Thermador Groupe Sa

Good evening, good evening all and welcome to this webinar where we'll be commenting on the turnover for the third quarter and the shareholders letter number 125. So as usual we'll start with our employees. There are now 900 of us. You can see that we're in a situation of stability in Thermador Group. It's pretty good news because our turnover is increasing overall. with the stable number of employees and that's an employee to turnover ratio that we keep a close eye on also absenteeism is down that's another good down slightly down which is good news That was at the end of the first half of the year. Figures that we got a bit later than the end of the semester. we do see a drop in absenteeism which is the result of some good work overall by all the teams and I want to thank all those who have contributed to this good outcome so I'm going to talk about some milestones and in particular prices you know that it's an indicator that we keep a close eye on in Terminal Group since COVID in 2020, the COVID crisis.

So we're slowly moving out of this negative price zone.

And that's all about the price effect, the inflation rate that we pass on to our customers. We were at 0.9 at the end of the semester. And at the end of Q3, we were at minus 1%. 0.2 so we're hoping that the price effect will go positive by the end of the year Good news, too, for heat pumps, air-to-water air pumps, because public authorities have announced an objective of 55,000 air-to-water heat pumps financed by the energy savings certificates, which are financed not by the state, but by the private companies involved in energy, like all the energy suppliers. So that means this objective of 35,000 units mean that groups of workers of actors working together the six of them all together are ensuring that this work is done properly and that there's no fraud in the use of those energy savings certificate so it's good news for Thermador who sells access access accessories for air to water units but also for XLR to in France. Another positive event in terms of ventilation, good performance for that sector. And we see that from our statistics. Good for Accelaire, who sell ventilation, so mechanical systems, and ducts, and so forth, and fans. But they also are involved in the air conditioning market. for mobile units and wall mounted units and fans and they can too you can imagine that the summer we had was pretty favorable to the sale of this sort of equipment because the French people and the Europeans generally had a very hot summer in terms of new housing less good news we'll see that housing permit and housing starts although slightly up but from a low base there's not very good outlook in the medium term then the weather talk about the heat waves not the last one we'll have for sure with some rather negative effects that we didn't expect particularly on the watering markets because as you know we have watering pumps for the retail sector with Audrea and for the professional sector with Jetly but when there's too much heat the water table dries up and there's no water to water with so that's not been a good summer for those markets and you can see those in third quarter results of Jetly in particular look at the price effect for 2026 you see on this graph you see that the price effect is minus 0.2 so it's almost invisible organic growth plus 4% and a return to increase in volumes after three years of negative volumes. This year we're seeing a positive change in volumes. So that's good news for Thermador Group with certainly a positive price effect in 2026 overall. look now at new housing starts that we mentioned earlier stability around 300,000 building permits submitted requests submitted positive impact for the moment for housing starts but as that curve that yellow curve moves towards the green curve you will you will see a plateauing of that yellow curve over the next months and maybe years even So this new housing effect, this market is obviously affected negatively by the increase in interest rates over recent years in recent months. Coedis has showed us some very good results for industry over the summer so there's the heating the heat pumps for example air to water heat pumps sold by Thermador accessories sorry sold by Thermador who benefit from this increase in turnover in those markets but also and sharp increase in air-to-air heat pumps and we sell accessories in that market as well through AccelAir who sell ducting for this type of machine. The market for ventilation is one of the three growing markets for our heating distributors to whom we sell. On the retail side after good month of June which was helped by the mobile air conditioning market we've returned to a modest and even negative DIY market so obviously French people are reconsidering their positions and for buying power reasons are hesitant to spend this having said that our subsidiary Megafair has had a good year because they're worth mentioning and throughout the year for their generators gains in market share and product development which have given a positive outlook for Megafair Domac where I'm those go together of course make a fair domain they work very closely together and they are in via so and I take this opportunity to to say hi so industry trends so we've got the PMI index in France it's near 50 near the 50 line so in France so that shows no real development