Tessenderlo Group (TESB) H2 2025 earnings summary

Executive summary

• 2025 Adjusted EBITDA rose by €22.6 million to €288.1 million, with strong cash flow generation and a proposed stable distribution of €0.75 per share.

• Revenue increased by 6.0% year-over-year to €2,763.1 million, mainly driven by Agro and Machines & Technologies segments.

• Net loss for 2025 was €80.2 million, compared to a profit of €44.0 million in 2024, mainly due to higher impairment losses and foreign exchange losses.

Financial highlights

• Adjusted EBITDA: €288.1 million (+10.7% year-over-year).

• Adjusted EBIT: €77.9 million (+25.4% year-over-year).

• Net financial debt increased to €41.3 million from €5.0 million.

• Cash flow from operating activities: €225.7 million (down from €333.2 million in 2024).

• Capital expenditure: €135.6 million (down from €180.6 million in 2024).

Outlook and guidance

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