Tessenderlo Group (TESB) investor relations material

Executive summary

• Revenue increased 7.1% year-over-year to €1,487.4 million in H1 2025, with strong contributions from Agro (+13.6%), Machines & Technologies (+19.9%), and T-Power (+6.8%).

• Adjusted EBITDA rose 8.4% to €163.4 million, but net profit turned to a €9.0 million loss due to significant foreign exchange losses and restructuring costs.

• Major strategic moves included a planned joint venture with Darling Ingredients for collagen and gelatin businesses, the acquisition of Osterwalder AG, and the opening of a new Picanol Group headquarters in Belgium.

• Share buybacks, dividend payments, and acquisitions led to a net financial debt position of €21.6 million at period end.

• Restructuring included the closure of the Treforest plant in the UK, changes at the Vilvoorde facility in Belgium, and the opening of a new fertilizer plant in Defiance, Ohio.

Financial highlights

• Adjusted EBITDA reached €163.4 million (+8.4% year-over-year), and Adjusted EBIT increased 15.5% to €59.5 million.

• Net loss for the period was €9.0 million, mainly due to €52.3 million in unrealized foreign exchange losses on intercompany loans and restructuring expenses.

• Cash flow from operating activities decreased 25.8% to €127.9 million.

• Capital expenditure was €73.4 million, focused on new plants and capacity expansion.

• Net financial debt shifted from net cash of €32.6 million to net debt of €21.6 million, mainly due to acquisitions, dividends, and share buybacks.

Outlook and guidance

• 2025 Adjusted EBITDA is expected between €265.6 million and €318.7 million, in line with previous years.

• Management remains cautious due to ongoing economic and geopolitical uncertainty, trade risks, and market volatility.