H1 2026 Earnings 15 September 2026
This presentation might contain certain forward -looking statements that reflect the Company’s management’s current views with respect to future events and financial and operational performance of the Company and its subsidiaries .
These forward -looking statements are based on NewPrinces S.p.A.’s current expectations and projections about future events .
Any reference to past performance of NewPrinces shall not be taken as a representation or indication that such performance will continue in the future .This presentation does not constitute an offer to sell or the solicitation of an offer to buy NewPrinces ’ securities, nor shall the document form the basis of or be relied on in connection with any contract or investment decision relating thereto, or constitute a recommendation regarding the securities of NewPrinces .
NewPrinces ’ securities referred to in this document have not been and will not be registered under the U.S.
Securities Act of 1933 and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements .Disclaimer
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 ata 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
€3.04 bnConsolidated
revenue
Net income improved substantially from -€22.6m in Q1’26 to €16.9m in Q2’26 thanks to first synergy deliveries.
↑+64%
Adj. EBITDA margin €53 mUnderlying FCF 31% FCF conversion (excluding real estate investments); strong cash generation despite new perimeter.
EBIT
EBIT improved materially from -€4.4m in Q1’26 to €19m in Q2’26 following first synergy delivery.
€314mNet Cash (excl. IFRS 16)
€Financial Highlights
Net cash position substantially unchanged vs year -end figure despite investments in real estate of c. €35 m.Adj. EBITDA
€14.7 m
Net Profit*
-€5.8m↑+131.2%
Reported revenue increased materially, particularly thanks to recent acquisitions.€171 m
5.6%
P&L analysis
€ thousandQ1 2026 Q2 2026 H1 2026 Revenue from contracts with customers 1,496,610 1,561,412 3,038,694 Cost of sales (1,185,334) (1,204,239) (2,389,574) Gross profit 291,947 357,172 649,120 Distribution costs (232,903) (249,285) (482,188) Administrative expenses (83,666) (83,798) (167,464) Net impairment losses on financial assets (2,897) (1,982) (4,879) Other income 25,403 (814) 24,590 Other operating costs (2,310) (2,193) (4,503) Operating profit (EBIT) (4,425) 19,101 14,676 Finance income 4,031 18,456 22,487 Finance costs (19,671) (23,309) (42,979) Share of profit/(loss) of associates (4) 225 221 Profit before income tax (20,070) 14,474 (5,596) Income tax expense (2,564) 2,398 (167) Net profit for the period (22,634) 16,872 (5,762)Q2 2026 vs Q1 2026 performance overview Gross profit margin 22.9% vs 19.8% ↑ 311 bps Like -for-like gross margin rises from 19.8% to 22.9% as cost of sales falls from 80.2% to 77.1% of revenue on the first procurement and supply -chain synergies .
Operating profit (EBIT) €19.1m vs -€4.4m
↑ €23.5m
Q2 swings to a positive EBIT of €19.1m from -€4.4m in Q1, a €23.5m improvement : H1 2026 EBIT is €14.7m (0.5% of revenue) .
Net profit
€16.9m vs -€22.6m
↑ €39.5m
Finance costs rise to €23.3m in Q2 (vs €19.7m in Q1) on acquisition debt, more than offset by €18.5m of finance income and a positive tax line. Net result turns positive at €16.9m vs -€22.6m, leaving H1 at -€5.8m.
Net financial position analysis (€ thousand ) 30 June 2026 31 December 2025 A. Cash 620,540 831,094 B. Cash equivalents 644,603 502,356 C. Other current financial assets 135,448 104,993 D. Liquidity (A)+(B)+(C) 1,400,592 1,438,444 E. Current financial debt (426,913) (226,836) F. Current portion of non -current financial debt (123,234) (102,666) G. Current financial indebtedness (E)+(F) (550,148) (329,502) H. Net current financial indebtedness (G)+(D) 850,444 1,108,941 I. Non -current financial debt (1,293,872) (648,422) J. Debt instruments 354,562 (558,598) K. Non -current trade and other payables (177,811) (173,994) L. Non -current financial indebtedness
(I)+(J)+(K) (1,117,121) (1,381,014)
M. Net financial indebtedness (H)+(L) (266,678) (272,073) Shareholder loan 177,811 173,994 Purchase of treasury shares 21,533 14,242 Net debt including IFRS 16 leases (67,334) (83,837) Current lease liabilities 131,145 135,895 Non -current lease liabilities 250,197 266,944 Net Cash excluding IFRS 16 leases 314,009 319,002 Total liquidity of €1.4 bn at 30 June 2026 , broadly unchanged versus year -end, supporting operational flexibility and strategic execution .
Net financial position (excl . IFRS 16) improved by €16.5 million to €67.3 million net debt, reflecting continued cash discipline and effective working capital management through the first half.
Net cash position (incl . IFRS 16) of €314 million remained stable vs FY 2025 , with no material cash absorption despite the integration of GS.
Lease liabilities fell by €21.5 million to €381.3 million as real estate investments progressively replace leased assets, improving long -term efficiency at yields of approximately 8%.1 1 23 34 4 5 5 €21.5 m own shares, €16.3m spent on own shares in Q2 2026 alone ; holding at 2,123,852 shares, 4.82% of capital (+2.23 pp)2
Strong cash flow conversion despite ongoing integration activities Cash Flow Generation H1 2026
Adj. EBITDA 171.40
Net Interest Paid -9.11 ΔNet Working Capital -4.49 Tax paid -13.32 Cash Flow from Operations (A) 144.49
CAPEX -53.52
of which Real Estate Investments -35.00
IFRS 16 -72.96
Cash Flow from Investing activities
(B) -126.48
Underlying Free Cash Flow 53.01 (A-B excl. Real Estate investments) Underlying Cash Conversion 31%0.100.911.91
1.031.95
0.34
0.36
00.511.522.5
050100150200250
2019 2020 2021 2022 2023 2024 2025 1H 2026
Underlying FCF Net Debt / EBITDA
Business Performance
Divisional performance
Comments
Note: revenues are reported on a consolidated basis137.4351.8
251.8205.6262.0
168.01,653.9
163.3366.7
186.6 217.9 211.2161.4 0.0 Dairy Products Foods Drinks Fish Italian Products Oils RetailRevenue by segment (€ m)
1,902.7
75.1854.5
206.4 206.8
85.0823.0
199.4
Italy Germany United Kingdom Other countriesRevenue by geography (€ m)
1,024.31,653.9
230.4
40.889.31,050.0
0.0140.540.783.1
Large-scale retail
(industrial)Large-scale retail
(distribution)B2B partners Normal trade Food serviceRevenue by channel (€ m) H1 2026 H1 2025•Retail: GS, acquired in December 2025, adds €1,653.9m of revenue absent from
H1 2025
•Drinks: up 35% on Princes Ready to Drink, acquired in Q4 2025 •Italian Products: up 24%: Plasmon baby food outweighed lower pasta prices, felt most in Germany due to lower durum wheat prices •Milk & Dairy: down 16% on price alone, as the lower milk cost passed to customers; volumes stable .
Double -digit decline in oil, durum wheat and milk costs were passed through to selling prices Oil Cost down double digits •Lower cost passed through in lower average selling prices •Volume growth, led by Poland, more than offset the price effect •Oils segment revenue grew against H1 2025Durum wheat Cost at a seven -year low •Average selling prices adjusted down in step with the cost fall •Revenue fell in the most exposed
categories
•A main driver of the decline in the
German marketMilk
Cost down double digits •Lower cost passed through to customers in lower prices •Milk & Dairy revenue decline came almost entirely from price •Volumes broadly stable and margin
resilient
Despite inflationary impacts on sea freight and gas, some key raw materials saw a deflationary trend in the period.
The 2026 tomato campaign will more than double output, and it is already fully sold
220,000 tons
More than double the c.110,000 t of the 2025 campaign Expected output, 2026 campaign, closing by end September
100%
of expected output already sold2027 strong volume growth over the next 12 months, a material contributor to
Group revenue
Campaign in its final stage: c.220,000 t expected, all of it pre -sold
UK •New distribution for Princes fruit and meat across Tesco and Asda •Branston distribution gains across Sainsbury’s and Morrisons •Princes Jack Mackerel rollout into Morrisons and Asda •Ocean Select Tuna launched in Tesco, with further distribution planned •Napolina secured new listings across Tesco and AsdaEurope •Customer own -brand tuna business with major French retiler doubled •Won first COB tuna tender in the Netherlands with major retailer •Won COB tuna contract in Poland with
major retailer
•New tomato tenders won with top 4
German retailers
•NewPrinces bakery listings secured with two major French retailersNew routes to market 11 SKUs•11 Princes Tuna SKUs launched across the GS retail network in Italy •Dedicated retail media support to build awareness and trial •Further formats and promotional activity planned to accelerate sell -out Growing across brands and customer own -brand through deeper customer relationships, distribution gains and new routes to market Commercial momentum: expanding distribution and winning with customers
Princes takes over Italy with tuna launching into 1,000 stores 11 dedicated Princes
Tuna SKUs
Launched into the GS network across 1,000 stores •Reached c. €1.2 m sales in less than
2 months
•Dedicated retail media support •Launched big sizes to support
promotional activity
•Brand activation on Milan metro lines creating a “ Princes
immersion” experience
Real estate portfolio passes €500m, with €67m added in 2026
2026 ACQUISITIONS
€67m
14 properties acquired until July 2026, of which c.€35m by the end of H1 2026TOTAL NPG ACQUISITIONS
€96.6m
25 properties since NPG took overTOTAL GS SPA PORTFOLIO
>€500m
Stores, shopping galleries and land Strong acceleration in H1 2026 €67m allocated to 14 properties in 2026, a decisive push into prime assets.
Cumulative NPG track record 25 properties bought for €96.6m in total since NPG took over management.
Portfolio milestone
Portfolio value passes €500m, built on a selection of prime -quality assets.
Four principles guide GS real estate investment Investment criteria for the GS spa property portfolio High -potential store locations Investment focused exclusively on strategic locations with high footfall and attractive long -term return profiles.Lower lease liabilities Progressive reduction of the financial exposure tied to lease contracts, improving the net debt profile.
Better EBITDA quality Higher operating margin quality through network rationalization and growth in high -margin sales per square meter.Solid cash generation Stronger long -term cash conversion, underpinning financial sustainability and funding future expansion.
Financial sustainability: CAPEX discipline and ongoing negotiations keep portfolio expansion aligned with long -term value creation.
The new GS logo bridges the brand's past and its future Previous logo New logo“The GS logo carries an important history and a bond built over time with millions of customers. We chose to keep its most recognizable elements: not a break with the past, but the will to build on a heritage that still means something today.” A. Mastrolia, Chairman The new identity keeps the iconic character of the historic GS mark, redrawing its lines and dynamism to combine memory with the future and tradition with innovation. It builds on a heritage rooted in the history of Italian retail and renews its meaning within an industrial project aimed at a modern shopping experience.
Three store formats carry one GS promise: fresh, local and good value A banner for each channel, matched to different customer needsFocus on fresh products Value on every shop Local sourcing and integrated supply chainFormats by channel
GranSpesa GS
GS Express by GS One brand, three formats matched to different shopping missions.
54 stores returned to direct GS management in H1 2026 In H1 2026 we accelerated network consolidation by taking several points of sale back under direct management.
GS has regained 100% management and control of these stores, allowing it to relaunch a more efficient commercial and economic model.HANDBACKS COMPLETED AT 30 JUNE 54stores back under
direct GS
management
Reopened
14 Market · 23 Express
Closed
6 Market · 11 ExpressA single commercial and economic model now runs across the directly managed network.
The roadmap runs seven initiatives from Q1 2026 through 2028 Short and medium -term strategic roadmap; green ticks mark initiatives completed in H1 2026Q1 26 Q2 26 Q3 26 Q4 26 2027 2028 New organizational architecture
Logistics insourcing
New commercial strategy
Network consolidation
Services insourcing
Centralized production labs
Rebranding
Five pillars drive the GS relaunch Operating priorities across the retail network 01
Cost optimisation
Lower the cost base and run the network
more efficiently.02
Execution
discipline
Standardize the
operating model across the whole network.03
Assortment
A shelf revolution across categories and
private label.04
Margin and price
Strengthen margins
and reset price
positioning.05
Logistics
More efficient and effective logistics end to end.
Outlook
Integration
•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
Pricing discipline
•Selective price increases implemented in H2 to show benefit in Q3 and FY figures.
•Active management of input cost exposure across the portfolio
M&A momentum
•Continued M&A activity in manufacturing (Princes Group plc) with at least one deal expected to close soon.
•New opportunities coming to market with Princes Group actively engaged FY 2026 guidance: EBITDA of €330 –350 million
Q&A
Appendix
Consolidated income statement € thousand 30 June 2026 30 June 2025 Revenue from contracts with customers 3,038,694 1,314,206 Cost of sales (2,389,574) (1,053,296) Gross operating profit 649,120 260,910 Selling and distribution expenses (482,188) (87,393) Administrative expenses (167,464) (117,282) Net impairment losses on financial assets (4,879) (669) Other income 24,590 1,074 Other operating costs (4,503) (3,843) Operating profit 14,676 52,797 Financial income 22,487 14,180 Financial expenses (42,979) (35,800) Share of profit of equity -accounted associates 221 0 Profit before tax (5,596) 31,177 Income taxes (167) (8,928) Net profit (5,762) 22,249
Balance Sheet
€ thousand 30 June 202631 December 2025
RESTATED
Non -current assets Property, plant and equipment 1,041,065 1,045,855 Right -of-use assets 299,747 314,770 Intangible assets 223,978 238,080 Investment property 68,151 67,917 Investments in associates 8,581 8,359 Non -current financial assets atFVTPL 1,937 1,947 Financial assets at amortised cost 3,628 3,768 Other non -current receivables and assets 26,725 26,725 Deferred tax assets 48,629 38,704 Total non -current assets 1,722,442 1,746,124
Current assets
Inventories 826,303 828,143 Trade receivables 275,455 357,413 Tax receivables 20,365 13,975 Other current receivables and assets 151,055 156,067 Current financial assets atFVTPL 49,345 49,346 Current financial receivables 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€ thousand 30 June 202631 December 2025
RESTATED
Equity
Share capital 43,935 43,935 Reserves 752,799 399,285 Translation reserve (9,037) (14,473) Net income for the period (11,115) 375,094 Equity attributable to the Group 776,581 803,842 Non -controlling interests 175,108 167,345 Total equity 951,691 971,186 Non -current liabilities Employee benefit obligations 60,066 59,614 Provisions for risks and charges 70,374 80,097 Deferred tax liabilities 65,863 64,230 Non -current borrowings 689,113 940,076 Non -current lease liabilities 250,197 266,944 Shareholder loan 177,811 173,994 Other non -current liabilities - -
Total non -current liabilities 1,313,425 1,584,955
Current liabilities
Trade payables 1,399,339 1,506,293 Current borrowings 419,002 193,608 Current lease liabilities 131,145 135,895 Current tax liabilities 17,924 6,699 Other current liabilities 173,823 151,531 Total current liabilities 2,141,234 1,994,025
TOTAL EQUITY AND LIABILITIES 4,406,350 4,550,166
Cash Flow Statement € thousand 30 June 2026 30 June 2025 Profit before tax (5,596) 31,177
Adjustments for:
Depreciation, amortisation and impairment 155,385 48,971 Losses / (gains) on disposals - -
Financial expenses / (income) 20,271 21,620 Other non -cash changes - -
Cash flow from operating activities before working capital changes 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 employee benefits (9,334) (198) Income taxes paid (13,318) (3,443) Net cash flow from 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) 127,837Net cash flow from investing activities (84,049) 110,614 New financial debt raised - 644,889 Repayments of financial debt (32,917) (659,089) Bond issuance - -
Repayments of lease liabilities (72,958) (12,745) Net interest paid (9,105) (15,560) Purchase of treasury shares (21,533) (4,463) Net cash flow from financing activities (136,513) (46,968) Total change in cash and cash equivalents (68,308) 206,185 Cash and cash equivalents at the beginning of the period 1,333,451 455,135 Cash and cash equivalents atthe end of the
period1,265,144 661,320
EBITDA by Business Unit (H1 2026 vs H1 2025)
10.6%
8.8%
4.4%6.3%15.1%
3.8%3.1%40.7%
9.2%9.8%
5.5% 5.1%11.7%
3.8%
0.0%5.4%
Dairy Products Foods Drinks Fish Italian ProductsOils Distribution Other products / activitiesEBITDA margin by business unit EBITDA margin H1 2026 EBITDA margin H1 202514.631.1
11.012.939.7
6.451.1
3.414.936.1
10.211.124.6
6.2
0.0 0.4
Dairy Products Foods Drinks Fish Italian ProductsOils Retail Other products / activitiesEBITDA by business unit (€ millions)
EBITDA H1 2026 EBITDA H1 2025
INVESTOR RELATIONS CONTACTS
Benedetta Mastrolia
Investor Relations Manager
Tel: +390522790450
Mob: +393319559164
investors@newlat.comUPCOMING EVENTS
13 October
Intesa Sanpaolo Italian Excellences Conference,
Paris
10 November
Q3/9M 2026 Earnings