Thermador Groupe (THEP) H2 2024 earnings summary

Executive summary

• Turnover for 2024 was €503.9m, down 13.3% year-over-year, with both retail and professional channels declining over 13% and a 10.9% drop in volumes and 2.6% decrease in prices.

• Net profit attributable to the group was €44.7m, a 23.3% decrease compared to 2023.

• Operating profit margin fell to 11.9% from 13.9% in 2023, with operating profit down 25.6%.

• The downturn was driven by reduced public funding for energy renovation, changes to MaPrimeRénov' grants, and a slump in property transactions and new housing starts.

Financial highlights

• Retail turnover: €91.2m (-13.6%); Professional channel: €412.3m (-13.5%).

• Operating profit: €60.2m (-25.6% year-over-year).

• Free cash flow: €60.3m; net cash flow variation: €28.6m.

• Stock level increased to 213 days of consumed purchases, up from 187 days at end-2023.

• Bank debt at year-end: €30.5m; equity after net profit: €363m; available cash: €63.3m.

• Dividend per share maintained at €2.08.

Outlook and guidance

• Market conditions remain challenging, with new housing starts and building permits in France continuing to decline.

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

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

• Growth targets remain in place, with a long-term strategy extending to 2032 and plans for organic growth and targeted acquisitions.