France · Delayed Price · Currency is EUR Thermador Groupe Earnings Call Transcripts
Fiscal Year 2026
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Turnover and profits rose strongly year-over-year, driven by robust performance in heat pumps, ventilation, and select subsidiaries. Cash flow and margins improved, but the outlook for the second half is more cautious due to market headwinds and raw material risks.
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Q1 2026 saw strong turnover growth, especially in pro channels and key subsidiaries, despite retail weakness and geopolitical risks. Cash position remains robust, investments are ongoing, and price impacts are expected to turn positive later in the year.
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The meeting highlighted stable financials, strong cash generation, and robust governance changes, including the separation of chairman and CEO roles. Strategic focus remains on international growth, digital transformation, and sustainability, while key risks include employee retention and geopolitical impacts on supply chains.
Fiscal Year 2025
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Turnover and profit remained stable in 2025 despite a 2.9% decline at constant scope, with resilience in the pro and industry segments offsetting retail weakness. Cash position reached a record €96.9 million, and acquisitions of C2AI and QUILINOX expanded the group.
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Q3 saw a 2.2% turnover increase at constant scope, with strong cash and equity positions despite retail and professional channel declines. Cautious outlook persists due to political uncertainty, but industry and international segments are expected to drive future growth.
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Turnover declined 5.6% year-over-year, but margin rates improved due to cost optimizations and favorable exchange rates. Free cash flow stayed positive, equity increased, and major subsidiaries remained profitable, though some segments faced losses.
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The meeting addressed a challenging year with revenue and profit declines, but maintained a strong cash position and upheld dividend payments. Strategic acquisitions, digital transformation, and sustainability remain priorities, while all resolutions passed with strong support.
Fiscal Year 2024
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Turnover fell 14.1% year-over-year due to lower prices and volumes, with retail and pro channels both significantly impacted. Despite challenging markets, cash and debt positions remain stable, acquisitions were completed, and long-term growth prospects are supported by ongoing investments and diversification.
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Sales and profits declined sharply in H1 2024 amid a challenging French housing and retail market, but gross margin held steady and cash flow remained strong. Regulatory changes in energy renovation subsidies weighed on results, while the group maintained its long-term growth targets.