NewPrinces (NWL) Q2 2026 earnings summary

Executive summary

• Revenue for H1 2026 reached €3.04 billion, up 131% year-over-year, driven by acquisitions, integration of new business units, and strong commercial momentum.

• Adjusted EBITDA rose 64% to €171 million, with margin at 5.6%, reflecting procurement and distribution synergies.

• EBIT turned positive at €14.7 million, reversing a Q1 loss, and net loss narrowed to €5.8 million from a larger loss in Q1.

• Q2 2026 saw a return to net profit (€16.8–16.9 million) after a challenging Q1, with robust cash generation.

• Integration of GS retail and other acquisitions contributed to operational synergies and margin improvement.

Financial highlights

• Gross profit reached €650 million, with gross margin improving to 22.9% in Q2 2026 from 19.8% in Q1.

• Net financial position improved, with net debt (incl. IFRS 16) reduced from €83.8 million to €67.3 million.

• Lease liabilities fell by €21.5 million due to real estate acquisitions.

• Free cash flow was €53 million (31% conversion), and cash and cash equivalents at period end were €1.26–1.27 billion.

• Share buyback of €21.5 million in H1, raising treasury shares to 4.82% of capital.

Outlook and guidance

• Full-year EBITDA guidance confirmed at €330–350 million.

• H2 expected to see higher revenues and margins due to price increases, continued operational improvements, and retail integration synergies.

• Tomato segment forecasts strong sales volume growth for 2027, with production more than doubling to 220,000 tons, all pre-sold.

• M&A pipeline active, with at least one advanced deal expected to close soon in bakery or fish.

• Sufficient liquidity to cover all financial commitments for the next 12 months; preliminary discussions underway for refinancing €200 million bond maturing in 2027.