TFF Group (TFF) investor relations material

Executive summary

• Revenue declined 26.5% year-over-year to €312.7M, reflecting a sharp market downturn, weak harvests, cautious sentiment, and US customs duties.

• EBITDA fell 40.4% to €48.2M, with margins pressured by lower activity and external headwinds.

• Net income dropped 71.1% to €9.2M, with net margin at 2.9%, impacted by high depreciation, amortization, and non-recurring provisions.

• Free cash flow rebounded to €59.7M, supporting a €28.8M reduction in net debt.

• The group maintained profitability and reduced net debt despite challenging conditions.

Financial highlights

• Turnover: €312.7M, down 26.5% year-over-year.

• EBITDA: €48.2M (15.4% margin), down 40.4%.

• Recurring operating income: €28.5M, down 53%.

• Net income: €9.2M, down 71.1%.

• Free operating cash flow reached €59.7M, returning to positive territory.

Outlook and guidance

• Further moderate decline in activity expected for 2026/27, with continued focus on operational discipline and margin preservation.

• Activity levels expected to be lower in the coming year to preserve profitability.

• Continued focus on debt reduction through destocking and limiting capital expenditures.

• Proposed dividend of €0.40 per share, down from €0.50, to maintain financial solidity.

• Bourbon: Production to adjust to ~370,000 barrels, with ongoing price pressure (-5% to -10%).