

the Board of Directors can be found in the ‘The Sustainability Governance model’ section.

In line with the last year, Campari Group has not been convicted in court in cases related to human rights,

corruption and bribery, taxation or fair competition, nor it has been involved in a case handled by an OECD

National Contact Point ('NCP') or questioned by the Business and Human Rights Resource Center ('BHRRC').

Moreover, to ensure proper conduct and compliance with minimum safeguards criteria throughout the supply

chain and to strengthen its commitment to protecting the rights of value chain workers, Campari Group launched

its Human Rights Due Diligence process in 2024. New expectations were introduced in 2024 for the Group’s

suppliers, requiring them to sign an updated version of the Supplier Code of Conduct. This revised Code

outlines Campari Group’s standards for sustainability, ethics and compliance, with enhanced clauses addressing

key ESG topics. The updated sections cover critical areas including labor standards, environmental

stewardship, greenhouse gas emissions, waste reduction, pollution control, sustainable packaging and practices

supporting sustainable agriculture and biodiversity.

Furthermore, to verify compliance across the value chain, a specific assessment has been conducted on the

suppliers related to the projects considered aligned to the Taxonomy framework. The analysis involved directly

questioning suppliers about procedural and outcome dimensions. The analysis conducted allowed for an

assessment of whether both Campari Group and the selected suppliers operate in compliance with all minimum

safeguard criteria, ensuring that the activities specified below align with the Regulation.

Substantial Contribution and Do No Significant Harm ('DNSH')

The alignment to Substantial Contribution and DNSH criteria was assessed through an investigation of the

projects’ features, conducted, when necessary, with the collaboration of the involved suppliers. Details about the

aligned projects, and therefore connected CapEx, as well as results of the assessment are presented below.


Sustainability statement	127

Campari Group annual report for the year ended 31 December 2024

The list of aligned projects and the related contribution objective is detailed below.


Project details	Objective	Activity	Percentage of alignment (CapEx)
Implementation of a wastewater treatment plant into the New Yarmouth distillery to ensure a safer return of treated wastewater to the environment	CCM	5.3	3.36%
Production of alternative water resources for purposes other than human consumption in the Agri Martinique production site	CE	2.2	0.31%
Installation of photovoltaic panels in the New Yarmouth production site	CCM	7.6	0.12%
Implementation of a IT/OT software for the management of the bottling line in order to evaluate the status of the entire line	CE	4.1	0.05%
Installation of photovoltaic panels in the Novi Ligure production site	CCM	7.6	0.03%
Total % of aligned projects			3.87%

It should be considered that the Group’s core business is excluded from the Taxonomy, and therefore the

absence of specific characteristics to define the activities as sustainable entails a difficulty in aligning the

activities that emerged as eligible even though they have important elements of efficiency. An example is the

eligible project of the Vinasse Treatment Plant the Group is implementing in its production plant in Arandas,

Mexico. This Low-Rate Multiphase Treatment System allows conversion of organic waste to recoverable biogas

and reduce the volume of sludge and make it reusable. This system makes the treated wastewater suitable for

reuse or discharge in compliance with environmental regulations. Moreover, the methane from vinasse

decomposition is prevented from spreading into the atmosphere and the generated biogas is recovered to be

used by a new high-efficiency multi-fuel steam boiler, therefore reducing the use of heavy fuel in favour of low-

emitting renewable energy (Scope 1). Finally, the reduced volume of solid residues decreases the emissions

from their transportation (Scope 3), entering the composting facility to be treated to produce natural fertilizers

and compost for local farmers.

Furthermore, special attention is dedicated to the ‘Thermal Vapor Recompression’ project (‘TVR’), located at the

GlenGrant plant. Previously reported in 2023 in relation to preliminary activities, the project envisaged

development activities in 2024. The main benefits deriving from the implementation of the project are the

following:

- Reduction of thermal energy consumption as a partial step towards the distillery’s decarbonization path and

contribution to the Group CO2 intensity target;

- Reduction of water withdrawals from the local river, given the local context of possible increased risk of

drought and also as a contribution to global water intensity target.

The project, consisting of the installation of a TVR system on all four wash stills, is estimated to reduce the

energy usage and cooling water by introducing a closed loop, allowing about 40% of water savings, 20% of

energy savings and 20% of CO2 emissions savings.

In addition, when applicable to its projects, the Group is committed to the increasing integration of the principles

and criteria of the EU Taxonomy. This is the case, for example, of the previously mentioned new Campari

Group's headquarters in Milan. The Group has in fact acquired a building that will serve as the new

headquarters and has planned major renovation operations. In the context of the execution of these work

projects, which will be taking place in 2025, the Group arranged for the alignment criteria of the EU Taxonomy to

be considered by both projects' design and the suppliers involved.

Details about the projects aligned in 2024 are presented in the tables below.

Activity 5.3. Construction, extension and operation of wastewater collection and treatment (CCM)


Requirements	Elements for compliance
Substantial Contribution (for Climate Change Mitigation)	The net energy consumption of the wastewater treatment plant is below the threshold set for its capacity. Moreover, the assessment of the direct GHG emissions was not required as it concerns a newly built plan. The calculation was made taking into account the daily consumption value.
DNSH Climate Change Adaptation	Campari Group does consider the relevant risks for its activity among the ones included in Appendix A and takes the necessary adaptation actions. More specifically, Campari Group performs a site-level assessment to evaluate both the physical climate-related and chronic risks considering three different climate change scenarios and developed the project taking into consideration the risks identified based on the type of activity and location according to the latest guidance and recommendations available. In this context, the details of the climate risk assessment are considered proportionate to the type of activity and the current assessment is sufficient to identify the physical climate risks that are material to the activity.
DNSH Use and protection of Water and Marine Resources	The environmental degradation risks related to preserving water quality and avoiding water stress are identified and addressed in accordance with applicable national law and a water use and protection management plan has been developed accordingly. The project was formally approved by and complies with the requirements of the Jamaican National Environmental Department regarding the preservation of water quality and the avoidance of water stress. The interaction with the Jamaican Agency could be considered as an element of compliance also for the DNSH Pollution Prevention and Control and Protection and Restoration of Biodiversity and Ecosystems. Furthermore, the treated water is not used for agricultural irrigation.


Sustainability statement	128

Campari Group annual report for the year ended 31 December 2024


Requirements	Elements for compliance
DNSH Pollution Prevention and Control	Discharges to receiving waters meet the requirements as laid down in national provisions stating maximum permissible pollutant levels from discharges to receiving waters.
DNSH Protection and Restoration of Biodiversity and Ecosystems	It was assessed that the site is not located in or near biodiversity-sensitive areas and all requirements set by the national legislation have been respected.

Activity 7.6. Installation, maintenance and repair of renewable energy technologies (CCM)


Requirements	Elements for compliance
Substantial Contribution (for Climate Change Mitigation)	The three projects under analysis involve the installation, maintenance and repair of solar photovoltaic systems and the ancillary technical equipment activity.
DNSH Climate Change Adaptation	Campari Group does consider the relevant risks for its activity among the ones included in Appendix A and takes the necessary adaptation actions. More specifically, Campari Group performs a site-level assessment to evaluate the physical climate-related risks and chronic risk considering three different climate change scenarios. Moreover, the Group developed the projects taking into consideration the risks identified based on the type of activity and location according to the latest guidance and recommendations available. In this context, the details of the climate risk assessment are considered proportionate to the type of activity and the current assessment is sufficient to identify the physical climate risks that are material to the activity.

Activity 2.2 Production of alternative water resources for purposes other than human consumption (CE)


Requirements	Elements for compliance
Substantial Contribution	The Trois Rivieres production site project involves the construction of a facility for harvesting rain and storm water, which is included within the categories expressed by the Substantial Contribution Criteria. The alignment assessment verified that, in relation to the category in which the project falls, the requirements were correctly addressed.
DNSH Climate Change Adaptation	Campari Group does consider the relevant risks for its activity among the ones included in Appendix A and takes the necessary adaptation actions. More specifically, Campari Group performs a site-level assessment to evaluate both the physical climate-related and chronic risks taking into account three different climate change scenarios ('low' based on RCP 2.6; 'intermediate' based on RCP 4.5; and 'high' based on RCP 8.5) and developed the project taking into consideration the risks identified based on the type of activity and location according to the latest guidance and recommendations available. In this context, the details of the climate risk assessment are considered proportionate to the type of activity and the current assessment is sufficient to identify the physical climate risks that are material to the activity.
DNSH Water	The environmental degradation risks related to preserving water quality and avoiding water stress are identified and addressed in accordance with applicable national law and a water use and protection management plan has been developed accordingly. The project activities include, in the scope of the project design, the assessment of environmental degradation risks related for the preservation of water quality. In particular, the project has foreseen an Environmental impact assessment, aimed at evaluating the impacts on the aquatic environment, fauna and flora, and to address any related risks.
DNSH Pollution	The project does not entail the reuse of reclaimed water, therefore the requirement contained within the DNSH Pollution, applicable specifically to facilities for producing reclaimed water, was assessed as 'not applicable' with respect to the Trois Rivieres project.
DNSH Biodiversity	The project included an Environmental Impact Assessment which assessed the surrounding areas of the site, who assessed the proximity of the site to a protected area (the mangrove). The management of this area has been designed to avoid taking too much soft water from the area, and to avoid releasing the water in case of overflow or emptying in the direction of the mangrove, using a naturally occurring intermittent stream trace.

Activity 4.1 Provision of IT/OT data-driven solutions (CE)


Requirements	Elements for compliance
Substantial Contribution	SEDAPTA project was assessed as eligible in relation to the 'remote monitoring and predictive maintenance systems' category included within the Substantial Contribution criteria. The project involves, within the bottling lines, the monitoring of the line’s status, in which PLCs and/or CPUs of machines send alarms and warnings in case of failures.
DNSH Climate Change Adaptation	Campari Group does conduct periodic climate change risk assessments at site level for all its sites, including where SEDAPTA is implemented. The details of the climate risk assessment are considered proportional to the type of activity.
DNSH Water	Given the nature of the IT/OT system-related activity, together with the interpretation of the requirements of the regulation, the DNSH Water criteria is deemed as not applicable for the project under analysis: this requirement is considered as not relevant for this activity, thereby does not give rise to any potential issues with a DNSH-criterion.
DNSH Pollution	The alignment criteria listed within DNSH Pollution have been assessed to ensure compliance. In particular, the hardware applied meets the efficiency criteria required by Directive 2009/125/EC for servers and data storage products, and is provided with all major environmental certifications (including EnergyStar, EPEAT, ISO 14001, RoHS, REACH).
DNSH Biodiversity	Given the nature of the IT/OT system-related activity, together with the interpretation of the requirements of the regulation, the DNSH Biodiversity criteria is deemed as not applicable for the project under analysis: this requirement is considered as not relevant for this activity, thereby does not give rise to any potential issues with a DNSH-criterion.

Results and accounting policy

The Group’s result for the full year 2024 related to Taxonomy-eligible but not aligned, Taxonomy-aligned and

Taxonomy not-eligible activities are hereby reported in line with the provision of the Disclosure Delegated Act

and following modification.


Sustainability statement	129

Campari Group annual report for the year ended 31 December 2024

Overview of CapEx KPI

Percentage of eligible but not aligned, aligned and not eligible activities

- Turnover

The Group, in line with the previous year, reports no eligible net sales, as shown in Table 1, where the Group’s

net sales are categorized as non-eligible. In particular, the net sales almost entirely relate to the sale of own

spirits in the Group’s markets, with remaining components being agency brand net sales. The denominator of

the turnover KPI according to EU Taxonomy can be reconciled with note ‘Net sales’ of the Campari Group

Consolidated Financial statements at 31 December 2024.

- CapEx

The table 2 below shows the Group CapEx divided into Taxonomy-aligned, Taxonomy-Eligible but not aligned

and Taxonomy-not-eligible activities.

Most of the capital expenditures in eligible economic activities refer to the acquisition and ownership of

buildings, construction of new buildings, construction of wastewater treatment plants, anaerobic digestion of bio-

waste, renovation of existing buildings and efficiency projects, installation of solar photovoltaic systems, and

ancillary technical equipment, provision of IT/OT data-driven solutions and production of alternative water

resources for purposes other than human consumption.

The amount of total Taxonomy-eligible activities (both aligned and not aligned) amounted to 29.91%, in 2024.

This value represents a significant increase compared to the previous year’s value of 19.11%. This is due to the

extraordinary expenses connected to the acquisition of a new building in the central Milan (Italy) that, as already

reported, will serve as new headquarter office and has been categorized as eligible under the activity

‘Acquisition and ownership of buildings’ (CCM 7.7.) Regarding the level of alignment, the KPI of aligned CapEx

stands at 3.87% compared to 3.80% in the previous year. While the percentage of aligned CapEx is in line with

the one reported in 2023, the absolute value and number of aligned projects increased in 2024. In this regard, it

shall be noticed that both the eligible and the aligned KPI is influenced by the increase in the CapEx

denominator due to the acquisition finalized during the reporting year.

With reference to the results in Table 2, the total CapEx consists of additions to tangible and intangible assets

during the financial year (including the perimeter effect from business acquisitions). In particular, it refers to the

addition and perimeter effects of property, plant and equipment, net tangible fixed assets (right of use assets),

biological assets and intangible assets (including goodwill and brands). Total CapEx are consistent with the

Group Consolidated Financial statement at 31 December 2024, by including just the flow 'additions' and

'Perimeter effect from business combination' of the 'Property, plant and equipment, right of use assets and

biological assets' and 'intangible assets, other intangible assets' in note '4. Operating assets and liabilities'

paragraphs. As explained above, the capital expenditures in the numerator are those related to the purchase of

output from Taxonomy-aligned economic activities. The capital expenditures in the aligned numerator refer to

the addition to property, plant and equipment for a total of 3.82%, while the part connected to the provision of IT/

OT data-driven solutions of 0,05% refer to intangible asset. Double counting was avoided by individually

examining each of the items categorized as eligible and aligned and filling in reporting templates in line with the

provisions of the Regulation.


Sustainability statement	130

Campari Group annual report for the year ended 31 December 2024

- OpEx

Table 3 below shows the OpEx calculated as the sum of direct non-capitalized costs related to research,

development and innovation, as well as maintenance, repairs and renovation measures on property plant and

equipment and short-term rental according to the Disclosure Delegated Act. This item is part of the overall ‘Cost

of goods sold’ and ‘Selling, general and administrative expenses’ disclosed under the respective note of the

Campari Group Consolidated Financial statements at 31 December 2024. As the reporting process for the

Taxonomy Regulation progresses, and with the inputs from the European Commission clarifying the

methodology for disclosing information related to the eligibility and alignment of economic activities, Campari

Group is refining its method of data collection and evaluation. For this reason, the Company has implemented a

reporting process that aims to make the definition and evaluation of OpEx that occurred in the reporting year

even more accurate, determining a step forward for its taxonomy disclosure in line with its commitment. In 2024,

some minor OpEx on building maintenance and repairs have been found: these OpEx are considered negligible

compared to the total Group OpEx value but are still reported within the mandatory templates.

Lastly, it is specified that the Group considered the provision of the Complementary Climate Delegated Act

(Commission Delegated Regulation (EU) 2022/1214) relating to the reporting of the involvement in natural gas

and nuclear-related economic activities, not identifying applicable activities. Table 4 of this document shows the

template required by the Delegated Act.

1 For the purposes of tabular representation, the following legend applies:

Climate Change Mitigation (‘CCM’);

Climate Change Adaptation (‘CCA’);

Water and Marine Resources (‘WTM’);

Circular Economy (‘CE’);

Pollution Prevention and Control (‘PPC’);

Biodiversity and Ecosystems (‘BIO’).

For the reading of the alignment section of the templates, the following legend applies:

Y-Yes, Taxonomy-eligible and Taxonomy-aligned activity with the relevant environmental objective;

N-No, Taxonomy-eligible but not Taxonomy-aligned activity with the relevant environmental objective.

For the reading of the eligibility section of the templates, the following legend applies:

N/EL-not eligible, Taxonomy non-eligible activity for the relevant environmental objective;

EL-Taxonomy eligible activity for the relevant objective.


Sustainability statement	131

Campari Group annual report for the year ended 31 December 2024

TABLE 1 1 – Proportion of turnover from products or services associated with Taxonomy-aligned economic activities – disclosure covering year 2024

Financial year 2024

Substantial Contribution Criteria

DNSH criteria ('Does Not Significantly Harm')

Economic

Activities

Code

Turnover

Proportion of

Turnover,

year N

Climate

Change

Mitigation

Climate

Change

Adaptation

Water

Pollution

Circular

Economy

Biodiversity

Climate

Change

Mitigation

Climate

Change

Adaptation

Water

Pollution

Circular

Economy

Biodiversity

Minimum

Safeguards

Proportion of

Taxonomy

aligned (A.1.)

or eligible

(A.2.)

Turnover,

year 2023

Category

transitional activity

€ million

Y; N; N/

Y/N

A. TAXONOMY-ELIGIBLE ACTIVITIES

A.1. Environmentally sustainable activities (Taxonomy-aligned)

Constructi

on,

extension

and

operation

wastewat

collection

and

treatment

CCM 5.3

20.84

3.36%

N/EL

2.69%

Productio

n of

alternativ

e water

resources

for

purposes

other

than

human

consumpt

ion

CE 2.2.

1.93

0.31%

N/EL

—%

Provision

of IT/OT

data-

driven

solutions

CE 4.1

0.33

0.05%

N/EL

—%

Installatio

maintena

nce and

repair of

renewabl

e energy

technolog

ies

CCM 7.6

0.90

0.14%

N/EL

1.11%

CapEx of

environm

entally

sustainabl

activities

(Taxonom

y-aligned)

(A.1)

24.00

3.87%

3.50%

—%

0.37%

—%

3.80%

Of which

Enabling

1.23

0.20%

N/EL

N/A

1.11%

Of which

Transition

—%

N/EL

N/A

—%


Sustainability statement	133

Campari Group annual report for the year ended 31 December 2024

A.2 Taxonomy-Eligible but not environmentally sustainable activities (not Taxonomy-aligned activities)

EL; N/EL

Acquisitio

n and

ownershi

p of

buildings

CCM 7.7

96.86

15.62%

N/EL

—%

Constructi

on of new

buildings

CCM

7.1,CE

3.1

42.54

6.86%

N/EL

10.75%

Anaerobic

digestion

of bio-

waste

CCM 5.7

12.50

2.02%

N/EL

—%

Renovatio

n of

existing

buildings

CCM 7.2,

CE 3.2

6.97

1.12%

N/EL

1.05%

Installatio

maintena

nce and

repair of

renewabl

es energy

technolog

ies

CCM 7.6

2.50

0.40%

N/EL

0.56%


Sustainability statement	134

Campari Group annual report for the year ended 31 December 2024

Provision

of IT/OT

data-

driven

solutions

CE 4.1

0.17

0.03%

N/EL

0.06%

Constructi

on,

extension

and

operation

wastewat

collection

and

treatment

CCM 5.3

—%

N/EL

2.10%

Constructi

on,

extension

and

operation

of water

collection,

treatment

and

supply

systems

CCM 5.1

—%

N/EL

0.47%

Installatio

maintena

nce and

repair of

energy

efficiency

equipmen

CCM 7.3

—%

N/EL

0.33%

CapEx of

Taxonom

y- eligible

but not

environm

entally

sustainabl

activities

(not

Taxonom

y-aligned

activities)

(A.2)

161.53

26.05%

26.02%

—%

0.04%

—%

15.32%


Sustainability statement	135

Campari Group annual report for the year ended 31 December 2024



A. CapEx of Taxonom y eligible activities (A1+A2)	185.5	29.91%	29.52%	—%	—%	—%	0.39%	—%	19.11%

B. TAXONOMY-NON-ELIGIBLE ACTIVITIES

CapEx of Taxonom y- non- eligible activities	434.7	70.09%

TOTAL (A+B)	620.2	100%


Proportion of CapEx/Total CapEx
	Taxonomy-Aligned per objective	Taxonomy-Eligible per objective
CCM	3.5%	29.5%
CCA	—%	—%
WTR	—%	—%
CE	0.4%	8.4%
PPC	—%	—%
BIO	—%	—%


Sustainability statement	136

Campari Group annual report for the year ended 31 December 2024

TABLE 3 – Proportion of OpEx from products or services associated with Taxonomy-aligned economic activities – disclosure covering year 2024

Financial year 2024

Substantial Contribution Criteria

DNSH criteria ('Does Not Significantly Harm')

Economic Activities

Code

OpEx

Proportion of OpEx,

year N

Climate Change

Mitigation

Climate Change

Adaptation

Water

Pollution

Circular Economy

Biodiversity

Climate Change

Mitigation

Climate Change

Adaptation

Water

Pollution

Circular Economy

Biodiversity

Minimum Safeguards

Proportion of

Taxonomy aligned

(A.1.) or eligible (A.2.)

OpEx, year 2023

Category enabling

activity

Category transitional

activity

€ million

Y; N; N/EL

Y/N

A. TAXONOMY-ELIGIBLE ACTIVITIES

A.1. Environmentally sustainable activities (Taxonomy-aligned)

N/A

—%

OpEx of

environmentally

sustainable activities

(Taxonomy-aligned)

(A.1)

—%

Of which Enabling

—%

Of which

Transitional

—%

A.2 Taxonomy-Eligible but not environmentally sustainable activities (not Taxonomy-aligned activities)

EL; N/EL

Acquisition and

ownership of

building

CCM 7.7

0.01

0.02%

N/EL

—%

Construction,

extension and

operation of water

collection, treatment

and supply systems

CCM 5.1

0.02

0.05%

N/EL

—%

OpEx of Taxonomy-

eligible but not

environmentally

sustainable activities

(not Taxonomy-

aligned activities)

(A.2)

0.03

0.07%

N/EL

A. OpEx of

Taxonomy eligible

activities (A1+A2)

0.03

0.07%

0.02%

—%

B. TAXONOMY-NON-ELIGIBLE ACTIVITIES

OpEx of Taxonomy-

non-eligible

activities

39.4

99.93%

TOTAL (A+B)

39.4

100%


Sustainability statement	137

Campari Group annual report for the year ended 31 December 2024

TABLE 4 - Nuclear and fossil gas related activities


Row	Nuclear energy related activities	YES/NO
1	The undertaking carries out, funds or has exposures to research, development, demonstration and deployment of innovative electricity generation facilities that produce energy from nuclear processes with minimal waste from the fuel cycle.	No
2	The undertaking carries out, funds or has exposures to construction and safe operation of new nuclear installations to produce electricity or process heat, including for the purposes of district heating or industrial processes such as hydrogen production, as well as their safety upgrades, using best available technologies.	No
3	The undertaking carries out, funds or has exposures to safe operation of existing nuclear installations that produce electricity or process heat, including for the purposes of district heating or industrial processes such as hydrogen production from nuclear energy, as well as their safety upgrades.	No
	Fossil gas related activities
4	The undertaking carries out, funds or has exposures to construction or operation of electricity generation facilities that produce electricity using fossil gaseous fuels.	No
5	The undertaking carries out, funds or has exposures to construction, refurbishment, and operation of combined heat/cool and power generation facilities using fossil gaseous fuels.	No
6	The undertaking carries out, funds or has exposures to construction, refurbishment, and operation of heat generation facilities that produce heat/cool using fossil gaseous fuels.	No


Sustainability statement	138

Campari Group annual report for the year ended 31 December 2024

Reconciliation table related to Environmental information

Reconciliation table related to Climate Change


Standard ESRS	Sustainability statement paragraph	Notes
Governance
ESRS 2 GOV-3–Integration of sustainability-related performance in incentive schemes [DR: 13]	Governance and policies related to Climate change mitigation and adaptation and Energy	For more information related to ESRS 2 GOV-3, 13 please refer to the 'Sustainability Governance model' chapter
Strategy
E1-1–Transition plan for climate change mitigation [DR: 14-17]	Transition Plan for Climate change Governance and policies related to Climate change mitigation and adaptation and Energy	For more information related to ESRS E1-1 16.e, AR 4 please refer to the 'Taxonomy' chapter. 16a, AR 1-2-3-4-5 are not applicable
ESRS 2 SBM-3–Material impacts, risks and opportunities and their interaction with strategy and business model [DR: 18-19]	Strategy, Impacts, risks and opportunities related to Climate change	-
Impact, risk and opportunity management
ESRS 2 IRO-1–Description of the processes to identify and assess material climate-related impacts, risks and opportunities [DR: 20-21]	Strategy, Impacts, risks and opportunities related to Climate change	For more information related to ESRS 2 IRO-1 21, AR 13-15 please refer to ESRS 2 SBM-3
E1-2–Policies related to climate change mitigation and adaptation [DR: 22-25]	Governance and policies related to Climate change mitigation and adaptation and Energy	ESRS 2 MDR-P, par.62 is not applicable
E1-3–Actions and resources in relation to climate change policies [DR: 26-29]	Climate change commitments, Actions and Metrics	For more information related to ESRS E1-3 29.c.i-ii please refer to the 'Taxonomy' chapter ESRS 2 MDR-P par. 62, ESRS 2 MDR-A, par.62, E1-3 29.c.iii, are not applicable ESRS 2 MDR-A 68.e reported only qualitative disclosures for this first year of application
Metrics and targets
E1-4–Targets related to climate change mitigation and adaptation [DR: 30-34]	Climate change commitments, Actions and Metrics	E1-4, 34.c voluntary information are not disclosed for this first year of application ESRS 2 MDR-T, par. 80 i is not applicable as targets have not changed
E1-5–Energy consumption and mix [DR: 35-43]	Climate change commitments, Actions and Metrics	ESRS E1-5, 37.b is not applicable
E1-6–Gross Scopes 1, 2, 3 and Total GHG emissions [DR: 44-55]	Climate change commitments, Actions and Metrics
E1-7–GHG removals and GHG mitigation projects financed through carbon credits [DR: 56-61]	Not applicable	Information related to Disclosure Requirement 'E1-7: GHG Removals and GHG mitigation projects financed through carbon credits' are not material for Campari Group, as they relate to activities not conducted by the organisation. For this reason, they are considered non-applicable.
E1-8–Internal carbon pricing [DR: 62-63]	Not applicable	Information related to Disclosure Requirement 'E1-8: Internal carbon pricing' are not material for Campari Group, as they relate to activities not conducted by the organisation. For this reason, they are considered non-applicable.
E1-9–Anticipated financial effects from material physical and transition risks and potential climate- related opportunities [DR: 64-70]	Not applicable	Campari, in the preparation of this Sustainability statement, avails itself of the option indicated in Appendix C - 'List of phased-in Disclosure Requirements' which establishes that Campari Group may omit the information prescribed by ESRS E1-9 for the first year of preparing its Sustainability statement.

Reconciliation table related to Water and marine resources


Standard ESRS	Sustainability statement paragraph	Notes
Impact, risk and opportunity management
ESRS 2 IRO-1–Description of the processes to identify and assess material water and marine resources-related impacts, risks and opportunities [DP: 8]	Policies, Actions and Impact, Risk and Opportunity related to Water and marine resources	ESRS 2 IRO-1 8.a cross ref with ESRS E3-3 23.a
E3-1–Policies related to water and marine resources [DP: 9-14]	Policies, Actions and Impact, Risk and Opportunity related to Water and marine resources	ESRS 2 MDR-P 62 is not applicable ESRS E3-1, 13 voluntary information are not disclosed for the first year of application ESRS E3-1, 14 is not a material topic for Campari Group ESRS E3-1, AR 18 voluntary information are not disclosed for the first year of application


Sustainability statement	139

Campari Group annual report for the year ended 31 December 2024


E3-2–Actions and resources related to water and marine resources [DP: 15-19]	Policies, Actions and Impact, Risk and Opportunity related to Water and marine resources	ESRS 2 MDR-A par.62 is not applicable ESRS 2 MDR-A 68.e, reported only qualitative disclosures for this first year of application ESRS E3-2, AR 20 voluntary information are not disclosed for the first year of application
Metrics and targets
E3-3–Targets related to water and marine resources [DP: 20-25]	Policies, Actions and Impact, Risk and Opportunity related to Water and marine resources Metrics and Targets related to water, marine resources and water consumption disclosures	ESRS E3-3 23.b is not applicable ESRS E3-3 24, AR23 voluntary information are not disclosed for this first year of application ESRS 2 MDR-T, par. 80 i is not applicable as targets have not changed
E3-4–Water consumption [DP: 26-29]	Metrics and Targets related to water, marine resources and water consumption disclosures	ESRS E3-4, 28d is not applicable ESRS E3-4, AR 30, AR 31 voluntary information are not disclosed for this first year of application
E3-5–Anticipated financial effects from material water and marine resources-related risks and opportunities [DP: 30-33]	Metrics and Targets related to water, marine resources and water consumption disclosures	ESRS E3-5 is not disclosed due to the phase in

Reconciliation table related to Biodiversity and ecosystems


Standard ESRS	Sustainability statement paragraph	Notes
Strategy
ESRS E4-1–Transition plan and consideration of biodiversity and ecosystems in strategy and business model [DR: 11-15	Strategy, Policies and Actions related to Biodiversity and ecosystem	ESRS E4-1, par.15, AR1 is considered not applicable
ESRS 2 SBM-3–Material impacts, risks and opportunities and their interaction with strategy and business model [DR: 16	Impacts, risk and opportunities related to Biodiversity and ecosystems
Impact, risk and opportunity management
ESRS 2 IRO-1–Description of the processes to identify and assess material biodiversity and ecosystem-related impacts, risks, dependencies and opportunities [DR: 17-19]	Impacts, risk and opportunities related to Biodiversity and ecosystems	For more information related to ESRS IRO-1 par 17.e.i-iii please refer to the section 'Impacts, risk and opportunities related to Biodiversity and ecosystems' ESRS 2 IRO-1, 18 voluntary information are not disclosed for this first year of application
E4-2–Policies related to biodiversity and ecosystems [DR: 20-24]	Strategy, Policies and Actions related to Biodiversity and ecosystem	ESRS 2 MDR-P, par.62, E4-2, par. 23.f, AR12, AR16, AR17, 24.c are considered not applicable
E4-3–Actions and resources related to biodiversity and ecosystem [DR: 25-28]	Strategy, Policies and Actions related to Biodiversity and ecosystem	ESRS E4-3, MDR-A par 68e is considered not applicable ESRS E4-3, 28.b.i, 28.b.ii, 28.b.iii, AR18, AR18, AR20 are considered not applicable ESRS E4-3, 28.a voluntary information are not disclosed for this first year of application
Metrics and targets
E4-4–Targets related to biodiversity and ecosystems [DR: 29-32]	Metrics and Targets related to Biodiversity and ecosystem	ESRS 2 MDR-T, par 81.a voluntary information is not disclosed for this first year of application ESRS E4-4 AR 22 voluntary information are not disclosed for this first year of application ESRS 2 MDR-T, par. 80 i is not applicable as targets have not changed
E4-5–Impact metrics related to biodiversity and ecosystems change [DR: 33-41]	Metrics and Targets related to Biodiversity and ecosystem	ESRS E4-5, par. 36, 38.c, 38.d, 38.e, 39, 40, 41, AR32, AR34 are not applicable
E4-6–Anticipated financial effects from material biodiversity and ecosystem-related risks and opportunities [DR: 42-45]	Metrics and Targets related to Biodiversity and ecosystem	ESRS E4-6 par.45 is considered not applicable ESRS E4-5, AR39 is not applicable

Reconciliation table related to Resource use and circular economy


Standard ESRS	Sustainability statement paragraph	Notes
Impact, risk and opportunity management
ESRS 2 IRO-1–Description of the processes to identify and assess material resource use and circular economy-related impacts, risks and opportunities [DP: 11-20]	Impact, risk and opportunity related to Resource use and circular economy	-
E5-1–Policies related to resource use and circular economy [DP: 12-16]	Policies and Actions related to Resource use and circular economy	ESRS 2 MDR-P, par.62 is not applicable ESRS E5-1 AR9 is not applicable as the concept of the waste hierarchy has not been taken into


Sustainability statement	140

Campari Group annual report for the year ended 31 December 2024


E5-2–Actions and resources related to resource use and circular economy [DP: 17-20]	Policies and Actions related to Resource use and circular economy	ESRS 2 MDR-A 69.a, reported only qualitative disclosures for this first year of application ESRS 2 MDR-A 69.b, and C AR23 are not disclosed since the retrieval of the required information is impractical ESRS E5-2 20, AR11, AR12 voluntary information are not disclosed for this first year of application ESRS 2 MDR-P par. 62, ESRS MDR-A par. 62 are not applicable
Metrics and targets
E5-3–Targets related to resource use and circular economy [DP: 21-27]	Metrics and Targets related to Resource use and circular economy	ESRS 2 MDR-T par. 80.b-j are not applicable ESRS E5-3 25 is not applicable ESRS 2 MDR-T, par 81.a, E5-3 26.a-c voluntary information are not disclosed for this first year of application ESRS 2 MDR-T, par. 80 i is not applicable as targets have not changed
E5-4–Resource inflows [DP: 28-32	Metrics and Targets related to Resource use and circular economy	For more information related to ESRS 5-4 AR22 please refer to the 'Policies and Actions related to Resource use and circular economy' section
E5-5–Resource outflows [DP: 33-40]	Metrics and Targets related to Resource use and circular economy	Products and materials: ESRS E5-5 35-36 are not applicable because are not material from DMA ESRS E5-5 AR28 voluntary information are not disclosed for this first year of application
E5-6–Anticipated financial effects from material resource use and circular economy-related risks and opportunities [DP: 41-43]	Metrics and Targets related to Resource use and circular economy	ESRS E5-6 43.b-c are not applicable ESRS E5-6 AR35, reported only qualitative disclosures for this first year of application


Sustainability statement	141

Campari Group annual report for the year ended 31 December 2024

Social information

ESRS S1 Own workforce

Strategy related to Own workforce

Campari Group demonstrates a strong commitment to integrating employee rights, opinions and values into its

strategy and business model, creating a workplace culture that respects and empowers its workforce. Employee

rights, including workplace safety, equal treatment and privacy, are incorporated into the Group’s operations

through robust policies that ensure compliance with the legal requirements of each Country. In regions governed

by European regulations, such as the General Data Protection Regulation ('GDPR'), these standards serve as a

benchmark not only within Europe but also for operations in other regions. To further promote a consistent

understanding of these rights across its global workforce, Campari Group extends training opportunities on

these topics to non-European countries, fostering greater awareness and adherence.

Employee opinions and interests are systematically gathered through various channels, including structured

climate surveys and regular formal discussions between managers and team members. These conversations

provide a platform to document individual interests, ambitions, and training needs, enabling the Group to align

with and support the professional development goals of its employees.

In contexts where worker representatives are applicable, Campari Group ensures that they are regularly

informed and consulted on matters of mutual interest, adhering to agreements specific to each country. This

engagement underscores the Group’s commitment to acknowledging and addressing employee concerns and

priorities.

To further align its business model with employee rights and values, Campari Group fosters a strong culture of

ongoing education and open communication. Initiatives such as cultural activation workshops play a key role in

embedding the Group’s values and reinforcing its organizational culture, ensuring they are actively shared and

embraced across the workforce.

The Group’s dedication to employee engagement is exemplified by the Camparista Survey, a key tool for

understanding workforce sentiment and informing decision-making. Conducted annually across both office and

plant employees, the survey collects insights on areas such as well-being, inclusion, career growth, leadership

support, and organizational values. The 2024 survey, conducted via the Microsoft Viva Glint platform, achieved

an 83% participation rate-exceeding industry benchmarks-and highlighted an Engagement Index of 76, slightly

above the global average. These results reflect the passion and commitment of Camparistas toward improving

their workplace environment. Campari Group takes a structured approach to translating survey insights into

actionable improvements. Following the survey, HR and people managers are trained to interpret the results,

empowering them to implement meaningful changes at the Group, plant/country and team levels. This localized,

collaborative approach prioritises practical, everyday actions that directly benefit employees over top-down

initiatives. Additionally, leadership is held accountable for fostering positive outcomes by having direct access to

survey results, ensuring alignment with workforce needs.

Beyond surveys, Campari Group enriches its cultural dialogue through the Signature Mix Workshops, an

initiative aimed at exploring and celebrating the Group’s culture. These workshops engage employees in

meaningful discussions about cultural strengths and areas for improvement, using creative tools like learning

maps and culture ingredient cards. Feedback from over 1,000 participants highlights the value of these

sessions, with a Net Promoter Score of 9.23/10 reflecting their impact. Key takeaways include the importance of

leadership in modelling desired behaviors and the collective effort required to shape a strong, inclusive culture.

The Group also listens to external stakeholders through its Candidate Experience Survey, gathering feedback

from job applicants on their recruitment journey. With a net promoter score ('NPS') of 4.5/5, this survey provides

critical insights into improving the candidate’s experience, ensuring it reflects Campari Group’s Diversity, Equity

and Inclusion ('DEI') commitments and values.

By leveraging these feedback mechanisms, Campari Group continuously evolves its practices in areas like DEI,

recruitment and talent retention. The insights gathered from employees and candidates enable the Group to

proactively identify risks and opportunities, shaping a workplace that is inclusive, responsive and aligned with its

cultural and strategic goals. This holistic approach underscores Campari Group’s dedication to building an

environment where every individual can thrive and contribute meaningfully to the Company’s success.

Campari Group, being a leading global producer and distributor of alcoholic beverages, recognises that its

success is closely linked to its workforce. The impact on its employees is central to its strategy and operations,


Sustainability statement	142

Campari Group annual report for the year ended 31 December 2024

driving its commitment to a fair, inclusive and engaging work environment. All people in the Group's own

workforce who could be materially impacted by the undertaking are included in the scope of this disclosure.

The Group acknowledges the risks of insufficient DEI policies, such as reduced employee engagement, higher

turnover and potential legal or reputational challenges. Conversely, the Group identifies clear opportunities in

strengthening DEI, such as fostering innovation, improving employee satisfaction, and enhancing retention. A

planned DEI gap analysis will enable the systematic identification of areas for improvement, complemented by

actionable insights from the Camparista survey. This process will shape a targeted DEI strategy with defined

milestones and accountability measures, reinforcing the Group’s commitment to transparency and progress.

The Group’s DEI efforts encompass all workforce members, ensuring equitable access to resources and

support for employees across office and plant environments. These initiatives actively involve employees’ input

to refine strategic planning, addressing the needs and perspectives of all Camparistas.

By strategically integrating DEI policies, the Group not only upholds its core values but also enhances its

competitive advantage. These efforts ensure that workforce impacts continuously shape and refine the

Company’s strategies, promoting a holistic approach to People Experience and DEI globally.

The Group sees People Experience and DEI as key components of its strategic framework, understanding the

crucial connection between an inclusive culture, employee engagement and long-term business success.

Through various initiatives, it addresses DEI-related risks and seizes opportunities to boost workforce

engagement, innovation and talent retention to creating a supportive, fair, and inclusive workplace. A key

element of this approach is the annual Camparista survey mentioned above, which plays a crucial role in

guiding strategic decisions. It ensures that the strategy and operational models are effectively informed and

helps identify and address gaps in areas such as belonging and inclusion for specific groups, including women

or caregivers. By prioritizing its workforce and integrating their perspectives, the Group reinforces its position as

an employer of choice and a Company dedicated to equity and excellence.

Campari Group’s commitment to equity is reflected in initiatives like regular gender pay equity analyses, which

benchmark against industry standards to guarantee fair compensation. This effort has earned the Group Fair

Pay certification from Fair Pay Workplace, underscoring its dedication to dismantling pay disparities. Further

demonstrating its support for workforce inclusivity, the Group offers a global parental leave policy designed to

assist both primary and secondary caregivers in balancing family and professional responsibilities. Leadership

development plays a critical role as well, with inclusion workshops aimed at equipping managers to identify and

address unconscious biases, fostering respectful and equitable team dynamics. This aligns with the Group’s

leadership model, which emphasizes inclusive leadership as a key pillar, encouraging leaders to cultivate

environments where all employees feel welcomed and supported.

Employee Resource Groups ('ERGs') further enrich the organization by amplifying the voices of

underrepresented communities, providing platforms for advocacy and professional growth, and influencing

strategic DEI priorities. These groups, along with other initiatives, ensure the workforce’s diverse perspectives

inform decision-making, driving the Group’s culture of inclusion and respect.

Campari Group distinguishes between two primary categories of individuals contributing to its operations:

employees and non-employees, each with distinct roles, responsibilities, and impacts stemming from the

organization’s activities.

Employees are individuals directly employed by Campari Group under an employment contract. They receive

regular wages, benefits, and legal protections, including entitlements such as paid leave and sick leave.

Operating under the direction and control of the organization, employees may work in various capacities, such

as full-time, part-time, or on fixed-term or indefinite contracts. Campari Group’s decisions and activities have a

direct impact on these individuals, influencing their job security, well-being, and economic stability.

Non-employees, on the other hand, contribute to the organization’s operations without being formally employed.

This category includes self-employed individuals who work independently under service or freelance contracts.

While they provide valuable services, they do not receive benefits and are responsible for managing their own

tax and social security obligations. Campari Group’s operations can influence the continuity of their contracts,

but its obligations to these individuals are limited to the terms specified within the contractual agreement. Non-

employees also include individuals employed by third-party entities, such as staffing agencies or service

providers, who work within Campari Group’s operations but are contractually bound to their respective

employers. For these individuals, the organization bears indirect responsibilities, such as ensuring workplace

safety, while wages and benefits remain under the purview of the third party. Additionally, interns are another

category of non-employees. They are students or recent graduates undergoing a supervised work experience

for a limited period of time under a specific, non-regular, employment contract with Campari Group).

Campari Group is committed to ensuring that its operations are free from systemic negative impacts related to

child labor or compulsory labor, as these practices are not used within its workforce. The Group also maintains a


Sustainability statement	143

Campari Group annual report for the year ended 31 December 2024

strict policy against requiring employees to work while unwell. Regarding individual workplace accidents, the

organization recognises that injury reporting procedures differ across countries. To address this, Campari Group

relies on its local HR teams, which are well-prepared and serve as the central point of contact for managing

such incidents. These teams are equipped to manage the reporting process efficiently and ensure compliance

with the requirements of the appropriate agencies in each jurisdiction.

Campari Group recognises that operators on the production line are at a higher risk of harm due to the nature of

their roles, which often involve exposure to repetitive motions and the use of machinery. To mitigate these risks,

these employees are required to undergo dedicated safety training programs and adhere to strict operational

procedures designed to protect their health and safety. In addition to these specific measures, the broader

framework for workplace safety is governed by both national and international regulations, including directives

from the European Union and federal laws in relevant jurisdictions, which establish minimum standards for

occupational health and safety. Campari Group aligns with these legal requirements by implementing a

structured approach to compliance, integrating these obligations into the Group’s procedural hierarchy. This

ensures that safety measures are consistently applied across all levels of the organization, with clear

responsibilities assigned to different roles within the corporate structure.

By combining targeted interventions for high-risk roles with a comprehensive, regulation-driven safety

framework, Campari Group ensures both compliance with safety standards and the well-being of its employees.

Additionally, the Group conducts gender pay gap analyses and has earned Fair Pay certification, demonstrating

its commitment to equal pay and training opportunities, with no discrimination against minorities. This reflects

Campari Group's dedication to providing equal opportunities to all employees, regardless of their location.

Policies and Actions related to Own workforce

- Policies

Campari Group emphasizes its dedication to fairness, integrity, and professionalism through a comprehensive

framework of policies and guidelines. These core principles, formalized into foundational documents, underpin

its sustainable business approach. Its policies are designed to cover the entire workforce, including both office

and plant employees, and are applicable globally. The values and guidelines that inspire the actions of every

Camparista and the entire organization are outlined in the following Group’s key policies and codes. Below, the

material IROs related to each policy are also provided.


IRO Description	Policy
Negative externalities on employees due to accidents	A, B, H
Promotion of a culture of quality and responsibility through communications projects and actions carried out towards internal workers and external stakeholder aimed at educating consumers on the responsible consumption of alcoholic beverages and on the importance of quality vs quantity	A, B, J
Promoting participation in framework of national and supranational trade associations to safeguard general interest and actively contributing to the development at sectorial level	A, B
Safeguard of data for all stakeholders (employees)	A, G
Own operations management issues related to labour and ethics may lead to regulatory fines, increased long-term operational costs, and reputational harm for entities.	A, B, C, D
Potential H&S incidents resulting in injuries/deaths	A, B, H
Failure to enforce and apply Diversity, Equity & Inclusion policies & practices resulting in discrimination cases	A, B, D, E, F, I
Ability to attract and retain people	All


Policy	List
Code of Ethics	A
Employees and Human Rights Policy	B
Global Anti-Bribery and Anti-Corruption Policy	C
Whistleblowing Policy	D
Diversity and Inclusion Policy	E
Global Parental Leave Policy	F
Privacy Policy	G
QHSE Policy	H
Remuneration Policies	I
Responsible consumption of alcoholic beverage	J

All of these policies and codes are communicated through company-wide webinars for both employees and

managers, as well as via the internal communication platform, ensuring accessibility and providing clear

guidance on how employees can use and benefit from the Group's DEI policies. Additionally, company-wide


Sustainability statement	144

Campari Group annual report for the year ended 31 December 2024

awareness days are organized for all Camparistas, encouraging them to voice their opinions and participate in

educational opportunities that promote DEI values. To ensure continuous improvement, all DEI policies and

practices are subject to regular assessments, including annual pay audits and feedback from employee

engagement surveys. These evaluations help identify areas for development and ensure that Campari Group

consistently upholds its commitment to creating an inclusive, equitable, and thriving workplace.

The Code of Ethics forms the cornerstone of this framework, reaffirming principles of fairness, loyalty, and

professional integrity that guide the actions and behavior of all individuals within the organization, both in

internal relations and external engagements. Campari Group’s commitment to ethical conduct and corporate

governance is reflected also in its leadership roles. The Legal and Compliance Department oversees the

management of compliance, providing guidance and support in adherence to the Code of Ethics. The

Remuneration and Appointments Committee contributes to this by offering suggestions to the Board. To

enhance awareness and compliance, an e-learning training course is available to all Camparistas, with in-

person sessions tailored specifically for production operators. To ensure adherence to the Code and its

alignment with Legislative Decree 231/2001, a Supervisory Body with autonomous operational and control

powers has been established. Any violations or inconsistencies can be reported anonymously through the

Campari Safe Line, a multilingual whistleblowing channel accessible via various platforms, ensuring

transparency and accountability. The Business Conduct Guidelines complement the Code, reinforcing the

Group’s commitment to integrity in professional conduct (for more information refer to 'Governance and policies

related to Business conduct' in 'ESRS G1 Business conduct section).

The Group’s approach to human rights is guided by the Global Human Resources team, which also oversees

the Employees and Human Rights Policy introduced in 2017 and signed by the Group Officers, to formalize the

Group stance on human rights, working conditions, training, and employee well-being. The Group Head of

Human Resources plays a pivotal role in implementing and upholding the Group’s policies, particularly in the

areas of remuneration, diversity, equity and inclusion, as well as the broader People Experience strategy. This

role is central to promoting the principles of equity and fairness within remuneration practices and fostering a

work environment where all Camparistas feel valued and treated fairly. In alignment with the Group’s strategic

priorities, the Group Head of Human Resources collaborates with senior leaders, including the Managing

Directors of various countries, to champion initiatives such as parental leave and fair pay policies.

The Policy applies to all Group members and has been widely communicated in multiple languages through

internal channels, with public access provided via the Group’s website. Compliance with these commitments is

monitored across all operating units through grievance mechanisms and the Safe Line whistleblowing system.

Their active involvement in the launch, communication and management of these policies underscores Campari

Group’s unwavering dedication to advancing DEI at all organizational levels. In 2024, no human rights violations

were reported.

The Policy extends to suppliers, requiring them to adhere to the principles outlined in the Code of Ethics and the

Human Rights Policy. Campari Group aligns with global standards, including the United Nations Universal

Declaration of Human Rights and the International Labor Organization’s Declaration on Fundamental Principles

and Rights at Work, while consistently applying the most stringent requirements in cases of divergence between

internal policies and national regulations. Continuous monitoring ensures compliance across all legal entities

and activities worldwide (for more information on the whistleblowing system refer to 'Governance and policies

related to Business conduct' in the 'ESRS G1 Business contact' section).

Campari Group is committed to making a positive impact and creating an inclusive work environment for its

employees, recognizing and addressing the challenges that come with operating in diverse environments.

Camparistas can rely on their Company’s Code of Ethics and Global Anti-Bribery and Anti-Corruption Policy to

navigate complex situations and make ethical decisions. These resources clarify the concepts of corruption and

bribery, define Campari Group’s stance on these issues, and provide clear guidelines on acceptable business

behavior. The aim is to equip employees with the necessary tools to identify and mitigate risks related to

corruption and bribery while demonstrating to stakeholders the standards of conduct expected in all interactions.

Campari Group outlines its zero-tolerance stance on corruption and bribery: this Policy is supported by

monitoring systems overseen by the Legal & Compliance Department.

The Whistleblowing Policy reinforces the Group’s commitment to ethical behavior, establishing protocols for

reporting and addressing violations of internal and external regulations (for more information refer to

'Governance and policies related to Business conduct' in the 'ESRS G1 Business contact' section).

To foster inclusivity, the Group has adopted a Diversity and Inclusion Policy, in line with best practices outlined in

the Dutch Corporate Governance Code (provision 2.1.5), ensuring that its Board of Directors reflects the diverse

environments in which it operates. This Policy enhances organizational effectiveness through a variety of


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perspectives and approaches. Inclusive recruitment practices are embedded in the hiring process, ensuring a

fair and unbiased approach to candidate selection for all roles within the organization. Similarly, inclusive

leadership principles apply to all current and aspiring leaders globally, ensuring that leadership at every level

reflects the Company’s commitment to diversity, equity, and inclusion. To further promote fair and inclusive hiring

practices, recruitment training is provided to all recruiters and hiring managers worldwide.

The commitment to inclusion is further demonstrated through the release of the Global Parental Leave Policy in

2024, establishing uniform standards for leave duration and eligibility for primary and secondary caregivers

across all locations irrespective of gender, and embraces all family types, including LGBTQ+ families. This

approach allows parents to balance career and family responsibilities equitably while fostering inclusivity. By

using neutral terms like ‘primary’ and ‘secondary caregivers’, the Policy respects diverse family structures and

empowers employees to self-identify their caregiving roles. This flexibility ensures that biological, adoptive or

foster parents, including those from LGBTQ+ and non-traditional families, can access leave benefits equally.

The Group’s Privacy Policies, with the latest version issued in April 2022, reflect Campari Group’s dedication to

safeguarding the protection of the personal information of employees, customers and all Group’s stakeholders.

Privacy measures comply with legal standards and ensure transparency by informing individuals of their rights

and providing secure mechanisms for data protection. Specific privacy policies address job applicants and

employees during the onboarding process, ensuring consistency and clarity throughout their journey with the

Group (for more information on Data privacy and cybersecurity refer to the 'Impact, risk and opportunity related

to Own workforce' in 'ESRS S1 Own workforce' section).

Campari Group embeds its commitment to health and safety within its Global QHSE Policy and Code of Ethics,

reflecting its dedication to safeguarding its employees, contractors, suppliers, and visitors. The Group Head of

Supply Chain is responsible for issuing both the QHSE Policy and the Supplier Code, ensuring consistency

across supply-chain operations. The Group is resolute in providing safe and healthy working conditions to

prevent work-related injuries and illnesses while prioritizing the well-being of its most valuable asset: its people.

This commitment encompasses the active engagement, consultation and involvement of Camparistas and their

representatives in health and safety initiatives and processes, fulfilling all legal and other requirements related to

workplace safety and health. The QHSE Policy underscores the elimination of hazards and the reduction of

workplace risks through the continuous improvement of the Group's health and safety management system.

These objectives are achieved by establishing prioritisation and action plans, ensuring compliance with

prevailing health and safety legislation, and adhering to global standards, including FSSC 22000, ISO 45001

and ISO 14001. The Policy extends to the entire Campari Supply Chain, including contractors and suppliers

performing on-site activities, with accountability for its implementation resting at the highest organizational level

with the Chief Supply Chain Officer. Campari Group actively fosters dialogue and communication with internal

and external stakeholders to understand and address their needs and expectations. To ensure that this

commitment is realized, the Group’s health and safety management system focuses on risk assessment and

mitigation, the empowerment of Camparistas in health and safety programs and the pursuit of continuous

improvement. The development of short-, mid-, and long-term goals is informed by a review of management

system performance, opportunities for improvement, compliance with legal and other requirements, and

feedback from employees and their representatives. Performance against these goals is evaluated through

established key performance indicators ('KPIs'), regular internal and external audits and stakeholder input. The

Group’s Incident Management Guideline serves as the foundation for its workplace accident prevention Policy

and management system. The Policy is accessible to all employees via the corporate website and is

prominently displayed in the plants. Regular training sessions are conducted to ensure awareness and

alignment with these standards. Campari Group’s dedication to health and safety covers its entire workforce,

reflecting its overarching goal to foster a culture of safety, accountability, and continuous advancement in its HS

practices.

Campari Group demonstrates its commitment to a respectful, inclusive, and equitable workplace by ensuring fair

treatment for all employees, particularly through its core Remuneration Policies. Through its Code of Ethics and

Global Reward guidelines, the Group ensures equal pay for equal work and impartial evaluation of employees

based on objective assessments of performance, potential, and skills. These guidelines also govern short-,

medium-, and long-term incentive plans in the form of share-based payments, ensuring equitable access for all

employees, irrespective of gender or other diversity characteristics. The Fair Pay Certification awarded in 2024

marks a significant milestone in the Group’s efforts to eliminate gender pay disparities and foster a culture of

fairness. By combining objective assessments with merit-based rewards, Campari Group creates an

environment where all employees have equal opportunities to succeed and advance in their careers. The fair

pay Policy extends to all Camparistas, with annual assessments conducted to ensure equitable compensation

across genders. This Policy is applied universally across all geographies and roles, aiming to prevent gender-

1 The Women’s Empowerment Principles (WEPs) are a set of Principles offering guidance to business on how to advance gender equality and women’s

empowerment in the workplace, marketplace and community. Established by UN Women and UN Global Compact, the WEPs are informed by international

labour and human rights standards and grounded in the recognition that businesses have a stake in, and a responsibility for, gender equality and women’s

empowerment.


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based pay disparities. Through a rigorous annual certification process, the Policy ensures compliance with fair

pay standards, mitigates turnover risks, and reinforces the company's commitment to DEI principles.

The Policy on Responsible Consumption of Alcoholic Beverages is designed to ensure that all employees and

those acting on behalf of the Group promote responsible drinking. This policy is part of their broader strategy to

encourage moderation and responsibility when consuming alcoholic beverages. For more detailed information

on the Policy refer to 'Strategy, Policies and Actions related to Consumers and end-users' in 'ESRS S4

Consumers and end-users' section.

Campari Group's inclusive approach begins at recruitment, embedding DEI principles into its hiring practices

through standardized statements in job descriptions. This ensures fairness and welcomes diverse talent while

upholding equal opportunity for all candidates, irrespective of their background. To further this objective, the

Group provides Recruitment Training to hiring managers and recruiters, focusing on recognizing and mitigating

unconscious biases. In 2024 alone, over 250 managers and recruiters participated in this program,

demonstrating the organization’s dedication to inclusivity throughout the talent acquisition process.

The Group’s Inclusive Leadership Principles focus on cultivating empathetic and inclusive leaders who prioritise

collaboration, psychological safety and team well-being. Leaders are trained to foster environments where all

voices are valued, biases are actively mitigated and Camparistas feel respected and supported in achieving

their goals. By emphasizing cross-functional teamwork and holistic well-being, this principle drives innovation

and strengthens the organizational culture. Campari Group celebrates diversity and educates its workforce

through company-wide awareness days such as Global Mental Health Day, International Women’s Day, Pride

Month and Disability Day. These events promote understanding, inclusion, and advocacy, with activities ranging

from webinars and storytelling to challenges and interactive sessions. For instance, during Pride Month,

employees shared personal experiences to foster LGBTQ+ inclusion, while Disability Day highlighted accessible

practices and the value of diverse abilities.

Partnerships further strengthen Campari Group’s DEI efforts. Its collaboration with the Leading Executives

Advancing Diversity ('LEAD') Network supports gender equality by providing mentorship programs, inclusive

leadership training and access to global conferences. Camparistas also benefit from development opportunities

through webinars, workshops and networking events, enabling them to contribute meaningfully to the Group's

DEI journey. The Group’s partnership with the LEAD Network is available to all employees in the EMEA region,

fostering professional development and gender equality within the consumer goods and retail sector.

As a participant in the UN Global Compact’s Target Gender Equality ('TGE') Accelerator, Campari Group has

embraced the Women’s Empowerment Principles ('WEPs 1'), integrating them into its strategies to advance

gender equality. Through a gender gap assessment, draft action plans, and capacity-building workshops, the

Group continues to align its policies with global best practices. Efforts include enhancing pay equity, increasing

women’s representation, and driving advocacy beyond the organization. Furthermore, Campari Group's

involvement with the UN Global Compact's gender-equality initiatives apply to all employees, supporting the

organization’s ongoing commitment to gender empowerment and equality.

Campari Group reinforces its commitment to global labor and human rights standards through its Employees

and Human Rights Policy, which aligns with the United Nations Universal Declaration of Human Rights and the

International Labor Organization’s ('ILO') Declaration on Fundamental Principles and Rights at Work. Its

remuneration practices further reflect this dedication, adhering to the principles outlined in the ILO Equal

Remuneration Convention, 1951 (n. 100), ensuring equitable compensation across all roles.

In developing its fair pay and parental leave policies, Campari Group engaged third-party experts, including

Thriving Talent and Syndio, to ensure alignment with international standards and best practices. Drawing on

their expertise, the Group benchmarked its policies against global frameworks, creating solutions that not only

meet but often exceed international expectations for fair pay and inclusive parental leave. These external

consultants provided critical insights into compensation analysis and policy design, enabling the development of

globally inclusive practices that address the diverse needs of all families. Through this collaboration, Campari

Group has implemented data-driven DEI policies that embody fairness, inclusivity and a steadfast commitment

to advancing equity in the workplace.

Campari Group’s DEI policies are shaped through extensive consultation with stakeholders, including

employees, ERGs, DEI experts, HR and business leaders, and external suppliers. This collaborative approach

includes Employee Listening Surveys, ERG initiatives, and focused listening sessions, all of which provide


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Campari Group annual report for the year ended 31 December 2024

valuable insights into DEI-related risks and opportunities. By incorporating this feedback, Campari Group

ensures that its policies align with the diverse needs and perspectives of its global workforce.

The Group implements global, regional and local policies and processes to provide comprehensive guidance on

compliance matters. While policies outline general principles and rules of conduct, processes detail the specific

steps for executing particular activities. These documents are accessible to all Camparistas via the company

intranet, with select materials also available on Campari Group’s official corporate website. The

Legal&Compliance Department, in collaboration with HR and Corporate Communications, is tasked with

ensuring the effective integration of compliance policies and principles into daily operations through targeted

training and communication initiatives. All employees, including new joiners, are required to complete a

foundational e-learning program on the global Anti-bribery and Anti-corruption Policy, with additional specialized

training mandated for certain roles or functions.

In alignment with its commitment to transparency, Campari Group provides employees with a dedicated space

on the intranet where they can access detailed information about their compensation. This resource includes a

clear breakdown of the components of their remuneration and references to applicable policies, ensuring that all

Camparistas have a thorough understanding of how their compensation is structured and evaluated.

To further support transparency and engagement, Campari Group makes all policies readily available to

employees and stakeholders through its internal communication platform. Regular webinars and training

sessions are organized to inform Camparistas and managers about the policies, their benefits and the

processes for accessing related support. HR contacts are also available to answer questions and provide

guidance, reinforcing the Group’s commitment to openness and accessibility.

Campari Group’s policies for managing material impacts, risks and opportunities related to its workforce are

detailed across several key documents. The Code of Ethics, particularly Section 5, establishes principles of

fairness, loyalty and integrity, emphasizing commitments to employee well-being, workplace ethics and training.

The Employees and Human Rights Policy serves as a dedicated framework outlining the Group’s commitments

to human rights, working conditions and training, alongside provisions for grievance mechanisms to address

concerns. The Diversity and Inclusion Policy defines the organization’s objectives and monitoring processes to

promote an inclusive and equitable workplace environment. Additionally, the Global Reward Guidelines provide

a comprehensive approach to remuneration, ensuring equal pay and opportunities for all employees.

These documents are accessible on the Campari Group’s website, where they are available in full. Collectively,

they addressed the management of workforce-related material impacts, risks and opportunities, ensuring a

robust and transparent framework for workforce governance.

- Deep dive on human rights

Campari Group ensures compliance with national legislation on human rights across all countries of operation

through its Employees and Human Rights Policy. This comprehensive Policy outlines commitments to areas

such as non-discrimination, forced labor, child labor, harassment, diversity, working conditions including hours

and remuneration, freedom of association, collective bargaining, training, personal development, community

involvement, and quality, health, safety, and the environment. Employees, suppliers and customers are

expected to uphold these principles, with subsidiaries taking proactive steps to communicate the Policy

provisions in local languages to employees and contractors. Training programs incorporate these principles to

raise awareness about behaviors and actions that could result in human rights violations. Compliance is

monitored through grievance mechanisms, including the Campari Safe Line, a confidential whistleblowing

channel overseen by Legal and Internal Audit functions, ensuring effective reporting and resolution of illegal or

irregular behavior.

Aligned with international frameworks such as the UN Guiding Principles on Business and Human Rights, the

ILO Declaration on Fundamental Principles and Rights at Work and the OECD Guidelines for Multinational

Enterprises, Campari Group integrates these standards into its operations. It encompasses key areas such as

non-discrimination, working conditions, fair wages, and safe workplaces, and adheres to ILO standards,

including Convention n. 138 on the minimum age for employment, Convention n. 1 on hours of work, and

Convention n. 30 on hours of work in commerce and offices. The Policy is further supported by the Supplier

Code, ensuring that all stakeholders align with these principles and by the Group's DEI principles demonstrating

the Group’s dedication to maintaining a fair, inclusive, and supportive environment that prioritises the well-being

and equal treatment of its workforce.

Campari Group strictly prohibits all forms of forced or compulsory labor, including practices such as prison labor,

debt bondage, trafficking and serfdom. It ensures that it does not work with suppliers or employment agencies

known to engage in forced labor. The Policy also categorically excludes the use of child labour and is committed

to eliminating child labor across its supply chain. This commitment extends to the Campari Group’s Supplier

Code.


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Campari Group annual report for the year ended 31 December 2024

The Code of Ethics and the Employees and Human Rights Policy explicitly reject discrimination based on

factors such as race, gender, age, nationality, ethnic origin, religion, sexual orientation, trade union or political

affiliation, personal or socioeconomic condition, disability, or health status.

In alignment with its DEI and human rights commitments, Campari Group has established robust grievance

mechanisms to address human rights-related concerns, ensuring fair and transparent resolution processes.

These mechanisms are continually reviewed to reflect international standards, reinforcing the Group’s

unwavering commitment to protecting and promoting the rights of its workforce. Campari ERGs provide a

platform for connection, advocacy, and empowerment, amplifying diverse voices and driving cultural awareness,

inclusivity and psychological safety. These ERGs exemplify Campari Group’s dedication to fostering a workplace

where all individuals thrive, reinforcing DEI values and contributing to long-term business success.

Campari Group's Global Policy on Quality, Food Safety, Health, Safety and Environment and its comprehensive

health and safety management system demonstrate the Group’s commitment to protecting the health and safety

of all employees, contractors, suppliers, and visitors to its plants and offices. These policies ensure the provision

of safe and healthy working conditions, aimed at preventing work-related injuries and illnesses, thereby fostering

a secure environment for everyone involved with the Group's operations.

Campari Group’s Employees and Human Rights Policy explicitly addresses non-discrimination and harassment,

reaffirming the Group’s commitment to ensuring equal opportunities for all employees in both work and career

advancement. The policy stipulates that hiring, training, pay, promotion, transfer and termination of employment

are never influenced by discriminatory factors. The Group is dedicated to protecting the psycho-physical

integrity of its employees, fostering an environment of respect for each individual’s personality and dignity.

Harassment, in any form, is considered unacceptable and will not be tolerated. The Code of Ethics further

reinforces the importance of respecting diversity and promoting fair and equal treatment, ensuring that all

employees have equal opportunities based on objective assessments of skills and competencies.

The Diversity and Inclusion Policy recognises the value of differences and sets targets for the composition of the

Board and the gender diversity ratio within all leadership teams at global, regional, and local levels. These

efforts consider the benefits of a diverse and inclusive workforce, influencing the Group’s selection procedures

for hiring new employees. In line with this commitment, the new Parental Leave Policy introduces a minimum

standard for parental leave aiming to address gender inequality and combat parenting bias.

As emphasized in the Code of Ethics, Camparistas are expected to celebrate, respect and promote diversity,

recognizing the enrichment that people from varied personal, cultural and professional backgrounds bring to the

Group. The Company is committed to achieving specific and ambitious diversity and inclusion targets for the

composition of its Board and leadership teams, ensuring that all employees are treated fairly and equally, with

no discrimination in hiring, training, pay, promotion, transfer or termination of employment.

Data analytics tools are used to allow a data-driven approach to workforce management from a diversity, equity,

and inclusion perspective. The Group also engages in continuous learning to raise awareness and promote

behavior change, offering targeted training solutions at various levels (HR, leaders, people managers,

employees). Open conversations with experts, leaders, managers, and employees on diversity, equity, and

inclusion topics are held regularly, while people policies, particularly in Talent Acquisition and Talent

Management, continue to be revised. The Group’s whistleblowing procedures, accessible via the Campari Safe

Line, allow any violations or irregularities to be reported, ensuring transparency and accountability in the

workplace.

Due to the robust initiatives and measures implemented, no Group operation is considered to be at significant

risk of encountering incidents of forced or compulsory labor. No severe human rights issues and incidents, nor

discrimination incidents connected to Campari Group's own workforce have been reported in 2024 and no

complaints were filed by workers. Therefore, no fines or penalties were received in the reporting year.

- Processes for engaging with own workforce and workers’ representatives about impacts

Campari Group engages with its workforce and workers’ representatives through a structured, collaborative and

constructive approach, grounded in local industrial relations frameworks and in full compliance with trade union

relationships. This process combines direct engagement, such as regular workforce surveys like the annual

Glint survey, open forums, and feedback mechanisms, with indirect engagement through workers’

representatives, including trade unions and employee committees. By aligning with local contexts, Campari

Group reflects the specific legal, cultural, and social environments of each Country while maintaining a

consistent global attitude of openness, collaboration, and mutual respect.

The engagement process focuses on identifying material impacts, risks, and opportunities related to working

conditions, health and safety, diversity and inclusion, career development and remuneration. Insights gathered

are systematically analyzed and shared with leadership teams, influencing decisions such as the introduction of

new policies and adjustments to existing initiatives. Feedback from employees and representatives plays a

critical role in shaping strategies, ensuring alignment with both global frameworks and local adaptability.


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Campari Group annual report for the year ended 31 December 2024

Engagement occurs at various stages, including policy development, implementation and evaluation of

mitigation measures. For example, consultations with employees or their representatives help shape policies

addressing material impacts like diversity initiatives or health and safety measures. Engagement also takes

place during the rollout of global frameworks, such as performance evaluation and reward systems, ensuring

alignment across all regions. Tools like surveys, town hall meetings, and the Campari Safe Line whistleblowing

platform provide channels for active participation, consultation and information-sharing.

The frequency of engagement is both regular and situational. Structured processes, such as annual workforce

surveys and periodic infra-annual performance evaluations, are complemented by engagement at key moments,

such as the introduction of new policies, significant organizational changes or local requirements. Feedback

from these engagements is integrated into decision-making processes to enhance policies and practices,

ensuring alignment with employee perspectives and organizational objectives.

Campari Group’s HR function, led by its Head, is structured across global, regional, and local layers, each with

differentiated roles focusing on employee engagement. Within HR, specialized teams are responsible for

designing and implementing engagement frameworks and initiatives. Additionally, HR Business Partners ensure

that these engagement activities are effectively executed and integrated into business operations. The

effectiveness of these efforts is measured through the Glint Climate Survey, a comprehensive tool for assessing

employee sentiment, engagement, and satisfaction. This survey provides insights into inclusivity, fairness,

career development opportunities, and employee well-being. Results are disaggregated to ensure that the

perspectives of vulnerable or marginalized groups, such as women, migrants or employees with disabilities, are

considered, ensuring that all voices are heard and incorporated into the Group’s strategies.

By fostering a proactive and cooperative stance, Campari Group ensures that workforce engagement

contributes positively to decision-making, reinforces collaboration and upholds a shared sense of purpose. This

approach reflects a balance between global consistency and local adaptability, driving meaningful participation

and mutual growth across all areas of operation.

- Processes to remediate negative impacts and channels for own workforce to raise concerns

Campari Group's Whistleblowing Policy establishes a comprehensive framework for addressing and resolving

reports of violations related to regulations, internal guidelines, procedures and applicable criminal or civil laws.

Under this policy, the Group encourages employees to voice their concerns through various channels, including

their line manager, a trusted manager, the HR Department, the Legal and Compliance Department or the

Campari Safe Line, a 24/7 platform accessible in all Group’s countries and local languages via email, fax, web

reporting or telephone.

The Whistleblowing Policy ensures that all reports, whether submitted anonymously, confidentially, or openly,

are taken into consideration, regardless of the channel used. Reports received through the Campari Safe Line

are simultaneously delivered to all members of the Whistleblowing Committee, while reports submitted through

other channels must be promptly forwarded to the committee. Upon receipt, the Group Internal Audit Senior

Director prepares a report summary for the Whistleblowing Committee and the Chairman, formally initiating the

case. The Whistleblowing Committee then conducts a preliminary verification of the report, involving relevant

functions, individuals or external consultants as needed to ensure a thorough and impartial investigation.

Throughout this process, the Director maintains responsibility for the integrity, completeness, and archival of the

case file while keeping the committee informed of key developments.

In instances where the findings indicate a critical situation, the Group Internal Audit Senior Director prepares a

final report containing an Action Plan with the necessary remedial measures. If the case falls under the 231

Model, the Supervisory Board is informed and may supplement the Action Plan with additional corrective

measures.

The Group prioritises the protection of whistleblowers by guaranteeing confidentiality and prohibiting any form of

retaliation. It ensures that the identity of whistleblowers and the content of their reports remain confidential

throughout the entire case-management process. Simultaneously, the Group upholds the rights of the reported

party, including the right to be informed of the accusations and any disciplinary actions within a reasonable

timeframe, as well as the right to defense.

Campari Group's Whistleblowing Policy also mandates the strict avoidance of conflicts of interest in the

management of cases, requiring any potential conflicts to be immediately declared and documented in the case

file. If evidence emerges indicating that a report is unfounded, submitted in bad faith, or marked by gross

negligence, the Whistleblowing Committee assesses whether disciplinary actions against the whistleblower are

warranted.

To ensure the effectiveness of the Whistleblowing Policy, the Chief Legal Officer and the Global Head of Human

Resources oversee its communication, availability, and training. The policy is published on the Group’s intranet

and includes detailed guidance on accessing and using the Campari Safe Line under the responsibility of the

Internal Audit function. By fostering transparency and accountability, Campari Group reinforces its commitment

to maintaining ethical practices and addressing violations responsibly (refer also to 'Governance and Polices

related to Business Conduct' in the 'ESRS G1 Business conduct' section).


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Campari Group annual report for the year ended 31 December 2024

The processes the Company has in place to provide for the remediation of negative impacts on people in its

own workforce related to Health and Safety and Privacy are described in the 'Impact, risk and opportunity

related to Own workforce' paragraph below.

Impact, risk and opportunity related to Own workforce

The result of the processes to identify and assess material impacts, risks and opportunities related to the whole

own workforce for the reporting period 2024 was summarised below.


Relevant sub-sub-topic	Impacts	Risks	Opportunities
Health and safety	Negative externalities on employees due to accidents (negative)	Potential H&S incidents resulting in injuries/deaths	-
Freedom of association, the existence of works councils and the information, consultation and participation rights of workers	Promoting participation in the framework of national and supranational trade associations to safeguard general interest and actively contributing to the development at sectorial level (positive)	-	-
Secure employment	-	Own operations management issues related to labour and ethics may lead to regulatory fines, increased long- term operational costs, and reputational harm for entities	-
Gender equality and equal pay for work of equal value	-	Failure to enforce and apply Diversity, Equity & Inclusion policies & practices resulting in discrimination cases	-
Privacy	Safeguard of data for all stakeholders (employees) (negative)	-	-
Training and skills development	Promotion of a culture of quality and responsibility through communications projects and actions carried out (i.e., specific educational training courses) towards internal workers aimed at educating consumers on the responsible consumption of alcoholic beverages and on the importance of quality vs quantity (positive)	-	Ability to attract and retain people

- Health and safety

Campari Group places the health, safety and well-being of its employees, contractors, visitors and the

communities in which it operates in at the forefront of its priorities. In response to the potential risks associated

with workplace incidents and to mitigate the negative externalities that employees may face as a result of

accidents, the Group has implemented a comprehensive health and safety ('HS') management program that

focuses on risk awareness, mitigation and the engagement, training and empowerment of its workforce. This

approach is guided by five strategic fundamentals established in 2021: a Common Approach to High-Risk

Processes and Areas, Common Performance Metrics, Culture and Leadership, Functional Excellence, and

Continuous Improvement. These elements collectively drive the ongoing evolution of Campari Group's global

HS program, fostering capability building, enhancing employee involvement and achieving sustained reductions

in workplace injuries and illnesses.

Campari Group has demonstrated a strong commitment to health and safety across its global operations,

implementing a range of initiatives to enhance workplace safety and well-being. Comprehensive assessments of

hazardous operations ('HAZOPs') have been conducted to integrate safety into the design of our processes,

while targeted training programs for production operators strengthened capabilities in risk assessment, safety

leadership, confined space operations and working at heights. To further protect its workforce, Campari Group

improved the safety of machinery and implemented advanced technologies to improve the safety of powered

industrial vehicles. Additionally, frontline workers actively participated in safety walks at all production sites,

strengthening a culture of shared responsibility for safety.

These measures have been implemented across all the Group’s production sites, benefiting both own

employees and contractors. Suppliers working in sites have also received safety training to ensure compliance

with our rigorous safety standards. Although many of these initiatives were successfully completed in 2024,

some of them, such as improving machinery safety, capability building, and the introduction of powered

industrial vehicle safety systems, are multi-year projects that are set to expand over time.

Campari Group rigorously tracks the closure of corrective and preventive actions ('CAPAs') stemming from

incidents and near-miss events, with a global on-time closure rate of 89% in 2024. This metric, a key


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Campari Group annual report for the year ended 31 December 2024

performance indicator for our health and safety efforts, underscores our commitment to timely and effective

problem resolution.

The Group has also ensured safe oversight of construction and expansion activities at sites in the United States,

Jamaica, Mexico, Italy, France, and the United Kingdom. Health and Safety Days held at most locations

provided front-line workers with opportunities to engage in educational and interactive activities focused on

safety, health, and well-being. Campari Group’s health and safety platform incorporates verification steps for

CAPA completion and uses risk assessments and root cause analyses to identify and address actual or potential

negative impacts on the workforce. These processes are underpinned by global and site-level policies that

ensure a consistent approach to risk management. Additionally, external assessments are conducted to verify

compliance with health and safety legislation in all countries of operation. Specific risks are managed through

written policies covering confined spaces, working at heights, personal protective equipment and powered

industrial vehicle operations.

Frontline workers play a vital role in shaping the Group’s safety practices, contributing insights through site-level

walkthroughs and participation in committees that review and propose changes. By integrating these

contributions with robust systems and processes, Campari Group continues to foster a safe and supportive

working environment, aligned with its commitment to health, safety, and continuous improvement.

All of the aforementioned actions are either ongoing or planned to mitigate significant risks associated with

Campari Group's business. The Group ensures that its practices do not cause or contribute to significant

negative impacts on its workforce.

The Campari Health and Safety ('HS') team, within the Supply Chain ('SC'), operates as a part of the Global

Manufacturing and Engineering ('M&E') function. The HS team consists of the Global Head of Global

Manufacturing & Engineering, two regional representatives for the Americas and EMEA regions and site-level

representatives that are responsible for the execution and implementation of HS initiatives. The Regional

Leaders are coordinating and collaborating with site level representatives to ensure HS programs and initiatives

are properly maintained and executed.

- Freedom of association, the existence of works councils and the information, consultation and participation

rights of workers

Campari Group is committed to ensuring that working conditions across the entire organization are founded on

the principle of freedom of association, guaranteeing employees the right to organize and engage in collective

bargaining. This commitment is a core value and is upheld universally across all countries in which the Group

operates. Furthermore, the Group has instituted robust mechanisms for information dissemination, consultation

and active participation. These measures are meticulously crafted to safeguard and enhance workers' rights

through ongoing dialogue and a steadfast commitment to open communication with the workforce. These

practices ensure that employees are kept informed about key organizational decisions, consulted on matters

that affect them, and actively involved in dialogue to enhance workplace conditions. Campari Group fully

complies with national laws that mandate such measures. In jurisdictions where these obligations are not legally

required, the Group voluntarily implements regulations that reflect its dedication to safeguarding the rights and

well-being of the workforce. This approach ensures consistency and fairness throughout the organisation,

fostering a culture of respect and collaboration at all levels.

By embedding these principles into its operations, Campari Group strives to uphold the highest labor rights

standards and contribute to creating a positive, inclusive working environment for all employees. This represents

an opportunity not only to enhance employee satisfaction and well-being but also to drive organizational

success and innovation. A strong commitment to labor rights ensures that employees are treated fairly, fostering

a culture of trust and collaboration. This environment encourages employees to bring their best selves to work,

thereby enhancing productivity and creativity. Furthermore, by championing these values, strengthens its

commitment to corporate responsibility, attracting top talents and enhancing its reputation in the industry.

Campari Group fully respects the principles of freedom of association, ensuring that all employees have the right

to form and join trade unions or other representative bodies without fear of retaliation. The Group is constantly

monitoring the workforce participation to unions (in Europe). This commitment is upheld in accordance with EU

regulations and local labor laws across all countries in which the Group operates, safeguarding the rights of the

workforce and promoting an inclusive and respectful work environment. As a result of the efforts undertaken, no

major negative actual impacts were noted during the reporting period. Considering the nature of the topic the

Group ensures full compliance with the various local regulations with no specific action plans to be applied.

In 2024, Campari Group launched two global projects aimed at training its HR teams to adopt a consistent

approach focused on equity, fairness and transparency in industrial relations. These initiatives are designed to

reinforce the commitment to respecting workers' rights, fostering an inclusive and fair work environment, and

ensuring transparent communication between management and employees across all regions in which the


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Group operates. Through these efforts, the Group strives to create a workplace that reflects its core values of

fairness and mutual respect.

Campari Group prioritises key areas such as health and safety, training and skills development, and equal pay

for equal value. The Group continuously assesses the effectiveness of its initiatives through internal audits,

employee feedback and other relevant tracking mechanisms. In addition, it is actively working to align its efforts

with broader risk management processes, ensuring that dependencies on the Company's workforce, such as

employee turnover and skills development, are regularly monitored and addressed.

This approach is integrated across various internal functions, with each team contributing to the identification

and management of both negative and positive impacts on the workforce. This collaborative effort ensures that

Group strategies are not only compliant but also effective in fostering continuous improvement in working

conditions and employee engagement.

Within the HR function, each country in which the Group operates has local teams or representatives dedicated

to safeguarding workers' rights, including freedom of association (where applicable), the existence of works

councils (where legally required) and the rights to information, consultation, and participation. These teams

collaborate with relevant stakeholders, adhering to local regulations and practices to uphold and protect these

fundamental rights. In Italy, a notable example of these rights in practice is the presence of Rappresentanze

Sindacali Unitarie ('RSU'), or Unified Workplace Union Representatives. RSUs are employee-elected bodies

that serve as key points of reference for company-level collective bargaining and for facilitating dialogue

between the Company and its workforce. The RSUs actively promote employee participation through:

- Consultation on significant issues such as working conditions, workplace safety and employee well-being;

- Negotiation of company-level agreements;

- Representation of employees in discussions with company management.

In other countries, where equivalent roles or structures may not exist, the local HR function assumes a central

role in fostering dialogue and employee involvement. This often involves collaboration with trade union

representatives or works councils, as defined by local legislation. This approach ensures alignment with global

principles of freedom of association and participation while being adapted to the specific regulatory and cultural

context of each country.

- Secure employment

The risk of facing issues related to labor and ethics emerged as material in the DMA 2024, as non-compliance

with labor laws and ethical standards could lead to substantial fines and legal penalties. These can arise from

unfair labor practices, inadequate workplace safety, wage disputes or discrimination. Ethical lapses can lead to

indirect financial burdens. Labor disputes may result in strikes or high employee turnover, causing significant

costs related to hiring, training and operational disruptions. Poor labor practices can also reduce employee

morale and productivity, leading to inefficiencies and increased operational costs over time. Also, news about

unethical labor practices can spread rapidly, damaging the Group's reputation. Consumers, investors, and other

stakeholders are increasingly conscious of corporate ethics and negative publicity can lead to a loss of customer

trust and loyalty, impacting sales and profitability. A tarnished reputation can hinder the ability to attract and

retain talent, as well as secure partnerships or investments.

To mitigate these risks, Campari Group is committed to creating a positive workplace culture that values

diversity, equity and inclusion, provides regular training on ethical behavior and labor rights, invests in employee

engagement and well-being programs, ensure fair wages and safe working conditions, fosters open

communication between management and employees and establishes clear policies and procedures for

addressing grievances. It regularly conducts audits to ensure compliance with all relevant laws and regulation

and established internal reporting mechanisms for ethical concerns and violations. The Group also ensures

transparency about its labor practices and communicates its commitment to ethical standards both internally

and externally.

- Gender equality and Equal pay for work of equal value

The Campari Group Diversity, Equity, and Inclusion strategy establishes a comprehensive framework to foster a

culture of inclusion and ensures that everyone - Camparistas, business partners, and communities - is

empowered and encouraged to contribute to this shared journey. In 2024, the Group introduced the new

Parental Leave policy commented in the 'Strategy related to Own workforce' section, to promote professional

success. Following the implementation of this global policy, all local policies are in progress to be aligned to the

established standard and its implementation will continue across various countries until June 2025. While most

countries are already enrolled in the program, a few exceptions exist where certain countries will join at a later

stage or already have a local provider in place.

Complementing these efforts, the Employee Assistance Program ('EAP') provides confidential support to

Camparistas, addressing personal and work-related challenges that could impact their job performance, health,

or overall well-being. Offered at no cost, the EAP delivers at global level a wide range of services, ensuring


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Campari Group annual report for the year ended 31 December 2024

ongoing support for all employees throughout its duration, including mental health counselling for stress, anxiety,

depression, and substance abuse; support for achieving work-life balance; financial advice to manage personal

finances and alleviate financial stress; legal assistance for personal issues; guidance for family and relationship

problems. Campari Group ensures the EAP service at an annual cost of less than €30,000 reflecting its

commitment to supporting the well-being and mental health of its employees.

These initiatives collectively underscore Campari Group’s commitment and dedication to creating an inclusive,

supportive and empowering environment for all its employees. All the aforementioned actions are either ongoing

or planned to mitigate significant risks associated with Campari Group's business and ensures that its practices

do not cause or contribute to significant negative impacts on its workforce. The team in charge of DEI topics is

the Global People Experience team, which is part of the Global HR Function, operating within the Talent area.

The team is dedicated to creating an inclusive environment where every Camparista feels valued and

empowered. Its focus is on activating our culture, landing the new employee listening approach, identifying

gaps, creating the DEI vision and strategy, and strengthening DEI partnerships and networks. The global team

works in close collaboration with regional and local representatives, who bring cultural and regional flavors to

ensure that initiatives are effectively tailored and implemented at a local level.

Campari Group places fairness, equity and transparency at the heart of its remuneration system, ensuring equal

pay for equal work and equitable access to opportunities, regardless of gender or other personal characteristics.

Using the internationally recognised International Position Evaluation ('IPE') methodology, the Group objectively

assesses job responsibilities, enabling internal comparisons across functions and geographies, as well as

external benchmarking to maintain market competitiveness. By using this structured job evaluation system,

Campari Group ensures that roles are assessed based on their responsibilities, promoting internal equity and

external alignment. Recognizing the importance of pay equity and addressing the pay gap as core components

of its sustainability commitments, Campari Group has intensified its efforts to combat gender inequality.

Starting in 2023, the Group introduced a leading workplace equity analysis platform to promote fairness and

equal opportunities. This platform uses advanced multivariate regression analysis, accounting for factors such

as skills, effort, responsibility, and working conditions, to identify and address systemic pay disparities. By

analyzing both unadjusted pay gaps (differences in average or median pay regardless of role or qualifications)

and adjusted pay gaps (factoring in job type, responsibility and experience), the platform enables the

identification of significant gaps, investigation into root causes and application of targeted remediation

strategies. Unadjusted pay gaps reflect the differences in average or median earnings between men and women

without considering factors such as role type, level of responsibility, or experience. In contrast, adjusted pay

gaps account for these variables and other pay policies, aiming to compare employees performing substantially

similar work with comparable characteristics. In 2024, the platform revealed pay discrepancies that could not be

justified by performance, skills or seniority. These critical disparities were addressed during the annual salary

cycle, followed by a second analysis to evaluate outcomes and refine future strategies. Using linear regression,

the platform estimates predicted compensation based on established pay policies, enabling the identification of

statistically significant differences and a deeper understanding of their root causes. To ensure meaningful action,

the tool also incorporates a remediation framework designed to address and resolve any inequities detected by

the models.

Moreover, Campari Group started using a top workplace equity analytics platform to address pay and

opportunity equity. This allows the performance of detailed multivariate regression analyses of pay differences

based on skill, effort, responsibility, and working conditions as well as existing Group’s pay policies and

practices. The new platform enables more comprehensive, frequent, and efficient monitoring of pay equity.

These initiatives culminated in Campari Group’s certification by Fair Pay Workplace, which recognises its

sustained commitment to fair and equitable compensation. The certification process revealed an unadjusted

median gender gap in Total Actual Cash of 18.53%, meaning that men earned 81.47 cents for every dollar

earned by women. However, the adjusted pay gap demonstrated near parity, with women earning 99.65 cents

for every dollar earned by men, reflecting virtually equal pay when legitimate factors were considered. To sustain

the Group’s commitment to pay equity, ongoing monitoring and reporting will be conducted. Regular reviews of

compensation practices will be conducted, and any necessary adjustments will be recorded and made. The

progress will continue to be tracked and reported annually through the Group Sustainability reports, ensuring all

stakeholders to be constantly informed of the Group’s efforts and results.

Campari Group’s remuneration policies are strategically aligned with its business objectives and HR strategies,

emphasizing engagement, retention and productivity. Four key elements guide remuneration decisions: recent

performance, development potential, critical individual capabilities and the strategic importance of the role. For

executives, directors and managers with strategic responsibilities, the Group offers a competitive compensation

package combining a fixed salary, annual performance-based bonuses and incentives as described below, to

ensure alignment with the Group’s long-term goals. Pay equity analyses are conducted twice a year to ensure


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Campari Group annual report for the year ended 31 December 2024

fair compensation practices across the organization. Campari Group launched a long-term incentive ('LTI') plan

in 2024, represented by Restricted Stock Units ('RSU') granted annually with a three-year vesting period and

extending to all employees at the Senior Management and Executive levels in every Country. Replacing the

previous Stock Options Plan, this new plan aligns with market practices, enhancing the Group’s ability to attract

and retain senior management and executives. Complementing the LTI plan, the Group continues to foster a

culture of ownership and entrepreneurship among its employees through additional reward programs, including

the Employee Stock Ownership Plan ('ESOP') and the three-year vesting period Restricted Stock Units Mid-

Term Incentive Plan ('MTI') issued in 2024 for eligible employees. The ESOP enables Camparistas to invest in

the Group’s success through monthly payroll deductions, with participation rates steadily increasing since its

launch in 2021.

With the aim to support Campari Group employees, former employees, their families, and all those who have

contributed to the success of the Campari brand, the Group support the initiatives offered by foundations which

includes mortgage subsidies, nursery and kindergarten fees, scholarships and university awards for an amount

of €200.0 thousand in 2024. Other donations in 2024 were directed towards supporting charitable initiatives in

Italy and around the world, totalling approximately €330.0 thousand

Within the HR function, the Global Reward team is responsible for establishing global guidelines and policies

related to rewards. It develops and implements comprehensive compensation programs, including Stock Option

Plans, Long-Term Incentives, Short-Term Incentives, and others. The teams' efforts are supported by regional

Reward teams, which manage local implementation and oversee daily management. Additionally, the Global

Reward team collaborates with other corporate functions to ensure fair and transparent compensation practices

worldwide.

- Privacy

The Compliance&Legal Department, supported by the Group Data Protection Officer, is committed to adhering

to European regulations related to personal data protection, namely the GDPR, and any other local legislation

that may apply to the subject matter of the present document. Indeed, this work includes revising internal

policies, training usually provided periodically, and sharing best practices within the organization with regard to

data protection and enhancement of cybersecurity. The ongoing implementation of a joint controllership privacy

structure within the Group is designed to ensure that all legal entities involved in the processing of personal data

share responsibility for compliance with data protection regulations. This intra-group agreement is intended to

align all entities with the same high standards of data privacy and security, ensuring full cooperation in the event

of a data breach or any other privacy-related incident. Through the establishment of this joint controllership

structure, the Group seeks to enhance transparency, accountability, and collaboration in the management of

personal data, thereby protecting the privacy rights of individuals and preserving the trust of stakeholders.

Privacy is also intrinsically linked to cybersecurity, as safeguarding personal data relies on robust measures to

prevent unauthorized access, breaches and misuse.

Focusing on cyber risk analysis, the Group assess the main risks related to cyber security and evaluate the

controls in place to mitigate these risks as described below.

a) Cybersecurity through digitalization and compliance initiatives

The digitization initiatives undertaken by the Group have elevated its level of exposure towards data privacy and

cybersecurity risks. Certainly, greater use of technological integration to operate a daily business, such as

through the usage of artificial intelligence, also means greater risks with respect to data breaches, theft of

sensitive information, and disruptions resulting from cyber-attacks. All these risks were addressed by the Group

through the implementation of a comprehensive Cyber Security roadmap containing the introduction of state-of-

the-art cybersecurity technologies, continuous improvement in the Security Operation Centre processes, regular

cybersecurity assessments, and performance of risk analyses. Awareness creation and training programs will

also be provided to employees on a regular basis to keep them updated about the security culture.

b) Establishing responsible AI governance: guidelines, innovation, and ethical oversight

The adoption of the Guidelines on Generative AI marks a further important step on how artificial intelligence is

approached within the Group. These are designed to ensure that AI technologies are deployed responsibly and

ethically-according to regulations. They include a structured framework that will be engaged in considering AI

initiatives with clarity, accountability, and the protection of data privacy and intellectual property rights.

This set of guidelines helps to build an atmosphere of innovation within the laid framework that would protect the

interest of each and every stakeholder - be it customers, employees or partners. Furthermore, the guidelines

have also given a go-ahead toward prudent monitoring and continuous evaluation of AI systems with the

purpose of reducing possible risks and aligning these with the strategic objectives.

Another major step toward establishing responsible use and innovation within AI involves the development of

the AI Advisory Hub at the Group level. Membership of the latter includes several key functions at Group level,


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Campari Group annual report for the year ended 31 December 2024

namely IT, Legal, and Compliance. This will provide a central contact point regarding the assessment of all AI

initiatives and use cases across the organization.

The main tasks of the Hub are to assess ethical implications, compliance with data privacy and impacts on the

operation of the business, stakeholders, and IT infrastructure for AI technologies. The AI Advisory Hub will

professionalize advice and guide the correction of developments and deployments of AI applications, within the

core value and strategic objectives of the Group. This effort underscores the concept that AI needs to be

governed - with the necessary levels of transparency and accountability to instil confidence in this advanced

technology.

c) Compliance and adaptation to evolving cybersecurity and business continuity regulations

The Group is dedicated to staying informed about new regulations and directives related to cyber security and

business continuity, including the second iteration of the Network and Information Security Directive and the

Critical Entities Resilience Directive. This commitment involves continuous monitoring of legislative changes and

regulatory updates to ensure compliance and mitigate associated risks. The Legal&Compliance department, in

close collaboration with the IT and Cyber Security teams, regularly reviews and updates internal policies and

procedures to align with the latest regulatory requirements. By proactively tracking and adapting to these

regulatory changes, the Group aims to maintain robust cyber security protocols and ensure business continuity,

safeguarding its operations and protecting the interests of stakeholders.

d) Strengthening cybersecurity through risk assessments and advanced mitigation strategies

The Group conducts comprehensive cyber risk assessments to identify key cyber security risks and evaluate the

effectiveness of the existing controls designed to mitigate these risks. Based on the findings, areas for

improvement in cyber security measures are identified, and detailed action plans are developed. These plans

include reviewing and enhancing existing organizational and technological security measures, such as the

processes within the Group’s security operations centre, to strengthen the Group's capabilities in detecting and

responding to cyber threats. Additionally, there is focus on improving the management of access to

technological systems by employees and third parties through secure digital identities (i.e., usernames and

passwords).

Furthermore, the Group is implementing new technologies, such as an advanced anti-spam solution,

vulnerability management systems covering various levels of infrastructure, and a continuous threat-monitoring

system that simulates real-world cyber-attacks to uncover vulnerabilities and recommend corrective actions. A

pilot phase has also commenced for the deployment of a data loss prevention system, which will implement

controls to safeguard documents containing sensitive personal and business data, in accordance with their

designated confidentiality levels.

The comprehensive strategy adopted by the Group as described above, address compliance activities related to

data privacy and cyber security, placing a strong emphasis on training and awareness. Regular communication

campaigns are designed to enhance employees’ understanding of cyber security risks, including phishing and

social engineering. New hires receive dedicated security training as part of their onboarding process, while

ongoing training sessions are accessible to all employees. To reinforce these efforts, the Group conducts bi-

weekly and monthly simulated phishing campaigns to evaluate employees’ ability to identify email-based

threats. Furthermore, an annual communication plan, developed in partnership with the Corporate

Communications department, ensures the delivery of monthly updates on key topics through the intranet portal.

This multi-dimensional approach equips employees with the knowledge and skills needed to effectively navigate

data privacy and cyber security challenges.

- Training and skills development

Training initiatives focus on the development of culture of quality and responsibility through communications

projects and actions carried out to promote the importance of consumption quality vs quantity to internal workers

are disclosed in 'Strategy, Policies and Actions related to Consumer and end-users' in the 'ESRS S4 Consumers

and end-users' section.

To create a receptive environment, the Group is engaged in a comprehensive program involving workers from

various perspectives to establish common ground. Campari Group believes that focused capability building

across all levels of the organization is a critical component for its long-term success. Indeed, Campari Group’s

commitment to development is evident in its continued progress against the milestones of a multi-year HR

Strategy. This strategy outlines a program of functional transformation designed to increase HR functional

expertise and the effectiveness of the organization’s people processes to drive development in three ways:

• developing Great Camparistas who have the skills and opportunities they need for professional growth;

• building critical capabilities to help Campari Group continue its successful growth agenda;

• growing the next generation of leaders who know how to engage and develop employees.


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Campari Group annual report for the year ended 31 December 2024

The following paragraphs will therefore describe the main activities undertaken throughout 2024 in these areas

and also highlight some of the longer-term actions planned for 2025 and beyond. Total investments in training

amounted to €4.9 million in 2024.

Developing great Camparistas

Campari Group recognises the critical role that self-awareness plays in effective personal and professional

development. The Group believes that development efforts must address the individual needs of its employees

within the context of their current and future roles. To facilitate this, the Group is investing in the right tools and

ecosystem to help Camparistas engage in continuous self-assessment.

Starting in 2023, the Group deepened its commitment by implementing a sophisticated talent assessment and

management platform. This platform maps, stores, and analyses all talent assessments, providing the Group

with a comprehensive understanding of Camparistas and their development within the organization.

The list of initiatives the Group is managing in this area is provided below.


360 Feedback	The journey began with the introduction of the Campari Group 360 Feedback system, which was later expanded to include competency assessments for the Marketing, Channel&Customer Marketing, and Sales teams, to identify opportunities for leadership growth and transformation. The questionnaire and overall experience have been revamped to ensure optimal development outcomes for both individuals and the organization. Additionally, Campari Group has trained 50 internal debriefers to guarantee a high-quality experience for Camparistas.
Hogan Assessment	For senior managers and above, the Group maintains its use of the Hogan Assessment, integrated into both the Group Talent Acquisition and Talent Development strategies. With 26 internal certified assessors, the Hogan Assessment offers a library of complementary personality tools aimed at enhancing self-awareness among leaders. This enables them to better manage their behavior and improve their success and effectiveness in the workplace.
Insights Discovery	Campari Group further enriched its assessment toolkit by introducing Insights Discovery, a psychometric tool designed for all levels within the organisation. Insights Discovery is intended to provide participants with a solid foundation of self-awareness, equipping them with the skills needed to develop themselves, contribute to effective teams, and lead others successfully.
Coaching	To accelerate the development and growth of Camparistas, the Group has also built a community of 15 external coaches. These coaches help facilitate self-discovery and behavioural change, preparing individuals for future roles or supporting their development in current ones. Coaching serves to enhance self-awareness, encouraging Camparistas to challenge their current practices, explore new solutions, and optimize their leadership abilities.
Career Week	In addition to these initiatives, following the success of the first Italian edition, the Campari Group's Career Week has continued to expand globally. In the October 2024 Italian edition, over 350 Camparistas participated (with an increase of +25% compared to the 2023 initial edition), in 23 sessions led by 34 internal speakers, focusing on a range of topics such as self- awareness, personal branding, leveraging AI for development, networking, coaching, mentoring, career conversations, and learning from failures.
Future Skills Fair	Building on the discussions about the importance of future skills for professional growth within Campari, the first edition of the Future Skills Fair was organized. This event was dedicated to selected key skills that will become fundamental in the future for the Group, including people management, hybrid workplaces, communication, data-based decision-making, sustainability and innovation. For each skill, one or two experts in the field were invited to engage with participants at the booths. These experts provided in-depth explanations of each skill, offered advice on how to practice them, shared strategies for integrating them into daily work routines, and highlighted additional resources available to Camparistas through CAMPUS channels.
The Leadership Model	Campari Group views leadership capability as a critical factor in creating a competitive advantage. The Group’s goal is to foster a balanced form of leadership, both at the organizational and individual levels, ensuring alignment with the Group’s core values and mission. Campari Group’s new leadership model defines five distinct leadership styles: Purposeful Leaders; Inspiring Leaders; Authentic Leaders; Agile Leadership; Inclusive Leaders. The mentioned 360 Feedback Assessment is supporting these leadership styles. In addition, a series of workshops have been introduced to familiarise Leadership Teams with the key concepts behind the model. These workshops have been rolled out and will continue across the entire organisation to ensure a comprehensive understanding and adoption of the new leadership framework.

Building critical capabilities

CAMPUS, the Campari Group University, became fully operational in 2023. It is a dedicated team for the

development of training activities within the Human Resources function, led by the Head of Campari University

marking a significant step in the Group’s dedication to people development. Its primary goal is to enhance

organizational alignment around capability-building programs and initiatives, continually improve the quality of

development solutions offered and implement a flexible development system that can adapt to the Group’s

ongoing growth. The team’s main responsibility is planning CAMPUS Signature programs, designing a range of

global learning and development solutions in the areas of Campari Group culture, cross-functional and

functional capabilities, including e-learning and performance support tools. The team ensures the quality of

learning programs, overseeing the learning technology and using evaluation processes which include the

creation of KPIs and dashboards, handling learning data and providing insights on learning programs’

effectiveness, in order to measure their impact, tracking skill improvements and updating and improving

contents accordingly. This is done by collaborating with Global HR and other stakeholders, providing expert

advice for global projects and focusing on the integration of learning processes with people management

systems CAMPUS serves as a space where Camparistas can tap into collective knowledge and access

personalized development experiences.


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Campari Group annual report for the year ended 31 December 2024

Having the Campari University Regional Learning Partners as connectors between CAMPUS Team and local

entities for America, EMEA, and APAC business units, CAMPUS team works with Regional Talent teams for

timely deployment and supporting Senior Leaders as Campus Ambassadors. Local needs are addressed by

developing tailored leadership and cross-functional programs, always aligning learning priorities, establishing

governance to harmonize regional learning offers, and building internal expertise through coaching and train-

the-trainer activities. Since its inception, CAMPUS has delivered five distinct learning programs across multiple

sessions and locations, totalling 6,746 learning hours and involving 1,119 Camparistas. In 2024, Campari

University’s mission focused on making training and development resources and initiatives available to an

increasingly broad target, including plant-based personnel, individual contributors, and people managers at all

levels.

The list of activities CAMPUS is managing is provided below.


Learning Culture	As CAMPUS expands its mission to strengthen the learning culture across Campari Group, it continues to launch new initiatives designed to clarify, enrich, and promote the learning opportunities available to all Camparistas globally. With a focus on customized learning experiences aligned with the Group’s values, CAMPUS is committed to designing and delivering in- house learning solutions. These engaging experiences are focused on practical application and peer-to-peer interaction, which help participants reflect on topics and implement their learning in both social and individual contexts. Learning experiences are delivered through virtual and in-person sessions facilitated by the CAMPUS team, internal Group facilitators, or external partners. In the plants, the Group ensures the language of sessions is adapted to the local context, bridging distances and respecting diversity. In 2024, Campari Group’s mission with CAMPUS expanded to make training and development resources available to a wider audience, including plant-based personnel, individual contributors, and people managers at all levels.
Campari University	The commitment of Campari University is distributed across five pillars , with an overall investment in 2024 of €991.472: 1. The Campari Way, the line dedicated to maintaining and evolving the corporate culture; 2. Great Leaders, the set of programs aimed at training leaders and people managers in their daily challenges, in line with corporate values; 3. One Company, the program dedicated to developing cross-functional expertise to create value. These three pillars represent competitive advantages for Campari Group and are directly managed by the CAMPUS team. In addition to these areas of work, CAMPUS focuses on: 4. Functional Expertise: building skills specific to a single function. 5. Professional Excellence: building and reshaping skills to keep pace with the 21st century. These two pillars represent a competitive requirement for Campari Group and are supported by the CAMPUS Team in collaboration with functions and external providers.
Train the Trainer approach	A key component of Campari Group's development strategy is a 'Train the Trainer' (TTT) approach, which continued in 2024 with a focus on equipping Group leaders to serve as effective facilitators. This initiative plays a crucial role in fostering a culture of continuous learning, enhancing leadership capabilities, and ensuring a unified approach to achieving strategic goals. By developing facilitation skills in leaders, the Group empowers them to drive meaningful conversations, encourage collaboration, and inspire teams. Additionally, these leaders are better equipped to manage complex group dynamics and effectively coach teams towards success. Key activities in 2024 included the rollout of Feedback and Coaching workshops for 250 top leaders during the Group Convention, training 20 leaders from the HR and Supply Chain global community to run the sessions, and ongoing work with the Spirit of Management for Front Line Leaders program across major plants. Additionally, general facilitation skills training was provided to the EMEA and APAC HR communities to support various ongoing programs. As a result of over 500 hours of training, the Group now has a growing community of more than 100 facilitators actively contributing to the goal of becoming a development-driven organization. Moreover, leveraging this approach, selected managers began training their respective populations of Front-Line Leaders in 2024. The training sessions, designed to be experiential, flexible, iterative and modular, were conducted in person and tailored to align with the unique timing and demands of production work. In terms of program progress across plants: In Arandas (Mexico), Lawrenceburg (Kentucky), Derrimut (Australia), and Novi Ligure and Canale (Italy), the entire Cycle 1 of the program, initiated in 2023, was successfully completed in 2024. Teams in Lawrenceburg, Novi Ligure, and Canale also received training to deliver Cycle 2. This new cycle, designed and developed by CAMPUS in the second half of 2024 based on feedback from Front-Line and Supply Chain Leaders, is set for rollout in 2025. In Suape (Brazil), Capilla (Argentina), Kingston (Jamaica), and Grimsby (Canada), Cycle 1 training for Front-Line Leaders was fully delivered by the end of 2024. In Aubevoye and Bourg Charente (France) and Danville (USA), TTT for Cycle 1 was completed in 2024. These plants are scheduled to begin delivering the program to their Front-Line Leaders starting in the last quarter of 2024 and first quarter of 2025, respectively. Two additional iterative training cycles are planned for design and delivery in the coming years, bringing the total to four program cycles. This approach aims to progressively and continuously consolidate essential management skills while addressing the evolving development needs of the front line. By doing so, the program establishes a strong, structured pathway for cultivating the next generation of Supply Chain leaders.
CAMPUS Faculty	In support the CAMPUS initiatives, the Group is also establishing the CAMPUS Faculty, a network of facilitators, trainers, curators, and subject-matter experts among Camparistas. This network aims to create a global learning environment across the organization, facilitating knowledge sharing and maximizing learning efficiencies. It also seeks to reduce external costs, leverage internal capabilities, and enhance development opportunities for Camparistas.
Finance-For-Non-Finance	The Finance-For-Non-Finance program empowers all Camparistas by providing them with a foundational understanding of financial language, tools, and the mechanics of finance and value creation. This learning solution is designed to highlight how finance is integrated throughout the organization. It focuses on key financial measures and indicators, enabling Camparistas to better understand financial performance in relation to functions and business strategy.
Commercial Capabilities	The Campari Group’s Commercial Academy focused on defining, assessing, and sharing the essential capabilities required by Sales, Marketing, and CCM employees, both globally and locally. This initiative aligns with the Group’s ambition to evolve into a development-driven organization. In 2024, the academy was enhanced to reflect a commitment to continuous improvement and reinforce its position at the forefront of commercial excellence. The academy’s learning portfolio for 2025 and beyond will ensure that Camparistas have the skills and expertise necessary to thrive in an ever-evolving industry landscape.


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Campari Group annual report for the year ended 31 December 2024


Compliances	Campari Group has implemented a comprehensive action plan to ensure that all Camparistas are trained on four crucial compliance topics, collaborating closely with HR Operations Teams and the Legal Department. For those with access to The Learning Distillery, the learning management system delivering online learning experiences to all office-based Camparistas, a communication campaign and escalation process have been set up to ensure participation in this learning chapter. For Camparistas working at manufacturing plants who do not have access to the platform, in-person sessions are being conducted to guarantee full coverage of the population. The four key compliance topics include: Code of Ethics: Campari’s Code of Ethics establishes the fundamental principles and values that guide the behavior and decision-making of all employees. It emphasizes integrity, transparency, and respect in business activities, serving as a framework for ethical conduct that aligns with the company’s commitment to legal compliance, social responsibility, and the highest professional standards (for more information refer to 'Governance and policies related to business conduct' in the 'ESRS G1 Business conduct' section). General Data Protection Regulation ('GDPR'): Campari is committed to protecting the privacy and personal data of its employees, customers, and partners. The GDPR compliance program ensures that all personal data is processed in a lawful, fair, and transparent manner. This includes robust data protection policies, regular audits, and ongoing employee training to maintain data privacy standards and protect sensitive information. Cyber Security: With a strong focus on securing its digital assets and information systems, Campari’s Cyber Security policy incorporates a range of measures designed to safeguard against cyber threats and data breaches. This includes the use of advanced security technologies, regular vulnerability assessments, and continuous monitoring of network activities. Employees are trained to recognize and respond to cyber threats, ensuring a secure and resilient digital environment with a structured training started in November 2024 (for more information refer to disclosures in this paragraph). Code on Commercial Communication: As part of its commitment to promoting the responsible consumption of its products, Campari offers a mandatory e-learning course on the Code on Commercial Communication. This training, targeted at Camparistas in Marketing, Communication, PR, Legal, and Public Affairs and Sustainability, as well as new hires, raises awareness of how commercial communications can influence customer perceptions of alcohol consumption. The course uses a learning-by-doing approach to help Camparistas understand their role in promoting responsible drinking globally and assessing the appropriateness of the Group’s brand communications (for more information refer to 'Strategy, Policies and Actions related to Consumers and end-users' in the 'ESRS S4 Consumers and end-users' section).
Functional Academies	The Functional Academies are designed to enhance the knowledge and expertise essential for driving business strategy. By offering targeted learning activities, these academies focus on developing business acumen, technical skills, and functional knowledge. Currently, the Group operates five distinct Functional Academies, each with specific goals tailored to support their respective areas of focus, as outlined in the table below.


Marketing Academy	The Brand Building Academy offers a dynamic learning environment for Camparistas to refine and enhance their skills, playing a key role in creating iconic and profitable brands. It is committed to attracting and retaining top talent from the brand-building community, with a strong focus on continuous growth and development
Finance Academy	The Finance Academy was established to build functional awareness and promote Campari Group’s business partnership model. Operating under the spirit of 'Achieving Together,' it encourages finance participants to collaborate and learn from others across the company. The Academy offers experiential learning through data-driven, structured real business cases and opportunities for strategic networking and dialogue.
Commercial Academy	Campari Group’s Commercial Academy provides tailored, personalized commercial capability development aligned with global best practice. This approach helps attract and retain exceptional talent while reinforcing the Academy's commitment to fostering a culture of continuous growth and industry leadership
Supply Chain Academy	The Supply Chain Academy empowers Camparistas to build technical skills and knowledge essential for embracing a customer centric approach in the Group’s production and logistics processes. By providing insights into the entire supply chain journey, this initiative also seeks to equip Supply Chain professionals to serve as strategic business partners within the organization. In 2023, starting from the extensive work done on management skills for front line leaders in plants, the foundations for a brand-new version of the Supply Chain Academy were laid. Increased focus will be given to front-line workers, equipping them with important skills in health and safety, maintenance, quality and continuous improvement. Content fine-tuning, design and pilot delivery took place in 2024.
HR Functional Initiatives	Campari Group is actively enhancing HR capabilities on a global scale through a series of Train the Trainer sessions (i.e., facilitation and coaching skills which are fundamental for business partnering) and to support the people agenda coherently with business objectives. A new HR Academy will be launched in 2025 which will serve as a functional alignment tool, clarifying role expectations and providing capabilities to succeed.

Growing the next generation of Leaders

The list of initiatives the Group is managing is provided below.

Manager Skill Check and Front-Line Leaders Skill Check

Campari Group's new development strategy, launched in 2024, highlights assessment as a vital tool for

enhancing self-awareness, focus, and measurability in each Camparista's growth journey. As part of this

approach, Campus launched the Skill Check for Managers by integrating Bluquist, a platform designed for

holistic talent management and people development. Through Bluquist, managers can receive a comprehensive

assessment of their strengths and areas for improvement. This Skill Check, positioned as a voluntary tool,

allows managers to complete it once per quarter. They can choose to take it as a self-assessment or involve

their manager, peers, or direct reports, receiving a 180 or even 360-degree perspective on their skills. This

feedback provides valuable insights to guide their development, helping them target relevant CAMPUS

workshops and improve their self-awareness of key managerial competencies.

This approach was extended even further in the Front-Line Leaders program. Participants undergo a skill check

at both the beginning and end of each cycle, enabling them to track their progress over time. CAMPUS uses the

data collected to determine future development actions and evaluate the effectiveness of the programs. For

instance, an average 14% improvement in key management skills was observed for participants following the

program.


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Campari Group annual report for the year ended 31 December 2024

The Spirit of Management: Essentials

In 2024, the Group also introduced The Spirit of Management: Essentials, a revamped program consisting of

twelve interactive, practical workshops, each lasting 60 minutes and delivered virtually by the CAMPUS Team.

Additionally, three Hiring Skills workshops were conducted in partnership with the Talent Acquisition team on a

global, regional, and market basis. Each session was supplemented with 'Learning Shots' additional resources

that participants could consult individually after the workshops. To accommodate busy schedules, each session

was held four times a year, on two different dates to ensure global accessibility. This structure fosters cross-

regional collaboration, as CAMPUS believes that the exchange of diverse perspectives is key to professional

growth. Furthermore, from the third quarter onwards, internal facilitators in the APAC region, trained through the

aforementioned train-the-trainer approach, led more localized sessions. Over 600 managers participated in

these workshops, engaging in continuous development and practice that connected them with colleagues from

different functions and regions. This global approach focused on core management skills, including coaching,

giving feedback, holding difficult conversations, prioritizing work, managing meetings effectively, building

inclusive teams, and identifying development needs within teams.

Management Shakers

The Management Shakers format, primarily an in-person experience, provided a more intensive, interactive

learning opportunity. Each session aimed to challenge participants’ biases, help them practice key behaviours

and receive immediate feedback. These sessions, including Coaching and Feedback Shakers, were delivered to

the top 250 leaders during the Group Convention in 2024, as well as to various Camparistas globally in local

sessions tailored to specific linguistic and learning needs.

Front Line Supervisors Management Training

In 2023, leaders from Campari Group's global plants honed their facilitation skills using the above mentioned

Train-the-Trainer (TTT) approach. In 2024, chosen managers at specific plants started training their Front-Line

Leaders through in-person sessions. For more information refer to the 'Train the Trainer approach' section of the

'Building Critical Capabilities' paragraph.

The Spirit of Leadership

The Spirit of Leadership is a bespoke development program crafted for Campari Group's Top 100 senior

leaders. Delivered over two years in four strategic phases, the program encourages participants to reimagine

leadership, explore opportunities for innovation, and foster meaningful connections with peers and thought

leaders. More than a traditional training initiative, it combines thought-provoking leadership insights, immersive

field expeditions, real-world business challenges, and in-depth case studies to prepare leaders to shape the

future of the Group. Each participant is paired with an executive coach to ensure that newly acquired knowledge

is effectively translated into actionable workplace improvements, delivering measurable business impact.

Growing Individual Contributors

In 2024, Campari Group enhanced its Learning Distillery, the organization’s centralized learning-management

system, with new features and resources to support the professional growth of office-based Camparistas. This

included:

- In 2024, Campus revitalized its training initiative for all Camparistas through a collaboration with LinkedIn

Learning, offering an expansive platform for professional development. This partnership provides access to a

rich library of over 5,000 video-based courses in more than 24 languages, covering a diverse range of topics

such as business acumen, function-specific expertise, and technological skills. Each course is crafted by

esteemed experts in their respective fields and features short, engaging video segments tailored to various

proficiency levels, including beginner, intermediate, and advanced, ensuring a customized and accessible

learning experience for every Camparista.

- The Learning Distillery has been enhanced through integration with Microsoft Viva Learning, a centralized

learning hub seamlessly embedded within Microsoft Teams. This platform enables employees to effortlessly

discover, share, recommend, and engage with a diverse range of content libraries, drawing from both

organizational resources and external partners like LinkedIn Learning, fostering a more streamlined and

accessible learning experience. Building on the success of the Future Skills Fair held during Career Week,

Campus has created a dedicated SharePoint page to provide Camparistas with easy access to essential

learning materials. This resource focuses on the key skills that will play a pivotal role in professional

development within Campari Group in the coming years. The page offers a wealth of references, including

both internal resources from Campari and external recommendations curated by Camparistas recognised as

experts in these areas.

During the period ended 31 December 2024 the following achievement were reached:

• Camparistas invested 9511 hours taking courses in the Learning Distillery;

1 The metrics for the comparative year were not reported when calculated using 2023 measurement standards, as these differ from ESRS rules.


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Campari Group annual report for the year ended 31 December 2024

• Camparistas invested 961 hours taking courses in the LinkedIn Learning Platform.

These efforts underscore Campari Group’s commitment to fostering a culture of continuous learning and

equipping employees at all levels with the skills needed for success in a dynamic business environment.

Metrics and Targets related to Own workforce 1

Campari Group’s metrics and targets related to own workforce were reported below.

Pursuant to the new Dutch Act on gender diversity (Wet inzake evenwichtige man vrouwverhouding in de top

van het bedrijfsleven), on 21 February 2023 the Board of Directors has set appropriate and ambitious gender

diversity target figures for (i) the Executive Directors, (ii) the Non-Executive Directors and (iii) the Senior

Management, drawing up of a plan to achieve these targets. The gender diversity target figures and the plan for

their achievement have been determined as follows.


Diversity Targets		2024 Female representation	2023 Female representation
Executive Directors	At least 33.33% females and 33.33% males by the Board of Directors’ renewal in 2028	0%	0%
Non-Executive Directors	At least 40% females and 40% males by the Board of Directors’ renewal in 2025	33.3%	37.5%
Management and above	At least 40% females and 40% males by the end of 2027	38.3%	36.8%

The decrease in female representation among Non-Executive Directors in 2024 compared to the previous year

is attributed to the appointment of Bob Kunze-Concewitz as a Non-Executive Director.


Target	2024 Achievements	Next steps
Development culture: establishing integrated processes across the organization to support the development of Camparistas at individual and company level.	- Refined the TT approach to better leverage internal resources - Launched the second edition of Campari Group Career Week and a particular initiative dedicated to future skills - Extended the range of learning resources available for single-contributors Camparistas and delivered entire programs designed by Campari University and focused on leadership and people management	-HR Academy -Leadership Distillery -Campari Internal Faculty


Target	2024 Achievements	Next steps
Sustainable improvement in the health and safety management system through the realization of initiatives within the following fundamental areas: common approach to high-risk processes and tasks, Functional excellence, Culture and leadership, Common performance metrics, Continuous improvement	- New HS platform implemented in all production sites with a common system for HS data reporting - Starting the use of a compliance platform for regulatory baseline, forecaster and updates. Pre- screening initiated in some locations. - Hazard and Operability Assessment (HAZOP) completed across multiple locations. - Safety Alert Program to share events and high potential near misses implemented. - Training program deployed to increase awareness, knowledge, and capability for specific roles. Safety courses prepared, with additional training to further improve capabilities. - Powered Industrial Vehicles (forklift) pilot project started using AI technology integrated anti- collision system	- Completing the screening for compliance and regulatory self-assessment for all sites and transforming complex HS regulations into clear, actionable requirements using the regulatory platform. - Starting to track and monitor compliance status across every facility in a single, worldwide view, and taking action when needed. - Extending the use of AI technology integrated anti-collision systems in forklifts.

Enhancing Campari Group’s DEI strategy will strengthen its ESG ratings and sustainability index positioning,

driving positive financial outcomes. Higher ESG ratings attract ESG-focused investors, potentially increasing

investment and improving debt conditions. More specifically the Group is committed to achieving several key

sustainability targets, besides which management female representation at least 40% by the end of 2027. For

information about the Group funding initiatives ESG-related refer to 'Sustainable core commitments' in the 'The

Sustainability Governance model'.


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Campari Group annual report for the year ended 31 December 2024

Own workforce features.

Employees numbers are reported in head count at end of reporting period.


	2024					2023
Region and gender	Permanent		Temporary		Total	Permanent		Temporary		Total
Region and gender	Full-time	Part-time	Full-time	Part-time	Total	Full-time	Part-time	Full-time	Part-time	Total
Asia-Pacific	523	6	9	3	541	482	3	12	3	500
Male	344	2	5	-	351	300	-	6	1	307
Female	179	4	4	2	189	163	3	6	2	174
Other	-	-	-	-	-	-	-	-	-	-
Not reported	-	-	-	1	1	19	-	-	-	19
Europe, Middle East and Africa	2,490	59	109	1	2,659	2,246	53	94	1	2,394
Male	1,464	12	73	-	1,549	1,325	10	75	1	1,411
Female	1,026	47	36	1	1,110	921	43	19	-	983
Other	-	-	-	-	-	-	-	-	-	-
Not reported	-	-	-	-	-	-	-	-	-	-
Americas	2,041	3	10	0	2,054	2,021	3	15	-	2,039
Male	1,266	-	5	-	1,271	1,267	1	6	-	1,274
Female	771	3	5	-	779	753	2	9	-	764
Other	1	-	-	-	1	1	-	-	-	1
Not reported	3	-	-	-	3	-	-	-	-	-
Total	5,054	68	128	4	5,254	4,749	59	121	4	4,933


Employees by gender	UoM	2024	2023
Male	Head count	3,171	2,992
Female		2,078	1,921
Other		1	1
Not reported		4	19
Total employees	Head count	5,254	4,933


Employees by gender	UoM	2024	2023
Male	%	60.4%	60.7%
Female		39.6%	38.9%
Other		-	-
Not reported		0.1%	0.4%
Total employees	%	100%	100%


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Campari Group annual report for the year ended 31 December 2024


Employees by Country	UoM	2024	2023
Argentina	Head count	131	133
Australia		212	220
Austria		28	25
Belgium		49	44
Brazil		214	194
Canada		150	148
China		45	32
France		499	334
Germany		169	151
Greece		81	42
India		72	56
Italy		1,210	1,188
Jamaica		513	545
Japan		50	49
Korea (the Republic of)		51	43
Martinique		146	138
Mexico		377	377
New Zealand		44	43
Peru		39	35
Russian Federation		125	118
Singapore		67	57
South Africa		38	33
Spain		69	70
Switzerland		35	32
Ukraine		30	29
United Kingdom		180	190
United States of America		630	607
Total employees	Head count	5,254	4,933


Total number of employees who have left the undertaking	UoM	2024	2023
Total number of employees who have left the undertaking	Head count	617	568


Employee turnover rate	2024	2023
Rate	12.0%	11.8%
Description of the methodologies	Total leavers/Total permanent head count year end	Total leavers/Total permanent head count year end

For additional information on turnover and on the voluntary turnover rate, refer to the 'Other ESG information'

section.


Employees by gender and region	UoM	2024				2023
Employees by gender and region	UoM	Asia-Pacific	Europe, Middle East and Africa	Americas	Total	Asia-Pacific	Europe, Middle East and Africa	Americas	Total
Male	Head count	351	1,549	1,271	3,171	307	1,411	1,274	2,992
Female		189	1,110	779	2,078	174	983	764	1,921
Other		-	-	1	1	-	-	1	1
Not reported		-	-	4	4	19	-	-	19
Total employees	Head count	540	2,659	2,055	5,254	500	2,394	2,039	4,933


Employees by contract type and region	UoM	2024				2023
Employees by contract type and region	UoM	Asia-Pacific	Europe, Middle East and Africa	Americas	Total	Asia-Pacific	Europe, Middle East and Africa	Americas	Total
Number of permanent employees	Head count	529	2,549	2,044	5,122	485	2,299	2,024	4,808
Number of temporary employees	Head count	12	110	10	132	15	95	15	125
Total employees	Head count	541	2,659	2,054	5,254	500	2,394	2,039	4,933
Number of full-time employees	Head count	532	2,599	2,051	5,182	494	2,340	2,036	4,870
Number of part-time employees	Head count	9	60	3	72	6	54	3	63
Total employees	Head count	541	2,659	2,054	5,254	500	2,394	2,039	4,933


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Campari Group annual report for the year ended 31 December 2024

Characteristics of non-employees in the undertaking’s own workforce

Non-employees numbers are reported in head count at end of reporting period.


Non-employees by type	UoM	2024	2023
People with contracts with the undertaking to supply labour (‘self-employed people’)	Head count	54	46
Workers provided by undertakings primarily engaged in ‘employment activities’		123	208
Other types of non-employees		129	101
Total number of non-employees	Head count	306	355

Collective bargaining coverage and social dialogue

For calculation of the coverage rates of the employees covered by collective bargaining agreements and

employees with workers' representatives, only countries in the European Economic Area (EEA) in which the

Group has significant employment, defined as at least 50 employees by head count representing at least 10% of

its total number of employees, have been taken into consideration, thus only Italy and France.


Number of employees covered by collective bargaining agreements	UoM	2024
	UoM	Employees – EEA
Employees covered by collective bargaining agreements	Head count	1,709
Number of employees	Head count	1,709
Coverage Rate	%	100.0%


% of employees covered by collective bargaining agreements	2024
% of employees covered by collective bargaining agreements	Employees – EEA
0-19%	-
20-39%	-
40-59%	-
60-79%	-
80-100%	France, Italy


Number of employees with workers' representatives	UoM	2024
Number of employees with workers' representatives	UoM	Employees – EEA
Number of employees working in establishments with workers' representatives	Head count	1,709
Total employees	Head count	1,709
Coverage Rate	%	100.0%


% of employees with workers representatives	2024
% of employees with workers representatives	Employees – EEA
0-19%	-
20-39%	-
40-59%	-
60-79%	-
80-100%	France, Italy

100% of employees in Italy and France are covered by collective bargaining and have workers representatives.

Currently, the Group does not have any agreements on employee representation via an 'EWC', SE Works

Council, or 'SCE' Works Council. However, the Campari Group is committed to conforming to European

legislation and will make the arrangements necessary to ensure efficient social dialogue if it ever arises in the

future.

All employees are covered by social protection, through public programs or through benefits provided by the

organization, against loss of income due to any of the following major life events: (a) sickness; (b)

unemployment starting from when the own worker is working for the undertaking; (c) employment injury and

acquired disability; (d) parental leave; and (e) retirement, with the exception of the unemployment allowance for

the countries below:


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Campari Group annual report for the year ended 31 December 2024


Employees not covered by unemployment allowance, by category, for the countries they operate	UoM	2024
	UoM	India	Jamaica	Korea	Mexico	Peru	Russia	Singapore	Total
Number of permanent employees	Head count	72	507	51	377	39	121	66	1,233
Number of temporary employees		-	6	-	-	-	4	1	11
Number of full-time employees		72	513	51	377	39	125	67	1,244
Number of part-time employees		-	-	-	-	-	-	-	-

Diversity


Members of the Board of Directors by gender	UoM	Male	Female	Other	Not reported	Total
2024	Head count	8	3	-	-	11
2024	%	72.7%	27.3%	-	-	100%


Employees by age group	UoM	Under 30	30-50	Over 50	Total
2024	Head count	557	3,536	1,161	5,254
2024	%	10.6%	67.3%	22.1%	100%
2023	Head count	738	3,282	913	4,933
2023	%	15.0%	66.5%	18.5%	100%

For more information on diversity metrics, refer to the 'Other ESG information' section.

Training and skills development

Under the Group's global framework, all permanent employees are eligible for Performance and Career

Development, with the exception of production operators. Any current exceptions for production operators are

determined by local policy. Within the scope of consolidation, Korea, New Zealand, Martinique and Courvoisier

legal entities are outside the Group's processes in 2024 and thus the related employees have not been included

in performance and career development reviews at 31 December 2024. The performance review is a structured

annual process, designed to take place once each year. During this period, managers thoroughly evaluate the

performance of their direct reports and contribute to the assessment of their functional reports at the conclusion

of each performance cycle. This formal review serves as a comprehensive evaluation to measure

achievements, identify areas of improvement and set future goals.

In addition to this annual review, managers are strongly encouraged to engage in more frequent feedback

conversations throughout the year. These ongoing discussions foster continuous improvement, development

and alignment with organizational goals.


Employees that participated in regular performance and career development reviews	UoM	2024
	UoM	Male	Female	Other	Not reported	Total
Total employees	Head count	3,171	2,078	1	4	5,254
Number of employees that participated in regular performance and career development reviews	Head count	2,074	1,705	1	3	3,783
Total number of periodic reviews agreed upon by management / leadership	n.	2,074	1,705	1	3	3,783
% of employees who participated in performance reviews	%	65.4%	82.1%	100%	75.0%	72.0%
Number of performance reviews conducted per employee	n.	0.7	0.8	1.0	0.8	0.7


Average number of training hours per employee by gender	UoM	2024	2023
Total	n.	18.5	15.8
Male		19.6	16.6
Female		16.9	14.6
Other		36.0	-
Not reported		8.8	-

For more information on training hours refer to the 'Other ESG information' section.


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Campari Group annual report for the year ended 31 December 2024

Health and safety


Workers in plants covered by the health and safety management system	UoM	2024
Total number of workers, of which:	Number	2,919
Employees		1,961
Workers in the value chain		958
Workers covered by the company health and safety management system, of which:		2,919
Employees		1,961
Workers in the value chain		958
% of workers covered by the health and safety management system, of which:	%	100%
Employees		100%
Workers in the value chain		100%


Employees in the undertaking’s own workforce	UoM	2024
Number of deaths that occurred during the reporting year, of which:	Number	-
work-related injuries		-
work-related ill health		-


Non-employees in the undertaking’s own workforce	UoM	2024
Number of deaths that occurred during the reporting year, of which:	Number	-
work-related injuries		-
work-related ill health		-


Workers in the value chain(1)	UoM	2024
Number of deaths that occurred during the reporting year, of which:	Number	-
work-related injuries		-
work-related ill health		-

(1)Data refers to value chain workers (contractors) at the Group's manufacturing sites.

The tables below refer to recordable work-related accidents which include the number of fatalities, permanent

disabilities due to injuries, lost-time incidents ('LTI': injuries that result in the injured person being unable to work

for one or more days), restricted work incidents ('RWI': injuries where the injured person is able to perform only

restricted work for one or more days after the incident) and medical treatment incidents (MTI: incidents where

the injured person receives medical treatment provided by a licensed health professional).


Recordable work-related accidents for employees in the undertaking’s own workforce(1)	UoM	2024
Number of accidents	Number	35
Total number of hours worked	Number	6,507,806
Rate of recordable work-related accidents	n.	5.38

(1)Data related to non-employees are not available for 2024. The RWI and MTI data were estimated based on internal tracking and consolidation systems.


Recordable work-related accidents for value chain workers(1)	UoM	2024
Number of accidents for value chain workers	Number	10
Total number of hours worked	Number	1,510,332
Rate of recordable work-related accidents	n.	6.62

(1)Data refers to value chain workers (contractors) at the Group's manufacturing sites with the exception of the Courvoisier plant as they are not available for

2024. The RWI and MTI data were estimated based on internal tracking and consolidation systems.


Number of recordable work-related ill health(1)	UoM	2024
Total number of cases of recordable work-related ill health	Number	-
Employees		-
Workers in the value chain		-

(1)Data related to non-employees are not available for 2024.


Number of employees' days lost(1)	UoM	2024
Total number of days lost to work-related injuries and fatalities from work-related accidents, work-related ill health and fatalities from ill health	Number	1,296
Days lost to work-related injuries and fatalities from work-related accidents		1,296
Days lost to work-related injuries and fatalities from work-related ill health		-

(1)Data related to non-employees are not available for 2024.


Sustainability statement	166

Campari Group annual report for the year ended 31 December 2024


Number of value chain workers' days lost(1)	UoM	2024
Total number of days lost to work-related injuries and fatalities from work-related accidents, work-related ill health and fatalities from ill health	Number	225
Days lost to work-related injuries and fatalities from work-related accidents		225
Days lost to work-related injuries and fatalities from work-related ill health		-

(1)Data refers to value chain workers (contractors) at the Group's manufacturing sites with the exception of the Courvoisier plant as they are not available for

2024.

For more information on the Severity Index and on Health and Safety certifications, refer to the 'Other ESG

information' section.

Remuneration metrics

According to ESRS disclosure standards, the male-female pay gap is defined as the difference between

average gross hourly earnings of male paid employees and of female paid employees expressed as a

percentage of average gross hourly earnings of male paid employees. Data are calculated from values in euros,

which are converted using the December exchange rate. Campari Group discloses this information in the tables

below, for the key countries in terms of number of employees.


Gender pay gap(1)	UoM	2024		2023
Gender pay gap(1)	UoM	Male	Female	Male	Female
Employees’ gross hourly pay level	€	34.5	36.8	32.6	34.2
Senior management and above		108.9	113.6	102.7	108.4
Management		63.7	60.1	62.5	57.5
Senior professional		51.3	45.9	45.0	44.1
Professional		28.2	28.1	25.1	25.6
Specialist/generic staff		18.5	19.7	16.5	18.2
Production operators		10.0	8.9	12.2	9.9
Gender pay gap	%	-6.8%		-5.1%

(1)Within the scope of consolidation, Korea was integrated in January 2025 and thus excluded from this reporting, while New Zealand, Martinique and

Courvoisier legal entities were outside Group's processes in 2024 and will be harmonized in the next performance and merit review cycles. For this calculation,

the denominator did not include expatriates, as their remuneration package is based on a home-country approach and they cannot, therefore, be considered in

the position that is effectively covered.

The Group also reports the adjusted pay gap which accounts for other factors (i.e., level of experience, job

content and responsibility, performance and geography) affecting pay. The data on the adjusted pay gap by

country is calculated using the median instead of the mean, ensuring consistency with the metrics utilized for

certification calculated through the Syndio tool. Furthermore, calculations are performed using the respective

local currencies before the tool converts them into euros. For more information on gender pay gap, the adjusted

gender pay gap and the ratio between Annual Base Gross Salary of employees and the local minimum wage

refer to the 'Other ESG information' section.

In the table below the annual total remuneration rate is calculated as the ratio of the annual total remuneration

for the organisation’s highest-paid individual to the median annual total remuneration for all employees at end of

the year (excluding the highest-paid individual). Remuneration is calculated considering the base salary, the

short- medium- long-term incentives and allowances. The index for 2024 is referred to Paolo Marchesini, CFOO

and Co-CEO from 18 September 2024 and for 2023 to the CEO Robert Kunze-Concewitz.


Comparison of remunerations	UoM	2024	2023
Annual total remuneration of the highest paid individual	€	5,793,752(1)	3,182,662
Median annual total remuneration for all employees (excluding the highest-paid individual)	€	53,046	50,715
Annual total remuneration ratio	n.	109.2	62.8

(1)The total annual remuneration for CFOO in 2024 included €2.5 million as last mile incentive with retention purposes corresponded to the fair value of the PSUs

granted under the LMI scheme approved at the 2024 Annual General Meeting, which were unavailable and therefore not paid as of 31 December 2024. Pro-

forma ratio excluding LMI scheme was 61.6.

The CEO internal pay ratio, calculated in line with Article 2:135b subsection 3 of the Dutch Civil Code and Best

Practice Provision 3.4.1 DCGC at 31 December 2024 and equivalent to 65.7 times related to total

compensations accrued for CEO role 2024, is disclosed in the 'Remuneration report' included in the

'Governance' section in this Annual report to which reference is made.


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Campari Group annual report for the year ended 31 December 2024

ESRS S2 Workers in the value chain

Strategy, Policies and Actions related to Workers in the value chain

Campari Group recognised that sustainable business practices essentially entail taking full responsibility for the

well-being of workers along the value chain and has aligned its operational objectives to follow strict ethical

criteria and respect for human rights. Such responsibility means taking into consideration not only the short-

term, but also long-term impacts of its activities on workers' livelihoods and their working conditions.

The Group is committed to maintaining a workplace in which safety, fair remuneration, and employment security

are part of the workplace atmosphere. It is constantly revising its strategies with a view to reducing negative

impacts which might arise from this operation. By placing the welfare of workers in the value chain at the

forefront, its policy and commitment are toward responsible sourcing and sustainability in business. This will not

only ensure the Group operates within ethical practices along its value chain, but it will heighten the resiliency

and integrity of its supply chain while reinforcing the sustainability of the overall business.

Although Campari Group does not have a formalized process for the direct engagement of workers in its value

chain, the Group is committed to understand and address issues and concerns from workers in its supply chain.

It will continue to focus on the development and implementation of initiatives that would improve in its supply

chain management strategy within the next two years.

Campari Group has strategically aligned its sustainability objectives to address material risks and opportunities,

placing a strong emphasis on worker welfare and human rights within its operational framework and

incorporating them into its procedures. In fact, Campari Group has implemented a range of key policies

designed to prevent, mitigate and address actual and potential impacts, including both risks and opportunities

within its operations and supply chain. These policies, combined, provide a solid framework and aim to uphold

high ethical standards, promote sustainability, and ensure the protection of human rights. The values and lines

of conduct that inspire the activities are set out in the Group’s main activities, policies and codes of conduct,

detailed below:

- Risk Assessment and Mitigation: Campari Group conducts assessments of its labor risks and subsequently

incorporates the insights gained into its procurement strategy.

- Supplier Code of Conduct: Campari Group provides stringent labor standards along its entire supply chain. It

employs tools, such as the Supplier Ethical Data Exchange ('SEDEX') platform, to assess and evaluate risks

and monitor compliance, ensuring that all suppliers aligned and comply to Campari Group’s standards and

values.

- Code of Ethics and Human Rights Policy: the Code of Ethics reaffirms the principles of fairness, loyalty and

professional integrity that form the basis of the work and behavior of those operating in the Group. It applies

and sets out expectations for employees, suppliers, contractors, and other stakeholders, on general areas of

conduct such as the avoidance of conflicts of interest, protection of confidential information and fostering of

human rights. For more information on the Code of Ethics, please refer to 'ESRS G1 Business conduct' in the

'Governance information section'.

- QHSE (Quality, Health, Safety, and Environment) Policy: the Policy governs and protects the environment,

health, safety and well-being of its employees, consumers and all workers in its supply chain. It emphasizes

the commitment to environmental protection and the to maintaining rigorous standards concerning the quality

of products and food safety.

- Global Procurement Policy: this Policy sets guidelines for managing relationships with suppliers, and

establishes standards regarding collaboration, clear communication and accountability. It sets up standards

for ethical practices in procurement, encouraging transparency, long-term responsibility and ethical practices

towards supplier. The Policy has been issued in 2021, under the responsibility of the Global Procurement

function (for more detailed information, refer to the 'Campari Group’s Value Chain' paragraph in the 'General

information' section).

The above policies apply to all value chain workers.

The operations and sourcing strategies of Campari Group, especially within the agricultural sector, depend on

the welfare of the value chain workers who may encounter various challenges related to labor rights, health,

safety, and fair compensation. Some of the critical topics include:

- compliance and reputational risks: non-compliance to international labor standards may lead to reputational

damage and potential regulatory penalties.

- operational risks: disruptions or shortages in the labor force due to unsafe or unjust working conditions may

cause limitations in the supply chain.

- legal risks: violations of labor laws may expose Campari Group to legal actions.


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Campari Group annual report for the year ended 31 December 2024

On the other hand, the dependence on value chain workers presents significant advantages for Campari Group

to improve the resilience of its supply chain, enhance its reputation as a socially responsible entity and build

long-lasting relationships that aim to promote sustainable business practices.

To identify the workers more vulnerable to exploitation or harm along its supply chain, Campari Group applies an

extensive risk assessment, managed by the Procurement function. This methodology is based on a combined

risk score from the SEDEX Self-Assessment Questionnaire, which considers multiple factors including:

- Site characteristics: to assess the age distribution of workers, as well as the share of women and migrant

workers employed.

- Country-specific risks: to assess the socio-economic conditions and regulatory framework in countries where

suppliers are based – with a particular focus on labour laws and political stability.

- Sector vulnerabilities: certain industries, like agriculture, are more prone to certain issues, such as child labor

or forced labor, are therefore assessed as a high-risk sector.

- Activity risk: the specific tasks that workers perform are analyzed to identify those who are engaged in

physically demanding or isolated roles and thus are facing greater risks to their health and safety.

Combining these different elements allows Campari Group to identify workers that might be at higher risk within

its supply chain, enabling more targeted interventions and implementation of safeguards. The assessment is an

ongoing process, and the validity period varies based on the completion percentage of the SAQ. It can be valid

for one to two years.

In South and Central American countries such as Brazil, Argentina, Mexico, and Jamaica, the alcohol, sugar,

and agave industries face a considerable high systemic risk (country risk) related to labor abuses, such as child

labor and forced labor. These issues may apply also for the packaging production industry across these regions,

where regulations are weaker and poverty rates are high. Several factors contribute to these risks, along with a

widespread poverty, limited quality education and weak labor protection. Campari Group is aware of these risks

and has defined specific human rights standards in its Supplier Code of Conduct as necessary requirements to

be considered a Campari Group supplier. The specific actions implemented to ensure suppliers' compliance with

these standards are described in the following paragraphs.

The Supplier Code of Conduct underlines the commitment of the Group to carry out its business in a

responsible, ethical and sustainable manner including respect for human rights, legal compliance, ethical

conduct and environmental standards. This is further clarified with specific principles: no forced or child labor,

fair working conditions, and environmental sustainability are all part of the commitment that suppliers conduct

activities in a socially and environmentally responsible manner.

Campari Group has designed a monitoring process regarding human rights as a key material issue within its

supply chain. Through this process, the Group can request relevant information from suppliers to assess and

verify their compliance with the mentioned Code. The Procurement function which encompasses the

Sustainable Procurement team and supports all procurement teams across the Group's geographies,

undertakes a risk assessment of all suppliers to evaluate their capacity to meet the requirements set by the

Code. Suppliers judged to be at higher risk of non-compliance, will be required to undergo an independent third-

party audit to verify compliance. For those instances where the risk of non-compliance is high, suppliers should

comply with the standards in the Code. If remediation is required, Campari Group would request that the

supplier provide a corrective action plan with clearly outlined steps and timelines that are required to remedy the

situation. In the absence of such demonstrations of compliance, commitment or remedial by the suppliers

themselves, the Group reserves the right to terminate the business relationship to safeguard its supply chain

and business integrity.

Furthermore, the Group is developing a monitoring process on other material issues related to sustainability.

The Supplier Code of Conduct shall be applied to and signed by all suppliers along upstream and downstream

value chain of Campari Group, ensuring that value chain workers are not only aware of these processes but

also trust them. To ensure this, Campari has a whistleblowing policy in place, including specific protections

against retaliation for individuals who use these mechanisms (for more information on whistleblowing policy

refer to 'Strategy, Policies and Actions related to the Workers in the value chain' in the 'ESRS S2 Workers in the

value chain' section). This concerns both product-related ('PR') and non-product-related ('NPR') suppliers of

goods and services from all regions where the Group operates, including EMEA (Europe, Middle East, and

Africa), APAC (Asia-Pacific) and AMES (Americas).

Campari Group’s Head of Global Supply Chain oversees the Supplier Code, with the Head of Global

Procurement responsible for ensuring its effective implementation. The key internal stakeholders, including the

Corporate Sustainability, Procurement and Compliance teams, played an active role in developing the Supplier

Code. The engagement of those parties has ensured that the Code reflects Campari Group’s commitment to

sustainable and ethical sourcing and integrate practical procurement standards and industry best practices.

External stakeholders, i.e., users of the Sustainability statement, such as subject matter experts, were also


Sustainability statement	169

Campari Group annual report for the year ended 31 December 2024

involved in the sustainable procurement process. The Supplier Code has been sent to suppliers in multiple

languages to support effective implementation and is also available on the corporate website, ensuring

accessibility for all stakeholders and all intended users.

The Supplier Code of Conduct outlines and manages material aspects related to procurement activities toward

workers through value chains. This policy articulates expectations for ethical behavior, labor practices, and

environmental stewardship to ensure that all workers-whether employed directly by suppliers or subcontractors-

are treated with respect and consistently held to high standards. The Code protects workers in the supply chain

from labor exploitation and unsafe working conditions and underlines the opportunity to extend protection to fair

treatment, job safety, and sustainable practices for all employees included in Campari Group operations

worldwide.

Campari Group respects the basic elements of the International Labor Organization ('ILO') that are also stated in

the Supplier Code of Conduct. The Group strongly supports the United Nations Universal Declaration of Human

Rights and the ILO Declaration on Fundamental Principles and Rights at Work, which have been explained in

depth in its Employees and Human Rights Policy and mentioned in the Supplier Code.

To ensure compliance with the UN Guiding Principles on Business and Human Rights, Campari Group has

adopted the Organisation for Economic Co-operation and Development ('OECD') Guidelines, embedding a

structured five-step process into its Human Rights commitments:

a) Policies and management system: Campari Group updated its Supplier Code of Conduct, aligning it with the

latest standards on human rights, and distributed it to suppliers for formal approval. This revised Code sets

clear expectations for ethical practices and reinforces Campari Group’s commitment to human rights across

its supply chain.

b) Identify and assess salient human rights issues: To evaluate human rights risks, suppliers are required to

generates a risk score based on key indicators, including labor practices, safety measures, and country-

specific risks, enabling Campari to identify suppliers with higher human rights vulnerabilities.

c) Cease, prevent and mitigate adverse impacts: Suppliers identified as high-risk must undergo a SMETA

(SEDEX Members Ethical Trade Audit) to provide a detailed view of their compliance. For any critical or

major non-compliances in human rights practices, suppliers are required to develop a corrective action plan

to address these issues promptly and thoroughly.

d) Track implementation and results: Campari Group conducts follow-up audits and closely monitors each

action plan to assess progress (the next is scheduled for 2025). This ongoing tracking ensures that suppliers

not only implement required changes but also maintain standards, allowing for timely remediation of any

ongoing or emerging human rights issues.

e) External communication: Campari Group maintains transparency by publicly communicating its human rights

efforts through CSRD (Corporate Sustainability Reporting Directive) disclosures.

Moreover, Campari Group supports the United Nations Universal Declaration of Human Rights and the

International Labour Organization's Declaration on Fundamental Principles and Rights at Work. The Group is

also a member of UN Global Compact, committing to embrace, support and enact, within its sphere of influence,

a set of core values in the areas of human rights, labor standards, the environment and anti-corruption, the Ten

Principles. The UN Global Compact's Ten Principles in the areas of human rights, labor, the environment and

anti-corruption enjoy universal consensus and are derived from:

- The Universal Declaration of Human Rights.

- The International Labor Organization's Declaration on Fundamental Principles and Rights at Work.

- The Rio Declaration on Environment and Development.

- The United Nations Convention Against Corruption.

Campari Group directly addresses critical issues such as forced and child labor within its Supplier Code of

Conduct. Campari Group will not engage with suppliers and/or employment agencies that support the use of

forced or compulsory labor, such as prison labor, debt bondage, trafficking, serfdom, coercion of any employee

through any means. Suppliers shall hire workers only by legitimate means and must have policies and systems

in place to ensure that their products and materials comply, wherever they operate, with applicable laws relating

to slavery and human trafficking. Furthermore, Campari Group does not tolerate the use of child labor, and any

contracts with suppliers who encourage or employ children in any form of child labor will immediately be

terminated.

The Campari Group Employees' and Human Rights Policy defines the minimum age of employment, based on

the definition of the ILO, and brings its approach in line with relevant ILO standards regarding working hours and


Sustainability statement	170

Campari Group annual report for the year ended 31 December 2024

public holidays. Following the United Nations Guiding Principles on Business and Human Rights, Campari

Group is committed to providing grievance mechanisms that will be legitimate, accessible, predictable,

equitable, transparent, rights-compatible, and based on engagement in dialogue. This is why Campari Group

provides an external whistleblowing service in various languages and reachable via phone, e-mail, fax or online

platform ensuring the highest confidentiality of the reporting. During 2024 no incidents of whistleblowing were

reported.

In terms of actions, Campari Group has established a dedicated Sustainable Procurement team responsible for

the implementation of ethical procurement practices, as laid down in the Supplier Code. The team works closely

with regional procurement teams to ensure the compliance of the activities with the Supplier Code of Conduct

and related policies. Also, the company enlisted the support of external consulting to help develop its strategy

and process design to ensure that approaches were based on expert knowledge and best practices.

The procurement team, especially the buyers and the representatives from Sustainable Procurement, plays an

important role in managing the impacts generated by the Group. They work with the suppliers to identify areas

for improvement and commonly outline corrective actions to mitigate negative impacts and enhance positive

outcomes.

To further develop its commitment to protecting the rights of workers along its value chain Campari Group

introduced the Human Rights Due Diligence process in 2024. Led by the Sustainable Procurement team,

attention was placed on engaging regional buyers and operational teams within Campari Group. This would

enable proactive identification of potential risks in human rights compliance and proactively work at mitigating

those risks to ensure that ethical standards are maintained through the value chain.

Listed below are some key activities that took place during 2024:

- Risk assessment and prioritisation: on an ongoing basis, the Campari Group's Sustainable Procurement and

Human Rights teams conducted risk assessments to outline potential and existing risks to workers in the

supply chain with the purpose of prioritizing suppliers by evaluating ethical and labor standards to identify

any potential risk areas where compliance might not be adequate, to be completed by 2027. Using tools like

the SEDEX platform and SAQ, it has been possible to analyze country-specific, sector-specific, and

demographic-specific data in order to identify hotspots. Other risks involving child labor, forced labor, poor

working conditions, or wage-related issues are prioritized according to their severity and likelihood.

No remediation plan was required to be implemented in 2024. The next risk assessment is scheduled for

2025. Once the assessment is complete, specific action plans will be developed and tailored if needed, to

address any identified risks, ensuring that corrective measures are appropriately aligned with the findings.

- Supplier audits and site assessment: high-risk suppliers are selected for on-site audits, such as SMETA

(SEDEX Members Ethical Trade Audit) audits, to further evaluate the working conditions and potential

impacts on workers. These audits involve physical inspections, document reviews and interviews with

workers to achieve a full understanding of the local working environment. This enables Campari Group to

identify all cases of non-compliance with labor standards or areas where potential improvements might be

made. In the first half of 2024 Campari Group defined a baseline for all suppliers, that prioritise those with

significant spend associated, to optimize resources and concentrate efforts in the most impactful areas.

- SEDEX registration and SAQ completion: suppliers have been required to register on SEDEX and complete

the SAQ, which provides risk scoring based on ethical and labor practices.

In cases where material impact and/or risks will be identified, whether through DMA, SEDEX risk scores, audits,

or direct reports, Campari Group will engage with the supplier in creating a corrective action plan. The corrective

action plan will have to detail the exact violations or risks, stating clearly the objectives of the improvement, and

defining timelines for delivering the required changes. Campari Group will conduct follow-up audits to ensure

that corrective actions are thoroughly implemented and effective in addressing the identified issues. For

instance, if non-compliance with labour standards is found, corrective actions may involve adjusting wages,

improving safety protocols, or establishing fair working hours.

Such corrective measures are scheduled to start in 2025.

Looking forward, Campari Group is committed to the following ambitious plans that will further reinforce human

rights within its supply chain, for which it hasn't yet identified a specific time horizon under which key actions

must be completed:

- Auditing high-risk suppliers: suppliers classified as high-risk will go through audits with the intention of

deepening their working conditions, such as child labor, forced labor, and unsafe working conditions and

business practices. Expected to be completed by the first half of 2027.


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Campari Group annual report for the year ended 31 December 2024

- Corrective action plans: Customized action plans will be developed for non-compliant suppliers, with the

intention of offering remedies for the issues and implementing changes to ensure compliance to sustainability

standards. Expected to be completed by the first half of 2027. This plan outlines specific steps to be taken by

the supplier in order to address and remedy to the issue, with specific deadlines and clearly given

responsibilities. For example, poor working conditions could be dealt with in an action plan whereby facilities

would be improved, safety equipment provided, or revision of work schedules to reduce burdens on

employees.

- Progress monitoring: to ensure that corrective measures are being implemented correctly, Campari Group

continuously monitors the progress and performs follow-up audits when necessary. Such follow-up audits

help confirm that improvements have been made, as well as prove that the supplier remains committed to

upholding improved labor standards. Follow-up audits shall be conducted to see improvement achieved and

monitor suppliers’ progress.

- Training and capacity building: Campari Group is working with suppliers to raise their awareness of human

rights issues and to improve labor practices along the supply chain.

Campari Group aims to achieve human rights compliance within the supply chain for its first-tier product-related

suppliers which account for 95% of total spending by 2028, thus ensuring their respect and uphold basic human

rights standards. The commitment also extends to a 60% compliance rate for non-product-related suppliers by

the same period. With this proactive approach, Campari Group underlines the commitment to make the supply

chain responsible and ethical, with the well-being of workers at every level taken into consideration. This action

focuses on the complete upstream and downstream value chain of Campari Group, specifically Tier 1 suppliers

of PR and NPR areas for all regions where the company operates: EMEA, APAC, and AMES who may be

materially impacted by the Group business operations.

The consistent and progressive involvement of lower-tier suppliers is the path taken towards better identification,

assessment, and mitigation of risks at all levels, and through this approach, ensuring a resilient, transparent,

and sustainable supply chain for the years to come. This integrated approach supports Campari Group’s

commitment to responsible sourcing, ethical practices and long-term business growth.

Starting from 2025, the action plans will be funded through the allocation of a relevant portion of the

Procurement budget. This ensures the necessary resources for effective implementation of the plan, which also

could include site-specific audits to monitoring the compliance of suppliers and corrective actions tracking. In

this context, the company secures commitment to a continuous improvement across its supplier relations and

operations.

Moreover, Campari Group, in line with the commitments and to strength the importance of the respect of its

policies, has been implementing a series of key initiatives related to responsible business behavior:

a) SEDEX (Supplier Ethical Data Exchange): by requiring suppliers to use SEDEX, Campari Group strengthens

supply chain oversight, ensuring accountability and shared commitment to sustainability.

b) UN Global Compact: Campari Group supports the UN Global Compact, agreeing to operate its businesses in

line with the guiding principles for human rights, labor standards, environmental sustainability, and anti-

corruption.

c) CDP Corporate Disclosure Project: Campari Group reported publicly on its climate-related progress. Through

this questionnaire the Group discloses its climate-related data, strategy, targets and projects aimed at

managing and mitigating climate change aspects. Investors and companies use the CDP to make informed

decisions, to reward companies that demonstrate leadership and to lead collective climate action.

Campari Group has allocated specific financial resources to support its sustainable procurement practices and

human rights initiatives at global level. Part of the expenses are related to the SEDEX annual membership,

being SEDEX a leading platform that provides access to sustainability-related data, risk assessments, and

insights into supplier practices. This membership enables Campari Group to better assess supplier compliance

and strengthen ethical standards throughout its supply chain. In addition to this, Campari Group invested in

external consulting services to fine-tune its sustainability strategy, ensuring it aligns with industry best practices

and continues to drive responsible sourcing and operational efficiency. These investments are essential for the

effective implementation of the Supplier Code of Conduct, allowing the Group to put in place its commitments to

sustainability and human rights, and they are a targeted allocation within the procurement and sustainability

budgets of the Group.

In the future (short and medium term) and according to the identified need, financial resources will be dedicated

to supporting audits for suppliers, as part of the Human Rights Due Diligence program that will enable the

Campari Group to verify the compliance of suppliers with the standards on human rights and to adopt opportune

corrective measures. Resources will also be invested in the development of other material issues, including the

development or procurement of new tools, the enhancement of internal processes, and, where required, the


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Campari Group annual report for the year ended 31 December 2024

addition of headcount to the procurement team to ensure such responsibilities are properly resourced. The

quantification of financial resources to be allocated is still in progress.

Campari Group adopts strict criteria for the selection of suppliers, prioritizing ethical labor practices and the

respect of human rights. The Group undertakes an overall assessment of potential suppliers by analyzing their

labor policies and historical compliance with relevant law and regulations.

Campari Group aims to implement fair-pricing policies that enable suppliers to conform to ethical standards of

labour while maintaining economic viability. This includes avoiding conduct that might pressurize suppliers into

reducing prices in any way that is likely to compromise labor conditions or result in exploitative practices.

The Group fosters transparency by maintaining clear communication with its suppliers and stakeholders about

its supply chain practices and ensures that workers understand their rights and conditions of employment.

Currently, Campari Group does not have a separate policy dedicated exclusively to the fair treatment of

suppliers, but it periodically conducts training with its Procurement team to underline the ethical approach in

making decisions. This helps employees understand the possible impacts of their actions on value chain

workers and promote responsible conduct across suppliers’ relationships.

Based on the information gathered during the management of the value chain as described above, no severe

human rights issues or incidents related to Campari Group's value chain were reported in 2024.

Impacts, risks and opportunities related to Workers in the value chain

Campari Group intends to further explore the relationship between its business decisions and assess their

implications for workers' welfare within its value chain, specifically those related to workers' rights and well-

being. In-depth analysis includes strategic decisions regarding workers' rights and welfare in terms of sourcing

practices, methods of production, and procurement strategies. Relying on value chain workers introduces a

range of ethical, reputational, operational, and legal risks within the supply chain. Non-compliance with

international labor standards can lead to supply disruptions, potential fines, and damage to brand reputation.

To mitigate these challenges, the Group can establish oversight mechanisms, conduct regular supplier audits to

ensure adherence to international labor standards, and partner with local organizations and Non-Governmental

Organization ('NGOs') to work collaboratively to improve working conditions, promote fair wages, and eradicate

exploitative practices. Reliance on value chain workers presents an opportunity to enhance fair labor practices

and worker well-being, while building a more resilient and transparent supply chain, ultimately contributing to

sustainable long-term growth.

Risks and opportunities are particularly pertinent to specific groups of value chain workers, especially those

localized in the alcohol, sugar, and agave industries in South and Central America (Brazil, Argentina, Mexico,

Jamaica), as well as within packaging production across these regions. The labor-intensive nature of cultivation

and harvesting, combined with seasonal demand spikes, weaker regulations and high poverty rates can result in

practices that expose vulnerable individuals-such as young workers, women, and migrants - to harsh or

hazardous conditions. These workers may face exploitative contracts, limited freedom of movement, and

inadequate wages.

The result of the processes to identify and assess material impacts, risks and opportunities in workers in the

value chain for the reporting period 2024 was summarized below.


Relevant sub-sub-topic	Impacts	Risks	Opportunities
Health and safety	Negative externalities on workers in the value chain due to accidents (negative)	-	-
Privacy	Safeguard of data for all stakeholders (workers in the value chain such as suppliers and distributors) (negative)	-	-

- Safeguard of data for all stakeholders (workers in the value chain such as suppliers and distributors).

The correct management of third parties is essential for maintaining robust cyber security measures and

ensuring compliance with data privacy regulations. The Group has established stringent protocols for vetting

and monitoring third-party suppliers to ensure that they adhere to the same high standards of data protection

and cyber security as the Group itself. This includes conducting assessments before engaging with any third

party and monitoring of their security practices. By implementing these measures, the Group aims to mitigate

risks associated with third-party relationships and safeguard its IT infrastructure and sensitive data.


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Campari Group annual report for the year ended 31 December 2024

- Negative externalities on workers in the value chain due to accidents.

Through the DMA process, human rights risks were assessed. However, this does not exclude the need for the

Group to further develop a broader process to verify its entire value chain in relation to these aspects, ensuring

a more comprehensive approach.

Workers within Campari Group’s value chain who could be materially impacted by its operations include those

employed by both Product-Related suppliers, PR suppliers (such as raw ingredient providers, glass

manufacturers, packaging suppliers, etc.) and Non-Product-Related suppliers, NPR suppliers (including service

providers, marketing agencies, logistics companies, etc.). These workers can be classified into the following

categories:

- workers on Campari Group sites, not directly employed by the company but engaged through third-party

contracts or partnerships-such as outsourcing or casual labor.

- workers employed by entities within Campari Group’s upstream value chain, which include suppliers and

manufacturers providing raw materials and components.

- workers employed by entities within Campari Group’s downstream value chain, including those involved in

distribution, retail, and marketing of its products.

Within these groups, some categories of workers may particularly be vulnerable to negative impacts generated

by the Group’s own operations. These include, amongst others, migrant workers, women and young workers

who may be more vulnerable to labor condition issues, job security and adequate wages. Migrant workers, for

example, often lack legal protections and face language barriers, making them susceptible to exploitation and

poor conditions. Women may experience gender-based discrimination, unequal pay, and balancing work with

caregiving responsibilities. Young workers, with less experience and bargaining power, are more likely to accept

low wages and insecure jobs. These factors increase their vulnerability to negative impacts from operations

within the value chain.

Health and safety of workers in PR suppliers, such as raw ingredient providers and glass manufacturers, could

be at risk due to exposure to hazardous materials, chemicals, and machinery. Labor conditions for workers in

PR and NPR suppliers, including service providers and logistics companies, might be challenging, with long

hours, low wages, and lack of job security. Additionally, the environmental impact of Campari Group's

operations, such as waste management and emissions, could affect the health and well-being of workers in the

value chain. Economic pressure from changes in demand or supply chain disruptions could lead to job losses or

reduced income for workers. Finally, the social impact of Campari Group's operations, including community

involvement and support for local communities, could affect the livelihoods of workers in the value chain.

To providing remedy to these negative impacts, the Group is constantly working with its suppliers to establish

and implement corrective action plans: improving working conditions, reviewing wage policies, and enhancing

health and safety conditions. To make sure these corrective actions result in real improvements, Campari Group

conducts follow-up assessments through audits and maintains ongoing communication with the representatives

of the workers and the management teams of the suppliers themselves.

Campari Group is committed to taking action against malpractice and misconduct, promoting an open and

transparent culture in which workers and contractors feel free to communicate to the appropriate structures any

suspicions or concerns. In doing this the Group are committed to providing grievance mechanisms that are

legitimate, accessible, predictable, equitable, transparent, rights-compatible, and based on engagement and

dialogue. To this end, Campari Group provides an external whistleblowing service available in several

languages and reachable via phone, email, fax or online platform ensuring the absolute confidentiality. As also

explained in the dedicated section of the Supplier Code of Conduct, anyone witnessing safety, legal or ethical

issues in violation of the Code is responsible for speaking up through this service.

Campari Group has systematically documented all issues reported from workers through the grievance

mechanism to ensure recording, categorization, and monitoring of each case from its reception date to its

closure. While doing so, the process aims at the relevant stakeholders' involvement to be transparent and

accountable, considering the workers' needs in performing such alignment.

The whistleblowing service called ‘Campari Safe Line’ is available to Camparistas, suppliers, customers, and

anyone interacting with Campari Group, when they become aware of illegal activities within the organization.

Reports can be filed in several languages: by telephone or by fax (country number + 22672), by e-mail

([email protected]), by post (Expolink Europe Ltd. 1 1 Greenways Business Park Bellinger Close,

Chippenham, Wilts SN15 1BN), or online (www.expolink.co.uk/campari). All such reports must be treated as

confidential and addressed to the Chairman of the Board of Directors and Head of Internal Audits.

Whistleblowers are assured the fullest protection against any form of retaliation or discrimination, whether direct

or indirect, arising from a decision to report an issue (or more information refer to 'Governance and policies

related to Business conduct' in the 'ESRS G1 Business contact' section and 'Policies and Actions related to Own

workforce' in the 'ESRS S1 Own workforce' section).


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As mentioned above, the Group has a grievance mechanism in place, NAVEX, that enables value chain workers

to raise grievances or communicate other needs. NAVEX is a third-party grievance mechanism accessible to all

workers. In situations where workers prefer to place an anonymous report in confidence, the information they

provide will be sent to NAVEX by EthicsPoint on a totally confidential and anonymous basis.

Suppliers’ representatives are notified of this channel through the Supplier Code, which has been made

available extensively. Suppliers are not allowed to undertake practices that may impair or otherwise limit access

to the grievance procedure, and retaliatory and discriminatory practices towards anybody raising complaints,

submitting reports, or participating in an investigation are strictly forbidden.

However, no direct communication about the grievance mechanism has been provided to value chain workers

and there is currently no requirement for suppliers to establish similar grievance channels within their

workplaces. This represents an area for improvement: the more a grievance channel is made transparent and

accessible for workers at different levels within a supply chain, the stronger accountability and responsiveness

will be.

Metrics and Targets related to Workers in the value chain

Campari Group periodically reviews the outcomes of all its activities through a combination of SMETA (Sedex

Members Ethical Trade Audit) audits and direct dialogue with its suppliers. Furthermore, the Group has

developed a specific tracking tool for buyers, which that enables procurement teams to monitor and review

progress on a regular basis against pre-set targets and to report transparently and responsibly.

Campari Group aims for 95% spend-wise compliance with the Supplier Code of Conduct and eradicating

incidents of labour violations within the supply chain for Tier 1 PR suppliers by 2028, and 60% of Tier 1 NPR

suppliers. As of the end of 2024, the Group is fully aligned with its internal roadmap aimed at achieving the 2028

target for PR suppliers; however, information on the progress towards achieving the target is currently

unavailable for external disclosure.

Overall progress is monitored monthly using a comprehensive a tracking system involving buyers, along with an

engagement network that includes category managers and Procurement leadership teams. This system would

also allow procurement teams to undertake frequent review of progress against targets set and underpin

accountability with transparency in reporting. As of today, measurable outcome-oriented targets and processes

have been established for the material topics of Human Rights and Carbon (for Carbon, see Scope 3 in the

Environment chapter). Other key material topics are scheduled to be addressed in 2025, ensuring a

comprehensive approach to sustainability and corporate responsibility.

Targets were developed through an iterative consultation process, including regional teams and global

Procurement and Sustainability teams to align all the regions and functions. It resulted in a comprehensive set

of targets that incorporate both global standards and regional priorities.

All Campari Group's suppliers are required to comply with the standards established in the Supplier Code of

Conduct. This ensures that all suppliers align to ethical practices, sustainability, and social responsibility. The

percentage of spend serves as the primary metric for evaluating compliance with the Group procurement

standards. The scope of the target includes upstream and downstream activities for all geographies. Suppliers

are also categorized by waves to cover the full scope of the portfolio. The baseline year for measuring progress

is set as 2024. The baseline value is 20% of spend on both PR and NPR suppliers. Targets are set to remain in

effect through the 2028 reporting year, with annual milestones established to monitor progress and ensure

accountability.

The Corporate Sustainability Reporting Directive and the Corporate Sustainability Due Diligence Directive

('CSDDD') provided the essential frameworks through which Campari Group aligned its sustainability targets. By

integrating the principles and requirements of the above-mentioned directives within Campari Group, the Group

ensures full compliance of its sustainability goals not only with evolving EU regulations but also with best

practices in terms of corporate governance, transparency, and accountability. In addition to the targets defined

by these regulatory frameworks, external consulting and benchmarking against industry peers were a critical

step in defining these targets. This approach would enable the Group to define targets that meet not only the

requirements but also the commitment to long-term sustainable growth and responsible business practices.

In terms of internal stakeholders, the targets were set in collaboration with the regional teams, functions, and

global Procurement and Sustainability teams to make sure that all regions are aligned. This process allowed to

identify a comprehensive set of goals that harmonize global standards with regional priorities developed.


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In this process there was no direct engagement with workers in the value chain based on the Supplier Code of

Conduct and the Global Procurement Policy.

The intended outcomes of this process involving value chain workers include working conditions through the

provisions for safe and healthy work environments. Fair remuneration is a priority, along with job security, which

implies the provision of stable employment and protection against unfair dismissal. Moreover, there is a focus on

sustainable livelihoods, which relates to the promotion of responsible sourcing and practices that contribute to

the economic resilience of the workers.

The definitions and methodologies for the targets will remain consistent over time to ensure stability and

comparability in Campari Group's assessment and reporting. This approach is designed to facilitate a clear

understanding of progress and maintain the integrity of performance metrics.

Regarding the reporting period 2024, no changes were considered to the previous established targets.

ESRS S4 Consumers and end-users

Strategy, Policies and Actions related to Consumers and end-users

Campari Group recognises that excessive or irresponsible drinking of alcohol can have negative personal,

social, and health effects. As a consequence, the Group has formalized its key principles over responsible

drinking leveraging on different documents that serve as the foundation of its sustainable business practices.

The values and conduct guidelines that inspire the actions of every Camparista and the entire Group are

outlined in the Group’s primary policies and codes of conduct, as detailed below.

- Code of Ethics: the Code of Ethics describes the basic guiding principles of behavior for Campari employees,

suppliers, and contractors and all the relevant stakeholders, but also how Campari Group interacts with

consumers, including information on responsible consumption and ensuring the quality of Group products.

These involve self-regulatory codes, internal proceedings on the marketing of its products, its safety, and

quality, as well as stringent control through proper inspections. Campari Group established a monitoring and

reporting system for the effective integration and day-to-day execution of the compliance policies and their

relevant principles. The set policies and their guiding principles are subject to special audits as part of a

greater process of Compliance management. The Code of Ethics applies to Campari Group’s directors,

auditors, employees, suppliers, consultants, contractors and business partners. The Legal and Compliance

Department oversees compliance management in Campari Group at global, regional and country level. The

Legal and Compliance Department, together with HR and Group Communications, develops appropriate

training and communications initiatives to make compliance policies and principles part of daily operations.

For more information, please refer to 'ESRS G1 Business conduct' in the 'Governance information section'.

- Code on Commercial Communication: the objective of the Code on Commercial Communication is to make

sure that Campari Group's advertisements and promotional materials neither suggest nor portray misuse of

alcohol through excessive drinking or by minors and do not link alcohol with illegal, improper, or antisocial

conduct or claim health or functional benefits. It requires the presence of clear and visible Responsible

Drinking Messages ('RDMs') in all commercial communications, as well as a label warning on all alcoholic

products about the risks of drinking during pregnancy. Each Camparista is responsible for the compliance of

all commercial communications and sponsorships in the markets with local laws, industry self-regulation

standards and this Code. This encompasses all forms of brand advertising, marketing initiatives, promotional

efforts, and consumer-facing communications, regardless of the medium. It includes both owned platforms

and activations across online and offline channels, such as websites, social media, television, cinema,

packaging, labels, print media, radio, out-of-home advertising, brand press releases, sponsorships, and

more. Additionally, cocktail names and recipes fall under this scope. However, this definition does not extend

to all types of commercial or corporate communications. Specifically, it excludes, among other things,

independent editorial content, information disclosed in annual reports, and corporate public messaging

delivered via press releases or media statements. The internal Approval Code Committee, whose decisions

shall be final and binding, is composed of representatives of the Group Strategic Marketing, Group

Legal&Compliance, Global Public Affairs, Communications and Sustainability functions. It secures that the

activities of Campari Group are in compliance with the principles of fair business, marketing, and advertising,

as outlined by the Consumer Interests section in the OECD Guidelines for Multinational Enterprises on

Responsible Business Conduct. This Code on Commercial Communication is designed to guarantee that

marketing and advertising by Campari Group will not encourage, depict, or condone the abuse or misuse of

alcohol by consumers. All employees engaged in commercial communications, including marketing, trade

marketing, and sales, and all external marketing partners, including agencies, freelancers, contractors,

promoters, and ambassadors, are briefed on the Code at the outset of their engagement. They are also


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required to sign the Code and complete relevant training, where feasible. Guidelines on Influencer-

Generated Content are shared with influencers prior to collaboration. The Code is publicly available on the

Group's website and intranet and is under the responsibility and supervision of Group Strategic Marketing,

Group Legal & Compliance, Global Public Affairs, Communications and Sustainability functions.

- Policy on Responsible Consumption of Alcoholic Beverages: the Policy on Responsible Consumption of

Alcoholic Beverages serves as a framework for promoting moderation in alcohol consumption and addresses

the potential risks associated with alcohol abuse. These risks, which can impact health and safety, extend

beyond the workplace to encompass personal and social contexts. The policy is intended for all Campari

Group employees and any others acting on behalf of the Group, for the promotion of its brands and

business, agents and endorsers included. Local HR supports and oversees the implementation of the Policy,

ensuring that any violations are properly and promptly addressed. Alcohol abuse can have profound adverse

effects on health, safety, and one’s ability to function effectively in society. This policy advocates for

responsible consumption and establishes behavioral guidelines to ensure that Camparistas and Group

representatives not only consume alcoholic beverages responsibly and in moderation but also promote these

practices in their professional and social engagements. This document is available on the Group intranet and

is under the responsibility and supervision of the Global Public Affairs, Communications and Sustainability

function. Local HR is responsible for ensuring clear and effective communication of this policy to all

employees, with mandatory training on the policy scheduled for 2025 to be provided to staff.

- Global Policy Quality, Food Safety, Health, Safety, Environment: a core objective of this policy is to foster and

sustain consumer and customer trust in the Group’s brands. To accomplish this, the policy is designed to

safeguard the health and safety of the Group’s consumers by ensuring the highest standards of product

quality and safety. This is achieved through:

• adopting a risk-based approach to food safety, focusing on hazard identification, proactive prevention,

continuous monitoring, and rigorous verification processes;

• partnering with suppliers and partners with the same level of commitment;

• continually improving processes, procedures, and systems through feedback and research.

The policy covers all operational activities of the Group, from sourcing ingredients and packaging materials

to delivering finished products to the customer. This policy applies to suppliers and partners and is

implemented at all locations and divisions within the Group. It was approved and issued by the Group Head

of Supply Chain, and its implementation is also responsibility of the Head of Global Quality, R&D and

Environmental Sustainability and the Head of Global Health and Safety. Through this policy Campari Group

is committed to compliance with all applicable regulations and standards set by international food safety

certification schemes such as the GFSI (Global Food Safety Initiative) certification. The policy also ensures

protection of consumer interests in terms of quality and reliability of products and services provided, in

accordance with the OECD Guidelines for Multinational Enterprises on Responsible Business Conduct. The

Group is dedicated to adhering to industry standards and best practices by conducting benchmark analyses

to ensure the highest levels of consumer health and safety, as well as product quality. The policy is crafted to

meet or surpass the needs and expectations of the Group's key stakeholders— consumers. A primary

objective is to cultivate and sustain consumer and customer trust in Group brands. Furthermore, the policy

seeks to ensure active engagement with both internal and external stakeholders through continuous

communication, fostering a deep understanding of their needs and expectations. It is effectively

communicated to all employees, shared with suppliers, and made publicly accessible.

- Responsible Serving Guidelines: The Guidelines aim at defining and offering bartenders ten essential

recommendations for the responsible serving of alcoholic beverages. Specifically, bartenders are instructed

to:

• avoid serving liquor to any person below the legal age limit;

• remind consumers the dangers of drunk driving;

• prevent and identify visible signs of alcohol abuse;

• avoid promoting intoxicating liquors among pregnant customers;

• promote moderate and responsible alcohol consumption and avoid encouraging excessive or

irresponsible drinking.

These guidelines are targeted to all bartenders and mixologist to communicate a responsible drinking directly

to consumers, focusing on the quality of drinks and cocktails rather than the quantity being consumed, and

its responsibility lies with the Channel and Customer Marketing function ('CCM'). These are guidelines that

shall empower the bartender and mixologist with the tools to ensure responsible consumption, focusing on

the quality of drinks and cocktails rather than the quantity being consumed. They are shared with participants

in training courses at the Group's Academies, bartenders attending Group events, and participants in the

online Bartender Hero awareness course and are available on the Group's website for anyone who wants to

learn about responsible and quality service. These guidelines are in line with the prescriptions on responsible

drinking provided by spiritsEUROPE, the European representative body for producers of spirit drinks with a

membership comprising of national associations representing the sector across Europe as well as a group of

leading spirits producing companies. This information is published on the https://responsibledrinking.eu/


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website, which supports consumers in weighing the pros and cons of consuming alcoholic beverages. The

site also offers detailed insights into the composition of spirit drinks, including ingredients, nutritional values,

and more.

- Privacy Policy: the Group's privacy policies are designed to protect the personal information of customers,

employees, and stakeholders. These policies outline how the organization collects, uses, discloses, and

safeguards personal data in compliance with applicable laws and regulations. They ensure transparency by

informing individuals of their rights and detailing the security measures implemented to protect their data.

The policies also specify the purposes of processing personal information, the legal grounds, and any other

information required by the law. It also provides contact details through which natural persons can exercise

their privacy rights or raise any concerns. For example, the privacy policy of the Group's websites informs

users on how Campari Group collects, uses, shares, and processes personal data concerning its activities. It

applies to all website visitors, users, and other stakeholders worldwide. The policy outlines the significance of

personal data protection and elaborates on various rights that individuals have regarding their information,

including access, correction, and erasure. Other supporting documents are also made available for events

and contests where the Group directly captures consumer data. Additionally, there are privacy policies for job

applicants and employees when they join the Group. The function within the Group that is responsible for the

Policy and is accountable for its implementation is the Data Protection Officer. The policy is aligned with the

principles laid out in Article 12 of the Universal Declaration of Human Rights ('UDHR'), for which it protects

the consumers' right to privacy ensuring protection of personal data. The Group's policies are also designed

in a manner to adhere to the standards on fair business practices, marketing, and advertising and quality and

reliability of products and services of the OECD Guidelines for Multinational Enterprises on Responsible

Business Conduct. During the 2024 reporting period no cases of non-compliance were recorded. The policy

is made available on the corporate website, brand websites, and for participants in prize competitions and

events.

The above-mentioned policies apply to all consumers, with the exception of minors and individuals below the

legal drinking age, who are excluded from the definition of consumers regarding alcoholic beverages. They are

set in accordance with the requirements on fair business, marketing and advertising practices as well as on the

quality and reliability of the goods and services provided, as laid down with respect to Consumer Interests by the

OECD Guidelines for Multinational Enterprises on Responsible Business Conduct. Additionally, they underscore

the importance of abstaining from alcohol consumption during pregnancy and in situations requiring full attention

and coordination, such as operating heavy machinery, participating in extreme sports or engaging in other high-

risk activities. It is crucial never to imply that consuming alcohol before or while driving is acceptable. Adhering

to legal limits related to drinking and driving is essential to ensure the safety of all. Promoting these responsible

drinking practices is fundamental for Campari Group to protecting individual well-being and fostering community

safety.

In order to pursue the relevant opportunities identified, in relation to the marketing of the Group’s products, the

commercial communication of alcoholic beverages must not target, primarily appeal to, reference, or depict

minors, whether directly or implicitly. On all types of media (i.e., TV, radio, newspaper, magazine, out of home,

social media and website), Campari Group’s alcoholic brands shall only be advertised when at least 70% of the

audience is reasonably expected to be adults (i.e., above the Legal Drinking Age ('LDA'). Commercial

Communication shall not promote Campari Group’s alcoholic brands in media where more than 30% of the

audience is known or reasonably expected to be minors. A reasonable expectation shall be determined by

reliable audience composition data where available. Furthermore, with regards to social media contents, when

possible (i.e., paid social contents) all available technologies shall only be used to target users that are above

the LDA when promoting alcoholic beverages.

Concerning the processes followed for engaging with consumers and end-users, Campari Group actively

involves all key stakeholders, namely consumers and bartenders, through different channels to guarantee a

continuous dialogue and exchange of views. Regarding consumers, the engagement is made through market

research, customer satisfaction tests, focus groups, social media, events, and the Group's websites. The

themes of the engagement involving consumers mainly concern product quality and safety, transparency of

information, and responsible communication. On the other hand, bartender engagement is fostered through

various initiatives, including Campari Academy courses, competitions and events, all designed to enhance

quality and responsible service. Both consumer and bartender engagement involve several Group functions,

including Public Affairs, Communications and Sustainability, the Quality function, Global Strategic Marketing and

Marketing teams, Channel and Customer Marketing, and Sales. Feedback from these events is crucial in the

development of the Group's marketing and sales strategy, making it closer to consumer expectations. These

interactions are also important in raising awareness about responsible consumption and service, encouraging

positive behaviors and practices among both consumers and bartenders. Moreover, multiple platforms are


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available for consumers to report concerns, including online contact forms, toll-free helplines, email, and

dedicated customer service teams. The Group is not directly involved in projects for healthcare aimed at treating

the negative effects of alcohol on individuals engaged in irresponsible consumption.

During the 2024 reporting period, the Group has defined a list of useful actions to achieve its objectives and in

response to the material risk 'potential social repercussion on the company due to a lack of awareness

activities'. Below are listed the actions outlined:

- Bartender Hero: in 2022, Campari Group and the International Bartenders Association (IBA) launched

Bartender Hero, an initiative aimed at engaging bartenders in promoting responsible serving practices. The

project's main idea is to educate bartenders on the properties of alcohol and its effects and thereby provide

them with an opportunity to advise consumers about more responsible choices of alcohol consumption.

Education will enable responsible service and consumption; hence, the bartender plays an important role in

encouraging consumers to be more concerned with the quality of their drinks rather than the quantity

consumed. Inaugurated as a project pilot in 2019 in Italy, the project was born as a free online course

available on www.bartenderhero.info, targeting bartenders and people who want to learn how to serve

responsibly and offer quality service. Together with the IBA, the world's leading bartender organization,

encompassing more than 50,000 members around the globe-the project expanded to go international and

reached an even broader audience all over the world.

- Group Responsible Drinking Campaign: at the end of 2024, Campari Group launched its first Group

Responsible Drinking Campaign to educate consumers on how to enjoy alcoholic beverages responsibly,

encouraging them to take their time and savor their drinks.

- Campari Academy: the premier Group training institution for the bartending community worldwide and is

focused on educating bartenders through all stages of their career. Campari Group shares with all the

participants in the training programs and events its 10 Golden Rules for Responsible and Quality Serving.

This guide gives bartenders ten tips for serving alcohol responsibly, enabling them to pass on the message

of responsible drinking to consumers. Campari Academy supports the values of responsible and quality

drinking with its courses and activities that are addressed both to bartenders and consumers. In-person and

digital training courses on responsible drinking are also provided by the Academy, including a masterclass on

low-ABV cocktails that teaches bartenders how to calculate the alcohol content in drinks accurately. Over the

last few years, Campari Academy has grown into a global initiative, establishing a strong network of 24

physical hubs in key markets all over the world. Already operative in Italy, the United States, Spain, Brazil,

United Kingdom, Greece, China, Australia, and more. Building on the success of this local network, the

Academy has also launched a global digital platform to make its resources accessible to bartenders across

the globe. The Global Online Platform was launched in May 2022, and its content is accessible to all the

Academies. Moreover, 15 local platforms are currently available.

- E-learning on the Policy on Responsible Consumption of Alcoholic Beverages: the Group is developing an e-

learning module on this policy that will be launched in 2025 and will be compulsory for all staff.

- E-learning on the Code of Commercial Communication: a global, mandatory e-learning based on the

principles of the Code of Commercial Communication is offered to all Camparistas involved in commercial

communication, including new hires, to increase internal awareness on proper, fair, and responsible

commercial communication.

- Information to Consumers: launched in 2021, camparigroup.info was created to provide meaningful,

voluntary information to consumers online. The platform offers a huge variety of product information,

multilingual and geolocated according to the user's location. It also comprises information required by the

country of consumption, like nutrition declarations and ingredient lists in the EU for wines and aromatized

wine products, waste and recycling information in Italy and France. Alongside product-specific information,

the site offers educational materials and tips on responsible drinking and routes visitors to more sources of

information about responsible drinking based on where they are in the world.

The responsible drinking information accessible on camparigroup.info includes suggestions on when it is not

advisable to drink alcohol, such as:

• under the legal drinking age: to show that alcohol consumption by minors may lead to negative physical

and psychological effects, and to make consumers aware of the legal drinking age in their country or

state to protect the minors during their physical and emotional development;

• pregnancy and breastfeeding: warning of the risks that alcohol poses to an unborn baby and

encouraging consumers to consult their doctor about their drinking if they are concerned;

• before or while driving: advising consumers that alcohol is absorbed at different rates depending on

factors such as food, age, size, or gender, and reminding them that local limits on drinking and driving

should always be observed. Over the past few years, Campari Group has increasingly used

camparigroup.info on its labels to make information for informed choices easily accessible to

consumers. In 2024, to further increase accessibility of this digital labelling platform, Campari Group

launched a pilot project in the EU, starting to display QR codes on its products. These QR codes will


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Campari Group annual report for the year ended 31 December 2024

lead consumers to camparigroup.info, together with the legally required information about wines and

aromatized wine products. This move, in tandem with the ongoing review of product labels, represents

the next step in Campari Group's commitment to ensuring that consumers have clear, full information in

line with the increasingly expressed preference for digital sources.

In 2024, Campari Group made a further step forward in its journey towards greater transparency for

consumers by making all the Group's products available on camparigroup.info, the Group's dedicated digital

labelling platform offering relevant product information and promoting responsible consumption. In 2025, the

Group will continue to strengthen its commitment to transparency by enriching its camparigroup.info platform

with product and responsible consumption information. This effort aims to meet the growing consumer

demand for easily accessible, personalized, and tailored information.

- Local initiatives: Campari Group continues to promote a culture of quality and responsibility, through

communications projects and actions carried out independently or in collaboration with the main trade

associations. These initiatives are aimed at educating consumers on the responsible consumption of

alcoholic beverages. In this regard, Campari Group strongly condemns any form of abuse or misuse of

alcoholic beverages, including excessive consumption, underage drinking, drinking during pregnancy and

driving under the influence of alcoholic beverages without respecting the legal limits in force. Alcoholic

beverages shall be consumed in moderation and in a social and convivial setting by adults of legal drinking

age, always celebrating life in a positive way. The Group is currently a member of 62 trade associations,

consortia and social aspect organizations in 25 countries, with its managers playing a key role in most of

them. Through the collaboration of Campari Group with important trade associations and leaders within the

industry, responsible messaging is actively promoted and diffused, as well as the encouragement of

moderation in alcoholic beverage consumption. Also in 2024, initiatives and projects relating to the

responsible consumption of alcoholic products and sustainability were carried out in the various markets in

which the Group operates. Below some examples are provided: these initiatives collectively aim to promote

responsible drinking habits and prevent harmful alcohol consumption through education, awareness

campaigns, and collaborations with local organizations.

a) In Belgium, Campari Group participates in the 'You do You' campaign run by the Vinum et Spirit trade

association and aimed at sensitizing young people about the risks of excessive drinking. The campaign

targets youth movements, schools, and universities, encouraging young people to respect their own limits

and to avoid social pressure to consume alcohol.

b) In Canada, Campari Group collaborates with MetroLinx for a drinking and driving awareness campaign,

promoting responsible celebrations and offering free train rides during New Year's Eve to prevent impaired

driving.

c) In Jamaica, Campari Group plays a role in minimizing alcohol-related harm in Jamaica through education,

awareness, and sensitization initiatives. The ‘Party Proppa: Drink Responsibly Campaign’ continued in 2024

to educate consumers and emphasize the importance of drinking responsibly by engaging with various

stakeholders in the spirits industry and influencers to produce a unified campaign. The Group also promoted

responsible serving activities aimed at bartenders partnering with the Jamaica Union of Bartenders and

Mixologist ('JUBAM').

d) In Spain, Campari Group supports the FEBE industry association’s initiatives aimed at preventing alcohol

consumption in risk groups such as minors, drivers and pregnant women. These initiatives include 'Minors:

not a single drop', 'Night people', 'Pregnant women', and 'Alcohol and Society Foundation'. The association

also promotes moderate and responsible consumption among adults through information campaigns and the

'You Serve, You Decide' program, which has reached over 12,000 hospitality workers, students, and

entrepreneurs since 2004.

e) In the United States, the Group funds the Foundation for Advancing Alcohol Responsibility

(Responsibility.org), a dedicated non-profit in the United States focusing on alcohol education with the

mission to end impaired driving, eliminate underage drinking, and promote responsible consumption among

adults, and supports various responsible drinking initiatives, including educational programs like 'We Don’t

Serve Teens', 'Ask Listen Learn', and 'Alcohol 101'. Additionally, Cabo Wabo Tequila promotes responsible

drinking during NASCAR race weekends by offering complimentary water, mocktails, and Uber vouchers to

encourage safe celebrations.

The Group is not directly involved in projects for healthcare aimed at treating the negative effects of alcohol on

individuals engaged in irresponsible consumption.

One of the primary objectives of the Group is to build and maintain brand trust among consumers and

customers. To achieve this, Campari Group has implemented a series of proactive and preventative programs

designed to mitigate risks across the entire operational process, from the supply of ingredients and packaging

materials to the delivery of finished products to consumers:

- Standard Quality Control Requirements for inspections during incoming, in-process, warehousing, and

transportation;


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Campari Group annual report for the year ended 31 December 2024

- Robust External and Internal Audit Programs to ensure compliance and quality;

- Supplier Quality Assurance Program, designed to ensure that the Group consistently purchases approved

materials from approved suppliers, and acquire services from approved third-party manufactures, which

meet agreed specifications and Group requirements;

- Global Traceability program which continued in 2024 with the deployment in EMEA (France) and in the

Americas Regions (the United States) and the design of the plan for further deployment in both Regions

starting from 2025.

- Revamped artwork management process and IT platform to ensure regulatory compliance.

- Enhanced Good Manufacturing Practice Program focused on compliance and elevating the food safety

culture across manufacturing sites.

- Investment in technology and automation for in-process control, advanced laboratory equipment, data

collection and management. In 2024 a new system for the management of consumer and customer

complaints was launched, and additional analytical capabilities were made available for the central laboratory

and site laboratories in the Americas region, four additional automatic systems for in-process control of

empty bottles were installed across multiple bottling lines in the Americas and EMEA regions, covering a

significant percentage of the company’s plan, and an auditing and inspection platform was implemented.

- Global Food Safety Initiative ('GFSI'): a certification program that started with company-owned manufacturing

sites and was extended to Campari Group’s third-party manufacturing sites.

These programs extend throughout the entire value chain, from ingredient sourcing to final distribution, covering

all geographies where the company operates. Stakeholders involved include suppliers, third-party

manufacturers, employees, regulatory bodies, customers, and end-consumers. Current actions are being

implemented within a one- to three-year timeframe, while long-term initiatives are aligned with the company’s

three- to five-year strategic roadmap. Financial resources, including a total investment of €5.7 million in Food

Safety and Quality, have been allocated to support 2024 initiatives. Future budgets are aligned to ensure

continued progress and sustainability.

The local and Global Quality teams continuously monitor each quality metric. In addition, Global and regional

training programs on Food Safety & Quality ('FS&Q'), Supplier Quality Assurance ('SQA'), Continuous

Improvement ('CI'), and Food Safety Culture are consistently promoted by Campari Group. These initiatives are

fundamental in ensuring the highest quality and safety standards across all operations. By emphasizing the

importance of these programs, Campari Group strives to maintain and enhance the integrity of its products,

ensuring that every step from production to the final consumer is meticulously managed. This commitment to

education and continuous improvement underscores their dedication to excellence in every aspect of their

business. Together with training, across our sites World Quality Day has been celebrated in all of the Group’s

Regions in 2024, with events and activities that showcase the power of collaboration. World Quality Day is a day

dedicated to the commitment and passion that drive excellence in everything we do. This occasion highlights the

vital role quality plays in our fast-changing world and celebrates the dedication and teamwork that elevate our

standards every day.

Impact, risk and opportunity related to Consumers and end-users

The result of the processes to identify and assess material impacts, risks and opportunities in consumer and

end-users for the reporting period 2024 was summarised below.


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Relevant sub-sub-topic	Impacts	Risks	Opportunities
Access to (quality) information	Failure to communicate all the necessary information related to the Campari Group's product including nutritional values (negative)	-	-
Privacy	Safeguard of data for all stakeholders (consumers) (negative)	-	-
Responsible marketing practices	Ability to promote a marketing communication always able to maintain a high level of corporate integrity, business ethics, and social responsibility which leads to increased consumer trust and loyalty, improved brand reputation, increased customer satisfaction and active consumer involvement (positive)	Potential social repercussion on the company due to a lack of awareness activities	•
Responsible marketing practices	Promotion of a culture of quality and responsibility through communications projects and actions carried out (i.e., specific educational training courses) towards internal workers and external stakeholder (i.e., consumers) aimed at educating consumers on the responsible consumption of alcoholic beverages and on the importance of quality vs quantity (positive)	Inability to interpret consumer preferences and to continually adapt strategies accordingly	•

For detailed disclosures regarding the management of the above IROs, please refer to the comprehensive

explanation in the 'Strategy, Policies and Actions related to Consumers and end-users' section.

Campari Group’s Consumers include everyone who is above the legal drinking age. 'Minors' are those young

people who are not of Legal Drinking Age ('LDA') in each country. The LDA is the minimum age to drink alcoholic

beverages in the relevant local jurisdiction. Should no local LDA exist, 18 years of age should be used.

The Group adopts robust processes to address negative impacts and ensure effective communication channels

for raising concerns. These processes include a defined framework for remedial actions, which ensures prompt

investigation and resolution of reported issues and feedback to consumers. The company promotes awareness

of its feedback channels through the Campari Group website, brand websites and product packaging in certain

markets. Consumer awareness, accessibility and effectiveness are monitored through the number and

frequency of consumer interactions and contacts received via these channels. All concerns raised, related to

product food safety and quality, are documented in a centralised system. These concerns are monitored, and

analysed to identify trends, address concerns and implement improvements where necessary. The nature of the

issue, status of the actions taken and consumer interactions are tracked through the system. Key metrics, such

as resolution time, the number of valid feedback per brand and type of product, and repeatability of cases, are

monitored regularly to ensure the effectiveness of the available channels.

As regards data privacy related to consumers, if Campari Group fails to ensure data security, thereby increasing

the risk of cyber-attacks and data leaks, this could have serious negative impacts on consumers, compromising

their right to privacy. Potential negative impacts could be: loss of trust (if customers' personal data is

compromised, trust in the brand can dramatically decrease), identity theft and financial fraud (sensitive data,

such as payment information and personal identifiers, can be used for identity theft or financial fraud, causing

significant damage to customers) and damage to personal reputation (leaked personal data could include

sensitive information that, if made public, could damage consumers' personal reputations). Good management

of consumer data has the potential to instil confidence and ensure compliance with laws on data privacy. The

Group is committed to the responsible handling of consumer data, including collecting personal information for

legitimate business purposes, ensuring accuracy and sharing transparency with the consumer on how their

personal information is collected and used. Strong security measures are put in place to protect consumer data

against unauthorized access, breaches, and other forms of cyber threats. Moreover, regular reviews are

undertaken to ensure that data protection laws are complied with on an ongoing basis and to identify the areas

for further improvement. In this way the Group protects consumers' data, upholds the rights to privacy, and

fosters trust and accountability.

With regards to the main risks identified, a lack of awareness activities on responsible drinking can have several

potential social repercussions for the Group. These include reputation damage, as companies may be perceived

as neglectful or irresponsible, leading to a tarnished public image. Legal and financial risks are also a concern,

particularly related to workplace accidents or alcohol-related misconduct, which can result in costly lawsuits and

settlements. Additionally, there is a negative community impact, as a lack of responsible drinking initiatives can

contribute to broader social issues such as increased alcohol-related accidents and health problems. Finally,


Sustainability statement	182

Campari Group annual report for the year ended 31 December 2024

there is a negative impact on customer relations, as customers may prefer to support businesses that are more

proactive in promoting responsible drinking.

Failing to understand and adapt to consumer preferences can lead to decreased customer satisfaction, negative

reviews, and damage to the Group brand's reputation. Competitors who better cater to consumer needs can

capture more market share, resulting in reduced revenue for the less adaptable company. Inefficient use of

resources and increased operational costs can arise from trying to catch up with market trends without a clear

understanding. Over time, a brand that doesn't evolve with consumer preferences can become irrelevant, losing

its appeal and connection with its audience. Additionally, employee morale and productivity can suffer if they feel

their efforts are not leading to success. Adapting to consumer preferences is crucial for the Group's long-term

success.

During the year, no severe human rights issues and incidents connected to its consumers and/or end users

were reported.

Metrics and Targets related to Consumers and end-users

Campari Group, through periodic reporting and dedicated meetings that primary involve Marketing, Legal,

Quality, Public Affairs, Corporate Communications and Sustainability functions, assesses progress and defines

action to address continuous improvements programs for the metrics selected.

Moreover, to managing negative impact, risk and opportunities, and in line with its policies and commitments,

Campari Group has specific targets in relation to its consumers and end users with the support of its internal

stakeholder involvement functions of Marketing, Public Affairs, Corporate Communication and Sustainability, in

absolute terms on annual base to be achieved by the end of 2025. They are described as follows:

- continuous training for the global marketing community on the principles of responsible marketing, with

yearly targets;

- ensure that Responsible Drinking Messages ('RDMs') are included in 100% of marketing and

communications for alcoholic products;

- educational sessions on the responsible consumption of alcoholic beverages for 100% Camparistas by 2026;

- continue to ensure that product information is available to consumers for all the Group’s products on

camparigroup.info;

- launch the first corporate responsible drinking campaign by end of 2024.

Each of the above targets have a direct correlation with Campari’s Group policies, such as the Code on

Commercial Communication, the Policy on Responsible Consumption of Alcoholic Beverages and the QHSE

Policy, etc. Targets and metrics on responsible marketing are monitored by local legal teams. The presence of

RDMs in all marketing communication is also verified annually at global level through internal monitoring

system. As prescribed by the Code on Commercial communication, although final responsibility for compliance

rests with the Marketing function, all new campaigns, product launches, brand manuals, and Above-the-Line

('ATL') materials must be submitted to Legal for an additional level of review. The Legal and Compliance and HR

functions verify that all recipients have completed all mandatory training.

With regard to the information available to consumers about the products, the responsibility for ensuring its

availability on camparigroup.info rests with the Public Affairs, Corporate Communications, and Sustainability

function, which is tasked with monitoring and ensuring that relevant information is provided for all Group

products.

Campari Group establishes measurable key metrics and monitors its performance to ensure continuous

improvement in Food Safety and Quality.

Metrics such as complaints per million bottles produced (CPM), % of bottles produced in GFSI (Global Food

Safety Initiative) certified sites and product recall frequency are used to evaluate the success of Food Safety

and Quality systems and programs. For more information on these metrics refer to the 'Other ESG information

section'.


Sustainability statement	183

Campari Group annual report for the year ended 31 December 2024

Reconciliation table related to Social information

Reconciliation table related to Own workforce


Standard ESRS	Sustainability statement paragraph	Notes
Strategy
ESRS 2 SBM-2-Interests and views of stakeholders [DR: 12]	Strategy related to Own workforce	For more information related to ESRS S1 SBM-2 par. 12 please refer to the section 'Engagement with stakeholders'
ESRS 2 SBM-3-Material impacts, risks and opportunities and their interaction with strategy and business model [DR: 13-16]	Strategy related to Own workforce Material impacts, risks and opportunities and their interaction with strategy and business model Policies and Actions related to Own Workforce Deep dive on human rights	ESRS SMB-3 par. 14e, 14g.i-ii are not applicable
Impact, risk and opportunity management
S1-1-Policies related to own workforce [DR: 17-24]	Strategy related to Own workforce Polices and Actions related to Own workforce	ESRS MDR-P, par.62 is not applicable ESRS S1-1 AR10, AR14, AR17 voluntary information are not disclosed for this first year of application
S1-2-Processes for engaging with own workforce and workers’ representatives about impacts [DR: 25-29]	Processes for engaging with own workforce and workers’ representatives about impacts Polices and Actions related to Own workforce	ESRS S1-2 AR25, AR26 voluntary information is not disclosed for this first year of application ESRS S1-2, par. 29 is not applicable
S1-3-Processes to remediate negative impacts and channels for own workforce to raise concerns [DR: 30-34]	Polices and Actions related to Own workforce Processes to remediate negative impacts and channels for own workforce to raise concerns	ESRS S1-3, par. 34 is not applicable ESRS S1-3, AR29, AR30, AR34 voluntary information is not disclosed for the first year of application
S1-4-Taking action on material impacts on own workforce, and approaches to managing material risks and pursuing material opportunities related to own workforce, and effectiveness of those actions [DR: 35-43	Impact, risk and opportunity related to Own workforce	ESRS 2 MDR-A par.62 is not applicable ESRS 2 MDR-A AR23, ESRS S1-4, AR33, AR35, AR36, AR40, AR41, AR48 voluntary information is not disclosed for this first year of application
Metrics and targets
S1-5-Targets related to managing material negative impacts, advancing positive impacts, and managing material risks and opportunities [DR: 44-47]	Interests and views of stakeholders	ESRS S1-5, AR49 voluntary information is not disclosed for this first year of application ESRS 2 MDR-T, par. 80 i is not applicable as targets have not changed
S1-6-Characteristics of the undertaking's employees	Material impacts, risks and opportunities and their interaction with strategy and business model (Non- employees in Own Workforce)	ESRS S1-6, par. 51-52 voluntary information is not disclosed for this first year of application
S1-7-Characteristics of non-employees in the undertaking's own workforce	Metrics and Targets related to Own workforce	ESRS S1-7 55.c and 57 are not applicable ESRS S1-7, par. 56 and AR61 voluntary information is not disclosed for this first year of application
S1-8-Collective bargaining coverage and social dialogue	Metrics and Targets related to Own workforce	ESRS S1-8, par. 60.a and 63.a are reported only with reference to the European Economic Area (EEA) region for the first year of application ESRS S1-8, par. 60 c is not applicable ESRS S1-8, par. 61 and 62 voluntary information is not disclosed for this first year of application
S1-9-Diversity metrics	Metrics and Targets related to Own workforce
S1-10-Adequate wages	Not applicable	Information related to Disclosure Requirement 'S1-10: Adequate wages' do not result material for Campari Group. For this reason they are considered non-applicable.
S1-11-Social protection	Metrics and Targets related to Own workforce	ESRS S1-11, par. 74, 75 and 76 are not applicable
S1-12-Persons with disabilities	Not applicable	Information related to Disclosure Requirement 'S1-12 – Persons with disabilities' do not result material for Campari Group. For this reason they are considered non-applicable.
S1-13-Training and skills development	Metrics and Targets related to Own workforce	ESRS S1-13, par. 83, 84 and 85 are not applicable
S1-14-Health and safety metrics	Metrics and Targets related to Own workforce	ESRS S1-14, DP 89, 90, AR81, AR94 voluntary information is not disclosed for this first year of application
S1-15-Work-life balance metrics	Not applicable	Information related to Disclosure Requirement 'S1-15 – Work-life balance metrics' do not result material for Campari Group. For this reason they are considered non-applicable.
S1-16-Remuneration metrics	Metrics and Targets related to Own workforce	ESRS S1-16, par. 98 and 99 voluntary information is not disclosed for this first year of application
S1-17-Incidents, complaints and severe human rights impacts	Metrics and Targets related to Own workforce	ESRS S1-16, par. 103.c and 104.b are not applicable ESRS S1-16, AR103 and AR106 voluntary information is not disclosed for this first year of application


Sustainability statement	184

Campari Group annual report for the year ended 31 December 2024

Reconciliation table related to Workers in the value chain


Standard ESRS	Sustainability statement paragraph	Notes
Strategy
ESRS 2 SBM-2-Interests and views of stakeholders [DR: 9]	Strategy, Policies and Actions related to Workers in the value chain	For more information related to ESRS S2 SBM-2 par. 9 please refer to the section 'Engagement with stakeholders'
ESRS 2 SBM-3-Material impacts, risks and opportunities and their interaction with strategy and business model [DR: 10-13]	Strategy, Policies and Actions related to Workers in the value chain	-
Impact, risk and opportunity management
S2-1-Policies related to value chain workers [DR: 14-19]	Strategy, Policies and Actions related to Workers in the value chain	ESRS 2 MDR-P, par.62 is not applicable ESRS S2-1, AR 16 is a voluntary information and is not disclosed for the first year of application
S2-2-Process for engaging with value chain workers about impacts [DR: 20-24]	Impacts, risks and opportunities related to Workers in the value chain Strategy, Policies and Actions related to Workers in the value chain	ESRS S2-2, par. 24 is a voluntary information and is not disclosed for the first year of application ESRS S2-2, par. 22.a-22.b-22.c-22.d-22.e is not applicable to Campari Group
S2-3-Processes to remediate negative impacts and channels for value chain workers to raise concerns [DR: 25-29]	Impacts, risks and opportunities related to Workers in the value chain Strategy, Policies and Actions related to Workers in the value chain	ESRS S2-3, par. 29, AR 23, AR 24, AR 25 are voluntary information and are not disclosed for the first year of application
S2-4-Taking action on material impacts on value chain workers, and approaches to managing material risks and pursuing material opportunities related to value chain workers, and effectiveness of those actions [DR: 30-38]	Strategy, Policies and Actions related to Workers in the value chain	ESRS 2 MDR-A, par 68e is subject to phased-in application ESRS 2 MDR-A 69.b and c, are not disclosed since the retrieval of the required information is impractical ESRS 2 MDR-A AR23, ESRS S2-4, AR 30, AR31, AR 36.a-b, AR37, voluntary information are not disclosed for this first year of application. ESRS 2 MDR-A par.62, S2-4, par: 32.c, 32.d and AR 33-34-35 are not applicable ESRS S2-4, par 34.a, AR 40-41-43 not are applicable since any material risk or opportunity has been identified during Double Materiality Assessment process
Metrics and targets
S2-5-Targets related to managing material negative impacts, advancing positive impacts, and managing material risks and opportunities [DR: 39-42]	Impacts, risks and opportunities related to Workers in the value chain	ESRS 2 MDR-T par. 80.g is not applicable to Campari Group. ESRS 2 MDR-T, par 81.a voluntary information is not disclosed for this first year of application Not applicable on Human Rights


Sustainability statement	185

Campari Group annual report for the year ended 31 December 2024

Reconciliation table related to Consumers and end-users


Standard ESRS	Sustainability statement paragraph	Notes
Strategy
ESRS 2 SBM-2-Interests and views of stakeholders [DP: 8]	Strategy, Policies and Actions related to Consumers and end-users	For more information related to ESRS S4 SBM-2 par. 8 please refer to the section 'Engagement with stakeholders' Cross ref with ESRS 2: SBM-2 DP 45.a, 45.b, 45.c, 45.d, AR 16
ESRS 2 SBM-3-Material impacts, risks and opportunities and their interaction with strategy and business model [DP: 9-12]	Strategy, Policies and Actions related to Consumers and end-users Impact, risk and opportunity related to Consumers and end-users	ESRS 2 SBM-3 par 48.e is not applicable since Campari Group applied the phased-in provision ESRS 2 SBM-3 par 48. g is not applicable since this is the first year Campari Group is applying the CSRD ESRS 2 SBM-3 48.h is not applicable since Campari Group has not identified any entity specific disclosure For more information related to ESRS S4 SBM-3 par. 10.b please refer to the section 'Impact, risk and opportunity related to Consumers and end- users' For more information related to ESRS S4 SBM-3 par. 10.d please refer to the section 'Impact, risk and opportunity related to Consumers and end- users' For more information related to ESRS S4 SBM-3 par. 12 please refer to the section 'Impact, risk and opportunity related to Consumers and end-users'
Impact, risk and opportunity management
S4-1-Policies related to consumers and end-users [DP: 13-17]	Impact, risk and opportunity related to Consumers and end-users	ESRS 2 MDR-P, par.62 is not applicable ESRS S4-1 par 16.a, 16.b, 16.c AR 9-10 Cross ref with ESRS S4-1 par 17 AR 11
S4-2-Processes for engaging with consumers and end- users about impacts [DP: 18-22]	Impact, risk and opportunity related to Consumers and end-users	-
S4-3-Processes to remediate negative impacts and channels for consumers and end-users to raise concerns [DP: 23-27]	Impact, risk and opportunity related to Consumers and end-users Strategy, Policies and Actions related to Consumers and end-users	-
S4-4-Taking action on material impacts on consumers and end- users, and approaches to managing material risks and pursuing material opportunities related to consumers and end-users, and effectiveness of those actions [DP: 28-37	Strategy, Policies and Actions related to Consumers and end-users Impact, risk and opportunity related to Consumers and end-users	ESRS 2 MDR-P, par. 62, MDR-A par.62 are not applicable For more information related to ESRS S4-4 par. 33.a please refer to the section 'Strategy, Policies and Actions related to Consumers and end-users' For more information related to ESRS S4-4 par. 34 please refer to the section 'Metrics and Targets related to Consumers and end-users' For more information related to ESRS S4-4 par. 37 please refer to the section 'Metrics and Targets related to Consumers and end-users'
Metrics and targets
S4-5-Targets related to managing material negative impacts, advancing positive impacts, and managing material risks and opportunities [DP: 38-41]	Metrics and Targets related to Consumers and end- users	ESRS 2 MDR-A, par. 69.b and c, are not disclosed since the retrieval of the required information is impractical ESRS MDR-T, par. 80.f, 80.g are not applicable to Campari Group ESRS 2 MDR-T, par 81.a voluntary information is not disclosed for this first year of application ESRS 2 MDR-T, par. 80 i is not applicable as targets have not changed


Sustainability statement	186

Campari Group annual report for the year ended 31 December 2024

Governance information

ESRS G1 Business conduct

Davide Campari-Milano N.V. (the ‘Company’ and, together with its subsidiaries, the ‘Group’) is a public limited

liability company, incorporated under the laws of the Netherlands. The Company's shares are listed on the

Euronext Milan organized and managed by Borsa Italiana S.p.A. (the ‘Italian Stock Exchange’).

As regards its corporate governance, the Company complies with the Dutch Corporate Governance Code (the

‘DCGC’) which contains principles and best practice provisions that regulate relations amongst the Board of

Directors, the stakeholders and the general meeting of shareholders ('General Meeting') for listed companies.

Such principles may be regarded as reflecting the general views on good corporate governance and create a

set of standards governing the conduct of the listed companies’ corporate bodies.

Governance and Policies related to Business conduct

Campari Group's governance framework is intricately connected to its strategy and business conduct. The

Board of Directors is responsible for defining the vision, mission, and core values while overseeing ethical

guidelines, codes of conduct, supplier relationships, and lobbying policies. Internal committees, such as the

CRSC and the Remuneration and Appointment Committee, focus on specific governance areas, ensuring

adherence to processes and monitoring corporate culture and supplier relationships.

The executive management team, led by the CEO, implements the Campari Group’s strategy and policies,

fostering a corporate culture aligned with the Group’s values and maintaining stakeholder relationships. Policies

covering ethical conduct, anti-corruption, conflict of interest, supplier management, lobbying activities, and

whistleblowing provide a clear framework for decision-making and behavior, ensuring alignment with

organizational values and standards.

Internal controls and audit mechanisms ensure compliance with ethical guidelines and monitor supplier

relationships, providing recommendations for continuous improvement through regular controls. Reporting and

accountability principles ensure that the company's performance in business conduct is regularly reported to the

Board and internal committees, keeping stakeholders informed about the company's performance and actions

taken.

The management and supervisory bodies are essential for effective governance and strategic oversight. The

Board of Directors is responsible for the integration of sustainability into the business strategy, also leveraging

the double materiality assessment’s results, and focuses on long-term value creation, ensuring the credibility of

sustainability reporting. They address risks and opportunities, aligning decisions with company objectives,

stakeholder interests, and regulatory requirements. The Control, Risks and Sustainability Committee provides

independent oversight, evaluating the Group's sustainability strategy and reviewing reports on quality, health,

safety, and environmental aspects of production facilities. Both bodies work together to balance economic

performance, environmental stewardship, and social responsibility, committed to ethical governance and

sustainable development.

By integrating these elements within the governance structure, Campari Group ensures its strategy, approach,

processes, procedures, and performance are aligned with its commitment to ethical business conduct and a

strong corporate culture.

For more information about the undertaking's strategy, processes and procedures refer to the ‘The role of the

management and supervisory bodies’ paragraph in the ‘The Sustainability Governance model’ chapter.

Specifically, for what concern the Governance of Campari Group namely the role of the administrative,

supervisory and management bodies, please refer to the 'The role of the management and supervisory bodies'

of the 'The Sustainability Governance model' section.

In Italy, pursuant to Legislative Decree 231 of 2001, the 231 Model, which governs specific control systems, is

aimed at preventing the crimes covered by the aforementioned decree and in particular those against the public

administration, corporate and financial crimes and crimes committed in violation of workplace health and safety

regulations. The Group has appointed a single supervisory body to verify the effectiveness of the Model and to

update it. The main tools for mitigating corruption risk are the Code of Ethics, the Anti-Bribery and Anti-

Corruption Policy and ongoing training of Camparistas on the Group’s policies. Additionally, the Whistleblowing

Policy is designed to promote and reinforce these standards and the Campari values more generally, by

establishing the rules to be applied within the Group in case of reporting of Violations which, by way of example,

may be related to:

- the Code of Ethics;

- the 231 Model;

- regulations, guidelines and internal procedures adopted by the Group; and


Sustainability statement	187

Campari Group annual report for the year ended 31 December 2024

- criminal and civil laws applicable to the Group.

The Whistleblowing Committee consists of the Group Chief Executive Officer, the Group Chief Financial Officer,

the Group General Counsel, the Group Internal Audit Senior Director (‘Director’) and the Head of Group Human

Resources. The members of the Whistleblowing Committee will simultaneously receive the reports sent through

the Campari Safe Line. Upon receiving a report, the Director prepares a summary ('Summary') to be sent to the

Whistleblowing Committee and to the Chairman. The Whistleblowing Committee (from now on also:

‘Investigator’), based on the Summary and any other further element provided by the Director performs a

preliminary verification involving any other necessary function, person or external consultant.

After this initial verification, the Investigator may decide:

- to close cases not sufficiently supported by evidence, manifestly unfounded or related to conducts or facts

which are non-relevant in relation to this Policy; or

- open the investigation stage.

The Investigator also considers who else needs to be informed and determines how to manage the information

in terms of internal/external disclosure. The Director operates as secretary of the Investigator and is responsible

for the completeness, integrity and archive of the case file. Investigation is performed on behalf of the

Investigator by the Director in line with the guidelines set forth in Annex 3 (Investigation Guideline) of the

Whistleblowing Policy. All employees are under the obligation to cooperate by providing all requested

information and documents. The Director keeps the Investigator informed, if necessary, throughout the entire

investigation phase. When the investigation stage is complete, the Director informs the Investigator who

provides the final evaluation on the case or whether it requires additional investigation to the Director. The

Supervisory Board is informed if necessary.

Camparistas can address concerns to the line manager, to another trusted manager, to the HR Department, to

the Legal&Compliance Department, or can use the Campari Safe Line under the Whistleblowing Policy. The

Campari Safe Line ensures that the notification is treated with confidentiality in accordance with the

Whistleblowing Policy and, if so requested, reporters may remain anonymous.

The Policy is available on the Campari Group Intranet and on Campari Group’s official corporate website

(www.camparigroup.com/en/page/group/governance) and is accessible to all stakeholders as well as internal

employees.

The Legal & Compliance Department, in cooperation with HR and Communications, is responsible for ensuring

proper integration of compliance policies and principles in the business and general day-to-day operations

through adequate training and communication initiatives. Each Camparista should actively participate in relevant

training sessions (in person or e-learning), as well as paying attention to communications relating to these

matters. As stated in the Campari Group's Code of Ethics, in fact, all Camparistas and new joiners, in fact,

including the members of the management bodies, must undertake the general e-learning training on the Global

Anti-Bribery and Anti-Corruption Policy. Certain functions or groups will be required to attend additional specific

training.

The Code of Ethics, most recently updated and approved on 27 October 2020, reaffirms the principles of

fairness, loyalty and professional integrity that form the basis of the work and behavior of all individuals within

the Group. These principles apply to both internal relations and relationships with third parties. To enhance

awareness and ensure adherence, the Code of Ethics is accessible to external stakeholders via the Campari

Group website. Additionally, an e-learning training course has been made available to all Camparistas, while in-

person training sessions have been conducted specifically for production operators.

To ensure compliance with the Code of Ethics and its correct interpretation pursuant to Legislative Decree

231/2001, a Supervisory Body was established, appointed by the Board of Directors, with autonomous

operational and control powers. Any violations or conduct not consistent with the Code may be reported

anonymously to the Supervisory Body through ‘Campari Safe Line’, the whistleblowing channel available to

Camparistas and external stakeholders (for more information please refer to 'Strategy, Policies and Actions

related to the Workers in the value chain' in the 'ESRS S2 Workers in the value chain' section).

Functions most susceptible to risks include interactions with government or public officials and commercial

partners. Many of these functions expose the company to a higher risk level due to high levels of regulation,

potential corrupt practices, and the strict legal and ethical requirements to which the entities are subjected. For

example, transactions with public officials represent high risks in terms of anti-bribery and corruption, whereas

commercial partners involve various contract-related risks, supply chain exposure, and financial reporting

implications. The Group needs to ensure that these areas are covered with an appropriate control and

compliance setup to avoid any form of pitfalls and ensure compliance with existing laws and regulations.

The Code of Ethics sets out the key principles of conduct for Camparistas, suppliers, contractors and other

stakeholders, providing a pragmatic guide on what Campari Group expects from its own employees and third

parties when dealing internally or conducting business with the Group, globally. Compliance goes beyond simply

adhering to local laws; it emphasizes ethical, responsible, and integrity-driven actions towards customers,


Sustainability statement	188

Campari Group annual report for the year ended 31 December 2024

partners, stakeholders, the environment, the community, and, ultimately, among each other. Through the Code

of Ethics Campari Group commits to support the United Nations Universal Declaration of Human Rights and the

International Labour Organization’s Declaration on Fundamental Commitments and Rights at Work, ensuring

compliance with human rights legislation in all countries where the Group operates. The Legal and Compliance

Department oversees the compliance management, providing counsel and offering support across the

organization at Global, Regional and Country level.

The principles outlined in the Code of Ethics are further reinforced in the Campari Group’s Supplier Code. In

addition, Campari Group has developed and adopted the Stakeholder Dialogue Policy in accordance with best

practice provision 1.1.5 of the Dutch Corporate Governance Code, which was approved by the Board of

Directors on 14 December 2023. The Company recognises that stakeholder engagement is essential to its

business and that it contributes to the creation of sustainable, long-term value. To ensure that the interests of

the relevant stakeholders are considered when determining the sustainability aspects of Campari Group

strategy, the Company is committed to facilitating an ongoing dialogue with its relevant stakeholders. This

dialogue can take various forms, depending on the topic and on the type of stakeholder involved. In addition to

this Stakeholder Dialogue Policy, the Company has established a policy on bilateral contacts with shareholders,

in accordance with the Dutch Corporate Governance Code, to facilitate an open and constructive dialogue with

shareholders. As a result, the interests and view of stakeholders have been considered in the definition of the

Group's policies.

The Supplier Code summarizes the principles and founding values that underlie every business relationship. By

signing this document, each supplier confirms that its operations comply with the ethical requirements of

Campari Group, helping to establish transparent, lasting and profitable relationships. In addition, the Global

Procurement Policy provides the general principles and procedures to be followed in the procurement process.

For more information on the Supplier Code and the Global Procurement Policy, refer respectively to the 'Policies

and Actions related to Own workforce' chapter in the 'ESRS S2 Workers in the value chain' section and to the

'Campari Group’s Value Chain' paragraph in the 'General information' section.

Impact, risk and opportunity, Metrics and Targets related to Business conduct

The result of the processes to identify and assess material impacts, risks and opportunities related to business

conduct for the reporting period 2024 was summarized below. In the explanation are also included metrics and

targets for the related topics.


Relevant sub topic/sub-sub- topic	Impacts	Risks	Opportunities
Corruption and bribery/Incidents	Fines and reputational damage deriving from unethical business practices, including fraud and corruption (negative)	-	-
Management of relationships with suppliers including payment practices	Fostering responsible sourcing practices by engaging directly with suppliers (positive)	Disruptions in transport	-
		Disruptions in transport	-

- Management of relationships with suppliers including payment practices

Campari Group has implemented a payment-monitoring system based on clear and measurable criteria,

providing comprehensive oversight of payment performance, with particular attention to the impact on suppliers,

including SMEs. The average time taken by the Group to settle an invoice, calculated as the difference between

the Document Date (invoice date) and the Clearing Date (payment date), was determined using a weighted

average based on invoice values converted into euros. The analysis covered all entities managed through the

SAP system and considered all invoices paid in 2024, regardless of their issue date. The average payment time

for Campari Group is 56 days. The Group has established specific terms for standard payment timelines during

contractual negotiations, ranging from 30 to 60 days. However, in some countries, there are no particular

restrictions, and a payment term of 90 days would be considered legal if mutually agreed upon. Furthermore,

the Group has not currently had the need to define payment terms for the main categories of suppliers.

Furthermore, during the reporting period, there were no instances of legal proceedings or pending litigation

related to payment delays.

While the production of the Campari Group's portfolio is primarily managed directly by Group operations, the

transportation to customers, including key customers in specific geographies, depends on third-party services.

Relying on third parties for these activities entails risks, such as increased costs, termination of agreements, and

delays or disruptions in service. Any disruption or termination due also to geopolitical picture and natural

disasters, could have a negative effect on the Group’s business operations and financial condition on current

arrangements with these third parties, without suitable alternative arrangements in place. However, during the


Sustainability statement	189

Campari Group annual report for the year ended 31 December 2024

reporting period, there were no instances of legal proceedings or pending litigation related to transportation

services.

- Corruption and bribery prevention and detection

Specifically, regarding anti-corruption and bribery, anti-trust, data privacy and conflicts of interest, the Group has

established a multi-year process to strengthen its compliance management system with the target not to have

cases. In this context, to further enhance awareness, new global policies dedicated to anti-corruption and anti-

bribery, as well as antitrust were published in 2023 and are available on the Group’s Corporate website

(www.camparigroup.com/en/page/group/governance).

The key actions taken in the 2024 reporting year aimed at preventing any risk of corruption and bribery are

described below.

- The Company has implemented the above-mentioned Code of Ethics and the Supplier Code for the

mitigation of corruption risk. New global anti-corruption and anti-bribery policies were published, whose

principles are in line with those of the United Nations Convention against Corruption, and dedicated training

sessions were organized throughout 2024 to raise awareness. The training sessions have been provided

tailoring these latter according to the different roles of the employees and to the level of risk in the area in

which they work. The violation of the Code of Ethics or of the Supplier Code may determine the termination

of the relationship with the recipient. Internal assurance activities are continuously monitored and assessed

with local management to improve the internal control system. Any violations or conduct inconsistent with

regulations and/or internal policies may be reported anonymously through a whistleblowing channel available

to Camparistas and external stakeholders.

- The prevention of crimes connected to Legislative Decree 231 of 2001 (and equivalent legislation in other

territories), the Code of Ethics and the Supplier Code - the 231 Model - which governs specific control

systems, are aimed at preventing the crimes connected to the relevant legislation, in particular, for this

scope, those against the public administration. The Group has appointed a single supervisory body to verify

the effectiveness of the 231 Model and to update it. These actions are undertaken on a regular basis, and a

training session is scheduled periodically to keep employees up to date with Group policy on these issues. In

2024, a dedicated person was hired to implement these key actions and deliver the training.


Sustainability statement	190

Campari Group annual report for the year ended 31 December 2024

Reconciliation table related to Business conduct


Standard ESRS	Sustainability statement paragraph	Notes
Standard ESRS
Governance
ESRS 2 GOV-1-The role of the administrative, management and supervisory bodies [DP: 5]	Governance and policies related to Business conduct	For more information on ESRS 2 GOV-1 par. 5.b please refer to ‘Corporate Governance’ section of the Campari Group Consolidated Financial statements at 31 December 2024
Impact, risk and opportunity management
ESRS 2 IRO-1-Description of the processes to identify and assess material impacts, risks and opportunities [DP: 6]	Impact, risk and opportunity related to Business conduct	-
G1-1-Business conduct policies and corporate culture [DP: 7-11]	Impact, risk and opportunity related to Business conduct	ESRS G1-1, par. 10.b, 10.d, 10.f are not applicable
G1-2-Management of relationships with suppliers [DP: 12-15]	Impact, risk and opportunity related to Business conduct	-
G1-3-Prevention and detection of corruption and bribery [DP: 16-21]	Impact, risk and opportunity related to Business conduct	ESRS G1-3, par. 19 is not applicable
Metrics and targets
G1-4-Incidents of corruption or bribery [DP: 22-26]	Governance and policies related to Business conduct	-
G1-5-Political influence and lobbying activities [DP: 27-30]	Not applicable	Information related to Disclosure Requirement 'G1-5 – Political influence and lobbying activities' do not result material for Campari Group, as they relate to activities not carried out by the organisation. For this reason they are considered non-applicable.
G1-6-Payment practices [DP: 31-33]	Impact, risk and opportunity related to Business conduct	-


Other ESG information	191

Campari Group annual report for the year ended 31 December 2024

Other ESG information

Presented below are ESG data not required by the ESRS standards but are voluntarily disclosed by Campari

Group to maintain continuity with previous years' reporting and to uphold the highest standards of transparency.

Appendix A-Other Environmental information

The performance of the Environmental Certification rate (%), measured as bottles produced in production units

certified according to international standards for the environment, slightly increased in 2024, compared to the

previous year.


Environmental certifications	UoM	2024	2023
Bottles produced in production units certified in accordance with international environmental standards (ISO14001/EMAS/ ISO50001)	%	95.8%	95.5%

(1)The figure includes bottles produced in Campari Group-owned plants


Wastewater discharges by treatment method (excluding Courvoisier)	UoM	2024	2023
Volume of wastewater with on-site primary treatment	m3	201,356.7	270,076.0
Volume of wastewater with on-site secondary treatment	m3	254,481.3	358,176.5
Volume of wastewater with on-site tertiary treatment	m3	-	-
Volume of wastewater discharged for downstream treatment	m3	458,564.6	477,075.0
Volume of wastewater discharged to environment without treatment (cooling water)	m3	409,861.8	618,919.0
Volume of wastewater reused in irrigation (and fertigation)	m3	104,440.0	205,282.0


Spills	UoM	2024	2023
Total spills	n.	21	24
Ground spills	n.	11	12
Surface water spills	n.	5	8
Groundwater spills	n.	1	-
Industrial consortium wastewater spills	n.	4	4
Spills in municipal water supplies or other utilities	n.	-	-
Air spills	n.	-	-

Appendix B-Other Social information

Turnover metrics


Voluntary turnover rate	UoM	2024	2023
Rate	%	6.3%	7.5%
Description of the methodology		Voluntary leavers/Total permanent head count year end	Voluntary leavers/Total permanent head count year end


Turnover of permanent employees by region and gender	UoM	2024
Region	UoM	Male	Female	Other	Not reported	Total
Asia-Pacific	Head count	39	33	-	-	72
Europe, Middle East and Africa		145	104	-	-	249
Americas		196	100	-	-	296
Total	Head count	380	237	-	-	617


Turnover rate of permanent employees by region and gender	UoM	2024
Region	UoM	Male	Female	Other	Not reported	Total
Asia-Pacific	%	11.2%	17.9%	-	-	13.5%
Europe, Middle East and Africa		9.8%	9.7%	-	-	9.7%
Americas		15.4%	12.9%	-	-	14.4%
Total	%	12.3%	11.7%	-	-	12.0%


Other ESG information	192

Campari Group annual report for the year ended 31 December 2024


Turnover of permanent employees by region and age group	UoM	2024
Region	UoM	Under 30	30-50	Over 50	Total
Asia-Pacific	Head count	9	49	14	72
Europe, Middle East and Africa		31	152	66	249
Americas		44	190	62	296
Total	Head count	84	391	142	617


Turnover rate of permanent employees by region and age group	UoM	2024
Region	UoM	Under 30	30-50	Over 50	Total
Asia-Pacific	%	26.5%	12.3%	14.0%	13.5%
Europe, Middle East and Africa		12.0%	9.2%	10.3%	9.7%
Americas		19.9%	13.3%	15.7%	14.4%
Total	%	16.4%	11.2%	12.5%	12.0%

Diversity metrics

Campari Group defines 'top management' to include the following Corporate functions: Executives, Officers,

Senior Executives and Senior Management.


Permanent employees by professional position and gender	UoM	2024
Professional grade	UoM	Male	Female	Other	Not reported	Total	% female
Senior management and above	Head count	229	106	-	-	335	31.6%
Management		297	220	-	-	517	42.6%
Senior professional		537	528	1	2	1,068	49.4%
Professional		751	581	-	1	1,333	43.6%
Specialist/generic staff		447	392	-	-	839	46.7%
Production operators		827	203	-	-	1,030	19.7%
Total	Head count	3,088	2,030	1	3	5,122	39.6%


Permanent employees by professional position and age group	UoM	2024
Professional grade	UoM	Under 30	30-50	Over 50	Total
Senior management and above	Head count	-	185	150	335
Management		-	403	114	517
Senior professional		31	886	151	1,068
Professional		158	971	204	1,333
Specialist/generic staff		125	499	215	839
Production operators		197	531	302	1,030
Total	Head count	511	3,475	1,136	5,122


New permanent employees hired by region and gender	UoM	2024
Region	UoM	Male	Female	Other	Not reported	Total
Asia-Pacific	Head count	74	39	-	-	113
Europe, Middle East and Africa		165	133	-	-	298
Americas		162	102	-	3	267
Total	Head count	401	274	-	3	678


Percentage of new permanent employees hired by gender-trend	UoM	2024	2023
Male	%	59.1%	58.7%
Female		40.4%	38.4%
Other		-	0.1%
Not reported		0.4%	2.7%
Total	%	100%	100%


New permanent employees hired by region and age group	UoM	2024
Region	UoM	Under 30	30-50	Over 50	Total
Asia-Pacific	Head count	13	90	10	113
Europe, Middle East and Africa		60	222	16	298
Americas		54	198	15	267
Total	Head count	127	510	41	678

1 For the calculation of the gender pay gap in the tables of this section, the denominator did not include expatriates, as their remuneration package is based on a

home-country approach and they cannot, therefore, be considered in the position that is effectively covered.


Other ESG information	193

Campari Group annual report for the year ended 31 December 2024

Training metrics


Number of training hours by gender	UoM	2024	2023
Total	n.	97,243	77,732
Male	n.	62,119	49,748
Female		35,053	27,984
Other		36	-
Not reported		35	-

Health and Safety metrics


Health and Safety certifications(1)	UoM	2024	2023
Bottles produced in production units certified in accordance with international occupational health and safety standards (BS OHSAS18001/ISO45001)1	%	86.3%	84.7%

(1)The figure only includes bottles produced in Campari Group-owned plants, while bottles produced by co-manufacturers have not been considered in the

calculation.


Severity Index	UoM	2024
Severity Index for employees	n.	0.20
Severity Index for non-employees	n.	0.15

The severity index for any category is calculated applying the following formula: (Lost days due to accidents and

ill health x 1,000)/worked hours. Data refers to employees and non-employee workers at the Group's

manufacturing sites. Data from the Courvoisier plant and offices are excluded as they are not available for 2024.

Remuneration metrics 1


Gender pay gap for Annual Base Gross Salary by country and professional position		2024
Countries	UoM	Senior management and above	Management	Senior professional	Professional	Specialist/ generic staff	Production operators
Group	%	(2.7)%	5.5%	0.2%	(6.1)%	(6.1)%	16.3%
Argentina		20.8%	6.2%	(6.8)%	(0.3)%	2.5%	-
Australia		(10.4)%	1.7%	10.0%	8.3%	4.5%	3.0%
Austria		-	-	9.2%	0.3%	-	-
Belgium		-	14.4%	(0.7)%	(1.7)%	-	-
Brazil		(50.0)%	6.1%	11.6%	(7.3)%	(9.7)%	16.7%
Canada		15.4%	6.7%	4.7%	(5.4)%	11.1%	14.9%
China		(46.5)%	(14.6)%	15.7%	3.4%	7.0%	-
France		31.8%	8.8%	2.2%	4.0%	3.2%	9.2%
Germany		(1.0)%	2.2%	5.7%	0.2%	(25.4)%	-
Greece		-	-	16.1%	4.0%	0.5%	4.7%
India		-	79.0%	(34.5)%	(48.6)%	(55.2)%	-
Italy		11.3%	0.5%	1.2%	7.1%	(10.8)%	4.6%
Jamaica		43.5%	(7.6)%	(5.7)%	(7.6)%	(2.4)%	(15.6)%
Japan		-	(13.4)%	7.7%	16.7%	-	-
Mexico		21.4%	16.6%	10.4%	4.7%	2.0%	8.2%
Peru		-	14.5%	30.8%	(7.9)%	(8.1)%	-
Russian Federation		12.7%	(10.1)%	(7.7)%	4.9%	0.4%	-
Singapore		(25.4)%	2.7%	(23.8)%	(80.1)%	(82.3)%	-
South Africa		-	3.6%	(9.2)%	(21.3)%	-	-
Spain		-	4.2%	(3.1)%	0.5%	(6.7)%	-
Switzerland		-	4.2%	8.8%	3.8%	-	-
Ukraine		-	33.5%	(5.7)%	3.6%	-	-
United Kingdom		14.9%	(0.2)%	(0.2)%	2.1%	38.5%	42.3%
United States		(9.6)%	(5.1)%	(4.8)%	(15.7)%	(25.2)%	1.9%


Other ESG information	194

Campari Group annual report for the year ended 31 December 2024


Gender pay gap for Average Total Remuneration by country and professional position		2024
Countries	UoM	Senior management and above	Management	Senior professional	Professional	Specialist/ generic staff	Production operators
Group	%	(4.6)%	6.4%	1.4%	(4.7)%	(2.5)%	12.1%
Argentina		22.3%	6.2%	(6.8)%	3.4%	4.3%	-
Australia		(13.0)%	4.4%	13.4%	8.9%	3.5%	98.4%
Austria		-	-	9.2%	(5.1)%	-	-
Belgium		-	14.3%	2.3%	(1.7)%	-	-
Brazil		(53.1)%	6.1%	13.1%	(6.2)%	(8.0)%	23.0%
Canada		16.6%	6.7%	4.2%	(5.5)%	21.6%	14.9%
China		(50.4)%	(14.6)%	23.0%	11.3%	20.0%	-
France		33.4%	9.6%	6.5%	4.3%	3.6%	11.3%
Germany		6.4%	8.4%	13.6%	2.3%	14.4%	-
Greece		-	-	17.3%	4.0%	(0.3)%	4.7%
India		-	80.4%	(38.3)%	(45.9)%	(58.0)%	-
Italy		12.7%	(0.2)%	1.2%	9.7%	(2.8)%	6.8%
Jamaica		19.3%	(8.2)%	(5.6)%	(7.9)%	(1.4)%	(132.5)%
Japan		-	(13.4)%	6.5%	18.1%	-	-
Mexico		21.6%	16.4%	10.1%	6.8%	2.0%	8.2%
Peru		-	14.5%	30.8%	(4.0)%	(3.7)%	-
Russian Federation		16.5%	(10.9)%	(5.8)%	9.9%	4.2%	-
Singapore		(28.9)%	4.5%	(23.8)%	(81.4)%	(82.3)%	-
South Africa		-	3.6%	(9.2)%	(13.6)%	-	-
Spain		-	5.0%	(3.3)%	2.6%	6.3%	-
Switzerland		-	4.2%	4.8%	8.8%	-	-
Ukraine		-	36.3%	(4.4)%	5.2%	-	-
United Kingdom		16.9%	2.8%	(0.7)%	3.9%	38.5%	(527.1)%
United States		(10.5)%	(4.0)%	(4.0)%	(16.2)%	(27.0)%	(3.9)%


Adjusted gender pay gap by country		2024	2023
Countries	UoM	Adjusted Pay Gap	Adjusted Pay Gap
Group	%	2.0%	2.0%
Argentina		(9.1)%	2.5%
Australia		17.9%	2.2%
Austria		-	-
Belgium		(1.0)%	-
Brazil		5.8%	-
Canada		2.0%	(2.9)%
China		13.2%	-
France		33.3%	4.2%
Germany		2.0%	2.0%
Greece		(9.9)%	-
India		2.0%	-
Italy		5.3%	-
Jamaica		(32.0)%	6.4%
Japan		6.0%	-
Mexico		22.7%	4.0%
Peru		26.6%	-
Russian Federation		(6.5)%	0.8%
Singapore		(4.1)%	(0.1)%
South Africa		(20.1)%	-
Spain		(2.0)%	3.1%
Switzerland		1.5%	-
Ukraine		-	-
United Kingdom		0.6%	0.8%
United States of America		7.5%	(1.0)%

The analysis below has once again shown that Campari Group tends to pay a higher salary than the local

minimum wage in the countries where it operates, as shown in the table below for the key countries for the

Group in terms of number of employees.


Other ESG information	195

Campari Group annual report for the year ended 31 December 2024


Ratio between Annual Base Gross Salary of employees and the local minimum wage by country and gender	UoM	2024		2023
Countries	UoM	Male	Female	Male	Female
Argentina	%	555.8%	701.4%	337.4%	400.4%
Australia		115.3%	115.3%	114.7%	114.7%
Austria		101.4%	101.4%	-	-
Belgium		130.4%	130.4%	-	-
Brazil		148.7%	148.7%	181.0%	181.0%
Canada		152.5%	152.5%	100.0%	100.0%
China		260.2%	260.2%	-	-
France		106.9%	106.9%	108.8%	108.8%
Germany		205.8%	205.8%	179.4%	179.4%
Greece		156.0%	167.8%	-	-
India		-	-	-	-
Italy		171.3%	188.2%	100.0%	100.0%
Jamaica		110.4%	110.4%	110.7%	110.7%
Japan		215.0%	219.0%	-	-
Mexico		-	-	177.0%	177.0%
Peru		447.4%	447.4%	-	-
Russia		257.2%	295.6%	336.9%	366.8%
Singapore		126.9%	126.9%	-	-
South Africa		471.8%	504.6%	-	-
Spain		138.2%	135.7%	116.1%	147.8%
Switzerland		-	-	-	-
Ukraine		500.2%	460.5%	-	-
United Kingdom		121.7%	105.9%	117.5%	113.3%
United States		137.5%	122.0%	144.7%	144.7%

Quality metrics

In 2024 the Group obtained GFSI (Global Food Safety Initiative) certification for the bottling site in Capilla del

Senor. The full-year performance rate was 89.5% of bottles produced in GFSI certified sites.


GFSI Certification(1)	2024	2023
Bottles produced in GFSI certified sites (%)	89.5%	87.0%

(1)The perimeter for the purpose of calculating the % of bottles produced in GFSI-certified sites includes the bottles produced either at the Group’s own factories

or by its third-party manufacturers.

The company conducts monthly reviews of performance against the established targets. In 2024, Campari

Group achieved a CPM index of 0.533, improving overall performance by 5.2% compared to 2023. No

withdrawals or recalls from the market were recorded in 2024 and, as was the case in the previous year, there

were no fines or disputes relating to Food Safety in 2024.


Complaints(1)	2024	2023
CPM (complaints received per million bottles produced)	0.533	0.562

(1)The perimeter for the purpose of calculating the CPM index includes the bottles produced either at the Group’s own factories or by its third-party

manufacturers.

Appendix C-Tax risk management

The Group upholds a Tax Strategy at global level on full compliance with applicable laws and regulations. It

maintains a transparent relationship with tax authorities and adheres to an arm’s-length principle in its transfer

pricing policy across all Group entities, ensuring equitable taxation of profits. Recently, the Group introduced a

Tax Control Framework, a robust system designed to identify, monitor, and manage tax risks, thereby minimizing

the likelihood of tax law violations or lapses in adapting to regulatory changes.

- Approach to tax

Davide Campari-Milano N.V. has been operating since its incorporation in Italy, in first instance in Sesto San

Giovanni (MI), at the historical production site, and now in Novi Ligure, Canale D’Alba, Alghero and

Caltanissetta. In July 2020, the Company transferred its registered office to the Netherlands, without dissolution

and liquidation, converted its legal form into a Naamloze Vennootschap (N.V.) governed by Dutch law, but

maintained all its operations and assets and its tax residence in Italy.

Campari Group’s approach to tax seeks to enable and support the Group business strategy, as well as balance

the various interests of the stakeholders including shareholders, governments, employees, customers,


Other ESG information	196

Campari Group annual report for the year ended 31 December 2024

consumers and the communities in which the Group operates. Management and reporting of tax affairs ensure

compliance with laws and consistency with international best practice guidelines, such as international

accounting standards and the Organization for Economic Co-operation and Development (‘OECD’) Guidelines

for Multinational Enterprises, along with the respect of the Group Code of Ethics published on the corporate

website and inspired by cooperative and transparent behaviours, in order to minimize the impact of any tax and

reputational risks.

With respect to intercompany transactions the Group follows a Transfer Pricing Policy, in line with the arm’s

length principle, an international standard established by the Model Tax Convention and referred to in the OECD

Transfer Pricing Guidelines for Multinational Enterprises and Tax Administrations (hereinafter also referred to as

the ‘OECD Guidelines’). Intercompany relations are structured at market prices and conditions, ensuring value

creation in the places where the Group conducts its business. Based on the OECD Guidelines, the pricing

method to be used to test the arm’s length nature of a transaction between associated companies is one which

is based on the facts and circumstances of the transaction under analysis, and which is able to provide the most

reliable measure in line with the market.

Campari Group constantly commits itself to building a fair, constructive and collaborative relationship with tax

authorities and administrations. In accordance with the described approach and with the fundamental values set

forth in its Code of Ethics, the Group undertakes to establish a dialogue with the Tax Authority to deal with any

tax-related issues.

Furthermore, the Group is strongly committed at worldwide level to increase its tax transparency and, as

evidence of this, on October 29th, 2024, the Board of Directors of Davide Campari-Milano N.V. formally

approved the contents of the Group's Tax Strategy, including the promotion of relations with the tax Authorities

based on professional cooperation, fair information and transparency. Currently, the tax strategy is available on

the Group’s corporate website.

- Tax governance, control and risk management

The responsibility for managing tax issues falls within the Tax Department, which ultimately reports to the Chief

Financial and Operating Officer. In more detail, taxation management is addressed to the Headquarter Tax

Department, which avails of local teams in each country.

The Group Tax Department is responsible for coordination and support of the local teams, also with the

assistance of tax advisors from leading firms/networks. Under the leadership of the Group Senior Tax Director,

the Group tax function is organized and structured to cover the following areas: International Tax, Regional and

Local Tax Compliance, Transfer Pricing&Custom compliance and Tax Risk Management. Tax management

mainly includes:

- determining Group Tax Guidelines, Tax Analysis and Governance;

- monitoring tax law developments;

- overseeing tax compliance of all the Group subsidiaries, in accordance with the Group’s guidelines and rules;

- monitoring and updating Group Transfer Pricing Policy, to secure transfer pricing and custom compliance;

- supporting Local Finance Directors/Managers on key transactions and fiscal deliverables;

- cooperating with other departments and/or affiliates, providing valuable tax advice on several transactions,

including mergers, acquisitions and restructuring;

- supporting affiliates on local tax audits and litigations.

Furthermore, in order to improve the Group tax compliance, Davide Campari-Milano N.V. has recently

developed and implemented a Tax Control Framework through which fiscal risks are identified, monitored and

managed, with respect to selected relevant processes.

- Stakeholder engagement and management of concerns related to tax

Tax management is governed by the principles of transparency, collaboration, honesty, appropriateness and

compliance with all tax legislation. Specific tax disclosures are included in the Group annual report, including

Group tax rate analysis (‘Taxation’ of Campari Group Consolidated Financial statements at 31 December 2024).

The choice of countries where the Group operates is guided by business assessments and not by tax reasons.

As a general principle, tax compliance is considered a key area of the Group’s ethical and responsible

management and Campari Group’s approach with tax authorities is always governed by transparency and

collaboration principles, also in the case of tax audits, in line with the Group Code of Ethics and relevant

regulations. So far, the Group has not received any solicitation from its stakeholders on tax issues.


Other ESG information	197

Campari Group annual report for the year ended 31 December 2024

2023 reporting (€ million)

Data in columns ‘Revenues’, ‘Profit (Loss) before income tax’, ‘Income tax paid (on cash basis)’, ‘Income tax accrued’, ‘Net tangible assets’, ‘Average number of

employees’ are stated considering the Country-by-Country Reporting approach, in line with GRI207 instructions.


COUNTRY	REVENUES			PROFIT (LOSS) BEFORE INCOME TAX	INCOME TAX PAID (on cash basis)	INCOME TAX ACCRUED	NET TANGIBLE ASSETS	AVERAGE NUMBER OF EMPLOYEES	EMPLOYEES REMUNERATION	WHT ON EMPLOYEES REMUNERATION	SOCIAL CONTRIBUTION	TOTAL EMPLOYEES TAXES (WHT + Social Contribution)	VAT & Other Equivalent Sales Taxes	EXCISES
COUNTRY	UNRELATED PARTY	RELATED PARTY	TOTAL	PROFIT (LOSS) BEFORE INCOME TAX	INCOME TAX PAID (on cash basis)	INCOME TAX ACCRUED	NET TANGIBLE ASSETS	AVERAGE NUMBER OF EMPLOYEES	EMPLOYEES REMUNERATION	WHT ON EMPLOYEES REMUNERATION	SOCIAL CONTRIBUTION	TOTAL EMPLOYEES TAXES (WHT + Social Contribution)	VAT & Other Equivalent Sales Taxes	EXCISES
Argentina	149.4	3.2	152.5	-36.4	1.2	-	18.6	131	7.3	0.6	1.2	1.8	0.5	10.8
Austria	62.5	0.3	62.7	3.4	0.9	0.9	0.4	24	2.5	1.3	0.6	1.9	6.6	7.8
Australia	125.2	3.2	128.4	6.9	2.7	2.7	15.2	213	19.0	5.3	1.9	7.2	15.7	107.7
Belgium	54.3	0.1	54.3	2.9	0.7	0.8	0.4	41	4.7	1.5	0.8	2.3	3.9	4.0
Brazil	84.0	1.7	85.7	13.7	3.3	0.4	10.0	189	7.8	3.0	1.9	5.0	21.3	16.2
Canada	72.6	3.2	75.7	2.5	0.2	0.6	11.5	142	10.9	3.4	1.4	4.8	1.7	0.2
Switzerland	38.6	-	38.6	1.9	0.3	0.2	0.7	33	4.4	0.4	0.7	1.1	2.0	17.9
China	13.0	9.0	22.1	-6.1	0.6	1.9	0.1	28	2.9	-	0.3	0.3	0.9	-
Germany	255.7	0.9	256.6	13.6	1.4	4.4	1.6	147	12.9	4.2	2.2	6.4	55.0	69.1
Spain	36.9	-	37.0	0.8	1.0	0.1	0.1	66	4.7	1.2	1.1	2.3	5.3	5.3
France	264.0	117.0	381.0	8.8	24.0	15.8	85.1	472	26.0	2.5	14.0	16.6	26.1	6.9
United Kingdom	133.2	21.1	154.3	9.4	-	-	65.9	168	24.3	6.3	5.3	11.6	15.7	47.8
Greece	4.9	15.7	20.6	3.4	0.4	1.0	4.8	29	1.7	0.2	0.2	0.5	0.8	2.7
India	14.4	-	14.4	0.5	0.2	0.7	0.2	44	1.6	0.3	0.1	0.4	0.3	0.5
Italy	570.3	556.6	1,126.9	271.2	150.3	87.8	155.3	1,145	131.4	47.6	29.2	76.8	138.1	83.5
Jamaica	202.7	52.1	254.8	45.1	10.1	7.3	127.3	545	27.6	7.5	2.1	9.6	16.3	47.5
Japan	22.4	-	22.4	0.1	-	0.1	0.2	40	3.5	-	0.5	0.6	-	3.9
Mexico	63.8	217.1	280.9	0.9	-	-	168.6	450	14.1	3.1	2.3	5.3	0.1	22.2
New Zealand	19.1	10.0	29.2	-3.0	-	0.5	0.1	33	2.3	0.6	0.1	0.7	1.3	9.8
Peru	32.8	-	32.8	0.8	0.5	0.3	0.5	33	1.9	0.3	0.2	0.5	0.1	2.0
Russia	90.5	0.3	90.8	3.5	1.2	2.7	1.4	120	6.3	1.8	1.0	2.8	1.3	-
Singapore	21.6	11.4	32.9	-0.3	-	0.1	1.4	53	10.0	0.2	0.3	0.5	-	0.1
Ukraine	15.5	-	15.5	2.4	0.2	0.2	-	29	0.6	0.1	0.1	0.3	0.5	0.8
United States of America	829.5	70.9	900.5	70.3	5.4	3.0	285.8	597	94.1	4.9	5.1	10.0	0.1	123.8
South Africa	20.3	0.7	21.0	1.2	0.2	0.2	-	31	1.7	0.5	-	0.5	0.6	6.6
Korea	30.8	-	30.8	0.6	0.7	0.2	0.1	42	2.5	0.6	0.2	0.8	0.7	11.0
Hong Kong	3.1	-	3.1	-	-	-	0.7	6	0.6	-	-	-	-	-
Netherlands	-	-	-	-	-	-	-	1	-	-	-	-	-	-
TOTAL	3,228.1	1,094.5	4,322.7	418.1	205.7	132.1	955.2	4,852	426.4	97.5	73.0	170.5	314.9	607.9

For the list of legal entities that are part of Campari Group and a related brief activity description, refer to the table in ‘Basis of consolidation’ of the Campari Group

Consolidated Financial statements at 31 December 2024.


Governance	198

Campari Group annual report for the year ended 31 December 2024

Governance

Corporate bodies

Board of Directors(1)

Luca Garavoglia(2) Chairman

Jean-Marie Laborde(2)Vice-President and member of the Control, Risks and Sustainability Committee

Paolo MarchesiniChief Financial and Operating Officer and interim co-Chief Executive Officer

Fabio Di FedeChief Legal and M&A Officer and interim co-Chief Executive Officer

Eugenio Barcellona (2)Member of the Control, Risks and Sustainability Committee

and the Remuneration and Appointment Committee

Alessandra Garavoglia (2)

Emmanuel Babeau(2)Member of the Remuneration and Appointment Committee

Margareth Henriquez(2)

Robert Kunze-Concewitz(2)

Christophe Navarre(2)Member of the Remuneration and Appointment Committee

Lisa Vascellari Dal Fiol(2)Member of the Control, Risks and Sustainability Committee

External auditor

EY Accountants B.V.

(1)The Annual General Meeting held on 12 April 2022 appointed the new Board of Directors of Davide Campari-Milano N.V. (the ‘Company’ or ‘Davide Campari’

or ‘Campari’) for the three-year period 2022-2025 expiring at the end of the Annual General Meeting to be held in 2025, comprising Luca Garavoglia, Robert

Kunze-Concewitz, Paolo Marchesini, Fabio Di Fede, Alessandra Garavoglia, Eugenio Barcellona, Emmanuel Babeau, Margareth Henriquez, Jean-Marie

Laborde, Christophe Navarre and Lisa Vascellari Dal Fiol. The new Board of Directors, in the meeting held after the Annual General Meeting, confirmed for the

same three-year period: (i) Luca Garavoglia as Chairman of the Board of Directors and (ii) Robert Kunze-Concewitz, Chief Executive Officer, Paolo

Marchesini, Chief Financial and Operating Officer and Fabio Di Fede, Chief Legal and M&A Officer, as Executive Directors. Alessandra Garavoglia, Eugenio

Barcellona, Emmanuel Babeau, Margareth Henriquez, Jean-Marie Laborde, Christophe Navarre and Lisa Vascellari Dal Fiol qualify as Non-Executive

Directors. Emmanuel Babeau, Margareth Henriquez, Jean-Marie Laborde, Christophe Navarre and Lisa Vascellari Dal Fiol are qualified as independent

directors pursuant to the Dutch Corporate Governance Code. Eugenio Barcellona, Jean-Marie Laborde and Lisa Vascellari Dal Fiol were also appointed as

members of the Control, Risks and Sustainability Committee. Eugenio Barcellona, Emmanuel Babeau and Christophe Navarre were also appointed as

members of the Remuneration and Appointment Committee. The Annual General Meeting held on 11 April 2024 appointed Matteo Fantacchiotti as Executive

Director of the Company and Robert Kunze-Concewitz as Non-Executive Director effective following his decision to resign as Executive Director and Chief

Executive Officer of the Company, effective as of the 2024 Annual General Meeting. On 17 September 2024, Matteo Fantacchiotti resigned as Executive

Director and Chief Executive Officer of the Company, effective immediately. The Board of Directors on the same date appointed the Executive Directors Paolo

Marchesini and Fabio Di Fede as interim co-CEOs and appointed the Non-Executive Director Jean-Marie Laborde as Vice-Chairman of the Board of

Directors.

(2)Non-Executive Director.

1 Each Special Voting Share A carries one additional vote.

2 Each Special Voting Share B carries four additional votes.

3 Each Special Voting Share C carries nine additional votes.


Governance	199

Campari Group annual report for the year ended 31 December 2024

Shares and Shareholding Structure

i. Special Voting Mechanism

The articles of association (‘Articles of Association’) of Davide Campari-Milano N.V. (the ‘Company’ and,

together with its subsidiaries, the ‘Campari Group’) include a mechanism based on the assignment to loyal

shareholders of special voting shares, to which multiple voting rights are attached, in addition to the one voting

right attached to each ordinary share (the ‘Special Voting Mechanism’) (a brief description of the control

enhancing mechanism currently in force is available on the Company’s website at the following link https://

www.camparigroup.com/en/page/loyalty-shares).

The Special Voting Mechanism entails the possibility of assigning to loyal long-term shareholders: (i) two voting

rights for each ordinary share held for an uninterrupted period of two years, through the assignment of a special

voting share A (‘Special Voting Share A’) 1; (ii) five voting rights for each ordinary share held for an uninterrupted

period of five years, through the assignment of a special voting share B (‘Special Voting Share B’) 2; and (iii) ten

voting rights for each ordinary share held for an uninterrupted period of ten years (‘Special Voting Share C’) 3.

The features of the special voting shares (A, B, C) are described in the Articles of Association as well as in the

terms and conditions for special voting shares (‘SVS Terms’). The special voting shares are not tradable on a

regulated market.

The Special Voting Mechanism was introduced aimed at encouraging a capital structure more supportive of

Campari’s long-term growth strategy, i.e. organic growth combined with external growth, and rewarding a

shareholder base with a long-term investment horizon.

Furthermore, Article 13.11 of the Articles of Association provides that holders of Special Voting Shares C have

the right to exchange one Special Voting Share C, together with the corresponding ordinary share, for one

special ordinary share giving right to twenty votes (the ‘Special Ordinary Share’). For a Special Voting Share C

and the corresponding ordinary share to qualify for conversion into a Special Ordinary Share giving twenty

votes, a Campari shareholder must hold a Special Voting Share C during the designated conversion period.

There will be two windows where holders of Special Voting Shares C may apply for conversion of such shares,

together with the corresponding qualifying ordinary shares, into Special Ordinary Shares: (i) the first conversion

period will start on 1 November 2028 and end on 30 November 2028; and (ii) the second conversion period will

start on 1 November 2030 and end on 30 November 2030.

The second conversion period allows all ordinary shares as of 30 November 2020 to qualify for conversion into

Special Ordinary Shares. Indeed, all shareholders who opted to become eligible for special voting shares before

30 November 2020 may qualify for holding Special Voting Shares C and therefore for being entitled to such

conversion into Special Ordinary Shares during the second conversion period. The Special Ordinary Shares

have equal economic and administrative rights as the existing ordinary shares and will not be listed on a

regulated market. The Special Ordinary Shares Terms approved by the Company set forth the features of the

Special Ordinary Shares.

ii. Major Shareholders

Based on the information included in the Company’s shareholder register, the regulatory filings with the AFM

and the other sources available to the Company, the shareholders holding an interest in excess of three percent

of issued capital and/or voting rights of the Company, as of 31 December 2024, are the following.


Shareholders	Ordinary shares (1)	% of Ordinary shares	Special Voting Shares A (2)	Special Voting Shares B (2)	SVS A + SVS B voting right	Ordinary shares + SVS A + SVS B voting right	% of Ordinary shares + SVS A + SVS B
Lagfin S.C.A., Société en Commandite par Actions-Italian Branch	636,921,699	51.73%	31,700,000	592,416,000	2,401,364,000	3,038,285,699	82.58%
Other shareholders	565,582,802	45.93%	8,756,589	1,565,404	15,018,205	580,601,007	15.78%
Treasury shares(3)	28,763,237	2.34%	31,240,349	40,000	31,400,349	60,163,586	1.64%
Total	1,231,267,738	100.0%	71,696,938	594,021,404	2,447,782,554	3,679,050,292	100.0%
(1)Ordinary shares are listed, freely transferable and each of them confers the right to cast one vote. (2)Special voting shares do not confer economic rights, are not listed and are not transferable. (3)Includes Special Voting Shares A transferred to the Company upon the sale of qualifying ordinary shares by the selling shareholder in accordance with clause 11.5 of the SVS Terms.


Governance	200

Campari Group annual report for the year ended 31 December 2024

The Company is controlled by the Italian Branch of Lagfin S.C.A., Société en Commandite par Actions with

82.58% of voting rights as of 31 December 2024. The Company’s Chairman Luca Garavoglia indirectly controls

Lagfin S.C.A., Société en Commandite par Actions and is thus the controlling shareholder of the Company.

Corporate Governance Report

i. Issuer Profile

The Company is a public limited liability company incorporated under the laws of the Netherlands.

Campari’s ordinary shares are listed on Euronext Milan, a regulated market organized and managed by Borsa

Italiana S.p.A. (the ‘Italian Stock Exchange’).

As regards its corporate governance, the Company complies with the Dutch Corporate Governance Code (the

‘DCGC’) which contains principles and best practice provisions that regulate relations inter alia between the

board of directors and shareholders, including the general meeting of listed companies. Such principles may be

regarded as reflecting the general views on good corporate governance and create a set of standards governing

the conduct of the listed companies’ corporate bodies. On 20 December 2022, an updated DCGC was

published, which applies to the financial years starting on or after 1 January 2023.

In this report the Company addresses its overall corporate governance structure. The Company discloses and

intends to disclose any departure from the principles and the best practice provisions of the DCGC in this and in

its future annual reports.

The Company has elected the Netherlands as its home Member State pursuant to Directive 2004/109/EC of the

European Parliament and of the Council of 15 December 2004, as subsequently amended and restated.

With a presence in over 190 countries and a 160-year legacy of building iconic brands, our growth, success and

impact continue to be driven by the following values that guide business and day to day activities: Integrity,

Passion, Pragmatism, Togetherness.

Campari’s mission to be 'the smallest big company in the spirits industry building iconic brands and superior

financial returns, together with inspired and passionate Camparistas' reinforces a shared commitment to valued

customers, shareholders and employees. This commitment requires confidence and trust in Campari brands,

people and conduct; a commitment that is therefore built on honesty, transparency, propriety, integrity.

ii. Board of Directors

Appointment of Directors and Composition of the Board of Directors

The Company has adopted a one-tier governance structure, without a board of statutory auditors.

As provided in the Articles of Association, the Company has a board of directors consisting of at least three and

at most fifteen directors (‘Board of Directors’), comprising both Executive Directors having responsibility for the

day-to-day management of the Company ('Executive Directors') and Non-Executive directors not having such

day-to-day responsibility ('Non-Executive Directors', and together with the Executive Directors, the 'Directors').

The total number of Directors, as well as the number of Executive Directors and Non-Executive Directors, is

determined by the Board of Directors.

Directors are appointed by the general meeting of the Company (‘General Meeting’). The Board of Directors

nominates a candidate for each vacant seat. A nomination by the Board of Directors is binding. However, the

General Meeting may deprive the nomination of its binding character by a resolution passed with an absolute

majority of the votes cast. If the binding nomination is not deprived of its binding character, the person

nominated will be deemed appointed. If the nomination is deprived of its binding character, the Board of

Directors is allowed to make a new binding nomination. Pursuant to the Articles of Association and the DCGC,

the term of office of Directors may not exceed a maximum period of four years.

The Board of Directors currently consists of eleven members. All of them, with the exception of Simon Hunt (see

below) were appointed by the General Meeting held on 12 April 2022 and they will remain in office for a three-

year period expiring at the closure of the annual General Meeting to be held in 2025. A total of five directors

(Emmanuel Babeau, Margareth Henriquez, Jean-Marie Laborde, Christophe Navarre and Lisa Vascellari Dal

Fiol) are considered independent within the meaning of the DCGC.

Robert Kunze-Concewitz retired from his role effective as of the annual General Meeting of 11 April 2024, after

having informed the Board of Directors in September 2023. In accordance with the Campari Group’s succession

planning process, the Board of Directors, after consultation with the Remuneration and Appointment Committee

has selected Matteo Fantacchiotti, Managing Director Asia Pacific, as the new Chief Executive Officer nominee.

Matteo Fantacchiotti has been appointed Deputy Chief Executive Officer, until his actual nomination as Chief

Executive Officer of the Company and Executive Director, happened during 2024 Annual General Meeting, held

on 11 April. After retiring, Robert Kunze-Concewitz has become Non-Executive Director of the Company. During

the meeting of the Board of Directors held on 17 September 2024, Matteo Fantacchiotti resigned as Executive

Director and Chief Executive Officer of the Company, effective immediately. In the same occasion the Executive

Directors Paolo Marchesini and Fabio Di Fede were appointed as ad interim co-Chief Executive Officer and the

Non-Executive Director Jean-Marie Laborde was appointed as Vice-Chairman of the Board of Directors. Paolo

Marchesini and Fabio Di Fede were also appointed as executive members of a Leadership Transition

Committee, chaired by Robert Kunze-Concewitz (non-executive Director); such Committee, together with the

Remuneration and Appointment Committee, has been responsible for the identification of the new Chief


Governance	201

Campari Group annual report for the year ended 31 December 2024

Executive Officer, to be proposed to the Board of Directors. On 4 December 2024 the Board of Directors

announced that Simon Hunt had been selected as the nominee for Chief Executive Officer of Campari Group.

The selection was the result of a thorough assessment of both internal and external candidates by the

Remuneration and Appointment Committee, the Leadership Transition Committee and the Board of Directors. In

accordance with Dutch law, the Board of Directors has resolved to call an ad hoc General Meeting on 15

January 2025 to appoint Simon Hunt as Executive Director of Davide Campari-Milano N.V. During that

extraordinary meeting a large majority of shareholders approved the appointment of Simon Hunt as Executive

Director of the Board of Directors of the Company until the Annual General Meeting to be held in 2028. Pursuant

to Dutch Law, the candidate’s CV has been made available on the website, for shareholders’ consultation,

before the Extraordinary General Meeting.

The Company’s Board of Directors is composed of the following members.

Luca Garavoglia (Chairman, Non-Executive Director)

Luca Garavoglia was born in Milan, Italy in 1969. He holds a degree in Business from Bocconi University in

Milan. Since 1994, he is the Chairman of the Board of Directors of Davide Campari-Milano N.V. Since he took

such office, the Campari Group has experienced a material expansion through a combination of organic growth

and selective acquisitions of brands and businesses over various geographies and categories, thus becoming

the sixth-largest player worldwide in the global spirits industry, trading in over 190 nations around the world with

leading positions in Europe and the Americas (creating a portfolio of over 50 premium and super premium

brands). Moreover, during his tenure, significant corporate transactions have been successfully pursued, such

as, among others, the IPO of Davide Campari-Milano S.p.A. on the Italian Stock Exchange in 2001, the

issuance of several Eurobonds and of a convertible bond and the transfer of the corporate seat to the

Netherlands.

He is also Vice President, Member of the Board of Directors, Member of the Presidency Committee of

Assonime-associazione fra le società italiane per azioni, Member of the Board of Directors of Campari Schweiz

A.G., Member of the International Advisory Committee on Corporate Policy of Fundacion San Telmo and

Member of the Leadership Board of Cleveland Clinic International.

Paolo Marchesini (Executive Director, Chief Financial and Operating Officer)

Paolo Marchesini was born in Milan in 1967. He graduated at the Bocconi University of Milan in Economics and

Management and thereafter joined an advisory firm in 1991. Since 1993, he is a Professional Chartered

Accountant and a Registered Accounting Auditor of the Italian Ministry of Economy and Finance. Paolo joined

Campari Group in 1997 and in 2000 he was appointed Group Chief Financial Officer. In 2001, he joined the

Board of Directors of Davide Campari-Milano S.p.A. and was appointed Managing Director in 2004. Thereafter

he assumed the responsibility for the following Group’s functions: Global Business Services, Information

Technology and Global Supply Chain. Paolo was appointed in 2022 Group Chief Operating Officer, alongside

the position already covered of Group Chief Financial Officer. During his 27-year tenure at Campari Group he

successfully managed in 2001 the Initial Public Offering of a 49% of the parent company’s shares on the Italian

Stock Exchange, and in 2020 the transfer of the listed company’s registered office to The Netherlands.

Moreover, he supported the acquisition and the subsequent integration of 39 businesses, for an aggregate

consideration of €5,2 billion alongside the disposals of 12 tail brands, for an aggregate consideration of €0,5

billion. Most recently, following the recent $1,3 billion acquisition of the Courvoisier business, he managed a

€650 million rights issue via an accelerated bookbuilding offering as well as a convertible bond of €550 million.

On 17 September 2024, he was appointed interim co-CEO, to fill in the CEO position’s vacancy deriving from

Matteo Fantacchiotti’s decision to step down.

Fabio Di Fede (Executive Director, Chief Legal and M&A Officer)

Fabio Di Fede was born in France in 1972. After completing a Master in International Business Law at the

University of Aix-Marseille, he graduated from the Master of Commerce Program of the University of Sydney. He

began his career at EY in Monaco and then joined Campari Group in 1999 as International Legal Counsel to

become Business Development Manager in 2003. He then joined Campari International in 2008 to take the

Market Development Director role, quickly rising to the position of Deputy Managing Director the following year.

In March 2011, Fabio Di Fede was appointed Managing Director International. After serving as CEO of a family

office based in Monaco, Fabio Di Fede joined the Société des Produits Marnier-Lapostolle in May 2016 as

Managing Director. Starting from 1 January 2018, Fabio Di Fede holds the position of Chief Legal and M&A

Officer and also the position of secretary of the Board of Directors. On 17 September 2024, he was appointed

interim co-CEO, to fill in the CEO position’s vacancy deriving from Matteo Fantacchiotti’s decision to step down.

Robert Kunze-Concewitz (Non-Executive Director)

Robert Kunze-Concewitz, an Austrian citizen, was born in Istanbul, Turkey in 1967. After graduating from

Hamilton College (USA), he earned an MBA from Manchester Business School. Bob joined Procter&Gamble as

Financial Planning and Analysis analyst, a position that he covered for two years. He then continued his career

in the marketing department occupying various positions of increasing responsibility within an international

realm. Following numerous assignments in strategic planning and business ownership he became Group

Marketing Director in the Global Prestige Products division. He joined the Campari Group as Group Marketing

Director in October 2005 developing and implementing new marketing strategies for the Campari Group's

international brands. In May 2007, he was appointed Chief Executive Officer and officially retired in April 2024.


Governance	202

Campari Group annual report for the year ended 31 December 2024

He is also a non-executive director of Imperial Brands PLC and Luigi Lavazza S.p.A. and member of the

Supervisory Board of Carlsberg A.S..

Emmanuel Babeau (Non-Executive Director)

Emmanuel Babeau was born in Paris, France in 1967. He started his career in 1990 at Arthur Andersen, and

from 1993 to 2009, he progressed through various positions at Pernod Ricard, a beverage company, the latest

being Chief Financial Officer and Group Deputy Managing Director. He joined Schneider Electric, an energy and

automation digital solutions company, in 2009 as Executive Vice President Finance and a member of the

Management Board. He served as the Deputy Chief Executive Officer of Schneider Electric; in this position he

was in charge of Finance and Legal Affairs. He was appointed as PMI Chief Financial Officer in May 2020. He

also served on the board of Sanofi S.A. from 2018 until 2020, and as a non-executive Director at Sodexo, a

French food services and facilities management company, from January 2016 until December 2021.

Eugenio Barcellona (Non-Executive Director)

Eugenio Barcellona was born in Catania, Italy in 1969. He graduated in law from the University of Catania in

1993 and subsequently he specialized in corporate law at the Catholic University of the Sacred Heart (Università

Cattolica del Sacro Cuore) of Milan writing his first monograph. From 1994 to 1995 he was Visiting Scholar at

Harvard Law School in Cambridge, MA, and in 2001 at the Law School of the Albert-Ludwigs-Universität, in

Freiburg, Germany. In 1996 he joined Grande Stevens Law Firm in Turin, Italy, where he became equity partner

in 2000. In 2011 he joined the partnership of Pedersoli Studio Legale and in 2024 PedersoliGattai, where he is

practising corporate and commercial law and litigation still today. Since 2005, he is Associate Professor of

Corporate Law at the University of Eastern Piedmont. In 2023, he has been appointed as secretary of the board

of directors of Stretto di Messina S.p.A. as well as member of the advisory committee of the European Law

Institute Project on Enterprise Foundations in Europe. Eugenio Barcellona is author of several articles and

books in corporate and financial law relating in particular to governance issues, including the relationship

existing between the corporate purpose of the modern companies and the new ESG principles and related

applicable legal framework, agency problems and gatekeepers' institution.

Alessandra Garavoglia (Non-Executive Director)

Alessandra Garavoglia was born in Rome, Italy in 1960. She holds a degree in Foreign Languages and

Literature from Università degli Studi in Milan. In 1998, she was appointed as a member of the Board of

Directors of the Campari Foundation and in 2006 she was appointed as Chairman and as of 2024 she continued

to be in charge of both roles. The purpose of the Campari Foundation is to pursue social solidarity and, in

particular, to promote aid, training, education and charity for the benefit of all deserving individuals.

Margareth Henriquez (Non-Executive Director)

Margareth Henriquez was born in Caracas, Venezuela in 1956. She is a seasoned professional with over 46

years of experience, 34 of which she has spent as President and/or CEO of multinational or global companies in

Venezuela, Mexico, Argentina and now in France. Throughout her career, she has played a significant role in the

growth of various companies involved in the production and distribution of wine, spirits, food, and crystal.

Margareth Henriquez has made substantial contributions to the wine industry in Argentina, where she spent

eight years as the head of Moët Hennessy's properties. Her deep connection with viticulture and winemaking

has continued to influence her work in Champagne in France. In addition to her executive roles, Margareth has

been actively involved in industry associations. She served as the president of the Association of Manufacturers

in Venezuela and Mexico. Throughout her career, Margareth has held positions on international executive

committees, including those of Seagram, Nabisco, Moët Hennessy (Latin America, Caribbean, Canada, and

Middle East), Moët Hennessy Estates Wines, and Moët Hennessy International Executive Committee. She has

also served on the board of Baccarat and is currently a member of the board of Campari. During her time in

Mexico, Margareth, or Maggie as she is known, also shared her expertise as a professor at the Universidad

Panamericana, teaching courses on new product development for international markets and strategic alliances.

Margareth has also conducted seminars on a wide range of topics including wine, champagne, luxury brand

building, strategy and marketing facing crisis, leadership, and women's development. She obtained her PhD

degree in business from the Swiss Management Center University in 2020. From 2009 to 2022, she served as

the President and CEO of the House of Krug in Reims, a prestigious champagne house known for its

exceptional quality and craftsmanship. Currently, Margareth holds the position of CEO at Baccarat, a renowned

French luxury Crystal maker. Outside of her professional endeavours, Margareth is a proud mother of two boys

and a grandmother to five children.

Jean-Marie Laborde (Non-Executive Director)

Jean-Marie Laborde was born in Bordeaux, France in 1948. He holds a Master’s Degree in Economics and an

MBA of HEC business school. During his career, he has been a strategy adviser and a member of the board of

directors of various companies operating, in particular, in the spirits business. Among the others, he was

President and CEO of Campbell Distillers (1980-1984), Ricard (1984-1996), Moët and Chandon (Moët and

Chandon, Dom Perignon, Ruinart, Pommery, Mercier) and Moët Hennessy-Diageo Joint-Venture for distribution

in France (1996-2003). He was also chairman of Maxxium worldwide Amsterdam (2004-2009) and Group CEO

of Remy Cointreau (2004-2014). As of today, he is member of the board of directors of various companies such

as Spirit of Waterford Distillery Ltd. and Renegade Spirit Grenada Ltd.. He was appointed as Non-Executive

Director of the Company in April 2022 and on 17 September 2024 he was also appointed Vice-Chairman of the

Board of Directors.


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Christophe Navarre (Non-Executive Director)

Christophe Navarre was born in Uccle, Belgium in 1958. He earned a degree in Business Administration from

Liege University before joining the Continental Bank in 1980. He later moved to Exxon where he first held

Marketing and Sales responsibilities with the Esso Group. In 1989, he joined Interbrew where he successfully

headed a number of subsidiaries while developing a strategy based on the promotion of premium brands and

the launch of very innovative products. Starting as Managing Director of Brasseries Bellevue, he later became

Chief Financial Officer of Interbrew Belgium, then President of Interbrew Italy before being appointed as the

head of the French subsidiary in 1995. Christophe Navarre joined the LVMH Group in 1997 as President and

CEO of JAS Hennessy and Co. where he was deeply involved in restructuring the company while securing its

leading position in the cognac industry. In May 2001, he was appointed CEO of Moët Hennessy, the Wine and

Spirits division of LVMH, the world’s leading luxury good company. He managed the prestigious champagne

brands Moët and Chandon, Dom Pérignon, Mercier, Veuve Clicquot, Ruinart and Krug as well as Hennessy,

Glenmorangie and Ardbeg Scotch whiskies, Belvedere vodka and several New World wines. In October 2017 he

left LVMH to start a new career as an entrepreneur and amongst other investments he created his own

company in Monaco to become the main shareholder of Vivino. He is also member of the board of directors of

Seven Tails Distillers, Groupe Alain Ducasse, Wine App (China), Société des Bains de Mer and President of the

Board of Vinexposium and Dominique London.

Lisa Vascellari Dal Fiol (Non-Executive Director)

Lisa Vascellari Dal Fiol was born in Conegliano, Italy in 1983. She graduated in Law and Business

Administration from Bocconi University in Milan (Bachelor’s Degree in 2005 and Degree in 2008) and

subsequently she specialized in Corporate Taxation always at Bocconi University (Master’s Degree in 2012).

After working as junior associate at PwC in Milan from 2007 to 2009, she joined an accounting firm in Milan from

2009 to 2011. From 2011 to 2021, she worked as an associate at Studio Legale e Tributario Biscozzi

Nobili&Partners, tax and legal firm in Milan, gaining relevant experience on corporate and group taxation,

national and cross border reorganizations, transfer pricing, patent box, support to start-up and SMEs on growth

processes and corporate governance. As of today, she is an independent tax and corporate consultant, as well

as start-up advisor. Lisa Vascellari Dal Fiol is also enrolled in the Italian Chartered Accountant Register (Ordine

dei Dottori Commercialisti) and member of Nedcommunity, the association of non-executive directors. Lisa

Vascellari Dal Fiol has developed relevant knowledge in Sustainability and ESG topics by attending several

courses, among which: Master in 'Sustainability Strategy and Governance' at SDA Bocconi-School of

Management; 'ESG Academy' by PwC; 'Assessing and managing ESG strategy at Board level', 'Gender equality

in capital markets', 'Greenwashing and green claims' by Euronext Academy.

Competences

The Board of Directors is entrusted with the management of the Company. Each Director must act in the

Company’s interest and properly carry out the responsibilities assigned to them. Under Dutch law and the

DCGC, the Company's interest extends to the interests of all its stakeholders, including its shareholders,

creditors and employees. In accordance with the DCGC, the Board of Directors focuses on sustainable long-

term value creation for the Company and its affiliated enterprise and takes into account the stakeholders’

interests that are relevant in this context. The Executive Directors are responsible for the Company’s day-to-day

management, which includes, among other things, formulating its strategies and policies and setting and

achieving its objectives. The Non-Executive Directors do not have day-to-day responsibility and are charged

with the supervision of the Executive Directors, the general course of affairs of the Company and the Campari

Group. The responsibility for the management of the Company is vested collectively in the Board of Directors.

The Board of Directors' contribution to sustainable long-term value creation and the strategy for achieving it are

explained in the 'Sustainability statement' section of the Annual Report, which is referenced herein. The

statement outlined the core ESG commitments, detailing the impact of the Group’s products, services, and

activities on people and the environment. It also explains how stakeholders’ interests have been considered, the

actions taken in this context, and the extent to which the set objectives have been achieved, addressing both

short- and long-term developments.

This section was drawn up in accordance with applicable law in particular the Dutch Civil Code, and of the Dutch

Decree on Non-Financial Information (Besluit bekendmaking niet-financiële informatie), which is a transposition

of Directive 2014/95/ EU ‘Disclosure of non-financial and diversity information’ into Dutch law. The Board of

Directors identifies and analyses risks associated with the strategy and activities of the company and its

affiliated enterprises. The risk management and internal control system is an integral part of Campari Group's

operations and culture and supports the efficiency and effectiveness of business processes, the reliability of

financial and sustainability information and compliance with laws and regulations. The Internal Audit Function,

through periodical assessments in all legal entities, identifies critical risks that may affect the attainment of

business objectives and may jeopardize value creation. The results of the periodical assessments are evaluated

by the Control and Risk Committee and are finally deemed to be approved by the Board of Directors. In the

'Risk management and Internal Control System’ section, the main risks are identified from both the financial and

sustainability perspective.


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Board Regulations

The by-laws of the Board are complementary to the provisions regulating the Board of Directors and its

members as contained in relevant laws and regulations and the Articles of Association. The by-laws of the Board

describe the duties, tasks, composition, procedures and decision-making of the Board of Directors.

The meetings of the Board of Directors are in principle called by the chairman of the Board of Directors (the

‘Chairman’). Save in urgent cases to be determined by the Chairman, the agenda for a meeting must be sent to

all Directors at least seven calendar days before that meeting. Board of Directors’ meetings are generally held at

the offices of the Company in Italy but may also take place elsewhere. No meetings of the Board of Directors or

meetings of a committee take place in the Netherlands. In addition, meetings of the Board of Directors may be

held by conference call, video conference or by any other means of communication, provided all participants

can communicate with each other simultaneously. A Director may be represented at Board of Directors’

meetings by another Director holding a proxy in writing. Board of Directors’ meetings are chaired by the

Chairman or, in his absence, the Chief Executive Officer. The Directors endeavor to achieve that resolutions are,

as much as possible, adopted unanimously. Each Director has the right to cast one vote. Where unanimity

cannot be reached, all resolutions of the Board of Directors are adopted by an absolute majority of the votes

cast. The Board of Directors has not designated types of resolutions which are subject to deviating

requirements. At a meeting, the Board of Directors may only pass resolutions if the majority of the Directors then

in office are present or represented. On 14 December 2023 the by-laws of the Board were amended in

compliance with the new DCGC. The amendments confirm that the Board of Directors develops a view on

sustainable long-term value creation by the Company and its affiliated enterprise and formulates a strategy in

line with this.

Indemnification of Directors

Pursuant to the Articles of Association, to the extent permitted by applicable laws, the Company will indemnify

and hold harmless each Director, both former members and members currently in office ('Indemnified Person'),

against any and all liabilities, claims, judgments, fines and penalties ('Claims') incurred by the same as a result

of any expected, pending or completed action, investigation or other proceeding, whether civil, criminal or

administrative ('Legal Action'), of or initiated by any party other than the Company itself or a group company

(groepsmaatschappij) thereof, in relation to any acts or omissions in or related to his capacity as an Indemnified

Person. Notwithstanding the above, no indemnification shall be made in respect of Claims in so far as they

relate to the gaining in fact of personal profits, advantages or remuneration to which the Director was not legally

entitled, or if the Indemnified Person has been adjudged to be liable for wilful misconduct (opzet) or intentional

recklessness (bewuste roekeloosheid). The Company has in place an adequate insurance covering the above

claims against Directors currently in office and former Directors (D&O insurance). Also in case of a Legal Action

against the Indemnified Person by the Company itself or its group companies (groepsmaatschappijen), the

Company will settle or reimburse to the Indemnified Person his reasonable attorneys' fees and litigation costs,

but only upon receipt of a written undertaking by that Indemnified Person that he will repay such fees and costs

if a competent court in an irrevocable judgment has resolved the Legal Action in favour of the Company or the

relevant group company (groepsmaatschappij) rather than the Indemnified Person.

Conflict of Interest: Directors’ Interests and Related Party Transactions Policy

Pursuant to the Articles of Association, a Director having a conflict of interests or an interest which may have the

appearance of such a conflict of interests, must declare the nature and extent of that interest to the other

Directors. A Director may not participate in deliberating or decision-making within the Board of Directors, if with

respect to the matter concerned, he or she has a direct or indirect personal interest that conflicts with the

interests of the Company and the business connected with it. Where conflict of interests matters occurred, the

Board of Directors has resolved upon such matters in compliance with the provisions of the Articles of

Association. The Company has adopted a related party transaction policy in line with the Dutch corporate law

framework. Pursuant to the related party transaction policy of the Company, the decision-making process of a

related party transaction is structured as follows: all related party transactions that potentially fall within the

scope of Sections 2:167 up to and including 2:170 of the Dutch Civil Code are submitted to the Control, Risks

and Sustainability Committee. The Control, Risks and Sustainability Committee will consider all relevant facts

and circumstances of the transaction (including without limitation the commercial reasonableness of the terms,

the benefit and perceived benefit to the Company, opportunity costs of alternate transactions, the materiality and

nature of the related party’s direct or indirect interest, and the actual or apparent conflict of interest of the related

party); following its review, the Control, Risks and Sustainability Committee will submit for approval of the Board

of the Directors only transactions which are 'material' pursuant to Section 2:167 of the Dutch Civil Code and not

concluded in the ordinary course of business and on normal market terms; the Board of Directors will examine

and eventually approve these 'material' transactions and give appropriate disclosure of such approval through a

press release. There have been no such related party transactions as referred to above in 2024. In accordance

with the applicable provisions of the Dutch Civil Code, the following are excluded from the scope of the policy: (i)

transactions between subsidiaries or the Company and a subsidiary; (ii) transactions concerning the

remuneration of Directors pursuant to Section 2:135 of the Dutch Civil Code, and (iii) transactions offered to all

shareholders on the same terms with due observance of the equal treatment of shareholders.


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Committees

The Company has established two internal committees within its Board of Directors: (i) a Control, Risks and

Sustainability Committee, which operates as an audit committee pursuant to Dutch law and the DCGC, and (ii) a

Remuneration and Appointment Committee, combining the remuneration and selection and appointment

committee within the meaning of the DCGC, for the reasons specified in paragraph 13 of this governance report

(‘Compliance with the DCGC’). The Board of Directors approved ‘Terms of Reference’ for each internal

committee. The composition of the committees is determined by the Board of Directors. The Board of Directors

remains collectively responsible for the decisions taken by the committees. Each committee may only exercise

such powers as are explicitly attributed to it by the Board of Directors and may never exercise powers beyond

those exercisable by the Board of Directors as a whole. In accordance with best practice provision 2.3.5 of the

DCGC, the Non-Executive Directors have been regularly informed by each committee of their deliberations and

findings and these were taken into account when drafting this report.

iii. Control, Risks and Sustainability Committee

Functions

The Control, Risks and Sustainability Committee, which also supports the internal Sustainability function,

evaluating the company’s Sustainability strategy, carries out the following functions pursuant to Dutch law, the

DCGC and the Terms of Reference of the Control, Risks and Sustainability Committee:

a) monitoring the financial-accounting process and the efficiency of the internal control system, the internal

audit system and the risk management system with respect to financial reporting and sustainability matters;

- monitoring the statutory audit of the annual accounts, and process of such audit;

- reviewing and monitoring the independence of the external auditor and adopting procedures relating to the

selection of the external auditor and other services provided by the external auditor to the Campari Group;

- undertaking preparatory work for the Board of Directors’ decision-making regarding the supervision of the

integrity and quality of the Company’s financial reporting and the effectiveness of the Company’s internal risk

management and control systems.

Among other things, it focuses on monitoring the Executive Directors regarding (i) relations with, and

compliance with recommendations and following up of comments by, the internal and external auditors, (ii) the

funding of the Company and (iii) the Company’s tax policy.

Composition

The Control, Risks and Sustainability Committee currently consists of Jean-Marie Laborde (Chairman), Eugenio

Barcellona and Lisa Vascellari Dal Fiol (who is an expert in accounting and auditing matters, including

competence in the preparation and auditing of the financial statements, as required by best practice provision

2.1.4 of the DCGC). All members of the Control, Risks and Sustainability Committee, except for Eugenio

Barcellona, are independent within the meaning of the DCGC. Upon invitation of the committee the external

auditor attended certain committee meetings when deemed appropriate due to the matters discussed. The

number of meetings of the Control, Risks and Sustainability Committee and the main items discussed or

reviewed during these meetings have been set out in the report of the Non-Executive Directors below.

iv. Remuneration and Appointment Committee

Functions

The Remuneration and Appointment Committee carries out the following functions pursuant to DCGC and the

Terms of Reference of the Remuneration and Appointment Committee:

a) making proposals to the Board of Directors about the remuneration policy for the Executive Directors and

Non-Executive Directors, to be submitted to the General Meeting;

- making proposals about the remuneration of the Executive Directors, including, among others, the

performance targets of the variable elements and the assignment of shares in accordance with the Long-

Term Incentive plan;

- monitoring the adequacy of the remuneration policy and preparing the remuneration report;

- making recommendations on the composition of the Board of Directors considering the expertise and

background of its members;

- making proposals for re-appointments;

- making proposals on the maximum number of directorships each Director can hold;

- upon request by the Board of Directors, analysing and preparing a report on potential conflicts of interest for

Directors deriving from having accepted positions on corporate bodies of other listed and/or unlisted

companies.

Moreover, the Remuneration and Appointment Committee carries out consultative and advisory functions for the

Board of Directors, as regards, in particular, the nomination and remuneration of managers with strategic

responsibilities of the Company and the Campari Group, in particular by:


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- expressing its prior opinion on proposed new appointments and/or changes to the Campari Group’s senior

management appointments that the Executive Director(s) intend(s) to submit to the Board of Directors;

- making proposals to the Board of Directors for determining the general policy regarding the remuneration of

managers with strategic responsibilities;

- regularly assessing the adequacy, overall consistency and practical application of the general policy for the

remuneration of managers with strategic responsibilities, obtaining information provided by the Executive

Directors and/or by the Company’s offices.

When performing its duties, the Remuneration and Appointment Committee takes the Company’s Diversity

Policy into consideration.

As explained under section ‘Compliance with the DCGC’, the Board of Directors has resolved that the

Remuneration and Appointment Committee will not carry out the following functions:

- drawing up the selection criteria and appointment procedures for Directors;

- periodically assessing the size and composition of the Board of Directors;

- drawing up a plan for the succession of Directors; and

- periodically assessing the performance of individual Directors and reporting on this to the Board of Directors.

Composition

The Remuneration and Appointment Committee currently consists of Eugenio Barcellona (chairman), Emmanuel

Babeau and Christophe Navarre. All members of the Remuneration and Appointment Committee, except for

Eugenio Barcellona, are independent within the meaning of the DCGC. Non-members of the Committee

attended certain Committee’s meetings, upon invitation by the latter, to discuss specific items on the agenda.

The number of meetings of the Remuneration and Appointment Committee and the main items discussed or

reviewed during these meetings have been set out in the report of the Non-Executive Directors below.

v. Internal Control over Financial and Sustainability Reporting

The Company has a system of administrative and accounting procedures in place that ensure a high degree of

reliability in the system of internal control over financial and sustainability reporting.

During the year relevant audits have been conducted over sustainability topic in with the application of the

Corporate Sustainability Reporting Directive.

The Company has adopted the processes necessary to align its own financial information control system with

international best practice ensuring the reliability, accuracy and timeliness of its financial information.

For the specific purpose of guaranteeing a steady and efficient flow of financial and operational information

between the Company and the subsidiaries, the Campari Group has a shared information system with verified

and standardized access, supplemented by formalized operational guidelines.

Consolidated reporting is thus covered by a group ‘accounting plan’, by specific tools issued by the Company to

the subsidiaries to produce accounting information for the purposes of consolidation, updated at least annually,

and by a process for closing the financial statements, which sets out deadlines and methods for annual and

interim closures of the accounts. Specific tools are also covering the preparation of the annual report in

accordance with European Single Electronic Reporting Format (‘ESEF’). For details for relevant activities

performed, please refer to paragraphs ‘Control, Risks and Sustainability Committee’ and ‘Internal Audit Function’

of this governance section.

The Company is responsible, through the administrative department that deals with the consolidation process,

for implementing and circulating the above documentation to Campari Group companies.

The Company’s approach to assess, monitor and continuously update the internal control system for financial

information focuses on the areas of greatest risk and/or importance and on risks of a material error (including

due to fraud) in the components of the financial statements and the related information documents.

vi. Internal Audit Function

The Company has a separate department for the internal audit function and the Board of Directors appoints the

Head of Internal Audit. The Head of Internal Audit does not have any operating responsibilities and does not

report to any managers working in operational areas, including administration and finance. Instead, he reports to

the Chairman directly. The Chairman can ensure a more timely and accurate check of the activities carried out

by the Head of Internal Audit than the Board of Directors, without compromising the autonomy and the

independence of the Board of Directors.

The internal audit function:

- conducts checks to ensure the efficiency and suitability of the internal control and risk management system

following the audit plan in compliance with applicable international standards;

- has direct access to all information needed to carry out his duties;


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- provides regular updates on his activities to the Control, Risks and Sustainability Committee and the Board

of Directors;

- performs investigations on specific events upon request of the Board of Directors or Executive Directors;

- checks any reports of breaches of the Code of Ethics and the Organizational, Management and Control

Model, pursuant to Legislative Decree 231 of 8 June 2001, received in the e-mail inbox

[email protected] or the ‘Campari Safe Line’ whistleblowing service, submitting them for

assessment by the Control, Risks and Sustainability Committee;

- checks, based on the audit plan, the reliability of the IT systems used in the financial reporting systems; and

- oversees sustainability issues.

vii. Supervisory Body and Organisational Model pursuant to Legislative Decree 231 of 8

June 2001

In addition to the Non-Executive Directors charged with the supervision of the Executive Directors, the Company

also has a supervisory body (Organismo di Vigilanza) adopted according to the ‘Organization, Management and

Control Model’ (the ‘Model’) pursuant to the Italian Legislative Decree 231 of 8 June 2001. Such corporate body

is responsible for monitoring that the Company acts in compliance with the Model and for proposing updates

required under Italian law. The Model is designed to prevent the offences specified in the Italian Legislative

Decree 231 of 8 June 2001, with a focus on offences against the public administration, corporate and financial

offences and breaches of health and safety regulations at work. The members of the supervisory body

(Organismo di Vigilanza) are Enrico Colombo (chairman), Fabio Facchini and Lisa Vascellari Dal Fiol.

viii. General Meetings

The main powers of the General Meeting relate to:

- the appointment, suspension and dismissal of Directors;

- the approval of the remuneration policy of the Board of Directors;

- the adoption of the annual report and declaration of dividends on shares;

- the release from liability of the Directors;

- the issuance of shares or rights to shares, restriction or exclusion of pre-emptive rights of shareholders and

repurchase or cancellation of shares;

- amendments to the Articles of Association; and

- resolutions of the Board of Directors that would entail a significant change to the identity or character of the

Company or its business.

Pursuant to Article 30 and subsequent of the Articles of Association, every year, no later than the end of June, a

General Meeting shall be held. The agenda of such annual General Meeting shall include the following subjects:

- discussion of the report of the Board of Directors;

- discussion and adoption of the annual accounts;

- dividend proposal (if applicable);

- appointment of Directors (if applicable);

- appointment of an external auditor (if applicable);

- other subjects presented for discussion or voting by the Board of Directors and announced with due

observance of the provisions of the Articles of Association, as for instance: (i) release of Directors from

liability; (ii) discussion of the policy on reserves and dividends; (iii) designation of the Board of Directors as

the body authorized to issue shares; and/or (iv) authorization of the Board of Directors to make the Company

acquire own shares.

Other General Meetings may be held whenever the Board of Directors deems such to be necessary.

Calling of General Meetings

Notice of General Meetings is given by the Board of Directors with due observance of the statutory notice period

of 42 days and stating, inter alia:

- the items to be discussed;

- the venue and time of the meeting;

- the requirements for admittance to the meeting as applicable;

- the address of the Company's website,

and any other information as may be required by law.

Further communications which must be made to the General Meeting pursuant to the law or the Articles of

Association can be made by including such communications either in the notice, or in a document which is

available at the Company's office for inspection, provided a reference thereto is made in the notice itself.


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Notice of General Meetings will be given in accordance with the requirements of Dutch law and the rules and

regulations applicable to the Company pursuant to the listing of its ordinary shares. The Board of Directors may

determine that shareholders and other persons entitled to attend the General Meeting will be given notice of

meetings exclusively by announcement on the website of the Company or through other means of electronic

public announcement.

Shareholders and other persons entitled to attend the General Meeting, who, alone or jointly, meet the

requirements set forth in Section 2:114a subsection 2 of the Dutch Civil Code, will have the right to request the

Board of Directors to place items on the agenda, provided the reasons for the request must be stated therein

and the request must be received by the Chairman or the Chief Executive Officer in writing at least 60 days

before the date of the General Meeting.

Furthermore, shareholders solely or jointly representing at least ten percent of the issued share capital may

request the Board of Directors, in writing, to call a General Meeting, stating the matters to be dealt with. If the

Board of Directors fails to call a meeting, then such shareholders may, on their application, be authorized by the

court in preliminary relief proceedings (voorzieningenrechter van de rechtbank) to convene a General Meeting.

Such application may be rejected if the court is not satisfied that the applicants have previously requested the

Board of Directors in writing to convene a General Meeting stating the exact subjects to be discussed.

Venue

General Meetings may be held in Amsterdam or Haarlemmermeer (including Schiphol Airport).

Chairman

The General Meetings are chaired by the Chairman. However, the Board of Directors may also appoint another

person to chair the General Meeting. The chairman of the meeting has all the powers deemed necessary to

ensure the proper functioning of the General Meeting.

Rights at General Meeting and Admittance

Each shareholder and each other person entitled to attend the General Meeting is authorized to attend, to speak

at, and to the extent applicable, to exercise voting rights in the General Meeting. They may be represented by a

proxy holder authorized in writing.

For each General Meeting, a statutory record date will be applied in order to determine in which persons voting

rights are vested and which persons are entitled to attend the General Meeting. The record date is the 28th day

before the relevant General Meeting. The manner by which persons entitled to attend the General Meeting can

A person entitled to attend the General Meeting or his proxy may only be admitted to the meeting if he or she

has notified the Company of his intention to attend the meeting in writing at the address and by the date

specified in the notice of meeting. The proxy is also required to produce written evidence of his mandate.

The Board of Directors is authorized to determine that the voting rights and the right to attend the General

Meeting can be exercised by using an electronic means of communication. If so decided, it will be required that

each person entitled to attend the General Meeting, or his proxy holder, can be identified through the electronic

means of communication, follow the discussions in the meeting and, to the extent applicable, exercise the voting

right. The Company is authorized to apply such verification procedures as it reasonably deems necessary to

establish the identity of the persons entitled to attend the General Meeting and, where applicable, the identity

and authority of representatives. The Board of Directors may also determine that the electronic means of

communication used must allow each person entitled to attend the General Meeting or his proxy holder to

participate in the discussions. The Board of Directors may determine further conditions to the use of electronic

means of communication, provided such conditions are reasonable and necessary for the identification of

persons entitled to attend the General Meeting and the reliability and safety of the communication. Such further

conditions will be set out in the notice of the meeting. The foregoing does, however, not restrict the authority of

the chairman of the meeting to take such action as he or she deems fit in the interest of the meeting being

conducted in an orderly fashion. Any non or malfunctioning of the means of electronic communication used is at

the risk of the persons entitled to attend the General Meeting using the same.

The company secretary arranges for the keeping of an attendance list in respect of each General Meeting. The

Directors have the right to attend the General Meeting in person and to address the meeting. They have the

right to give advice in the meeting. Also, the external auditor of the Company is authorized to attend and

address the General Meetings. The chairman of the meeting decides upon the admittance to the meeting of

other persons.

The official language of the General Meetings is English.

Voting Rights and Adoption of Resolutions

Each ordinary share confers the right to cast one vote. Each Special Voting Share A confers the right to cast one

vote, each Special Voting Share B confers the right to cast four votes and each Special Voting Share C confers

the right to cast nine votes. Each Special Ordinary Share confers the right to cast twenty votes. Please see the

paragraph ‘Shares and Shareholding Structure’ included in this governance section for further information on the

Company's capital structure, the types of shares (i.e., ordinary shares and special voting shares), and related

rights and obligations.


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At the General Meeting, all resolutions will be adopted by an absolute majority of the votes validly cast, except in

those cases in which the law or the Articles of Association require a greater majority. Blank and invalid votes will

be regarded as not having been cast.

Meetings of Classes of Shares

Meetings of holders of ordinary shares, Special Ordinary Shares, Special Voting Shares A, Special Voting

Shares B, or Special Voting Shares C are held whenever the Board of Directors calls such meetings. Except as

otherwise provided in the Articles of Association, all resolutions of a class meeting will be adopted by an

absolute majority of the votes cast on shares of the relevant class, without a quorum being required.

Minutes

Minutes of the proceedings at the General Meeting are kept by the company secretary and then signed by the

chairman of the meeting and the secretary as evidence thereof. The minutes of the General Meeting are made

available to the shareholders no later than three months after the end of the meeting, after which the

shareholders have the opportunity to react to the minutes in the following three months. During 2024, the annual

General Meeting was held on 11 April 2024. Minutes of this meeting are available on the Company's website.

ix. Code of Ethics

The Campari Group observes the principles of loyalty, honesty, impartiality and aversion to conflicts of interest in

carrying out its business and those of confidentiality, transparency and completeness in managing corporate

information. The Company monitors the effectiveness of and the compliance with the code of ethics of the

Campari Group (‘Code of Ethics’). The Internal Audit function investigates violations of the Code of Ethics by

periodical or ad hoc audits. Periodical reporting is delivered to the Chairman, the Executive Directors and the

Control, Risks and Sustainability Committee.

In line with best practice provision 2.6.1 of the DCGC, the Campari Group has a whistleblowing system,

available to employees, customers and suppliers, i.e., the Campari Group’s stakeholders, to report any

breaches of the Code of Ethics or irregularities in the application of internal procedures. This dedicated

information channel is confidential and maintains the anonymity of the individuals making the report. The

procedure for reporting actual or suspected irregularities within the Campari Group has been published on the

company’s homepage (for more information on the Campari Group whistleblowing system refer to 'Governance

and policies related to Business conduct' in the 'Governance information' section of the Sustainability

statement).

x. Diversity

The Company believes that diversity in the composition of the Board of Directors is an important mean of

promoting debate, balanced decision-making and independent actions of the Board of Directors. The

Remuneration and Appointment Committee reviews the Diversity Policy, monitors its effectiveness and makes

proposals or suggestions when new members of the Board of Directors are appointed.

The Diversity Policy gives weight to the following diversity factors in the composition of the Board of Directors:

age, gender, expertise, professional background, nationality and independence. The Board of Directors and the

Remuneration and Appointment Committee consider such factors when evaluating nominees for election to the

Board of Directors. These factors were also taken into account when the Directors were proposed for

appointment by the General Meeting in April 2022.

The Company has achieved the following tangible targets: (i) at least 30% of the seats of the Board of Directors

are occupied by women and at least 30% by men and (ii) at least 30% of the Non-Executive Directors are

women and at least 30% of the Non-Executive Directors are men.

On 1 January 2022, a new Dutch Act on gender diversity (Wet inzake evenwichtige man vrouwverhouding in de

top van het bedrijfsleven) entered into force. Pursuant to this Act, the Company has to set appropriate and

ambitious gender diversity target figures for the Executive Directors, Non-Executive Directors and management

and draw up a plan to achieve these targets. In this context, 'appropriate' means that the targets depend on the

number of Executive Directors, Non-Executive Directors and managers, and on the existing ratio between the

men and women. In this context 'ambitious' means that the targets should aim to make the male-female ratio

more balanced than the existing composition. As of 2024, the Company must report on the progress made

annually to the Dutch Social and Economic Council within ten months after the end of the financial year and this

information will also have to be included in the Company's Management Board Report.

Pursuant to the new Dutch Act on gender, on 21 February 2023 the Board of Directors of Davide Campari-

Milano N.V. has resolved upon the setting of appropriate and ambitious gender diversity target figures for (i) the

Executive Directors, (ii) the Non-Executive Directors and (iii) the Senior Management and the drawing up of a


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plan to achieve these targets. The gender diversity target figures and the plan for their achievement were

determined as follows:

- Executive Directors: at least 33.33% female and 33.33% male Executive Directors by the renewal of the

Board of Directors in 2028;

- Non-Executive Directors: at least 40% female and 40% male Non-Executive Directors by the renewal of the

Board of Directors in 2025;

- Senior Management: at least 40% female and 40% male members of Senior Management by the end of

2027. According to Campari Group organization, Senior Management includes all members of global,

regional and local leadership teams that are in charge of leading business, functional teams and people. This

comprises four layers (internally named Senior Executive, Executive, Senior Management and

Management), to include from top to all positions reporting to general managers in large, medium and

smaller markets (it does not include coordinators, supervisors, senior specialists, even if with people

management responsibilities).

Within the above-specified timeframe, such targets will be taken into account with the aim of the relevant pursuit

upon the occurrence of the renewals of the Board of Directors and in the hiring/HR resources management

process.

As of today, 3 of the total 11 members of the Board of Directors (equal to 27% of the total members of the Board

of Directors) and of the total 8 Non-Executive Directors are female (equal to 37% of the total Non-Executive

Directors).

For more information on the Diversity topic refer to 'ESRS S1 Own workforce' in the Sustainability statement.

xi. Inside Information and Insider Dealing

The Procedure for Processing and Managing Material and Inside Information defines the methods, timescales

and responsibilities for assessing the confidentiality of information, the conditions under which it may be

disclosed to the public and those relating to any delay in disclosing said information. The Relevant Managers

(as defined in the Internal Dealing Procedure) may not conclude, directly or indirectly, on their own account or

on behalf of third parties, Transactions (as defined in the Internal Dealing Procedure) within the 30 calendar

days prior the announcement of an interim financial report (including quarterly reports) or a year-end financial

report. The Company also maintains a so-called insider list which includes all persons who, in the exercise of

their employment, profession or duty, have access to inside information.

xii. Relations with Investors

The Company values an open and constructive dialogue with its investors, both existing and potential ones.

The Company communicates regularly with investors and financial market operators in general, in order to

provide complete, accurate and timely information on its operations, while complying with the applicable

confidentiality requirements for certain types of information. Conversations with investors primarily take place

during investor roadshows, investor conferences, company visits as well as in General Meetings but may also

be held on a bilateral basis in case of one-to-one meetings. The initiative to enter into a conversation with an

investor is generally taken by the Company, specifically by the Investor Relations department, the function

responsible for managing dialogues with investors, or with the involvement of the Chief Executive Officer and

Chief Financial Officer whenever appropriate. The Company adheres to all legal obligations relating to

confidentiality, disclosure of inside information and equal treatment of investors and only discusses publicly

known information in one-on-one meetings. The Company is committed to providing high quality and timely

information to all investors in accordance with applicable law. Information will be made available on the

Company's website: https://www.camparigroup.com/en/page/investors.

For information about the relationship between the Group and its stakeholders, including investors, please refer

to the 'Engagement with Stakeholders' section in the 'General Information' of the Sustainability statement

xiii. Compliance with the DCGC

The Company endorses the principles and best practice provisions of the DCGC, except for the following best

practice provisions which are explained below.

Best practice provision 2.2.5 of the DCGC (Duties of the selection and appointment committee)

Pursuant to best practice provision 2.2.5 of the DCGC, the Remuneration and Appointment Committee should,

among others, (i) draw up the selection criteria and appointment procedures for Directors, (ii) periodically assess

the size and composition of the Board of Directors and make a proposal for a composition profile of the Non-

Executive Directors and (iii) draw up a plan for the succession of Directors.


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Campari Group annual report for the year ended 31 December 2024

After consultation with the Remuneration and Appointment Committee, the Board of Directors concluded that a

succession plan for Executive Directors is unable to ensure, in the reality of corporate life, the timely

replacement of Executive Directors who stand down from their positions on or before the completion of their

mandate, when the composition of the Company’s shareholder structure is also taken into consideration.

It was decided that such documents can easily become abstract statements of principles, perhaps produced

with the help of expensive consultants, and often containing obvious recommendations for requirements of

ability, professionalism and integrity that persons performing these roles should necessarily possess, or

unhelpful, complicated procedures for the selection of ideal candidates.

The Board of Directors took this decision at its meeting on 12 March 2013 and, thereafter, when approving

subsequent reports, believing it to be preferable, from the point of view of good corporate governance, for the

Company not to incur expenses for activities that are of no clear benefit.

In addition, the Remuneration and Appointment Committee will not periodically assess the size and composition

of the Board of Directors and its committees.

Best practice provisions 2.2.6 and 2.2.7 of the DCGC (Board evaluation)

Pursuant to best practice provisions 2.2.6 and 2.2.7 of the DCGC, Non-Executive Directors should periodically

evaluate their own functioning, both individually and as a group, the functioning of the internal committees and

the functioning of the Executive Directors, both individually and as a group. In addition, the Executive Directors

should periodically evaluate their own function, both individually and as a group.

The Board of Directors held the view that the actual application of such assessments does not provide any

significant benefits. It appears somewhat unlikely that those carrying out a self-assessment would give a

negative opinion about the functioning of their own board, nor would they push for an opportunity to introduce

new professional profiles without implicitly admitting that the current Directors did not have the qualities needed

to carry out their duties.

Equally, the Board of Directors does not plan to entrust this assessment to a consultancy company, since this

would certainly not satisfy the need for third-party independent judgement but would generate a cost for the

Company.

The Board of Directors took this decision at its meeting on 12 March 2013 and, thereafter, when approving

subsequent reports, believing it to be preferable, from the point of view of good corporate governance, for the

Company not to incur expenses for activities that are of no clear benefit.

Best practice provisions 2.1.7 and 2.1.8 of the DCGC (Independent Directors)

Pursuant to best practice provisions 2.1.7 and 2.1.8 of the DCGC, at most one Non-Executive Director is not

required to meet the independence criteria as set out in the DCGC. In addition, for each shareholder, or group of

affiliated shareholders, who directly or indirectly holds more than ten percent of the shares in the Company,

there is at most one Non-Executive Director who may be affiliated with or representing such shareholder. In

total, the majority of the Non-Executive Directors should be independent.

The Non-Executive Directors have determined that five of the eight Non-Executive Directors qualify as

independent in accordance with the DCGC. It should be noted that:

- Luca Garavoglia and Alessandra Garavoglia do not qualify as independent, as they directly or indirectly

control the Company’s controlling shareholder Lagfin S.C.A., Société en Commandite par Actions which in

turn, as of 31 December 2024, holds 51.73% of the Company's shares and 82.58% of the voting rights. It is

believed, however, that the involvement of both Luca Garavoglia and Alessandra Garavoglia proves the

commitment of the entire Garavoglia family to participate in the Company with spirit of homogeneity and

compactness, in order to ensure continuity of control over the Company; and

- Eugenio Barcellona does not qualify as independent as he is a partner of a law firm that acts as advisor to

the Company. It is believed, however, that Eugenio Barcellona's deep knowledge of the Company as well as

his overall knowledge of laws and regulations make him a most valuable Non-Executive Director.

Principle 2.3.2 of the DCGC (Establishment of committees)

Pursuant to best practice provision 2.3.2 of the DCGC, if the Board of Directors has more than four Non-

Executive Directors, it shall appoint from among its members an audit committee, a remuneration committee

and a selection and appointment committee.

The Company has combined the roles of the remuneration committee and the selection and appointment

committee in one committee, the Remuneration and Appointment Committee. The Company feels that there

would be no benefits for the Company, given its size and its organizational structure, in splitting the

Remuneration and Appointment Committee as prescribed under the DCGC.

Principle 2.3.6 of the DCGC (Vice-chairman of the Board of Directors)

Pursuant to Article 18.1 of the Company’s Articles of Association, the Board of Directors may designate one or

more other Directors as vice-chairman of the Board of Directors.

The chairman of the supervisory board should in any case ensure that, inter alia:

i. the supervisory board has proper contact with the management board;

ii. there is sufficient time for deliberation and decision-making by the supervisory board;


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Campari Group annual report for the year ended 31 December 2024

iii. the supervisory board members receive all information that is necessary for the proper performance of their

duties in a timely fashion;

iv. the supervisory board and its committees function properly;

v. the management board performs activities in respect of culture;

vi. the supervisory board is involved closely, and at an early stage, in any merger or acquisition processes.

The chairman of the supervisory board should consult regularly with the chairman of the management board.

As explained in the paragraph ‘Composition of Board of Directors’ of this Governance report, in occasion of the

Board of Directors’ meeting held on 17 September 2024, the Board appointed Jean-Marie Laborde as vice-

Chairman.

Principle 3.1.2 of DCGC (Remuneration policy)

The following aspects should in any event be taken into consideration when formulating the remuneration policy:

a) the objectives of the strategy for the implementation of sustainable long-term value creation within the

meaning of best practice provision 1.1.1;

b) the scenario analyses carried out in advance;

c) the pay ratios within the company and its affiliated enterprise;

d) the development of the market price of the shares;

e) an appropriate ratio between the variable and fixed remuneration components. The variable remuneration

component is linked to measurable performance criteria determined in advance, which are predominantly

long-term in character;

f) if shares are being awarded, the terms and conditions governing this; and

g) if share options are being awarded, the terms and conditions governing this and the terms and conditions

subject to which the share options can be exercised. In any case, share options cannot be exercised during

the first three years after they are awarded.

No performance criteria are applied to share options that the Company typically grant but, since there are

options vest five years after they are granted and all share options may be exercised in the two years following

the vesting of the right, the Company believes that the share options are long-term in character.

xiv. Disclosures pursuant to Decree Article 10 EU-Directive on Takeovers

In accordance with the Dutch Decree Article 10 Takeover Director (Besluit artikel 10 overnamerichtlijn, the

‘Decree’), the Company makes the following disclosures:

a) for information on the Company's capital structure, the types of shares (i.e., ordinary shares and special

voting shares), and related rights and obligations, and the issued share capital, please see the paragraph

‘Major Shareholders’ of this governance section;

b) to summarize, the rights attached to ordinary shares and Special Ordinary Shares comprise pre-emptive

rights upon the issue of ordinary shares (with the understanding that holders of Special Ordinary Shares will

be entitled to the issue of Special Ordinary Shares in lieu of ordinary shares), the right to attend General

Meetings and to speak and vote at such meetings and to resolve on the distribution of such amount of the

Company's profit as remains after allocation to the reserves and the payment of a dividend of 1% of the

amount paid on the special voting shares in accordance with the Articles of Association. For information on

the rights attached to the special voting shares reference is made to the Articles of Association and the SVS

Terms, which can both be found on the Company's website;

c) as of 31 December 2024, the issued share capital of the Company consisted of 1,231,267,738 ordinary

shares, representing approximately 64.91 percent of the aggregate issued share capital, and 665,718,342

special voting shares, representing approximately 35.09 percent of the aggregate issued share capital;

d) the Company has imposed no limitations on the transfer of ordinary shares. Article 13 of the Articles of

Association and the SVS Terms provide for transfer restrictions for special voting shares;

e) for information on participations in the Company’s capital for which a disclosure obligation exists under

Sections 5:34, 5:35 and 5:43 of the Dutch Financial Supervision Act (Wet op het financieel toezicht), please

see the paragraph ‘Major Shareholders’ of this governance section. There you will find a list of shareholders

who are known to the Company to have an interest of three percent or more at the stated date;

f) no special control rights or other rights accrue to shares in the capital of the Company other than the right of

holders of ordinary shares to receive special voting shares if and when the terms and conditions as set out in

Article 13.7 of the Articles of Association and the SVS Terms are met;

g) a mechanism for verifying compliance with a scheme allowing employees to subscribe for or to acquire

shares in the capital of the Company or a subsidiary if the employees do not arrange for such verification

directly is not applicable to the Company;

h) no restrictions apply to voting rights attached to shares in the capital of the Company, nor are there any

deadlines for exercising voting rights. The Articles of Association allow the Company to cooperate in the

issuance of registered depositary receipts for ordinary shares, but only pursuant to a resolution to that effect


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Campari Group annual report for the year ended 31 December 2024

of the Board of Directors. The Company is not aware of any depository receipts having been issued for

shares in its capital;

i) the Company is not aware of the existence of any agreements with shareholders which may result in

restrictions on the transfer of shares or limitation of voting rights, except for the circumstance that, pursuant

to Lagfin S.C.A., Société en Commandite par Actiones’s articles of association, Lagfin S.C.A., Société en

Commandite par Actiones’s main corporate purpose is the holding and maintenance of a controlling stake in

the Company;

j) the rules governing the appointment and dismissal of Directors are stated in the Articles of Association of the

Company. Directors are appointed by the General Meeting. The Board of Directors nominates a candidate for

each vacant seat. A nomination by the Board of Directors will be binding as described above in the section

‘Board of Directors’. At a General Meeting, votes in respect of the appointment of a Director can only be cast

for candidates named in the agenda of the meeting or explanatory notes thereto. The term of office of

Directors may not exceed a maximum period of four years at a time. A Director who ceases office due to the

expiry of his office is immediately eligible for reappointment;

k) each Director may be suspended or removed by the General Meeting at any time. A resolution of the General

Meeting to suspend or remove a Director other than pursuant to a proposal by the Board of Directors

requires an absolute majority of the votes cast. An Executive Director may also be suspended by the Board

of Directors. A suspension by the Board of Directors may at any time be discontinued by the General

Meeting. Any suspension may be extended one or more times but may not last longer than three months in

the aggregate. If, at the end of that period, no decision has been taken on termination of the suspension or

on removal, the suspension will end;

l) pursuant to Article 40 of the Articles of Association, the General Meeting may pass a resolution to amend the

Articles of Association with an absolute majority of the votes cast, but only on a proposal of the Board of

Directors. Any such proposal must be stated in the notice of the General Meeting. In the event of a proposal

to the General Meeting to amend the Articles of Association, a copy of such proposal containing the verbatim

text of the proposed amendment will be deposited at the Company's office, for inspection by shareholders

and other persons entitled to attend the General Meeting, until the end of the meeting. Furthermore, a copy

of the proposal will be made available free of charge to shareholders and other persons entitled to attend the

General Meeting from the day it was deposited until the day of the meeting;

m) the general powers of the Board of Directors are stated in Article 17 of the Articles of Association and on 12

April 2022 each Executive Directors was granted a power of attorney to represent and act on behalf of the

Company. According to Article 6.1 of the Articles of Association, the Board of Directors will be the competent

corporate body to issue shares for a period of five years with effect from 27 November 2020. The Board of

Directors is also authorized to limit or exclude pre-emptive rights of shareholders when issuing ordinary

shares or granting rights to subscribe for ordinary shares, for the same term. After the five-year term, shares

may be issued pursuant to a resolution of the General Meeting unless the Board of Directors is designated to

do so by the General Meeting. Such designation can be made each time for a maximum period of five years

and can be extended each time for a maximum period of five years. A designation must determine the

number of shares of each class concerned which may be issued pursuant to a resolution of the Board of

Directors. A resolution of the General Meeting to designate the Board of Directors as the body of the

Company authorized to issue Shares can only be withdrawn at the proposal of the Board of Directors. The

body of the Company resolving to issue Shares must determine the issue price and the other conditions of

issuance in the resolution to issue;

n) after the five-year term, pre-emptive rights may be restricted or excluded by a resolution of the General

Meeting. However, with respect to an issue of ordinary shares pursuant to a resolution of the Board of

Directors, the pre-emptive rights can be restricted or excluded pursuant to a resolution of the Board of

Directors if and insofar as the Board of Directors is designated to do so by the General Meeting;

o) pursuant to Article 9 of Articles of Association, the Company is entitled to acquire fully paid-up shares in its

capital with due observance of the relevant statutory provisions. Acquisition of the Company's own shares for

valuable consideration is permitted only if the General Meeting has authorized the Board of Directors to do

so. Such authorisation will be valid for a period not exceeding eighteen months. The General Meeting must

determine in the authorisation the number of shares which may be acquired, the manner in which they may

be acquired and the limits within which the price must be set. The Board of Directors may, without

authorisation by the General Meeting, acquire its own shares for the purpose of transferring such shares to

employees of the Company or of a group company (groepsmaatschappij) under a scheme applicable to such

employees, provided such shares are listed on a stock exchange;

p) the Company is not a party to any significant agreements which will take effect, will be altered or will be

terminated upon a change of control of the Company as a result of a public offer within the meaning of

Section 5:70 of the Dutch Financial Supervision Act, provided that certain of the loan agreements entered

into by the Company contain clauses that, as is customary for financing agreements of similar type, may

require early repayment or termination in the event of a change of control of the Company;


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Campari Group annual report for the year ended 31 December 2024

q) the Company did not enter into any agreement with a Director or employee of the Company providing for a

payment upon the termination of employment as a result of a public offer within the meaning of Article 5:70 of

the Dutch Financial Supervision Act.

xv. Report of the Non-Executive Directors

Below is provided the report of the Non-Executive Directors of the Company for the financial year 2024, as

referred to in best practice provision 5.1.5 of the DCGC.

- Supervision by the Non-Executive Directors

The Non-Executive Directors are in charge of supervising the policies implemented by the Executive Directors

and the general affairs of the Company and its affiliated enterprise, including the deployment of the strategy of

the Company regarding long-term value creation.

The Non-Executive Directors contribute in creating sustainable long-term value by:

a) regular discussions on strategic matters with the Executive Directors during meetings of the Board of

Directors, including, potential acquisitions and disposals, extraordinary transactions, financing operations,

yearly budgets and long-term business plans and the annual, half yearly and quarterly financial reports;

b) monitoring progress on the global sustainability strategy and approving the Non-Financial Declaration

contained in the annual report and the sustainability report;

c) in their quality as members of the Control, Risks and Sustainability Committee, they regularly examine the

ESG matters including sustainability, diversity and climate implications addressing relevant actions in the

Sustainability report accordingly. Campari Group’s global sustainability strategy includes medium and long-

term environmental targets, the global strategy on responsible consumption, the global framework on

diversity, equity and inclusion and long-term commitments;

d) approving the contents of the remuneration policy taking into account the criteria detailed in the remuneration

report.

The Non-Executive Directors have dealt with the mergers and acquisitions transactions carried out by the

Campari Group, by giving a significant contribution to the decisional process leading to the approval of such

transactions. The Board of Directors in 2024 approved a major acquisition: Courvoisier. The Non-Executive

Directors had relevant and regular updates during the entire project and contributed to the process. The

mergers and acquisitions transactions, in line with the external growth strategy of the Campari Group, have the

specific purpose to create long-term value. Details are available in the corporate website.

- Committees

The Board of Directors has allocated certain specific responsibilities to the Control, Risks and Sustainability

Committee and the Remuneration and Appointment Committee. In doing so, the Non-Executive Directors have

also focused on the effectiveness of the Company’s internal risk management and control systems, the integrity

and quality of the financial and Sustainability statement and the risks associated. Further details on how these

Committees have carried out their duties are set forth in the sections ‘Control, Risks and Sustainability

Committee’ and ‘Remuneration and Appointment Committee’. The Non-Executive Directors have been regularly

informed by each committee of the results and recommendations of these meetings in accordance with best

practice provision 2.3.5 of the DCGC, and the conclusions of those committees were taken into account when

drafting this report of the Non-Executive Directors.

- Control, Risks and Sustainability Committee

During 2024, the Control, Risks and Sustainability Committee:

a) assessed and expressed opinions on corporate risks brought to its attention by the Internal Audit function;

b) met the external auditor to verify the financial audit activities carried out ensuring a regular flow of information

among the Internal Audit function, the Control, Risks and Sustainability Committee and the external auditor;

c) as to sustainability matters, assessed Campari Group’s sustainability strategy examining the non-financial

report as well as the report concerning the quality, health, safety, and environmental aspects of all Campari

Group’s production plants;

d) examined the audit results on co-manufacturing services provided to Campari Mexico S.A.;

e) examined the audit results on commercial function of Campari Argentina S.A.;

f) examined the audit results on Channel&Customer Marketing Function of J. Wray&Nephew Ltd;

g) examined the audit results on Supply Chain Function of Campari Australia PTY Ltd.;

h) examined the audit results on IT/Cybersecurity;

i) examined the audit results on J. Wray&Nephew Limited-Credit Management;

j) examined the audit results on J. Wray&Nephew Limited-Sustainability Indicators;

k) examined the Physical Count Program regarding the warehouses of finished products;

l) examined the raising risk in Campari Mexico S.A. de C.V.;

m) examined the audit results on the Arandas plant expansion in Campari Mexico S.A. de C.V.;


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Campari Group annual report for the year ended 31 December 2024

n) examined the audit results on Campari Mexico S.A. de C.V.-Sustainability Indicators;

o) examined the audit results on Campari Mexico S.A. de C.V.-Security;

p) examined the audit results on Financial Statements of Trans Beverage Co. Ltd.;

q) examined the audit results on the PTP Project in Campari India Pvt Ltd.; examined the audit results on the

sustainability area in Glen Grant Ltd.;

r) examined the audit results on Campari Singapore PTE Ltd.;

s) examined the audit results on performance using drone count in Novi Ligure Plant;

t) examined the audit results on Global Travel Retail;

u) examined the procedure in case of parallel importation;

v) examined the assessment on Corporate Criminal Liability;

w) examined the Segregation of Duties and IT general controls;

x) examined the audit results on ingredients;

y) examined the Tax Control Framework Implementation;

z) examined the controls carried out over 2023 pursuant to Law No. 262 of 28 December 2005 and about the

results of both data analytics controls, as well as manual controls;

aa) examined the progress made in implementing the Internal Audit recommendations;

ab) examined the results of investigations regarding the Campari Safe Line;

ac) examined the annual audit plan;

ad) approved the services other than statutory audit provided by the external auditor;

ae) examined and approved the annual report of the Data Protection Officer;

af) met with the Sustainability and Consolidated IFRS and CSRD Reporting teams, to examine the essential

topics reported in the Sustainability statement with specific focus on the internal control system over ESG

information;

ag) examined the Group Double Materiality process and results;

ah) examined the audit results on the renovation of the Campari UK headquarter;

ai) examined the audit results on agave procurement process;

aj) examined the audit results on Supply Chain Function of Campari do Brasil Ltda;

ak) examined the audit results on sustainability area on Sesto San Giovanni headquarters and Canale plant;

al) examined the 2024 Annual Report with external auditor EY;

am) examined the audit results on Fraud Risk Assessment;

an) examined IA’s New Global Internal Audit Standards: GAP analysis and ESG impact.

The Non-Executive Directors have also examined the half year report reviewed by the Control, Risks and

Sustainability Committee then approved by the Board of Directors.

During 2024, 10 meetings of the Control, Risks and Sustainability Committee took place with the attendance

details provided in the Table below.

- Remuneration and Appointment Committee

The main activities carried out by the Remuneration and Appointment Committee during 2024 were as follows:

a) evaluation and approval of the proposal regarding the remuneration report;

b) examination of the corporate governance report pursuant to applicable law;

c) determination of the variable remuneration for the Executive Directors as per the applicable STI 2023

targets;

d) determination of the STI 2024 targets and base amounts for the Executive Directors;

e) approval of the proposal to grant PSU and RSU in favour of specific beneficiaries;

f) approval of Bob Kunze-Concewitz’s LMI payout;

g) approval of Paolo Marchesini’s LMI;

h) approval of Matteo Fantacchiotti’s remuneration package;

i) approval of a long-term incentive plan for the members of the leadership team;

j) approval of a long-term incentive plan for selected employees;

k) approval of the severance amount in connection with the resignation of Matteo Fantacchiotti;

l) approval of the interim appointment as co-CEOs of Paolo Marchesini and Fabio Di Fede;

m) discussion on the succession plan of the CEO;

n) approval of Simon Hunt as new CEO nominee.

Two meetings of the Remuneration and Appointment Committee were held during the year, with details of

attendance shown in the table below; taking into account the convening of extraordinary meetings of the Board

of Directors, the Committee members also discussed and agreed on certain matters by correspondence, rather

than at convened meetings.

The Non-Executive Directors also examined the yearly report prepared by the Remuneration and Appointment

Committee then approved by the Board of Directors. The Non-Executive Directors were able to review and

evaluate the performance of the Remuneration and Appointment Committee. There is no need to amend the

size or composition of the Remuneration and Appointment Committee.


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Campari Group annual report for the year ended 31 December 2024

The chairman of the Remuneration and Appointment Committee reports once a year to the Board of Directors

on activities carried out, when the annual financial statements are approved. It considers that this frequency is

preferable to providing an update at the first appropriate meeting, except in cases of particular importance and/

or urgency.

Internal Audit Function

The Company has a separate department for the internal audit function and the Board of Directors appoints the

Head of Internal Audit. The main activities carried out by the Internal Audit function during 2024 were as follows:

a) audit on co-manufacturing services provided to Campari Mexico S.A.;

b) audit on commercial function of Campari Argentina S.A.;

c) audit on Channel&Customer Marketing Function (‘CCM’) of J. Wray&Nephew Ltd;

d) audit on Supply Chain Function of Campari Australia PTY Ltd.;

e) audit on IT/Cybersecurity;

f) audit on J. Wray&Nephew Limited-Credit Management;

g) audit on J. Wray&Nephew Limited-Sustainability Indicators; audit on Physical Count Program regarding the

finished products warehouses;

h) audit on Campari Mexico S.A. de C.V.-rising risk;

i) audit on Campari Mexico S.A. de C.V.-Arandas Plant expansion;

j) audit on Campari Mexico S.A. de C.V.-Sustainability Indicators;

k) audit on Campari Mexico S.A. de C.V.-Security;

l) audit on Glen Grant Ltd.-Sustainability Area;

m) audit on Campari Singapore PTE Ltd.;

n) audit on drone count in Novi Ligure Plant;

o) audit on Financial Statements of Trans Beverage Co. Ltd;

p) audit on the PTP Project in Campari India Pvt Ltd.;

q) audit on Global Travel Retail;

r) audit on ingredients;

s) audit on Campari Safe Line.

Independence of the Non-Executive Directors

Each Non-Executive Director owes a duty to the Company to properly perform the duties assigned to each

Director and to act in the Company's corporate interest. Under Dutch law, the Company's corporate interest

extends to the interests of all its stakeholders, including its shareholders, creditors and employees.

Pursuant to best practice provisions 2.1.7 and 2.1.8 of the DCGC, at most one Non-Executive Director does not

have to meet the independence criteria as set out in the DCGC. In addition, for each shareholder, or group of

affiliated shareholders, who directly or indirectly hold more than ten percent of the shares in the Company, there

is at most one Non-Executive Director who may be affiliated with or representing such shareholder. In total, the

majority of the Non-Executive Directors should be independent.

The Non-Executive Directors have determined that five of the eight Non-Executive Directors qualify as

independent in accordance with the DCGC. Please see the paragraph ‘Compliance with the DCGC’ of this

governance section for further information.


Governance	217

Campari Group annual report for the year ended 31 December 2024

Composition of the Board of Directors and the committees on 31 December 2024


Board of Directors								Control, Risks and Sustainability Committee		Remuneration and Appointment Committee
Member and principal position	Nationality	Date of first appointment	In office since	In office until the end of the annual General Meeting in	Gender	Independent according to DCGC	% attendance at meetings	Member	Attendance % at meetings	Member	Attendance % at meetings
Luca Garavoglia (Chairman and Non-Executive Director)	Swiss	19 September 1994	12 April 2022	2025	M	no	100%
Paolo Marchesini (Executive Director)	Italian	10 May 2004	12 April 2022	2025	M	no	100%
Fabio Di Fede (Executive Director)	Italian	16 April 2019	12 April 2022	2025	M	no	100%
Robert Kunze-Concewitz (Non-Executive Director)	Austrian	11 April 2024	11 April 2024	2025	M	no	100%
Emmanuel Babeau (Non-Executive Director)	French	12 April 2022	12 April 2022	2025	M	yes	88.9%			X	100%
Eugenio Barcellona (Non-Executive Director)	Italian	24 April 2007	12 April 2022	2025	M	no	88.9%	X	90%	X	100%
Alessandra Garavoglia (Non-Executive Director)	Italian	16 April 2019	12 April 2022	2025	F	no	88.9%
Margareth Henriquez (Non-Executive Director)	Dutch	12 April 2022	12 April 2022	2025	F	yes	77.8%
Jean-Marie Laborde (Non-Executive Director)	French	12 April 2022	12 April 2022	2025	M	yes	100%	X	100%
Christophe Navarre (Non-Executive Director)	Belgian	12 April 2022	12 April 2022	2025	M	yes	66.7%			X	100%
Lisa Vascellari Dal Fiol (Non-Executive Director)	Italian	12 April 2022	12 April 2022	2025	F	yes	100%	X	100%
Number of meetings held							Board of Directors: 9	Control, Risks and Sustainability Committee: 10		Remuneration and Appointment Committee: 2


Governance	218

Campari Group annual report for the year ended 31 December 2024

Remuneration report

i. Introduction

The Company’s remuneration structure aspires to support Campari’s stated mission, vision and strategy while

motivating, retaining, and attracting world-class talent. It aims to reinforce and support the Group’s key strategic

drivers in both the short and long term, the achievement of which will support sustainable, long-term value

creation for all stakeholders.

As described below, the Executive Directors’ remuneration consists of a fixed component and a variable

component such as: (i) the base salary (fixed component); (ii) the short-term incentive (variable component);

and (iii) the long-term incentive (variable component), while the Non-Executive Directors’ remuneration consists

of a single fixed annual component in cash.

The base salary reflects the individual's experience, skills, duties, responsibilities, and contribution to the

Company. The short-term incentive motivates Executive Directors to meet annual Group performance targets,

while the long-term incentive, which vests over three years, forms a significant part of total remuneration and

promotes substantial share ownership, encouraging the Executive Directors to act as stewards and

ambassadors of the Company.

The achievement against individual financial targets, as set for by the Board of Directors, resulted in a

performance of 95.6%, at aggregate level, based on 2024 results. As a direct consequence, the Company short-

term incentive pay out for 2024 was below the base amount as well.

The remuneration report provided below summarizes the guidelines and the principles followed by the Company

in order to define and implement the remuneration policy applicable to the Executive Directors and the Non-

Executive Directors of the Company. In addition, the remuneration report provides the remuneration paid to

these individuals for the year ended 31 December 2024.

ii. Remuneration policy

The General Meeting adopted the remuneration policy for the Executive Directors and the Non-Executive

Directors on 11 April 2024 (the ‘Remuneration Policy’). The objective of the Remuneration Policy for the

Executive Directors is to attract, reward and retain the necessary leadership talent in order to support the

execution of the Company's strategic objectives, whilst for the Non-Executive Directors the Remuneration Policy

aims at rewarding them appropriately for their work based on market competitive fee levels.

The authority to establish remuneration is vested in the Board of Directors, with due observance of the

Remuneration Policy, whereby the Executive Directors may not participate in the deliberations and decision-

making with respect to the remuneration of the Executive Directors. The Remuneration and Appointment

Committee of the Board of Directors oversees the Remuneration Policy and prepares decisions for the Board of

Directors with respect to the Remuneration Policy and the application thereof in individual situations.

In line with Section 2:135a subsection 2 of the Dutch Civil Code, the Remuneration Policy must be submitted to

the General Meeting in case of any amendments and at least every four years; the new remuneration policy has

been submitted in occasion of the Annual General Meeting held on 11 April 2024. The Remuneration and

Appointment Committee has reviewed the current Remuneration Policy and updated the incentives based on a

long-term view. The remuneration policy approved at the Annual General Meeting on 11 April 2024 introduces a

revised long-term incentive structure: Stock Options have been replaced by Restricted Stock Units ('RSUs') and

Performance Stock Units ('PSUs'). Additionally, the Last Mile Incentive ('LMI') scheme has been updated to

allow eligible Executive Directors to receive LMI grants through a PSU-based incentive plan. The updated policy

also reflects investor support for PSUs (refer to the following section for more detailed information).

Upon recommendation of the Remuneration and Appointment Committee, the amendment proposed to the

remuneration policy reflect the inclusion of interim annual targets related to the cost containment program

initiated in 2025 with the aim to achieve 200 basis points containment over the next three years.

iii. Composition of Board of Directors

On 12 April 2022, the General Meeting (re)appointed the Directors for a three-year period until the end of the

General Meeting to be held in 2025.


Governance	219

Campari Group annual report for the year ended 31 December 2024

Robert Kunze-Concewitz retired from his role effective as of the annual General Meeting of 11 April 2024, after

having informed the Board of Directors in September 2023. In accordance with the Campari Group’s succession

planning process, the Board of Directors, after consultation with the Remuneration and Appointment Committee

had selected Matteo Fantacchiotti, Managing Director Asia Pacific, as the new Chief Executive officer nominee.

Matteo Fantacchiotti has been appointed Deputy Chief Executive officer, until his actual nomination as CEO of

the Company and Executive Director, which happened during the Annual General Meeting held on 11 April

2024. After retiring, Robert Kunze-Concewitz became Non-Executive Director of the Company. During the

meeting of the Board of Directors held on 17 September 2024, Matteo Fantacchiotti resigned as Executive

Director and Chief Executive Officer of the Company, effective immediately. In the same occasion the Executive

Directors Paolo Marchesini and Fabio Di Fede were appointed as ad interim co-Chief Executive officer and the