Thermador Groupe (THEP) AGM 2026 summary

Opening remarks and agenda

• Meeting opened with recognition of staff loyalty, highlighting an increase in average length of service to 9.75 years, partly due to new subsidiaries Quilinox and C2AI joining in 2025.

• Emphasis on employee dedication and expertise as a foundation for group success.

Financial performance review

• Headcount remained stable, with a 3.2% increase in salaries and a wage bill over turnover ratio rising above 13%, up from 11% in 2023.

• Turnover and profit remained stable despite challenging market conditions, with robust performance from new subsidiaries Quilinox and C2AI.

• Return on capital employed was 16.4%, and operating profit to capital employed was 11.8%.

• Cash generation reached a record EUR 97 million, with stock days reduced from 213 to 203.

• Investments announced for 2026 include EUR 12.3 million, focusing on logistics automation and new buildings.

Board and executive committee updates

• Governance change: separation of chairman and CEO roles, with Olivier Villemonte de la Clergerie appointed as non-executive chairman for four years.

• Board renewal included new appointments and employee representation, maintaining two employee board members.

• Continued focus on gender diversity, with 33% women on executive and extended committees.