NewPrinces (NWL) Q4 2024 earnings summary

Executive summary

• 2024 consolidated revenues reached €2.8 billion, nearly flat year-over-year, with strong Q4 growth and robust integration of Princes Group delivering operational synergies.

• Net profit rose 5.3% year-over-year to €142.3 million, supported by strong cash generation and improved financial structure.

• Integration of Princes, consolidated from August 2024, contributed to a more diversified portfolio and improved working capital.

• Major acquisition of Princes completed, with group to be renamed NewPrinces Group from April 2025.

• Revenues were supported by volume growth in key categories despite deflationary pressures and price reductions.

Financial highlights

• Adjusted combined EBITDA reached €177.6 million (6.4% margin), up from €28 million five years ago, with EBIT at €194.5 million (+10.1% YoY).

• Net income grew 5.3% year-over-year to €142.3 million.

• Free cash flow was robust at €225 million, driven by operational improvements and working capital management.

• Net debt (ex-IFRS 16) reduced to €246.2 million; including IFRS 16, net debt was €346.2 million, with ND/EBITDA at 1.95x.

• Cash and cash equivalents at year-end 2024 stood at €455 million.

Outlook and guidance

• 2025 guidance: consolidated revenues above €2.8 billion, EBITDA between €210–220 million, and further net debt reduction expected.

• By 2030, organic revenues expected to reach €3.3 billion (3% CAGR), with adj. EBITDA of €320 million (10% margin) and positive net cash position.

• Free cash flow projected at €170 million annually by 2030; ROCE targeted at 27%.

• Margin improvement to be driven by integration synergies, procurement savings, and operating leverage.

• Financial expenses expected to decrease by €15 million in 2025 due to bond issuance and lower ECB rates.