TFF Group (TFF) Q3 25/26 TU earnings summary

Executive summary

• Revenue for the first nine months reached €243.4 million, a decrease of 25.6% at current exchange rates and 22.6% at constant rates compared to the same period last year.

• Persistent market decline, currency weakness, and geopolitical instability have significantly impacted business performance.

• Investment decisions in the wine and spirits sector are delayed due to high stock levels and lack of market visibility.

Financial highlights

• Third quarter revenue was €62.5 million, down 28.2% year-over-year.

• The dollar's weakness reduced revenue by nearly €10 million by January 2026.

• 2024/2025 turnover was €425.4 million, with EBITDA at €81 million.

Outlook and guidance

• Business and earnings targets for the current financial year remain unchanged, with an expected contraction of around 25%.

• Current operating margin is expected to remain above 10% of revenue.

• No reliable medium-term forecasts can be committed due to ongoing instability.