Princes Group (PRN) Q3 2026 TU earnings summary

Executive summary

• 9M revenue rose 10.0% YoY to £1.52bn, mainly from acquisitions; Adjusted EBITDA increased 6.4% to £116.2m.

• Q3 like-for-like revenue grew 3.3%; Adjusted EBITDA rose 8.5% to £37.8m, supported by scale, synergies and cost discipline.

• Full-year 2026 expectations remain achievable, with positive Q4 momentum and a medium-term Adjusted EBITDA margin target of 9%.

Financial highlights

• 9M revenue was £1,515.5m versus £1,377.1m in 2025; Adjusted EBITDA was £116.2m versus £109.2m.

• Underlying Free Cash Flow was £88.4m, with 77% conversion; net cash reached £368.7m at 30 September 2026.

• Q3 like-for-like revenue increased 3.3%; July price increases accounted for approximately 70% of Q3 top-line performance.

Outlook and guidance

• Current trading remains resilient into Q4; management is confident of delivering full-year 2026 expectations despite inflation and macroeconomic uncertainty.

• Progress towards a medium-term Adjusted EBITDA margin target of 9% is supported by pricing, cost management and operational efficiencies.

• Full sales are secured for the 2026 Italian tomato campaign; approximately £130m incremental revenue is expected, mostly in 2027, with limited Q4 2026 contribution.

• Commercial wins across categories are expected to support revenue, capacity utilisation and operational efficiencies from 2027 onwards.