Reported Earnings • Jan 09
First half 2026 earnings released First half 2026 results: Revenue: €180.9m (down 25% from 1H 2025). Net income: €15.3m (down 33% from 1H 2025). Profit margin: 8.5% (down from 9.4% in 1H 2025). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 3.7% p.a. on average during the next 3 years, compared to a 2.4% growth forecast for the Packaging industry in Europe. Duyuru • Sep 05
TFF Group, Annual General Meeting, Oct 24, 2025 TFF Group, Annual General Meeting, Oct 24, 2025. Location: saint romain, dijon France Declared Dividend • Sep 03
Dividend reduced to €0.50 Dividend of €0.50 is 17% lower than last year. Ex-date: 4th November 2025 Payment date: 6th November 2025 Dividend yield will be 2.9%, which is about the same as the industry average. Sustainability & Growth Dividend is covered by earnings (33% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 9.6% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 155% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Valuation Update With 7 Day Price Move • Jul 11
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to €19.90, the stock trades at a forward P/E ratio of 18x. Average forward P/E is 14x in the Packaging industry in Europe. Total loss to shareholders of 37% over the past three years. New Risk • Jul 11
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 7.2% Last year net profit margin: 12% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (3.7% operating cash flow to total debt). Minor Risks Paying a dividend despite having no free cash flows. Profit margins are more than 30% lower than last year (7.2% net profit margin). New Risk • Jul 10
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 3.7% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (3.7% operating cash flow to total debt). Earnings are forecast to decline by an average of 3.7% per year for the foreseeable future. Minor Risk Paying a dividend despite having no free cash flows. Buy Or Sell Opportunity • Mar 10
Now 22% undervalued after recent price drop Over the last 90 days, the stock has fallen 6.8% to €27.30. The fair value is estimated to be €35.16, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 19% over the last 3 years. Earnings per share has grown by 14%. Revenue is forecast to grow by 2.6% in 2 years. Earnings are forecast to grow by 20% in the next 2 years. Reported Earnings • Jan 11
First half 2025 earnings released First half 2025 results: Revenue: €240.2m (down 9.1% from 1H 2024). Net income: €22.7m (down 42% from 1H 2024). Profit margin: 9.4% (down from 15% in 1H 2024). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 4.0% p.a. on average during the next 3 years, compared to a 3.7% growth forecast for the Packaging industry in Europe. Upcoming Dividend • Oct 30
Upcoming dividend of €0.60 per share Eligible shareholders must have bought the stock before 06 November 2024. Payment date: 08 November 2024. Payout ratio is a comfortable 23% but the company is not cash flow positive. Trailing yield: 2.0%. Lower than top quartile of British dividend payers (5.9%). Lower than average of industry peers (3.4%). Duyuru • Sep 05
TFF Group, Annual General Meeting, Oct 25, 2024 TFF Group, Annual General Meeting, Oct 25, 2024. Location: saint romain, dijon France Reported Earnings • Sep 04
Full year 2024 earnings released: EPS: €2.60 (vs €2.44 in FY 2023) Full year 2024 results: EPS: €2.60 (up from €2.44 in FY 2023). Revenue: €486.6m (up 11% from FY 2023). Net income: €56.4m (up 6.9% from FY 2023). Profit margin: 12% (in line with FY 2023). Revenue is forecast to grow 5.2% p.a. on average during the next 3 years, compared to a 4.3% growth forecast for the Packaging industry in Europe. Over the last 3 years on average, earnings per share has increased by 32% per year but the company’s share price has only increased by 11% per year, which means it is significantly lagging earnings growth. Reported Earnings • Jul 10
Full year 2024 earnings released Full year 2024 results: Revenue: €486.6m (up 11% from FY 2023). Net income: €56.5m (up 6.9% from FY 2023). Profit margin: 12% (in line with FY 2023). Revenue is forecast to grow 4.8% p.a. on average during the next 3 years, compared to a 3.9% growth forecast for the Packaging industry in Europe. Buy Or Sell Opportunity • Feb 12
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 9.8% to €46.66. The fair value is estimated to be €38.70, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 24% over the last 3 years. Earnings per share has grown by 40%. Revenue is forecast to grow by 13% in 2 years. Earnings are forecast to grow by 27% in the next 2 years. New Risk • Jan 31
New major risk - Financial position The company's debt is not well covered by operating cash flow. Currently running at an operating cash loss. This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. This is currently the only risk that has been identified for the company. Reported Earnings • Jan 13
First half 2024 earnings released First half 2024 results: Revenue: €264.3m (up 14% from 1H 2023). Net income: €39.3m (up 4.1% from 1H 2023). Profit margin: 15% (down from 16% in 1H 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 6.1% p.a. on average during the next 3 years, compared to a 2.1% growth forecast for the Packaging industry in Europe. Upcoming Dividend • Nov 01
Upcoming dividend of €0.60 per share at 1.0% yield Eligible shareholders must have bought the stock before 08 November 2023. Payment date: 10 November 2023. Payout ratio is a comfortable 16% but the company is not cash flow positive. Trailing yield: 1.0%. Lower than top quartile of British dividend payers (6.7%). Lower than average of industry peers (4.1%). Reported Earnings • Jul 15
Full year 2023 earnings released Full year 2023 results: Revenue: €439.8m (up 45% from FY 2022). Net income: €52.8m (up 47% from FY 2022). Profit margin: 12% (in line with FY 2022). Revenue is forecast to grow 2.7% p.a. on average during the next 3 years, compared to a 3.1% growth forecast for the Packaging industry in Europe. Reported Earnings • Jan 23
First half 2023 earnings released: EPS: €1.74 (vs €0.71 in 1H 2022) First half 2023 results: EPS: €1.74 (up from €0.71 in 1H 2022). Revenue: €232.6m (up 62% from 1H 2022). Net income: €37.8m (up 145% from 1H 2022). Profit margin: 16% (up from 11% in 1H 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 5.0% p.a. on average during the next 3 years, compared to a 3.8% growth forecast for the Packaging industry in Europe. Over the last 3 years on average, earnings per share has increased by 26% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Nov 01
Upcoming dividend of €0.40 per share Eligible shareholders must have bought the stock before 08 November 2022. Payment date: 10 November 2022. Payout ratio is a comfortable 24% and this is well supported by cash flows. Trailing yield: 1.1%. Lower than top quartile of British dividend payers (6.1%). Lower than average of industry peers (3.2%). Reported Earnings • Jul 15
Full year 2022 earnings released Full year 2022 results: Revenue: €302.6m (up 16% from FY 2021). Net income: €36.6m (up 83% from FY 2021). Profit margin: 12% (up from 7.7% in FY 2021). The increase in margin was driven by higher revenue. Over the next year, revenue is forecast to grow 20%, compared to a 19% growth forecast for the industry in the United Kingdom. Valuation Update With 7 Day Price Move • Mar 14
Investor sentiment improved over the past week After last week's 17% share price gain to €31.50, the stock trades at a forward P/E ratio of 25x. Average forward P/E is 14x in the Packaging industry in Europe. Total loss to shareholders of 18% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €58.53 per share. Reported Earnings • Jan 25
First half 2022 earnings: EPS in line with analyst expectations despite revenue beat First half 2022 results: EPS: €0.71 (up from €0.60 in 1H 2021). Revenue: €143.3m (up 1.3% from 1H 2021). Net income: €15.4m (up 19% from 1H 2021). Profit margin: 11% (up from 9.2% in 1H 2021). Revenue exceeded analyst estimates by 2.6%. Over the next year, revenue is forecast to grow 8.1%, compared to a 12% growth forecast for the industry in the United Kingdom. Valuation Update With 7 Day Price Move • Jan 11
Investor sentiment improved over the past week After last week's 17% share price gain to €32.30, the stock trades at a forward P/E ratio of 33x. Average forward P/E is 17x in the Packaging industry in Europe. Total loss to shareholders of 5.6% over the past three years. Reported Earnings • Jul 16
Full year 2021 earnings released: EPS €0.92 (vs €1.23 in FY 2020) The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2021 results: Revenue: €260.9m (down 6.7% from FY 2020). Net income: €20.0m (down 25% from FY 2020). Profit margin: 7.7% (down from 9.5% in FY 2020). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 14% per year whereas the company’s share price has fallen by 12% per year. Valuation Update With 7 Day Price Move • Nov 24
Market bids up stock over the past week After last week's 51% share price gain to €39.65, the stock is trading at a trailing P/E ratio of 22.1x, up from the previous P/E ratio of 14.7x. This compares to an average P/E of 15x in the Packaging industry in Europe. Total returns to shareholders over the past year are 7.5%.