Thermador Groupe (THEP) Q3 2025 TU earnings summary

Executive summary

• Integration of Quilinox and C2AI subsidiaries aligns with long-term strategy focused on industry and export markets, expanding international presence and workforce to 911.

• Third-quarter sales increased slightly after over two years of decline, with 13 subsidiaries recording revenue growth, though Q3 2025 turnover reached €128.8m, down -1.2% year-over-year.

• Retail channel turnover fell 9.4% year-over-year, while professional channels declined 1.9% and DIY/public works sectors continued to contract.

• Ongoing focus on operational efficiency, employee well-being, and digital transformation, including AI initiatives.

• Acquisition of Spanish company Quilinox finalized, adding a new growth driver and expanding international presence.

Financial highlights

• Q3 turnover at constant scope increased by 2.2% year-over-year, but consolidated revenue at September 30, 2025, was €383.1m, down 1.9% year-over-year and 3.2% at constant scope.

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

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

• Achieved a positive financial result of EUR 1 million.

• Return on reinvested dividends averaged 10.3% per year from 2015 to 2025, outperforming CAC 40 and CAC M&S indices.

Outlook and guidance

• Short-term outlook remains cautious due to political uncertainty in France, impacting new housing and public works, with DIY and retail activities facing weak demand.

• Industry-oriented activities and international expansion expected to drive growth, with energy renovation incentives and pricing strategies influencing future performance.

• Anticipates slight inflation in 2026 as suppliers signal price increases.

• No significant acquisitions imminent, but actively seeking further acquisitions abroad in industrial valve or water cycle markets.