Thermador Groupe (THEP) H1 2026 earnings summary

Executive summary

• Consolidated turnover for H1 2026 rose by 11.3%, with 5.6% growth at constant scope, despite a -0.9% estimated variation in selling prices.

• Q2 2026 confirmed improvement with a 7% increase at constant scope.

• Operating profit increased by 17.3% year-over-year, representing 12.2% of turnover.

• Net profit attributable to the group rose by 17.6% compared to H1 2025.

Financial highlights

• Turnover reached €287.95m in H1 2026, up from €258.68m in H1 2025.

• Current operating income was €35.09m, up 17.3% year-over-year.

• Net profit attributable to the group was €26.17m, up 17.6% year-over-year.

• Net cash position (excluding overdrafts) stood at €104.2m; bank debt at €39.5m.

• Equity totaled €414m.

Outlook and guidance

• Q3 2026 expected to face tougher comparisons due to strong Q3 2025 growth.

• Advance purchases by customers may slow business in the next three months.

• Price increases since April are expected to positively impact results starting Q3.

• Numerous niche markets identified for future growth, including data centres, geothermal, and energy storage.

• Cautious short-term outlook due to geopolitical tensions and economic uncertainty in France and Europe.