Thermador Groupe (THEP) Q4 2025 TU earnings summary

Executive summary

• Full-year turnover at December 31, 2025, reached €501.7 million, down 0.4% year-over-year and down 2.9% at constant scope.

• Estimated selling price variation contributed -1.4% to the annual change.

Financial highlights

• First quarter turnover declined 8.0% year-over-year; second quarter down 1.2%; third quarter up 4.5%; fourth quarter up 4.7%.

• Total annual turnover decreased from €503.9 million in 2024 to €501.7 million in 2025.

Segment performance

• Mecafer and Domac turnover fell 3.9% year-over-year; Odrea dropped 14.3%; DPI down 15.1%.

• Sferaco grew 3.4%; Axelair up 12.5%; Aello up 6.4%; Isocel up 6.2%.

• Thermador segment declined 5.8%; Jetly down 3.6%; Thermacome down 8.9%.

• Alto Metering, consolidated from August 2024, saw a 20.5% increase.

• Other structures posted a 13.8% increase.