TFF Group (TFF) Trading Update summary

Revenue and market environment

• Consolidated revenue for Q1 2025/2026 was €89.4 million, down 26.5% year-on-year and 24.3% like-for-like.

• The decline is attributed to a general market slowdown and a high comparison base from the previous year.

• The group is adapting production structures and tools to address ongoing uncertainty and cautious investment in the sector.

Division performance

• Wine division revenue was €52.1 million, down 9.9% (8.4% like-for-like), impacted by U.S. tariffs and currency weakness.

• Alcohol division revenue was €37.3 million, down 41.5% (38.8% like-for-like), with bourbon and Scotch whisky both seeing lower volumes and prices.

• Production adjustments included mothballing three stave mills and closing a cooperage line to match reduced demand.

Outlook and strategic priorities

• Turnover is expected to fall by around 20% for the 2025/2026 financial year, with profitability also eroding.

• The group aims to reduce inventories and debt to maintain agility for a future market recovery.

• Management remains optimistic for the medium term but is focused on realistic, proactive adjustments.