Half Year 2026 Thermador Groupe SA Earnings Call Transcript

Jul 30, 2026 / 02:00 PM GMT

Release Date Price: €84.75

Transcript

Key Points

Positve

Thermador Groupe SA (STU:T8D) reported a 6.5% increase in volumes and a 5.6% organic sales growth, with consolidated turnover up 11.3%.
The company saw strong performance in dynamic segments like air-to-air and air-to-water heat pumps and ventilation, positively impacting subsidiaries Thermador, IsaCell, and Axelair.
Axelair achieved break-even for the first time since its creation in 2013, partly due to favorable weather conditions boosting sales of mobile air conditioning units.
Net profit increased by 17.6%, with operating profit growing 7.3%, driven by improved margins and a favorable Euro/Dollar exchange rate on over 30% of purchases.
The company won a legal case against the former employer of DPI's CEO, and DPI returned to a slightly positive profit, with a new CEO arriving in September.
Cash position remains strong at EUR104 million, with working capital requirements improving to 38.5% of net turnover from 44% a year earlier.

Negative

Thermador Groupe SA (STU:T8D) experienced a negative price impact of 0.9% in the first half, leading to a downward revision of the annual price forecast to between 1% and 2%.
The new housing market remains weak, with building starts improving only slightly and building permits stabilizing without a clear upward trend, exacerbated by rising interest rates.
Audrea continues to face difficulties due to brutal delistings from its customers, particularly in Spain, requiring diversification efforts in product range and e-commerce.
The company anticipates a more challenging second half of the year due to less favorable base effects for organic growth compared to the first half.
Geopolitical tensions and ongoing wars are expected to have long-term effects on interest rates, raw material prices (polyethylene and aluminium), and potentially maritime transport costs.
C2AI's profitability is below expectations at 4.2%, missing the business plan target by 4%, requiring improvement in the second half.

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

THHG.PA - Thermador Groupe SA
Half Year 2026 Thermador Groupe SA Earnings Call
Jul 30, 2026 / 02:00PM GMT

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Presentation
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Unidentified Participant, Thermador Groupe SA - Translator [1]
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Good evening. Welcome to all.

Welcome to this webinar. We'll be commenting on the publication of our results.

And as usual, we're going to talk first of all about our wonderful employees.

Some of them are still here. A lot of them got on holiday. In terms of staffing levels, we're slightly up.

6.5% increase in volumes and that reflects the group's need to work on productivity today and in the future. Milestones, geopolitics of course with for the moment not much visible impact on Thermador Group but however things to talk about. A price impact, we've already talked about that with impact.

In terms of price rises that we've already

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