TFF Group (TFF) H1 25/26 earnings summary

Executive summary

• Revenue for the first half ended October 31, 2025, declined 24.7% year-over-year to €180.9M, mainly due to international geopolitical disruptions, weak harvests, and reduced global demand.

• All divisions experienced weakened demand, with the wine division down 13.1% and alcohols down 36.0%.

• Operating income fell 38.8% to €24.7M, and net income dropped 32.6% to €16.1M, reflecting lower sales and higher costs.

• Defensive cost management and operational agility helped maintain solid EBITDA margins despite the downturn.

Financial highlights

• EBITDA reached €35.2M (19.5% margin), down 30% year-over-year.

• Net debt decreased by €13M to €301M, with available cash rising to €96.7M.

• Net income margin was 8.9% (vs. 9.92% prior year), and EPS was €0.71 (vs. €1.05).

• Dividend of €0.50 per share paid in November 2025.

• Financial result improved to -€4.7M from -€10.5M, 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.