TI Fluid Systems PLC

Latest Results (06.03.2026):

TI Fluid Systems PLC — Q4 2024 / Full Year 2024 results (year ended 31 December 2024): the Group reported revenue of €3,360.3m (down 4.4% YoY; -3.5% at constant currency) while delivering adjusted EBIT of €260.8m (+0.5% YoY; adjusted EBIT margin up 40bps to 7.8%). Adjusted net income rose to €136.7m (+2.9%) and adjusted EPS to 27.2 euro cents (+5.7%). Statutory operating profit fell to €132.4m (down 32%) after higher restructuring and a €40.6m exceptional non‑cash write‑down related to an Americas product line exit. The Board paid a 2.40 euro cents interim dividend and is not recommending a final dividend given the pending ABC Technologies acquisition expected in H1 2025.

Revenue

Group revenue €3,360.3m (2023: €3,516.2m), -4.4% reported / -3.5% constant currency. EMEA grew ~+3.1% cc (helped ~160bps by Cascade acquisition), Asia Pacific down ~-7.7% cc (China weakness), Americas down ~-8.1% cc (destocking and ~350bps headwind from product line exit).

Margins & adjusted profitability

Adjusted EBIT €260.8m (+0.5%); Adjusted EBIT margin 7.8% (up 40bps). Productivity and efficiency actions (intensified in H2) and commercial activity drove margin expansion. Adjusted net income €136.7m (+2.9%); adjusted EPS 27.2c (+5.7%).

Statutory results & one‑offs

Statutory operating profit €132.4m (2023: €195.8m) and statutory profit for the year €32.5m (2023: €83.6m). Key adjusting items: €37.4m restructuring charge and €40.6m exceptional item (non‑cash write‑down linked to Americas product line exit), plus €5.5m costs relating to the potential acquisition.

Cash, leverage & returns

Adjusted free cash flow €113.0m (conversion 29% of Adjusted EBITDA, in line with guidance). Net debt €619.2m at year end; net leverage 1.6x Adjusted EBITDA (2023: 1.5x). Total cash returned to shareholders €69.2m (dividends + share buyback); €40m buyback completed in 2024.

Bookings & EV / strategic progress

Bookings remained robust at €2.7bn (2023: €3.0bn) including €1.1bn of EV awards despite tender delays. Product progress: launches of SPT 2.0 fuel tank (PHEV focus), electric coolant pump (eCP) with production line in China, five e‑Mobility Innovation Centres (fifth opened in North America), and 66 programme launches (many with Chinese LOEMs).

Regional dynamics

EMEA outperformed local market with revenue growth and strong margin expansion (EMEA margin improved ~210bps). APAC margin compressed (~100bps) due to China volume declines; Americas offset lower revenue with productivity but was hit by destocking and the product exit.

Outlook & corporate

TI says it remains on a path toward mid‑term double‑digit adjusted EBIT margins and revenue targets (€3.8–4.2bn by 2026). Transaction: pending acquisition by ABC Technologies expected in H1 2025 (Board withheld final dividend recommendation). Management flags continuing market volatility (slower BEV growth, OEM destocking) but cites strong operational discipline and portfolio positioning.