Strong business performance with double-digit growth across all indicators vs both 2020 and 2019

• Net sales organic growthin 9M 2021: +27.3% vs. 9M 2020 driven by bounce back in the on-premise as well as the sustained home consumption; +24.0% vs. 9M 2019 thanks to solid underlying #business momentum

• Sustained net sales organic growth in Q3 2021: +12.8% despite a tough comparison base (+12.9% in Q3 2020), driven by very positive momentum of the aperitifs in their key summer season. Strong growth vs. Q3 2019, up +27.3%

• EBIT adj organic margin accretion in 9M 2021 of +410 bps, resulting from gross margin accretion of +140 bps, thanks to strong high-margin aperitifs, more than offsetting the dilutive fast-growing Espolòn, neutral A&P and accretive SG&A line (+270 bps), plus favourable comparison base. EBIT adj margin accretion vs 9M 2019 driven by topline growth despite gross margin dilution due to agave effect

• Net financial debt down by €177.8 million vs. 31 December 2020 thanks to positive cash flow generation. Net financial debt to EBITDA adjusted ratio(4) down to 1.8 times

Further information in the press release to download