July 29, 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 teams remain attentive to the needs of stakeholders in these various markets in order to adapt our ranges and prepare for future turnover.”
BUSINESS
Consolidated turnover for the first half of 2026 rose by 11.3%, including 5.6% growth at constant scope. This growth comes despite a still-negative -0.9% estimated variation in our selling prices. Q2 confirmed the improvement seen at the start of the year, with a 7% increase at constant scope.
In the building sector, our exposure to the financing of energy-efficiency renovations through MaPrimeRénov’ is now very limited, as evidenced by the modest growth in sales of equipment for air-to-water heat pumps. By contrast, the market for solar thermal panels is slowing sharply due to the reduction in government subsidies. Axelair, which specialises in ventilation, accessories for air-to-air heat pumps and compact seasonal air conditioners, has reaped the benefits of a marked rise in demand. Founded in 2013, the subsidiary has broken even thanks to the professionalism and determination of its team.
Our water cycle-related activities continue to be disrupted by extreme weather conditions, alternating between flooding, heatwaves and drought. In the short term, these phenomena are having a negative impact on irrigation; in the medium term, they are increasing the appeal of rainwater harvesting and water re-use solutions. Jetly, which recorded an encouraging performance in Q2, is well positioned in these growth markets.
Aello continues its expansion in the swimming pool sector with a distinctive product range and a focused effort to raise brand awareness. DPI is also returning to growth in a highly unstable environment, characterised by sharp fluctuations in the price of polyethylene linked to the conflict in the Middle East. A new sales director joined the company on June 1st. Alexandra Stratulat, the future Chief Executive Officer, will join him on 1 September 2026. She joined Jetly in 2008 and has served as Administrative Director of Odrea since 2016. DPI’s founding director will continue to provide support until the end of 2027.
In the retail sector, Mecafer and Domac held up well thanks to volume growth in certain product ranges, notably generators. Odrea has worked hard on cost control and e-commerce. Although its turnover has fallen, profitability has been preserved, which is a reassuring sign of the quality of service provided to its customers.
Two of our industry-focused subsidiaries recorded a slight decline, though this is not a cause for concern. The difficulties faced by the automotive and compressed air sectors are weighing on Sectoriel’s business, whilst ongoing projects at Sodeco are a source of encouragement.
By an arbitral ruling dated July 6, 2026, all claims brought since 2017 by DEL and Sinagot against Aello, Thermador Groupe and the other parties named in the proceedings were dismissed, as the arbitral tribunal found that the alleged facts did not constitute acts of unfair competition or free-riding. At this stage, none of the parties wished to appeal.
RESULTS AND FINANCIAL POSITION
Operating profit has increased by 17.3% and represents 12.2% of turnover (11.6% at end-June 2025). Stock has fallen by 5.6% in value and by 28 days of purchases consumed (181 days vs. 209 days in June 2025). Our consolidated working capital requirement represents 38.1% of turnover over a rolling 12-month period (43.6% at end-June 2025). Our net cash position, excluding bank overdrafts, stands at €104.2m and bank debt at €39.5m. Our robust financial structure is underpinned by €414m of equity. Our revised estimate for capital expenditure in 2026 stands at €11.6m, of which €5.1m is for our logistics buildings.
OUTLOOK
For the remainder of the year, the basis for comparison will be less favourable, as Q3 2025 saw growth of 2.2%. Furthermore, the advance purchases made by some customers to mitigate the impact of price rises are expected to slow down business over the next three months.
The price increases implemented since April are expected to start having an impact as early as Q3. We continue to anticipate a positive impact for the whole of 2026, although erratic fluctuations in the price of polyethylene substantially complicate forecasting.
Numerous niche markets, in which our subsidiaries are directly or indirectly involved, offer prospects for growth in the short and medium term. Among the main opportunities identified are data centres, district heating and cooling networks, deep geothermal energy, accessories for air-to-water and air-to-air heat pumps, air circulation and air treatment in buildings and their efficient air conditioning, hydrocarbon storage, water and heat metering, water recovery and re-use, the electrification of end-uses, second-hand equipment, and energy storage.
With a pragmatic and agile approach, our teams remain attentive to the needs of stakeholders in these various markets in order to adapt our ranges and prepare for future turnover.
The global geopolitical situation remains very tense, with dramatic human consequences. This situation and its economic effects, particularly on interest rates and on economic activity in France and Europe, lead us to remain extremely cautious regarding our short-term forecasts.
Yours sincerely,
The Chairman
Olivier Villemonte de la Clergerie
The Chief Executive Officer
Guillaume Robin
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