Tonnellerie Francois Freres SA

Latest Results (30.09.2026):

Tonnellerie Francois Freres SA — fiscal year 2023‑2024 (year ended April 30, 2024, closing quarter Q4 FY23/24): the company reports a record year with consolidated revenue of €486.5m (+10.6% year‑on‑year), EBITDA of €107.5m (+15.6%), operating profit of €91.8m (+16%) and net income of €58.4m (+7.5%). Revenue by market was Wine €209.5m (‑1%), Bourbon €198.7m (+23%) and Whisky €78m (+17.5%). The balance sheet shows controlled net debt of €266m (≈2.5x EBITDA) and a cash position of €92m. Management proposes maintaining the dividend at €0.60 per share and targets ~€500m revenue for 2024‑25.

Financial headline

Consolidated results for FY 2023‑2024 show record profitability: revenue €486.5m (+10.6%), EBITDA €107.5m (+15.6%), operating profit €91.8m (+16%) and net income €58.4m (+7.5%). Equity increased and leverage stands at roughly 2.5x EBITDA.

Revenue mix

Revenue split: Wine 43.1% (€209.5m, ‑1%), Bourbon 40.8% (€198.7m, +23%), Whisky 16.1% (€78m, +17.5%). Europe (ex‑France) is the largest geographic exposure, with the U.S. and France also significant.

Bourbon division

Bourbon delivered exceptional growth: €198.7m (+23%, +27.7% like‑for‑like). Production reached ~692,000 barrels; EBITDA margin ~20% and EBIT ~17%. Group invested to expand capacity (acquisition of McDermott in Ohio, new production initiatives) and implemented a price increase that supported margins.

Whisky division

Whisky revenue hit a historic high at €78m (+17.5%). Repair/renovation and trading activities grew strongly (repair/renovation +22%), with 900,000 used barrels resold and price environment supporting value despite supply tightness. The division runs 9 sites and is investing in capacity and training.

Wine division

Wine revenue was resilient at €209.5m (‑1%). The group completed the acquisition of Biossent (consolidated since September 2023) to strengthen wood‑aging and extract capabilities; Biossent contributes to higher value‑added services and complements barrel production.

Balance sheet, cash and capital deployment

Net debt stood at €266m with a healthy cash reserve of €92m. The year included substantial capex and working capital absorption (reported capex of c.€187m and working capital increase of c.€152m as noted for Bourbon expansion), supporting production capacity growth.

Outlook & capital return

Management expresses cautious confidence for 2024‑25, targeting approximately €500m revenue and maintaining strong profitability. The board proposes keeping the dividend at €0.60 per share at the October 2024 General Meeting.