Report
Jeremy Garnier

Thermador Groupe : Q1 sales below expectations. A difficult start to the year pending a rebound in H2

>Q1 2024 sales down 17.2% to € 141.2m (vs € 155m est.) - Yesterday evening, Thermador Groupe published Q1 sales below our forecasts. After a 9.7% l-f-l decline in Q4 2023, the group's activity accentuated this trend in Q1 2024 with sales of € 141.2m (vs € 155m est.) down 17.2%. This fully organic decline (plus the effect linked to DPI) was largely due to volumes (-15.2%) but also a negative price effect (-2%) despite the significant price increases introduced in H1 20...
Underlying
Thermador Holding SA

Thermador Groupe. Thermador Groupe SA is a France-based holding company engaged in the distribution of specialized plumbing equipment materials, such as taps, pumps and heating equipment. The Company operates through a number of subsidiaries, including Sferaco, which is engaged in the construction of industrial valves and fittings; Sectoriel, which manufactures motorization for valves; Jetly, which produces domestic pumps and accessories as well as lifting stations; Thermador, which distributes central heating and hot domestic water circuit components; Thermador International, which specializes in exporting the Company's products in Europe; PBtub, which is specialized in the distribution of synthetic material tubes for under-floor heating and distribution of domestic water; Isocel, which constructs boiler and parts; Dipra, which furnishes retail stores in do-it-yourself (DIY) products; Opaline, which is the Company's communications agency, Domac and FGINOX.

Provider
Oddo BHF
Oddo BHF

​Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.

Analysts
Jeremy Garnier

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