Thermador Groupe (THEP) Q3 2026 TU earnings summary

Executive summary

• 9M turnover reached €416.965m, up 8.8% reported and 4.0% at constant scope; headcount remained stable at 900.

• Professional channels and selected markets supported growth, while retail, housing and watering demand remained weak.

Financial highlights

• 9M turnover was €416.965m versus €383.088m in 2025; constant-scope turnover was €398.459m.

• Q1 turnover rose 9.6% reported and 4.2% at constant scope; Q2 rose 13.0% and 7.0%; Q3 rose 3.7% and 0.6%, respectively.

• Q3 constant-scope growth eased to 0.6% after orders were brought forward to Q2 ahead of price increases; the Q3 2025 comparison was less favourable.

• Selling-price effect improved to -0.2% from -0.9% at end-June; organic growth was 4%.

Outlook and guidance

• Management expects a positive full-year 2026 price effect and favorable comparisons to support positive Q4 turnover growth; demand is expected to be stable at best in coming months.

• Annual growth objective remains above 7%, targeting a doubling in size every 10 years, with roughly half from acquisitions and half from organic growth.

• 2027 supplier, transport and carbon-border cost increases are expected to be passed through to customers; price adjustments are being prepared to protect margins.

• Priorities include innovation, niche markets, market share and geographic expansion; international external-growth opportunities are prioritized.