NewPrinces (NWL) Star Conference 2025 Presentation summary

Strategic overview and business model

• Formed through the 2024 acquisition of Princes Limited, creating a pan-European F&B leader with €2.8bn revenue and over 8,000 employees, operating 31 facilities across Europe and Mauritius.

• Diverse portfolio spans pasta, dairy, canned foods, fish, oils, drinks, ready meals, and specialized nutrition, with over 30 brands and exports to 60+ countries.

• Focused value-creation strategy leverages M&A, working capital optimization, asset utilization, innovation, and ESG principles.

• Management team combines family ownership with international corporate experience, supported by a lean structure.

• Group structure includes multiple subsidiaries and recent lease contracts to optimize asset use and cash flow.

Financial performance and targets

• FY 2024 revenues reached €2.775bn, with adj. EBITDA of €177.6m (6.4% margin), EBIT of €194.5m, and net income of €142.3m.

• Free cash flow was €225m, and net debt (incl. IFRS 16) reduced to €346.2m, with ND/EBITDA at 1.95x.

• 2025 guidance: revenues over €2.8bn, EBITDA €210–220m, net debt €300–330m, ND/EBITDA 1.36–1.57x.

• 2030 targets: organic revenues €3.3bn (3% CAGR), adj. EBITDA €320m (8% CAGR, 10% margin), net debt/EBITDA below 1x by 2026, positive net cash by 2027.

• Share price rose from €7.79 to €13.56 between Feb 2024 and Feb 2025, reflecting strong market confidence.

Operational excellence and synergies

• Integration of Princes and Newlat enables cross-selling, procurement savings, and innovation, with commercial synergies expected to double underlying growth.

• Notable Italian growth synergies include internalizing Napolina pasta production and leveraging the Foggia tomato plant.

• Strong working capital improvements at Princes delivered £140m cash in five months post-acquisition.

• Group procurement and operational excellence initiatives focus on cost optimization, digitalization, and sustainability.

• Industrial investments include new lines for special foods, functional beverages, and automated warehousing, supporting efficiency and capacity.