TFF Group
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TFF Group (TFF) investor relations material

TFF Group H2 25/26 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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H2 25/26 earnings summary8 Jul, 2026

Executive summary

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

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

  • Net income dropped 71.1% to €9.2 million, impacted by high depreciation, amortization, and non-recurring provisions.

  • The group demonstrated resilience, maintaining profitability and reducing net debt despite challenging conditions.

Financial highlights

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

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

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

  • Net income: €9.2 million, down 71.1%.

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

Outlook and guidance

  • 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.

Timeline for restarting dormant Bourbon mills
Net debt target following 2027 destocking
Impact of US customs duties on Wine margins
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