Tessenderlo Group N.v. · EURONEXT:TESB
Tessenderlo — Tessenderlo Grp Nv Ord — FY2025 Earnings Presentation
26 slides from Tessenderlo's earnings presentation, Mar 26, 2026
Slide 1: Annual Results 2025 Webinar
© Tessenderlo Group – Annual Results 2025 Webinar 1
Slide 2: Key Events
KEY EVENTS © Tessenderlo Group – Annual Results 2025 Webinar 2
Slide 3: Tessenderlo Group and Darling Ingredients sign definitive agreements
TESSENDERLO GROUP AND DARLING INGREDIENTS SIGN DEFINITIVE AGREEMENTS TO COMBINE THEIR COLLAGEN AND GELATIN SEGMENTS On December 11, the Group announced the signing of definitive agreements with Darling Ingredients Inc. to combine the collagen and gelatin segments of their companies into a new compan
Slide 4: Tessenderlo Kerley Inc. opens new Ohio plant
TESSENDERLO KERLEY INC. OPENS NEW OHIO PLANT In August, Tessenderlo Kerley, Inc. (Operating Segment Agro) celebrated the opening of its newest liquid fertilizer production facility in Defiance, Ohio (United States) a major milestone in the company’s commitment to advancing sustainable agriculture ac
Slide 5: Picanol Group acquires the activities of Osterwalder AG
PICANOL GROUP ACQUIRES THE ACTIVITIES OF OSTERWALDER AG, A SWISS EXPERT IN ELECTRIC POWDER PRESSES In June, Picanol Group (Operating Segment Machines & Technologies) acquired the activities of Osterwalder AG, a Swiss specialist in electric powder presses. Osterwalder, with over 140 years of experien
Slide 6: Acquisition of Metam labels in the United States and Canada
ACQUISITION OF METAM LABELS IN THE UNITED STATES AND CANADA On October 3, Tessenderlo Kerley Inc. announced the acquisition of Eastman’s Metam Sodium (CLR 42%) and Metam Potassium (KLR 54%) product labels in the United States and Canada, marking a purposeful expansion of the current soil fumigation
Slide 7: Share repurchase programs 2025
SHARE REPURCHASE PROGRAMS 2025 • In 2025, the group acquired 1,492,496 treasury shares (for a total value of 37.0 million EUR) of which 929,700 treasury shares in 2H25 (for a total value of 24.4 million EUR). • On March 25, 2025 and December 17, 2025, the Board of Directors decided to cancel 987,561
Slide 8: Events after the balance date
EVENTS AFTER THE BALANCE DATE © Tessenderlo Group – Annual Results 2025 Webinar 8
Slide 9: Acquisition of SOP production plant
ACQUISITION OF SOP PRODUCTION PLANT On March 20, 2026, the group signed an Asset Transfer Agreement to acquire a production plant previously owned by Cinis Fertilizer AB (Sweden). The production plant, located in Sweden, produces sulphate of potassium (SOP) and was built with the aim of producing an
Slide 10: New member of Board of Directors
NEW MEMBER OF BOARD OF DIRECTORS On March 25, 2026, the Board of Directors co-opted Mrs. Béatrice Bruey, who has many years of experience in various management positions within the engineering industry at GEA Group, as an independent non-executive director for the remainder of Mr. Karel Vinck's mand
Slide 11: 2025 Results
2025 RESULTS © Tessenderlo Group – Annual Results 2025 Webinar 11
Slide 12: Operational key figures
OPERATIONAL KEY FIGURES % Change % Change % Change as % Change as 2H25 2H24 excluding fx 2025 2024 excluding fx reported reported effect Million EUR effect 1,275.7 1,258.7 4.3% 1.4% Revenue 2,763.1 2,647.7 6.0% 4.4% 124.8 114.8 12.6% 8.7% Adjusted EBITDA1 288.1 265.6 10.7% 8.5% 18.4 12.3 60.9% 49.5%
Slide 13: Group revenue per segment
GROUP REVENUE PER SEGMENT 2025 revenue 2024 revenue (% of total) (% of total) 3% 3% 18% Agro 18% Agro 34% Bio-valorization 31% Bio-valorization 2,763.1 Industrial Solutions 2,647.7 Industrial Solutions mio EUR Machines & Technologies mio EUR Machines & Technologies 24% T-Power 25% T-Power 21% 23% ©
Slide 14: Group adjusted EBITDA per segment
GROUP ADJUSTED EBITDA PER SEGMENT 2025 Adjusted EBITDA 2024 Adjusted EBITDA (Million EUR) (Million EUR) 59.5 Agro 55.5 Agro Bio-valorization Bio-valorization 117.8 106.5 288.1 Industrial Solutions 265.6 Industrial Solutions mio EUR 27.3 mio EUR Machines & Technologies Machines & Technologies 51.3 T-
Slide 15: Agro segment
AGRO SEGMENT % Change % Change % Change as % Change as 2H25 2H24 excluding fx 2025 2024 excluding fx reported reported effect Million EUR effect 413.3 363.2 20.1% 13.8% Revenue 935.1 822.4 17.0% 13.7% 49.9 47.0 13.9% 6.2% Adjusted EBITDA 117.8 106.5 14.6% 10.6% 12.1% 12.9% Adjusted EBITDA margin 12.
Slide 16: Bio-valorization segment
BIO-VALORIZATION SEGMENT % Change % Change % Change as % Change as 2H25 2H24 excluding fx 2025 2024 excluding fx reported reported effect Million EUR effect 282.2 297.6 -2.8% -5.1% Revenue 594.4 618.8 -2.6% -3.9% 11.4 -5.4 nm nm Adjusted EBITDA 16.1 9.4 78.2% 71.9% 4.0% -1.8% Adjusted EBITDA margin
Slide 17: Industrial Solutions segment
INDUSTRIAL SOLUTIONS SEGMENT % Change % Change % Change as % Change as 2H25 2H24 excluding fx 2025 2024 excluding fx reported reported effect Million EUR effect 304.5 321.8 -4.2% -5.4% Revenue 651.4 670.7 -2.4% -2.9% 15.5 30.6 -48.1% -49.4% Adjusted EBITDA 43.5 66.9 -34.5% -35.0% 5.1% 9.5% Adjusted
Slide 18: Machines & Technologies segment
MACHINES & TECHNOLOGIES SEGMENT % Change % Change % Change as % Change as 2H25 2H24 excluding fx 2025 2024 excluding fx reported reported effect Million EUR effect 236.9 238.4 0.9% -0.6% Revenue 504.3 461.4 10.3% 9.3% 17.6 14.5 24.9% 21.5% Adjusted EBITDA 51.3 27.3 90.2% 87.9% 7.4% 6.1% Adjusted EBI
Slide 19: T-Power segment
T-POWER SEGMENT % Change % Change % Change as % Change as 2H25 2H24 excluding fx 2025 2024 excluding fx reported reported effect Million EUR effect 38.9 37.8 2.8% 2.8% Revenue 77.9 74.4 4.7% 4.7% 30.3 28.1 8.0% 8.0% Adjusted EBITDA 59.5 55.5 7.2% 7.2% 78.0% 74.3% Adjusted EBITDA margin 76.4% 74.6% 1
Slide 20: 2025 adjusted EBIT to profit details
2025 ADJUSTED EBIT TO PROFIT DETAILS (MILLION EUR) 77.9 -78.3 -0.4 -59.8 -22.9 2.9 -80.2 Adjusted EBIT 2025 EBIT Adjusting items EBIT Finance (costs) Income Tax Expense Share of result Result 2025 / income of investments EBIT adjusting items (-78.3 million EUR) include: Net finance result amounts to
Slide 21: 2024-2025 net financial debt reconciliation
2024-2025 NET FINANCIAL DEBT RECONCILIATION (MILLION EUR) Net financial debt 31/12/2024 -5.0 Adjusted EBITDA 288.1 Change in working capital 12.5 Proceeds from the sale of shares to a non-controlling interest 5.1 Proceeds from the sale of property, plant and equipment and other intangible assets 5.1
Slide 22: Outlook
OUTLOOK • The following statements are forward-looking, and actual results may differ materially. • The group anticipates a continued high level of economic and geopolitical uncertainty in 2026. Based on currently available information, the 2026 full year Adjusted EBITDA is expected to be in line wi
Slide 23: Investment strategy characteristics
INVESTMENT STRATEGY CHARACTERISTICS INVESTMENTS Cornerstone Investments Financial Investments Larger tickets Smaller tickets Strategic plan Flexibility to trade based on market conditions Board representation Valuation driven Focus on higher quality names More flexibility on investment themes Strate
Slide 24: Financial calendar
FINANCIAL CALENDAR Publication Annual Report April 1, 2026 Annual General Meeting of Shareholders May 12, 2026 Half year 2026 Results August 26, 2026 © Tessenderlo Group – Annual Results 2025 Webinar 24
Slide 25: Q&A
Slide 26: Thank you
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Tessenderlo Grp Nv Ord — FY2025 Earnings Presentation on 6ix