Our Board of Directors met to approve the final accounts for 2025, which are presented as follows:
| In thousands of euros | 2025 | 2025 to constant scope | 2024 | Change 2025/2024 | Change 2025 to constant scope / 2024 |
|---|---|---|---|---|---|
| Total at December 31 – according to IFRS 15 | 501,744 | 489,296 | 503,885 | -0.4% | -2.9% |
| 1st quarter | 129,913 | 128,781 | 141,190 | -8.0% | -8.8% |
| 2nd quarter | 128,768 | 127,562 | 130,344 | -1.2% | -2.1% |
| 3rd quarter | 124,407 | 121,588 | 119,017 | 4.5% | 2.2% |
| 4th quarter | 118,656 | 111,365 | 113,334 | 4.7% | -1.7% |
BREAKDOWN BY BUSINESS
| Company | 2025 | 2025 to constant scope | 2024 | Change 2025/2024 | Change 2025 to constant scope / 2024 |
|---|---|---|---|---|---|
| Mecafer and Domac | 28,801 | 28,801 | 29,969 | -3.9% | -3.9% |
| Odrea | 52,442 | 52,442 | 61,220 | -14.3% | -14.3% |
| Isocel | 7,523 | 7,523 | 7,087 | 6.2% | 6.2% |
| Aello | 18,781 | 18,781 | 17,645 | 6.4% | 6.4% |
| DPI | 28,015 | 28,015 | 33,012 | -15.1% | -15.1% |
| Jetly | 56,227 | 56,227 | 58,304 | -3.6% | -3.6% |
| Thermador | 62,171 | 62,171 | 65,969 | -5.8% | -5.8% |
| PBtub | 20,483 | 20,483 | 20,411 | 0.4% | 0.4% |
| Thermacome | 13,782 | 13,782 | 15,122 | -8.9% | -8.9% |
| Axelair | 8,370 | 8,370 | 7,437 | 12.5% | 12.5% |
| Alto Metering (1) | 3,516 | 1,403 | 1,164 | 20.5% | |
| Sferaco | 78,249 | 78,249 | 75,706 | 3.4% | 3.4% |
| Sectoriel | 30,378 | 30,378 | 29,790 | 2.0% | 2.0% |
| Distrilabo | 7,209 | 7,209 | 7,043 | 2.4% | 2.4% |
| C2AI (3) | 5,038 | ||||
| FGinox | 15,712 | 15,712 | 15,830 | -0.7% | -0.7% |
| Quilinox (4) | 4,617 | ||||
| Syveco | 37,336 | 37,336 | 35,785 | 4.3% | 4.3% |
| Sodeco Valves (2) | 22,607 | 21,927 | 21,963 | 2.9% | -0.2% |
| Other structures | 487 | 487 | 428 | 13.8% | 13.8% |
* 2025 turnover includes:
(1) the acquisition of Alto Metering by Thermador Groupe on 31 July 2024, with its turnover consolidated from 1 August 2024
(2) the acquisition of Vena Contracta’s business by Sodeco Valves on 9 August 2024, with its turnover consolidated from 10 August 2024
(3) the acquisition of C2AI by Thermador Groupe on 30 June 2025, with its turnover consolidated from 1 July 2025
(4) the acquisition of Quilinox by Thermador Groupe on 30 September 2025, with its turnover consolidated from 1 October 2025
BUSINESS AND SUSTAINABILITY
The group’s consolidated turnover for FY 2025 declined by 2.9% to constant scope. This performance must be considered in the context of a negative price effect estimated at -1.4%. The resilience of our various business lines differed widely.
The building sector continued to face a difficult environment. In France, any real recovery in new builds has yet to materialise, while the MaPrimeRénov’ scheme has proved less effective than anticipated and may be gradually reduced to cater to government budget constraints.
Industrial activities showed greater resilience. By contrast, the consumer segment – accounting for 16.2% of consolidated turnover – was the most adversely affected, posting a decline of 10.9%.
Our subsidiaries operating in the water cycle recorded mixed performances. The strong results delivered by Aello (swimming pool equipment) and Sferaco (valves for water utilities) partly offset weaker trends in markets served by Jetly and DPI, including irrigation, wastewater lifting, rainwater harvesting and plastic piping for public works.
Internationally, professional channel growth remained robust (+12.3%), whereas the consumer channel contracted (-11.4%). As a result, the share of international turnover increased from 16.3% to 17.3%.
In terms of environmental performance, we reaffirmed our climate strategy by adopting the ACT® Step by Step (Assessing low Carbon Transition) approach supported by ADEME. Our medium-term carbon trajectory has now been modelled. At the same time, we continued refining the accuracy of our greenhouse gas emissions assessment to reduce remaining uncertainties.
The collective commitment of our teams enabled us to preserve profitability despite a particularly challenging context. To constant scope, operating income and net income declined only marginally, by 1.9% and 2.1% respectively.
FINANCIAL STRUCTURE AND PROSPECTS
Stock fell to €175.8 million, representing 203 days of purchases consumed, compared with 213 days at the end of December 2024. Consolidated operating working capital requirements stood at 39.8% of turnover at year-end (versus 40.4% at the end of 2024). As of December 31, 2025, bank debt amounted to €41.1 million, while equity after appropriation of earnings reached €387 million. Thanks to the rigorous efforts of our purchasing, sales and accounting teams, cash increased to €97 million.
Feedback from several suppliers and marked increases in certain raw material prices – particularly copper – suggest that the price effect should turn positive in 2026, following two consecutive years of deflation.
The sixth Energy Saving Certificates (ESC) period, launched on January 1, 2026 with a €40 billion budget over five years, represents a meaningful opportunity. This newly-bolstered programme (+27% compared with the fifth period) should support demand for heat pump accessories, solar thermal panels and other key products within our portfolio.
In response to the housing shortage, the government has set a target of building two million homes by 2030. Although the precise impact remains difficult to quantify, this ambitious initiative is expected to benefit our subsidiaries PBtub and Thermacome.
The overall environment remains comparable across our other business segments. We continue to focus daily on retaining existing customers while securing new ones. The industrial segment appears to offer the most promising prospects.
Supported by a solid cash position and a clear intention to reduce our exposure to the French market, we are actively exploring acquisition opportunities in Europe, targeting companies specialised in distribution to industry or the water cycle. At this stage, no major transactions are expected in 2026.
DIVIDEND AND AGM
At the forthcoming AGM, we will confirm our intention to separate the roles of Chairman and Chief Executive Officer, effective the following day.
In line with our distribution policy, we will propose a modest increase in the dividend to €2.10 per share.
As of December 2025, institutional investors held 44.3% of the share capital, individual shareholders 45.4%, and existing and retired employees 6.9%.
Our Annual General Meeting will take place on April 7th at 5 p.m. at EM Lyon. An information meeting will also be held in Paris on April 9th at 4 p.m. at Salons Hoche.
Yours sincerely,
The Chairman
Guillaume Robin