NewPrinces Group, an Italian food and beverage company active in pasta, dairy, canned foods and beverages, reported first-half 2026 results on September 15, 2026. The company said margins improved as integration of its GS retail operations, acquired in December 2025, progressed. Shares were last reported at $17.07, up 0.47% from the previous close of $16.99.
Consolidated revenue rose 131.2% year over year to €3.04 billion, driven primarily by the GS retail acquisition. Adjusted EBITDA increased 64% to €171.4 million, expanding the margin to 5.6%. Operating profit was €14.7 million, and the net loss narrowed to €5.8 million. Operating cash flow after interest, working capital changes and taxes was €144.5 million, while underlying free cash flow was €53 million, equivalent to 31% conversion excluding real estate investments. Total liquidity stood at €1.4 billion at June 30, 2026, broadly unchanged from year-end 2025.
Performance improved sequentially. EBIT swung from a €4.4 million loss in the first quarter to a €19.1 million profit in the second quarter, while net income moved from a €22.6 million loss to a €16.9 million profit. Gross margin expanded 311 basis points, from 19.8% in the first quarter to 22.9% in the second quarter.
Retail operations contributed €1,653.9 million of H1 revenue, entirely from the GS acquisition, and generated €51.1 million of absolute EBITDA. Drinks manufacturing revenue grew 35% organically to €251.8 million, supported by Princes Ready to Drink products. Italian products revenue increased 24% to €262.0 million, helped by Plasmon baby food sales offsetting lower pasta pricing. The segment delivered the highest margin at 15.1%, up from 11.7% a year earlier, with EBITDA rising to €39.7 million from €24.6 million. Dairy revenue fell 16% to €137.4 million, almost entirely on price, with volumes broadly stable. Italy accounted for €1,902.7 million of revenue, up from €206.8 million in the prior-year period. Distribution and other activities margin rose from 5.4% to 40.7%.
NewPrinces said key input costs, including oil, durum wheat and milk, fell by double-digit percentages, with durum wheat costs reaching a seven-year low. The tomato processing campaign, which closes at the end of September 2026, more than doubled production to 220,000 tons from about 110,000 tons in 2025, with 100% of expected output pre-sold. The company reaffirmed full-year EBITDA guidance of €330 million to €350 million and said the tomato business is expected to be a material contributor to Group revenue in 2027.
Commercially, NewPrinces launched 11 Princes Tuna SKUs in Italy across 1,000 stores, generating about €1.2 million in sales in less than two months, supported by brand activation on Milan metro lines creating a “Princes immersion” experience. During H1, 54 stores were returned to direct GS management: 14 Market and 23 Express stores reopened, while 6 Market and 11 Express stores closed.
Real estate activity continued. The company allocated €67 million to acquire 14 properties by July 2026, with about €35 million spent by the end of H1. Total NPG acquisitions reached 25 properties for €96.6 million, and the GS retail portfolio surpassed €500 million in value.
