Tonnellerie Francois Freres SA

Latest Results (31.05.2026):

Tonnellerie Francois Freres SA — Annual results for fiscal year 2023‑2024 (year ended April 30, 2024): the group reports a record year with consolidated revenue of €486.5m (+10.6% vs prior year), EBITDA of €107.5m (+15.6%), operating profit €91.8m (+16%) and net income €58.4m (+7.5%), supported by strong alcohol (bourbon/whisky) performance, continued resilience in wine and an improved balance sheet (net debt €266m; cash €92m).

Key financials

Consolidated 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 at year‑end.

Division performance — Bourbon

Bourbon division delivered an exceptional year: revenue €198.7m (+23%; +27.7% like‑for‑like), 692,000 barrels produced/sold, EBITDA margin ~20% and EBIT ~17%. Group invested to expand US production (acquisition of McDermott in Ohio, new site in Pennsylvania) — stated CapEx and working capital for these investments: $187m and $152m respectively (as of April 2024).

Division performance — Scotch whisky

Whisky division reached a historic high with revenue €78m (+17.5%). Activity benefited from repair/renovation and trading of used barrels (900,000 used barrels resold) despite supply‑shortages; production capacity expansion and training/apprenticeship programs underway at multiple sites.

Division performance — Wine

Wine division revenue €209.5m (down 1%), showing resilience amid weak global production and high stocks. Biossent was acquired in September and consolidated (strengthening oak extraction/milling capabilities); full consolidation will apply across the next fiscal year.

Geography and sales mix

Sales mix: Bourbon ~40.8%, Wine ~43.1%, Whisky ~16.1%. Europe remains the largest geographic market (≈58% of revenue), with the United States and other regions contributing the balance (report shows US ~11.5%).

Balance sheet, capital allocation and payout

Stronger balance sheet with increased equity, controlled net debt (€266m) and €92m cash. Management proposes maintaining the dividend at €0.60 per share (to be submitted to the October 2024 General Meeting).

Outlook and management commentary

Management expresses cautious confidence for 2024‑2025 despite macro uncertainty, targeting revenue around €500m and continuing investments in production capacity (bourbon and whisky) and external growth to strengthen global leadership.

ESG / CSR note

TFF launched the "Transform for a Fair Future" CSR program focused on sustainable products, reduced environmental impact and inclusion/diversity; 25% of workforce participates in apprenticeships and training initiatives.