Thermador Groupe (THEP) H2 2024 earnings summary

Executive summary

• Revenue declined 13.3% year-over-year to €503.9m, with a 10.9% drop in volumes and 2.6% price deflation, mainly due to reduced public funding for energy renovation and a slowdown in new housing starts.

• Operating profit fell 25.7% to €60.2m, and net profit attributable to the group dropped 23.3% to €44.7m.

• Despite the downturn, the group maintained a strong financial structure, with €63.3m in cash, €30.5m in bank debt, and €363m in equity.

• The dividend is proposed to remain stable at €2.08 per share.

Financial highlights

• Revenue: €503.9m (-13.3% year-over-year).

• Operating profit: €60.2m (-25.7% year-over-year).

• Net profit: €44.7m (-23.3% year-over-year).

• Gross margin: 36.2%.

• Cash: €63.3m; Bank debt: €30.5m; Equity: €363m.

• Dividend: €2.08 per share (unchanged).

Outlook and guidance

• No sales stabilization expected in Q1 2025; price effect in 2025 expected to be negligible.

• Assuming gradual recovery in construction and energy renovation, turnover is expected to stabilize in 2025.

• Continued focus on organic growth and targeted acquisitions, with ongoing negotiations for new deals.