Tessenderlo Group reported a net profit of €66 million in the first half of 2026, reversing a loss from the same period a year earlier, as adjusted EBITDA rose to €176.8 million on revenue of just under €1.5 billion.
The Belgian chemicals and agro-industrial group raised its full-year 2026 adjusted EBITDA guidance to a range of 5% to 15% above 2025’s €288 million, implying a target of €302.4 million to €331.2 million. Operating cash flow for H1 2026 totaled €103.8 million, while capital expenditure declined to €43.7 million due to permitting delays and timing effects.
Net financial debt increased during the period, primarily reflecting acquisitions, while a foreign exchange gain of €8 million to €9 million contrasted with a loss of more than €50 million in H1 2025. Adjusted EBITDA margin improved to 11.8%, up from the prior-year period.
The group’s agro segment delivered EBITDA of €75 million at a 13% margin, a 17.3% increase excluding foreign exchange effects. CEO Luc Tack highlighted long-standing customer relationships and disciplined pricing as contributing factors to the performance. CFO Miguel Depoorter noted the company’s long-term investment in FMC Corporation, with regulatory approvals for a $400 million capital increase expected by late September or October 2026.
Tessenderlo also finalized the acquisition of the remaining 40% stake in PB Leiner, bringing full ownership to 100%, and secured a 15% stake in a collagen-based health and nutrition joint venture with Darling Ingredients. The group acquired the Cinis Fertilizer plant in Sweden in May 2026, with production of Sulfate of Potash expected to begin in Q1 2027.
On the operational front, the company closed a tolling agreement for the 425-megawatt T-Power plant starting July 1, 2026, and inaugurated a biomass cogeneration facility in April 2026 to reduce carbon emissions. Shares rose 10.39% to $23.90, extending gains from the prior session and placing the stock above its 52-week low of $22.47 but well below its high of $33.47.
