TFF Group (TFF) H1 25/26 earnings summary

Executive summary

• Revenue declined 24.7% year-over-year to €180.9 million amid global economic and geopolitical disruptions.

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

• Operational agility and cost controls helped maintain profitability despite lower activity.

Financial highlights

• EBITDA was €35.2 million (19.5% margin), down 29.8% year-over-year.

• Recurring operating income fell 38.8% to €24.7 million (13.7% margin).

• Net income dropped 32.6% to €16.1 million, with a net margin of 8.9%.

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