Thermador Groupe (THEP) Q3 2024 TU earnings summary

Executive summary

• Turnover at September 30, 2024, declined by 14.1% year-over-year to €390.1m, reflecting a challenging market environment and driven by a 2.6% drop in prices and an 11.5% reduction in volumes.

• Both retail and pro channel segments experienced double-digit declines in turnover compared to the same period last year.

• Headcount remained stable at 797 employees as of 2024, despite challenging market conditions.

• The group is maintaining a strong cash position and continues to invest in future growth and acquisitions.

• The group is experiencing a slowdown after strong growth in 2021–2023, with no signs of recovery in early October.

Financial highlights

• Retail turnover fell 15.0% to €68.9m, while pro channel turnover dropped 13.9% to €320.9m year-over-year.

• Stock levels decreased to €174.9m from €193m, and cash position improved to €46.8m from €17.6m year-over-year.

• Debt stands at €32.6m, with continued repayments and a healthy net cash to bank debt ratio.

• Investments in 2024 were lower than previous years, continuing a downward trend.

• Estimated price impact over the first nine months is -2.6%; prices expected to stabilize or rise slightly in 2025.

Outlook and guidance

• Market conditions remain difficult, with no expected improvement in new housing starts until at least late 2025.

• Organic growth remained negative in 2024, with Q3 showing continued contraction and sales declines slowing.

• Energy renovation market is expected to remain stable, with long-term positive outlook due to continued government support, but ongoing uncertainty in subsidies.

• Price stabilization or slight increases are anticipated for next year, though raw material prices remain volatile.

• Turnover for 2024 is expected to decline by more than 10%, but long-term growth targets remain intact.