Tonnellerie Francois Freres SA

Latest Results (20.04.2026):

Tonnellerie Francois Freres SA — Q4 2023‑2024 (fiscal year ended April 30, 2024): the group reports a strong full‑year performance with consolidated revenue of €486.5m (+10.6%), record EBITDA of €107.5m (+15.6%), operating profit of €91.8m (+16%) and net income of €58.4m (+7.5%). Net debt stood at €266m (≈2.5x EBITDA) with a cash position of €92m. Management proposes maintaining the dividend at €0.60 per share and targets around €500m revenue for 2024‑25.

Top line

Consolidated revenue €486.5m for FY 2023‑2024, up 10.6% year‑on‑year. By division: Wine €209.5m (‑1%), Bourbon €198.7m (+23% / +27.7% like‑for‑like) and Whisky €78m (+17.5%).

Profitability and cash

Record EBITDA €107.5m (+15.6%), operating profit €91.8m (+16%) and net income €58.4m (+7.5%). Net debt €266m (reported leverage ~2.5x EBITDA) and cash ~€92m—management describes the balance sheet as strengthened and controlled.

Bourbon division

Exceptional year: revenue €198.7m (+23%), 692,000 barrels produced/sold, EBIT margin around the reported 17% for the division and EBITDA margin ~20%. Group invested to expand U.S. capacities (acquisitions/starts in Ohio and Pennsylvania) and increased production capacity; reported related CapEx and working capital investments in the build‑out.

Whisky division

Historic activity with €78m revenue (+17.5%) despite supply‑chain constraints and a used‑barrel shortage. Repair/trade activity strong (900,000 used barrels resold), new workshops and site relocations planned, and continued apprenticeship/training (≈25% workforce in training).

Wine division

Stable resilience: €209.5m revenue (‑1%). Group completed acquisition of Biossent (integrated from Sept 2023) to broaden oak extraction/milling capabilities; Biossent supports higher‑margin wood‑extraction activities and will be consolidated for a full 12 months in 2024‑25.

Dividend and outlook

Board proposes maintaining dividend at €0.60 per share. Management expresses cautious confidence for 2024‑25 amid macro uncertainty and sets a revenue target of about €500m while emphasizing continued investments to capture bourbon growth and whisky capacity expansion.