NewPrinces (NWL) Q1 2026 earnings summary

Executive summary

• Q1 2026 consolidated revenues reached €1.5 billion, up 122.5% year-over-year, driven by acquisitions, portfolio expansion, and integration of new businesses.

• Adjusted EBITDA rose to €76.5 million, up 21.3% year-over-year, with margin improving to 5.1% from 3.9%.

• Net loss narrowed to €22.6 million from €34.8 million, reflecting improved operational efficiency and early synergy benefits.

• Free cash flow (excluding real estate) was €41.4 million, with a 41% conversion rate.

• Major 2025 acquisitions, including Diageo Operations Italy, Heinz Italia baby food, and Carrefour Italia, expanded the group’s market position.

Financial highlights

• Revenues reached €1,496.6 million in Q1 2026, up 122.5% from €672.7 million in Q1 2025.

• Adjusted EBITDA margin increased to 5.1% from 3.9%.

• EBIT loss reduced to €4.4 million from €12.8 million loss last year.

• Net cash position at €317.5 million, stable versus year-end.

• Net debt improved to €60.6 million from €83.8 million at year-end 2025.

Outlook and guidance

• FY2026 retail EBITDA guidance upgraded to €110–120 million, reflecting strong Q1 performance.

• Margin improvement anticipated in H2, driven by integration, procurement, and efficiency strategies.

• Management expects increased sales volumes leveraging synergies with Princes Retail and GS Group.

• M&A pipeline active, with at least one deal expected in the next 1–2 months.