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Gentherm (THRM) investor relations material
Gentherm J.P. Morgan Auto Conference 2025 summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Strategic direction and growth initiatives
New management is scaling core thermal and pneumatic technologies into adjacent markets like commercial vehicles, agriculture, two-wheelers, and motion furniture, leveraging existing assets for growth.
Automotive remains the primary market, with awarded business in lumbar massage expected to grow from $175M in 2024 to over $300M by 2027, targeting $2B in revenue.
First five awards in adjacent markets were secured in Q2, including commercial vehicles and power sports, with further expansion in medical distribution and product development underway.
M&A is positioned as a key accelerator for growth beyond $2B, focusing on margin-accretive, ROIC-positive opportunities in both automotive and non-automotive sectors.
The company aims to shift its portfolio to less than 70% light vehicle over five years, increasing exposure to medical and adjacent markets.
Operational excellence and financial performance
Standardization of operating systems, KPIs, and program management across global sites is underway to drive efficiency and continuous improvement.
Footprint consolidation is planned in all regions, targeting a 30% reduction while supporting revenue growth to $2B without major new investments.
Operational excellence and process harmonization are expected to contribute about one-third of the bridge to mid-teens EBITDA margins, with improved cash conversion and reduced working capital.
The company is focused on growth over market, margin expansion from 12.5% to mid-teens EBITDA, and restoring cash conversion to historical 50–70% of EBITDA levels.
Return on invested capital remains a key internal metric, especially in evaluating M&A and capital allocation.
Market dynamics and competitive positioning
Outperformance in North America and Europe is driven by high adoption rates of core products, while China is being rebalanced toward domestic OEMs to match market shifts.
The company is adapting its product and commercial approach in China to meet local requirements and cost structures, learning from the fast-paced and cost-competitive environment.
Commercial model allows direct engagement with OEMs, providing control over product integration and market access, as demonstrated by recent major platform wins.
Electrification trends have minimal impact due to powertrain-agnostic product design, ensuring relevance across ICE, hybrid, and EV platforms.
No significant competitive impact observed from vertical integration moves by competitors; direct OEM relationships remain a strength.
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