Thermador Groupe (THEP) Investor presentation summary

Financial performance

• Half-year turnover declined by 16.1% to €271.5M, with both retail and pro channel segments experiencing double-digit drops.

• Current operating income fell 27.8% to €34.1M, and net profit decreased 26.6% to €25.3M.

• Margin rate improved to 36.08% (+1.2 pts), but operating profit and net profit margins declined.

• Subsidiary profitability varied, with Jetly and Thermador maintaining strong margins, while Axelair posted negative profitability.

• Organic sales growth and volumes have been negative since 2023, reflecting a challenging market.

Market environment

• The sanitary and heating wholesale market (Coedis) contracted by 8.3% by end-August 2024.

• The DIY market (INOHA) was down 4.5% by end-July 2024.

• New housing starts in France continued to decline, impacting demand for related products.

• Manufacturing PMI indices for France and the Eurozone remained below 50, indicating contraction.

Financial structure and cash flow

• Equity increased to €365M, while stock levels and financial debt decreased.

• Cash position rose sharply to €47.7M as of June 30, 2024.

• Free cash flow reached €38.4M, with positive cash flow from operations offset by investments and financing outflows.

• Operating working capital requirement (WCR) improved to 40.1% of turnover.

• CAPEX remained moderate, with property investments forming a small portion.