Tessenderlo Group (TESB) H1 2026 earnings summary

Executive summary

• Revenue for HY26 reached €1,493.5 million, up 2.6% year-over-year, with Adjusted EBITDA rising 11.9% to €176.8 million and net profit at €65.9 million, a turnaround from last year's loss, mainly due to FX gains.

• Major strategic moves included a joint venture with Darling Ingredients for collagen and gelatin, acquisition of Cinis Fertilizer plant in Sweden, full ownership of PB Leiner Brazil, and a significant investment in FMC Corporation aiming for a 20% stake.

• Announced closure of the Vilvoorde plant, with restructuring costs of approximately €31 million to be recognized in 2H26.

• Inauguration of a biomass cogeneration facility in France, advancing decarbonization strategy.

• Board changes included the resignation of Karel Vinck and appointment of Béatrice Bruey as independent director.

Financial highlights

• Adjusted EBITDA for H1 was €176.8 million, up 11.9% year-over-year; Adjusted EBIT rose 34.4% to €76.4 million.

• Capital expenditure was €43.7 million, down 40.4% from HY25, reflecting timing and completion of major projects.

• Cash flow from operating activities was €103.8 million, down 18.9% year-over-year due to increased working capital needs.

• Net financial debt increased to -€78.3 million, mainly due to acquisitions and shareholder payments.

• Dividend/share premium distribution of €44.2 million paid in June 2026.

Outlook and guidance

• Full-year 2026 Adjusted EBITDA is expected to be 5–15% higher than 2025, despite limited contribution from T-Power in 2H26.

• Management highlights ongoing economic and geopolitical volatility as a key uncertainty.

• Bio-valorization and Agro segments expected to remain strong; Machines & Technologies order intake improved for H2.

• Industrial Solutions expected to continue positive performance in H2.