NewPrinces (NWL) Acquisition Presentation summary

Transaction overview

• Acquisition of Carrefour Italia for €1 billion enterprise value, including €420 million in real estate assets.

• 2024 revenues of €3.7 billion and EBITDA of €115 million for Carrefour Italia; EV/EBITDA multiple of 8.7x pre-synergies.

• Expected completion in Q3 2025, subject to regulatory approvals.

Strategic rationale and integration

• Acquisition aligns with a strategy to build a fully integrated FMCG platform, combining manufacturing, logistics, sourcing, and distribution.

• Enables vertical integration, accelerating product innovation and time-to-market.

• Direct retail channel management enhances market intelligence and decision-making agility.

• No preferential pricing within Carrefour Italia, ensuring commercial fairness across channels.

Market position and scale

• Combined group revenues projected at €6.9 billion in 2025, with EBITDA around €330 million.

• Will employ approximately 13,000 people in Italy and over 18,000 globally.

• Ranks as the second largest food & beverage player in Italy by 2026, with revenues expected to surpass €7 billion.

• Carrefour Italia is the 6th largest national player by market share, with a dense network in high-GDP regions.