Thermador Groupe · EURONEXT:THEP
Thermador Groupe — FY2025 Earnings Presentation
25 slides from Thermador Groupe's earnings presentation, Mar 4, 2026
Slide 1: Publication of 2025 annual results
Publication of 2025 annual results
Slide 2: Group workforce
Group workforce 903 903 people 821 798 770 712 668 599 476 439 314 319 271 278 13 14 15 16 17 18 19 20 21 22 23 24 25
Slide 3: Milestones
Milestones Building Water cycle Industry International Retail Prices C2Ai Governance Social Environment Quilinox
Slide 4: Turnover
Turnover 2025 Variation Variation In €k 2025 to constant 2024 2025/2024 2025/2024 scope To constant scope RETAIL 81,243 81,243 91,189 -10.9% -10.9% PROFESSIONAL CHANNEL 420,014 407,566 412,268 +1.9% -1.1% TOTAL 501,744 489,296 503,885 -0.4% -2.9 %
Slide 5: Turnover and net profit over 10 years
Turnover and net profit over 10 years CONSOLIDATED EX-VAT CONSOLIDATED NET PROFIT TURNOVER AS A PORTION OF THE GROUP 581 (IN MILLIONS OF EUROS) 554 (IN MILLIONS OF EUROS) €501.7m 486 504 502 €44.1m 58.9 58.3 52.9 396 369 44.7 44.1 311 36.2 268 32.4 220 231 29.1 26.2 20.2 20.6 15 16 17 18 19 20 21 22
Slide 6: Organic growth by quarter
Organic growth by quarter 50.0% 43.9% 40.0% 30.0% 28.0% 20.0% 15.9% 14.1% 11.5% 12.3% 10.3% 10.3% 8.5% 10.0% 5.4% 6.7% 2.2% 0.6% 0.0% -2.0% -2.1% -1.7% -10.0% -6.4% -8.9% -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 2020
Slide 7: Volumes from 2021 to 2025
Volumes from 2021 to 2025 2021 2022 2023 2024 2025 25.0% 21.1% 20.0% 16.8% 15.0% 12.0% 10.8% 10.0% 5.9% 4.3% 5.0% 1.2% 0.0% -1.8% -1.4% -1.5% -5.0% -2.6% -2.9% -10.0% -7.7% -10.9% -15.0% -13.5% -20.0% Organic growth in sales Selling price effect Average changes a volume Organics sales growth Selling
Slide 8: Profitability
Profitability 2025 2024 Variation NET TURNOVER 501,744 503,885 -0.4% OTHER PRODUCTS 459 1,644 MARGIN 185,336 182,488 1.6% EXPENSES -126,350 -123,965 1.9% EXPENSES AS A % OF NET TO 25.2% 24.6% OF WHICH PERSONNEL EXPENSES -66,216 -61,223 +8.2% PERSONNEL EXPENSES AS A PERCENTAGE OF 13.2% 12.2% NET REVE
Slide 9: Profitability
Profitability Variation Variation In €k 2025 2025 2024 To constant scope 2025/2024 2025/2024 To constant scope OPERATING PROFIT FROM ORDINARY BUSINESS 59,445 59,010 60,167 -1.2% -1.9% PORTION OF NET PROFIT ALLOCATED TO THE GROUP 44,056 43,813 44,743 -1.5% -2.1% URD p.184
Slide 10: Return on capital employed and operating profit
Return on capital employed and operating profit 30.0% 25.0% 20.0% ROCE 16.4% 15.0% ROP/CA 11.8% 10.0% 5.0% 0.0% 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Operating profit / Sales RETURN ON CAPITAL EMPLOYED BEFORE TAXES (ROCE), excl. IFRS 16 URD p.182 ROCE AND OP EXCLUDING IFRS
Slide 11: Financial structure
Financial structure SHAREHOLDERS’ EQUITY BORROWINGS AND AFTER DISTRIBUTION STOCK CASH FINANCIAL DEBT OF PROFIT (IN MILLIONS OF EUROS) (IN MILLIONS OF EUROS) (IN MILLIONS OF EUROS) (IN MILLIONS OF EUROS) 190.4 191.7 187.1 387.2 €175.8m 171.2 175.8 €97m 96.9 €41.1m €387.2m 363.3 339.6 46.7 46.6 299.7
Slide 12: Cash flow statement - 2025
Cash flow statement - 2025 Cash burn Cash injection Cash flow from operations 55.3 Change in working capital requirements 14.0 Investments -5.1 Net cash flow from changes in the scope of consolidation -17.3 Free cash flow 46.9 Dividends -19.1 Loan subscriptions 20.0 Loan repayments -7.8 IFRS 16 fina
Slide 13: Investments
Investments In millions of euros 14 Forecasts 12 10 8 6 4 2 0 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 URD p.181 Investments Of which, real estate investments
Slide 14: Sustainability
Sustainability 102% CSRD €686k Average rate of achievement Publication of our second Of expenditure on salaries, of our roadmap of sustainability report. benefits and regulatory “19 indicators”. compliance. 5.3% 33% A slight decrease in Women on the Management Committee absenteeism rates. and 32% on
Slide 15: Outlook
Outlook À jour ? New homes Retail Energy Water cycle renovation Market data International Industry Prices
Slide 16: 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 17: Coedis
Coedis End December: COEDIS: -2.5% 15.0% 10.1% 10.0% 7.1% 6.6% 4.8% 5.1% 5.0% 3.1% 0.9% 1.3% 0.0% 0.1% 0.5% 0.0% 0.0% -0.3% -0.2% -1.0% -1.2% -1.8% -2.8% -3% -5.0% -3.8% -5.0% -4.7% -5.1% -6.0% -5.5% -5.5% -6.6% -8.2% -8.1% -7.6% -10.0% -9.3% -9.0% -10.9% -15.0% -14.8% -14.5% -15.6% -16.2% -20.0% Se
Slide 18: Inoha
Inoha À jour ? End December: INOHA: -1.2% 4.0% 2.7% 2.0% 2.0% 1.7% 1.7% 0.6% 0.7% 0.4% 0.0% -0.1% -0.4% -0.4% -0.8% -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% -5.7% -3.5% -7.1% -8.0% -7.8% -5.9% -10.0% Apr-23 Jun-23 Aug-2
Slide 19: Industry France and Europe
Industry France and Europe France, end february Eurozone, end february PMI index for French manufacturing industry PMI index for Eurozone manufacturing industry cvs, >50 = improvement on previous month cvs, 50 = no change Sources: HCOB, S&P Global PMI
Slide 20: Our growth targets
Our growth targets À jour ? In millions of euros 1000 900 800 700 600 500 400 300 200 100 0 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 URD p.10 10-year strategy Actual
Slide 21: Capital
Capital 0.6% 3.8% 2.5% RETIRED AND EMPLOYEES FCP THERMADOR GROUPE FORMER EMPLOYEES CHANGE IN THE NUMBER OF SHAREHOLDERS IN 2025 FIDELITY : 7.6% 10,521 shareholders 10,521 CRÉDIT MUTUEL 10.3% 10,063 10,147 MANAGERS, EQUITY : 6.9% DIRECTORS AND EMPLOYEES 8,704 8,339 NORMAN 6,965 6,828 7,116 RENTROP :
Slide 22: Share liquidity
Share liquidity 2.19 2.12 TRADING VOLUMES IN 1.98 1.91 1.87 MILLIONS OF SHARES 1.72 (SOURCE: BLOOMBERG) 1.47 1.01 OTC: over-the-counter trading platforms Dark pools and other alternative platforms Acquired, Turquoise, CBOE Euronext 18 19 20 21 22 23 24 25 URD p.54
Slide 23: Resolutions
Resolutions Dividend of €2.10 Proposal to separate the roles of Candidacy for renewal of term of office (2.08 in 2025) Chief Executive Officer and - Bertrand Chevalier, employee director Chairman - Guillaume Robin, director with interests, and CEO of Thermador Group Candidacy for new term of office
Slide 24: Share price and dividend
Share price and dividend Share price in euros Dividend per share URD p.55
Slide 25: Return on reinvested dividends - 2015-2025
Return on reinvested dividends - 2015-2025 Thermador Groupe : 10.94% per year CAC 40 : 10.23% per year From 3 March 2016 to 2 March 2026