Princes Group PLC (LSE: PRN), the Liverpool-headquartered international food and beverage group, has published a trading update for the nine months ended 30 September 2026, reporting group revenue of £1.52 billion, a 10.0% year-on-year increase driven by the integration of Princes France S.A.S., Newlat GmbH and Plasmon. Adjusted EBITDA rose 6.4% to £116.2 million, while net cash strengthened to £368.7 million. The board confirmed confidence in delivering full-year 2026 expectations, with the Group targeting a medium-term adjusted EBITDA margin of 9%.

Key Points

  • Princes Group PLC (LSE: PRN), a leading UK and European food and beverage group headquartered in Liverpool
  • Nine-month revenue reached £1.52 billion, up 10.0% year on year, with Q3 like-for-like revenue growth of 3.3%
  • Adj. EBITDA of £116.2 million; underlying free cash flow of £88.4 million; net cash of £368.7 million at 30 September 2026
  • Investors should watch progress on Santa Vittoria integration, further customer pricing negotiations, and additional M&A activity

Italian Products and Foggia Tomato Campaign Drive Acquisition-Fuelled Revenue Gains

The Italian Products business unit delivered the standout revenue performance in the period, growing 56.5% year on year to £341.9 million, reflecting the consolidation of Plasmon and other acquired assets. Italy as a country contributed £155.2 million in revenue, up 131.7%. The Group's Foggia facility completed a record tomato processing campaign, achieving volumes in excess of 200,000 tonnes — more than double the prior year's output. Sales for the entire 2026 production campaign have already been secured, with the Group expecting approximately £130 million of incremental revenue, predominantly to be recognised during 2027.

Princes Tuna Launch Through GS Stores and Branston Beans Outperformance Highlight Brand Momentum

Operational highlights included the introduction of Princes Tuna into the Italian retail market through GS (formerly Carrefour Italia), where 11 SKUs achieved distribution across 880 stores by the end of October — significantly ahead of an initial target of 700. Consumer sell-out exceeded €2 million, reaching the full-year target two months ahead of schedule, while volume share rose from 12.8% to 15.4%. In the UK, Princes was named Seafood Brand of the Year for the third consecutive year, and Branston 5 Star Beans continued to outperform its category, reflecting sustained brand investment across the portfolio.

Adjusted EBITDA Margin Held at 7.7% Despite Energy and Fuel Cost Pressures

Adjusted EBITDA margin edged down to 7.7% from 7.9% in the comparable 2025 period, as higher energy and fuel input costs weighed on profitability despite disciplined cost management. The Foods unit saw its EBITDA margin decline to 9.0% from 10.4%, while Drinks revenue fell 6.4% year on year. The Group implemented a first round of price increases from July, which accounted for approximately 70% of Q3 top-line performance. Princes is now initiating further customer negotiations to secure fuller pass-through of ongoing cost inflation, a key risk for margin progression in the near term.

Santa Vittoria Integration and Active M&A Pipeline Signal Further Structural Change in Early 2027

Planning is described as well advanced for the integration of Santa Vittoria into Princes Group in early 2027, with the Italian facility already securing its first UK commercial win — a ready-to-drink alcoholic beverage listing. Additional M&A processes are ongoing, with the company stating confidence in its existing acquisition pipeline and new targets identified. A new own-brand tuna contract with a leading UK grocery retailer commences in Q2 2027, alongside a two-year lunchbox carton supply contract from Q1 2027. These wins are expected to contribute to revenue growth and improved capacity utilisation across the Group's 24 production facilities from 2027 onwards.