Treatt (TET) H1 2026 earnings summary

Executive summary

• Revenue declined 6.5% year-over-year to £59.9m, mainly due to lower Heritage and Premium volumes and slow citrus recovery.

• Adjusted EBITDA fell 18.1% to £5.4m, and profit before tax and exceptionals dropped 33.4% to £2.5m.

• Strategic progress included growth in health & wellness, new powdered citrus products, and strong expansion in China.

• A recommended cash offer from Döhler Finance Management B.V. at 305p per share was announced.

Financial highlights

• Gross profit margin was 24.9%, down 20 bps year-over-year; adjusted operating margin declined 130 bps to 4.7%.

• Net debt at period end was £4.4m, improved from £5.9m at year-end 2025, reflecting robust cash generation.

• Adjusted basic EPS was 3.04p (down 33.3%), statutory EPS 2.48p (down 31.7%).

• Cash inflow from operations was £2.8m, with inventories reduced by £1.2m.

Outlook and guidance

• Full-year performance expected in line with management expectations, with greater weighting to H2 due to ongoing citrus recovery and robust order pipeline.

• Macroeconomic and geopolitical pressures persist, but cost control and customer engagement remain priorities.