Carrefour resumes with revenue of 803 million and a loss of 22,7 million

The new Carrefour has opened the first hole in NewPrinces’ balance sheet. The retail chain, owned by the group NewPrinces since last December, closed the first quarter 2026 with revenue of 803,1 million euros, EBITDA of 18,1 million and an operating loss of 22,7 million.

However, the company stressed that the division Princes retail (Carrefour’s business unit that will adopt the GS banner) recorded “a increase in EBITDA of 240% compared with the same period of the previous year, benefiting from the first synergies arising from the integration, promotional optimisation and operational efficiency measures implemented by management”.
In light of the performance recorded in the first months of the financial year, management believes that EBITDA for the retail perimeter in 2026 “could come in the range 110-120 million, ahead of management’s initial expectations”.

Price manoeuvre

The chairman and controlling shareholder Giuseppe Mastrolia had forecast 2-3 years to turn around the retail chain, which has been in serious difficulty for years and has more than a thousand outlets.
Moreover, as part of last year’s deal, the Italian group received a fund from the French company of 237,5 million to support operational continuity.
Mediobanca calculated that, over the period 2019/24, Carrefour’s losses under French management amounted to 1 billion, an average of 166 million a year.
Today, Mastrolia’s objective is twofold: to make Carrefour efficient and integrate industry and distribution. In these first 3 months months, management realigned the offering to a price index close to market parity (100) compared with the previous 106. In the end, the retail margin stood at of 2,2%, still well below dairy (10%) and food (8,7%).

The group’s results

In the first quarter of 2026 the NewPrinces group recorded consolidated revenue of 1,49 billion (+122,5%), adjusted EBITDA of 76,5 million (+21,3%) and a net loss of 22,6 million. Cash and cash equivalents amounted to 1,3 billion.
“The results for the first quarter 2026 — Mastrolia comments — confirm the strength of our industrial model and our ability to significantly improve profitability and cash generation even during a phase of profound strategic transformation. The strong increase in EBITDA and margins demonstrates the effectiveness of the measures implemented in recent months, together with the progressive improvement in operational efficiency and cost of goods sold”.
To analysts, the financial director Fabio Fazzari reported an interest in an olive-oil group with 800 million in revenue. Perhaps the Spanish company Deoleo, held in the portfolio of the CVC fund, which controls the Italian brands Carapelli, Bertolli and Sasso and in which NewPrinces would be interested. There is also interest in a tuna producer and a baked-goods company.

The revenue mix

Approximately 62% of the revenue generated by the group is in Italy, 28,5% in the United Kingdom and the remainder in other markets.
The industrial platform generates almost half of turnover: 12% in food,8,8% in Italian products, 7,5% in beverages, 7% in tuna, 6% in oil and approximately 5% in dairy products.

Other articles:
Video: Mastrolia (NewPrinces), interest in Realco has changed. Here’s why

NewPrinces -9,3% in Milan and Carrefour +6,5% in Paris. In the half-year, Italy loses 81 million

This article was translated from the original Italian version with the assistance of artificial intelligence. In case of discrepancies, please refer to the original Italian version.