NewPrinces S p A : Report 2024

This document constitutes a PDF copy of the Annual Financial Report of Newlat Food S.p.A. as at 31 December 2024 and does not constitute the document in ESEF format required by the ESEF Technical Standards pursuant to Delegated Regulation (EU) 2019/815 (the so-called "ESEF Regulation").

The Annual Financial Report of Newlat Food S.p.A. as at 31 December 2024 in the ESEF format, required by the ESEF Regulation, is available on the Company's website https://corporate.newlat.it/relazione-con-gli-investitori/bilanci-e-relazioni/ and via the authorised storage mechanism eMarket Storage https://www.emarketstorage.com.

LETTER TO THE STAKEHOLDERS 1

‌LETTER TO THE STAKEHOLDERS

Dear stakeholders,

2024 marked a year of profound transformation for Newlat Food, with strategic vision, financial solidity and execution capacity intertwining to create a new chapter in our history. A year in which we did not just consolidate what we had built in the past, but laid the foundations for an even more ambitious future.

The highlight of this year was the completion of the acquisition of Princes at the end of July, a company with a long history, a large and well-positioned portfolio and a strong presence in the UK. This has transformed us into a truly international group, with over 50% of our turnover now generated in the UK market. It is a strategic step that takes us to a completely new scale, allowing us to fully exploit industrial and commercial synergies and to take on the new challenges of the industry with strength and ambition.

It is precisely to symbolically and concretely mark this new phase that our Group will soon be renamed NewPrinces Group. An identity that synthesises the union of two strong, rooted, complementary realities that share values, vision and ambition. The new name represents our future: integrated, solid, international, and above all oriented towards the creation of lasting value for all stakeholders.

During this past year we demonstrated our ability to generate value even in a complex macroeconomic environment, achieving a combined turnover of 2.8 billion euros, the result of a resilient industrial model, effective governance and a clear strategic vision.

The integration with Princes is progressing very effectively and we are already seeing the first tangible results. The initial synergies are already having a positive effect on EBITDA, thanks to the optimisation of the supply chain, centralisation of purchasing, better use of production assets and cross-selling between markets. Our modern, scalable industrial infrastructure is becoming the ideal platform for developing new products, expanding formats and penetrating new categories.

2024 also confirmed the Group's extraordinary ability to generate cash, with over 197 million euros of free cash flow, which allowed us to reduce the net financial position by over 90 million euros. The issuance of the new bond in February 2025 will allow us to significantly reduce the average cost of debt, which will have a positive impact on profitability and our investment capacity in the coming years.

On the business front, the UK is now a key driver of our strategy, with over £110 million of potential net sales identified through priority growth levers: from strengthening in the "Italian" world to expanding high value-added categories such as dairy, baby food and clean & functional, to entering new areas such as Italian chilled and pet food. A concrete plan that is both scalable and feasible without significant capital investments.

At the same time, we continue to focus strongly on further developing our historical markets. In Germany, we are working on an ambitious expansion plan for 2025, with a focus on the strategic tomato and tuna categories, where we still see largely untapped potential. Also in Italy, we are ready to launch new products in these same lines and to further enrich our range, strengthening our on-shelf presence with authentic, convenient products capable of interpreting new consumer trends.

But the value we are creating goes far beyond the numbers. We are building a group that is highly focused on its people, the planet and a passion for quality food. Our path is guided by a clear purpose: to make the right choices for better, affordable, sustainable food. Our vision is to unite people in the pleasure of sharing quality food and drink. And our mission is to continue to produce authentic, affordable products for millions of families around the world with pride and integrity.

Looking ahead to 2030, we have mapped out an ambitious but realistic trajectory. We expect to reach 3.3 billion euros in organic revenues driven by product innovation, brand growth and longer private label contracts. Adjusted EBITDA is expected to reach

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