Thermador Groupe (THEP) Trading Update summary

Business performance

• Q1 2025 turnover fell 8.0% year-on-year, with a constant scope decline of 8.8%.

• Sectors tied to energy renovation, new housing, and DIY markets continue to face weak demand.

• Negative price effect of -2.1% contributed to the revenue decline.

• Supplies to industry remained resilient, and March's decline was less severe than earlier months.

• No immediate recovery is anticipated in the core markets.

Segment breakdown

• Most business units reported year-on-year turnover declines, with Thermador and DPI down 18.9%.

• Sferaco and Syveco saw modest growth of 1.2% and 2.1%, respectively.

• Alto Metering's results now include recent acquisitions, consolidated since August 2024.

• Sodeco Valves' turnover includes Vena Contracta's business assets since August 2024.

• Other structures posted a 9.6% increase in turnover.

Outlook and strategy

• Exposure to US suppliers is minimal, but the recent trade war may impact purchase prices.

• 65% of purchases are from Europe, 32% from China and Taiwan; currency risk managed via forward contracts.

• Energy renovation funding in France remains bottlenecked by regulation and budget delays.

• Energy saving certificates continue to support collective housing and commercial building sectors.

• Cash position strong at €66.3m at March-end, before €19.1m dividend deduction.