Tonnellerie Francois Freres SA

Latest Results (09.12.2025):

Tonnellerie Francois Freres SA — Q4 2023‑2024 (fiscal year ended April 30, 2024): the group reported a record fiscal year with consolidated revenue of €486.5m (+10.6%), EBITDA of €107.5m (+15.6%), operating profit €91.8m (+16%) and net income €58.4m (+7.5%). The company highlights strong alcohol division growth, controlled leverage and a proposed dividend of €0.60 per share for the 2023‑24 year.

Key consolidated results

Revenue €486.5m (+10.6% vs prior year). EBITDA €107.5m (+15.6%). Operating profit €91.8m (+16%). Net income €58.4m (+7.5%). Cash on hand ~€92m; reported net debt €266m (≈2.5x EBITDA).

Division performance — Bourbon

Bourbon division delivered an exceptional year: revenue €198.7m (+23%, +27.7% like‑for‑like), production reported at ~692,000 barrels sold, EBITDA margin ~20% and EBIT margin ~17%. Management financed notable capacity expansion (including acquisition in Ohio and new site activity) to capture ongoing bourbon market growth.

Division performance — Whisky

Whisky division reached a historic revenue high of €78m (+17.5%) despite supply constraints and a shortage of used barrels. The group continued workshop expansions and training/apprenticeship initiatives to increase capacity and resilience.

Division performance — Wine

Wine division revenue €209.5m (down ~1%). Results described as resilient in a low‑visibility market; the group completed the acquisition of Biossent (consolidated since September), strengthening wood‑aging and extraction capabilities.

Investments, M&A and capital allocation

Significant investments to expand bourbon and whisky production were highlighted (CapEx and working capital cited in USD: $187m CapEx and $152m additional working capital for the bourbon expansion). Acquisitions during the year include Biossent (wine) and McDermott (Ohio, bourbon area) and capacity/site moves for whisky brands.

Balance sheet, leverage and dividend

Balance sheet described as stronger after the year: net debt €266m (~2.5x EBITDA), cash €92m, increased equity. Management proposed maintaining the dividend at €0.60 per share to be submitted to the October 2024 General Meeting.

Outlook and risks

Management expresses “cautious confidence” for 2024‑25 amid macro and geopolitical uncertainty, targets ~€500m revenue for 2024‑25, and plans to continue capacity investments and selective external growth while monitoring market and supply‑chain risks.

ESG / Corporate Social Responsibility

The group launched the “Transform for a Fair Future” CSR program, emphasizing sustainable product design, inclusion/diversity and apprenticeship/training schemes as part of long‑term strategy and talent development.