Turnover for first quarter 2025: –8.0 %
Consolidated figures (in thousands of euros)
| Period | 2025 | 2025 constant scope* | 2024 | Change | Change constant scope* |
|---|---|---|---|---|---|
| Total Q1 – IFRS 15 | 129 913 | 128 781 | 141 190 | –8.0 % | –8.8 % |
Breakdown by business
| Business | 2025 | 2025 constant scope* | 2024 | Change | Change constant scope* |
|---|---|---|---|---|---|
| Mecafer & Domac – compressors, generators, welding, HPC | 6 843 | 6 843 | 7 237 | –5.4 % | –5.4 % |
| Odrea – pumps, plumbing accessories, taps | 14 675 | 14 675 | 16 997 | –13.7 % | –13.7 % |
| Isocel – OEM components | 1 880 | 1 880 | 1 844 | +2.0 % | +2.0 % |
| Aello – swimming‑pool equipment | 4 579 | 4 579 | 4 946 | –7.4 % | –7.4 % |
| DPI – plastic piping | 7 489 | 7 489 | 9 237 | –18.9 % | –18.9 % |
| Jetly – pumps, tanks, lifting stations | 14 532 | 14 532 | 16 035 | –9.4 % | –9.4 % |
| Thermador – heating, solar & DHW accessories | 17 573 | 17 573 | 21 674 | –18.9 % | –18.9 % |
| PBtub – heating/cooling surfaces & piping | 5 527 | 5 527 | 6 373 | –13.3 % | –13.3 % |
| Thermacome – underfloor heating | 3 847 | 3 847 | 4 950 | –22.3 % | –22.3 % |
| Axelair – ventilation equipment | 2 002 | 2 002 | 1 944 | +3.0 % | +3.0 % |
| Alto Metering* | 873 | — | — | — | — |
| Sferaco – valves, meters, fittings | 21 704 | 21 704 | 21 442 | +1.2 % | +1.2 % |
| Sectoriel – motorised valves & compressors | 7 479 | 7 479 | 7 733 | –3.3 % | –3.3 % |
| Distrilabo – measurement & control | 1 931 | 1 931 | 1 887 | +2.3 % | +2.3 % |
| FGinox – stainless‑steel fittings | 4 265 | 4 265 | 4 359 | –2.2 % | –2.2 % |
| Syveco – international | 9 529 | 9 529 | 9 337 | +2.1 % | +2.1 % |
| Sodeco Valves* | 5 059 | 4 800 | 5 080 | –0.4 % | –5.5 % |
| Other structures | 126 | 126 | 115 | +9.6 % | +9.6 % |
* With the acquisition of Compteur‑énergie.com, OTMetric and MyMeterInfo (merged into Alto Metering) on July 31 2024, their turnover has been consolidated since August 1 2024. Following the acquisition of Vena Contracta’s business assets by Sodeco Valves on August 9 2024, its turnover has been consolidated since August 10 2024.
BUSINESS
Following on from Q4 2024, and as stated in our letter to shareholders dated February 28 2025, Q1 2025 ended with a further fall in turnover of 8.8 % at constant scope. Markets linked to energy renovation, new housing and DIY remain penalised by weak demand, compounded by a negative price effect of –2.1 %. Turnover from supplies to industry is holding up well, and March was less down than January and February, without heralding an imminent recovery.
OUTLOOK
Our direct exposure to US suppliers remains very limited (0.16 % of purchases). We continue to hedge prudently our euro/dollar positions. However, the trade war that broke out on April 2 2025 could affect purchase prices, impacts that are currently hard to estimate. For the record, 65 % of our purchases come from Europe and 32 % from China and Taiwan.
On energy renovation of buildings in France, we see no short‑term improvement. Regulatory changes, sanctions against fraudsters and budget bottlenecks have created a backlog that will take months to clear. Energy‑saving certificates remain effective in collective housing and commercial buildings; our subsidiaries continue their efforts on this long‑term growth market.
Discussions are progressing with C2Ai and Quilinox, whose managers are keen to join the Group. Finally, we are counting on a less rainy spring than in 2024 to boost our watering and irrigation ranges. Cash remained strong at end‑March (€66.3 m) before deducting dividends (€19.1 m) detached on April 14.
COMBINED GENERAL MEETING OF APRIL 7 2025
The AGM brought together 190 attendees on site, 35 remote shareholders and 1 110 voters, representing 75.85 % of voting rights (77.11 % in 2024). All resolutions were adopted with approval rates between 86.7 % and 100 %. A dividend of €2.08 per share was detached on April 14 and paid on April 16. Resolutions 20 and 21 on performance shares were approved by 86.7 % and 86.8 % respectively. Implementation will be considered after analysis of H1 2025 results.
GOVERNANCE
Lionel Monroe stepped down as Board member and Deputy CEO, remaining in charge of international development. Xavier Isaac was co‑opted to the Board and appointed Deputy CEO on April 8 2025, ready to stand in for the Chairman & CEO if needed. He continues as CEO of Sectoriel. Peter Wartel replaced Frank Bourgois for one year. Mandates of Caroline Meignen, Laurence Paganini and Janis Rentrop were renewed for four years.