Thermador: Revenue Up 11.3% in H1, Boosted by Acquisitions
Thermador Group saw its revenue for the first half of 2026 increase by 11.3% to €287.9M. However, this rise largely relies on the integration of two acquisitions (C2AI and Quilinox) made in 2025, while organic growth was only 5.6%. This mixed dynamic reveals a group driven by some rapidly expanding divisions, but hindered by the decline of several historical activities and a price compression of -0.9%.
11.3% Increase Driven by Acquisitions, But Moderate Organic Growth
The group recorded revenue of €287.9M in the first half of 2026, up 11.3% compared to €258.7M in H1 2025. In reported figures, the second quarter exceeded the first (€145.5M versus €142.4M), with a quarterly acceleration: Q2 grew by 13.0% year-over-year, compared to 9.6% for Q1.
However, on a like-for-like basis, excluding the contributions from C2AI (consolidated since July 1, 2025) and Quilinox (consolidated since October 1, 2025), the group's growth was only 5.6%. This 5.7 percentage point difference indicates that the main boost came from the integrated acquisitions. Moreover, a price deflation of -0.9% impacted the revenue, signaling pressure on selling prices in a challenging commercial environment.
Activity Portfolio Torn Between Strong Dynamics and Declines
A detailed examination by business segment reveals significant heterogeneity. Three divisions are experiencing declines: Odrea (plumbing pumps and accessories) drops 10.8% to €24.8M; Sectoriel (engines and compressors) falls by 1.7% to €14.9M; Sodeco (industrial valves) loses 2.3% to €11.4M. Conversely, several activities show strong growth: DPI (plastic piping) surges by 26.5% to €18.7M, Axelair (ventilation) increases by 25.8% to €5.5M, Aello (pool equipment) grows by 15.3% to €14.5M, and FGinox (stainless steel fittings) advances by 17.6% to €9.3M.
The two acquisitions contribute significantly to this trajectory: C2AI (temperature sensors) posts €5.5M in revenue during the consolidation period, while Quilinox (sanitation pumps) generates €9.2M.
Results Publication on July 29 and Web Conference on July 30
Thermador Group will publish its detailed results for H1 2026 on July 29 after market close. A web conference presenting these results will take place on July 30 at 4 PM (Paris time) to allow analysts and investors to question the management about the group's evolution.
