COMMUNIQUÉ RÉGLEMENTÉ

par Thermador Groupe (EPA:THEP)

THERMADOR GROUPE : turnover for third quarter 2023

October 12, 2023

Dear Shareholder,

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

image TURNOVER AT SEPTEMBER 30, 2023: +8.7%

AT CONSTANT SCOPE: +0.8%

In thousands of euros

2023

2023

Constant scope*

2022

Variation

2023/2022

Variation  2023 /2022

Constant scope*

Total at 30 September - according to IFRS 15

454,185

421,175

417,721

8.7%

0.8%

1st quarter

170,513

157,411

142,682

19.5%

10.3%

2nd quarter

153,152

141,955

144,871

5.7%

-2.0%

3rd quarter

130,520

121,809

130,168

0.3%

-6.4%

image

Breakdown by business:

Mecafer and Domac, equipment and tools

25,311

25,311

27,445

-7.8%

-7.8%

Odrea (Dipra / Rousseau), pumps, technical plumbing accessories and taps

55,817

55,817

54,607

2.2%

2.2%

Isocel, supply of components to OEMs

7,950

7,950

8,034

-1.0%

-1.0%

Aello, equipment for swimming pools

16,955

16,955

17,760

-4.5%

-4.5%

DPI*, plastic piping for wet and dry networks

33,010

Jetly, pumps, tanks and lifting stations

49,526

49,526

47,061

5.2%

5.2%

Thermador, accessories for central heating solar and domestic water

75,605

75,605

73,463

2.9%

2.9%

PBtub

Heating - cooling surfaces  and piping systems

21,149

21,149

22,307

-5.2%

-5.2%

Thermacome

15,620

15,620

17,806

-12.3%

-12.3%

Axelair, ventilation equipment and accessories

5,628

5,628

5,563

1.2%

1.2%

Sferaco, valves, meters and connectors

61,496

61,496

57,176

7.6%

7.6%

Sectoriel, motorised valves and air compressors

22,208

22,208

22,383

-0.8%

-0.8%

Distrilabo, measurement and control

5,184

5,184

4,902

5.8%

5.8%

FGinox stainless steel connectors, flanges, valves  and accessories

12,762

12,762

13,834

-7.7%

-7.7%

Syveco, international

27,169

27,169

25,489

6.6%

6.6%

Sodeco valves, industrial valves

18,486

18,486

19,588

-5.6%

-5.6%

Other structures

309

309

303

2.0%

2.0%

* 2023 turnover: with acquisition of DPI on October 31, 2022 by Thermador Groupe. Its turnover is consolidated since November 1st, 2022.

… / …

Head office: Parc d’Activités de Chesnes - 60, rue du Luzais - CS 10710 - 38297 SAINT-QUENTIN-FALLAVIER CEDEX - FRANCE

Tel. +33 474 95 63 28 - email: 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

The downturn that began in Q2 was confirmed in Q3, with turnover down 6.4% at constant scope.

The nine-month rolling average of price increases passed on to customers was 7.2%, lower than our end-of-June estimate of 8.2%. According to our latest forecasts, it could be 6% for 2023 overall, compared to 10.8% in 2022. The economic slowdown, resulting from the interest rate hikes orchestrated by the ECB to combat inflation, is now affecting most of our markets: construction, public works, industry, swimming pools and DIY.

At this point, of our 17 subsidiaries, only Distrilabo, Jetly, Sferaco and Syveco are reporting a significant increase in turnover.

Although the payment periods for investments eligible for the MaPrimeRénov’ scheme seem to be getting shorter for certain actors considered to be playing the game, our customers involved in the sale of energy renovation equipment have generally reduced their orders with our subsidiary Thermador. Mechanically, the markets for solar water heaters and air-to-water heat pumps have suffered a severe slow-down.

image STOCK AND WORKING CAPITAL

Our purchasing teams have managed to contain our stock to 195 days of consumed purchases, whereas in October 2022 we recorded 200 days.

So far, we have not seen any significant deterioration in our customers’ payment terms.

image PROSPECTS

In line with Q3 and our comments on prospects in Letter to Shareholders No. 111, we are forecasting a decline in turnover in Q4 to constant scope and are preparing for a particularly challenging 2024.

We’ve been through this before and remain confident that we will come out of it stronger than ever.

And this in no way calls into question our dividend policy, which, since 1987, has never seen us reduce the return paid to our shareholders.

image EMPLOYEE AND CORPORATE OFFICER SHAREHOLDING

In order to reward the loyalty of all our employees and directors and to increase their participation in the Group’s capital, we are currently considering a free share plan which will be submitted to you for approval at our next Annual General Meeting, to be held in Lyon on April 2, 2024. It will be limited to 0.66% of the capital per year for the next 10 years and may be financed by share buy-backs or the creation of new shares, depending on the share price and available cash. The granting of those shares would be subject to a minimum of three months’ service, three years’ presence in Thermador Groupe following your approval, and the achievement of our collective sustainable development goals as outlined on page 21 of our URD. A maximum of 350 shares could be allocated to any one individual.

image  COMMUNICATIONS

We will be holding a web conference (in French and English) on October 16 at 6 pm 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 November 28, we will be in Paris (Carrousel du Louvre), hoping to see you at the Investir Day event. You can register now on the event website: https://event.investirday.fr/

Yours faithfully.

The Chairman

Guillaume Robin

To contact us: actionnaires@thermador-groupe.fr

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