Campari Group suffered a decline in profits for the first quarter of the year amid a challenging trading environment.

For the three months ended 31 March 2025, group profit before tax plummeted -26.1% to €107m (£90.7m). Net sales edged up by 0.3% to €656.6m (£556.7m).

The group said its performance was “softened by the heightened macroeconomic volatility, Easter timing and phasing of investment as expected, amplified by logistic delays, while sell-out outperformance versus spirits markets continued across most geographies”.

It added: “The announcement of 2 April 2025 of new tariffs on imports from Mexico, Canada, and Europe into the United States, along with the threats of other reciprocal tariffs, could significantly impact global trade and economic growth.

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“These tariffs, even if temporarily suspended, must be carefully monitored due to their potential serious consequences for the beverage alcohol industry in the United States, though the exact effects remain complex and uncertain.”

Campari said the expected negative impact from tariffs is around €25m (£21.2m) on EBIT in 2025.

Performance in the UK saw strong double-digit underlying growth (+10.2% excluding bulk sales), driven by Aperitifs (+23.1%), mainly thanks to Aperol.

Looking ahead, Campari Group said it is “maintaining a prudent stance for the short-term and remains focused on what the Group can control, namely deleverage and cost management, as well as commercial execution and pricing discipline, with focus on portfolio streamlining, while not foreseeing acquisitions”.

For 2025, the drinks giant is maintaining its previously provided guidance, recognising that visibility is low.