Tetra Laval (TETRA) Q4 25/26 earnings summary

Executive summary

• Group revenue for 2025 was €15.5 billion, with a slight decrease in overall revenue but strong profitability and excellent cash flow despite geopolitical instability and tariffs impacting supply chains and consumer demand.

• Tetra Pak saw a 0.3% decline in net sales to €12.4 billion, driven by lower consumption in China and Southeast Asia, but Processing Solutions grew 5.7% and Services 4.7%.

• DeLaval achieved record net sales of €1.4 billion, up 8%, with strong aftermarket growth and improved operating margin, driven by high milk prices and demand for automation.

• Sidel posted a 3% revenue increase to €1.8 billion, with services up 7% and a record operating margin, supported by innovation and a successful transformation program.

Financial highlights

• Tetra Laval Group net sales: €15,545 million in 2025.

• Tetra Pak net sales: €12,350 million; Sidel: €1,775 million; DeLaval: €1,425 million.

• Tetra Laval Group employed 35,132 people at year-end 2025.

• Net impact of US tariffs was around €20 million.

• Humanitarian aid donations to Ukraine totaled €40 million since the war began.

Outlook and guidance

• Tetra Pak expects slight growth in 2026, with somewhat lower operating profit and good cash flow.

• DeLaval anticipates increased sales and continued good operating margin in 2026.

• Sidel forecasts increased sales, good operating margin, and cash flow for 2026.

• Group-wide, moderate sales growth, stable operating margin, and lower cash flow are expected for 2026.