Tessenderlo Group (TESB) H2 2025 earnings summary

Executive summary

• Revenue increased by 6.0% to €2,763.1 million in 2025, with adjusted EBITDA up 10.7% to €288.1 million, but a net loss of €80.2 million was recorded due to major impairments and foreign exchange losses.

• Signed a joint venture agreement to combine collagen and gelatin businesses with Darling Ingredients, expected to close in 2026 pending regulatory approval.

• Acquired Osterwalder AG, Metam product labels, and a Swedish SOP fertilizer plant (pending approval), expanding Agro and Machines & Technologies segments.

• Completed a share repurchase program, reducing outstanding shares to 59,062,556 and supporting EPS.

• Opened a new liquid fertilizer plant in Ohio, advancing sustainable agriculture in North America.

Financial highlights

• Adjusted EBITDA: €288.1 million (+10.7% year-over-year); adjusted EBIT: €77.9 million (+25.4%).

• Revenue rose 6.0% to €2,763.1 million; net loss was €80.2 million, mainly from impairments and FX losses.

• Capital expenditure was €135.6 million, down from €180.6 million in 2024.

• Cash flow from operating activities was €225.7 million, down from €333.2 million in 2024.

• Net financial debt at year-end was €41.3 million.

Outlook and guidance

• 2026 adjusted EBITDA is expected to be in line with 2025, amid continued economic and geopolitical uncertainty.

• CapEx guidance for 2026 is similar to 2025, possibly slightly lower.

• PB Leiner fully included in 2026 outlook, with potential capital gain from merger with Darling Ingredients.