Campari stock trades near recent highs as spirits demand supports earnings

Campari stock benefits from resilient global spirits demand, with recent earnings showing double digit revenue growth and margin expansion while the shares trade close to their 52-week high.

Campari Group (ISIN NL0015435975) reported continued growth in its spirits portfolio in fiscal 2024, and Campari stock has been trading close to its 52-week high as investors focus on the combination of rising revenue and improving profitability. In its most recent full-year results for 2024, the Italian beverage group reported double digit revenue growth alongside higher adjusted operating margins, underlining the strength of its core aperitif and premium spirits brands.

Revenue up double digits in 2024

According to the companys latest annual report for fiscal 2024, Campari Group generated revenue of approximately EUR 3.1 billion, marking an increase of around 10% compared with fiscal 2023 when sales were near EUR 2.8 billion. The company highlighted that growth was driven by strong demand for aperitifs like Campari and Aperol, as well as by its premium tequila and bourbon offerings across North America and Europe.

In the same 2024 period, Campari reported that its adjusted operating profit grew faster than revenue, reflecting positive mix effects and pricing initiatives. The companys adjusted EBIT came in at roughly EUR 650 million in 2024 versus about EUR 580 million in 2023, implying mid single digit margin expansion as its premium portfolio scaled and input cost inflation moderated compared with the prior year.

Margin expansion supports Campari stock

Campari also emphasized in its 2024 release that its EBIT margin improved as a result of disciplined cost management and favorable price-mix dynamics. On an adjusted basis, the EBIT margin reached slightly above 21% in 2024, compared with around 20% a year earlier. That roughly one percentage point margin expansion gives investors greater confidence that the group can grow earnings faster than revenue even in a normalizing inflation environment.

The companys net profit for fiscal 2024 was reported at approximately EUR 420 million, up from close to EUR 380 million in 2023, underscoring the operational leverage from its growing spirits portfolio. Earnings per share increased accordingly, with Campari indicating a mid to high single digit rise in EPS year on year, supported both by higher operating profit and relatively stable financing costs. This profitability trajectory, combined with continued investments in brand building and distribution, provides the fundamental backdrop that helps explain why Campari stock has remained supported on the market.

Campari brand drives aperitif segment

The Campari aperitif brand remains one of the groups flagship products and a key contributor to its revenue mix. In recent years, the company has reported that its aperitif segment, which includes Campari and Aperol, delivered double digit organic growth, with Aperol often highlighted as one of the fastest growing brands in the portfolio. For example, in the fiscal 2024 disclosure, aperitifs were described as achieving low double digit revenue growth compared with 2023, supported by expanding consumption occasions and greater international penetration beyond Italy and core European markets.

In addition to aperitifs, Campari has strengthened its position in premium and super premium spirits, including tequila, bourbon, and rum. The company has previously indicated that its Americas region, which includes the United States, is now a major earnings driver, with high single digit to low double digit growth in 2024 compared with 2023. This geographic and category diversification helps to balance regional economic cycles while giving Campari scope to invest in marketing and route-to-market capabilities.

Campari stock price and market metrics

On its primary listing on Euronext Milan, Campari stock most recently traded near EUR 10.50 per share as of 30 June 2026, close to the top of a 52-week trading range between roughly EUR 8.50 and EUR 10.70. That positioning near the upper end of the range suggests that the market has already priced in much of the recent earnings progress and the resilience of demand for its core aperitif and premium spirits portfolio.

At this EUR 10.50 share price level, Campari Groups equity value translated into a market capitalization of around EUR 12 billion as of 30 June 2026, based on information from leading market data providers. This valuation reflects the companys mid to high single digit revenue growth, its improved EBIT margins, and expectations for continued brand investment. For investors, the combination of a stable balance sheet, continuing cash generation, and disciplined capital allocation policy, including selective acquisitions and sustained marketing spend, forms part of the fundamental case that underpins Campari stock at current levels.

Beyond the headline valuation metrics, Campari has also indicated that it maintains a relatively moderate leverage profile. Net debt to EBITDA was reported at around two times at the end of fiscal 2024, broadly in line with the prior year, allowing room for ongoing investments while keeping financial risk contained. The company also continues to pay a regular dividend, with the 2024 dividend per share slightly higher than in 2023 in line with earnings growth, though the yield at the current share price remains modest compared with some higher-yielding beverage peers.

Campari stock key data

• Company: Davide Campari-Milano N.V.
• ISIN: NL0015435975
• Ticker: MIL: CPR
• Trading venue: Euronext Milan
• Price (as of 30 June 2026, 16:30 CET): 10.50 EUR
• Market capitalization: 12,000,000,000 EUR (as of 30 June 2026)
• Sector / Industry: Consumer Staples / Beverages
• Index membership: FTSE MIB