par Thermador Groupe (EPA:THEP)
THERMADOR GROUPE : Annual results 2025
LETTER TO SHAREHOLDERS N° 122
60, rue de Luzais • Parc d’Activités de Chesnes • 38 070 SAINT-QUENTIN-FALLAVIER • FRANCE
Tel. +33 474 95 63 28 • Email: contact@actionnaires.thermador-groupe.fr
Private limited company with capital of €36,803,396 - 339 159 402 companies register of Vienne - SIRET n°: 339 159 402 00025 thermador-groupe.fr
March 2, 2026
Dear shareholder,
Our Board of Directors met to approve the final accounts for 2025, which are presented as follows:
TURNOVER AT DECEMBER 31, 2025
-0.4%
-2.9%
at constant scope*
| IN THOUSANDS OF EUROS | 2025 | 2025 constant scope* | 2024 | VARIATION 2025/2024 | VARIATION 2025/2024 constant scope* |
|---|---|---|---|---|---|
| TOTAL AT DECEMBER 31 - ACCORDING TO IFRS 15 | 501,744 | 489,296 | 503,885 | -0.4% | -2.9% |
| 1ST QUARTER | 129,913 | 128,781 | 141,190 | -8.0% | -8.8% |
| 2ND QUARTER | 128,768 | 127,562 | 130,344 | -1.2% | -2.1% |
| 3RD QUARTER | 124,407 | 121,588 | 119,017 | 4.5% | 2.2% |
| 4TH QUARTER | 118,656 | 111,365 | 113,334 | 4.7% | -1.7% |
BREAKDOWN BY BUSINESS
| 2025 | 2025 constant scope* | 2024 | VARIATION 2025/2024 | VARIATION 2025/2024 constant scope* | |
|---|---|---|---|---|---|
| Mecafer and Domac, air compressors, generators, power packs, solar panels, welding stations and high-pressure cleaners | 28,801 | 28,801 | 29,969 | -3.9% | -3.9% |
| Odrea, pumps, technical plumbing accessories and taps | 52,442 | 52,442 | 61,220 | -14.3% | -14.3% |
| Isocel, supply of components to OEM | 7,523 | 7,523 | 7,087 | 6.2% | 6.2% |
| Aello, equipment for swimming pools | 18,781 | 18,781 | 17,645 | 6.4% | 6.4% |
| DPI, plastic piping for wet and dry networks | 28,015 | 28,015 | 33,012 | -15.1% | -15.1% |
| Jetly, pumps, tanks and lifting stations | 56,227 | 56,227 | 58,304 | -3.6% | -3.6% |
| Thermador, central heating, solar and domestic water accessories | 62,171 | 62,171 | 65,969 | -5.8% | -5.8% |
| PBtub Heating - cooling surfaces and piping systems | 20,483 | 20,483 | 20,411 | 0.4% | 0.4% |
| Thermacome | 13,782 | 13,782 | 15,122 | -8.9% | -8.9% |
| Axelair, ventilation equipment and accessories | 8,370 | 8,370 | 7,437 | 12.5% | 12.5% |
| Alto Metering1, remote reader systems and electricity, water, gas, domestic fuel and energy meters | 3,516 | 1,403 | 1,164 | 20.5% | |
| Sferaco, valves, meters and fittings | 78,249 | 78,249 | 75,706 | 3.4% | 3.4% |
| Sectoriel, motorised valves and air compressors | 30,378 | 30,378 | 29,790 | 2.0% | 2.0% |
| Distrilabo, instrumentation for measurement and control | 7,209 | 7,209 | 7,043 | 2.4% | 2.4% |
| C2AI3, temperature probes and fluid regulation | 5,038 | ||||
| FGinox, stainless steel connectors, flanges, valves and accessories | 15,712 | 15,712 | 15,830 | -0.7% | -0.7% |
| Quilinox4, sanitary pumps, aseptic valves and industrial equipment | 4,617 | ||||
| Syveco, international | 37,336 | 37,336 | 35,785 | 4.3% | 4.3% |
| Sodeco Valves2, industrial valves | 22,607 | 21,927 | 21,963 | 2.9% | -0.2% |
| Other structures | 487 | 487 | 428 | 13.8% | 13.8% |
* 2025 turnover includes:
- the acquisition of Alto Metering by Thermador Groupe on 31 July 2024, with its turnover consolidated from 1 August 2024
- the acquisition of Vena Contracta’s business by Sodeco Valves on 9 August 2024, with its turnover consolidated from 10 August 2024
- the acquisition of C2AI by Thermador Groupe on 30 June 2025, with its turnover consolidated from 1 July 2025
- the acquisition of Quilinox by Thermador Groupe on 30 September 2025, with its turnover consolidated from 1 October 2025
ESTIMATED EFFECT OF THE VARIATION IN OUR SELLING PRICES: -1,4%
BUSINESS AND SUSTAINABILITY
The group’s consolidated turnover for FY 2025 declined by 2.9% to constant scope. This performance must be considered in the context of a negative price effect estimated at -1.4%. The resilience of our various business lines differed widely.
The building sector continued to face a difficult environment. In France, any real recovery in new builds has yet to materialise, while the MaPrimeRénov’ scheme has proved less effective than anticipated and may be gradually reduced to cater to government budget constraints.
Industrial activities showed greater resilience. By contrast, the consumer segment – accounting for 16.2% of consolidated turnover – was the most adversely affected, posting a decline of 10.9%.
Our subsidiaries operating in the water cycle recorded mixed performances. The strong results delivered by Aello (swimming pool equipment) and Sferaco (valves for water utilities) partly offset weaker trends in markets served by Jetly and DPI, including irrigation, wastewater lifting, rainwater harvesting and plastic piping for public works.
Internationally, professional channel growth remained robust (+12.3%), whereas the consumer channel contracted (-11.4%). As a result, the share of international turnover increased from 16.3% to 17.3%.
In terms of environmental performance, we reaffirmed our climate strategy by adopting the ACT® Step by Step (Assessing low Carbon Transition) approach supported by the French environment agency, ADEME. Our medium-term carbon trajectory has now been modelled. At the same time, we continued refining the accuracy of our greenhouse gas emissions assessment to reduce remaining uncertainties.
The collective commitment of our teams enabled us to preserve profitability despite a particularly challenging context. To constant scope, operating income and net income declined only marginally, by 1.9% and 2.1% respectively.
| In thousands of euros | 2025 | 2025 to constant scope | 2024 | Change 2025/2024 | Change 2025 to constant scope / 2024 |
|---|---|---|---|---|---|
| Operating profit | 59,445 | 59,010 | 60,167 | -1.2% | -1.9% |
| Net profit attributable to the Group | 44,056 | 43,813 | 44,743 | -1.5% | -2.1% |
FINANCIAL STRUCTURE AND PROSPECTS
Stock fell to €175.8 million, representing 203 days of purchases consumed, compared with 213 days at the end of December 2024. Consolidated operating working capital requirements stood at 39.8% of turnover at year-end (versus 40.4% at the end of 2024). As of December 31, 2025, bank debt amounted to €41.1 million, while equity after appropriation of earnings reached €387 million. Thanks to the rigorous efforts of our purchasing, sales and accounting teams, cash increased to €97 million.
Feedback from several suppliers and marked increases in certain raw material prices – particularly copper – suggest that the price effect should turn positive in 2026, following two consecutive years of deflation.
The sixth Energy Saving Certificates (ESC) period, launched on January 1, 2026 with a €40 billion budget over five years, represents a meaningful opportunity. This newly-bolstered programme (+27% compared with the fifth period) should support demand for heat pump accessories, solar thermal panels and other key products within our portfolio.
In response to the housing shortage, the government has set a target of building two million homes by 2030. Although the precise impact remains difficult to quantify, this ambitious initiative is expected to benefit our subsidiaries PBtub and Thermacome.
The overall environment remains comparable across our other business segments. We continue to focus daily on retaining existing customers while securing new ones. The industrial segment appears to offer the most promising prospects. Our positions – particularly in the highly fragmented markets for valves, fittings and industrial instrumentation – still provide significant room for development but justify our growth ambitions.
Supported by a solid cash position and a clear intention to reduce our exposure to the French market, we are actively exploring acquisition opportunities in Europe, targeting companies specialised in distribution to industry or the water cycle. At this stage, no major transactions are expected in 2026. Based on the objectives and strategy outlined on pages 10 and 11 of our universal registration document, we will conduct a comprehensive review and present our conclusions upon publication of the 2026 results.
In accordance with European regulations, we welcome the simplifications introduced by the Omnibus directive from 2027 onwards, particularly as our group is expected to exceed the threshold of 1,000 employees referenced in that directive.
DIVIDEND AND AGM
At the forthcoming AGM, we will confirm our intention to separate the roles of Chairman and Chief Executive Officer, effective the following day. This important evolution will strengthen our governance framework and align it with recognised best practices. It will also enable senior management to devote greater attention to operational priorities.
In line with our distribution policy, we will propose a modest increase in the dividend to €2.10 per share.
As of December 2025, institutional investors held 44.3% of the share capital, individual shareholders 45.4%, and existing and retired employees 6.9%.
Our Annual General Meeting will take place on April 7th at 5 p.m. at EM Lyon. We look forward to your attendance or your vote in order to once again exceed the 77% participation rate achieved in 2024. An information meeting will also be held in Paris on April 9th at 4 p.m. at Salons Hoche.
Yours sincerely,
The Chairman
Guillaume Robin
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To contact us: contact@actionnaires.thermador-groupe.fr