THERMADOR GROUPE: 2023 annual results – 02/28/2024 at 6:48 p.m.

In 2023, our turnover fell by 1.8% on a like-for-like basis while average price increases

passed on to our customers was 5.9%. This drop in volumes can be explained by several well-identified phenomena: the tightening of financing for energy renovation by the ANAH which has led almost all players in the sector to slow down their actions; the 22% drop in new housing starts in France; the very significant decline in the swimming pool market; and the poor sales of DIY supermarkets in some of our historic product families. Fortunately, our achievements in the industrial and climate engineering markets

and the water cycle were positive. This slowdown must also be put into context by remembering that like-for-like growth in turnover was 21.1% in 2021 and 12% in 2022. This type of growth is not sustainable in our businesses. .

DPI, acquired on October 31, 2022, experienced a particularly difficult year in terms of turnover following the

drop in the price of raw materials and the non-renewal of very large projects delivered in 2022. Profitability was however safeguarded, which will lead us to pay the additional price of €5.16 million in accordance with our agreements.

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