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1 H1 2026 Interim Results 15 September 2026
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2 Important Notice and Disclaimer This presentation has been prepared by Princes Group plc (the "Company") solely for informational purposes in connection with the Company’s Interim Results for the six months ended 30 June 2026. It does not constitute or form part of, and should not be construed as, an offer to sell or issue, or the solicitation of an offer to buy or subscribe for, any securities of the Company or any of its subsidiaries in any jurisdiction, nor shall it or any part of it form the basis of, or be relied upon in connection with, any contract or commitment whatsoever. Certain financial and statistical information contained in this presentation has not been audited. Furthermore, some financial information has been prepared on a pro forma basis. This pro forma information is presented for illustrative purposes only to allow for a more meaningful comparison of underlying performance following our listing and strategic acquisitions. Because of its nature, this information addresses a hypothetical situation and does not represent the Group’s statutory accounts. It has not been subject to audit, review, or verification by the Company's independent auditors. This presentation includes APMs (such as Adjusted EBITDA and Net Cash) that are not defined under IFRS. These measures are provided to offer additional insight into the Company's performance but should not be considered as a substitute for, or superior to, measures defined under IFRS. This presentation contains forward-looking statements identified by words such as "expect" , "anticipate" , "plan" , "believe" , "seek" , or "will" . These statements are based on current expectations and are subject to known and unknown risks, uncertainties, and assumptions. Actual results may differ materially from those expressed or implied. The Company undertakes no obligation to update or revise these statements, except as required by law. No representation or warranty, express or implied, is made as to, and no reliance should be placed on, the accuracy, fairness, completeness, or correctness of the information or opinions contained herein. None of the Company, its subsidiaries, major shareholder NewPrinces S.p.A., or any of their respective directors, officers, employees, advisers, or agents accepts any liability whatsoever for any loss arising from any use of this presentation or its contents. 2
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3 Presenting team Benedetta Mastrolia IR Director 7 7 Fabio Fazzari Chief Financial Officer 6 15+ Giuseppe Mastrolia Interim CEO – Chief Commercial Officer 12 12 Years of experience Years at Princes Group / NewPrinces 3
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4 H1 2026 Results highlights* *H1 2025 figures are presented on a pro forma basis, including Plasmon, Germany and France from 1 st January 2025 £999.4m Revenue +7% vs reported; - 4.5% YoY on a like - for - like basis. Q2 performance +2.4% ahead of Q2 2025 £29m Net Profit Vs. £18 m reported in H1 2025; slightly down vs £31.8m in H1’25 on a like - for - like basis 7.9% Adj. EBITDA Margin Adj. EBITDA to £79.3m EBITDA margin stable despite input cost volatility in H1 £90.1m Underlying FCF 115% FCF conversion; strong cash generation 12. 2 % ROCE Vs. 11.6% in H1 2025 £481m Net Cash Position Excl. IFRS 16; £373m incl. IFRS 16 +20% vs. FY 2025 4
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5 A compelling platform for sustainable growth and shareholder value creation 7.9% Adjusted EBITDA margin Progressing towards 9% medium - term target >100% Underlying FCF conversion Strong earnings quality and cash generation 12. 2 % LTM ROCE More than 3x 2022 level Active M&A pipeline Disciplined on strategic fit, valuation and returns A resilient, increasingly profitable and cash - generative platform with clear headroom for further growth 5
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7 Financial Performance Fabio Fazzari, CFO 7
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8 Input cost scenario Input cost inflation in H1 2026 either directly or indirectly caused by the conflict in the Middle East. Key Impacts: • Fuel (mostly gas) impacting factory energy costs • Sea freight increased as a result of emergency fuel surcharges • Plastic packaging & raw materials influenced by oil prices • Lag in pass through but being fully implemented and recovered in H2 Natural Gas Price European Polymer Price Index WCI World Container Index 8
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9 Significant margin progression despite a challenging cost environment 5% 6% 7.91% 8.20% 7.94% H1 2024 FY 2024 H1 2025 FY 2025 H1 2026 Adjusted EBITDA margin H1’26 margin 7.9% • Adjusted EBITDA margin increased by 290bps since the acquisition of Princes, from 5.0% in H1 2024 to 7.9% in H1 2026 • Margin further improved from FY 2025 despite the significant spike in input and transportation costs, demonstrating the increased resilience of the business • Continued progress towards the Group’s 9% medium-term Adjusted EBITDA margin target Mid - term margin 9% Confirmed 9
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10 Divisional performance: Q2 2026 sales ahead of Q2 202 5 £454.9m +£11.6m +£6.4m +£2.0m − £4.3m − £4.5m £466.1m Q2 2025 Italian Oils Foods Drinks Fish Q2 2026 Strong even ex- Plasmon Volumes strong, led by Poland Branston; 30% more beans Maintenance, reorg Pricing down; volumes grew Net sales bridge, £m, Q2 2025 to Q2 2026 10
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11 Balance sheet analysis Balance Sheet (£m) H1 2026 FY 2025 Total Non Current Assets 697.9 693.2 of which Property, plant & Equipment 432.1 447.3 Inventories 427.3 403.8 Trade receivables 304.1 324.4 Trade payables (549.4) (508.0) Net Working Capital 182.0 220.2 Cash and cash equivalents 545.7 485.2 Other cash - like items 86.3 91.9 Cash & cash like items 632.1 577.1 Non - current financial liabilities (100.4) (110.7) Current financial liabilities (50.3) (71.8) Net Cash position 481.4 394.6 IFRS 16 - lease liabilities (107.5) (83.6) Net Cash position inc. lease liabilities 373.9 311.1 Share capital 24.5 24.5 Reserves 1,054.4 1,014.5 Net profit 29.0 37.1 Total Shareholder Equity 1,107.9 1,076.1 £481m Net Cash Position Up £87m vs FY 2025; Tangible assets £1.8bn £182m Net Working Capital £38m release thanks to better receivables and payables management £1.1bn Shareholders' Equity Strongly capitalised , with a substantial equity base that exceeds the Company’s current market capitalisation . Tangible assets and cash represent 94% of the total assets, giving evidence of the high quality of the balance sheet. 11
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12 Disciplined capital deployment driving higher returns 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0% 0 100 200 300 400 500 600 700 800 900 2022 2023 2024 2025 LTM 2026 ROCE (%) Capital Employed (£m) Capital Employed ROCE LTM ROCE 12. 2 % Vs 11.6% FY 2025 • ROCE more than tripled from 3.9% in 2022 to 12. 2 % LTM 2026 • 510bps increase to 11.6% in the first full year following the acquisition of Princes in 202 4 12
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13 Strong cash conversion and continued working capital optimisation Cash Flow (£m) H1 2026 EBITDA 78.2 Tax paid (9.3) IFRS16 leasing (9.9) Financial items 2.6 Cash Flow from Operations 61.6 Δ Inventory (23.6) Δ Payables and Receivables 61.8 Δ NWC 38.2 Capex (9.6) Underlying FCF 90.1 Underlying FCF conversion rate 115.3% 115% FCF Conversion Strong cash conversion; good earnings quality drove Q2 cash generation £38m NWC improvement Net Working Capital contributed a further £38m of cash in H1 2026 , building on the strong improvements achieved in recent years . Disciplined payables management more than offset the seasonal inventory build , demonstrating continued focus on working capital efficiency . 13
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14 We aim to generate £1 – 1.5bn revenue accretion through M&A Organic growth is central to our value creation strategy and serves as the primary near-term focus for cash generation In the medium term, we may consider shareholder remuneration through share buybacks and / or dividends M&A PIPELINE ORGANIC GROWTH SHAREHOLDER RETURN Capital allocation 14
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15 Mid-term guidance unchanged The underlying business trend is in line with market expectations with some portfolio optimisation effects still impacting the top line in H1. Profitability improvement is continuing in line with expected trajectory. Despite the current uncertainty related to the macro-economic conditions, we remain aligned with market expectations and confirm our medium term guidance: Revenue Target £3bn+ Revenue to surpass £3 billion EBITDA Margin +300 bps Increase by 300 bps from 2024 FCF Conversion > 60% Underlying FCF conversion rate 15
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16 Strategy and Operational Update Giuseppe Mastrolia, Interim CEO 16
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17 Disciplined M&A: focused on value, not transaction volume Our pipeline remains highly active. We will deploy capital only where strategic fit, valuation and returns support compelling lo ng - term shareholder value creation. Clear and consistent criteria Discipline in practice Highly active pipeline Strategic fit Strengthen our European F&B platform, categories, channels and capabilities Value creation Underperforming / non - core assets where Princes can unlock upside Cash generation Clear potential for strong and sustainable free cash flow Synergies Opportunities where our scale and capabilities can enhance returns We have walked away from several opportunities where price or strategic fit did not meet our criteria • Strategic rationale must be compelling • Returns must exceed our investment thresholds • Valuation must preserve meaningful upside for shareholders Completing a transaction is not , in itself, a measure of success. Creating value is. >25 Identified targets Several deals progressing >15% target post - synergy ROIC 6 – 7x → 4 – 5x typical EBITDA multiple: entry → post synergies The right transactions, at the right valuation with the discipline and patience required to maximise long - term shareholder retur ns 17
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19 Our growth ambition Win the UK Grow in Europe Expand ROW How we will do it Integration Simplification Optimisation of Cost 2.4 % YoY Growth The business is growing versus last year. Q2 performance Q2 trading ahead of last year 18
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20 Customer strategy Example Packaging Product Description from18%to 20%fat NewlatFoodproducesawiderangeofdairyproducts, cheeses,highproteinmilks Fresh,ESLorUHT from18%to40%fat Fat%: 28%, 35%,36%, 39%,41% Understanding Customer need and opportunity We must build strong and enduring relationships as these are critical to our long-term success Customer Segmentation Matrix We must be savvy when we plan and ultimately service our customers needs Build robust Customer Plans Reviewed at the Customer Planning Sessions and refined to ensure we deliver our Customer objectives Customers are segmented into 3 different service experience categories: • Enable quicker, smoother and more aligned decision making. • Offers a first line filter when customer priority decisions need to be made. • It as a framework to enable discussion and solution. 19
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21 Managing inflation Utilising designated pricing windows Passing through open book models using agreed market indices Seasonal contract timings Offsetting against new opportunities utilising the breadth of our group portfolio SUCCESSFUL APPROACH TO MANAGE INFLATION WITHOUT BREAKING TRUST Pass - through effective July 2026 Benefit will be visible in H2 2026 20
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22 New contract wins in the UK New COB contracts secured through innovation, new capability and great customer collaboration ▸ Clean recipe development ▸ Sustainable Packaging ▸ Packaging differentiation ▸ Flavour development ▸ Licensing and events Continuing to utilise our extensive UK food manufacturing footprint to build longer term relationships with our core customers ▸ Multi year COB contracts secured with major UK retail customers ▸ Joint Recipe development in UK sites ▸ UKM strategy to highlight the benefits of UK manufactiring ▸ Multi Ocean Tuna sourcing strategy ▸ Sustainably sourced Mackerel and Sardines ▸ Sustainably and ethically sourced tomatoes Product development and Innovation Leveraging UK Manufacturing base Global sourcing expertise Expanding our business through leveraging our broader group manufacturing base and global strategic supplier partners 21
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23 Commercial momentum: expanding distribution and winning with customers UK • New distribution for Princes fruit and meat across Tesco and Asda • Branston distribution gains across Sainsbury’s and Morrisons • Princes Jack Mackerel rollout into Morrisons and Asda • Ocean Select Tuna launched in Tesco, with further distribution planned • Napolina secured new listings across Tesco and Asda Europe • Customer own - brand tuna business with major French retailer doubled • Won first COB tuna tender in the Netherlands with major retailer • Won COB tuna contract in Poland with major retailer • New tomato tenders won with top 4 German retailers • Bakery listings secured with two major French retailers New routes to market 11 SKUs • 11 Princes Tuna SKUs launched across the GS/Carrefour Italia retail network in Italy • Dedicated retail media support to build awareness and trial • Further formats and promotional activity planned to accelerate sell - out Growing across brands and customer own - brand through deeper customer relationships, distribution gains and new routes to market 22
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24 Princes takes over Italy with tuna launching into 1,000 stores 11 dedicated Princes Tuna SKUs Launched into Carrefour Italy across 1,000 stores • Reached c. €1.2 m sales in less than 2 months • Dedicated retail media support • Launched big sizes to support promotional activity • Brand activation on Milan metro lines creating a “ Princes immersion” experience 23
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25 Investing behind our brands to drive relevance, penetration and growth Mug Shot +9% average UROS uplift across key lines • Successful sachet relaunch supported by refreshed positioning, packaging and product optimisation • 4m campaign reach and 83% purchase intent Naked +106% purchase intent on Sweet Chilli • Major core range relaunch with improved recipes, taste and texture • 2 – 3x uplift across key consumer KPIs Napolina H2 broad innovation pipeline • Flavoured oils launched in H1; new Tesco and Asda listings • Flavour Boosters, Polpa, Black Beans and further Pasta and Sauces innovation Broader pipeline: Minions Cupcake Kit | Birkel High Protein | Delverde Sauces & Snacks | Granfetta Benefit | Princes Tun a Spreads | Oils innovation New Positioning New Look 24
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26 Key messages Mid-term guidance unchanged Disciplined M&A Pipeline live, return criteria unchanged NPD pipeline strong Organic growth supported by new products Pass-through lands in H2 Benefit to both growth and margin Execution and strategy focus Delivering the plan and creating value 25
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27 Q&A
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28 Appendix
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29 Our investment case 1 Market Leadership 65% avg. market share Strong positions in staple, high- frequency categories create significant barriers to entry and make Princes a first-call partner for major retailers. 3 Scalable European Platform 30% spare capacity Vertically integrated, multi-site manufacturing with significant headroom enables organic growth without immediate additional capex. 4 High Cash Conversion > 100 % FCF conversion Disciplined working capital management delivered >100% free cash flow conversion in H1 2026, providing strength to reinvest and fund future growth. 5 Proven M&A Track Record 20+ acquisitions Management has completed over 20 acquisitions with a strictly selective approach focused on strategic fit, category consolidation and long-term value creation. 6 Management & Family Ownership Family - owned discipline Experienced leadership with direct family shareholder involvement eliminates principal-agent conflict and fosters rigorous financial discipline and long-term focus. 2 Dual Business Model Unique integration of branded and customer-own-brand manufacturing captures consumer spend across premium and value segments while driving industrial cost competitiveness. Branded + COB 28
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30 The 2026 tomato campaign will more than double output, and it is already fully sold 220,000 tons More than double the c.110,000 t of the 2025 campaign Expected output, 2026 campaign, closing by end September 100% of expected output already sold 2027 strong volume growth over the next 12 months, a material contributor to Group revenue Campaign in its final stage: c.220,000 t expected, all of it pre - sold 29
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31 Statutory income statement Income Statement (£m) H1 2026 H1 2025 FY 2025 Revenue from contracts with customers 999.4 933.3 1,871.5 Cost of sales (788.1) (746.7) (1,490.9) Gross profit 211.4 186.6 380.6 Distribution costs (63.1) (46.3) (97.7) Administrative expenses (114.5) (101.4) (208.7) Other income 2.2 – 1.7 Share of results of associates 0.2 0.1 0.1 Operating profit 36.2 38.9 76.0 Finance income 12.3 – 17.3 Finance costs (9.3) (14.7) (37.9) Profit before income tax 39.2 24.2 55.4 Income tax expense (10.3) (6.2) (18.3) Profit for the period / year 29.0 18.0 37.1 Owners of the Company 28.0 17.8 35.7 Non - controlling interests 0.9 0.3 1.4 Basic earnings per share (£) 0.11 0.25 0.37 Diluted earnings per share (£) 0.11 0.25 0.37 30
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32 Statutory balance sheet – assets Balance Sheet (£m) H1 2026 H1 2025 FY 2025 Non - current assets Goodwill 46.6 33.7 41.4 Intangible assets 69.2 32.1 70.3 Property, plant and equipment 432.1 382.8 447.3 Investment property 48.9 – 49.1 Right - of - use assets 90.1 72.6 73.7 Interests in associates 7.2 7.8 7.1 Deferred tax assets 3.4 1.7 3.3 Retirement benefit surplus 0.4 0.5 0.9 Total non - current assets 697.9 531.3 693.2 Current assets Inventories 427.3 370.3 403.8 Trade and other receivables 304.1 265.2 324.4 Current tax assets 2.0 – 1.0 Cash and cash equivalents 545.7 370.1 485.2 Total current assets 1,279.2 1,005.6 1,214.3 Total assets 1,977.0 1,536.9 1,907.5 31
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33 Statutory balance sheet – liabilities and equity Liabilities (£m) H1 2026 H1 2025 FY 2025 Current liabilities Trade and other payables (549.4) (542.5) (508.0) Current tax liabilities (6.1) (3.8) (4.1) Lease liabilities (36.1) (23.6) (22.8) Borrowings (50.3) (260.1) (71.8) Derivative financial instruments – (0.1) – Deferred income (0.1) (0.1) (0.1) Total current liabilities (642.0) (830.2) (606.7) Non - current liabilities Borrowings (100.4) (352.6) (110.7) Retirement benefit deficit (8.4) (7.4) (7.1) Deferred tax liabilities (44.3) (23.2) (44.4) Lease liabilities (71.4) (58.3) (60.8) Provisions – (1.1) – Deferred income (2.7) (1.6) (1.6) Total non - current liabilities (227.1) (444.2) (224.6) Total liabilities (869.1) (1,274.4) (831.3) Net assets 1,107.9 262.5 1,076.1 Equity (£m) H1 2026 H1 2025 FY 2025 Share capital 24.5 7.0 24.5 Share premium 806.2 – 806.2 Capital redemption reserve 5.4 5.4 5.4 Equity reserve (5.7) (7.0) (5.7) Hedging reserve – (0.1) – Translation reserve 2.5 1.9 4.6 Other reserve (28.8) – (34.0) Retained earnings 263.6 217.7 235.6 Equity attributable to owners 1,067.7 224.9 1,036.6 Non - controlling interest 40.2 37.6 39.5 Total equity 1,107.9 262.5 1,076.1 32
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Get in Touch Investor Relations Benedetta Mastrolia Investor Relations Director investors@princesgroup.com Corporate Brokers Peel Hunt LLP +44 (0) 20 7418 8900 BNP Paribas, London Branch +44 (0) 20 7595 5285 Upcoming Events 16-18 September Post-Results Roadshow, London