Tonnellerie Francois Freres SA

Latest Results (08.03.2026):

Tonnellerie Francois Freres SA — Q4 2023-2024 (fiscal year ended April 30, 2024): the group reported a record fiscal year with consolidated revenue of €486.5m (+10.6% vs prior year), EBITDA of €107.5m (+15.6%), operating profit of €91.8m (+16%) and net income of €58.4m (+7.5%). Management highlights strong divisional performance (notably bourbon and whisky), a controlled net debt position (€266m, ≈2.5x EBITDA), a cash position of €92m, and a proposed dividend of €0.60 per share while targeting ~€500m revenue for 2024‑2025.

Top-line & profitability

Consolidated revenue €486.5m (+10.6%); EBITDA reached a record €107.5m (+15.6%); operating profit €91.8m (+16%); net income €58.4m (+7.5%). Management attributes results to diversification, pricing actions and sustained capex.

Bourbon division

Bourbon delivered exceptional growth: revenue €198.7m (+23% / +27.7% LFL). Production ~692,000 barrels (5% production increase), EBIT margin ~17% and EBITDA margin ~20% after a price adjustment and capacity investments (acquisitions/expansions in the U.S.).

Whisky division

Historic year for whisky: revenue €78m (+17.5%). Strong repair/trade activity (900,000 used barrels resold), capacity expansions and training/apprenticeship initiatives to address supply constraints and future demand.

Wine division

Wine revenue €209.5m (down ~1%) — described as resilient amid weak global production and high stocks. Acquisition of Biossent (consolidated from September) strengthens wood-aging and extraction capabilities and supports margin resilience.

Balance sheet & liquidity

Net debt €266m (≈2.5x EBITDA), equity increased, and cash €92m. Management reports controlled leverage after significant capex (~$187m CapEx cited for bourbon expansion) and elevated working capital needs, while preserving capacity for organic and external growth.

Capital return & outlook

Board proposes maintaining dividend at €0.60 per share. Despite macro uncertainties, guidance is cautious confidence with a 2024‑2025 revenue target around €500m and continued investments to capture bourbon and whisky market growth.