NewPrinces offers asymmetric recovery upside as a family-controlled food platform converts Carrefour retail losses into synergies, but execution and lease-adjusted leverage remain decisive risks.
Overview
NewPrinces S.p.A., renamed from Newlat Food in May 2025, is evolving under Mastrolia family control from a regional Italian food producer into a vertically integrated European consumer-staples platform. It combines 31 manufacturing factories, trusted brands including Plasmon, Napolina, Delverde, Branston, and Centrale del Latte d'Italia, private-label processing, and more than 1,000 Italian grocery stores acquired from Carrefour. Product and geographic exposure is diversified, although the UK contributes 54.2% of sales and Italy 26.4%. **The financial trajectory is improving rapidly:** Q1 2026 revenue rose 122.5% to €1.497 billion, adjusted EBITDA increased 191.2% to €76.3 million, margin expanded to 5.1% from 3.9%, and net debt excluding leases fell to €60.6 million. Management upgraded fiscal 2026 retail EBITDA guidance to €110 million–€120 million. Fiscal 2025 revenue was €2.96 billion and underlying free cash flow €160.4 million, but reported €383.4 million net income included a €319.7 million non-recurring bargain purchase gain. **Valuation remains distressed:** at €16.18, the stock trades at 0.17x sales and 2.7x EV/EBITDA, versus a 6.78x peer median EV/EBITDA, although Carrefour execution risk explains part of the discount. Near-term catalysts are synergy capture, the GS relaunch targeted for 2028, and further M&A.