Thermador Group: Revenue of €417M over nine months, marked slowdown in third quarter
Over the first nine months of 2026, Thermador Group's revenue reached €416.97 million, up 8.8%, of which 4.0% at constant scope. The group attributed the summer slowdown to significant orders placed by certain customers at the end of the second quarter, in anticipation of announced price increases, as well as to a less favorable comparison base.
In its letter to shareholders No. 125, published on October 15, 2026, the fluid equipment distributor also indicated that demand is expected to remain stable at best in the coming months. Several suppliers simultaneously notified it of significant price increases. The gap between a second quarter with organic growth of 7.0% and a third quarter at +0.6% structures the reading of this publication.
Nine months up 8.8%, third quarter at +0.6% organic
The first quarter had reached €142.43M (+9.6%, +4.2% at constant scope), then the second at €145.52M (+13.0%, +7.0% at constant scope). The third quarter totaled €129.01M, up 3.7% in reported data and 0.6% at constant scope.
The gap between reported growth and organic growth stems from two acquisitions. C2AI, acquired on June 30, 2025, has been consolidated since July 1, 2025 and contributed €8.00M over nine months. Quilinox, acquired on September 30, 2025 and consolidated since October 1, 2025, contributed €13.05M.
On the price side, the estimated effect of the change in selling prices stood at -0.2% at end of September, compared to -0.9% at end of June. According to the group, price increases are gradually beginning to produce their effects.
Sferaco and DPI advance, Odrea and Jetly penalized by irrigation
Sferaco, the group's leading division with €64.81M, advanced 5.9%. Thermador (€47.73M) recorded an increase of 2.7% and, like Axelair (+28.2% to €8.09M), benefited according to the company from a strong summer among French plumbing and heating wholesalers, driven by heat pumps and ventilation. DPI (plastic tubes) advanced 19.1% to €25.60M.
Aello (swimming pools) showed an increase of 15.2% to €19.27M; the group indicates market share gains since the beginning of the year and identified projects for 2027. PBtub advanced 6.9%. Conversely, Odrea declined 7.6% to €38.14M and Jetly 0.9% to €44.61M: the heat wave in France and Europe led to water shortages that weighed on irrigation, without complete compensation from their other product lines.
Product lines linked to construction, particularly renovation and maintenance, remain globally sluggish according to the group. In new housing, management estimates that the sharp rise in interest rates risks interrupting the recovery that appeared to be taking shape since March 2025. Activity was quiet during the summer and early September, before picking up over the last two weeks of the quarter.
Demand expected stable at best, external growth oriented toward international
For the coming months, the group anticipates an intensification of inflationary pressures, with several suppliers announcing increases related to raw materials, energy, labor and transport. For certain product lines sourced in Asia, the carbon border adjustment mechanism applicable to steel products will add to costs. Teams are focusing their efforts on innovation, growth niches and market share conquest.
Management attributes in part the decline in the share price since July 15, 2026 to the expressed desire of certain investors to reduce their exposure to France, due to the lack of a credible trajectory for controlling public debt. The group intends consequently to prioritize external growth opportunities internationally. It has reaffirmed its policy, in place since 1987, of not reducing the absolute value of the dividend, set at €2.1 for the 2025 financial year when results were published on March 4, 2026.
Inventories amount to €180.9M, or 171 days of purchases, compared to €169M in September 2025 including C2AI and Quilinox. The commitments of the Dutreil pact of October 2, 2024, relating to 25.14% of capital, have ended. All borrowings are subscribed at fixed and low rates, and the group has cash of €113.9M for bank debt of €38.8M.
