Thermador Groupe · EURONEXT:THEP
Thermador Groupe — H1 2026 Earnings Presentation
25 slides from Thermador Groupe's earnings presentation, Jul 31, 2026
Slide 1: Half year results 2026
x= Thermador Groupe 2026 Half year results
Slide 2: Group workforce
Group workforce 912 912 903 821 people 712 770 798 668 599 476 439 314 319 271 278 Actualiser la photo 13 14 15 16 17 18 19 20 21 22 23 24 25 26
Slide 3: Milestones
Milestones Geopolitics Prices Heat pump and New builds Ventilation Weather Aello and DPI management DIY market Arbitration award
Slide 4: Volumes from 2021 to 2026 (At constant scope)
Volumes from 2021 to 2026 (At constant scope). 2021 2022 2023 2024 2025 2026 25.0% 21.1% 20.0% 16.8% 15.0% 12.0% 10.8% 10.0% 5.9% 5.6% 6.5% 4.3% 5.0% 1.2% 0.0% -1.8% -1.5% -0.9% -5.0% -2.6% -4.1% -5.6% -10.0% -7.7% -10.9% -15.0% -13.5% -20.0% Organic growth in sales Selling price effect Average chan
Slide 5: Turnover
Turnover Variation Variation In €k 2026 2026 2025 2026/2025 at constant scope 2026/2025 at constant scope RETAIL 40,109 40,109 41,823 -4.1% -4.1% PROFESSIONAL CHANNEL 247,677 232,974 216,601 14.3% 7.6% TOTAL 287,951 273,248 258,681 11.3% 5.6%
Slide 6: Operating income and net profit
Operating income and net profit Variation Variation In €k 2026 2026 2025 2026/2025 constant scope 2026/2025 constant scope Turnover (according to IFRS 15) 287,951 273,248 258,681 11.3% 5.6% Current operating income for the 35,089 34,099 29,919 17.3% 14.0% business Net profit as a portion of the Grou
Slide 7: Profitability
Profitability Simplified Profit & Loss statement Variation 2026 2025 in thousands of euros first half year 2026/2025 Net turnover 287,951 258,681 +11.3% Other earnings 20 202 Margin 108,181 95,114 +13.7% Margin rate 37.57% 36.77% +0.8% Charges -73,112 -65,397 +11.8% Charges as % of net turnover 25.4
Slide 8: Operating profit / turnover
Operating profit / turnover 17.0% 16.2% 16.2% 16.0% 15.7% 15.4% 15.2% 14.8% 15.0% 15.0% 14.1% 13.9% 14.2% 14.0% 14.0% 13.7% 13.7% 13.0% 12.8% 12.2% 12.8% 11.9% 12.0% 11.6% 11.0% 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026
Slide 9: Subsidiaries’ profitability
Subsidiaries’ profitability Break-even point reached Favorable weather, trends, and market conditions Major long-standing subsidiaries Operating profit was affected by Provision for goodwill relating the amortisation of goodwill to customer relationships (in relating to customer the same way). relat
Slide 10: New subsidiaries’ profitability
New subsidiaries’ profitability June 2026 June 2025 In €k Turnover Operating profit % profitability % profitability C2AI Fluid Instrumentation and Control 5,454 228 4.2% unconsolidated Quilinox Sanitary pumps, aseptic valves, and industrial equipment 9,249 762 8.2% unconsolidated 12 / 25
Slide 11: Financial structure
Financial structure EQUITY STOCK €414m versus €384m €169,9m* versus €179,9m € 168,4m at constant scope CASH POSITION LOANS AND FINANCIAL DEBT €104,2m* versus € 62.7m €39,5m* versus €36,4m €102,9m at constant scope €39,5m at constant scope *Acquisition of Quilinox on 30 September 2025. 15 / 25
Slide 12: Financial structure
Financial structure 104.2 96.9 CASH (in €m) €104.2m 63.3 39.9 35.2 32.3 29 28.6 27.4 27.4 23 20.8 16 17 25 June 14 15 16 18 19 20 21 22 23 24 2026 14 / 25
Slide 13: Cash flow from operations
Net cash flow variation = €7.3m Cash flow from operations ➔ €32.1m Change in WCR ➔ €1.8m Investments flows ➔ (€4.0m) Free cashflow ➔ €29.9m Financing flows ➔ (€22.6m) 16 / 25
Slide 14: Working capital
Working capital 06/30/2026 06/30/2026 06/30/2025 at constant scope Net turnover 12 months rolling 531,014 517,148 491,032 Stock (goods) 169,952 168,408 179,960 Trade notes and accounts receivables 111,616 107,484 102,720 Accounts payables 79,503 76,558 66,092 Operating WCR 202,065 199,334 216,588 Op
Slide 15: Capital expenditure
Capital expenditure (in €m) 14 Forecasts 12 10 8 6 4 2 0 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 Investissements Dont investissements immobiliers Investments Of which, real estate investments
Slide 16: Return on reinvested dividends - 2016-2026
Return on reinvested dividends - 2016-2026 Thermador Groupe : +10% per year CAC 40 : +9.9% per year CAC Mid&Small : +5.8% per year https://www.thermador-groupe.fr/actionnaires/laction-thermador-groupe/ From 28 July 2016 to 27 July 2026
Slide 17: Outlook
Outlook New homes Geopolitics Summer comfort International Water cycle Prices Industry Staff
Slide 18: New housing in France
New housing in France Cumulative number of homes over twelve months Thousands of dwellings, unadjusted data Building permits granted Housing starts
Slide 19: Outlook
Outlook New homes Geopolitics Summer comfort International Water cycle Prices Industry Staff
Slide 20: Coedis
Coedis End June : COEDIS: +3.7% 20.0% 17.40% 15.0% 10.1% 10.0% 7.1% 6.6% 3.80% 4.8% 5.1% 5.0% 3.1% 3.60% 0.9% 1.3% 0.0% 0.1% 0.5% 0.0% 0.0% -0.3% -0.2% -0.4% -1.8% -1.0% -1.2% -1.50% -5.0% -2.8% -3.0% -3.8% -6.0% -5.0% -5.5%-4.7% -5.5% -5.1% -6.6% -10.0% -8.2% -8.1% -7.6% -9.0% -9.3% -10.9% -15.0% -
Slide 21: Inoha
Inoha INOHA: -0.2% End June : 8.0% 6.0% 5.4% 4.0% 2.7% 2.0% 0.7% 0.8% 0.4% 0.0% -0.1% -0.2% -0.4% -0.4% -0.8% -0.9% -2.0% -1.4% -1.8%-1.6% -2.1%-4.8% -2.5%-4.4% -4.8% -5.7% -2.1% -2.9% -4.0% -2.4% -4.3% -2.1% -4.8%-4.9% -8.0% -2.2% -6.0% -3.5% -5.7% -7.1% -8.0% -7.8% -5.9% -10.0% Jun-23 Aug-23 Oct-2
Slide 22: Outlook
Outlook New homes Geopolitics Summer comfort International Water cycle Prices Industry Staff
Slide 23: Industry France and Europe
Industry France and Europe France, end June Eurozone, end June PMI index for French manufacturing industry PMI index for Eurozone manufacturing industry cvs, >50 = improvement on previous month cvs, 50 = no change
Slide 24: Outlook
Outlook New homes Geopolitics Summer comfort International Water cycle Prices Industry Staff
Slide 25: Organic growth by quarter
Organic growth by quarter 50.0% 43.9% 40.0% 30.0% 28.0% 20.0% 15.9% 14.1% 12.3% 10.3% 10.3% 10.0% 5.4% 6.7% 7.0% 4.2% 2.2% 0.0% -2.0% -2.1% -1.7% -10.0% -6.4% -9.7% -9.1% -8.8% -11.3% -14.9% -20.0% -17.2% -30.0% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2021 2022 2023 2