Italy · Delayed Price · Currency is EUR NewPrinces Earnings Call Transcripts
Fiscal Year 2025
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2025 marked a transformative year with major acquisitions, nearly 20x revenue growth since IPO, and strong margin expansion. The group is fully deleveraged, maintains high cash generation, and targets further profitability and synergy gains by 2030.
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Revenue declined year-over-year due to deflation and currency effects, but profitability surged with a 20% rise in adjusted EBITDA and significant margin expansion. Strategic acquisitions and disciplined portfolio management drove strong cash flow and improved leverage.
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Margins and profitability improved significantly in H1 2025 despite a slight revenue decline, driven by cost optimization, strategic contract exits, and strong performance in drinks and dairy. Guidance for full-year EBITDA and cash generation is reaffirmed, with major acquisitions and integration of Carrefour Italia on track.
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Strong margin and cash flow gains offset lower sales from deflation, with EBITDA up 30.5% and net income swinging positive. Integration synergies, working capital optimization, and new contracts drive performance, while a potential Diageo acquisition and London listing offer further upside.
Fiscal Year 2024
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2024 results exceeded expectations with €2.8B revenue and €177.6M EBITDA, driven by strong integration of Princes and operational synergies. Net debt/EBITDA improved to 1.95x, and 2025 guidance is confirmed with further growth and M&A planned.
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Combined nine-month revenues reached €2.03 billion, with strong volume growth offsetting lower prices. EBITDA is expected to be backloaded, with full-year guidance of €175–180 million and significant integration and synergy projects underway. UK now represents over half of group sales.
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Sales declined year-over-year due to deflation, but profitability improved with higher EBITDA margin and net income. Strong free cash flow and reduced net debt reflect effective margin-focused strategy, while the Princes acquisition is expected to drive further synergies and growth.