Thermador Groupe (THEP) AGM 2025 summary

Opening remarks and agenda

• Meeting opened with 72% attendance and over 1,000 voters, exceeding quorum requirements.

• Main shareholders and board members introduced, including representatives for significant capital holders.

• Tribute paid to the founder and acknowledgment of challenging market conditions.

Financial performance review

• 2024 marked by a significant drop in turnover, with retail down 13.6% and pro channel down 13.2%.

• Operating profit margin at 11.9%; net profit and operating profit declined due to fixed costs and lower sales.

• Cash position reached a record €63.3 million, supporting investments and acquisitions.

• Stock levels managed proactively, with a €4.6 million decrease in value due to lower purchasing prices.

• Dividend set at €2.08 per share, maintaining a record of never reducing dividends since listing.

Board and executive committee updates

• Succession planning discussed, with Xavier Isaac appointed as board member and future Deputy CEO.

• Executive committee structure evolving to include nine members, focusing on major business sectors.

• Gender diversity highlighted, with 40% women on the executive committee.