TI Fluid Systems PLC

Latest Results (08.12.2025):

TI Fluid Systems PLC — Full Year 2024 results (year ended 31 December 2024, includes Q4 2024): group revenue fell to €3,360.3m (‑4.4% reported, ‑3.5% at constant currency) while Adjusted EBIT improved slightly to €260.8m (+0.5%) and Adjusted EBIT margin expanded 40bps to 7.8%. Adjusted net income rose to €136.7m (+2.9%) and Adjusted basic EPS to 27.2 euro cents (+5.7%). Statutory operating profit and statutory profit were weaker after one‑off charges, and the Board did not propose a final dividend given the pending acquisition by ABC Technologies.

Headline financials

Revenue €3,360.3m (2023: €3,516.2m); Adjusted EBIT €260.8m (2023: €259.6m); Adjusted EBIT margin 7.8% (2023: 7.4%); Adjusted net income €136.7m; Adjusted basic EPS 27.2 cents. Statutory operating profit €132.4m and statutory profit €32.5m.

Profitability and margins

Adjusted EBIT margin expanded by 40bps to 7.8%, driven by intensified productivity, efficiency and commercial measures (productivity contribution cited ~130bps). Adjusted ROCE remained strong at 26.8%.

Regional performance

EMEA grew (+3.1% cc) and outperformed a declining market (helped by the Cascade Europe acquisition). Asia Pacific declined c.7.7% cc (China down but launches with LOEMs ramping). Americas declined c.8.1% cc, impacted by a large OEM destocking and the exit of an unprofitable product line (~350bps revenue headwind).

Cash flow and balance sheet

Adjusted Free Cash Flow €113.0m (‑19.7%), representing 29% conversion of Adjusted EBITDA (in line with guidance). Net debt €619.2m at year‑end with net leverage ~1.6x Adjusted EBITDA; total available liquidity €686.8m.

One‑offs, restructuring and statutory impact

Restructuring costs €37.4m (elevated vs 2023) and an exceptional pre‑tax item of €40.6m (mainly a non‑cash write‑down tied to the Americas product line exit) materially reduced statutory operating profit versus Adjusted results.

Capital allocation & returns to shareholders

Returned €69.2m to shareholders in 2024 (dividends + share buyback), completed the €40m buyback programme; interim dividend of 2.40 euro cents paid but no final dividend recommended due to the pending ABC Technologies acquisition.

Strategy and outlook

Company continues “Taking‑the‑Turn” strategy—balancing ICE and EV investments. Bookings remained strong at €2.7bn (including €1.1bn EV awards). Progress on EV products (e.g., SPT 2.0 tank, electric coolant pump) and footprint optimisation; pending acquisition by ABC Technologies expected to complete in H1 2025.