LETTER TO SHAREHOLDERS

N° 121


October 15, 2025 TURNOVER -1.9%
-3.2%
AT SEPTEMBER 30, 2025 at constant scope*
Dear Shareholder,

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

VARIATION VARIATION
2025 2025 2024 2025/2024 2025/2024
constant constant
IN THOUSANDS OF EUROS scope* scope*


TURNOVER AT SEPTEMBER 30 - ACCORDING TO IFRS 15 383,088 377,931 390,551 -1.9% -3.2%
1 QUARTER
ST
129,913 128,781 141,190 -8.0% -8.8%
2ND QUARTER 128,768 127,562 130,344 -1.2% -2.1%
3RD QUARTER 124,407 121,588 119,017 4.5% 2.2%
BREAKDOWN BY BUSINESS
Mecafer and Domac, air compressors, generators, power packs,
21,147 21,147 21,537 -1.8% -1.8%
solar panels, welding stations and high-pressure cleaners
Odrea, pumps, technical plumbing accessories and taps 41,283 41,283 47,385 -12.9% -12.9%
Isocel, supply of components to OEM 5,612 5,612 5,098 10.1% 10.1%
Aello, equipment for swimming pools 16,717 16,717 15,809 5.7% 5.7%
DPI, plastic piping for wet and dry networks 21,490 21,490 26,040 -17.5% -17.5%
Jetly, pumps, tanks and lifting stations 45,025 45,025 47,110 -4.4% -4.4%
Thermador, central heating, solar and domestic water accessories 46,453 46,453 50,034 -7.2% -7.2%
PBtub Heating - cooling surfaces 15,679 15,679 16,028 -2.2% -2.2%
Thermacome and piping systems 10,500 10,500 11,836 -11.3% -11.3%
Axelair, ventilation equipment and accessories 6,305 6,305 5,773 9.2% 9.2%
Alto Metering , remote reader systems and electricity, water, gas,
(1)
2,595 489 399 22.6%
domestic fuel and energy meters
Sferaco, valves, meters and fittings 61,218 61,218 58,849 4.0% 4.0%
Distrilabo, measure and control 5,583 5,583 5,488 1.7% 1.7%
Sectoriel, motorised valves and air compressors 22,939 22,939 22,532 1.8% 1.8%
C2AI , instrumentation and fluid control
(3)
2,371
FGinox, stainless steel connectors, flanges, valves and accessories 11,966 11,966 12,140 -1.4% -1.4%
Syveco, international 28,619 28,619 27,803 2.9% 2.9%
Sodeco Valves , industrial valves
(2)
17,211 16,531 16,400 4.9% 0.8%
Other structures 375 375 290 29.3% 29.3%
* 2025 turnover includes:
(1)
the acquisition of Alto Metering by Thermador Groupe on 31 July 2024, with its turnover consolidated from 1 August 2024,
(2)
the acquisition of Vena Contracta’s business by Sodeco Valves on 9 August 2024, with its turnover consolidated from 10 August 2024,
(3)
the acquisition of C2AI by Thermador Groupe on 30 June 2025, with its turnover consolidated from 1 July 2025.




…/…

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
Private limited company with capital of €36,803,396 - 339 159 402 companies register of Vienne - SIRET n°: 339 159 402 00025 thermador-groupe.fr
LETTER TO SHAREHOLDERS

N° 121

BUSINESS OUTLOOK

Over the past three months, 13 of our subsidiaries have recorded The budget allocated to the MaPrimeRénov’ programme has
revenue growth. As a result, we are reporting a slight increase in been significantly reduced by the French government. At the
third-quarter sales after more than two years of decline. same time, the Energy Savings Certificates (CEE) scheme is
Among our activities, DIY and public works continued to contract, likely to be strengthened as of 1 January 2026. As a reminder,
while building and irrigation recovered, and the pool and industrial this mechanism requires energy suppliers to meet multi-year
sectors confirmed their positive momentum. energy saving targets by co-financing efficiency projects carried
out by households, companies and local authorities. Ultimately,
At constant scope, the group’s consolidated revenue for 2025 is
the cost is passed on to consumers’ energy bills, making the CEE
down by 3.2%, and the average price effect remains negative at
mechanism independent of public budget constraints. At this
1.5%.
stage, we believe that energy renovation in buildings will continue
On 30 September, we finalised the acquisition of the Spanish for many years, albeit at a slower pace, more in line with available
company Quilinox. This operation is fully consistent with our financial resources in France. We are therefore confident that our
strategy, as it strengthens our international presence with products and solutions designed to meet these needs will return
industrial players and provides a new growth driver at a time to long-term growth.
when organic growth remains uncertain. We welcome this team
By year-end, our industry-oriented activities are expected to
of 40 dedicated and skilled employees, fully committed to serving
maintain positive evolution despite slightly negative market
key industrial sectors such as food processing, biotechnology,
indicators in France and Europe.
cosmetics, pharmaceuticals, chemicals, microelectronics and
aerospace. Quilinox thus becomes the group’s 21st commercial Revenue from the DIY sector (16.3% of consolidated activity)
subsidiary, following the integration of C2AI on 30 June. will likely be the most affected by France’s current political
uncertainty, which is prompting consumers to further increase
TRADE RECEIVABLES, STOCKS AND CASH POSITION precautionary savings, resulting in lower footfall at our
customers’ points of sale.
At group level, we note no drift regarding trade receivables. Our
Always ready to seize any opportunity at a reasonable price, we
accounting teams remain particularly focused on managing this
remain actively on the lookout for the next distribution company
risk.
that could join Thermador Groupe. Ideally, it would be located
Our inventories stand at 196 days of purchases consumed abroad and operate in the industrial valve or water cycle markets.
(€165.3m), compared with 190 days at the end of September However, we currently have nothing significant or advanced
2024 (€174.9m). enough to report.
Our cash position amounts to €85m and our bank debt stands at
€47.6m. COMMUNICATION

We will host a webconference (in French and English) on 20
October at 6:00 p.m. to present these results and answer your
questions. You can register for the live session or replay on our
website.

Yours faithfully,

The Chairman
Guillaume Robin


TURNOVER
AT 30 SEPTEMBER

2025
Webconference, October 20 at 6:00 p.m.




To contact us: contact@actionnaires.thermador-groupe.fr Sign up for our webconference on October 20 at 6pm