NewPrinces (NWL) investor relations material

Executive summary

• Achieved transformative growth in 2025, integrating major acquisitions including Carrefour Italia, Diageo Operations Italy, Plasmon, and listing Princes Group on the LSE, establishing leadership in key categories.

• Consolidated revenues reached €2.96 billion in 2025, up 80.4% year-over-year, with pro forma revenue at €6.5 billion, positioning the group among Europe's largest integrated food and retail platforms.

• Net profit surged to €383 million, up over 130%, benefiting from significant one-off gains related to acquisitions.

• Group now operates over 1,000 retail stores, 33 manufacturing plants, and holds €1 billion in real estate assets.

• Princes Group plc was listed on the London Stock Exchange, included in the FTSE 250, and raised £400 million in primary capital.

Financial highlights

• Adjusted EBITDA was €240 million (8.1% margin), with EBIT at €430 million and net profit at €383 million; underlying EBITDA (excluding acquisitions) was €210 million.

• Free cash flow exceeded €150 million, with underlying FCF at €200 million and cash conversion rates above 76%.

• Net cash position (excluding IFRS 16) improved to €319 million, reflecting strong liquidity and deleveraging.

• Market cap increased by 220% since IPO, reaching £1,162 million.

• Gross margin improved to 18.8% from 16.5% year-over-year, driven by product mix and purchasing savings.

Outlook and guidance

• Targeting consolidated EBITDA margin of 7.5% by 2030, with manufacturing at 10% and retail at 5%.

• Organic revenue expected to grow at a 3% CAGR, targeting €7.3 billion by 2030.

• Retail business expected to reach break-even by 2028, with upside from private label internalisation and cross-selling.

• Free cash flow conversion expected to remain above 60%; CapEx on industrial side to stay around 2% of revenues.

• Management expects to leverage strong financial position and liquidity for further M&A, despite macroeconomic uncertainties.