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Thermador Groupe (THEP) investor relations material
Thermador Groupe Q3 2025 TU earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
- Q3 2025 turnover reached €128.8m, down -1.2% year-over-year, with total nine-month sales at €383.1m, a -1.9% decrease from last year. 
- Integration of QUILINOX and C2AI aligns with long-term industry and export strategy, expanding the workforce to 911. 
- 13 subsidiaries recorded Q3 revenue growth, reversing over two years of decline. 
- Management continuity ensured with existing shareholders and new chairman representation. 
- Recent acquisitions financed by seven-year fixed-rate loans without guarantees, maintaining key banking relationships. 
Financial highlights
- Equity rose to €384m, and cash position reached a record €85m, up from €46.8m last year. 
- Loans and financial debt increased to €47.6m, while inventories decreased to €165.3m, representing 196 days of stock. 
- Q3 turnover at constant scope increased by 2.2%, with Alto Metering and C2AI contributing €5m. 
- Third-quarter revenue rose 4.5% year-over-year (2.2% at constant scope), but annual revenue is down 3.2% at constant scope. 
- 10-year total return: 10.3% vs. 8.6% for CAC 40. 
Outlook and guidance
- Short-term outlook is cautious due to political uncertainty in France, especially affecting new housing, public works, and DIY sectors. 
- Energy renovation incentives (MaPrimeRénov', CEE) and pricing strategies are expected to influence future performance. 
- Industry segment expected to drive turnover next year, with stable PMI indicators around 50. 
- Price effect expected to stabilize at -1.5% for H2, with slight inflation anticipated in 2026 as suppliers announce price increases. 
- Actively seeking further acquisitions, especially abroad in industrial valve or water cycle markets. 
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