Thermador Groupe (THEP) H2 2025 earnings summary

Executive summary

• Turnover for 2025 was €501.7m, down 0.4% year-over-year and 2.9% at constant scope, with a negative price effect of -1.4%.

• Workforce stable at 903, with 72 new employees from acquisitions of QUILINOX and C2AI.

• Net profit attributable to the group was €44.1m, a 1.5% decrease compared to 2024.

• International sales increased as a share of group turnover from 16.3% to 17.3%, with international professional channel growing 12.3%.

• Governance changes include separating CEO and Chairman roles for best practices.

Financial highlights

• Operating profit was €59.4m, down 1.2% from 2024, with margin at 11.8% of net turnover.

• Cash position reached €97 million at year-end, with €36.7 million net cash flow generated.

• Personnel expenses rose to 13.2% of net revenue, with a 2.4% salary increase.

• Free cash flow for 2025 was €46.9 million.

• Dividend per share proposed at €2.10 for 2025, maintaining a 43% distribution rate.

Outlook and guidance

• Reasonable optimism for 2026, except for continued challenges in retail and building sectors.

• Price effect expected to turn positive in 2026 due to rising raw material costs.

• Government target to build two million homes by 2030 and the sixth Energy Saving Certificates period should support demand.

• No major acquisitions expected in 2026, but European opportunities are being explored.

• No major recruitment planned for 2026, except reinforcement of IT teams.