TFF Group (TFF) H2 25/26 earnings summary

Executive summary

• Revenue declined 26.5% year-over-year to €312.7 million, reflecting weak harvests, cautious market sentiment, and US customs duties.

• EBITDA fell 40.4% to €48.2 million, with margins pressured by lower activity and external headwinds.

• Net income dropped 71.1% to €9.2 million, impacted by high depreciation, amortization, and non-recurring provisions.

• The group demonstrated resilience, maintaining profitability and reducing net debt despite challenging conditions.

Financial highlights

• Turnover: €312.7 million, down 26.5% year-over-year.

• EBITDA: €48.2 million (15.4% margin), down 40.4%.

• Recurring operating income: €28.5 million, down 53%.

• Net income: €9.2 million, down 71.1%.

• Free operating cash flow reached €59.7 million, returning to positive territory.

Outlook and guidance

• Activity levels expected to be lower in the coming year to preserve profitability.

• Continued focus on debt reduction through destocking and limiting capital expenditures.

• Proposed dividend of €0.40 per share, down from €0.50, to maintain financial solidity.