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Edge20 Mar 2026
Tetra Pak: The Shape of Innovation
The story of Tetra Pak, the Rausing family, and how a paper tetrahedron gave rise to a company that now delivers almost 180 billion packages a year.
Tessenderlo Group
Tessenderlo Group (TESB) investor relations material
Tessenderlo Group H2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.H2 2025 earnings summary26 Mar, 2026
Executive summary
Revenue increased by 6.0% to €2,763.1 million in 2025, with adjusted EBITDA up 10.7% to €288.1 million, but a net loss of €80.2 million was recorded due to major impairments and foreign exchange losses.
Signed a joint venture agreement to combine collagen and gelatin businesses with Darling Ingredients, expected to close in 2026 pending regulatory approval.
Acquired Osterwalder AG, Metam product labels, and a Swedish SOP fertilizer plant (pending approval), expanding Agro and Machines & Technologies segments.
Completed a share repurchase program, reducing outstanding shares to 59,062,556 and supporting EPS.
Opened a new liquid fertilizer plant in Ohio, advancing sustainable agriculture in North America.
Financial highlights
Adjusted EBITDA: €288.1 million (+10.7% year-over-year); adjusted EBIT: €77.9 million (+25.4%).
Revenue rose 6.0% to €2,763.1 million; net loss was €80.2 million, mainly from impairments and FX losses.
Capital expenditure was €135.6 million, down from €180.6 million in 2024.
Cash flow from operating activities was €225.7 million, down from €333.2 million in 2024.
Net financial debt at year-end was €41.3 million.
Outlook and guidance
2026 adjusted EBITDA is expected to be in line with 2025, amid continued economic and geopolitical uncertainty.
CapEx guidance for 2026 is similar to 2025, possibly slightly lower.
PB Leiner fully included in 2026 outlook, with potential capital gain from merger with Darling Ingredients.
Vilvoorde exclusion from the Darling JV rationale
Options for T-Power after the June 2026 agreement
Drivers of the 2H25 Industrial Solutions decline
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Latest events from Tessenderlo Group
- Revenue and profit fell, but net cash and Agro segment improved; outlook remains cautious.TESB
H1 202423 Jan 2026 - 2024 profit dropped 61.5% on lower revenue, but cash flow and dividend remained robust.TESBH2 202429 Dec 2025
- Revenue up 7.1%, but net loss of €9.0M due to FX losses and margin pressure.TESBH1 202523 Nov 2025
Next Tessenderlo Group earnings date
H1 202627 Aug, 2026
Tessenderlo Group
Next Tessenderlo Group earnings date
H1 202627 Aug, 2026
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@theshortbearx.com
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