Thermador Groupe : 2025 URD

About this update from Thermador Groupe

UNIVERSAL REGISTRATION DOCUMENT Including the annual financial report, the management report, the sustainability statement and the corporate governance report. 2025 For the 2025 edition of the Universal Registration Document, Thermador Groupe is highlighting Quilinox, the group's latest acquisition, finalised on 30 September 2025. Quilinox supports its customers in selecting stainless steel solutions dedicated to the transfer and control of fluids for demanding industrial applications. The chosen illustration features Quilinox products installed at a client's food industry site, incorporating valves from their Italian manufacturer Bardiani, illustrating the industrial expertise and the quality of the solutions offered. Photo credit: Bardiani. Chairman's statement We continue our daily commitment to retaining our customers and winning new ones. BUSINESS and SUSTAINABILITY The group's consolidated turnover for FY 2025 declined by 2.9% to constant scope. This performance must be considered in the context of a negative price effect estimated at -1.4%. The resilience of our various business lines differed widely. The building sector continued to face a difficult environment. In France, any real recovery in new builds has yet to materialise, while the MaPrimeRénov' scheme has proved less effective than anticipated and may be gradually reduced to cater to government budget constraints. Industrial activities showed greater resilience. By contrast, the consumer segment - accounting for 16.2% of consolidated turnover - was the most adversely affected, posting a decline of 10.9%. Our subsidiaries operating in the water cycle recorded mixed performances. The strong results delivered by Aello (swimming pool equipment) and Sferaco (valves for water utilities) partly offset weaker trends in markets served by Jetly and DPI, including irrigation, wastewater lifting, rainwater harvesting and plastic piping for public works. Internationally, professional channel growth remained robust (+12.3%), whereas the consumer channel contracted (-11.4%). As a result, the share of international turnover increased from 16.3% to 17.3%. In terms of environmental performance, we reaffirmed our climate strategy by adopting the ACT ® Step by Step approach supported by the French environment agency, ADEME. Our medium-term carbon trajectory has now been modelled. At the same time, we continued refining the accuracy of our greenhouse gas emissions assessment to reduce remaining uncertainties. The collective commitment of our teams enabled us to preserve profitability despite a particularly challenging context. To constant scope, operating income and net income declined only marginally, by 1.9% and 2.1% respectively. FINANCIAL STRUCTURE and PROSPECTS Stock fell to €175.8 million, representing 203 days of purchases consumed, compared with 213 days at the end of December 2024. Consolidated operating working capital requirements stood at 39.8% of turnover at year-end (versus 40.4% at the end of 2024). As of December 31, 2025, bank debt amounted to €41.1 million, while equity after appropriation of earnings reached €387 million. Thanks to the rigorous efforts of our purchasing, sales and accounting teams, cash increased to €97 million. Feedback from several suppliers and marked increases in certain raw material prices - particularly copper - suggest that the price effect should turn positive in 2026, following two consecutive years of deflation. The sixth Energy Saving Certificates (ESC) period, launched on January 1, 2026 with a €40 billion budget over five years, represents a meaningful opportunity. This newly-bolstered programme (+27% compared with the fifth period) should support demand for heat pump accessories, solar thermal panels and other key products within our portfolio. In response to the housing shortage, the government has set a target of building two million homes by 2030. Although the precise impact remains difficult to quantify, this ambitious initiative is expected to benefit our subsidiaries PBtub and Thermacome. The overall environment remains comparable across our other business segments. We continue to focus daily on retaining existing customers while securing new ones. The industrial segment appears to offer the most promising prospects. Our positions - particularly in the highly fragmented markets for valves, fittings and industrial instrumentation - still provide significant room for development but justify our growth ambitions. Supported by a solid cash position and a clear intention to reduce our exposure to the French market, we are actively exploring acquisition opportunities in Europe, targeting companies specialised in distribution to industry or the water cycle. At this stage, no major transactions are expected in 2026. Based on the objectives and strategy outlined on pages 10 and 11 of our Universal Registration Document, we will conduct a comprehensive review and present our conclusions upon publication of the 2026 results. In accordance with European regulations, we welcome the simplifications introduced by the Omnibus Directive from 2027 onwards, particularly as our group is expected to exceed the threshold of 1,000 employees referenced in that directive. DIVIDEND and GENERAL MEETING At the forthcoming AGM, we will confirm our intention to separate the roles of Chairman and Chief Executive Officer, effective the following day. This important evolution will strengthen our governance framework and align it with recognised best practices. It will also enable senior management to devote greater attention to operational priorities. In line with our distribution policy, we will propose a modest increase in the dividend to €2.10 per share. As of December 2025, institutional investors held 44.3% of the share capital, individual shareholders 45.4%, and existing and retired employees 6.9%. Our Annual General Meeting will take place on April 7th at 5 p.m. at EM Lyon. We look forward to your attendance or your vote in order to once again exceed the 77% participation rate achieved in 2024. An information meeting will also be held in Paris on April 9th at 4 p.m. at Salons Hoche. Yours sincerely, Guillaume Robin 1 4 CONTENTS 1 EXTRACTS OF THE INTEGRATED ANNUAL REPORT RISK MANAGEMENT Chairman's statement 1 Our markets 4 Our businesses 6 Our history 8 Our objectives and strategy 10 Our commercial activity 12 Supply chain management 14 Our suppliers 15 Our French customers 16 Our international customers 17 Our financial key figures 18 Our extra-financial key figures 20 Our real estate 22 Our Board of Directors 24 Our Executive Committee 25 Governance organisation chart 26 REPORT ON CORPORATE GOVERNANCE Risk factors 149 Insurance 153 Internal control 154 5 OUR COMPANIES General information 157 Our companies 158 6 ANNUAL CONSOLIDATED FIGURES Main financial indicators 180 Consolidated accounts 2025 184 Notes to the consolidated 187 financial statements Statutory Auditors' report 207 on the consolidated financial statements 7 COMPANY ACCOUNTS AND LEGAL INFORMATION REGARDING THE PARENT COMPANY 2 Organisation chart 28 Executive Committee 29 Board of Directors 32 Audit committee 37 Sustainable development committee 38 Remuneration and nomination committee 39 Training of Board members 40 Executives' remunerations 41 Share performance 54 Composition of capital 56 Looking ahead to 2026 58 2025 Annual General Meeting 59 Shareholders' relations 60 Summary of questions and answers 62 from our shareholders Parent company financial statements 211 Statutory Auditors' report 220 on the annual accounts Statutory Auditors' special report 222 on regulated agreements Statutory Auditors 223 8 ADDITIONAL INFORMATION OF THE UNIVERSAL REGISTRATION DOCUMENT Cross-reference table of the Universal 225 Registration Document Cross-reference table for the annual 228 financial report including the management report and the corporate governance report Declaration by the person responsible 228 3 SUSTAINABILITY 9 DRAFT RESOLUTIONS 230 SUSTAINABILITY INFORMATION 64 Introduction 64 SUSTAINABILITY STATEMENT 70 General information 70 Environment 88 Social 118 Governance 135 Summary of indicators 141 AUDITORS' REPORT 145 ON THE SUSTAINABILITY STATEMENT This English version of Thermador Groupe's universal registration document contains almost the same information as the French version, but it should not be considered as completely accurate as the French version is the official one, approved by AMF. 2 THERMADOR GROUPE - Universal Registration Document 2025 1. EXTRACTS OF THE INTEGRATED ANNUAL REPORT 1 EXTRACTS OF THE INTEGRATED ANNUAL REPORT Chairman's statement 1 Our markets 4 Our businesses 6 Our history 8 Our objectives and strategy 10 Our commercial activity 12 Supply chain management 14 Our suppliers 15 Our French customers 16 Our international customers 17 Our financial key figures 18 Our extra-financial key figures 20 Our real estate 22 Our Board of Directors 24 Our Executive Committee 25 Governance organisation chart 26 OUR MARKETS Although the business lines of our various subsidiaries are quite similar, our organisation by market ensures a good spread of risks. Most of the markets in which we operate are linked to primary needs. For example: protection from cold and heat (heating and cooling), washing (domestic hot water, sanitation), hydration (drinking water supply), food (food industry), healthcare (pharmaceutical industry). What's more, most of our products are sold for maintenance and renovation. These characteristics give us a natural resilience in times of crisis and protect us from cyclical risks. Over the next six years, energy renovation programmes should boost our construction business in France. In the longer term, our group has a great card to play in Europe in the industrial valves market, which is still fairly fragmented. In 2022, the acquisition of DPI gave us the opportunity to become a supplier to the major players in the French public works sector. Entering this new market means that we can spread our risks even further. Fluid circuits in buildings = 41.1% of our turnover 80% of sales in maintenance and renovation 37.4 million housing units in France (01/2025) of which 5.4 million thermally inefficient €3.6 billion distributed in 2025 and 341,000 energy renovations in 2024 EEC allocated to the building sector: approximately 4 billion in 2025 We offer all the accessories and equipment needed to ensure the proper circulation of water in heating and sanitary installations for the individual housing, collective housing and tertiary sector markets. We also offer complete ranges for controlling indoor air quality and temperature. Our subsidiaries target wholesalers, DIY superstores, online retailers and certain manufacturers. Regulatory changes (RE2020) aim to save water and energy and reduce carbon emissions from buildings, while ensuring the comfort and safety of residents and users. They stimulate innovation and lead us to offer solutions with higher added value. MaPrimeRénov', funded by the public authorities, and Energy Saving Certificates, funded by energy suppliers and distributors, constitute a theoretical funding envelope that we estimate at around €7.5 billion for 2025, to €7 billion in 2023. Taking all sectors, energy use is the leading source of greenhouse gas emissions in France: accounting for at least 258 Mt CO2 in 2024, or around 70% of the national total. Residential and tertiary buildings emit 55 Mt (15%), which means that energy renovation will remain a national priority for many years to come (source: https://www.statistiques.developpement-durable.gouv.fr ). The bulk of our business is based on maintenance and renovation; these are resilient 'needs' markets in which we are very well positioned and highly responsive. ROBINETTERIE, COMPTEURS & RACCORDS See details of each company in chapter 5.2 of this document. Fluid circuits in industry = 29.0% of our turnover H 2 O GAS STEAM ... General industry Energy and waste Chemical and petrochemical industry Food industry Pharmaceutical industry Most industrial sites carry fluids in liquid or gaseous form. Six of our subsidiaries distribute manual and motorised valves, dampers, filters, fittings and regulation and control accessories tailored to maintenance operations and new-build projects. We are present with virtually all distributors of industrial valves and industrial supplies, engineering companies, machine builders and some major chemical accounts. We are constantly expanding our product ranges. We are also working with factories to promote our ranges and establish our brands. Sodeco Valves, based in Belgium, focuses on large industrial sites. This market is likely to be dynamic in the medium term due to Europe's desire to regain its independence in strategic sectors and the necessary investments to be made for the ecological transition of industry. ROBINETTERIE, COMPTEURS & RACCORDS See details of each company in chapter 5.2 of this document. Domestic pumps (watering, swimming pool, lifting, rainwater harvesting) = 16.6% of our turnover 19 million private gardens, 20 to 25% of which are equipped with a watering pump 1.7 million underground tanks in France Domestic wastewater lifting: 5 million households with non-collective sanitation homes , including 2 million that need to be brought into compliance , 30% of which with a pump We are involved in water collection, transport, use and disposal. Changing climatic conditions (successive episodes of flooding and drought) confirm the need to preserve, manage and make the most of water. Our customers are professionals in the fields of domestic heating, public works, swimming pools and pumping. In this context, we are also committed to reducing our environmental impact by offering innovative, water- and energy-efficient solutions. Finally, we strive to preserve our raw material resources by favouring the use of new technologies, recycled materials and reconditioned products, while guaranteeing a high level of technical quality. See details of each company in chapter 5.2 of this document. Pipe for public works = 5.6% of our turnover 175,000 tonnes (estimate) of plastic pipes for wet and dry networks sold on the French public works and irrigation market In France, the drinking water network covers around 850,000 kilometres (https://ofb.gouv.fr), while the wastewater network covers around 425,000 km (www.services.eaufrance.fr). Currently, the annual renewal rate for these networks is around 0.67% (https:// www.services.eaufrance.fr) for drinking water and 0.6% for wastewater (www.monreseaudeau.fr). At this rate, it would take around 150 and 170 years respectively to renew all of this infrastructure. These figures indicate a significant need for renovation to maintain and improve the performance of drinking water and wastewater networks in France. Our plastic pipes (conduits, pipes and tubes, ducts, drains, fittings, etc.) are used for drinking water, waste water, irrigation, watering, drainage, dredging, gas and biogas, as well as telecommunications, electricity and fibre optic networks. Our customers are specialist wholesalers and major players in the building, public works, network design and construction and irrigation markets. See details of each company in chapter 5.2 of this document. Heavy tooling equipment for private individuals, professionals and industry = 7.7% of our turnover €86m The DIY superstore market for compressors, generators and welding sets €122m The high pressure cleaner market in DIY superstores €140m or 100,000 compressors The market for air compressors in the professional channel We sell air compressors, generators, welding sets, chargers and high-pressure cleaners to mass retailers and via the web to skilled DIY enthusiasts. To differentiate the offer made to the various DIY players, we use our brands (Mecafer), those of our customers, and also brands operated under licence by our suppliers (Michelin, Stanley, Facom). Under the Nuair and Fini brands, as well as piston compressors and screw compressors, we also sell to automotive and industrial supply professionals. We also sell air tanks and a wide range of accessories. See details of each company in chapter 5.2 of this document. OUR BUSINESSES Our subsidiaries act as useful and efficient interfaces between a large number of manufacturers around the world and increasingly demanding wholesalers, DIY superstores, factories, swimming pool professionals, e-merchants and marketplaces. OUR SUPPLIERS 982 factories of partner-manufacturers ensure production. We guarantee them the distribution of their products in Europe via an extremely efficient commercial and logistics organisation. OUR SUBSIDIARIES Distribution in France International distribution HVAC OPERATORS PUBLIC WORKS SELF-EMPLOYED INSTALLERS ADMINISTRATIONS WHOLESALERS E-COMMERCE WEBSITES MARKETPLACES WHOLESALERS E-COMMERCE WEBSITES MARKETPLACES MANUFACTURERS OUR CUSTOMERS DIY & FOOD SUPERSTORES E-COMMERCE WEBSITES MARKETPLACES AGRICULTURAL OUTLETS PRIVATE INDIVIDUALS SWIMMING POOL PROFESSIONALS ROBINETTERIE, COMPTEURS & RACCORDS IN INDUSTRY MAINTENANCE NEW WORK AND OUR SUPPLIERS' EXPECTATIONS Market share in our catchment areas. Transparency. Payment security. Regularity and scheduling of orders. Qualitative feedback on market expectations. Co-development of products. Brand awareness. A simple relationship. OUR COMPETITORS Each of our sales subsidiaries has dozens of competitors, most of whom are importers or manufacturers' sales subsidiaries. Some of these competitors are common to several of our subsidiaries, but none is involved in all of our sales plans. Among the best-known are Watts Industries and Aalberts, who are both manufacturers and wholesalers in France, and Eriks Econosto internationally. The great diversity and large number of competitors, who are only involved in a tiny proportion of our products, reduce our risk. Pure web players are potential competitors for our customers. Some of our products are available on their platforms (Leroy Merlin, Amazon, Cdiscount, ManoMano...). It's up to us to take action and develop our skills to master and use the digital channel wisely and intelligently. What's more, many of our products represent niche markets which can be sold thanks to the technical expertise of our sales staff and our after-sales service. The web giants don't have this kind of skill and know-how. OUR STRENGTHS A wide range of suitable products. High-level sales teams with a strong presence in the field. Marketing tailored to each market. Instantly available stock. Extremely efficient logistics. Delivery in 24/72 hours in France, 2 to 6 days anywhere in Europe. Strong brands, whether they belong to the manufacturers or to Thermador Groupe. OUR CUSTOMERS' EXPECTATIONS THE ESSENTIALS A clear commercial policy. A clear and consistent pricing policy. Competitive prices. Quality products. A very wide range. Innovations. Short, reliable lead times. Complete orders. RELATIONSHIPS - SERVICE Stability of field and sedentary sales teams. Support in the field and regional trade fairs. Technical advice over the phone, recommendations, installation. Simple, data-rich websites. After-sales service and spare parts. SALES SUPPORT Private labels. Recommendation. Good packaging. Promotions. Joint sales actions over the phone. Sales pitches. OUR HISTORY THE STAGES OF OUR DEVELOPMENT 1968 1973 1977 1978 1986 Creation of Thermador Start-up capital 300,000 FRF (€45,735). Importing and distributing central heating accessories. Founders: Guy Vincent, Jacques Borde, Hubert Fournier, Geneviève Boreil and Marc de Sereys Creation of Thely Real estate company Creation of Jetly Distribution of domestic pumps and pump accessories ROBINETTERIE, COMPTEURS & RACCORDS Creation of Sferaco Distribution of valves to the construction business and industry Creation of Dipra Sale to DIY superstores: pumps, household valves, plumbing Merger of Dipra and Édouard Rousseau Name changed to ODREA in 2022 2006 Creation of Thermador International Distribution of the group's products on international markets Name change in 2019 to Syveco 2013 Creation of Axelair Specialised distribution of ventilation equipment and accessories 2013 Creation of Thewa Taps business within the Thermador subsidiary 2015 Creation of Aello Specialised distribution of swimming pool equipment and accessories 2015 Acquisition of Nuair by Sectoriel Distribution of screw and reciprocating compressors for professionals and for industry 2015 THE START OF EXTERNAL GROWTH 2018 ROUSSEAU Acquisition of Etablissements Édouard Rousseau by Thermador Groupe Sale to DIY superstores and supermarket retail in France and Spain of a range of taps for bathrooms and kitchens Merger of Dipra and Édouard Rousseau Name change to ODREA in 2022 2019 Acquisition of Distrilabo by Thermador Groupe Distribution of technical materials for pressure, temperature, level and flow measurement and control for industrial processes and air-treatment engineering 2020 Acquisition of Thermacome by Thermador Groupe Radiant surface and hydrodistribution systems for housing and buildings 2022 Acquisition of the business of AFY by Sferaco Sale to specialised wholesalers of industrial supplies 2022 Acquisition of DPI by Thermador Groupe Sale to specialist wholesalers and installers of plastic solutions for water, construction and public works EXTERNAL GROWTH 1986 Creation of Thermador Groupe Capital: 66,320,000 FRF (€10,110,418) 1987 Thermador Groupe listed on the stock exchange 1989 Creation of Sectoriel Motorised valves 1989 Creation of PBtub Distribution of pipes in synthetic materials, underfloor heating and domestic water 1992 Creation of Isocel Sale of parts to boiler manufacturers 2002 Creation of Opaline Communications agency 2015 Acquisition of Mecafer by Thermador Groupe Sale to DIY superstores 2017 Acquisition of Sodeco Valves by Thermador Groupe Industrial valves 2017 Acquisition of FGinox by Thermador Groupe Sale of stainless steel 2017 Acquisition of the business of Vortice France 2017 Acquisition of Domac by Mecafer 2017 Acquisition of Groupe Valfit by Sferaco of air compressors, pneumatic tools, generators, welding stations and chargers in Belgium, the Netherlands, Germany, France and Switzerland Merger of Sodeco and Vena Contracta in 2024 connectors, flanges, valves and accessories by Axelair Sale of air compressors, generators, welding stations and battery chargers Sale to specialist wholesalers of a targeted range of connectors, meters and valves 2022 2024 2025 2025 Merger of Dipra and Édouard Rousseau Change of name to ODREA in 2022 Acquisition of Compteur-energie.com, OTMetric and MyMeterInfo by Thermador Groupe Change of name to Alto Metering in 2024 Acquisition of C2AI by Thermador Groupe Acquisition of the Spanish company Quilinox by Thermador Groupe OUR OBJECTIVES AND STRATEGY THERMADOR GROUPE OWNS, CONTROLS, BRINGS TOGETHER, FEDERATES AND SUPPORTS DISTRIBUTION COMPANIES: Our subsidiaries market technical equipment and accessories for the circulation of fluids in building, public works and industry, as well as heavy-duty equipment for the general public and professionals. OBJECTIVES - VISION We are constantly adapting and innovating in order to pursue balanced and sustainable growth, while respecting our teams, shareholders, customers, suppliers, all our partners and the environment. The niche markets in which we operate, although fragmented, offer us opportunities to build ambitious long-term projects while remaining faithful to our distribution model and our values. Since 2019, our goal has been to maintain average annual revenue growth of over 7% while preserving our profitability. This allows us to finance our development, maintain our freedom of action and guarantee our long-term viability. Our model requires a high-performance information system, a large stock and suitable buildings, all of which we can afford thanks to our very solid financial structure, which must not be weakened. WHO ARE WE, AND WHAT ARE OUR VALUES? We always give priority to trust, transparency, simplicity, sobriety and conviviality in human relations, while also sharing a high level of standards and the quest for maximum efficiency. We are asking everyone to work well and do well, so that we don't have to do it all over again. We want to give our teams excellent working conditions and a consistent fixed salary. A slice of the profits is shared between the subsidiaries, with the Thermador's mutual fund (FCPE) acting as the group's motivational lever. We expect our leaders to be efficient, exemplary, communicative and, above all, driven by the collective interest. Our decision to open up the capital very widely means that we have an obligation to satisfy our shareholders through exemplary communication, management and behaviour, the right allocation of invested capital, regular results and dividends, a high level of transparency and complete availability. We pursue a proactive policy to ensure that our employees and managers hold a significant proportion of our capital. Challenges 2026-2031 Reduce absenteeism to below 4%. HUMAN RESOURCES SUSTAINABLE DEVELOPMENT ACTIVITY DIGITAL Welcoming and assisting people with disabilities. Attract and retain talent at all levels of the group. Promote parity in all governance bodies and diversity in all our organisations. Meet our commitments and achieve our objectives set out in section 1.12 of this document. Get our suppliers on board to reduce our impact. Encourage and support internal initiatives to protect the environment. Proportionally increase international business. Continue the process of integrating recently acquired companies. Better understand and better meet the expectations of our clients' customers. Developing our skills, digital tools and mastery of artificial intelligence to improve operational efficiency. TRANSFORMATION Ensure the integrity of our information systems. Accelerate the digitalisation of our sales. Constantly improve the working conditions of our employees. LOGISTICS Optimise our logistics platforms (flows, resources, environmental impact). Increase our operational efficiency. GEOPOLITICS Diversify our sources of supply and give priority to local suppliers*. *Please refer to the chapitre on risk management in chapter 4.1. A DECENTRALISED ORGANISATION AND ELEMENTS OF DIFFERENTIATION Our model is based on 21 specialised sales subsidiaries that handle sales, marketing and logistics for the geographical areas, customers and distribution channels agreed with their manufacturing partners. Their purchase prices and cost control ensure that they are both profitable and competitive. Five activity coordinators are responsible, among other tasks, for promoting commercial synergies in the construction, industry, water cycle, consumer and international sectors. Our subsidiaries differ in: the stability, quality and commitment of their teams, a constant focus on customer satisfaction, a proactive approach to sustainable development, the breadth, depth and constant adaptation of the ranges, permanent, high-performance sourcing, product expertise in the pre-sales department, the efficiency and consistency of our the after-sales service, excellence in logistics and operational processes, mastering the digital tools available to them, the relevance of the information transmitted to the market to feed digital channels effectively, the ability to adapt and innovate. Their managers enjoy extensive autonomy over the management of their staff and the running of their business. 21 specialised sales subsidiaries handling sales, marketing and logistics DEVELOPMENT STRATEGY We can act on several levers to ensure our growth. ORGANIC GROWTH: Each subsidiary acts on three levers to develop its sales through: developing market share in ranges where it is below 30%, price increases when market conditions make them possible or necessary, and range extensions without ever competing with another group subsidiary. INTERNATIONAL: From France, we are concentrating on markets within reach of our logistics organisation and on ranges where we have a competitive advantage. Our foreign subsidiaries are using the traditional levers of organic growth. SUBSIDIARY CREATION: It is possible in a business that is close to our universe, as long as we find the women or men to lead the project and the industrial partners to put together the basic offering. This is how Axelair and Aello were created in 2013 and 2015. EXTERNAL GROWTH: We are looking at opportunities, with a preference for companies located in Europe and outside France, in order to achieve a better balance between our domestic and export sales. We have set ourselves a number of prerequisites: distribution companies that are close to our business model in the industrial or water cycle sectors, a proven strategic interest, a reasonable price that is acceptable to our shareholders, honesty, professionalism and commitment on the part of the management team, eventual control of 100% of the capital, and the maintenance of operational excellence over the medium term. SUSTAINABLE DEVELOPMENT: We want to make progress on sustainable development through: expertise and training in all governance bodies, the co-decision of ambitious consolidated targets by all the group's managers, honouring commitments made, accurate, honest and regular communication with all stakeholders. COMMERCIAL AND LOGISTICS EFFICIENCY We want to boost our commercial and logistical efficiency by: pursuing the continuous improvement of our information systems by increasing our level of autonomy and our development capacity, the collection, storage, analysis and exploitation of data useful to our businesses by adding appropriate algorithmic models to our information systems, the gradual introduction of automated storage systems. OUR COMMERCIAL ACTIVITY Thermador Groupe in figures VISITS TO CUSTOMERS 52,110 2025 51,818 2024 54,303 2023 CUSTOMER ACCOUNTS 35,158 2025 33,724 2024 32,332 2023 CUSTOMERS HAVING VISITED OUR GROUP 667 2025 430 2024 255 2023 E-COMMERCE WEBSITES AND IN-HOUSE ACTIVITY 21 2025 15 2024 12 2023 Expressed in number of units. 45% of staff in constant contact with our customers in the field or on the phone The role of our CEOs and sales teams is to be in constant contact with our customers, whether in the field or on the telephone. They have in-depth knowledge of the product ranges they promote, and although some of our wholesale customers receive representatives from several group subsidiaries in the same day, they never complain about wasted time. Every week, we conduct training sessions in the field or at our premises, with our customers' teams. Our office-based technical sales teams deal very quickly with all types of requests over the telephone: prices, availability, after-sales service, technical information, etc. Some of our wholesale customers have developed their own web-based business. At the same time, pure players and marketplaces have entered our markets. We welcome this new distribution channel as an opportunity, and are investing to ensure that our technical resources and the expertise of our teams are equal to the challenge. Modern websites, enrichment and distribution of product data, referencing of our brands, adaptation of pricing policies, digital marketing, online videos, social networks, influencers... TELEPHONE CALLS 424,687 2025 429,339 2024 546,371 2023 WEB PAGES VISITED ON OUR SITES 5,066,603 2025 4,683,279 2024 3,785,780 2023 CATALOGUE PAGES 4,115 2025 4,075 2024 4,770 2023 CUSTOMERS WHO RESPOND TO THE SATISFACTION SURVEY 1,329 2025 1,127 2024 262 2023 Expressed in number of units. VIRTUAL REALITY Since 2021, Opaline has been making a name for itself in the creation of immersive projects for the construction and industry sectors. In four years, the 3D team has designed three virtual visit platforms: a detached house, a commercial building and a block of flats. These virtual environments enable to showcase the products of the six building subsidiaries in their context of use: Axelair, Jetly, PBtub, Sferaco, Thermacome and Thermador. The single-family home has been adapted for a virtual reality headset, offering trade show visitors a unique and immersive experience. In 2024, an enhanced version of this detached home was launched, with a new ergonomic interface and guided tours to showcase the subsidiaries' flagship products. On the industrial side, Opaline has developed a number of interactive valves, capable of revealing their technical features thanks to a detailed breakdown of the components. These visual tools are very useful for training or sales. In partnership with Sectoriel, Sferaco, Sodeco and Syveco, another virtual world is already up and running, featuring a storage tank in a virtual factory. With these projects, Thermador Groupe is demonstrating its capacity for innovation, creating immersive experiences that enhance the appeal of its products. The virtual factory The detached house SUPPLY CHAIN MANAGEMENT The rapid technological developments applicable to the supply chain and the context of recent years mean that monitoring is more essential than ever. It is a strategic lever for optimising logistics performance and identifying emerging trends and technological innovations, enabling us to maintain a competitive edge. It is therefore essential to enriching our approach, refining our vision and guaranteeing informed decision-making, thereby contributing to sustainable development and operational efficiency. That's why we regularly take part in conferences and trade fairs, talk to integrators and companies of all sizes, and keep abreast of the latest developments in the supply chain in France and internationally. OUR LOGISTICS IN FIGURES Our imports: 47% of tonnage received in containers by sea a greening of the post-routing still under way with our containers being brought up from the port of Fos by road, rail and/or barge. Our logistics platforms: 201 women and men 132,314 m² of storage a pallet capacity of 133,545 263 handling machines from 3 historic manufacturers 72,090 items held in stockem 571,680 orders shipped over the year 72,359,878 items for a total tonnage of 47,824 tonnes and an average turnover/order of €1,095 Our commitment to our customers in France, Europe and Africa (delivery times): 24H/72H in France FROM 2 TO 6 DAYS internationally depending on destinations IN 4H for Sodeco Valves, based in Belgium, in its catchment area. We would not be able to meet these high standards without a daily concern for the well-being of our employees, an appropriate level of stock and strong partnerships with reliable carriers. For more details on the well-being of our employees, see chapter 3.4 ESRS S1. OUR SUPPLIES Our subsidiaries currently use a range of tools for their procurement. ThermAppro is the most technologically advanced tool we have to offer. This decision-support tool incorporating machine learning algorithms was developed in 2020-2021 to help our buyer/ supplier teams optimise their sourcing. In 2025, we developed numerous new features to further improve this solution. We also deployed this tool at Aello in 2025. To date, we have seven subsidiaries (Aello, Jetly, Odrea France, Odrea Spain, Sectoriel, Sferaco, Thermador) using the solution. Some of them now use ThermAppro for more than 80% of their stock order lines. OUR UPSTREAM TRANSPORT (IMPORT) We import our products mainly from Europe and Asia by various modes of transport: sea, road, rail or barge, depending on the context and requirements. In 2025, 342 of our containers were transported by barge or rail from the port of Fos to our subsidiaries in Saint-Quentin-Fallavier, representing nearly 30% of this freight. This desire for modal shift and massification will continue to accelerate in the years to come. In 2024, we launched our 1 st call for tenders. This call for tenders, which was finalised in 2025, enabled us to streamline our approach and optimise our maritime imports both financially and operationally by selecting two freight forwarders for the entire group (compared to seven previously). The framework agreements signed run until February 28, 2026, which led us to launch a second call for tenders in the second half of 2025 for the year 2026-27. OUR PLATFORMS Our logistics platforms play a central role in our business. We must constantly ensure that we have the simplest and most optimised workflows possible to facilitate the storage, preparation and dispatch of our products, while regularly increasing our efficiency and responsiveness. That's why, for several years now, we have been working on projects to digitise and/or mechanise or even automate some of our platforms. In June 2023, we launched a project to optimise the Sferaco platform. The aim of this project was to support the subsidiary's growth over the next 5-10 years. The challenges we faced were numerous: to provide our customers with an ever-better service, to optimise our flows and resources in order to improve efficiency, and to increase the density of our stocks, while respecting environmental and social issues. After an in-depth study, we launched a call for tenders for integrators in 2024. We have signed a contract with the integrator chosen in 2025 with the solution being rolled out in 2026-2027. OUR TRANSPORT PARTNERS Downstrea m transport is a key component of our offering. It contributes to the satisfaction of our customers and to our overall operational efficiency. We select our partners carefully to ensure that our products are delivered on time, while meeting our customers' growing demands for flexibility and reliability. Anaïs Der Hagopian-Virieux heads the team that negotiates and selects our transport partners (couriers and express operators) each year through structured invitations to tender. We are committed to forging balanced partnerships that ensure good economic performance, long-term commitment and a quality of service that lives up to our expectations. OUR SUPPLIERS It is the responsibility of the CEO of each of our subsidiaries to choose their suppliers and to maintain trusting relationships with them. Although some suppliers are shared by several subsidiaries, we do not consider it useful to have a centralised purchasing department for the group. We prefer each company to focus on its own priorities, linked to its market, and ask everyone to share information about these 'group' partners. Our suppliers are manufacturers that we have selected from among the best in their profession. We work closely with them over the long term, ensuring that their products comply with all current technical and safety standards. The challenges posed by sustainable development and the forthcoming European CS3D (Corporate Sustainability Due Diligence Directive) regulations have led us to develop a uniform set of procedures for all the group's subsidiaries: our responsible purchasing charter and our supplier rating system were rolled out in 2021 and 2024 respectively. In 2025, we determined a uniform audit approach. We are also working to estimate the geopolitical and climatic risks associated with the industrial sites from which our products originate. Generally speaking, our site visits are very 40 years of partnership with 20% of our suppliers more than 982 partner factories worldwide 65% of our purchases are made from European manufacturers Our biggest supplier: 7.9% of our merchandise purchases The top 5 represent: 20.8% The top 10 represent: 28.8% GOODS PURCHASED thorough: we pay particular attention to the working conditions of employees and ensure that no children are present in the workshops and factories of our partners (see our sustainable development report in chapter 3.4.2 of this reference document). From the outset, the group's development has been based on collaboration with Italian manufacturers, renowned for their expertise in valves and pumps. They now account for 35% of our supplies. Caleffi, Cordivari and DAB consolidated their positions as No. 1, No. 2 and No. 5 suppliers in 2025. Since the end of '90s, we have also selected Chinese and Taiwanese manufacturers specialising in our businesses, with whom we maintain solid partnerships. Today, 33% of our purchases are made in China and Taiwan, where we have a hundred regular suppliers of good quality. With the exception of health crisis years, our teams make around 20 to 30 trips per year to this country, often accompanied by a Chinese employee living in France, with the added remit of assisting and advising the subsidiaries to develop and facilitate the relationships we have with our industrial partners and their managers. For several years now, Odrea has had a representative office in Shanghai, where a team that is very loyal to the company carries out checks in the factories and organises logistics to optimise the filling of containers. €321m €316m 2025 2024 GROUP PURCHASING ITALY 35% 34% 39% 2025 2024 2023 CHINA + 33% 32% 29% TAIWAN 2025 2024 2023 FRANCE 12% 12% 11% 2025 2024 2023 SPAIN 10% 10% 9% 2025 2024 2023 GERMANY 3% 4% 4% 2025 2024 2023 OTHER 7% 8% 8% COUNTRIES 2025 2024 2023 Breakdown by country €374m 2023 BREAKDOWN BY CURRENCY EURO 67% 68% 70% 2025 2024 2023 US DOLLAR 32% 30% 29% 2025 2024 2023 OTHER 1% 2% 1% 2025 2024 2023 OUR FRENCH CUSTOMERS Our customers are wholesalers of heating and sanitary equipment, pumps, valves and fittings, industrial supplies, OEMs, swimming pool professionals, industrialists, public works companies and all those involved in DIY. Some of our customers have expanded through acquisitions, while others prefer to grow organically. In any case, they are very diverse: Independent or affiliated to listed or family groups. International, national or regional for their organisation and logistics. Group members or independents for their purchasing, marketing and communication. They include: Saint-Gobain Distribution, Pompac Développement, Adeo, Rexel, Mr Bricolage, Les Mousquetaires, Qérys, Kingfisher, Frans Bonhomme, Richardson, Algorel and Socoda members. We have a very active sales presence at national decision-making centres and at points of sale (events, training, etc.). The way our sales force is organised, with small teams of highly professional salespeople who have a strong presence in the field or on the telephone, means we're very efficient. Our sustainable development approach is of interest to more and more of our customers, especially those subject to European CSRD reporting regulations. 31,443 customers in France Our biggest customer accounts for 5.5% of our turnover. The top 5 accounts for 18.8%, the top 10 29.9%. Aello - Tech sessions, December 3, 2025 Artibat Fair, October 2025 Pollutec Fair, October 2025 OUR INTERNATIONAL CUSTOMERS 66 countries visited since 2019 International activity 17.3% 5,947 customers MORE THAN 20 LANGUAGES SPOKEN BY OUR TEAMS As in 2024, our international activities, which are mainly focused on industry, have held up rather well. Syveco and FGinox are likely to have gained market share in Europe and the Middle East with their distributor customers. Sodeco Valves was able to contain the fall in turnover, despite the absence of major projects. In Spain, Odrea faced even stiffer competition from the own brands of DIY superstores. Quilinox, which joined us on September 30, 2025 and also operates in Spain and Portugal, had a very successful year. Overall, our international turnover increased compared to 2024 (16.3%). In addition, the overseas departments and regions and overseas communities (DROM-COM) account for 2.3% of the group's turnover, generated by several subsidiaries. Exports account for 19.6% of the group turnover. At the end of the 1960s and until the mid-2000s, the group's subsidiaries bought in Europe to sell in France. Today, they buy from all over the world and sell to Europe, Africa and the Middle East via Syveco, Sodeco Valves, Quilinox, FGinox and Rousseau. Syveco, created in 2006, contributed 43.0% of our international turnover in 2025. Sodeco Valves, Quilinox, FGinox and Odrea account for 49.1% of this business, with the remainder coming from our other subsidiaries. Syveco delivers a wide range of products to wholesalers from our main warehouse in Saint-Quentin-Fallavier at short notice, in line with market demand. Advances in logistics and shorter delivery times have simply pushed back our frontiers, as we are now able to deliver to the whole of Europe between D+2 and D+6. For our customers outside Europe, orders are handed over immediately and in full to forwarding agents, who deliver the goods to the markets concerned within two or three weeks. Headquartered in Belgium, Sodeco Valves delivers on D+1 and D+2 to its industrial customers, mainly in Belgium, the Netherlands and Germany (with a sales company for each country and local sales staff). Quilinox sells sanitary pumps, aseptic valves and stainless steel equipment on the Iberian market, including to industrial clients. FGinox has an export department and markets its range of stainless steel fittings to industrial customers and specialist wholesalers in Europe and Africa. Rousseau, Odrea's sales subsidiary in Spain, stocks and distributes a range of sanitary fittings for DIY superstores. Our margins for growth are immense, in line with the current and future needs of countries with strong development potential and the commercial synergies that are being established between the various subsidiaries concerned. Albania Algeria Angola Austria Belgium Benin Bosnia and Herzegovina Bulgaria Cameroon Canada Colombia Congo Croatia Czech Republic Denmark Egypt Eire Estonia Ethiopia Finland Gabon Germany Ghana Greece Guinea Hungary Italy Ivory Coast Jordan Kenya Latvia Lebanon Lituania Luxembourg Madagascar Mali Mauritania Mexico Moldova Montenegro Morocco Netherlands Nigeria North Macedonia Norway Oman Poland Portugal Qatar Romania Rwanda Saudi Arabia Senegal Serbia Slovakia Slovenia South Africa Spain Sweden Switzerland Togo Tunisia Türkiye Ukraine United Arab Emirates United Kingdom OUR FINANCIAL KEY FIGURES GROWTH BASED ON ESSENTIAL NEEDS CONSOLIDATED EX-VAT TURNOVER OPERATING PROFIT (IN MILLIONS OF EUROS) CONSOLIDATED NET PROFIT AS A PORTION OF THE GROUP (IN MILLIONS OF EUROS) €501.7m 486 554 581 504 502 €59.4m 73.2 79.6 80.8 (IN MILLIONS OF EUROS) €44.1m 58.9 58.3 220 231 311 268 369 396 44 37.7 31 31.7 47.8 51.4 60.2 59.4 20.2 20.6 26.2 29.1 32.4 36.2 52.9 44.7 44.1 15 16 17 18 19 20 21 22 23 24 25 15 16 17 18 19 20 21 22 23 24 25 15 16 17 18 19 20 21 22 23 24 25 According to IAS 18 According to IFRS 15 HEADCOUNT 903 PEOPLE 903 SHAREHOLDERS' EQUITY AFTER DISTRIBUTION OF PROFIT (IN MILLIONS OF EUROS) €387.2m 387.2 363.3 314 319 439 476 668 599 712 770 798 821 339.6 299.7 260.2 224.8 203.3 174.2 187.5 148.2 158.8 15 16 17 18 19 20 21 22 23 24 25 15 16 17 18 19 20 21 22 23 24 25 STOCK (IN MILLIONS OF EUROS) €175.8m 190.4 191.7 187.1 CASH (IN MILLIONS OF EUROS) €97m LOANS AND FINANCIAL DEBT (IN MILLIONS OF EUROS) 171.2 175.8 96.9 €41.1m 77.2 80.8 122.8 123 119.5 102.9 27.4 20.8 28.6 23 32.3 39.9 27.4 16 35.2 63.3 30.8 46.7 41.7 39.4 28.2 46.6 38.7 30.5 41.1 15 16 17 18 19 20 21 22 23 24 25 15 16 17 18 19 20 21 22 23 24 25 17 18 19 20 21 22 23 24 25 2016 and previous years: no loans or debt. OUR PROFITABILITY RATIOS As the financial key figures are presented over 10 years, we have calculated the ratios on the basis of turnover booked in accordance with IFRS 15. ROCE RETURN ON CAPITAL EMPLOYED BEFORE TAXES (INCLUDING GOODWILL) (EXCLUDING IFRS 16) (IN %) OPERATING PROFIT / TURNOVER (IN %) 11.8% NET PROFIT AS A PORTION OF THE GROUP / TURNOVER (IN %) 8.8% 16.4% 21.2 21.2 19.2 18.8 20.2 20.6 25.5 22.1 21.7 16.7 16.4 14.1 13.7 14.1 14.2 13 15 14.4 13.9 13 11.9 11.8 9.2 8.9 9.7 9.2 8.7 10.7 10.5 9 9.9 8.9 8.8 15 16 17 18 19 20 21 22 23 24 25 15 16 17 18 19 20 21 22 23 24 25 15 16 17 18 19 20 21 22 23 24 25 ROCE is the ratio of operating profit before tax to capital employed. These are the aggregate of non-current assets including goodwill and working capital. We have not included the impact of IFRS 16 restatements in these aggregates. PROFITABILITY RATIOS (IN %) 2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 Operating profit / Turnover 11.8 11.9 13.9 14.4 15.0 13.0 13.0 14.2 14.1 13.7 14.1 ROE = Return On Equity 11.4 12.3 17.2 19.7 20.3 16.1 15.9 15.5 15.1 13.0 13.6 Cash flow / Turnover 11.0 11.0 12.0 12.2 12.4 10.8 10.3 10.5 11.2 9.9 10.2 PRODUCTIVITY RATIOS (IN THOUSANDS OF EUROS) 2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 Turnover per person 556 614 728 719 683 592 616 654 610 725 701 FINANCIAL STRUCTURE RATIOS AFTER APPROPRIATION (IN %) 2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 Cash flow / Equity after appropriation 14 15 20 22 23 19 18,7 17 17 14 15 Non-current assets + stock / Shareholders' equity after appropriation 97 101 111 125 120 113 121 125 117 96 101 Permanent capital / Non-current assets 193 201 184 162 183 167 165 168 172 219 206 Permanent capital / Stock 220 194 177 157 152 188 165 153 169 197 192 OUR EXTRA-FINANCIAL KEY FIGURES We have chosen 19 mid- and long-term priorities GOVERNANCE SOCIAL ENVIRONMENT SOCIETAL Our social responsibility has been at the heart of our values and concerns since 1968. In 2012, for the first time, we talked about our sustainable development approach in our annual report and began to describe the initiatives and achievements of our employees and management teams on governance, the environment and social issues. In 2021, the Executive Committee selected 19 key indicators that reflect our commitments and the group's desire to be part of the long term by structuring its continuous improvement approach around priority issues. They focus on four areas: governance, people, the environment and society. The 2025 and 2030 horizons chosen reflect the commitment of the current management of Thermador Groupe until the retirement of the majority of its members. These objectives were discussed and challenged by the Sustainable committee and presented to our Board of Directors. Each priority is translated into a quantified objective and tracked in thank to our consolidated indicators, enabling everyone to monitor changes in our non-financial performance. The ACT Step by Step approach guided us to structure our climate transition plan. 2021 to 2024 were rich in progress on our extra-financial achievements. In 2021, we set our 19 key priorities, completed our GHG emissions inventory for all 3 Scopes, committed to the Global Compact and developed our responsible purchasing charter to encourage our stakeholders to get involved with us in our sustainable development objectives. The variable remuneration of corporate officers are indexed to the results achieved in relation to our sustainable development priorities. In 2022, creation of a Sustainable Development Unit at Executive Committee level and publication of turnover generated by products in our range aligned with the European taxonomy. In 2023, publication of our first eligible turnover aligned with the European taxonomy, enabling a contribution to the objectives of the transition to a circular economy, through the sale of spare parts, repair and refurbishment. Publication also of our eligible and aligned capital and operating expenditure for our activities relating to the buildings owned by our Thely subsidiary. Setting of a target for reducing our carbon emissions on Scope 3 mapping our exposure to physical climate risks. In 2024, roll-out of the first Environmental and Health Declaration Sheets, Product Environmental Profiles and other Environmental Product Declarations for certain products. Launch of an eco-designed range at Sferaco and implementation of the highly complex European standard (CSRD) for audited reporting of sustainable development information. In 2025, we affirmed our climate strategy by following the ACT* Step by Step approach. Our carbon trajectory estimate is now modelled. At the same time, we continued our work to ultimately reduce uncertainties in the assessment of our greenhouse gas emissions. The resources committed to implementing the group's transition plans and those of its subsidiaries, to ensuring its extra-financial performance and, ultimately, the company's long-term viability, are of various kinds: training at all levels, which is vital to the successful completion of the work, remunerations of the dedicated teams, external support and tools. They are presented in the Sustainability Statement. *ACT: Assessing Low Carbon Transition. 2001 2010 2016 2017 2018 2020 2021 2022 2023 2024 2025 Introduction of the company Thermador Groupe enters the TOP Appointment of a Board member Introduction of the 1 st QWL barometer The first EFPS to include sustainability Creation of the Sustainable development Publication of our 2025 and 2030 targets Creation of the Sustainable Eligibility for 1 st Sustainability Carbon the taxonomy Statement footprint Carbon goal Life cycle analysis established savings plan (PEE) 10 of the GAÏA indices representing Guidance from the employee environment agency objectives committee Creation Signatory of the pact Development Unit Scope 3 of some of our products as part of the ACT shareholders (ADEME) to reduce our carbon footprint of Thermavert group Launch of an eco-designed range Step by Step approach. Priorities & objectives OUR 19 KEY INDICATORS year Base 2021 2024 ACTUAL 2025 ACTUAL Advancement TARGETS 2025 TARGETS 2030 GOVERNANCE 1. Attendance rate at the Board of Directors. 100% 93.4% 93.5% ≥95% ≥95% 2. Attendance rate at the Annual General Meeting. 71.5% 77.1% 75.8% ≥68% ≥73% 3. Percentage of capital held by employees and former employees. 7% 6.6% 6.9% ≥8% ≥8,5% 4. Percentage of exposed employees trained in anti-corruption over the last 3 years. 98.9% 98.6% 98.0% ≥95% ≥95% SOCIAL 5. Professional equality index (x/100). 88 81 90 ≥90 ≥ 90 6. Women in management positions. 39% 41.6% 39.8% ≥40% ≥ 40% 7. Average seniority (years). 9.68 9.28 9.75 ≥8 ≥ 8 8. Percentage of permanent employees trained per year (including internal training). 72,1% 85.5% 85.6% ≥95% ≥ 95% 9. Absenteeism (including long-term illness). 3.4% 5.8% 5.3% <4% < 4% ENVIRONMENT 10. Scope 1 - Direct emissions - vehicle fleet (tCO 2 e /vehicle). 3.49* 2.64 2.0 <2,72 <1,69 11. Scope 1 - Direct emissions - building heating and cooling (tCO 2 e per 1,000 m 2 ). 6.37* 3.95 3.63 <4,56 <3,82 12. Scope 2 - Indirect emissions from building energy consumption (tCO 2 e per 1,000 m 2 ). 1.25* 0.74 0.62 <0,81 <0,44 13. Scope 3 - Indirect emissions from our sold products (tCO 2 e / tonnes of products). 6.92* 7.17 7.22 - 2% - 17% 14. Waste from our activities (kg/tonnage received). 20.28 15.94 15.8 <20,71 <18,72 15. Percentage of waste sent for recycling. 90.7% 96.5% 97.8% ≥90% ≥95% SOCIETAL 16. Percentage of turnover from rated suppliers. 17.1% 86.2% 84.9% ≥80% ≥85% 17. Percentage of turnover from ISO 9001 or 14001 certified suppliers. 80.4% 91% 91.3% ≥85% ≥90% 18. Percentage of turnover achieved by ISO 9001 or 14001 subsidiaries. 32.6% 65.9% 67.1% ≥70% ≥90% 19. Percentage of turnover from suppliers who are signed our Responsible Purchasing Charter or equivalent charter. 4.8% 92.2% 94.1% ≥85% ≥90% : Targets met : Targets in progress : Behind targets * Exception: reference year 2022 tCO 2 e : CO 2 tonne equivalent The scope of these data corresponds to the consolidated scope of the group, excluding C2AI and Quilinox, companies acquired in 2025. Explanatory notes on these objectives and performances are presented in the Sustainability Report, in Chapter 3 of this document. OUR REAL ESTATE LAND 322,061 m 2 2025 315,679 m 2 310,002 m 2 2024 2023 BUILDINGS 127,139 m 2 2025 125,992 m 2 124,397 m 2 2024 2023 With climate change a major concern for the years ahead, we are committed to developing our property portfolio to make it more efficient, while reducing its carbon footprint. The group's strategy to own the properties it uses means it can invest in practical, innovative solutions to achieve ambitious goals. The real estate company (SCI) THELY, a subsidiary of Thermador Groupe, owns 85% of the property portfolio. Most of the estate is located 25 km south-east of Lyon, in Saint-Quentin-Fallavier (Isère 38, in the largest business park in France and the 3 rd largest in Europe). Our property portfolio has gradually expanded thanks to the acquisition of Domac (3,857 m²), Sodeco Valves (5,340 m²) and Edouard Rousseau, renamed Odrea (9,345 m²). In 2022 , SCI THELY has acquired a 2,927 m² building in Saint-Quentin-Fallavier, thereby strengthening our assets. At the end of 2024 , the acquisition of the ACORE building located at 60 rue du Ruisseau in Saint-Quentin-Fallavier brought the group's total floor space to 125,992 m². In 2025 , two new acquisitions have further expanded our assets: the APS building, located at 30 rue du Ruisseau in Saint-Quentin-Fallavier (1,178 m²), and the integration of Quilinox by Thermador Groupe, which owns a building plot in the Valencia region of Spain. S.C.I. THELY A real estate company founded in 1973 to manage the group's real estate assets. Capital €3,100k 100% owned by Thermador Groupe. Total equity at December 31, 2025: €41,989k. Borrowings from Thermador Groupe at December 31, 2025 : €23,728k. Estimated value of the property complex: €91.9m of which €82.3m, in respect of Thely, (see Note 14 in chapter 6.3 Notes to the annual consolidated financial statements). Net book value of the property excluding assets under construction: €56,822k. 2025 Profit: €3,087 k (€2,000k in 2024). Since 1973, the group's aim has been to own its real estate assets, providing all our subsidiaries with buildings that meet their needs, while being adaptable and efficient. This strategy enables us to react quickly to all the investments needed to adapt our assets, bring them into compliance, maintain them and meet the major challenge of energy renovation. Through complex construction, expansion or refurbishment operations, SCI THELY supports the development of the group's entities by paying particular attention to the thermal and acoustic insulation of buildings, the deployment of high-performance climate control equipment that combines energy savings with thermal comfort, and the implementation of supervision tools to control and regulate the various pieces of equipment. Equally concerned with quality of life in the workplace, it provides a pleasant working environment for all employees, with bright, friendly and functional spaces. SCI THELY also attaches great importance to the need to protect the environment by limiting its carbon footprint and enabling its buildings to be energy efficient. This approach is part of an active drive to exceed the objectives of the Decree on the tertiary sector, which requires us to reduce our energy consumption by 40% by 2030 across our entire portfolio. As a result, since 2022 we have been focusing on the mass deployment of photovoltaic solutions on shading systems or roofs, as well as the installation of trackers. Modernising buildings and managing equipment through supervision are also prerequisites for energy performance. In 2025, we deployed our first building management system (BMS) solution at the pilot site operated by Jetly. This solution now enables us to control technical equipment, receive alerts in the event of malfunctions, and consolidate and analyse all of the building's energy consumption. Lastly, we systematically include thermal performance targets in all our property developments, mainly based on the RT 2012 standard or on energy audits. 7 energy audits were carried out in 2022 and 2023 on almost 50% of our portfolio, including rental properties. From now on, our specifications for all new buildings will take into account our environmental approach: communicating sub-metering, technical building management, photovoltaic solutions, rainwater recovery, petanque pitch, rest rooms, application of our biodiversity charter, etc. 13 14 11 A 1 2 12 17 15 B 3 9 4 8 16 10 7 6 5 INDUSTRIAL PARK AT SAINT-QUENTIN-FALLAVIER Preserving biodiversity Installation of solar panels Jetly Sectoriel Thermador Sferaco Syveco and Isocel PBtub Thermador Groupe Opaline Odrea Aello and Axelair External tenant FGinox warehouse Commercial building Commercial building Commercial building Commercial building Commercial building LAND RESERVE Land on rue du Ruisseau near to Sectoriel Land on rue du Ruisseau opposite Thermador Sodeco Valves (in Ternat, Belgium) Odrea (in Etigny) 12. FGinox warehouse 10. Aello and Axelair 9. Odrea 7. 8. Thermador Groupe and Opaline 6. PBtub 5. Syveco and Isocel 4. Sferaco 3. Thermador 2. Sectoriel 1. Jetly OUR BOARD OF DIRECTORS Our Board members have been chosen for their personalities (straightforward, selfless and committed) and for their knowledge of distribution, e-commerce, social networks, innovation catalysts and the decision-making processes of institutional and private investors. The diversity of their ages, origins and backgrounds guarantees greater openness and protects us from one-track thinking. Of the 11 Board members, 5 are women, 5 are independent and 2 represent employees. SECRETARY TO THE BOARD OF DIRECTORS SINCE 2016. Patricia Mavigner Deputy CEO since May 1, 2016. Regular guest of the Audit Committee and of the Sustainable development committee. BOARD MEMBERS NOT FREE OF INTERESTS Guillaume Robin Chairman and CEO since since June 30, 2011. Board member since April 12, 2010. End of current term of office: April 2026. Xavier Isaac Deputy CEO since April 8, 2025. Board member since April 7, 2025. End of current term of office: April 2029. CEO of Sectoriel since 2008. Regular guest of the audit committee. Peter Wartel CEO of Sodeco Valves since 2019. Board member since April 7, 2025. End of current term of office: April 2026. Janis Rentrop Board member not free of interest since April 10, 2017. End of current term of office: April 2029. Member of the Remuneration and nomination committee. REPRESENTATIVES FOR EMPLOYEE SHAREHOLDERS Bertrand Chevalier Board member representing employee shareholders since April 4, 2022. End of current term of office: April 2026. Member of the Sustainable development committee. Marion Granger Board member representing employee shareholders since April 4, 2022. End of current term of office: April 2026. Member of the Remuneration and nomination committee. INDEPENDENT BOARD MEMBERS Olivier Villemonte de la Clergerie Independent board member since April 5, 2016. End of current term of office: April 2027. Independent Chairman and member of the Audit committee. Independent member of the committee.. Caroline Meignen Independent board member since April 10, 2017. End of current term of office: April 2029. Independent member of the Remuneration and nomination committee. Véronique Bouscayrol Independent board member since April 3, 2023. End of current term of office: April 2027. Independent member of the Audit committee. Laurence Paganini Independent board member since April 10, 2017. End of current term of office: April 2029. Lead Director. Chairwoman and independent member of the Remuneration and nomination committee. Independent member of the Sustainable development committee. Mathilde Yagoubi Independent board member since April 8, 2019. End of current term of office: April 2027. Chairwoman and independent member of the Sustainable development committee. OUR EXECUTIVE COMMITTEE 2.65% of the capital held by the Executive Committee, i.e. 243,461 shares. Christophe Arquillière CEO of Sferaco since 2016. Chairman of Alto Metering since 2024. ROBINETTERIE, COMPTEURS & RACCORDS Frank Bourgois CEO of Jetly since 2020. Water cycle activity coordinator. Caroline Desplats Director of Sustainable Development since 2022. Laure Empereur CEO of Odrea since 2020. Representative of Thermador Groupe, Sole Director of Rousseau SA (Spain). Retail activity coordinator. Lionel Monroe CEO of Syveco since 2006. Chairman of Sodeco since 2017. Chairman of Quilinox since 2025. International business coordinator. Xavier Isaac CEO of Sectoriel since 2008. Chairman of Distrilabo since 2020. Chairman of MMT since 2025. Deputy CEO of Thermador Groupe since 2025. Industry activity coordinator. Board member. Guillaume Robin Chairman and CEO of Thermador Groupe since 2011. Board member. Patricia Mavigner Deputy CEO of Thermador Groupe since 2016. Deputy CEO in charge of finance, legal, real estate, information systems. Secretary to the Board of Directors. Yves Ruget CEO of Thermador since 2014. Building activity coordinator. GOVERNANCE ORGANISATION CHART Everyone has their rights, duties and responsibilities within Thermador Groupe. Shareholders invest and vote; Board members monitor and challenge; managers imagine, organise and execute. As a key part of our organisation, we give the management teams of our subsidiaries responsibility for their teams, their customers, their suppliers, their objectives and their strategies. This decentralised organisation leaves room for initiative and gives everyone the opportunity to flourish in their work by developing their skills and expertise. SOVEREIGN POWER ANNUAL GENERAL MEETING 10,521 legal entities and natural persons EXECUTIVE POWER EXECUTIVE COMMITTEE (EXCOM) 9 CEOs EXTENDED EXECUTIVE COMMITTEE Executive Committee + 15 CEOs 21 MANAGEMENT COMMITTEES ROBINETTERIE, COMPTEURS & RACCORDS OVERSIGHT POWER BOARD OF DIRECTORS OF THERMADOR GROUPE 11 Board members + 1 Deputy CEO 21 trading companies, 1 communications agency, 1 real estate company Human capital: 903 employees 2. REPORT ON CORPORATE GOVERNANCE 2 REPORT ON CORPORATE GOVERNANCE Organisation chart 28 Executive Committee 29 Board of Directors 32 Audit committee 37 Sustainable development committee 38 Remuneration and nomination committee 39 Training for Board members 40 Executives' remunerations 41 Share performance 54 Composition of capital 56 Looking ahead to 2026 58 2025 Annual General Meeting 59 Shareholders' relations 60 Summary of questions and answers from our shareholders 62 Report on corporate governance HOLDING / SUPPORT Patricia Mavigner Deputy CEO Section 2.3.2 Supply Chain management Information Systems Management Finance team Xavier Isaac Deputy CEO Section 2.3.2 ORGANISATION CHART Guillaume Robin Chairman and Chief Executive Officer Section 2.3.2 Caroline Desplats Director of Sustainable development Section 2.2.1 REAL ESTATE All Thermador Groupe subsidiaries are 100% owned. COMMUNICATION Patricia Mavigner Property Manager Section 2.2.2 Arlette Berliocchi CEO Section 2.2.2 WATER CYCLE INDUSTRY Frank Bourgois CEO Section 2.3.2 Jérôme Chabaudie CEO Section 2.2.2 Grégory Urpi CEO Section 2.2.2 Xavier Isaac CEO Section 2.2.1 Lionel Monroe CEO Section 2.3.2 DIY BUILDING Gilles Marchand CEO Section 2.2.2 Peter Wartel CEO Section 2.2.2 ROBINETTERIE, COMPTEURS & RACCORDS Christophe Arquillière CEO Section 2.2.1 Marylène Pattard CEO Section 2.2.2 Eric Mantione CEO Section 2.2.2 Florent Kieffer CEO Section 2.2.2 Fabienne Bochet CEO Section 2.2.2 Yves Ruget CEO Section 2.2.1 Jean - Philippe Paul Fernando Mari CEO Section 2.2.2 Thierry Dupont CEO Section 2.2.2 CEO Anne - Sophie Bultey CEO Section 2.2.2 Section 2.2.2 Laure Empereur CEO Section 2.2.1 Lionel Grès CEO Section 2.2.2 28 THERMADOR GROUPE - Universal Registration Document 2025

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