NewPrinces (NWL) Q4 2025 earnings summary

Executive summary

• Consolidated revenue reached €2.96bn in FY2025, up 80.4% year-over-year, driven by major acquisitions and integration of new business units, with pro-forma revenue at €6.5bn.

• Net profit surged to €383.4m, up 139.3%, benefiting from significant one-off gains related to acquisitions.

• Integration of Princes, Carrefour Italia, and Plasmon completed, delivering €4bn in new revenue and establishing leadership in key categories.

• Princes Group plc was listed on the London Stock Exchange in October 2025, included in the FTSE 250, raising £400m in primary capital.

• Major acquisitions included Diageo Operations Italy (Princes Ready to Drink), Plasmon, and Carrefour Italia, expanding the group’s integrated food and retail platform.

Financial highlights

• Adjusted EBITDA grew 67.6% to €240m, with an 8.1% margin; underlying EBITDA (excluding acquisitions) was €210m, in line with guidance.

• Adjusted EBIT rose 163% to €111m, while reported EBIT reached €430.8m, up 115% year-over-year.

• Underlying free cash flow reached €200m, with 84% FCF conversion; pre-acquisition FCF was €160.4m, with a 76% conversion rate.

• Net cash position (excluding IFRS 16) improved to €319m, compared to net debt of €244.6m in 2024, reflecting strong liquidity and deleveraging.

• Cash and cash equivalents exceeded €1.3bn at year-end.

Outlook and guidance

• Organic revenue expected to grow at a 3% CAGR, targeting €7.3bn by 2030, with a consolidated EBITDA margin target of 7.5%.

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

• Management expects to leverage strong financial position and liquidity to pursue further growth, including M&A, despite ongoing geopolitical and macroeconomic uncertainties.

• No direct, quantifiable impacts from geopolitical tensions have been observed, but ongoing monitoring is in place.