Tonnellerie Francois Freres SA

Latest Results (22.01.2026):

Tonnellerie Francois Freres SA — Q4 2023-2024 (fiscal year ended April 30, 2024): the company reports a record fiscal year with consolidated revenue of €486.5m (+10.6% vs prior year), EBITDA €107.5m (+15.6%), operating profit €91.8m (+16%) and net income €58.4m (+7.5%). Balance sheet strength improved with equity up, controlled net debt of €266m (≈2.5x EBITDA) and a cash position of €92m. Management highlights continued diversification, capacity investments and a proposed dividend of €0.60 per share; revenue guidance for 2024‑2025 is ~€500m.

Top-line and margins

Consolidated revenue €486.5m (+10.6%). EBITDA reached a record €107.5m (+15.6%) and operating profit €91.8m (+16%), showing margin improvement driven by pricing and operational efficiency.

Profit & cash metrics

Net income €58.4m (+7.5%). Net debt €266m (about 2.5× reported EBITDA) with cash of €92m — management describes the financial structure as strengthened and able to support capex and M&A.

Bourbon division

Bourbon revenue €198.7m (+23%, +27.7% like‑for‑like). Production ~692,000 barrels; EBIT margin ~17% and EBITDA margin ~20%. Group expanded capacity (acquisition in Ohio, new production site activity in Pennsylvania) and invested in stave/coopering assets.

Whisky division

Whisky revenue €78m (+17.5%) — historic high despite used‑barrel shortages. Repair/renovation and trade activities strong, 900,000 used barrels resold, new workshops and site relocations planned; apprenticeship and training programs highlighted to secure skills.

Wine division

Wine revenue €209.5m (‑1% year on year) — relatively stable in a low‑visibility market. Acquisition and integration of Biossent (since September) and consolidation of Petitrenaud bolster the wine portfolio and value‑added wood/extraction capabilities.

M&A and capacity investment

Active external growth: Biossent and Petitrenaud in wine; McDermott (Ohio) and new U.S. production capacity for bourbon. Reported capex and working capital increases to support expansion (capex noted at $187m and working capital $152m for bourbon program in USD figures).

Dividend and outlook

Board proposes maintaining dividend at €0.60 per share. Guidance: cautious confidence for 2024‑2025 with a revenue target around €500m, driven by diversified product mix, geographic spread and ongoing capacity investments.