Thermador Groupe Reports 14.0% Decline in Q3 2024 Turnover

Thermador Groupe's turnover decreased by 14.0% as of September 30, 2024, with sales reaching €390.6 million. The decline was consistent across the quarters, marking a 17.2% drop in Q1 and a 14.9% reduction in Q2, before narrowing to 8.8% in Q3. The downturn reflects challenges across several business segments, notably in Thermador, whose sales fell by 33.8%, and Isocel with a decrease of 35.9%.

The company attributes part of the decline to disrupted MaPrimeRénov’ subsidies affecting Thermador's energy renovation operations. Stabilization in government aid is anticipated for 2025. On a positive note, some sectors such as Axelair showed growth, displaying a rise of 2.6% in revenues.

The firm is pursuing new acquisitions to mitigate the downturn and maintain growth, with ongoing negotiations with three European distribution companies. Despite current sluggish market conditions, Thermador aims to sustain a reasonable growth trajectory.