Davide Campari Milano N : Campari Group announces 2021 full year results

Strong performance with double-digit growth across key financial indicators

vs. both 2020 and 2019, despite the fourth wave of the pandemic impacting consumption

and logistics and the intensifying cost inflation

Very positive momentum across all regions and brand clusters

Increase in proposed full year dividend to €0.06 per share, up +9.1% vs. previous year

Continued good progress across the four pillars of the Group's Sustainability roadmap

Proposal for appointment of the Board of Directors of Davide Campari-Milano N.V.

for the next three-year period

FY 2021-RESULTS HIGHLIGHTS

• Reported net sales of €2,172.7 million, +25.6% organic growth vs. full year 2020 (+22.6% on a reported basis), and +20.5% organic growth vs. full year 2019. Sustained net sales organic growth in the fourth quarter, up +20.9%, despite the pandemic fourth wave impacting consumption and logistics. Strong growth of +12.0% vs. the fourth quarter of 2019.
• EBIT-adjustedof €435.2 million, +42.3% organic change vs. full year 2020, +240 basis points accretion (+13.0%, -140bps margin dilution vs. full year 2019). EBIT-adjusted organic growth of +2.1% in the fourth quarter, -230 bps dilution, reflecting mainly the enhanced A&P in the peak season and the intensified cost inflation.
• Group net profit-adjustedof €307.9 million, up +52.4%. Group net profit of €284.8 million, up +51.6% after total operating, financial and tax adjustments of -€23.1million.
• Free cash flow of €332.3 million. Recurring free cash flow of €407.5 million (+55.7%) or 79.1% of EBITDA-adjusted,up from 65.4% in 2020, reflecting strong business performance and cash conversion.
• Net financial debt of €830.9 million as of December 31st, 2021, down €272.8 million vs. December 31st, 2020 (€1,103.8 million). Net debt to EBITDA-adjustedratio at 1.6x as of end of year 2021, improving from 2.8x as of 31 December 2020, thanks to the positive cash flow generation.
• Proposed full year dividend of €0.06 per share, an increase of +9.1% vs. the previous year.
• Solid return to shareholders with TSR of 38.4% in 2021 (annualized 5-yearTSR of 23.4% and annualized 10-yearTSR of 18.6%).

Milan, February 23rd, 2022-The Board of Directors of Davide Campari-Milano N.V. (the 'Company') (Reuters CPRI.MI- Bloomberg CPR IM) approved the Annual Report for the year ended December 31st, 2021 of Campari Group.

Bob Kunze-Concewitz, Chief Executive Officer: '2021 was a very successful year as we delivered strong business performance across key financial indicators. The solid results were achieved thanks to very healthy brand momentum benefiting from overall increased consumption and penetration versus pre-pandemiclevels. Such positive trends continued in the fourth quarter despite the fourth-wavedisruption at year-end.

Looking at 2022, we remain highly confident about the continued strong business momentum with accelerated consumer recruitment across our key brands, fully leveraging new consumption habits across both on-premiseand off-premisechannels. Regarding profitability, whilst we continue to leverage price increase opportunities to mitigate cost headwinds, the temporary input costs pressure is expected to further intensify during the current year, postponing the gross margin accretion (+70 bps previously expected) and ultimately leading to broadly unchanged organic EBIT margin in 2022. As a long-term focused organization, we remain committed to maintaining a sustained level of investments behind our brands and capabilities, in order to be best positioned to fully benefit from the gradual phase out of the pandemic induced challenges.'.

Page 1 of 12

SUMMARY FINANCIAL INFORMATION FOR THE FULL YEAR ENDED 31 DECEMBER 2021

	FY 2021	FY 2020	Reported	Organic	Perimeter	Forex
	€ million	€ million	Change	change	impact	Impact
Net sales	2,172.7	1,772.0	22.6%	25.6%	-1.9%	-1.0%
EBIT-adjusted	435.2	321.9	35.2%	42.3%	-2.6%	-4.6%
% on sales	20.0%	18.2%
Group net profit-adjusted	307.9	202.1	52.4%
Group net profit	284.8	187.9	51.6%
EBITDA-adjusted	514.9	399.9	28.8%	34.7%	-1.9%	-4.0%
% on sales	23.7%	22.6%
Free cash flow, of which:	332.3	168.6	97.1%
Recurring free cash flow	407.5	261.7	55.7%
Net financial debt at the end of the period	830.9	1,103.8
Basic earnings per share adjusted (€)	0.27	0.18	53.3%
Proposed full year dividend per share (€)	0.06	0.055	9.1%

REVIEW OF CONSOLIDATED SALES FOR THE FULL YEAR 2021 RESULTS

Group sales totalled €2,172.7 million, up +22.6% on a reported basis or +25.6% in organic terms. Compared to the full year 2019, which represents the unaffected base with regards to the Covid-19 impact, the organic growth was +20.5%. The positive net sales organic growth continued in the fourth quarter, up +20.9%, despite the challenges of logistic constraints (+12.0% vs. the fourth quarter of 2019).

The perimeter effect was -1.9% due to agency brands termination. FX effect was -1.0%mainly driven by the devaluation of the US Dollar and emerging market currencies over the year.

Analysis of organic change by geography:

• Sales in the Americas (42.7% of total Group sales) were up organically by +23.0% (+19.9% vs. full year 2019). The Group's largest market, the US, grew by +18.9% (+22.8% vs. full year 2019), with continued growth in the last quarter (+6.8% vs the fourth quarter 2020, +20.2% vs the fourth quarter 2019) benefitting from the on-premise reopening and sustained consumption in the off-premise. In particular, Espolòn, Grand Marnier and Aperol registered strong double- digit growth, while Wild Turkey, with high-end expressions outperforming, and Campari grew by high single digit. Off- premise sell-out in the US reflected the very tough comparison base from last year, while the 2-yearstack grew +28.2%, ahead of the overall spirits market1. Canada grew by +10.9% and Jamaica registered strong growth (+28.0%). The rest of the region, including Brazil, Mexico and Argentina, grew by double digits with improved brand momentum and an easy comparison base.
• Sales in Southern Europe, Middle East and Africa2 (29.4% of total Group sales) grew very positively by +36.7% (+15.5% vs. full year 2019). Italy was up by +36.4% mainly driven by the continued 'revenge conviviality' in the on-premise and increased consumption frequency across the channels. Core aperitifs Aperol, Campari and Campari Soda were up by high double digits vs. both 2020 and 2019, whilst Crodino grew low double digits. In the fourth quarter Italy grew +60.0%. France grew +22.1%, mainly driven by Aperol and Riccadonna. Spain grew strongly thanks to the reopening of the on-premise.South Africa was also positive. The GTR channel grew +70.2% after an acceleration in the fourth quarter thanks to the continued lifting of travel restrictions.

1. Source: Nielsen data XAOC+Liquor+Plus Conv CYTD Wks-52 W/E 1/1/2022
2. Includes Global Travel Retail.

Page 2 of 12

• North, Central and Eastern Europe (20.2% of total Group sales) grew organically by +18.6% (+25.8% vs. full year 2019). Germany registered solid growth of +10.7% (+20.0% vs. the full year 2019), thanks to Aperol, the newly introduced Aperol Spritz ready-to-enjoyand Campari. The UK grew by +39.1%, Russia +25.0% and the other markets in the region were also positive, largely led by Aperol.
• Sales in Asia Pacific (7.7% of total Group sales) grew organically by +22.9% (+27.9% vs. full year 2019). Australia was flat (+20.1% vs. full year 2019), with a decline in the fourth quarter mainly due to poor weather conditions and trans-ocean supply constraints. Other markets in the region showed a very positive result (+109.4%), particularly China and South Korea.

Analysis of organic change by brand:

• Global Priorities (56.4% of total Group sales) registered an organic growth of +26.2% (+20.9% vs. full year 2019). Aperol grew strongly at +32.8%, thanks to renewed strength in consumer recruitment in the on-premisechannel alongside sustained home consumption. Core markets such as Italy, the US, France, the UK, Russia, Switzerland, Belgium, and Austria grew by double digits, while newer markets such as China and Mexico grew even faster. In the fourth quarter it grew by +45.8%, mainly boosted by deseasonalisation activities. Campari also delivered strong growth of +30.1% thanks to all major markets. It benefitted from positive home mixology trends as well as positive on-premisemomentum, driven by proprietary cocktails such as the Negroni, Boulevardier and Americano and the spread of Campari spritz in established markets. Campari grew by +23.4% vs full year 2019, largely driven by core Italy. Wild Turkey showed strong growth (+10.9%, +16.1% vs. full year 2019), mainly driven by the outperformance of premium expressions in the core US market. SKYY grew +8.2% driven by the international markets, particularly in South Africa, while the core US market was slightly negative. Grand Marnier (+43.2%, +21.2% vs. full year 2019) registered strong growth in the core US market thanks to the positive cocktail home consumption trends as well as the success of the Grand Margarita in both channels. The growth in the Jamaican rum portfolio (+22.7%, +27.8% vs. full year 2019) was driven by the favourable category trends in premium rum, particularly in the core US, Canada, Jamaica and the UK.
• Regional Priorities (19.3% of total Group sales) showed a strong performance (+29.8%, +31.7% vs full year 2019), with solid growth of Espolòn (+37.5%, +77.6% vs. full year 2019), Bulldog, The GlenGrant, Cinzano, the Sparkling Wines (Mondoro and Riccadonna), the Bitters and Forty Creek. Other brands such as Bisquit&Dubouché grew, driven by South Africa and China, while Ancho Reyes and Montelobos both registered strong growth thanks to very positive category momentum, particularly in the US.
• Local Priorities (12.3% of total Group sales) registered a positive performance (+24.6%, +20.7% vs. full year 2019), mainly driven by Campari Soda, thanks to its successful relaunch, and Aperol Spritz ready-to-enjoy. Regarding other brands Magnum Tonic grew by double-digits and X-Rated was up triple-digits.

REVIEW OF FULL YEAR 2021 RESULTS

Gross profit totalled €1,296.8 million, corresponding to 59.7% of net sales, up by +26.4% in value on a reported basis. It grew organically by +28.5%, generating +140 bps margin accretion thanks to a favourable sales mix driven by the outperformance of aperitifs, combined with the suspension of US import tariffs, and a stronger absorption of fixed production costs driven by higher production volumes and an easy comparison base. These positive effects more than offset the increased input and logistics costs as well as the dilutive effect of Espolòn due to the high cost of agave, with the latter lessening thanks to price increases introduced during the year.

Advertising and Promotion expenses (A&P) were €397.8 million, corresponding to 18.3% of net sales, up by +28.4% in value on a reported basis. They increased organically by +29.1%, faster than topline growth (+25.6%), hence dilutive on margin by -50basis points. It grew +26.0% vs. FY 2019 (-80basis points dilution), reflecting strong investments behind key brands, accelerating in the fourth quarter.

CAAP (Contribution after A&P) was €899.0 million, corresponding to 41.4% of net sales, up by +25.5% in value on a reported basis (up organically by +28.3%). Organic change was +14.2% vs. 2019.

Selling, general and administrative expenses (SG&A) totalled €463.8 million, corresponding to 21.3% of net sales, +17.7% in value on a reported basis. They grew organically by +16.8% in value, lower than topline, generating +160 bps margin accretion, reflecting investments to strengthen Group's capabilities and business infrastructure, as well as the expected structure costs phasing (mainly incentives and hiring catch up), impacting in particular the fourth quarter.

Page 3 of 12

EBIT-adjusted was €435.2 million, corresponding to 20.0% of net sales, up by +35.2% in value on a reported basis. It grew organically by +42.3%, generating an accretion of +240 basis points. The perimeter effect on EBIT-adjusted was -2.6% (or -€8.3million), mainly due to the discontinuation of agency brands. The forex effect on EBIT-adjusted was -4.6% (or -€14.7million), driven by the devaluation of the US Dollar as well as key emerging markets currencies against the Euro.

Operating adjustments were negative at -€34.3million, mainly attributable to restructuring initiatives, write-off of minor brands and non-recurring last mile long-term incentive schemes3, partly mitigated by the positive adjustment resulting from the closure of a tax dispute in Brazil and one-off refunds.

EBITDA-adjustedwas €514.9 million, up by +28.8% in value on a reported basis (up organically +34.7%), corresponding to 23.7% of net sales.

EBIT (18.4% of net sales) and EBITDA (22.1% of net sales) were at €400.8 million and €480.6 million respectively.

Net financial expenses were €17.1 million in 2021. Excluding the exchange gain/(loss), the net financial charges were €25.0 million (vs. €34.8 million in 2020), driven by a lower average cost of net debt (2.5% in 2021 vs. 3.5% in 2020, thanks to the liability management activities carried out over the last years).

Profit before taxation-adjustedwas €415.3 million, up +48.9% vs. 2020. Profit before taxation was €388.6, up +85.4%.

Taxation totalled €105.6 million, on a reported basis. Recurring income taxes were equal to €109.2 million excluding positive tax adjustments totalling €3.6 million.

Group net profit-adjustedreached €307.9 million, up +52.4% in value on a reported basis. Group net profit was €284.8 million, up +51.6% in value on a reported basis, after negative overall adjustment of -€23.1million4.

Free cash flow was €332.3 million (vs. €168.6 million in 2020). Recurring free cash flow amounted to €407.5 million (up 55.7% from €261.7 million in 2020). When measured as a percentage of EBITDA-adjusted,the ratio was 79.1% in 2021, up from 65.4% in 2020. This increase was driven by the solid business performance and efficient working capital management.

Net financial debt at €830.9 million as of 31 December 2021, down €272.8 million vs. 31 December 2020 (€1,103.8 million), thanks to the very positive free cash flow generated by the business.

Net debt to EBITDA-adjusted ratio at 1.6x as of 31 December 2021, improving from 2.8x as of 31 December 2020, driven by the solid business performance.

SUSTAINABILITY

In 2021, the Group continued to make solid progress across all four pillars of its sustainability roadmap.

Environment. In 2021 the Group achieved ahead of time the water usage (L/L) target initially set for 2025 and consequently renewed its commitment to water efficiency by introducing a new and more challenging target for 2025. In terms of gas emissions, the Group has made the key commitment to achieve net zero by 2050. The target of 100% renewable electricity for European production sites, which was set for 2025, was fully achieved in 2021 as well. Moreover, the Group completed its first sustainability-linkedshare buyback program with a reward mechanism to allocate an amount deriving from the outperformance5 to energy efficiency projects. The outperformance generated by the programme allows the Group to finance photovoltaic transformation projects in two production sites in Italy.

People. In 2021, the Group created and implemented a DEI (Diversity, Equity and Inclusion) index to evaluate performances and measure improvements at global and local level. As further evidence of its commitment to ethical communication, the Group joined the Unstereotype Alliance, a thought and action platform with the mission to eradicate harmful stereotypes in media and advertising content. To further enhance the Camparistas' sense of belonging, the Group launched its first Employee Stock Ownership Plan with a high participation rate of 51.6%.

Responsible practices. As part of the Group's Global Responsible Alcohol Strategy, the Group revised its Code on Commercial Communication with new specific guidelines for digital marketing communications and for Influencer Generated Contents. Moreover, the Group published and communicated a new Policy on Responsible Alcohol Consumption to all its Camparistas in 2021.

1. Pursuant to the Remuneration Policy, a last mile incentive scheme with retention purpose to be potentially awarded to the current Chief Executive Officer has been approved by the competent Company's corporate bodies and therefore implemented as illustrated in the Remuneration Report.
2. Of which €(34.3) million negative operating adjustments, €4.7 million positive financial adjustments, €2.9 million positive adjustments related to the re- assessments of previously held associates and joint ventures, and €3.6 million positive tax adjustments.
3. The outperformance is the difference between the purchase price and the average VWAP (Volume Weighted Average Price) during the execution period.

Page 4 of 12

Community involvement. The Group continued to show strong commitment to education and culture with a strong focus on the world of art, design and cinema by extending local best practices to other markets. Moreover, the Group continued to contribute to the fight against the pandemic by supporting business partners, consumers and hospitals in its main markets.

OTHER RESOLUTIONS

Board of Directors. The Board of Directors proposed to the Shareholders' meeting to approve the appointment of the following executive and non-executive directors of Davide Campari-Milano N.V. for a three-year period expiring at the end of the Annual General Meeting to be held in 2025:

• Luca Garavoglia, non-executive director and Chairman;
• Robert Kunze-Concewitz, executive director and Chief Executive Officer;
• Paolo Marchesini, executive director and Chief Financial Officer;
• Fabio Di Fede, executive director and Group General Counsel and Business Development Officer;
• Emmanuel Babeau, non-executive director;
• Eugenio Barcellona, non-executive director;
• Alessandra Garavoglia, non-executive director;
• Margareth Henriquez, non-executive director;
• Jean-MarieLaborde, non-executive director;
• Christophe Navarre, non-executive director;
• Lisa Vascellari Dal Fiol, non-executive director.

The curriculum vitae of the Board of Directors' Candidates are available at the corporate offices of the Company in Sesto San Giovanni (MI), Via Franco Sacchetti 20, and on the Company's website (https://www.camparigroup.com/en/page/group/governance).

Mid-TermIncentive Plan. The Board of Directors proposed to the Shareholders' meeting to approve a mid-term incentive plan based on Campari shares aimed at rewarding Camparistas for their active participation in the Group performance and fostering their retention. Eligible Camparistas will be awarded with a right to receive a number of Campari shares for free, subject to their uninterrupted employment during a three-year vesting period. Relevant details are available in the Information Document pursuant to article 114-bis of the Consolidated Law on Financial Intermediation to be published on the Campari Group's website.

Dividend, sustainability report and renumeration report. The Board of Directors proposed to the Shareholders' Meeting, a dividend of €0.06 per share for the year 2021, gross of withholding taxes, +9.1% increase versus last year. The dividend will be paid on April 21st, 2022 (with an ex-date for coupon n. 2 of April 19th, 2022 in accordance with the Italian Stock Exchange calendar, and a record date of April 20th, 2022). The Board of Directors resolved to convene the Annual General Meeting on April 12th, 2022 to approve the Annual Report including, inter alia, the financial statements for the year ended 31st December 2021, the non-financial disclosure, the corporate governance and the remuneration report.

Share buyback. The Board of Directors proposed to the Shareholders' meeting to authorise the purchase of own shares, mainly aimed at the replenishment of the portfolio of own shares to serve the current and future stock option plans for the Group's management, according to the limits and procedures provided by the applicable laws and regulations. The authorization is requested until June 30th, 2023.

Stock options. The Board of Directors proposed to the Shareholders' meeting to approve a stock option plan. The plan foresees the granting of stock option plans to directors of the Board and the Company's management, granting the relevant bodies the authorization to implement the plan by June 30th, 2023. Relevant details are available in the Information Document pursuant to article 114-bis of the Consolidated Law on Financial Intermediation to be published on the Campari Group's website.

* * *

Page 5 of 12