Davide Campari-Milano NV Az nom Post Frazionamento

CPR: XMIL (ITA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Campari: Aperitif Outperformance Should Continue in the Volatile Environment; Maintain Valuation

Verushka Shetty

May 7, 2026

Campari’s first-quarter trading update included a 2.9% organic sales increase, below market expectations. All segments under its new reporting structure grew, except for its Asia-Pacific and Global Travel Retail segment. Global Travel Retail was down 13.5% because of geopolitical disruptions.

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Davide Campari-Milano NV Az nom Post Frazionamento

Campari: Aperitif Outperformance Should Continue in the Volatile Environment; Maintain Valuation

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