Thermador Groupe (THEP) Q3 2025 TU earnings summary

Executive summary

• Q3 2025 turnover reached €128.8m, down -1.2% year-over-year, with total nine-month sales at €383.1m, a -1.9% decrease from last year.

• Integration of QUILINOX and C2AI aligns with long-term industry and export strategy, expanding the workforce to 911.

• 13 subsidiaries recorded Q3 revenue growth, reversing over two years of decline.

• Management continuity ensured with existing shareholders and new chairman representation.

• Recent acquisitions financed by seven-year fixed-rate loans without guarantees, maintaining key banking relationships.

Financial highlights

• Equity rose to €384m, and cash position reached a record €85m, up from €46.8m last year.

• Loans and financial debt increased to €47.6m, while inventories decreased to €165.3m, representing 196 days of stock.

• Q3 turnover at constant scope increased by 2.2%, with Alto Metering and C2AI contributing €5m.

• Third-quarter revenue rose 4.5% year-over-year (2.2% at constant scope), but annual revenue is down 3.2% at constant scope.

• 10-year total return: 10.3% vs. 8.6% for CAC 40.

Outlook and guidance

• Short-term outlook is cautious due to political uncertainty in France, especially affecting new housing, public works, and DIY sectors.

• Energy renovation incentives (MaPrimeRénov', CEE) and pricing strategies are expected to influence future performance.

• Industry segment expected to drive turnover next year, with stable PMI indicators around 50.

• Price effect expected to stabilize at -1.5% for H2, with slight inflation anticipated in 2026 as suppliers announce price increases.

• Actively seeking further acquisitions, especially abroad in industrial valve or water cycle markets.