Thermador Groupe (THEP) H1 2025 earnings summary

Executive summary

• Revenue for H1 2025 was €258.7M, down 4.7% year-over-year, with a 5.6% drop at constant scope and a negative price effect of -1.5%.

• Operating income fell 12.2% to €29.9M, with net income at €22.2M, both down from H1 2024.

• Margin rate improved in some areas due to favorable euro-dollar exchange rates and fixed-cost transport contracts, but overall operating margin declined to 11.6%.

• Free cash flow remained positive at €15.4M, and cash flow from operations reached €23.6M.

• Equity increased to €384M, and net cash position improved to €61.3M after the C2AI acquisition.

Financial highlights

• Revenue declined 4.7% year-over-year to €258.7M; at constant scope, down 5.6%.

• Operating margin at 11.6%, down from 12.6% in H1 2024.

• Net income per share was €2.42, compared to €2.75 in H1 2024.

• Free cash flow for H1 2025 was €15.4M.

• Dividend maintained at €2.08 per share.

Outlook and guidance

• Signs of recovery in June 2025, with some subsidiaries returning to growth and improved DIY sector trends.

• Management remains cautious due to ongoing market uncertainties and negative organic growth.

• Investment guidance for 2025 revised to €6.6M, with CapEx for 2026 expected to exceed €10M for major projects.

• Long-term growth target of 7% per year is maintained.