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Thermador Groupe (THEP) investor relations material
Thermador Groupe H1 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Revenue for H1 2025 declined 4.7% year-over-year to €258.7M, with a 5.6% drop at constant scope and negative price and volume effects.
Operating income fell 12.2% to €29.9M, with margin down to 11.6%-12.7%; net income attributable to the group was €22.2M, down 12.1%.
Cash position and net cash improved to €61.3M-€62.7M, supported by C2AI acquisition and strong cash flow.
Five subsidiaries, including the largest, posted growth in H1 2025, while others faced losses or declines.
Workforce increased to 857, reflecting C2AI integration.
Financial highlights
Revenue: €258.7M in H1 2025 vs. €271.5M in H1 2024 (-4.7%); at constant scope, down 5.6%.
Operating margin at 11.6%-11.9%, down from 12.6% in H1 2024.
Free cash flow positive at €15.4M.
Equity increased to €384M.
Net cash position at €61.3M-€62.7M; debt at €35.3M-€36.4M.
Outlook and guidance
Signs of recovery in June 2025, with some subsidiaries returning to growth and improved DIY sector trends.
Management remains cautiously optimistic for organic growth and market stabilization.
CapEx for 2025 revised to €6.6M, with expectations above €10M for 2026.
Long-term growth target of 7% per year maintained.
Product development focuses on water and building thermal performance.
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