Newprinces S.p.a. MIL:NWL
NewPrinces S p A : Q1 2026 results Earnings Presentation
Source: MarketScreener
Q1 2026 Earnings
14 May 2026
About us
We are an Italian company whose core business is carried out in the food & beverage sector, across retail and manufacturing.
We provide indisputably high-quality products to consumers around the world every day.
We are leaders in the agri-food sector and one of
Europe's leading producers of:
Pasta and baked goods
Milk and dairy products
Canned fish
Canned foods
Canned tomatoes and sauces
Drinks
Edible oils
Ready meals & Home baking
Specialised nutrition and baby food
The group at a glance
4 Core markets
- Active in F&B manufacturing and Retail
Over 30 main brands
~€6.5 bn pro-forma revenue in 2025
- More than 18,000 employees
32 manufacturing facilities across Italy, UK, Germany, France, Poland and Mauritius, exporting to over 60 countries
>1,000 retail stores across Italy
Financial Highlights
Financial Highlights
Consolidated revenue
€
€1.5 bn ↑+122.5%
Reported revenue increased materially, particularly thanks to recent acquisitions.
EBIT*
↑+8 million
EBIT improved materially from -€12.8m in Q1'25 to -€4.4m following first synergy delivery.
Adj. EBITDA*
€76.5m ↑+21.3%
Adj. EBITDA margin 5.1% vs. 3.9%
↑+117bps
Net Profit*
↑+12.6 million
Net income improved substantially from -€34.8m to -€22.6m thanks to first synergy deliveries.
Underlying FCF
€31.4m
41% FCF conversion (excluding real estate investments); strong cash generation despite new perimeter.
Net Cash (excl. IFRS 16)
€317.5m
Net cash position substantially unchanged vs year-end figure despite investments in real estate of c. €26.9 m.
*Unless otherwise stated, comparative Q1 2025 figures for EBITDA, EBIT and Net Profit are presented on a pro forma basis, including Princes Ready to Drink, Princes Retail and Plasmon from 1st January 2025.
P&L Analysis
Consolidated P&L - YoY Comparison
Pro forma YoY performance overview
Gross profit margin
10.4% vs. 9.2%
↑ 112 bps
Net Income
-€22.6m vs. -€34.8m
↑ € 12.1m
First procurement and cost optimisation synergies visibile at COGS level, resulting in a reduction in COGS of c.7.7%, and an improvement of gross margin of 112bps. with more to come in Q2 and H2.
EBITDA growth demonstrates that synergy capture, procurement leverage and discipline on overheads are already flowing through and ahead of plan. Strong EBITDA delivery especially in March at Princes Retail level.
Net result improved by €12m vs PF Q1 2025, despite higher admin costs (one-off mostly related to re-organisation plan)
Q1 2026 vs Q1 2025 Combined Pro Forma - like-for-like perimeter (incl. Princes Retail, Princes RTD, Plasmon)
Adj. EBITDA margin
5.1% vs. 3.9%
↑ 117 bps
€ thousand | Q1 2026 | Q1 2025 |
Revenue from contracts with | ||
customers | 1,496,610 | 672,740 |
Cost of sales | (1,369,044) | (546,786) |
Gross profit | 127,565 | 125,954 |
Distribution costs | (68,522) | (42,491) |
Administrative expenses | (83,666) | (56,182) |
Net impairment losses on | ||
financial assets | (2,897) | (259) |
Other income | 25,403 | 3,970 |
Income from business | ||
combinations | - | - |
Other operating costs | (2,310) | (2,084) |
Operating profit (EBIT) | (4,426) | 28,908 |
Finance income | 4,031 | 2,751 |
Finance costs | (19,671) | (13,110) |
Share of profit/(loss) of | ||
associates | (4) | - |
Profit before income tax | (20,070) | 18,549 |
Income tax expense | (2,564) | (5,074) |
Net profit for the period | (22,634) | 13,475 |
Net financial position analysis
1
Total liquidity remained close to €1.4 bn, supporting operational flexibility and strategic execution.
(€ thousand) 31 March 2026 31 December 2025
Cash 760,469 831,094
Cash equivalents 494,286 502,356
4
Net cash position (incl. IFRS 16) remained stable vs
FY 2025 despite the ongoing integration of Princes Retail, confirming the absence of material cash absorption from the business during the quarter.
Net debt including IFRS 16 leases
2 (60,644)
(83,836)
Current lease liabilities
Non-current lease liabilities
3
128,329
249,837
135,895
266,944
Net Cash excluding IFRS 16 leases
4
317,522
319,003
Other current financial assets 121,241 104,993
D. Liquidity (A)+(B)+(C) 1 E. Current financial debt | 1,375,995 (173,666) | 1,438,444 (226,836) | 2 Net financial position (excl. IFRS 16) improved by €23 million. |
F. Current portion of non-current financial debt | (104,478) | (102,666) | Excluding the c. €26.9 m investments in real estate, NFP would have |
G. Current financial indebtedness (E)+(F) | (278,144) | (329,502) | improved by €50 million, reflecting continued strong cash discipline |
H. Net current financial indebtedness (G)+(D) | 1,097,852 | 1,108,941 | and effective working capital management. |
I. Non-current financial debt | (627,344) | (648,422) | |
J. Debt instruments | (550,587) | (558,598) |
K. Non-current trade and other payables L. Non-current financial indebtedness (I)+(J)+(K) | (178,905) (1,356,836) | (173,994) (1,381,014) | 3 Strategic investments in real estate will progressively reduce lease liabilities over time while enhancing long-term operating efficiency. |
M. Net financial indebtedness (H)+(L) | (258,984) | (272,073) | Real estate investments are expected to generate attractive returns, |
Shareholder loan | 178,905 | 173,994 | with average yields estimated at approximately 8%. |
Purchase of treasury shares | 19,435 | 14,242 |
Strong cash flow conversion despite ongoing integration activities
2.5
2
1.91
1.95
1.5
1
0.91
1.03
1.04
0.5
0.79
0.10
0.35
0.43
0
2019
202 0.03
0
2021
2022
2023
2024
0.34
0.12
2025
0.26
0.10
1Q 26
Net Debt / EBITDA * Gearing ratio *
Cash Flow Generation | 1Q 2026 |
Adj. EBITDA (Like for Like basis) | 76.51 |
Net Interest Paid | -10.73 |
Δ Net Working Capital | 9.06 |
Tax & Other | -0.43 |
Cash Flow from Operations (A) | 74.41 |
CAPEX | -6.01 |
Other Investments | |
Real Estate Investments | -26.9 |
IFRS 16 CAPEX | -37.01 |
Cash Flow from Investing activities (B) | -69.92 |
Underlying FCF | 31.39 |
(A-B+Acquisition/Dismissal +Other Invest.) | |
Underlying Cash Conversion | 41% |
*The 12-month rolling EBITDA figure was used to calculate Q1 2026 ND/EBITDA and Gearing ratios
Business Performance
Divisional performance
Revenue by Business Unit (€m)
803.1
184.0198.3
68.1
75.3
112.4 88.4
102.8 107.5
132.4
111.0
90.5 89.4
0.0
Dairy Products
Foods
Drinks
Fish
Italian Products
Oils
Retail
LfL revenue performance reflected ongoing portfolio optimisation initiatives, lower pricing across certain categories following input cost normalisation and promotional timing effects. Italian and Drinks benefited from new acquisitions. Positive momentum in Oils and continued focus on margin-accretive growth.
Trading remained resilient across core channels and geographies,
with increasing revenues in B2B and Food Services&Others.
Revenue by Geography (€m)
923.3
426.7 422.4
99.3
38.7 41.7
107.9 109.4
Italy
Germany
United Kingdom Other Countries
Revenue by Channel (€m)
803.1
536.4
538.4
95.0
0.0
62.1 58.1
76.2
Large retailers (Industrial)
Retail
B2B partners
Food service & other
Note: revenues are reported on a consolidated basis
Continued engagement between production and retail resulting in speedy NPD delivery
Princes Tonno Yellowin (PTM)
Terrazza Dei Limoni (Santa Vittoria)
Spartan Energy (Santa Vittoria)
Delverde and Napolina tomato (Foggia)
Launching May 26
Juices & Nectars (Cardiff)
Launch:
Sept 26
Fizzik Cola & Tonics (Santa Vittoria)
Launch: July 26
Pezzullo tomatoes and sauces(Foggia)
21
Exciting NPD launches in Q1 and early Q2
Delverde ready sauces (German market)
Princes 100% MSC-certified
jack mackerel (UK market)
Napolina new shapes
(UK market)
Birkel high protein pasta (German market)
Plasmon ice cream (Italian market)
Granfetta benefit
(Italian market)
Divisional margin performance (Adj. EBITDA and Margin)
Adj. EBITDA*
€76.5m vs. €63.1m
↑ +21.3%
Adj. EBITDA margin*
5.1% vs. 3.9%
↑ 117 bps
Adj. EBITDA by Business Unit (€m)
22.7
18.8
22.2
16.2 16.3
6.9 6.8
7.1
4.1
4.6 3.7
3.6 3.4
2.5
Dairy Products
Foods
Drinks
Fish
Italian Products
Oils **
Retail
Adj. EBITDA Margin by Business Unit (%)
10.1%
9.1%
11.5%
10.2%
12.2%
10.9%
5.6%
3.6%
4.5%
3.5%
4.0%3.8%
Dairy Products
Foods
Drinks
Fish
Italian Products
Oils **
Retail
2.8%
0.3%
* Adj. EBITDA is presented on a pro forma combined basis for comparability purposes, assuming consolidation of acquired businesses from 1 January 2025.
** Oils EBITDA margin of 3.8% is reported on a 50% basis, reflecting the joint operation accounting treatment applied to the Princes/ADM partnership.
€31.8m vs. €21.8m
↑ 46% YoY
Retail EBITDA YTD
Retail EBITDA Mar-Apr
↑ 240% YoY
Strong execution of strategic initiatives
Retail EBITDA YTD (especially in March-April) exceeded
management expectations.
Broad-based margin progression
Margin progression benefited from improved commercial discipline, early procurement synergies, operational efficiencies and tighter cost control measures across the business.
FY26 guidance upgraded
With Q1 the softest quarter for retail, management now expects FY2026 Retail EBITDA in the €110-120m range at minimum.
FY26 Guidance (Retail)
€110-120m
YTD Retail EBITDA performance ahead of expectations
Value-accretive real estate investments across the retail network
€27m invested in strategic retail real estate assets during Q1 2026, bringing total investments since retail acquisition to approximately €60m
Investments focused exclusively on high-performing store locations with attractive longterm return profiles
Average investment yields expected to exceed 8%
Strategy expected to progressively reduce lease liabilities, improve EBITDA quality and strengthen long-term cash generation
Turin Bologna Rome
Milan
Lombardy
incl. lake destinations
Outlook
Three priorities shaping the remainder of 2026:
Retail integration continues to unfold
across operations and supply chain
Additional synergies and margin improvement expected in the coming quarters
Real estate program reinforces
operating leverage
Integration
Pricing discipline
M&A momentum
Selective price increases to be implemented where appropriate to protect margins
Active management of input cost
exposure across the portfolio
Continued M&A activity in manufacturing (Princes Group plc) with at least one deal expected to close in the next 1-2 months
New opportunities coming to market
with Princes Group actively engaged
Q&A
Appendix
Consolidated Income Statement
€ thousand 31 March 2026 31 March 2025 | ||
Revenue from contracts with customers | 1,496,610 | 672,740 |
Cost of sales | (1,369,044) | (546,786) |
Gross profit | 127,565 | 125,954 |
Distribution costs | (68,522) | (42,491) |
Administrative expenses | (83,666) | (56,182) |
Net impairment losses on financial assets | (2,897) | (259) |
Other income | 25,403 | 3,970 |
Income from business combinations | - | - |
Other operating costs | (2,310) | (2,084) |
Operating profit (EBIT) | (4,426) | 28,908 |
Finance income | 4,031 | 2,751 |
Finance costs | (19,671) | (13,110) |
Share of profit/(loss) of associates | (4) | - |
Profit before income tax | (20,070) | 18,549 |
Income tax expense | (2,564) | (5,074) |
Net profit for the period | (22,634) | 13,475 |
Total current assets | 2,735,553 | 2,804,041 |
TOTAL ASSETS | 4,450,224 | 4,543,142 |
€ thousand 31 March 2026 31 De | cember 2025 | € thousand | 31 March 2026 31 De | cember 2025 | ||
Non-current assets | Equity | |||||
Property, plant and equipment | 1,042,945 | 1,044,447 | Share capital | 43,935 | 43,935 | |
Right-of-use assets | 295,359 | 314,770 | Reserves | 754,081 | 399,285 | |
Intangible assets | 228,818 | 232,465 | Translation reserve | (17,153) | (14,473) | |
Investment property | 67,843 | 67,917 | Net income for the period | (24,202) | 375,094 | |
Investments in associates | 9,194 | 8,359 | Equity attributable to parent | 772,861 | 803,842 | |
Non-current financial assets at FVTPL | 1,928 | 1,947 | Non-controlling interests | 168,009 | 167,345 | |
Balance Sheet
Financial assets at amortised cost | 3,678 | 3,768 |
Other non-current receivables and assets | 26,725 | 26,725 |
Deferred tax assets | 38,180 | 38,704 |
Total non-current assets | 1,714,670 | 1,739,101 |
Current assets | ||
Inventories | 807,406 | 828,143 |
Trade receivables | 357,832 | 357,413 |
Tax receivables | 14,191 | 13,975 |
Other current receivables and assets | 170,128 | 156,067 |
Current financial assets at FVTPL | 49,341 | 49,346 |
Current financial receivables | 71,900 | 55,647 |
Cash and cash equivalents | 1,254,754 | 1,333,450 |
Assets held for sale | 10,000 | 10,000 |
Total equity | 940,871 | 971,186 |
Non-current liabilities | ||
Employee benefit obligations | 60,662 | 59,614 |
Provisions for risks and charges | 72,454 | 80,097 |
Deferred tax liabilities | 57,585 | 57,207 |
Non-current borrowings | 928,094 | 940,076 |
Non-current lease liabilities | 249,837 | 266,944 |
Shareholder loan | 178,905 | 173,994 |
Other non-current liabilities | - | - |
Total non-current liabilities | 1,547,537 | 1,577,932 |
Current liabilities | ||
Trade payables | 1,446,983 | 1,506,293 |
Current borrowings | 198,721 | 193,608 |
Current lease liabilities | 128,329 | 135,895 |
Current tax liabilities | 8,148 | 6,699 |
Other current liabilities | 179,681 | 151,531 |
Total current liabilities | 1,961,817 | 1,994,025 |
TOTAL EQUITY AND LIABILITIES | 4,450,224 | 4,543,144 |
Cash Flow Statement
Net cash flow from investing activities (49,887) (79,654)
18,549
(20,070)
Profit before tax
31 March 2026 31 March 2025
€ thousand
Adjustments for:
Depreciation, amortisation and impairment 75,700 23,761
Losses / (gains) on disposals - -
Financial expenses / (income) 15,640 10,359 Other non-cash changes - -
Cash flow from operating activities before working capital changes
71,269
52,668
Change in inventories 20,737 38,983
Change in trade receivables (3,316) (12,103)
Change in financial debt 10,480 5,000
Repayments of financial debt (17,349) (264,133) Bond issuance - 350,000
Repayments of lease liabilities (37,009) (5,034)
Net interest paid (10,729) (10,359)
Purchase of treasury shares (5,193) (2,013)
Net cash flow from financing activities (59,799) 73,461
Total change in cash and cash equivalents (78,696) 61,459
Cash and cash equivalents at the beginning of
Change in trade payables Change in other assets and liabilities | (64,765) 14,090 | (11,416) 1,142 | Cash and cash equivalents at the end of the 1,254,754 516,594 period | |
Use of provisions for risks and employee benefits | (6,595) | (1,645) | ||
Income taxes paid | (429) | 23 | ||
Net cash flow from operating activities | 30,990 | 67,652 | ||
Investments in property, plant and equipment | (31,997) | (7,895) | ||
Investments in intangible assets | (911) | (331) | ||
Disposals of financial assets | (16,979) | (71,428) |
the period 1,333,450 455,135
UPCOMING EVENTS
INVESTOR RELATIONS CONTACTS
Benedetta Mastrolia Investor Relations Manager Tel: +390522790450
Mob: +393319559164
18-19 May
Investor Roadshow, Madrid
21 May
Unicredit Italian Investment Conference, Milan
15 September
Half Year 2026 Earnings