REGULATED PRESS RELEASE

from Thermador Groupe (EPA:THEP)

THERMADOR GROUPE : Q3 2024 turnover

October 15, 2024

Dear Shareholder,

Here are the main indicators on the current situation of our Group.

image  TURNOVER AT SEPTEMBER 30, 2024: -14.0%

In thousands of euros

2024

2024

Constant scope*

2023

Variation

2024/2023

Variation 2024/2023

Constant scope*

Total at 30 September (according to IFRS 15)

 390,551

 390,117

 454,185

-14.0%

-14.1%

1st quarter

 141,190

 141,190

 170,513

-17.2%

-17.2%

2nd quarter

 130,344

 130,344

 153,152

-14.9%

-14.9%

3rd quarter

 119,017

 118,583

 130,520

-8.8%

-9.1%

image

Breakdown by business:

Mecafer and Domac: air compressors, generators, power packs,  solar panels, welding stations and high-pressure cleaners

 21,537

 21,537

 25,311

-14.9%

-14.9%

Odrea, pumps, technical plumbing accessories and taps

 47,385

 47,385

 55,817

-15.1%

-15.1%

Isocel, supply of components to OEM

 5,098

 5,098

 7,950

-35.9%

-35.9%

Aello, equipment for swimming pools

 15,809

 15,809

 16,955

-6.8%

-6.8%

DPI, plastic piping for wet and dry networks

26,040

26,040

 33,010

-21.1%

-21.1%

Jetly, pumps, tanks and lifting stations

 47,110

 47,110

 49,526

-4.9%

-4.9%

Thermador, central heating, solar and domestic water accessories

 50,034

 50,034

 75,605

-33.8%

-33.8%

PBtub

Heating - cooling surfaces  and piping systems

 16,028

 16,028

 21,149

-24.2%

-24.2%

Thermacome

 11,836

 11,836

 15,620

-24.2%

-24.2%

Axelair, ventilation equipment and accessories

 5,773

 5,773

 5,628

2.6%

2.6%

Alto Metering* (Compteur-energie.com, OTMetric and MyMeterInfo), design and sale of remote reading systems (IoT) and electricity, water, gas, fuel and energy meters

 399

Sferaco, valves, meters and connectors

 58,849

 58,849

 61,496

-4.3%

-4.3%

Sectoriel, motorised valves and air compressors

 22,532

 22,532

 22,208

1.5%

1.5%

Distrilabo, measure and control

 5,488

 5,488

 5,184

5.9%

5.9%

FGinox, stainless steel connectors, flanges, valves and accessories

 12,140

 12,140

 12,762

-4.9%

-4.9%

Syveco, international

 27,803

 27,803

 27,169

2.3%

2.3%

Sodeco Valves*, industrial valves

 16,400

 16,365

 18,486

-11.3%

-11.3%

Other structures

 290

 290

 309

-6.1%

-6.1%

* Turnover 2024: further to Thermador Groupe’s acquisition of Alto Metering on July 31, 2024, its turnover has been consolidated from August 1, 2024,  and further to Sodeco Valves’ acquisition of Vena Contracta’s business on August 9, 2024, its turnover has been consolidated from August 10, 2024.

… / …

Head office: 60, rue de Luzais - Parc d’Activités de Chesnes - 38 070 SAINT-QUENTIN-FALLAVIER - FRANCE

Tel. +33 474 95 63 28 - Email: contact@actionnaires.thermador-groupe.fr - Website: www.thermador-groupe.fr

Private limited company with capital of €36,803,396 - 339 159 402 companies register of Vienne - SIRET n°: 339 159 402 00025

image  BUSINESS

Despite the changes proposed by the authorities in May 2024 regarding the conditions for granting MaPrimeRénov’ subsidies, our subsidiary Thermador did not see a turnaround in September. This is due to the withdrawal of energy renovation professionals, burned by the government’s procrastination and delays in payments from the national housing improvement agency, ANAH. This trend is likely to continue until the rules for the allocation of state aid for 2025 are set in stone and stabilised. Recent announcements from the finance ministry on the budget set the tone: "The 2025 budget for MaPrimeRénov’ will be maintained at the level of consumption observed in 2024." More encouragingly, it was also stated: "Maintaining strong momentum for energy renovation will be a priority for the ministry, pushing visibility and stability to avoid counterproductive rule changes."

So, we are ready to adapt to the new situation, knowing full well that the euphoric period of 2021, 2022 and 2023 is definitely over.

In the Group’s other business areas (construction, industry, public works, water cycle, consumer and international), there has been no significant change since the end of June (see our previous letter to shareholders).

The succession of quarterly declines in turnover (-17.2% in Q1, -14.9% in Q2, -9.1% in Q3) seems to confirm that we are approaching the point at which sales will begin to rise again, albeit much more slowly than envisaged at the end of March 2024.

The estimated price impact over the first 9 months has stabilised at -2.6%. This will not change much over 2024 as a whole. In 2025, we expect prices to stabilise or even rise slightly. A return to normality, so to speak.

image  LATEST NEWS

On August 1, we confirmed the acquisition of the companies compteur-energie.com, OTMetric and MyMeterinfo. To keep things simple, they will be merged into a new legal entity called Alto Metering.

On August 9, our subsidiary Sodeco acquired the business of Vena Contracta (cf: press release on our website).

On August 28, we announced that we had completed a share buy-back programme for 30,000 shares in Thermador Groupe at an average price of €77.7942. The shares could be used to fund long-term reward packages or as a means of payment in the event of an acquisition.

On October 2, 2024, a Dutreil pact was signed for 25.14% of the capital (cf: press release on our website). The signatories to this agreement have undertaken not to sell their shares for the next two years, while retaining their voting rights.

image  STOCK AND CASH POSITION

Our stock levels decreased to 190 days of purchase (€174.9m), compared to 195 days at the end of September 2023 (€193m).

Our net cash position remained stable at €46.8m, and bank debt at €32.6m.

image PROSPECTS

Aware of the sluggishness in some of our markets, but determined to do everything we can to maintain a reasonable pace of growth over the long term, we are carefully considering proposals from distribution companies that could join us. We are currently in discussions with three of them, who report turnover between €12m and €30m. They are based in Europe, including one in France.

In the first few days of October, there are still no signs of a recovery. We’ll have to be patient.

image  COMMUNICATIONS

We are organising a web conference (in French and English) on October 16, 2024 at 6pm to comment on these results and answer any questions you may have. You can register for the live webcast or the replay on our website: https://www.thermador-groupe.fr/en/videos-en/

On 26 November, we look forward to seeing you in Paris (Carrousel du Louvre) at the Investir Day fair.

You can already register on the event’s website: https://event.investirday.fr/

Yours faithfully,

The Chairman

Guillaume Robin

To contact us: contact@actionnaires.thermador-groupe.fr

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