Thermador Groupe (THEP) Q1 2026 TU earnings summary

Executive summary

• Q1 2026 turnover rose 9.6% year-over-year to €142.4 million, with 17 out of 21 subsidiaries reporting growth and six exceeding 10% turnover growth.

• Recent acquisitions, including Quilinos and C2AI, contributed to consolidated turnover.

• Floods in France boosted generator sales for Mecafer and Domac, offsetting retail market decline.

• Axelair reached break-even for the first time since its creation in 2014.

• AGM saw high participation and approval rates for resolutions, except for one dividend-related item.

Financial highlights

• Q1 2026 turnover: €142.4 million, up 9.6% year-over-year and 4.2% at constant scope.

• Professional channel turnover increased by 11.9% (5.4% at constant scope), while retail turnover declined by 1.2%.

• Negative price effect of -1.4% on turnover, with average price increases for 2026 expected to exceed 2%.

• Net cash position after bank debt and dividends: €45.6 million; cash at €105 million, debt at €40.2 million.

• Dividend of €2.10 per share declared for payment on April 17, 2026.

Outlook and guidance

• Price impact currently negative at -1.4%, expected to turn positive (>2%) by June 2026.

• Cautious outlook due to geopolitical risks, potential for higher mortgage rates, and uncertain government funding for energy renovation.

• Government aims to build 400,000 new homes/year by 2030 and install 1 million heat pumps/year, but financing remains uncertain.

• Ongoing focus on energy renovation and international expansion, with no immediate acquisition targets but active search continues.

• French ban on gas boilers from 2027 anticipated to boost heat pump demand.