Tonnellerie Francois Freres SA

Latest Results (11.07.2026):

Tonnellerie Francois Freres SA — Annual results for fiscal year 2023–2024 (year ended April 30, 2024): consolidated revenue rose to €486.5m (+10.6% vs prior year) with record EBITDA of €107.5m (+15.6%), operating profit €91.8m (+16%) and net income €58.4m (+7.5%).

Key financials

Revenue €486.5m (+10.6%); EBITDA €107.5m (+15.6%); Operating profit €91.8m (+16%); Net income €58.4m (+7.5%). Net debt €266m (≈2.5x EBITDA) and cash position €92m.

Segment performance

Bourbon: €198.7m (+23%, +27.7% like‑for‑like), EBITDA margin ~20%, EBIT ~17%; Whisky: €78m (+17.5%), historic high despite barrel shortages; Wine: €209.5m (‑1%), stable, strengthened by acquisition of Biossent (integrated Sept. 2023).

Operational highlights & volumes

Bourbon volume/production strong (692k barrels sold; stave/set production gains), price increases applied (c.10% to $268/barrel); whisky activities include 900k used barrels resold and workshop expansions; wine division benefited from Biossent integration and resilience amid weaker global production.

Investments & expansion

Significant investments to expand bourbon capacity (including McDermott acquisition in Ohio and new production in Pennsylvania), CapEx and working capital increases noted (figures reported in USD for those projects), plus site investments in whisky (Camlachie workshops, Isla land acquisition).

Balance sheet, dividend & outlook

Stronger equity position, controlled net debt (2.5x EBITDA), cash €92m. Management proposes maintaining dividend at €0.60/share (to be submitted to Oct 2024 General Meeting). Guidance: cautious confidence for 2024‑25 with a revenue target around €500m and continued focus on profitability.

Market context

Performance driven by category dynamics: continued bourbon premiumization and export growth, scotch whisky facing short‑term barrel supply constraints, and a wine market with historically low 2023 production but stable demand; management flags macro/geopolitical/monetary uncertainties for 2024‑25.