Campari H1 2026: Aperol is now half the business, margins are expanding, and the company sold four brands in a single month to make it happen

Campari Group published its H1 2026 results on 29 July 2026, covering the six months to 30 June 2026. Group net sales reached €1,512 million, +2.7% organically – positive progression continuing into Q2 (+2.5% organic) from Q1 (+2.9% organic). On a reported basis, sales fell –1.0%, reflecting a –2.0% perimeter effect from the disposal of Cinzano (completed in 2025) and the closing of the Averna and Zedda Piras sale on 28 May 2026, alongside a –1.8% currency headwind driven primarily by the US dollar. The underlying performance – stripping out those structural effects – is a company growing at a measured but consistent pace across most of its key markets, led by its aperitif portfolio.

Profitability improved more sharply than the topline. EBIT-adjusted reached €358 million, +8.5% organically, with the margin expanding +130bps organically to 23.7%. That margin expansion – achieved at only +2.7% organic topline growth – reflects a specific combination of factors: positive mix from the aperitif-heavy early peak season, agave input cost benefits flowing through the cost of goods, limited tariff impact compared to the worst of the tariff shock in 2025, and continued SG&A containment. The reported profit line tells a different story: Group net profit fell –37.7% to €129 million, entirely due to €82 million in non-cash write-downs on brands marked for disposal. The adjusted net profit – which strips out one-off disposal-related charges – grew +4.7% to €226 million. Understanding which number matters depends entirely on what question you are asking.

For brand and strategy teams reading Campari’s H1 results, the useful question is not what happened to reported profit – that number is dominated by a strategic portfolio decision with no cash consequence in H1 – but what the underlying commercial picture says about Campari’s brand momentum, its geographic exposure, and the strategic choices it is making about where to invest and where to exit.

The aperitif portfolio is now half the business – and it is growing faster than everything else