April 16, 2026
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Olivier Villemonte de la Clergerie
Non-executive chairman
French nationality
Born in 1972
Chief Executive Officer of Groupe LDLC
Shares held : 2 500
• Non-executive Chairman since 8 April 2026. Current term of office ends in April 2027.
• Board member since April 5, 2016. End of current term of office: April 2027.
• Since 2001: Chief Executive Officer of Groupe LDLC .
• No other mandate is exercised outside the Group.Education and career:
1994: Graduate from ECAM.
1996: Graduate from EM Lyon. -
Guillaume Robin
Chief Executive Officer
French nationality
Born in 1965
Chief Executive Officer of Thermador Groupe
Shares held : 70 303
• Chief Executive Officer of Thermador Groupe since 8 April 2026. Current term of office expires: April 2030.
• Director since 12 April 2010. Current term of office expires: April 2030.
• Joined the group in 1999 as Sales Director of PBtub.
• Chief Executive Officer of Thermador Group from 13 April 2010 to 30 June 2011.
• Chairman and Chief Executive Officer of Thermador Group from 30 June 2011 to 8 April 2026.
• Permanent representative of Thermador Groupe on the Board of Directors of Axelair and DPI.
• Chairman of Aello, Odrea, FGinox, Isocel, Jetly, Opaline, PBtub, Sectoriel, Sferaco, Syveco, Thermador.
• Representative of Thermador Groupe, sole Board member of Rousseau SA (Spain).
• General representative of Odrea’s representative office in Shanghai.
• Board member of the Middlenext association.
• Member of the Steering Committee of Lyon Place Financière.
• No other office is held outside the Group.Education and career:
1989: Graduate of the UTC Compiègne engineering school, specialising in Mechanical Engineering.
1991: Cesma MBA from EM Lyon.
1991 – 1998: Head of Sales for a subsidiary of the Descours et Cabaud Group.
“Our net cash position stands at €45.6 million, providing scope for acquisitions aligned with our strategy.”
ACTIVITY AND CONTEXT
In Q1 2026, the group recorded a 4.2% rebound, following an8.8% decline in the first quarter of 2025. This performance is particularly noteworthy given that the price effect remained negative at –1.4%. In addition, 17 of the group’s 21 trading companies reported turnover growth, across all business segments.
The heat pump market – key for Thermador and Isocel – is showing early signs of recovery. By contrast, the newbuild housing sector, which directly impacts PBtub and Thermacome, has yet to demonstrate any meaningful improvement, despite proactive measures taken by public authorities.
Floods in France drove an exceptional surge in generator sales for Mecafer and Domac, but likely weighed on public works and the garden pump segment for Jetly and Odrea.
Axelair has now reached break-even, marking a significant milestone for this company founded in 2013 and specialising in air treatment systems for both building and industrial applications.
The group’s nine companies operating in the industrial sector continued to grow, in line with the trend observed throughout 2025.
Finally, the conflict that began in the Middle East on 28 February 2026 had only a limited impact on our activities
in March.
OUTLOOK
It is difficult to adopt an optimistic outlook, as global, European and French economies are expected to feel the effects of this new conflict, which impacts a region critical to energy supplies and various processed goods. For the group, the primary risk currently relates to plastics, particularly polyethylene and PVC. DPI’s European suppliers of pipes and fittings have already warned of sharp price increases and potential shortages.
In the construction sector, rising interest rates on mortgages could abruptly halt the recovery seen in recent months. Moreover, financing for energy-efficient renovations via energy saving certificates (EEC) may be affected by the sudden rise in fossil fuel costs. Conversely, the French government’s decision to ban the installation of gas boilers from 2027 is expected to accelerate the adoption of heat pumps and stimulate demand for related components and accessories.
Nevertheless, we are well equipped to navigate this environment, thanks to the resilience of our teams and robust stock levels (down to 176 days’ worth of sales compared with 196 days at the end of March 2025). In addition, our inbound and outbound transport costs remain well controlled through agreements already secured for 2026. Having received several price increase notices from our industrial partners, and in anticipation of the new CBAM regulations, we have already informed our customers of upcoming adjustments. As a result, average price increases for 2026 are expected to exceed 2%.
Our net cash position – after bank debt and dividends – stands at €45.6 million, providing scope for acquisitions aligned with our strategy. To enhance our chances of success in Europe under favourable conditions, we have decided to intensify our efforts by committing a full-time resource to this initiative.
COMBINED AGM ON 7 APRIL 2026
Our Annual General Meeting brought together 205 attendees in person, 40 shareholders remotely, and 1,300 voters representing 78.86% of voting rights – setting a new attendance record.
All resolutions were approved with positive backing ranging from 88.3%* to 100%*, except for the twenty-first, for which the Board of Directors had issued an unfavourable recommendation. The full text of these resolutions is available on pages 230 to 233 of our 2025 universal registration document, as well as on our website. A dividend of €2.10 per share was therefore declared on April 15th for payment on April 17th. As in previous years, the entire meeting was recorded and made available on the Thermador Groupe YouTube channel.
* These percentages were calculated with abstentions counted as votes against
GOVERNANCE
As their terms as directors came to an end, Marion Granger and Peter Wartel were thanked for their valuable contributions to the Board’s work. Jean-Philippe Paul and Claire Sido were appointed as new directors by the general meeting, while Bertrand Chevalier and Guillaume Robin had their mandates renewed, ensuring continuity and balance within the Board.
A majority of seats continue to be held by independent directors, with employee representation accounting for 2 out of 11 members, and gender parity reaching 45.5%.
In line with prior commitments, the Board of Directors, meeting on April 8, 2026, appointed Olivier Villemonte de la Clergerie as chairman and Guillaume Robin as chief
executive officer. The separation of roles has therefore now been fully implemented. Véronique Bouscayrol was appointed chair of the Audit Committee, succeeding Olivier Villemonte de la Clergerie.
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