TI Fluid Systems PLC

Latest Results (21.01.2026):

TI Fluid Systems PLC — Full Year 2024 (covering Q4 2024 and FY2024): The group reported FY2024 revenue of €3,360.3m (down 4.4% reported, -3.5% at constant currency). Adjusted EBIT rose slightly to €260.8m (+0.5%) with Adjusted EBIT margin expanding 40bps to 7.8%. Adjusted net income was €136.7m (+2.9%) and Adjusted basic EPS was 27.2 euro cents (+5.7%). Adjusted free cash flow was €113.0m (29% conversion of Adjusted EBITDA). Statutory operating profit fell to €132.4m (‑32%) after higher restructuring and a €40.6m exceptional non‑cash write‑down; net debt was €619.2m (net leverage 1.6x Adjusted EBITDA). The company remains subject to a pending acquisition by ABC Technologies expected in H1 2025.

Revenue and regional performance

Group revenue €3,360.3m. By region at constant currency: EMEA +3.1% (benefitting ~160bps from the Cascade acquisition), Asia Pacific -7.7% (China weaker but launches ramped), Americas -8.1% (destocking by a major OEM and exit of an unprofitable product line ~350bps headwind).

Profitability and margins

Adjusted EBIT €260.8m (+0.5%) and margin 7.8% (+40bps YoY), driven by intensified productivity, efficiency and commercial actions (productivity contributed ~130bps). Adjusted ROCE 26.8% (2023: 27.6%).

Statutory charges and restructuring

Statutory operating profit €132.4m (down 32%) reflecting €37.4m restructuring costs and a €40.6m exceptional pre‑tax charge related to the Americas product line exit (mainly a non‑cash intangible write‑down).

Cash flow and balance sheet

Adjusted Free Cash Flow €113.0m (conversion 29% of Adjusted EBITDA). Net debt €619.2m at year end; reported net leverage 1.6x Adjusted EBITDA (cash + available facilities €686.8m). Capex including capitalised R&D €145.7m (≈4.3% of revenue).

Bookings and EV / product progress

Bookings remained strong at €2.7bn (2023: €3.0bn), including ~€1.1bn of EV awards. Continued EV product progress: launched SPT 2.0 fuel tank for PHEVs, eCP development with first manufacturing line in China, five e‑Mobility Innovation Centres operational (fifth in North America).

Returns to shareholders and corporate actions

Total cash returned €69.2m (dividends + buyback); the €40m buyback programme completed (€34.5m spent in 2024). Interim dividend of 2.40 euro cents paid; Board not recommending a 2024 final dividend given the pending ABC Technologies acquisition.

Sustainability and operational moves

Scope 1 & 2 emissions down 28% vs 2021 baseline (15% YoY). Footprint optimisation: three facilities closed and others downsized. Continued focus on safety (LTI rate improved to 1.76) and talent development.