Thermador Groupe (THEP) H1 2025 earnings summary

Executive summary

• Revenue for H1 2025 declined by 4.7% year-over-year to €258.7m, with a 5.6% drop at constant scope and a negative price effect of -1.5%.

• Operating profit fell 12.2% to €29.9m, representing 11.6% of turnover (vs. 12.6% in H1 2024).

• Net profit attributable to the group was €22.2m, down from €25.3m in H1 2024, with net profit margin at 8.6%.

• Five subsidiaries, including the largest by turnover, reported growth in H1 2025, while others faced declines due to adverse weather and unpredictable government funding.

• The acquisition of C2AI was finalized, adding €11.3m in 2024 revenue and €1.4m EBITDA; negotiations for Quilinox in Spain are ongoing.

Financial highlights

• Revenue: €258.7m in H1 2025 vs. €271.5m in H1 2024 (-4.7%).

• Operating income margin was 11.6% in H1 2025; net profit margin was 8.6%.

• Net cash position improved to €61.3m (excluding overdrafts), with bank debt at €35.3m.

• Equity increased to €384m as of June 30, 2025.

• Dividend per share maintained at €2.08.

Outlook and guidance

• Market conditions for new housing and property transactions are improving, with more building permits granted and June 2025 billing exceeding June 2024.

• Product development focuses on water and building thermal performance, with expansion in industrial applications and international markets.

• CapEx for 2026 is expected to exceed €10m, with major projects planned.

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

• Acquisition of Quilinox in Spain expected to close in H2 2025.