Thermador Groupe (THEP) H1 2026 earnings summary

Executive summary

• Consolidated turnover for H1 2026 rose by 11.3% year-over-year to €287.95m, with 5.6% growth at constant scope, despite a -0.9% price effect.

• Net profit increased 17.6% to €26.17m, with operating profit up 17.3% to €35.09m, representing 12.2% of turnover.

• Margin rate improved to 37.57%, and net profit margin reached 9.09%, both up year-over-year.

• 18 out of 21 trading companies posted growth, with strong resilience in building-related and consumer activities.

• Axelair reached breakeven, and Aello expanded in swimming pools, with legal disputes resolved favorably.

Financial highlights

• Professional channel sales grew 14.3%, offsetting a 4.1% decline in retail turnover.

• Free cash flow was €29.9m, with a cash position at €104.2m and equity at €414m.

• Operating profit margin rose to 12.2%, close to pre-COVID levels.

• Operating working capital requirement improved to 38.1% of turnover, and inventory days reduced to 181 from 209.

• Charges increased 11.8% to €73.1m, but margins and cash flow improved.

Outlook and guidance

• Q3 2026 expected to face tougher comparisons due to strong Q3 2025 and advance customer purchases.

• Price increases since April are anticipated to positively impact H2 2026.

• Focus areas include summer comfort, water cycle, new homes, industry, staff, geopolitics, international expansion, and pricing.

• Market conditions remain challenging, with cautious optimism for DPI's recovery and ongoing investments in productivity and digitalization.

• Numerous niche markets identified for future growth, including data centres, geothermal, and energy storage.