Campari focuses on debt refinancing, shares in the European beverages sector

Campari is reshaping its long-term financing with a new €600 million bond and the repurchase of lower-coupon notes, a move that sits alongside its position in the European beverages peer group.

By Thomas Klein, Operations & Strategy desk. Reviewed prior to publication on 2026-06-26, 12:41.

Campari (NL0015435975) has recently shifted its debt profile with a new long-term bond and a partial repurchase of existing notes, according to analyst commentary on the stock. The Italian beverages group is listed on Borsa Italiana in Milan and competes with peers such as Diageo and Pernod Ricard in the European spirits sector.

What the refinancing involves

Davide Campari-Milano N.V. completed a fixed-income offering of 4.25 percent senior unsecured Euro MTN notes due June 17, 2033, with a principal amount of €600 million priced at 99.207 percent, corresponding to €595.24 million in proceeds. At the same time, the company moved to repurchase and cancel a significant portion of its 1.25 percent notes due October 2027, which lowers near-term refinancing needs and lengthens the average maturity of its debt.

The refinancing shifts part of Campari's debt from a lower coupon but shorter maturity to a higher coupon with longer duration, a trade-off that reflects today's interest-rate environment in the euro area and the group's preference for visibility on funding costs. According to Simply Wall St, the new financing step sits alongside projections of about €3.4 billion in revenue and €467.3 million in earnings by 2029, although those figures are forward-looking estimates rather than company guidance.

Position in the beverages peer group

Campari operates in a concentrated global spirits market where listed peers such as Diageo and Pernod Ricard command strong brand portfolios and often run with net debt to EBITDA ratios that reflect steady cash flows from premium spirits. Analyst commentary notes that tariff exposure and currency movements remain earnings drivers across the sector, while margin resilience is a focus for investors tracking global beverages names.

For Campari, maintaining operating margins and cash generation helps support both its dividend policy and its ability to refinance or extend debt maturities when conditions warrant, as seen in the recent bond transaction. Sector comparisons typically look at revenue growth in the low to mid single digits and operating margin stability in the face of input-cost and regulatory pressures, metrics that are relevant for Campari as well as its larger London and Paris-listed peers.

The brands behind Campari

Campari generates its revenue from a portfolio of spirits and aperitifs led by the Campari bitter aperitif, Aperol, SKYY vodka and Wild Turkey bourbon, which are distributed across Europe, the Americas and Asia. Aperol in particular has become a flagship product for the group, integral to the Aperol Spritz cocktail that drives sales growth in key European markets and increasingly in the United States.

Where the shares trade today

The Campari shares (NL0015435975) trade on Borsa Italiana under the ticker CPR; the latest verifiable price data showed the stock changing hands on the Milan exchange at around the mid-single-digit euro level, with intraday volumes reflecting its membership in the FTSE MIB index.

Key data on the Campari shares

• Company: Davide Campari-Milano N.V.
• ISIN: NL0015435975
• WKN: A2P3L4
• Ticker: CPR
• Trading venue: Borsa Italiana (Milan)
• Price (as of latest Milan close): mid-single-digit euro range EUR
• Market cap: several billion EUR (based on recent Milan trading levels)
• Sector / industry: Beverages - Alcoholic (spirits and aperitifs)
• Index membership: FTSE MIB
• Next earnings date: not officially scheduled

Disclaimer: This article is for informational purposes only and does not constitute investment advice, a recommendation or a solicitation to buy or sell securities. All data are based on sources believed to be reliable but may be subject to revision. Investors should perform their own research or consult a qualified financial advisor before making investment decisions.