Very strong performance in the first quarter of 2025: significant growth in net profit, margins and cash flow

• Consolidated revenues amounted to € 672.7 million, lower selling prices offset by 6% reduction in COGS.
• Consolidated adj. EBITDA: € 54.8 million, +30.5% vs. € 42 million in the first quarter of 2024; Adj. EBITDA margin rising significantly to 8.2% vs. 6% in the first quarter of 2024, under the same consolidation perimeter.
• Consolidated EBIT stood at € 28.9 million, up 392% vs. € 5.9 million in the first quarter of 2024, under the same consolidation perimeter.
• Consolidated net profit totaled € 13.5 million, showing an extraordinary increase of €15.8 vs. € -2.3 million in the first quarter of 2024, under the same consolidation perimeter.
• Underlying Free Cash Flow equal to € 45 million. Cash conversion 84.4%1.
• Consolidated net debt at 31 March 2025 equal to € 302 million, a great improvement vs. € 346.2 million at 31 December 2024. Excluding IFRS 16, consolidated Net Debt was € 200.7 vs. € 246.2 million at 31 December 2024.

Reggio Emilia, 15 May 2025 - the Board of Directors of Newlat Food S.p.A. ("Newlat Food" or the "Company" - whose change of denomination to NewPrinces S.p.A. will be effective following the registration of the shareholders' resolution in the Company Register of Reggio Emilia, which will be communicated to the market within the terms of the law), which met under the chairmanship of Angelo Mastrolia, examined and approved the Interim Management Statement as at 31 March 2025.

‌1 The Cash Conversion Ratio is calculated as follows: (EBITDA - Total Investments) / EBITDA.

This positions us to confidently accelerate our development roadmap, strengthen the Group's international presence, and

create sustainable value for all stakeholders."

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The Group's consolidated revenues in the first quarter of 2025 amounted to € 672.7 million, showing a slight decrease compared to the combined result for the first quarter of 2024, which stood at € 699.9 million under the same consolidation perimeter. This trend reflects an adjustment in selling prices in a deflationary market environment, which was more than offset by a significant improvement in cost of goods sold, driven by a 6% reduction in raw material costs.

The Company's consolidated adj. EBITDA was € 54.8 million, up +30.5% compared to € 42 million in the first quarter of 2024, under the same consolidation perimeter. In terms of adj. EBITDA margin there was an increase from 6% to 8.2%.

5.9 million in the first quarter of 2024, under the same consolidation perimeter.

The consolidated net result is equal to € 13.5 million, a sharp increase compared to the loss of Euro -2.2 million recorded in the first quarter of 2024, with the same consolidation perimeter.

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In the first quarter of 2025, Newlat Food achieved consolidated revenues of € 672.7 million, in slight decrease with what was registered in the first quarter of 2024, equal to € 699.9 million, with the same perimeter of consolidation. The slight decline in revenues is primarily attributable to the significant reduction in raw material costs, within a generally deflationary context, which led to a corresponding downward adjustment in the selling prices applied to customers.

In the first quarter of 2025, the revenues of the various business units reflect a deflationary environment, in which the significant reduction in raw material costs led to a general decrease in average selling prices. Moreover, this adjustment positively impacted margins, thanks to a simultaneous decline in the cost of goods sold. Overall, volumes remained stable or increased in certain segments.

Revenues from the Dairy Products segment declined compared to the same period of the previous year, mainly due to lower average selling prices, while volumes remained broadly unchanged, except for an increase observed in mascarpone.

The Foods segment recorded a decrease in revenues, mainly driven by a lower average selling price across both the Retail and Private Label channels and a slight drop in volumes caused by heightened competition in the baked beans market.

The Drinks segment stood out with a 7% revenue increase, supported by a positive performance in both volumes and product mix, particularly in juices and carbonated beverages.

Revenues in the Fish segment posted a slight decline, in line with a reduction in prices, while volumes remained stable.

The Italian Products segment recorded a modest decrease, reflecting lower average selling prices in the Pasta and Bakery categories. However, initial commercial synergies were noted following the introduction of Delverde-branded products at major German retailers, particularly in the tomato and legume categories.

The Oils segment reported revenues broadly in line with the same period of the previous year. The Other Products segment remained stable, with revenues in line with the first quarter of 2024.

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Revenues from the Large Retailers channel recorded a slight decline, primarily driven by a reduction in average selling prices - particularly in the Foods and Fish segments - following the decrease in raw material costs, while volumes remained broadly stable.

The B2B Partners channel recorded solid revenue growth, supported by the acquisition of new clients, with a positive volume effect that offset the decline in prices.

Revenues from the Normal Trade channel declined, reflecting lower sales prices in the Pasta and Bakery segments.

The Private Label channel saw a decrease in revenues, driven by a lower average selling price across nearly all segments in which the Group operates.

The Food Services channel posted lower revenues, primarily due to a decrease in the average selling price in the Bakery and Other Products segments.

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Revenues in Italy declined, mainly due to a decrease in the average selling price in the dairy products, pasta, and bakery sectors, as well as a slight drop in volumes in the rusks segment.

Revenues in Germany decreased due to lower sales in the tomatoes and legumes segment, following the termination of low-margin private label contracts, with stable volumes in pasta.

Revenues in the United Kingdom had a slight contraction primarily due to lower average selling prices in the Foods, Fish, and Pasta segments.

Revenues in Other Countries decreased mainly due to a lower average selling price.

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The Net Debt as of 31 March 2025, improved to € 302 million compared to € 346 million as of 31 December 2024. Excluding the effects of IFRS 16, the consolidated net debt stood at € 200 million, compared to € 246 million as of 31 December 2024.

The Group also confirmed its strong cash generation capability, with a high cash conversion ratio of

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Following the transformational acquisition of Princes Limited in 2024, the Company has achieved substantial milestones in the full operational integration of Princes Limited within the broader Group structure. Notably, a comprehensive reorganisation of Newlat Food's assets under Princes Italia - a wholly owned subsidiary of Princes Limited - was successfully executed during 2025.

This new organisational model is already delivering significant industrial synergies, material cost efficiencies, and a marked improvement in overall profitability. As a result of strategic streamlining and a concentrated focus on core business operations, two primary business units have been defined:

• The "Milk & Dairy" division, with annual revenues of approximately €350 million;

• A newly defined "Food & Drinks" division, which recorded c. €2.45 billion in consolidated revenues in 2024.

Based on acquisitions currently in progress, the Group anticipates that the "Food & Drinks" division will reach €3 billion in revenues by the end of 2025.

It is recalled that on 13 May 2025, the Company confirmed to the market that it had entered into exclusive negotiations for the acquisition of the Santa Vittoria d'Alba (CN) site, currently owned by the Diageo Group. The facility boasts extensive experience in the production of a wide range of alcoholic beverages, ready-to-drink products, and low and no alcohol products.

With Princes Limited positioned as the central hub for the Group's international food operations, this new structure unlocks significant strategic opportunities. In this context, the Board is considering some strategic options which include, among other things, an initial public offering and listing of a substantial part of the NewPrinces Group on the London Stock Exchange. In light of the foregoing, the Board is assessing the optimal listing structure, capital requirements, perimeter and venue of the Group.