Informazione
Regolamentata n.
2195-53-2026Data/Ora Inizio Diffusione 15 Settembre 2026 08:05:01Euronext Star Milan
Societa' :NEWPRINCES
Utenza - referente :NEWLATN04 - Mastrolia Benedetta Tipologia :REGEM; 1.2 Data/Ora Ricezione :15 Settembre 2026 08:05:01 Data/Ora Inizio Diffusione :15 Settembre 2026 08:05:01 Oggetto :H1 2026 Results: Strong acceleration in profitability in the second quarter with a return to profit and solid cash flow Testo del comunicato
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PRESS RELEASE
NewPrinces approves its Half Year report as at 30 June 2026
STRONG ACCELERATION IN PROFITABILITY IN THE SECOND QUARTER WITH A RETURN TO PROFIT
AND SOLID CASH FLOW
• The second quarter of 2026 marked a significant acceleration in the Group’s performance, with improvements in EBITDA and EBIT, a return to positive net profit and continued solid cash generation. The results reflect the initial benefits from the integratio n of the new scope of operations and the progressive improvement in operational efficiency.
• Consolidated revenue exceeded €3 billion, compared with €1.3 billion in the first half of 2025, also reflecting the contribution from acquisitions completed in the final quarter of 2025. On a like -for-like basis, sales volumes remained broadly stable.
• Despite inflationary pressures on freight and energy costs across the Group, lower selling prices largely reflected double -digit declines in the cost of certain key raw materials, particularly oil, durum wheat and milk. This impacted reported revenue, with no material effect on volumes or margins, which benefited from the lower cost of goods sold.
• Consolidated EBITDA amounted to €170.1 million, up 64.1% from €103.6 million in the first half of 2025. Profitability accelerated in the second quarter, with the EBITDA margin for the first half reaching 5.6%, a marked improvement from 4.8% in the first qu arter of 2026.
• Consolidated EBIT amounted to €14.7 million. The second quarter recorded positive EBIT of €19.1 million, representing an improvement of €23.5 million compared with the operating loss of €4.4 million recorded in the first quarter of 2026.
• Consolidated net loss amounted to €5.8 million for the first half, compared with a net profit of €22.2 million in the first half of 2025. Consolidated EBIT amounted to €14.7 million. The second quarter recorded positive EBIT of €19.1 million, representing an improvement of €23.5 million compared with the operating loss of €4.4 million recorded in the first quarter of 2026.
• Underlying FCF 1 stood at €53 million , thanks to excellent operational performance .
• Consolidated net financial position (NFP) as at 30 June 2026 stood at –€67.3 million , a marked improvement compared with an NFP of –€83.8 million as at 31 December 2025 .
1 FCF: Operating cash flow – interest – CAPEX
Excluding the application of IFRS 16, the Group reported a positive cash position of €314 million .
• FY 2026 Guidance: EBITDA expected to reach €330 –350m
Reggio Emilia, 15 September 2026 – The Board of Directors of NewPrinces S.p.A. (“ NewPrinces ” or the “Company ”), chaired by Angelo Mastrolia, has examined and approved the Half -Yearly Financial Report as at 30 June 206 .
Half -Yearly Financial Report In the first half of 2026, NewPrinces recorded a solid operating performance and significant cash generation , with a marked acceleration in profitability in the second quarter . Q2 showed a clear sequential improvement in the key financial indicators compared with the first quarter of the year, with a return to positive operating profit and net profit .
Consolidated revenue exceeded €3 billion , compared with €1.3 billion in the first half of 2025, mainly due to the contribution from acquisitions completed in the final quarter of 2025.
On a like -for-like basis , sales volumes remained broadly stable. The trend in revenue primarily reflects the normalisation of selling prices , following a double -digit reduction in the costs of certain strategic raw materials – including oil, durum wheat and milk – which was gradually passed on to customers. The decline in the price component therefore does not reflect a weakening of underlying demand.
The reduction in selling prices was accompanied by an improvement in the cost of goods sold , the ratio of which to revenue fell from 80.1 % in the first half of 2025 to 78.6 % in the first half of 2026 , contributing to the gradual recovery in margins over the period.
Consolidated EBITDA stood at €170.1 million, up 64.1 % from €103.6 million in the first half of 2025 . In terms of the EBITDA margin , the figure stood at 5. 6 %, compared with 7.9 % recorded in the same period of the previous financial year , but representing a marked improvement on the figure recorded in the first quarter of 2026 (4.76 % as at 31 March 2026) .
Consolidated operating profit (EBIT) stood at €14.7 million , compared with €52.7 million in the first half of 2025. Performance showed a marked improvement in the second quarter , which recorded a positive EBIT of €19.1 million , compared with an operating loss of €4.4 million in the first quarter of 2026.
The consolidated net result for the half -year was a loss of €5.8 million , compared with a profit of €22.2 million in the first half of 2025. The second quarter also recorded a marked turnaround, with net profit of €16.8 million , compared with a net loss of €22.6 million in the first quarter of 2026.
* * * Chairman Angelo Mastrolia commented : ““The second -quarter results confirm the strength of the path NewPrinces has undertaken. Following a first quarter focused on integrating a significantly expanded scope of operations against a complex market backdrop, we saw a strong acceleration in profita bility, with both operating profit and net profit returning firmly to positive territory.
The improvement in margins, achieved while volumes remained broadly stable, was accompanied by robust cash generation. Underlying free cash flow of €53 million and the further improvement in our financial position demonstrate the quality of the Group’s ope rational performance and the strength of its financial structure.
Compared with twelve months ago, NewPrinces has significantly strengthened its scale, diversification and industrial and commercial capabilities. The second -quarter performance demonstrates that the expansion of the Group’s scope is translating into greater efficiency and profitability. We enter th e second half of the year with confidence, maintaining our focus on the integration of the acquired businesses, operational efficiency, cash generation and the creation of sustainable long -term value.”
* * * Analysis of consolidated revenue In the first half of 2026 , NewPrinces generated consolidated revenue of €3,038,694 thousand , broken down by business unit as follows:
Revenue by Business Unit (In thousands of euros and as a percentage) Half -year ended 30 June Changes 2026 % 2025 % 2026 vs 2025 % Milk & Dairy Products 137,424 4.5% 163,315 12.4% (25,891) (16%) Foods 351,766 11.6% 366,662 27.9% (14,896) (4%) Drinks 251,784 8.3% 186,601 14.2% 65,182 35% Fish 205,642 6.8% 217,863 16.6% (12,221) (6%) Italian Products 261,953 8.6% 211,173 16.1% 50,780 24% Oils 168,001 5.5% 161,354 12.3% 6,646 4% Distribution 1,653,868 54.4% - - 1,653,868 100% Other Products 8,257 0.3% 7,239 0.6% 1,018 14% Revenue from contracts with customers 3,038,694 100% 1,314,206 100% 1,724,486 131.2%
In the Milk & Dairy Products segment, the decline in revenue mainly reflects the double -digit reduction in the cost of milk as a raw material , which was gradually passed on to customers through an adjustment to average selling prices. Volumes remained broadly stable , with no significant impact on margins.
In the Foods segment, the trend in revenue mainly reflects the reduction in the cost of certain raw materials and the consequent adjustment to average selling prices.
Revenue in the Drinks segment increased mainly due to the contribution from Princes Ready to Drink , which was acquired in the final quarter of 2025 and was therefore not included in the scope of consolidation for the corresponding period of the previous financial year.
In the Fish segment, the decrease in revenue mainly reflects the reduction in raw material costs , with the consequent adjustment of average selling prices, as well as a different phasing of promotional activities compared with the previous financial year. Some initiatives carried out in the first half of 2025 are in fact scheduled for the second half of 2026 , resulting in a delay in the recognition of the related revenue.
Revenue in the Italian Products segment increased mainly thanks to the contribution from the Baby Food & Special Products business , and in particular the Plasmon brand. This increase more than offset the impact of the double -digit fall in the price of durum wheat , which was passed on to the average selling prices of pasta, with a particularly significant effect on the German market.
In the Oils segment, the double -digit reduction in the cost of raw materials led to a corresponding adjustment in average selling prices. This effect was more than offset by volume growth , particularly in the Polish market, enabling the segment to record a 4 % increase in revenue compared with the first half of 2025.
Revenue for the Distribution segment reflects the contribution of GS, which was acquired in December 2025 and was therefore not included in the scope of consolidation for the first half of 2025. The segment’s revenue includes, amongst other things, income from the operation of franchised retail outlets, the related costs o f which are classified under cost of sales.
Finally, revenue in the Other Products segment increased compared with the first half of 2025, driven mainly by higher sales volumes.
Revenue by distribution channel (In thousands of euros and as a percentage) Half -year ended 30 June Changes 2026 % 2025 % 2026 vs
2025 %
Large -scale retail trad e (manufacturing ) 1,024,283 33.7% 1,049,962 79.9% (25,679) (2%) Large -scale retail (distribution) 1,653,868 54.4% - - 1,653,868 100% B2B partners 230,399 7.6% 140,510 10.7% 89,889 64% Food services 130,143 4.3% 123,733 9.3% 6,410 5% Total revenue from contracts with customers 3,038,694 100% 1,314,206 100% 1,724,486 131.2% Revenue relating to the industrial large -scale retail channel recorded a decrease due to the contribution from the Milk & Dairy Products , Foods and Fish segments.
Revenue from the Large -scale Retail (distribution) segment relates to the contribution from the acquisition of the GS Group. The GS Group was acquired in December 2025 and, consequently, the comparative figures as at 30 June 2025 do not include any data, as the Group was outside the scope of consolidation at that time.
Revenue from the B2B Partners channel increased thanks to the contribution from the acquisition of Princes Ready to Drink.
Revenue from the Food Services channel increased as a result of higher sales volumes across the various segments in which the Group operates.
Revenue by geographical area (In thousands of euros and as a percentage) Half -year ended 30 June Changes 2026 % 2025 % 2026 vs 2025 % Italy 1,902,663 62.6% 206,763 15.7% 1,695,900 820% Germany 75,115 2.5% 85,026 6.5% (9,911) (12%) United Kingdom 854,507 28.1% 823,002 62.6% 31,506 4% Other countries 206,409 6.8% 199,415 15.2% 6,994 4% Total revenue from contracts with customers 3,038,694 100% 1,314,206 100% 1,724,486 131.2% Revenue in Italy increased mainly due to the contribution of the GS Group and the Baby Food & Special Products business, which were included in the scope of consolidation in the final quarter of 2025.
In Germany , the decline in revenue mainly reflects the fall in the cost of durum wheat, which has dropped to its lowest level in seven years , and the resulting adjustment to average selling prices.
Performance was also influenced by the different timing of certain promotional activities in the Pasta
and Dairy sectors and by trends in the Tomato and Pulses categories within the Private Label segment.
Overall, revenue trends were predominantly driven by pricing and the timing of promotional activities, against a backdrop of generally resilient volumes .
In the United Kingdom , revenue increased mainly due to the contribution from the Drinks segment, supported by the inclusion of Princes Ready to Drink within the scope of consolidation.
In Other Countries , revenue growth was driven mainly by higher volumes in the Oils segment , particularly in the Polish market, and by the contribution of acquisitions completed in the final quarter of 2025 in the Drinks and Italian Products segments.
Trends in key raw materials Despite inflationary pressures on freight and energy costs, the Group’s revenue in the first half of 2026 also reflected price reductions linked to movements in certain key strategic raw materials. In particular, oil, durum wheat and milk recorded double -digit price declines . Against a backdrop of normalising prices, sales volumes remained broadly stable , whilst the reduction in the cost of goods sold as a percentage of revenue supported margins, with the cost of goods sold falling to 78.6 % of revenue compared with 80.1 % in the first half of 2025 .
In particular, the double -digit reduction in the cost of oil led to a consequent adjustment in average selling prices. In the Oils segment, however, this effect was more than offset by volume growth , particularly in the Polish market, enabling the segment to record revenue growth compared with the first half of 2025.
A similar trend was seen for durum wheat , the cost of which reached its lowest level in the last seven years . The resulting adjustment to average selling prices affected the revenue of the most exposed product categories, representing one of the main factors behind the decline recorded in the German market.
The cost of milk also saw a double -digit reduction , which was gradually passed on to customers through lower average selling prices. In the Milk & Dairy Products segment, the resulting decline in revenue was therefore mainly attributable to the price component, against a backdrop of broadly stable volumes and resilient margins .
* * *
Analysis of the Net Financial Position Net financial debt as at 30 June 2026 stood at €67.3 million , a significant improvement of approximately €279 million compared with €346.2 million as at 31 December 2025. This development reflects the Group’s strong cash -generating capacity , supported by cash flows from operating activities and, , by the improvement in net working capital, despite investments of approximately €53 million made during the first half of the year .
Excluding the accounting effects arising from the application of IFRS 16 on leases, as at 30 June 2026 the Group reported a positive net cash position of €314.0 million , broadly in line with the figure as at 31 December 2025.
* * *
TREASURY SHARES
Pursuant to the authorisation to purchase and dispose of own shares approved by the Shareholders’ Meeting on 27 April 2026, as at 30 June 2026 NewPrinces held 2,123,852 own shares, representing 4.82 % of the share capital .
During the period from 1 April to 30 June 2026, the Company allocated €16.3 million to the purchase of treasury shares , increasing its holding by 2.23 %.
The buyback programme was funded entirely by cash flow generated during the period . The Group’s ability to maintain its financial position as essentially stable , despite the outlay of €16.3 million for the purchase of own shares and the investments made during the half -year, confirms the strength of its operating cash flow .
* * *
SIGNIFICANT EVENTS OCCURRING AFTER THE END OF THE FIRST HALF -YEAR 2026
With effect from 1 August 2026, GS S.p.A. and Princes Retail S.p.A. were merged into Princes Property S.p.A., which at the same time adopted the name GS S.p.A. Princes Retail S.p.A. was the group company responsible for the Carrefour Italia asset acquired in 2025, as part of the transaction that saw NewPrinces S.p.A. enter the large -scale retail sector.
At the same time, NewPrinces unveil ed the new logo, inspired by the historic GS brand and designed to accompany its relaunch. For NewPrinces, the return of GS is not merely a rebranding exercise. It is a key element of the Group’s industrial strategy, through which it aims to integrate production , logistics and distribution into a single supply chain model.
The aim is to strengthen direct control over the retail sector and consolidate the relationship with the end consumer, by promoting a recognisable brand that is deeply rooted in the history of Italian retail.
2026 Tomato Harvest At the time of this press release, the 2026 tomato season is still underway and is in its final stages. It is expected to conclude by the end of September, with production forecast at around 220,000 tonnes, more than double the just under 110,000 tonnes pr oduced in the previous season. The entire forecast production has already been sold.
The significant increase in production and the fact that all produce has been sold mean that, for the tomato segment, strong growth in sales volumes is forecast for the next 12 months, making a significant contribution to the Group’s revenue performance in 2027.
* * *
FORECAST BUSINESS PERFORMANCE
The international geopolitical context continues to be characterised by uncertainty, not least in relation to the conflict and tensions in the Middle East, with particular reference to the situation in Iran and the Strait of Hormuz. These developments coul d have an impact on international markets, particularly the energy and commodities markets, with possible repercussions on inflationary trends and companies’ operating costs.
Despite ongoing attempts to reach an agreement, the possibility of a resurgence of conflict in the Middle East could prolong the volatility of commodity prices, further threaten supply chains, and drive up prices, thereby weighing on financial conditions. The extent of the economic impact of the current crisis is therefore difficult to assess at present.
At the date of preparation of this Half -Yearly Financial Report, there are no direct and immediately quantifiable impacts on the Group’s economic, equity and financial position. However, management continues to closely monitor developments in the geopoliti cal and macroeconomic environment in order to promptly assess any indirect effects that may arise during the financial year, particularly in terms of rising procurement costs, volatility in energy prices and potential inflationary pressures.
* * *
RESIGNATION OF NON -EXECUTIVE AND INDEPENDENT DIRECTOR VALENTINA MONTANARI
The Company also announces that Valentina Montanari, Non -Executive and Independent Director, has tendered her resignation with immediate effect, following her appointment to a new managerial role which is incompatible with her current position at NewPrince s.
At the same time, Ms. Montanari has resigned from her position as Chair of the Control and Risk Committee, as well as from her roles as a member of the Remuneration and Nomination Committee and the Related Party Transactions Committee.
The Company further announces that the Remuneration and Nomination Committee has initiated the process to identify a suitable candidate to replace Ms. Montanari. Once a candidate has been identified, the Company will promptly inform the market.
* * *
CONFERENCE CALL ON THE NEWPRINCES GROUP’S FIRST -HALF 2026 RESULTS
The NewPrinces Group’s results for the first six months of 2026 will be presented in English during the conference call to be held today at 11:00 (CEST).
To take part in the conference call, please register by entering your details and email address via the following link.
The presentation will be available on the Company’s website ( www.newprinces.it ) and on the regulatory filing system ( www.emarketstorage.com ) approximately half an hour before the conference call begins.
An MP 4 recording of the call will also be available on the Company’s website from 16 September 2026 .
* * *
STATEMENT BY THE MANAGER RESPONSIBLE FOR THE PREPARATION OF THE COMPANY’S
FINANCIAL STATEMENTS
Rocco Sergi, the director responsible for the preparation of the company’s financial statements, declares, pursuant to and for the purposes of Article 154-bis, paragraph 2, of Legislative Decree No. 58 of 1998, that the information contained in this press release corresponds to the documentary evidence, books and accounting records.
* * * This press release is available on the Company’s website at www.newprinces.it and via the authorised storage mechanism eMarket Storage at www.emarketstorage.com .
* * * The document “Half -Yearly Financial Report as at 30 June 2026” is available on the Company’s website at www.newprinces.it , as well as via the authorised storage mechanism eMarket Storage at www.emarketstorage.com .
* * *
FOR FURTHER INFORMATION
Investors
Benedetta Mastrolia
NewPrinces Investor Relations Officer Mobile: +39 3319559164
investors@newlat.com
Press Office
Alice Brambilla
Barabino & Partners Tel. +39 0272023535 Mobile: +39 3282668196
a.brambilla@barabino.it
Virginia Bertè
Barabino & Partners Tel. +39 0272023535 Mobile: +39 3429787585
v.berte@barabino.it
* * *
NEWPRINCES GROUP
NewPrinces Group is a leading Italian group operating in the food & beverage and retail sectors, with an integrated industrial and distribution platform, generating revenues of approximately €6. 5 billion.
In the food production sector, the Group operates through Princes Group plc, listed on the FTSE 250 index of the London Stock Exchange, and Centrale del Latte d’Italia, listed on EURONEXT Milan, with a significant presence in numerous food categories, incl uding dairy products, groceries, ambient and fresh produce.
The Group manages a diversified portfolio of established brands and has an extensive manufacturing network across Europe, serving leading retailers and foodservice customers in over 60 countries.
In the retail sector, NewPrinces operates through Princes Retail, one of Italy’s leading food distribution platforms, with a network of around 1,000 outlets across the country.
Through a multi -brand, multi -channel and multi -country strategy, NewPrinces Group combines scale, operational excellence and a long -term industrial vision, positioning itself as one of the leading players in the European food ecosystem.
For further information, please visit: www.newprinces.it .
APPENDIX – NET FINANCIAL DEBT
(In thousands of euros) As at 30 June As at 31 December Net financial debt 2026 2025 A. Cash and cash equivalents 620,540 831,094 B. Cash equivalents 644,603 502,356 C. Other current financial assets 135,448 104,993 D Cash and cash equivalents (A)+(B)+('C) 1,400,592 1,438,444 E. Current financial liabilities (426,913) (226,836) F. Current portion of non -current financial debt (123,234) (102,666) G. Current financial debt (E) + (F) (550,148) (329,502) H. Net current financial debt (G)+(D) 850,444 1,108,941 I. Non -current financial liabilities (584,748) (648,422) J. Debt instruments (354,562) (558,598) K. Trade payables and other non -current payables (177,811) (173,994) L. Non -current financial debt (I)+(J)+(K) (1,117,121) (1,381,014) M. Net financial debt (H)+(L) (266,678) (272,073) Shareholders’ loans 177,811 173,994 Purchase of own shares 21,533 14,242 Pro forma net financial debt (67,334) (83,837)
APPENDIX – NET FINANCIAL DEBT EXCLUDING LEASE LIABILITIES (IFRS 16)
(In thousands of euros) As at 30 June As at 31 December
2026 2025
Net financial debt (67,334) (83,837) Current lease liabilities 131,145 135,895 Non -current lease liabilities 250,197 266,944 Net financial position 314,009 319,002
APPENDIX – CONSOLIDATED FINANCIAL STATEMENTS
Consolidated Balance Sheet (in thousands of euros) As at 30 June As at 31 December
2026 2025
RESTATED
Non -current assets Property, plant and equipment 1,041,065 1,045,855 Right -of-use assets 299,747 314,770 of which with related parties 7,563 8,872 Intangible assets 223,978 238,080 Investment property 68,151 67,917 Investments in associates 8,581 8,359 Non -current financial assets measured at fair value through profit or loss 1,937 1,947 Financial assets measured at amortised cost 3,628 3,768 of which with related parties 735 735 Other receivables and non -current assets 26,725 26,725 Deferred tax assets 48,629 38,704 Total non -current assets 1,722,442 1,746,124
Current assets
Stock 826,303 828,143 Trade receivables 275,455 357,413 of which with related parties 2,682 1,772 Current tax assets 20,365 13,975 Other receivables and current assets 151,055 156,067 of which with related parties - 15,605 Current financial assets measured at fair value through profit or loss 49,345 49,346 Financial receivables measured at amortised cost 86,103 55,647 of which with related parties 86,103 55,647 Cash and cash equivalents 1,265,144 1,333,450 Assets held for sale 10,136 10,000 Total current assets 2,683,907 2,804,041
TOTAL ASSETS 4,406,350 4,550,166
Equity
Share capital 43,935 43,935 Reserves 752,799 399,285 Translation reserve (9,037) (14,473) Net profit (11,115) 375,094 Total equity attributable to the Group 776,581 803,842 Equity attributable to minority interests 175,108 167,345 Total consolidated equity 951,691 971,186 Non -current liabilities Provisions relating to staff 60,066 59,614
Provisions for risks and charges 70,374 80,097 Deferred tax liabilities 65,863 64,230 Non -current financial liabilities 689,113 940,076 Non -current lease liabilities 250,197 266,944 of which with related parties 5,183 6,536 Shareholder loans 177,811 173,994 of which with related parties 177,811 173,994 Total non -current liabilities 1,313,425 1,584,955
Current liabilities
Trade payables 1,399,339 1,506,293 of which with related parties 52,840 63,653 Current financial liabilities 419,002 193,608 Current lease liabilities 131,145 135,895 of which with related parties 2,693 2,710 Current tax liabilities 17,924 6,699 Other current liabilities 173,823 151,531 Total current liabilities 2,141,234 1,994,025
TOTAL LIABILITIES AND EQUITY 4,406,350 4,550,166
Consolidated profit and loss account (In thousands of euros) Half -year ended 30 June
2026 2025
Revenue from contracts with customers 3,038,694 1,314,206 of which from related parties 11,634 10,760 Cost of sales (2,389,574) (1,053,296) of which from related parties (175,643) (177,087) Gross operating profit 649,120 260,910 Sales and distribution expenses (482,188) (87,393) Administrative expenses (167,464) (117,282) of which from related parties (146) (84) Net write -downs of financial assets (4,879) (669) Other revenue and income 24,590 1,074 Other operating costs (4,503) (3,843) Operating profit 14,676 52,797 Financial income 22,487 14,180 of which from related parties 7,683 11,645 Financial expenses (42,979) (35,800) of which from related parties (5,486) (5,592) Valuation of associates using the equity method 221 0 Profit before tax (5,596) 31,177 Income tax (167) (8,928) Net profit (5,762) 22,249 Net profit attributable to minority interests 5,353 1,322 Net profit attributable to the Group (11,115) 20,927 Basic earnings per share (0.27) 0.48 Diluted net earnings per share (0.27) 0.48
Consolidated Statement of Comprehensive Income (In thousands of euros) Half -year ended 30 June
2026 2025
Net profit (A) (5,762 ) 22,249 b) Other components of comprehensive income that will not subsequently be reclassified to profit or loss:
Actuarial gains/(losses) (47 Total other components of comprehensive income that will not subsequently be reclassified to the profit and loss account: (47 391 c) components of other comprehensive income that will not subsequently be reclassified to the profit and loss account:
Hedging instruments net of tax effects - 1,667 Translation reserve 7,846 (3,119) Total other components of comprehensive income that will not subsequently be reclassified to profit or loss 7,846 4,826 d) Total other components of comprehensive income, net of tax (B+C) 7,799 5,218 Total comprehensive income (A)+(D) 2,037 168,158 Net profit attributable to minority interests 7,674 5,078 Net profit attributable to the Group (5,727 ) 163,080
Consolidated Statement of Changes in Equity (In thousands of euros) Share capital Reserves Net profit Total equity
attributable
to the
Group Equity
attributable
to minority
interests Total
As at 31 December 2024 43,935 128,541 160,633 333,109 65,530 398,641 Allocation of the net profit from the previous financial year - 160,633 (160,633) - - -
Treasury shares - (4,463) - (4,463) - (4,463) Total treasury shares (4,463) (4,463) (4,463) Net profit - - 20,927 20,927 1,322 22,249 Hedging instruments net of tax effects - 1,667 - 1,667 - 1,667 Translation reserve - (3,119) - (3,119) - (3,119) Total comprehensive income for the financial year (1,452) 20,927 19,475 1,322 20,797 As at 30 June 2025 43,935 283,259 20,927 348,121 66,851 414,975 Treasury shares - (8,209) - (8,209) - (8,209) Total treasury shares - (8,209) - (8,209) - (8,209) Capital increase - 125,684 - 125,684 94,733 220,417 Net profit - - 354,167 354,167 7,016 361,183 Hedging instruments net of tax effects - (508) - (508) 242 (266) Translation reserve - (13,891) - (13,891) (1,235) (15,126) Actuarial gains/(losses), net of the related tax effect - (1,523) - (1,523) (263) (1,786) Total comprehensive income for the financial year - (15,922) 354,167 338,245 5,760 344,005 As at 31 December 2025 43,935 384,812 375,094 803,841 167,345 971,187 Allocation of the net profit from the previous financial year - 375,094 (375,094) - - -
Treasury shares - (21,533) - (21,533) - (21,533) Total treasury shares (21,533) (21,533) (21,533) Net profit - - (11,115) (11,115) 5,353 (5,762) Translation reserve - 5,436 - 5,463 2,410 7,846 Actuarial gains/(losses), net of the related tax effect - (47) - (47) - (47) Total comprehensive income for the financial year - 5,389 (11,115) (5,727) 7,674 2,037 As at 30 June 2026 43,935 743,762 (11,115) 776,581 175,018 951,691
Consolidated Cash Flow Statement (In thousands of euros) As at 30 June
2026 2025
Profit before tax (5,596) 31,177
- Adjustments for:
Depreciation, amortisation and write -downs 155,385 48,971 Financial expenses / ( income) 20,271 21,620 of which relating to related parties 2,197 (6,053) Cash flow generated / (used) by operating activities before changes in net working capital 170,060 101,768 Change in inventories 1,839 17,452 Change in trade receivables 77,078 (45,723) Change in trade payables (111,088) 59,099 Change in other assets and liabilities 37,014 13,584 Use of provisions for risks and charges and provisions for staff costs (9,334) (198) Taxes paid (13,318) (3,443) Net cash flow generated / (used) by operating activities 152,252 142,538 Investments in property, plant and equipment (53,122) (16,535) Investments in intangible assets (400) (688) Investments in financial assets (30,527) 127,837 Net cash flow generated / (used) in investing activities (84,049) 110,614 New financial borrowings - 644,889 Repayments of financial liabilities (32,917) (659,089) Repayments of lease liabilities (72,958) (12,745) of which relating to related parties (2,980) (2,980) Net interest paid (9,105) (15,560) Sale (purchase) of own shares (21,533) (4,463 Net cash flow generated/(used) in financing activities (136,513) (46,968) Total change in cash and cash equivalents (68,308) 206,185 Cash and cash equivalents at the start of the financial year 1,333,451 455,135 Total change in cash and cash equivalents (68,308) 206,185 Cash and cash equivalents at the end of the financial year 1,265,144 661,320
Fine Comunicato n.2195-53-2026 Numero di Pagine: 19