02 December 2025

NewPrinces completes the acquisition of Carrefour Italia


Transaction Overview

On 1st December 2025, NewPrinces completed the acquisition of 100% of Carrefour Italia and its subsidiaries, officially becoming the largest F&B group in terms of direct employment in Italy, the second largest food & beverage group in Italy and one of the largest in Europe.

EU Commission

clearance

Pursuant to Art. 6(1) (b) of the EU Merger Regulation, the EU Commission confirm not to have any objections to the Transaction, deeming it compatible with the internal market and EEA agreement.

Target Key

Figures

Revenue:

€ 3.7 bn Run-rate adj.

EBITDA*:

€151 m

Strategic

Rationale

Build a fully integrated group NewPrinces to focus on retail and other related services, Princes Group plc to focus on F&B manufacturing

*according to the definition in the EY financial due diligence





Acquisition Perimeter



Carrefour Italia S.p.A. (renamed Princes Retail S.p.A.)

Carrefour Finance srl (renamed Princes Finance S.p.A.)

GS S.p.A.

(name unchanged)

Carrefour Property srl (renamed Princes PropertyS.p.A.)



Workforce

c. 13,000 direct employees in Italy

>18,000 worldwide

+11,000 indirect employees in

outsourced services

Transformational scale and market positioning

Combined figures*

€6.7 bn revenues

€400 m EBITDA

Net cash between €150m

and €200m ex. IFRS 16

Retail Network

>1,000 points of sale across key Italian regions

+ logistics centres and gas stations

Asset value c. €420m



Italian market position

1st F&B group by employment

2nd largest F&B group

by revenue



*Includes NewPrinces expected 2025 revenues and reported combined figures at FY 2024 of Carrefour Italia, Princes Ready to Drink and Plasmon







Banner Transition and GS Relaunch Plan

GS Rebranding



Banner Transition to 2028

  • The Carrefour banner will be retained for up to three years, until end of 2028, ensuring full operational continuity for consumers, employees and suppliers.

  • No contractual obligation to complete rebranding before the end of 2028 -transition will be progressive across regions.

  • A phased rebranding programme will be implemented, starting in from South and moving progressively North.

  • Relaunch of the historic GS brand, supported by a new commercial and visual positioning.

  • Store refurbishment and assortment optimisation to align with the new GS brand identity.

    Store Network Development

    Acceleration of new store openings through directly operated stores and partnerships via operating leases

    Integration with NewPrinces' logistics network

    (600+ refrigerated vehicles) to strengthen:

    • Ho.Re.Ca distribution

    • home delivery channels

    • expansion of Docks Cash & Carry.



Financial impact and 2025 outlook

Combined P&L

(€m)

2024A 2025e

PRTD*

2024A

Plasmon

2024A

CF Italia

2024A

2025 Combined

(exp)

2026e

2030e

Revenues

2,775.70 2,600.0

0

234.3

170

3,741.00

6,745.3

c. 7,000

>8,000

EBITDA

(recurring)

177.6 210

20.4

19.9

151

401.2

>400

>550

EBITDA margin

6.40% 8.10%

8.70%

11.70%

4%

5.90%

>6%

>7%

NFP excluding IFRS 16

Between €150m and €200m

Net cash position

Carrefour invested a total of €775m in Carrefour Italia pre-closing, including €245m to

support the NewPrinces investment plan.

A further €200m will be invested by NewPrinces as per investment plan, to support the relaunch and modernisation of stores across Italy.

**PRTD (Princes Ready to Drink), formerly Diageo Operations Italy



Synergy Potential and Value Upside


Revenue synergies Cost synergies

Integration

Shelf space opportunity for Group brands and PL across >1,000 stores, representing a

~€500m incremental revenue opportunity

at Group level in the medium term.

New commercial agreements with key Italian food producers to boost store traffic and enhance category performance.

Strengthening omnichannel reach (retail + Docks + Ho.Re.Ca + home delivery)

Cost base optimisation vs. previous ownership structure, with an estimated minimum €100m upside.

Additionally, cross-functional integration (IT, logistics, marketing, procurement) to unlock scale benefits and eliminate duplication of external costs.

Quick-win initiatives will be implemented in the coming months, including opportunities across purchasing, assortment and logistics.

A more detailed synergy roadmap will be shared upon publication of FY 2025 results in March 2026.



Q&A




UPCOMING EVENTS

17 March 2026

FY 2025 Earnings Release

27 April 2026

Annual General Meeting

INVESTOR RELATIONS CONTACTS

Benedetta Mastrolia Investor Relations Manager Tel: +390522790450

Mob: +393319559164

investors@newlat.com





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Disclaimer

Newprinces S.p.A. published this content on December 02, 2025, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on December 02, 2025 at 14:27 UTC.