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acquires 10 July 2025 Reinforcing our leadership in infant & nutrition
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Disclaimer the Company and its subsidiaries. These forward-looking statements are based on NewPrinces S.p.A.’s current expectations and projections about future events. Any reference to past performance of NewPrinces shall not be taken as a representation or indication that such performance will continue in the future. This presentation might contain certain forward- looking statements that reflect the Company’s management’s current views with respect to future events and financial and operational performance of registration requirements. investment decision relating thereto, or constitute a recommendation regarding the securities of NewPrinces. NewPrinces’ securities referred to in this document have not been and will not be registered under the U.S. Securities Act of 1933 and may not be offered or sold in the United States absent registration or an applicable exemption from This presentation does not constitute an offer to sell or the solicitation of an offer to buy NewPrinces’ securities, nor shall the document form the basis of or be relied on in connection with any contract or
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Purchase EV € 120 million, on cash and debt-free basis includes a positive NWC of € 25 million EV/EBITDA multiples 7 X pre-synergies 5.6 X post NWC adj. Terms Acquisition of the Latina plant with supporting commercial capabilities Plasmon, Nipiol, BiAglut, Aproten and Diaterba brands included Co-packing agreement with Heinz UK Baby Food Exp. completion date* Q4 2025 Transaction details *Subject to achieving required regulatory approvals
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Revenues The Target generated revenues of € 170 million at 31 December 2024. EBITDA FY 2024 €17 million, with a 10% EBITDA margin Key financial highlights of the Target
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segments Share Branded Player2 Other W ell-invested Production Facility 5 Products manufactured Room to maximise utilisation24kT History and Target’s business overview Leader in the Italian baby food and specialty nutrition c.30% Market 1 Founded in 1902 in Milan, covering all major baby food categories 3 Made in Italy Omnichannel Presence4 Retailers Specialists Foodservice Export and In 2015, Newlat Food (now NewPrinces) bought the landmark Plasmon special products and baby formula plant based in Ozzano Taro from Kraft Heinz. With this deal, we take full control of the original Plasmon business structure, adding: a new boost to the business, thanks to access to direct formulation and R&D; new industrial know-how and new spare capacity in pouches and baby snacks to the NewPrinces portfolio. Baby Food Competitive Landscape Italy
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The transaction significantly strengthens NewPrinces’ position in a key high-margin segment such as infant and specialist nutrition, generating important industrial, commercial and innovation synergies. In particular, the Company will be able to: Strategic rationale and synergies Commercial opportunities Leveraging NPG’s presence in 60+ countries, with direct access to key markets outside Italy: UK, Germany, NL, France, Poland and more Further expansion in Italy R&D Accelerate new formulations (e.g. postbiotic ingredients) Expand premium and organic offering Product range expansion Development of new product lines, incl.: complete meals, biscuits and baby snacks, sauces and more Production capabilities Increase operational flexibility and scalability at group level with the integration of innovative formats such as pouches, bakery and baby snacks. Opportunity to maximise usage of the liquid and powder formula lines at the Ozzano Taro facility
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lifecycle of their children Founded in 1902, Plasmon is the #1 Italian baby food brand. Relaunched in 2018 with a refined new formulation positioning as a “brand my family loves” Plasmon caters to the modern family, with a high quality, varied offering for the full Top SKU s Meat Homogenized Wet Jar Fruit Pouches #1 Italian baby food brand Founded in 1966, Nipiol is a baby food brand focused on Southern Italy with 17% category share Lower price point vs Plasmon for the mainstream channel Nipiol caters to parents with more restricted budgets, seeking high quality, value for money products Top SKU s Meat Homogenized Wet Jar #3 Italian baby food brand Fruit Homogenized Wet Jar Since 1974, Aproten has been producing pasta, bread, biscuits, and snacks that are low in protein, lactose free, low in salt and potassium. Catering to special dietary requirements such as protein sensitivity, linked to kidney issues, especially in elder patients. Top SKU s Pasta #1 brand in in low protein Biscuits Dieterba, a trusted and specialised Italian brand, focuses on producing baby food primarily sold in pharmacies Other products include vitamins and flour. Priced in line with Plasmon, Dieterba caters to parents seeking baby food products with specific nutrition benefits Top SKU s Meat Homogenized Wet Jar Montefiore Biscuits Pharmacies Champion With >45 years of heritage, BiAglut specialises in gluten free products. It offers SKUs ranging from pasta to breads, cookies, crackers and desserts. Caters to gluten free needs of both children and adults. Rusks Sales Split (FY24F) 3% 6% 2% 16% 73% 36% 5% 7% 53%F Y 2 4 F F Y 2 4 F B rand C hannel(2) (2) Specialists F o o d se rv ic e E x p o rt R e ta il Top SKU sFocused on health Flour Quick glance at the brands
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The company has a wide yet optimised portfolio, addressing the needs of newborns, toddlers, people with special dietary needs (gluten free, low protein etc.) in convenient formats. A highly specialised product portfolio and strong brands Infant formula Specialised formula Newborns & Prenatal Blends, protein, cereals, wet jars Snacks, sauces, meals Weaning and toddlers Functional foods Supplements Kids and Adults Low protein products Specialised nutrition Senior nutrition Pasta Bread and Bread Substitutes Pasta Bread and Bread Substitutes Biscuits Flour Drinks Biscuits Sweet Sweet Flour Product Portfolio | Specialty Nutrition Health Food and Drinks Health Food and Drinks
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History of the Plant Overview of the Latina facility Manufacturing capabilities Plasmon operates a well-invested and scaled facility with c. 50% spare capacity to be leveraged Rome Latina factory 1969 - Plant is built in Latina 1973 - Plant expands with the dry area 2000 - Construction of kitchen to produce wet baby food for the UK market 2010 - Implementation of new aseptic line 2022 - New Pouches Aseptic Line with recyclable pack +€90m Capex 14A-24F >420 SKUs c.49k c.24k c.51% 70k sqm tons capacity tons produced spare capacity Land size Facility size 640k sqm c. 300 Manufacturing FTE >500 tests Performed in in- house laboratories Accreditations 23 1.8bn Biscuits in a year produced dry rangerecipes 182 wet rangerecipes
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Baby Biscuits Extruded Bread Dry Food Preparation W et Food Preparation W et Jars Aseptic A well invested facility located near Rome, equipped to manufacture a wide range of wet and dry products Wet Preparation Dry Preparation QA Labs Offices Dry Packaging Wet Packaging Total land of 640k sqm of which 70k sqm is built on >€90m cumulative capex spend 2014-2024
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The Target’s products are present in all major Italian retailers, baby shops and pharmacies as well as in the foodservice channel, presenting an opportunity for channel diversification Supermarkets and Hypermarkets Hard Discounters E-commerce Baby Shops Pharmacies Private Public Export Retailers Strong and long term relationships with major grocery retailers, convenience stores and large discounters Specialists market in fragmented Foodservice foodservice channel, including canteens and kindergartens Export products to other European geographies, and manufacturing products for the UK Highly valuable route-to- Specialist channels Strong presence in the Currently exporting 87% 26% 12% 2% FY24 FY24 74% 25% FY24 75% 100% FY24
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Well positioned to play in the large and growing European Baby Food market 717 913 878 2019A 4,378 172 387 629 906 4,348 165 389 610 689 694 896 2020A 899 916 2021A 4,370 184 381 610 695 685 933 990 2022A +3% 4,681 197 404 661 743 754 984 805 1,064 2023A 4,962 222 422 689 776 975 229 429 660 796 848 1,088 2024F 993 1,274 1,029 +2% 5,517 276 478 622 844 2029F Total 1% 3% 3% 4% 1% 3% 0% 4% CAGR CAGR ’19-’24 ’24-’29 3% 6% 2% 2% 4% 2% (1%) 1% 682 5,024 The Baby Food market in Western Europe has grown steadily over the last few years, driven by the post-covid return to work, premiumisation of products and category expansion (e.g. biscuits) Despite the declining birth rate in Europe, the category has seen good momentum as parents remain relatively price insensitive and seek to purchase high quality foods for their babies and toddlers France and UK have been historically the largest markets, with Netherlands, the UK and Germany growing faster driven by innovation and introduction of new products Italy has experienced lower growth but remains the 4th largest European market (1) 5% 9% 22% 13% 19% 17% 16% c.€ 5.0bn 2024 W estern European Baby Food TAM (€bn) Split by Geography (%) *Source: supporting transaction market information
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Net Sales (€m) and EBITDA margin % 170 FY24 FY25F FY26F FY27F FY28F 195 FY29F 10.5% 15% Revenue CAGR +3% EBITDA CAGR +10% Infant wet and biscuits are expected to remain the core categories Infant milk and supplements are expected to bring additional growth Business Plan Highlights 4% 7% 8% 11% 21% 2% 3% 6% 16% 73% 48% 8% 6% 10% 1% 2%4% 5% 12% 75% 42% Infant Pouches Infant Milk Supplements Plasmon Nipiol Aproten Dieterba Bi-Aglut Private Label Infant W et Infant Biscuits Infant Other Health Food & Drinks FY24 FY24 FY29F FY29F By Brand (€m) By Product (€m) 23% 2% 9% Plasmon is expected to remain the leading brand, outgrowing the remaining brands during the business plan period Functional Post-Biotic Baby Food Range Innovation pipeline - select case studies Pouches and snacks Supplements for the whole family Organic range Toddler ready meals
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Q&A
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INVESTOR RELATIONS CONTACTS Benedetta Mastrolia Investor Relations Manager Tel: +390522790450 Mob: +393319559164 investors@newlat.com UPCOMING EVENTS 9 September 2025 1H 2025 Earnings Release 11 November 2025 9M 2025 Earnings Release