NewPrinces (NWL) investor relations material

Executive summary

• Achieved transformative growth in 2025, integrating retail and manufacturing with major acquisitions including Princes, Carrefour Italia, Diageo Operations Italy, and Plasmon, and a successful IPO of Princes Group on the LSE.

• 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 as one of Europe's largest integrated food and retail platforms.

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

• Vertically integrated model with over 1,000 retail stores, 33 manufacturing plants, and €1 billion in real estate assets.

• Integration of new business units delivered €4 billion in new revenue and established leadership in key categories.

Financial highlights

• 2025 consolidated revenue: €2.96 billion (+80% YoY); pro forma revenue: €6.5 billion.

• Adjusted EBITDA: €240 million (8.1% margin); EBIT: €430 million (including €319 million from business combinations); net profit: €383 million (+140% YoY).

• Free cash flow: >€150 million; underlying free cash flow reached €200 million with 84% conversion; net cash: €319 million (excl. IFRS 16); liquidity: €1.4 billion.

• Gross margin improved to 18.8% from 16.5% YoY; cost of sales reduced to 81% of revenue.

• ROCE above 12%; net debt/EBITDA reduced to 0.17x; shareholder equity close to €1 billion.

Outlook and guidance

• Targeting 7% EBITDA margin in manufacturing and 5% in retail by 2030; consolidated EBITDA margin target of 7.5%.

• 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 significant 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.

• No precise 2026 guidance due to ongoing transformation, but positive cash generation expected from both industrial and retail segments.