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TFF Group
TFF Group (TFF) investor relations material
TFF Group H1 25/26 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.H1 25/26 earnings summary7 Jan, 2026
Executive summary
Revenue declined 24.7% year-over-year to €180.9 million amid global economic and geopolitical disruptions.
All divisions experienced weakened demand, with the wine division down 13.1% and alcohols down 36.0%.
Operational agility and cost controls helped maintain profitability despite lower activity.
Financial highlights
EBITDA was €35.2 million (19.5% margin), down 29.8% year-over-year.
Recurring operating income fell 38.8% to €24.7 million (13.7% margin).
Net income dropped 32.6% to €16.1 million, with a net margin of 8.9%.
Financial result improved to -€4.7 million from -€10.5 million, aided by lower net debt costs and reduced FX impact.
Outlook and guidance
Annual revenue is expected to decline by 20–25%, with operating margin projected above 10% of sales.
No signs of market recovery are visible for the second half; focus remains on cost management and debt reduction.
Confidence in long-term growth and ability to rebound when markets recover.
US wine market tariff mitigation strategy?
Bourbon division workforce adaptation impact?
Explain the projected H2 operating margin decline.
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Next TFF Group earnings date
H2 25/268 Jul, 2026
TFF Group
Next TFF Group earnings date
H2 25/268 Jul, 2026
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Frequently asked questions
TFF Group, officially known as Tonnellerie Francois Freres SA, is a France-based corporation renowned for its manufacture and distribution of oak barrels, primarily utilized for the conservation and transportation of liquids. The company's operations span across four main sectors: stave milling, cooperage, cask manufacturing, and oak wine-aging products. It stands out in the market for its offering of various oak products designed for oenology—where wine is exposed to wood in different forms—and has carved a niche in the alcohol maturing and aging market. The company is headquartered in Saint-Romain, France, and its shares are listed on the Euronext Paris.
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