Tessenderlo Group Overview
Tessenderlo Group is a family-controlled Belgian industrial conglomerate whose common thread is the maximal valorisation of molecules and by-products — summarised in its corporate motto "Every Molecule Counts." Following the 2023 absorption of Picanol Group, it operates five segments: Agro (sulphur-based liquid fertilisers, sulphate of potash and off-patent crop protection, with North America as the profit engine), Bio-valorization (PB Leiner gelatin/collagen and Akiolis rendering), Industrial Solutions (DYKA plastic pipes and Kuhlmann water-treatment chemicals), Machines & Technologies (Picanol weaving machines, Proferro foundry, Psicontrol electronics, Melotte and Osterwalder), and T-Power (a 425 MW gas-fired plant in Belgium). The group is in a strategic pivot: it is contributing PB Leiner to a 15%-owned collagen joint venture with Darling Ingredients, has bought a 20% "cornerstone" stake in FMC Corporation, and is reshaping itself into a hybrid of wholly owned operations and long-term minority listed holdings, under the direction of controlling shareholder and CEO Luc Tack.
What the company does
Tessenderlo Group manufactures and sells a diversified set of industrial and agricultural products. Its own description (FY2025 press release boilerplate), paraphrased: it is an industrial group concentrating on agriculture, the valorisation of bio-residuals, machinery, mechanical engineering, electronics, energy and industrial solutions with a water focus; it is headquartered in Belgium, active in over 100 countries, employs roughly 7,000 people, and builds its strategy around valorising every product and process to the maximum ("Every Molecule Counts").
Business model and revenue model
| Revenue type | Segments | FY2025 revenue (EUR Mn) | Share of group |
|---|---|---|---|
| Industrial and agricultural products | Agro, Bio-valorization, Industrial Solutions | 2,180.9 | 78.9% |
| Capital equipment, components and aftermarket | Machines & Technologies | 504.3 | 18.3% |
| Contracted energy (tolling) | T-Power | 77.9 | 2.8% |
The group is overwhelmingly a product business. Revenue is generated by selling physical goods — liquid and solid fertilisers, crop-protection formulations, gelatin and collagen peptides, rendered fats and proteins, plastic pipe systems, inorganic water-treatment chemicals, weaving machines, castings and electronic controllers. Two elements diverge from the pure product model:
T-Power (contracted energy): The 425 MW combined-cycle gas turbine (CCGT) plant earned a contracted tolling fee for 15 years under an agreement with RWE that ended on 30 June 2026. This produced an annuity-like EUR 55–62 M of Adjusted EBITDA per year at a 74–78% margin. A six-month tolling agreement with an unnamed major European energy company began on 1 July 2026, on terms that management says will not contribute significantly to 2H26 EBITDA.
Services and aftermarket (Machines & Technologies): Picanol sells spare parts, upgrade kits, weaving frames and reeds (via GTP Global Textile Partner), training, and digital services through its PicConnect platform. These are not separately quantified.
There is no material subscription or licensing revenue. Crop Protection (NovaSource) sells registered off-patent molecules under product labels, which is a regulatory-asset-based product model rather than licensing.
Value-chain position
Tessenderlo typically sits in the mid-stream conversion layer of its value chains. It converts by-products or commodity inputs (sulphur, muriate of potash (MOP), animal bones/hides/skins and slaughter by-products, PVC/PE/PP resins, scrap and pig iron, natural gas) into higher-value intermediate or finished goods. Two structural features stand out:
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By-product integration. Sulphate of potash (SOP) production at Ham (Belgium) via the Mannheim process co-produces hydrochloric acid (HCl), part of which goes to Vynova for PVC production and part to ferric chloride (water treatment) at Kuhlmann Europe. Akiolis rendering supplies raw material and energy streams; the new biomass cogeneration plant at Saint-Langis-lès-Mortagne (inaugurated 9 April 2026) burns animal by-products for renewable power.
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Proximity to end users. Crop Nutrition in the US sells largely through agricultural retailers and distributors. Picanol sells weaving machines directly to mills in more than 100 countries.
Customer types and end-markets
| End-market | Segment(s) | Customer types |
|---|---|---|
| Agriculture (row crops, specialty crops, horticulture) | Agro | Ag retailers, distributors, cooperatives, growers (US, Europe, Latin America) |
| Food, nutrition, health and pharma | Bio-valorization (PB Leiner) | Food manufacturers, pharma/nutraceutical capsule makers, collagen-peptide brands |
| Animal feed, pet food, oleochemicals, bio-energy | Bio-valorization (Akiolis) | Feed and petfood producers, oleochemical and biofuel users |
| Building and construction, civil infrastructure | Industrial Solutions (DYKA) | Installers, wholesalers, utilities, contractors (Benelux, France, UK, Poland and others) |
| Municipal and industrial water treatment | Industrial Solutions (Kuhlmann Europe, moleko) | Municipalities, water utilities, industrial plants |
| Textiles | Machines & Technologies (Picanol) | Weaving mills (Asia, Turkey, Americas, Europe) |
| General engineering, compressors, agricultural machinery, powder metallurgy | Machines & Technologies (Proferro, Psicontrol, Melotte, Osterwalder) | OEMs |
| Electricity | T-Power | Tolling counterparty (utility/energy trader) |
Independent characterisation
Tessenderlo is best understood as a controlled holding-style conglomerate with an agricultural core. Agro now contributes about a third of revenue and about 40% of Adjusted EBITDA (FY2025: EUR 935.1 M revenue, EUR 117.8 M EBITDA). The remaining segments are a mix of (i) a structurally challenged European gelatin franchise now being merged into a Darling-controlled JV, (ii) cyclical construction-exposed pipes, (iii) a cyclical capital-goods business (Picanol) exposed to yen-advantaged Japanese competition, and (iv) a gas plant whose long-term contracted revenue has just lapsed.
Group-level profitability has fallen sharply from the FY2021–FY2022 peak. Adjusted EBITDA margin fell from about 17% to about 10%, and IFRS EBIT went from EUR 288.1 M (FY2022 reported) to roughly zero in FY2025, as impairments, restructuring and FX losses accumulated. Cash generation has nonetheless remained solid: operating cash flow was EUR 225.7 M in FY2025 and EUR 333.2 M in FY2024.
The 2026 capital-allocation shift — a USD 403 M debt-funded minority stake in FMC, plus a 15% non-controlling position in Nextida — signals that management intends to compound value partly through listed minority "cornerstone" holdings, not just through operations.
Strategy
Stated strategy themes (annual report, results communications, AGM 2026)
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"Every Molecule Counts." Maximal valorisation of products, by-products and processes — the organising philosophy cited in every company publication.
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Expand the agro platform through three routes, as articulated by the CEO and CFO at the HY26 webinar:
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(a) bolt-on M&A — Tiger-Sul, Eastman Metam labels, the Cinis plant;
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(b) organic investment — the Ohio, Geleen and Sweden plants;
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(c) "cornerstone" minority investments in high-quality listed companies — FMC.
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A new long-term investment arm. The CFO describes the group as evolving from 100%-controlled businesses to a structure that adds minority stakes in listed companies and JVs (FMC, Nextida) for diversification and value unlocking. A new Investments business unit was announced in March 2026 (per KBC Securities).
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Exit structurally challenged activities and partner where scale matters: the European bone-gelatin exit (2024–2025), the Darling JV for collagen/gelatin, and the Vilvoorde closure.
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Operational excellence and cost control: DYKA production-efficiency investments, PB Leiner cost-savings, Picanol restructuring.
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Decarbonisation: a 30% reduction in Scope 1+2 GHG emissions by 2030 versus 2020, with projects such as the Akiolis biomass cogeneration, lower-carbon transport, and bio-circular PVC.
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Long-term customer relationships over short-term margin. Management stated that it chose not to exploit the 2026 raw-material shock (sulphur, MOP, ethylene) at customers' expense.
Strategic initiatives — last 24 months (Oct 2024 – Oct 2026)
| Date | Initiative | Type | Detail / target |
|---|---|---|---|
| Nov 2024 | Tiger-Sul acquisition | Bolt-on M&A | Sulphur-bentonite (US, Canada); not material |
| Nov 2024 – 2025 | European bone-gelatin restructuring (Vilvoorde restructuring, Treforest closure) | Cost / portfolio | EUR -40.5 M charges recognised FY2024, EUR -4.5 M FY2025; completed 2025 |
| 2024 – 2025 | Ohio (Defiance) liquid fertiliser plant; Geleen plant | Growth capex | Ohio operational 2Q25 |
| 2,025 | Loos ferric chloride capacity expansion; long-term French electricity agreement | Growth capex / energy | EUR 6.7 M advance payment |
| 2,025 | Akiolis gasification and biomass cogeneration (Saint-Langis) | Decarbonisation | Inaugurated 9 Apr 2026 |
| 25 Apr 2025 | Picanol Group HQ, Ypres | Platform investment | Opened |
| May – Dec 2025 | Nextida JV with Darling (Darling 85% / Tessenderlo 15%) | Strategic partnership | About USD 1.5 bn revenue; about 200,000 t capacity across 22 facilities; no cash from either party; closing pending regulatory approvals |
| Jun 2025 | Osterwalder acquisition | Diversification | About 80 employees |
| Oct 2025 | Metam labels from Eastman | Bolt-on | EUR 15.8 M |
| 2,025 | Share buyback | Capital return | 1,492,496 shares for EUR 37.0 M; completed 23 Dec 2025 |
| Mar 2026 | Investments business unit created | Organisational | Houses minority stakes |
| Mar – May 2026 | Cinis SOP plant, Sweden | Bolt-on / turnaround | EUR 13.4 M; ramp-up 1Q27 |
| Jun 2026 | Buy-out of 40% minority in PB Brasil and 2.08% of PB Leiner Hainan | Simplification ahead of JV | EUR 31.2 M |
| Jul 2026 | T-Power interim 6-month tolling | Energy | Long-term options under review |
| Jul – Aug 2026 | Vilvoorde closure | Restructuring | About EUR 31 M cost in 2H26; site sale targeted 2027 |
| Jun – Sep 2026 | FMC 20.0% stake | Cornerstone investment | USD 403 M at USD 13.30; three-year lock-up; standstill; one board seat |
| Sep 2026 | DYKA Pelt expansion | Growth capex | EUR 6 M |
| 2026 – 2027 | Picanol new product launches | Innovation | Early 2027 |
Guidance and medium-term targets
| Item | Guidance |
|---|---|
| FY2026 Adjusted EBITDA (latest, 27 Aug 2026) | 5% to 15% above FY2025 (EUR 288.1 M), i.e., about EUR 302.5–331.3 M (computed), even though T-Power will contribute little in 2H26 |
| FY2026 Adjusted EBITDA (prior, 26 Mar 2026) | In line with FY2025 |
| FY2025 Adjusted EBITDA (given Mar 2025) | Between FY2024 (EUR 265.6 M) and FY2023 (EUR 318.7 M) — achieved EUR 288.1 M |
| Medium-term financial targets (revenue CAGR, margin, ROCE) | Not publicly disclosed. The company gives only annual EBITDA guidance |
| Capital allocation | Capex (maintenance and growth) is not to be sacrificed for investments; buyback "could return in coming months" (CFO, Aug 2026); stable EUR 0.75 distribution |
Products & Services
Agro
| Business unit / brand | Product / offering | Description and capability | Target customer | Year / status |
|---|---|---|---|---|
| Tessenderlo Kerley, Inc. — Crop Vitality™ | Brand umbrella for US crop nutrition | Unified US branding of TKI fertilisers | US ag retailers and growers | Launched 2013 |
| Tessenderlo Kerley, Inc. | Thiosulphate liquid fertilisers (e.g., Thio-Sul® ammonium thiosulphate, KTS® potassium thiosulphate, CaTs® calcium thiosulphate, MagThio® magnesium thiosulphate) (not re-verified) | Sulphur-based liquid fertilisers made from refinery/gas-plant sulphur streams; improve nitrogen efficiency and supply sulphur, potassium, calcium and magnesium | Row-crop and specialty growers | Core legacy line since 1995 Kerley acquisition |
| Tessenderlo Kerley, Inc. — Defiance, Ohio plant | New liquid fertiliser production facility | Expands Midwest capacity close to corn/soy demand | US Midwest retailers | Operational 2Q25; opening celebrated Aug 2025 |
| Tiger-Sul Products | Sulphur-bentonite and crop nutrition / soil enhancement products | Granular sulphur fertilisers; plants in California, Alabama (US) and Alberta (Canada); continues under its own brands | North American growers and blenders | Acquired 6 Nov 2024 |
| Crop Nutrition — Fresno, CA | Sulphur-bentonite production | Assets impaired (EUR -6.9 M, FY2025) after reallocation of production to other sites | — | Being idled |
| Tessenderlo Kerley International (TKI, Europe) | Sulphate of potash (SOP) — soluble and granular grades (e.g., SoluPotasse®, GranuPotasse®) (not re-verified) | Chloride-free potassium for chloride-sensitive crops; produced at Ham via the Mannheim process, co-producing HCl | Specialty, horticulture and fertigation markets globally | Ham assets impaired EUR -26.1 M (FY2025) |
| TKI — ex-Cinis Fertilizer plant (Sweden) | SOP from an environmentally oriented process | Plant bought out of the Cinis bankruptcy; not operational at purchase; being reconditioned | European specialty-fertiliser market | Acquired May 2026; ramp-up planned 1Q27 |
| TKI — ATS (Esseco) | Ammonium thiosulphate produced by Esseco Srl (Trecate, Italy) | Marketing and sales rights acquired | European distributors | Operational Mar 2023 |
| TKI — Geleen (Netherlands) | New fertiliser production plant | Cited by the CFO as one of the large recent construction projects (with Ohio) | European liquid-fertiliser market | Completed in the 2024–2025 capex cycle |
| NovaSource® (Crop Protection) | Off-patent crop-protection portfolio, including Lannate® (methomyl) | Insecticides, fungicides and soil fumigants built mostly through acquired labels | US/Canada and international growers | NovaSource founded 2005; Lannate® acquired 2H22 |
| NovaSource — Metam labels | Metam Sodium (CLR™ 42%) and Metam Potassium (KLR™ 54%) | Soil fumigants for pre-plant soil disinfestation | US and Canada specialty growers (e.g., potatoes, vegetables) | Acquired 3 Oct 2025 from Eastman for EUR 15.8 M |
| NovaSource (other labels, e.g., Surround® kaolin particle film, Sectagon® metam sodium) (not re-verified) | Specialty crop protectants | Mature, off-patent niche molecules | Specialty crops | Mature |
| Violleau | Organic fertilisers and soil improvers | Organic-matter-based nutrition (France) | Organic and conventional growers, gardens | Part of Agro |
Bio-valorization
| Business unit / brand | Product / offering | Description | Target customer | Status |
|---|---|---|---|---|
| PB Leiner | Pharmaceutical and food gelatins (bovine hide, porcine; bone gelatin discontinued in Europe) | Gelling, binding and capsule-forming proteins | Pharma capsule makers, confectionery, dairy, meat | To be contributed to Nextida JV (Darling 85%) |
| PB Leiner | Collagen peptides (e.g., SOLUGEL®) (not re-verified) | Hydrolysed collagen for health, beauty and sports nutrition | Nutraceutical and functional-food brands | Fastest-growing category; core rationale for JV |
| PB Leiner — Acorizal (Mato Grosso, Brazil) | Beef-hide gelatin plant | Now 100% owned after buying out the 40% minority in Jun 2026 | Global gelatin buyers | Will go into the JV |
| PB Leiner — Argentina | Collagen production facility | Incident in Sep 2025 cut volumes; return to full production expected Sep/Oct 2026; insurance claim pending | — | Recovering |
| PB Leiner Hainan (China) | Fish collagen JV with Hainan Xiangtai Group (group stake increased by 2.08% in 2026) | Marine collagen | Asian nutrition markets | Operational since 2023 |
| PB Leiner — Vilvoorde (Belgium) | Porcine gelatin (bone gelatin stopped 2025) | Excluded from the JV; no buyer found after an 8-month process | — | Closure agreed 21 Aug 2026; production to about end-Oct 2026; restructuring complete 1H27; restructuring cost ≈ EUR 31 M (2H26) |
| PB Leiner — Treforest (UK) | Bone gelatin | Closed under the Nov 2024 plan | — | Closed |
| Akiolis Group (France) | Rendering of animal by-products (category 1–3) into fats, proteins and meals | Collects slaughterhouse and fallen-stock material; outputs for feed, petfood, oleochemicals and energy | Feed/petfood, oleochemicals, energy, public health (fallen-stock service) | Core |
| Akiolis — Saint-Langis-lès-Mortagne | Gasification of category 1 meat meals; biomass cogeneration plant | Renewable electricity and heat from animal by-products | Internal energy plus grid electricity | Cogeneration inaugurated 9 Apr 2026; scale-up 2H/4Q26 |
Industrial Solutions
| Business unit / brand | Product / offering | Description | Target customer | Status |
|---|---|---|---|---|
| DYKA Group | Plastic pipe systems (PVC, PE, PP) for sewerage, drainage, rainwater, building services, cable protection | Production in the Netherlands, Belgium, France, Poland, UK (John Davidson Pipes) and others | Installers, wholesalers, utilities, contractors | Core |
| DYKA — bio-circular PVC pipes | PVC pipes with bio-attributed raw material | Lower-carbon pipe range | Sustainability-led utilities and builders | Launched 2023 |
| DYKA Belgium — Pelt | PE/PP pipe Centre of Expertise | EUR 6 M expansion announced 28 Sep 2026 | Benelux and European markets | Expanding |
| Kuhlmann Europe (Loos, France) | Water-treatment chemicals, chiefly ferric chloride coagulant, plus related inorganic products | Municipal and industrial water and wastewater treatment; 200-year history celebrated 2025 | Municipal utilities, industrial users | Ferric chloride capacity expansion at Loos (capex 2025); long-term French electricity agreement (EUR 6.7 M advance, 2025) |
| moleko | Inorganic chemical products (detailed portfolio not described in documents reviewed) | Grouped with Kuhlmann Europe in reporting | Industrial customers | Lower volumes in 2025; stable in HY26 |
Machines & Technologies (Picanol Group)
| Business unit / brand | Product / offering | Description | Target customer | Status |
|---|---|---|---|---|
| Picanol | Airjet weaving machines (e.g., OmniPlus range) and rapier machines (e.g., OptiMax-i, TerryMax-i; TERRYplus Summum airjet for terry) | High-tech looms; plants in Ypres (Belgium) and Suzhou (China); more than 800 patents | Weaving mills worldwide (>100 countries) | OptiMax-i launched 2015; new products planned early 2027 |
| Picanol — PicConnect | Digital platform | Machine-data services that help mills optimise operations | Weaving mills | Live |
| Picanol — GTP Global Textile Partner | Weaving accessories, frames, reeds, spare parts, upgrade kits, training | Aftermarket and services | Installed base | Live |
| Proferro | Foundry (grey/ductile iron) and mechanical finishing | Castings for compressors, agricultural machinery, Picanol looms | Industrial OEMs | Revenue up in 2H25 and HY26 |
| Psicontrol | Development and production of electronic controllers | Custom electronics (EMS/design) | Industrial OEMs | Revenue up in 2H25 and HY26 |
| Melotte (Zonhoven, Belgium) | 3D metal printing (direct digital manufacturing), high-precision finishing | Additive manufacturing services | Industrial OEMs | Immaterial EBITDA contribution |
| Osterwalder (Lyss, Switzerland; sales/service in US, China, Japan) | Electric powder presses for hard metals, specialty materials and iron powder | More than 140 years of history; about 80 employees | Powder-metallurgy and hard-metal producers | Acquired Jun 2025; immaterial EBITDA |
T-Power
| Asset | Description | Contract | Status |
|---|---|---|---|
| T-Power CCGT, Tessenderlo (Belgium) | 425 MW combined-cycle gas turbine plant | 15-year tolling with RWE to 30 Jun 2026; 6-month tolling with a major European energy company from 1 Jul 2026 | Long-term options under review (longer tolling, other uses); permit retained for a second gas plant, which management says is viable only with adequate capacity remuneration (CRM) |
Financial Narrative
Comparability warning: FY2021–FY2022 are Tessenderlo-only (pre-Picanol). FY2023 onward includes Picanol Group. FY2022 pro forma (including Picanol): revenue EUR 3,321.7 M, Adjusted EBITDA EUR 467.0 M, EBIT EUR 249.4 M, profit EUR 161.5 M. EPS before FY2023 is on a roughly 43 M share base and is not comparable with the post-combination base of 59–61 M shares.
Income statement: notes and sources
Sources: Key Figures page (revenue, EBIT, profit, EPS, Adjusted EBITDA); FY2025 results press release (gross profit, Adjusted EBIT, PBT, diluted EPS); FY2023 attributable net income from MarketScreener (third-party); dividends page. The FY2025 distribution was paid from available share premium.
Margins (%) — computed
Revenue CAGR (computed): FY2021→FY2025 reported: +7.3% p.a. (inflated by Picanol consolidation from FY2023). FY2022 pro forma→FY2025: -6.0% p.a. On a like-for-like basis the group has therefore shrunk since the 2022 peak.
Balance sheet
Sources: FY2025 press release (FY2024–FY2025 balance sheets); FY2023 net cash (EUR +10.1 M, incl. EUR 59.1 M lease liabilities) from the FY2023 AGM presentation; FY2022 net debt (EUR 59.5 M) from the FY2023 results release; FY2021 net debt (EUR 74.8 M) from MarketScreener (third-party). FY2023 is entered as -10.1 because the group held net cash of EUR 10.1 M.
HY2026 balance sheet snapshot (30 Jun 2026): total assets EUR 2,707.1 M; cash EUR 134.7 M; loans and borrowings EUR 212.9 M (EUR 99.4 M non-current, EUR 113.5 M current); net financial debt EUR 78.3 M; total equity EUR 1,707.4 M; non-controlling interest fell to EUR 1.3 M after the PB Brasil buy-out.
Post-balance-sheet (Q3 2026): the FMC purchase (30,319,166 shares × USD 13.30 ≈ USD 403 M) was funded with three new bank term loans of EUR 100 M, EUR 50 M and EUR 75 M (EUR 225 M total, 5–7-year maturities) plus drawings on existing credit lines (Revista Cultivar, 25 Sep 2026, citing company disclosures). Illustrative pro forma (computed, not company-reported): HY26 net debt of EUR 78.3 M plus about EUR 350 M for FMC implies net debt of roughly EUR 430 M before 2H26 free cash flow — about 1.4x the midpoint of FY2026 Adjusted EBITDA guidance.
Cash flow
Note on discrepancy: MarketScreener shows FY2023 free cash flow of EUR 86.7 M versus the EUR 40.7 M computed here (OCF minus capex); the difference likely reflects a different definition (e.g., treatment of leases or disposals). FY2025 acquisitions comprise the Metam label purchase (EUR 15.8 M) and EUR 0.9 M for businesses. FY2022 capex (EUR 113.4 M) is reported; pro forma FY2022 capex including Picanol was EUR 134.0 M.
HY2026 cash flow: OCF EUR 103.8 M (HY25: 127.9), reflecting a EUR 51.6 M working-capital build; capex EUR 43.7 M (HY25: 73.4); share-premium distribution EUR 44.2 M; minority buy-outs EUR 31.2 M; Swedish SOP plant EUR 13.4 M; FMC shares (790,000) EUR 10.1 M; no buybacks.
Ratios — computed from reported data
Notes: FY2024 ROA uses year-end assets because FY2023 total assets were not in the documents reviewed. ROIC uses the 25% Belgian statutory rate as a notional tax rate. DSO/DPO use total "trade and other" receivables/payables, so they are approximations.
Commentary: trends, inflections and drivers
Revenue. Reported revenue peaked at EUR 2,928.3 M in FY2023, the first year with Picanol consolidated. It then fell 9.6% in FY2024 as fertiliser prices normalised, gelatin prices fell and weaving-machine demand collapsed (M&T revenue -25.9%). FY2025 recovered 4.4% (+6.0% FX-neutral), led by Agro. HY26 was flat as reported (+2.6% FX-neutral) because Bio-valorization (-9.1%) and M&T (-5.0%) offset Agro (+14.7%).
Profitability. The defining inflection was the 2022→2024 margin compression: Adjusted EBITDA margin fell from 16.8% to 10.0%. Three drivers stand out: (i) Agro margin normalising from 17.8% (FY2022) to 10.4% (FY2023); (ii) the collapse of Bio-valorization profitability; (iii) the dilutive consolidation of lower-margin Picanol. Since then margins have stabilised at about 10–12%. FY2025 Adjusted EBITDA rose 10.7% FX-neutral, and HY26 rose 11.9%.
IFRS earnings. These have been far weaker than Adjusted EBITDA. FY2025 EBIT adjusting items were EUR -78.3 M. They included impairments at Ham SOP (EUR -26.1 M), Vilvoorde gelatin (EUR -21.7 M) and Fresno sulphur-bentonite (EUR -6.9 M); environmental provision top-ups of EUR -15.4 M for historical soil and groundwater contamination at Ham, Tessenderlo, Vilvoorde and Loos; and further bone-gelatin restructuring of EUR -4.5 M. Unhedged USD intercompany loans created a EUR -54.4 M FX loss in FY2025 (versus a EUR +30.8 M gain in FY2024). Tax rose to EUR -22.9 M on derecognition of Belgian and UK deferred tax assets. The result was a net loss of EUR -80.2 M. HY26 returned to a profit of EUR 65.9 M, helped by a EUR +8.9 M FX gain.
Cash flow. Cash generation is the group's most resilient feature. OCF has ranged between EUR 199.8 M and EUR 333.2 M over the five years. The FY2024 peak benefited from a EUR 105.2 M working-capital release. Capex has stepped down from about EUR 180 M (FY2023–FY2024, when the Ohio, Geleen, Ypres HQ and Loos projects were built) to EUR 135.6 M in FY2025 and an annualised level below EUR 100 M in HY26, although management expects a 2H26 catch-up as permits arrive.
Balance sheet. The balance sheet was close to net-cash neutral through FY2025 (net debt EUR 41.3 M, 0.14x EBITDA). The FMC deal changes that profile: leverage moves to roughly 1.3–1.5x on an illustrative basis, offset by a listed equity stake that management explicitly describes as a source of financial flexibility. Goodwill and intangibles fell by EUR 108 M in FY2025, through impairments, FX and the reclassification effects linked to the Darling transaction.
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Segment Overview
| Segment | Business units / contents | Principal products |
|---|---|---|
Agro | Crop Nutrition (Tessenderlo Kerley, Inc., incl. Tiger-Sul), Tessenderlo Kerley International (Europe, incl. ex-Cinis SOP plant in Sweden), Crop Protection (NovaSource, incl. Metam labels), Violleau (organic fertilisers, France) | Liquid thiosulphate fertilisers, sulphur-bentonite, SOP, off-patent crop-protection molecules, organic fertilisers |
Bio-valorization | PB Leiner (gelatin, collagen peptides), Akiolis (rendering, France) | Pharma/food gelatin, collagen peptides, animal fats and proteins, renewable energy |
Industrial Solutions | DYKA Group (plastic pipe systems), Kuhlmann Europe (water-treatment chemicals), moleko | PVC/PE/PP pipe systems, ferric chloride and other inorganic chemicals |
Machines & Technologies | Picanol Group: Picanol, Proferro, Psicontrol, Melotte, Osterwalder | Airjet and rapier weaving machines, castings, electronic controllers, 3D metal printing, electric powder presses |
T-Power | T-Power nv | 425 MW CCGT power plant (tolling) |
Agro | North America (Crop Nutrition, Tiger-Sul, NovaSource/Metam); Europe (TKI SOP and ATS; Sweden plant from 2027) | US plants (Ohio, California, Arizona HQ for TKI in Phoenix), Canada (Alberta), Belgium (Ham), Netherlands (Geleen) |
Bio-valorization | Europe (Akiolis France, Vilvoorde), South America (Argentina, Brazil), North America (US gelatin), Asia (Hainan) | PB Leiner global footprint |
Industrial Solutions | Europe (Benelux, France, UK, Poland, Germany) | DYKA and Kuhlmann plant locations |
Machines & Technologies | Asia (China, India, Indonesia, Bangladesh/Pakistan customer base), Turkey, Americas, Europe | Picanol production in Ypres and Suzhou; sales centres in Greenville (US), Mexico City, São Paulo, Istanbul, New Delhi, Bandung, Suzhou |
T-Power | Belgium | Single plant |
Revenue by Segment
| Segment | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
Agro revenue (EUR Mn) | 793.9 | 822.4 | 935.1 |
Bio-valorization revenue (EUR Mn) | 726.4 | 618.8 | 594.4 |
Industrial Solutions revenue (EUR Mn) | 708.9 | 670.7 | 651.4 |
Machines & Technologies revenue (EUR Mn) | 622.4 | 461.4 | 504.3 |
T-Power revenue (EUR Mn) | 76.7 | 74.4 | 77.9 |
Group revenue (EUR Mn) | 2,928.3 | 2,647.7 | 2,763.1 |
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View Subscription PlansResults by Segment
| Segment | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
Agro Adjusted EBITDA (EUR Mn) | 82.3 | 106.5 | 117.8 |
Bio-valorization Adjusted EBITDA (EUR Mn) | 49.8 | 9.4 | 16.1 |
Industrial Solutions Adjusted EBITDA (EUR Mn) | 83.8 | 66.9 | 43.5 |
Machines & Technologies Adjusted EBITDA (EUR Mn) | 45.4 | 27.3 | 51.3 |
T-Power Adjusted EBITDA (EUR Mn) | 57.4 | 55.5 | 59.5 |
Group Adjusted EBITDA (EUR Mn) | 318.7 | 265.6 | 288.1 |
Segment Margins & Growth (%)
| Segment | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
Agro Adj. EBITDA margin (%) | 10.4 | 12.9 | 12.6 |
Bio-valorization Adj. EBITDA margin (%) | 6.9 | 1.5 | 2.7 |
Industrial Solutions Adj. EBITDA margin (%) | 11.8 | 10.0 | 6.7 |
Machines & Technologies Adj. EBITDA margin (%) | 7.3 | 5.9 | 10.2 |
T-Power Adj. EBITDA margin (%) | 74.8 | 74.6 | 76.4 |
Group Adj. EBITDA margin (%) | 10.9 | 10.0 | 10.4 |
Results by Segment (FY2024–FY2025)
| Segment | FY2024 | FY2025 |
|---|---|---|
Agro Adjusted EBIT (EUR Mn) | 33.0 | 38.4 |
Bio-valorization Adjusted EBIT (EUR Mn) | -30.1 | -23.4 |
Industrial Solutions Adjusted EBIT (EUR Mn) | 28.6 | 3.4 |
Machines & Technologies Adjusted EBIT (EUR Mn) | 11.9 | 35.1 |
T-Power Adjusted EBIT (EUR Mn) | 20.3 | 24.4 |
Group Adjusted EBIT (EUR Mn) | 63.8 | 77.9 |
EBIT adjusting items (EUR Mn) | -47.3 | -78.3 |
Group IFRS EBIT (EUR Mn) | 16.5 | -0.4 |
Segment Revenue
| Segment | FY2024 YoY (%) | FY2025 YoY (%) | FY2025 FX-neutral YoY (%, company) | FY2025 share of revenue (%) | FY2025 share of Adj. EBITDA (%) |
|---|---|---|---|---|---|
Agro | 3.6 | 13.7 | 17.0 | 33.8 | 40.9 |
Bio-valorization | -14.8 | -3.9 | -2.6 | 21.5 | 5.6 |
Industrial Solutions | -5.4 | -2.9 | -2.4 | 23.6 | 15.1 |
Machines & Technologies | -25.9 | 9.3 | 10.3 | 18.3 | 17.8 |
T-Power | -3.0 | 4.7 | 4.7 | 2.8 | 20.7 |
Group | -9.6 | 4.4 | 6.0 | 100.0 | 100.0 |
Segment Overview — Agro
| Segment | HY25 revenue | HY26 revenue | FX-neutral change (%) | HY25 Adj. EBITDA | HY26 Adj. EBITDA | HY26 margin (%) |
|---|---|---|---|---|---|---|
Agro | 521.8 | 574.5 | 14.7 | 67.9 | 75.0 | 13.0 |
Bio-valorization | 312.2 | 279.0 | -9.1 | 4.7 | 12.2 | 4.4 |
Industrial Solutions | 347.0 | 348.5 | 1.4 | 28.0 | 37.8 | 10.8 |
Machines & Technologies | 267.4 | 252.9 | -5.0 | 33.6 | 22.3 | 8.8 |
T-Power | 39.1 | 38.6 | -1.1 | 29.2 | 29.6 | 76.6 |
Group | 1,487.4 | 1,493.5 | 2.6 | 163.4 | 176.8 | 11.8 |
Income Statement and Per-Share Data
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Revenue (EUR Mn) | 2,081.5 | 2,587.5 | 2,928.3 | 2,647.7 | 2,763.1 |
Gross profit (EUR Mn) | — | — | — | 513.2 | 525.7 |
Adjusted EBITDA (EUR Mn) | 354.2 | 434.8 | 318.7 | 265.6 | 288.1 |
Adjusted EBIT (EUR Mn) | — | — | — | 63.8 | 77.9 |
EBIT, IFRS operating income (EUR Mn) | 225.7 | 288.1 | 120.6 | 16.5 | -0.4 |
Profit before tax (EUR Mn) | — | — | — | 46.6 | -57.3 |
Profit for the period (EUR Mn) | 188.3 | 226.8 | 114.4 | 44.0 | -80.2 |
Net profit attributable to equity holders (EUR Mn) | — | — | 109.5 | 42.8 | -81.1 |
EPS basic (EUR) | 4.36 | 5.26 | 1.74 | 0.70 | -1.34 |
EPS diluted (EUR) | — | — | — | 0.70 | -1.34 |
Dividend / distribution per share for the FY (EUR) | 0 | 0.75 | 0.75 | 0.75 | 0.75 |
Margin Analysis (%)
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Gross margin (%) | — | — | — | 19.4 | 19.0 |
Adjusted EBITDA margin (%) | 17.0 | 16.8 | 10.9 | 10.0 | 10.4 |
Adjusted EBIT margin (%) | — | — | — | 2.4 | 2.8 |
EBIT margin (%) | 10.8 | 11.1 | 4.1 | 0.6 | 0.0 |
Net margin (%) | 9.0 | 8.8 | 3.9 | 1.7 | -2.9 |
Balance Sheet
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Total assets (EUR Mn) | — | — | — | 2,934.8 | 2,643.0 |
Cash and cash equivalents (EUR Mn) | — | — | — | 182.4 | 158.0 |
Short-term investments (EUR Mn) | — | — | — | 70.0 | 0 |
Current loans and borrowings (EUR Mn) | — | — | — | 123.3 | 92.1 |
Non-current loans and borrowings (EUR Mn) | — | — | — | 134.1 | 107.2 |
Total financial debt incl. leases (EUR Mn) | — | — | — | 257.4 | 199.3 |
Net financial debt, positive = debt (EUR Mn) | 74.8 | 59.5 | -10.1 | 5.0 | 41.3 |
Total equity (EUR Mn) | — | — | — | 1,912.4 | 1,704.8 |
Equity attributable to shareholders (EUR Mn) | 1,130.0 | 1,401.8 | 1,930.9 | 1,896.0 | 1,689.8 |
Goodwill (EUR Mn) | — | — | — | 74.8 | 34.7 |
Intangible assets (EUR Mn) | — | — | — | 244.2 | 176.2 |
Working capital: current assets minus current liabilities (EUR Mn) | — | — | — | 667.8 | 594.8 |
Trade working capital: inventories + trade receivables − trade payables (EUR Mn) | — | — | — | 565.8 | 533.6 |
Cash Flow
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Cash flow from operating activities (EUR Mn) | 248.1 | 199.8 | 219.2 | 333.2 | 225.7 |
Capital expenditure (EUR Mn) | — | 113.4 | 178.5 | 180.6 | 135.6 |
Free cash flow = OCF − capex (EUR Mn) | — | 86.4 | 40.7 | 152.6 | 90.1 |
Dividends paid to shareholders (EUR Mn) | — | — | — | 54.0 | 45.0 |
Share buybacks (EUR Mn) | — | — | — | 47.3 | 37.0 |
Acquisitions, net of cash (EUR Mn) | — | — | — | 60.8 | 16.7 |
Returns & Leverage Ratios (%) and Financial Ratios (x)
| Metric | FY2024 | FY2025 |
|---|---|---|
ROE, attributable profit / avg. attributable equity (%) | 2.2 | -4.5 |
ROA, profit / avg. total assets (%) | 1.5 | -2.9 |
ROIC, Adj. EBIT × (1 − 25%) / (equity + net debt) (%) | 2.5 | 3.3 |
Current ratio (x) | 2.11 | 2.08 |
Debt to equity, total financial debt / total equity (x) | 0.13 | 0.12 |
Net debt / Adjusted EBITDA (x) | 0.02 | 0.14 |
Interest coverage, Adj. EBIT / interest paid (x) | 7.0 | 7.8 |
Asset turnover, revenue / avg. total assets (x) | 0.90 | 0.99 |
Days inventory outstanding (days) | 95.8 | 86.6 |
Days sales outstanding (days) | 60.4 | 57.9 |
Days payables outstanding (days) | 74.0 | 71.1 |
Cash conversion cycle (days) | 82.2 | 73.4 |
Income Statement
| Metric | HY2023 | HY2024 | HY2025 | HY2026 |
|---|---|---|---|---|
Adjusted EBITDA (EUR Mn) | 205.1 | 150.7 | 163.4 | 176.8 |
Capital expenditure (EUR Mn) | 97.9 | 75.4 | 73.4 | 43.7 |
Net cash, positive = cash (EUR Mn) | 13.3 | 32.6 | -21.6 | -78.3 |
Revenue by Region
| Region | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
Europe revenue (EUR Mn) | 1,597.8 | 1,433.8 | 1,471.3 |
North America revenue (EUR Mn) | 781.6 | 681.8 | 755.0 |
South America revenue (EUR Mn) | 116.2 | 120.2 | 107.8 |
Asia revenue (EUR Mn) | 362.3 | 314.3 | 341.6 |
Rest of world revenue (EUR Mn) | 70.4 | 97.6 | 87.5 |
Group revenue (EUR Mn) | 2,928.3 | 2,647.7 | 2,763.1 |
Geographic Revenue
| Region | FY2024 YoY (%) | FY2025 YoY (%) | FY2025 share (%) |
|---|---|---|---|
Europe | -10.3 | 2.6 | 53.2 |
North America | -12.8 | 10.7 | 27.3 |
South America | 3.4 | -10.3 | 3.9 |
Asia | -13.2 | 8.7 | 12.4 |
Rest of world | 38.6 | -10.3 | 3.2 |
Data Point Details
| Data point | Value | Date / source |
|---|---|---|
Share price | ≈ EUR 22.5 | 9 Oct 2026 (PitchBook; quoted with a "$" label but consistent with the EUR line — treat as EUR) |
Share price | EUR 23.85 | ~8 Sep 2026 (Trivano) |
HY26 results reaction | +10.4%, from about 21.65 to about 23.9 | 27 Aug 2026 (Investing.com; quoted as USD but consistent with EUR) |
52-week range | About 22.5–33.5 per Investing.com (inconsistent with a sub-22 pre-results price; treat with caution) | Aug 2026 |
Reference points | EUR 27.95 (Aug 2023); EUR 24.65 (Apr 2025); EUR 28.92 (Picanol block purchase, Oct 2016) | Test-Aankoop; Picanol release |
Market capitalisation | ≈ EUR 1.33 bn (59.06 M shares) | Computed, Oct 2026 |
Valuation Multiples
| Multiple | Tessenderlo | Basis |
|---|---|---|
P/E FY2026e | ≈ 23.7x | MarketScreener consensus net income EUR 55.9 M ÷ 59.06 M shares ≈ EUR 0.95 EPS |
EV/EBITDA FY2025 | ≈ 4.9x | EV ≈ EUR 1,330 M market cap + EUR 78.3 M HY26 net debt + EUR 1.3 M minorities |
EV/EBITDA FY2026e, pro forma for FMC debt | ≈ 5.6x | EV ≈ EUR 1,760 M (illustrative EUR 430 M net debt) ÷ guidance midpoint ≈ EUR 317 M; excludes the market value of the FMC stake, which is a non-operating asset |
EV/Sales FY2025 | ≈ 0.51x | — |
P/B (30 Jun 2026) | ≈ 0.78x | Equity attributable EUR 1,706.1 M |
Dividend yield | ≈ 3.3% | EUR 0.75 ÷ EUR 22.5 |
Analyst Ratings & Targets
| Broker / source | Rating | Target price | Date |
|---|---|---|---|
KBC Securities (Wim Hoste) | Accumulate | EUR 26.00 | 2026 (target reduced from EUR 28 after FY2025 results) |
Degroof Petercam | Hold | EUR 26.00 | Date not shown (Beursgenoten) |
Number of covering analysts | 5 | — | Simply Wall St, Mar 2026 |
Income Statement (FY2026–FY2028)
| Metric | FY2026 | FY2027 | FY2028 |
|---|---|---|---|
Revenue (EUR Mn) | 2,833 | 2,947 | 3,068 |
EBITDA (EUR Mn) | 308.3 | 324.6 | 357.4 |
Net income (EUR Mn) | 55.9 | 70.9 | 97.2 |
Free cash flow (EUR Mn) | 94.7 | 106.0 | 119.2 |
Per-Share Data
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Gross dividend / distribution per share (EUR) | 0 | 0.75 | 0.75 | 0.75 | 0.75 |
Activity by Period
| Period | Activity |
|---|---|
| 2023 | Buyback launched Mar 2023; 1,149,000 shares acquired by end-2023; 1,083,003 shares cancelled Dec 2023 |
Aug 2024 | 23.24 M treasury shares cancelled (27.5% of outstanding) |
| 2024 | EUR 47.3 M of repurchases |
| 2025 | 1,492,496 shares bought (EUR 37.0 M); 987,561 cancelled 25 Mar 2025 and 1,096,747 cancelled 17 Dec 2025; programme completed 23 Dec 2025 |
| 2026 | No repurchases in HY26; CFO says a restart is possible in the coming months; 69,614 treasury shares at 31 Jul 2026 |
Capital Markets
| Item | Detail |
|---|---|
Moody's / S&P / Fitch | No public credit rating (not publicly disclosed / unrated) |
Debt at 30 Jun 2026 | Loans and borrowings EUR 212.9 M (current EUR 113.5 M; non-current EUR 99.4 M), including lease liabilities (EUR 59.1 M at end-2023) |
New debt, Sep 2026 | EUR 100 M, EUR 50 M and EUR 75 M bank term loans with 5–7-year maturities (≈ 2031–2033), plus existing credit lines |
Maturity profile | Pre-FMC, short-dated (more than 50% current); post-FMC, termed out to 2031–2033 for the new loans; a detailed ladder is not disclosed |
Analyst Conclusions
Management guidance and consensus
FY2026 Adjusted EBITDA: +5% to +15% versus EUR 288.1 M, i.e., EUR 302.5–331.3 M (computed). This implies 2H26 Adjusted EBITDA of EUR 125.7–154.5 M versus EUR 124.8 M in 2H25, even with a minimal T-Power contribution.
Segment colour (HY26 webinar): - Agro: strong 2H expected; Cinis plant contributes from 2027.
-
Bio-valorization: benefits from restructuring and the Argentina plant returning to full output; insurance recognised in 2H.
-
Industrial Solutions: resilient, with continued DYKA price pass-through.
-
Machines & Technologies: improvement in 2H on better order intake.
-
T-Power: stable revenue but little EBITDA under the interim contract.
Consensus (MarketScreener): EBITDA of EUR 308.3 M (FY2026e), EUR 324.6 M (FY2027e) and EUR 357.4 M (FY2028e) — a 7.5% CAGR over FY2025–FY2028.
Bull case
-
Agro compounding. Agro EBITDA rose from EUR 82.3 M (FY2023) to EUR 117.8 M (FY2025) and grew 17% in HY26. Tiger-Sul, the Metam labels, Ohio/Geleen capacity and the Cinis plant (1Q27) give a visible path to roughly EUR 140–150 M of segment EBITDA, materially de-risking the group.
-
Portfolio simplification unlocks value. Deconsolidating PB Leiner into Nextida removes a segment that lost EUR 23.4 M at Adjusted EBIT level in FY2025, while retaining 15% of a global leader with about USD 1.5 bn of revenue. Monetising the 24-hectare Vilvoorde site adds non-operating value.
-
Deep value with optionality. At about 0.8x book, about 5x FY2025 EV/EBITDA and a 3.3% yield, the market ascribes little value to the 20% FMC stake (bought at USD 13.30, with a board seat). An FMC turnaround driven by new molecules could add several euros per Tessenderlo share.
Bear case
-
Earnings quality and FX. IFRS EBIT was approximately zero in FY2025 after EUR 78.3 M of adjusting items, and FX swings of EUR ±50 M make reported EPS unreliable. Repeated impairments (Ham, Vilvoorde, Fresno) suggest further write-downs in European assets remain possible.
-
Leverage and concentration risk from FMC. The group swapped a near-net-cash balance sheet for about EUR 430 M of illustrative net debt to buy a minority stake in a heavily shorted, leveraged agrochemical company, under a three-year lock-up and standstill. If FMC's recovery stalls, the mark-to-market and opportunity cost fall on minority shareholders who had no vote on the decision.
-
Earnings holes to fill. T-Power's EUR 55–60 M annuity is gone from 2H26 unless replaced. Picanol faces yen-advantaged rivals (HY26 M&T EBITDA -33%). DYKA and Kuhlmann depend on a European construction and industrial recovery that has repeatedly failed to arrive.
Key catalysts and monitorables (next 12 months)
| Timing | Catalyst / monitorable |
|---|---|
| 4Q26 | Regulatory clearance and closing of the Darling/Nextida JV; deconsolidation accounting |
| 4Q26 | Accounting treatment of the FMC stake (equity method versus fair value) and the first contribution; FMC operating news (new molecule launches, debt reduction toward USD 1 bn) |
| By 31 Dec 2026 | Long-term T-Power solution after the interim tolling expires |
| 2H26 – 1H27 | Vilvoorde closure costs (about EUR 31 M) and site-sale process |
| 1Q27 | Cinis SOP plant ramp-up |
| Early 2027 | Picanol new-product launches; order intake trend |
| 25 Mar 2027 | FY2026 results versus the EUR 302.5–331.3 M guidance; FY2027 outlook; FY2026 distribution |
| Ongoing | Restart of share buybacks; net debt trajectory; sulphur/MOP/ethylene prices; EUR/USD and JPY; Vynova's status |
Concluding analyst verdict
Tessenderlo Group in late 2026 is a company in deliberate transition, steered by an owner-CEO who controls nearly three-quarters of the votes and invests on a generational horizon. The operating core is healthier than headline IFRS numbers suggest. Adjusted EBITDA has recovered from EUR 265.6 M (FY2024) to EUR 288.1 M (FY2025) and is guided 5–15% higher for FY2026. HY26 delivered EUR 176.8 M with improving margins in three of five segments. Cash conversion remains the group's signature: about EUR 225–335 M of operating cash flow a year funds capex, a stable EUR 0.75 distribution and opportunistic deals.
The transformation, however, carries real risk. In under twelve months the group agreed to cede control of its gelatin franchise to Darling, closed a century-old Belgian plant, lost its T-Power annuity, and took on roughly EUR 350 M of incremental debt to buy 20% of FMC. That last move turns Tessenderlo partly into an investment holding whose value will increasingly depend on assets it does not control and cannot sell before 2029. For minority investors this is a double-edged sword: the stock trades at deep-value multiples (about 0.8x book, about 5x EV/EBITDA), but much of that discount reflects precisely this governance and capital-allocation profile, along with persistent IFRS noise from impairments and unhedged FX.
Our synthesis is balanced-to-constructive on fundamentals, cautious on governance. The asymmetric upside lies in Agro compounding, clean execution of Nextida and Vilvoorde, and any FMC recovery. The principal downside lies in a weak 2H26 at Picanol and T-Power, further European impairments, and FMC disappointment. Those requiring earnings visibility, liquidity or strong minority protections should wait for proof points: FY2026 delivery within guidance, a T-Power solution, Nextida closing and a restarted buyback.
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View Subscription PlansExecutive Leadership
Executive Leadership Team
| Name | Title | In role since | Prior roles | Education |
|---|---|---|---|---|
Luc Tack | Chief Executive Officer and executive director | Executive director 13 Nov 2013; CEO 18 Dec 2013 | Managing Director of Picanol Group (CEO since 2011); entrepreneur with holdings in textiles, cleaning, water treatment and home textiles (Symphony Mills, Artela, Verbrugge and others); director of Rieter Holding AG; nominated to FMC board (Sep 2026) | — |
Miguel de Potter | Chief Financial Officer (also heads Investor Relations) | 1 Jan 2024 | CFO of Exmar (Euronext: EXM); Group Chief Value Officer at Van Marcke; about 20 years in finance | Master's in Financial Management (Vlerick Business School); Master's in Law (UCLouvain) |
Sandra Hoeylaerts | Chief Transformation Officer | Joined 27 Sep 2023 as Chief HR Officer; CTO from 1 Jan 2024 | More than 25 years in HR and business roles at Accenture, Huntsman and Eurofins | Master's in Commercial Engineering (EHSAL); HR Management degree (Vlerick) |
“—” = not publicly disclosed.
Board of Directors
| Director | Role | Independent | Mandate until | Background |
|---|---|---|---|---|
Wouter De Geest | Chairman | No (not classified independent on company page) | May 2027 | Former CEO of BASF Antwerp; past chairman of VOKA (Flemish business network); director of Port of Antwerp, Besix, Exmar, Aertssen, ZNA hospital network; chairman of Catalisti |
Luc Tack | Executive director (CEO) | No | May 2027 | Controlling shareholder |
Pasma NV (rep. Patrick Steverlynck) | Non-executive director | No | May 2027 | Former CEO (1987–2001) and chairman (to 2004) of Picanol; controls Manuco International (7.6% of votes) |
West Linde BV (rep. Laurie Tack) | Non-executive director | No | May 2027 | Related to the reference shareholder |
Ann Vereecke BV (rep. Ann Vereecke) | Independent non-executive director | Yes | May 2027 | Professor of Operations and Supply Chain Management (Vlerick, Ghent University); director at bpost, Deceuninck, What's Cooking Group; board member since May 2023 |
Rocco BV (rep. Roseline Braet) | Non-executive director | No | May 2029 | — |
Sebastià Pons | Independent non-executive director | Yes | May 2029 | — |
Béatrice Bruey | Independent non-executive director | Yes | May 2027 (end of the AGM approving FY2026 accounts) | Many years in management positions in engineering at GEA Group; co-opted 25 Mar 2026 to replace Karel Vinck; confirmed at the May 2026 AGM |
Board & Management Changes
| Date | Change | Context |
|---|---|---|
4Q 2023 | Several senior leadership changes announced; Stefaan Haspeslagh succeeded as CFO | Post-Picanol integration |
27 Sep 2023 | Sandra Hoeylaerts joins as Chief HR Officer | — |
1 Jan 2024 | Miguel de Potter CFO; Hoeylaerts becomes CTO; ExCom reduced to three | Lean holding-style ExCom |
25 Aug 2025 | End of Karel Vinck's mandate (former CEO/Chairman of Umicore) | Resignation acknowledged at the May 2026 AGM |
25 Mar 2026 | Béatrice Bruey co-opted as independent director | Engineering-industry expertise |
12 May 2026 | AGM confirms Bruey | — |
23 Sep 2026 | Luc Tack nominated to the FMC Corporation board | Under the FMC investment agreement |
Major Shareholders
| Shareholder | Shares | % of shares (computed) | Voting rights | % voting rights |
|---|---|---|---|---|
Oostiep Group bv (controlled by Luc Tack) | 36,711,808 | 62.16 | 72,170,424 | 72.92 |
Luc Tack (direct) | 46,113 | 0.08 | 92,226 | 0.09 |
Manuco International nv (controlled by Patrick Steverlynck) | 3,798,257 | 6.43 | 7,557,833 | 7.64 |
Patrick Steverlynck (direct) | 10,738 | 0.02 | 10,738 | 0.01 |
Treasury shares | 69,614 | 0.12 | 69,614 | 0.07 |
Free float | 18,426,026 | 31.20 | 19,066,940 | 19.27 |
Total | 59,062,556 | 100.00 | 98,967,775 | 100.00 |
Competitive Landscape
Competitors by Segment
| Segment / niche | Competitors (named) | Relative positioning of Tessenderlo |
|---|---|---|
Liquid sulphur fertilisers (thiosulphates), sulphur-bentonite — North America | Koch Agronomic Services / Koch Fertilizer, Nutrien (retail and wholesale), Martin Midstream (sulphur-based fertilisers), regional ATS producers | Tessenderlo Kerley is a long-established leader in thiosulphate liquids (Kerley since 1995), strengthened by Tiger-Sul in sulphur-bentonite; market shares not publicly disclosed |
Sulphate of potash (SOP) | K+S (Germany), Compass Minerals (US), SQM (Chile), ICL (Israel), numerous Chinese Mannheim producers | TKI is a major European Mannheim SOP producer; cost position under pressure (Ham impairment cites a changing competitive environment) |
Off-patent crop protection | AMVAC (American Vanguard), UPL, Albaugh, Corteva, and generic formulators | NovaSource is a niche label consolidator; small relative to these players |
Gelatin and collagen peptides | Darling/Rousselot (future JV partner), Gelita (private, Germany), Nitta Gelatin (Japan), Weishardt (France), Chinese producers | PB Leiner is a top-tier global gelatin player; with Rousselot, Nextida would be the global leader with about 200,000 t capacity |
Rendering (France) | Saria (Rethmann Group), Darling (Sonac and others), regional cooperatives | Akiolis is one of the main French renderers |
Plastic pipe systems (Europe) | Wavin (Orbia), Pipelife (Wienerberger), Aliaxis (private), Georg Fischer, Polypipe (Genuit) | DYKA is a mid-sized, Benelux-centric player |
Water-treatment coagulants (ferric chloride) | Kemira (Finland), Feralco (private), regional producers | Kuhlmann Europe is a strong French producer with captive HCl |
Weaving machines | Toyota Industries (Japan), Tsudakoma (Japan), Itema (Italy, private), Lindauer Dornier (Germany, private), Chinese loom makers | Picanol ranks among the top global weaving-machine makers; currently disadvantaged by a weak yen |
Gas-fired power (Belgium) | Engie Electrabel, Luminus (EDF), TotalEnergies, RWE | Single-asset merchant/tolling exposure |
Peer Comparison FY2025
| Company | FY2025 revenue | Revenue growth (%) | EBITDA (company definition) | EBITDA margin (%) |
|---|---|---|---|---|
Tessenderlo Group | EUR 2,763.1 M | 4.4 | EUR 288.1 M (Adjusted) | 10.4 |
Kemira (water chemicals) | EUR 2,753.5 M | -7 (reported) | EUR 524.6 M (operative) | 19.1 |
K+S (potash/SOP) | EUR 3,648 M | -0.1 | EUR 612.8 M | 16.8 |
Darling Ingredients (Rousselot parent) | USD 6,135.9 M | 7.4 | USD 1.03 bn (combined adjusted, incl. DGD) | 16.8 (computed) |
Recent Developments
Guidance revisions: * 19 Dec 2024 (FY2024 cut to -15–20% vs FY2023); 26 Mar 2026 (FY2026 flat); 27 Aug 2026 (FY2026 raised to +5–15%).
