Thermador Groupe (THEP) AGM 2026 summary

Opening remarks and agenda

• Average employee service reached 9.75 years, up YoY; the stated ambition is to exceed 10 years despite a growing workforce.

• Headcount was stable excluding Quilinox and C2AI; salaries rose 3.2% as workforce retention and expertise remained priorities.

Financial performance review

• FY2025 turnover and profit were stable; Quilinox and C2AI added turnover and profit.

• Turnover was down 2.9% at constant scope; operating profit on capital employed was 11.8%, and return on capital employed was 16.4%.

• Cash generation reached a record €97m; inventory days declined from 213 to 203 while stocks were maintained to support service levels.

• The wage bill exceeded 13% of turnover, versus 11% in 2023; commercial margins were maintained despite customer and cost pressures.

• A maximum €12.3m investment was announced for 2026, including Sferaco warehouse automation and a new Distrilabo building in Alsace.

Board and executive committee updates

• Olivier Villemonte de la Clergerie was selected for a four-year non-executive chair mandate as chairman and CEO roles are separated.

• Guillaume Robin will remain CEO during the transition; succession planning covers future group management and a board chair for 2032, when he plans to leave operational and monitoring roles.

• Jean-Philippe Paul was proposed to replace Peter Wartel as a board member; Claire Sido was proposed as the employee board representative succeeding Marion.