Good evening. Good evening all of you and welcome to this webinar where we're going to explain to you the turnover for the first quarter.

I remind you how it's going to happen: we've got a webinar which will be in French and a webinar at the same time, simultaneously, in English for our English-speaking investors. A few rules: you can ask questions on the questions tab, or you can chat between you on the chat area of the platform for the webinar.

This presentation will last about 25 minutes, don't hesitate to put in your questions as soon as you're ready to do so. We're going to respect 1 hour maximum for this webinar.

You undoubtedly received the letter to shareholders, No. 123, where we give a full breakdown of the quarter's results.

A word about our workforce. We had a very good first quarter of 2026, because as you saw in our letter to shareholders, turnover is up.

The growth of our turnover is greater than the very modest growth in our headcount, which is up 1.4%. As we'll see later on, we'll see that the turnover is much higher than that, we continue to respect that ratio that we keep an eye on all the time in the medium and long term.

Analyzing these figures, we've been able to identify a number of positions in the group which are doubled up because of early recruitments made in preparation of certain departures. In terms of business activity, as you'll see in the letter, 17 of our 21 subsidiaries are in growth, that's a very good sign, and in particular six of them, so, had growth over 10% in turnover, which is really important.

That's Mécafer, Domac, Isocel, Aello, Axelair, and Distrilabo. You see that these companies all work in different fields: in retail, construction, industry, and the water cycle.

In the area of heat pumps, there's a positive trend, both in France and Europe. We're mostly involved in the market in France, and you see this with Isocel, who supply heat pump manufacturers in France, and the figures for Thermador, who supply heat pump accessories, who have seen their turnover down over recent months, but has now come to a more stable position over December and the first quarter, and that's very important for Thermador and its range of products, accessories for the heat pump market, slightly in growth.

New builds of new homes, we've had some exciting announcements from the French government. They intend to build up to 400,000 housing units per year by 2030.

Just as a reminder, in France in 2025, we only built 275,000, there's quite a gap. Even though that's good news, we've got no signs for the moment of that coming into practice.

In the retail sector, we've got four major players dominating this market. They represent more than 80% of the market overall.

There's a trend that we've seen and that's confirmed in those players is that they're investing in e-commerce, but also they're taking an interest in pro products, selling to trade, which could be beneficial to us in the future for those product ranges, because we already have pro ranges, of course, already. In industry, a similar trend to what we saw at the end of last year, a positive trend.

You'll seen in the letter 123 all the companies from Sferaco downwards are in growth, and that reflects good performance of those companies on that sector and even gains in market share. In terms of milestones, we've got price impact.

The price impact remains negative at -1.4%, which is a bit of a surprise, because we were expecting it to move into positive territory fairly quickly this year. We'll see that will probably come true by the end of this year.

Heavy rainfall, very rainy weather, which has had a negative impact for our watering markets, Jetly and negativity, but also for our sometimes direct customers in the public works sector. As you can imagine, when we have too much rainwater, it's very difficult to work on a public works project, so that has impacted DPI and Jetly.

Difficult to ignore the geopolitical situation at the moment. For this first part of this year, no impact on our turnover for the moment from this war in the Middle East.

We have signed up transport contracts for 2026, the impact is under control. However, there has been major increases in prices for products such as polyethylene and PVC, and that, of course, affects DPI, who deliver directly from their sites.

That we're receiving some alerts from the manufacturers of polyethylene and PVC of a big impact and even possible shortages. We announced at the AGM separation of the roles of Chairman and CEO, and the day after that meeting, it was decided at the board meeting of the 8th of April to name Olivier de La Chevardière as Chairman, and myself as CEO.

Patricia, over to you.

Just a mention of the AGM took place on the 7th of April, and 205 shareholders joined us at the meeting. We had 1,000 voters, and 78.9% of voting rights were accounted for.

Thank you to all of you for your accompanying us in this event. The resolutions were voted between 88 and 99.99%, very good result in terms of governance.

The resolutions were well accepted. The closest one was the distribution of dividends, which was only 88% in favor.

There was also resolution 20 21 21, which was rejected, but that was in line with the advice of the Board of Directors. I'm going to move on to our results.

Guillaume started talking about a number of milestones, and this allows us to link up the news, if you like, with the figures for the first quarter. We've had a decline in the retail market at -1.2%.

On the one hand, a drop in turnover with Odrea in France and in Spain, which was partially and mostly compensated for by Mécafer and Domac and their great performance in the first quarter. In terms of the pro channel, that covers industry, water cycle, and construction, of course.

In those activities, we had the help of two new subsidiaries, of course, in C2AI and Kilynox, and which they arrived at their expected level, should we say, of turnover. As was more or less the case for the last part of 2025, because we'd already integrated at that point.

Concerning turnover, we've got industry where it's up, and construction, which is up, and that's commented on by Guillaume already. So, 5.4% increase on the pro channel, up.

That gives an overall increase in 9.6% over the quarter and plus 4.2% to constant scope. That's due to good volumes and good performance from our subsidiaries.

In terms of the profitability level for Axelair, working in ventilation, which was created in 2014 and has had losses over the last 11 years, and they've seen growth in their turnover. There were some cases that also in 2025, this continued at the beginning of 2026.

We see that they're over the break-even position for the period January to March, and worth noting. Financial structure, we have, of course, historically, a solid financial structure.

A new record in terms of cash, we have €105 million. Then in terms of debt, we've got €40.2 million of debt.

That's all debts with fixed rates and over 7 years, and we have no new loans in that area. It gives a positive net situation, taking off the €90.3 million paid on April the 17th.

We've got a €45.6 million net positive cash position. That allows us to have flexibility in terms of our investments from our own funds and maintain our independence, and be able to look at external growth opportunities.

Of course, we will look carefully at all options. A word about stock, because these are questions we've had in the past.

In our meeting in Paris, we had a meeting of our shareholders after the AGM in Lyon, and a number of shareholders were worried about our stock levels. The stock represents 176 days, and we'd already moved down from the level of December, and we feel that is compatible with our activities.

We had a bit of a problem with the New Year, Chinese New Year, and we see that our subsidiaries are continuing to purchase, and that allows us to continue to supply our customers satisfactorily. I talked about funding from our own funds, from our own equity.

We've got €12.3 million of forecast investments with €6 million for the property part. There are two major projects which concerns Sferaco, automation and extension over 2026 2027.

That's actually started. Of course the automation of the logistics side, that will be going ahead over 2026 2027.

The other project, which concerns Distrilabo in Alsace. This subsidiary, we've just signed the first contracts for the new building for them, and we pretty sure now that will be delayed to 2027.

That gives us an investment forecast, readjusted forecast of €9.5 million. That all continues to allows us to continue to invest from own equity.

Digitalization will continue within the group with electronic invoicing as well, and digitalization in the different companies of the group. Concerning the value of the share price, the return on reinvested dividends for Thermador, the Thermador Group share, it's pretty solid performance.

This graph runs from 2016 to 2026, dates from last Friday. We're very close to the performance of the CAC 40 index, and that confirms that it's a long-term share investment, and it reflects our dividend policy, because we've continued to issue dividends, and that dividend rate has never gone down.

Of course, we are sensitive to short-term events, and you know that the geopolitical situation has a big impact on the stock exchange in general, and so for Thermador in particular. We're not spared by the effects of the uncontrolled declarations of the American President.

You saw on Friday afternoon a very strong growth on the stock exchange, and a drop again today after the opening and closing of the Strait of Hormuz.

If you remove cash from a company, of course, that reduces the price of the share. The prospects are obviously very dependent on the geopolitical situation, and I want to really insist on that point, because the questions we get from you is what is the impact of this war in the Middle East on group in terms of new homes?

We see there's a risk of an increase in mortgage rates, of interest rates in general. If this happens, obviously that will affect mortgage rates and it could well bring an early end to this beginning of the promising cycle in the new homes, new builds that we've seen over recent months.

Having look now at energy renovation, we're seeing the first questions coming in. Very encouraging announcements from the government, but I'd like to measure those a little.

This compared to the geopolitical situation, the public authorities want to double the amount dedicated to electrification in France, replacing fossil energies by electrical energy by 2030. When you ask the question of how this doubling is going to happen, we know that won't come from the state's budget because there is no money available, and therefore all eyes turn to the energy savings certificates, the CEE, financed by the energy providers.

That works really well when energy is inexpensive. At the moment, as energy prices going up, and in particular the price petrol at the pump.

This funding from the energy savings certificates may well be compromised by this increase in energy prices, fossil energy prices in the medium to long term. Good intentions from the public authorities, but beware in terms of the real impact that they will have.

Because when financing will have to be found outside of the state's budget, the public authorities were very precise with this announcement, which is of course good news for us, because the Prime Minister wanted us to install in new and non-new buildings 1 million heat pumps per year by 2030, so that is a multiple of six of where we are today. That could, of course, benefit groups like Thermador, because the equipment dedicated to heat pumps in terms of value are greater than the accessories that we supply to the gas boiler market, be beneficial for us.

Another major announcement was that the end of boiler installation is due at the end of 2026, a very short timeline. That includes hybrid, gas, but also hybrid by the end of the year.

No more boilers to be installed in new buildings, to be replaced, of course, by heat pumps. I've already answered the question that we've had on the chat.

These, of course, they're promising, but there are obviously question marks about whether they're achievable. The pro markets that we have for February don't indicate any major improvements, waiting for the figures for March.

We don't have those yet. We'll have those this week.

For the moment, it's stable in terms of our B2B customers, for the wholesalers, for civil works, and plumbing accessories. We keep an eye, of course, on the PMI index.

This index, because when they are above 50, that shows that the market is growing from one month to the next. On the left-hand side is the curve for French, and on the right for Europe.

There's been very little impact of this geopolitical crisis on industrial activity in France and in Europe, but it's obviously very likely that this impact will be very marked if the crisis continues, and in particular for industries like chemical and petroleum industry, to whom, of course, we sell. A much less favorable market environment because we are attempting to gain market share, and if the market contracts, it's more difficult to increase turnover mechanically.

In retail, then no indication of a restart of this market. In spite of the opportunities that were taken up by Domac and Mécafer at the beginning of the year, no real prospects because French people's disposable income is decreasing, difficult for it to imagine people investing in the DIY market.

A negative tendency for April, which of course we don't see that yet on these results. We're hoping that would turn around a bit.

In terms of e-commerce, talking about the different players on the market, you've got the pure players like Amazon, who stock and deliver equipment, but also on the marketplaces, in particular one that has a really strategic position in France is called Leroy Merlin. Castorama, one of its competitors, is also being very active on that market.

Also there's an opportunity for us to sell directly to the end user, especially on after sales service. Of course, always with the objective of making those products last longer, so that's a good option.

I'd like to emphasize that in France, it's not very good for this market. The tendency towards saving is on the up, which is in line with the anxiety rate in France.

In the water cycle, we've appointed Alexandre Statzula, who is currently administrative director at Odrea, and will progressively take over the management of DPI. She'll be there in September.

She's already there part-time, but she'll be there full-time from September until the end of 2027, and that's the date at which Grégory Urpi, according to the agreements we had together, he will be leaving at the end of 2027. DPI's sales departments are also being restructured.

In particular, we're working on the water cycle for a range of solutions in the reuse of gray water and the processing of water, the treatment of water, and we joined a new association which is called AFREG. That's the French Alliance for Gray Water Recycling, and it's a grouping of companies that working on these solutions.

That water, even though it may not be the case of late, it will become rare and expensive in Europe, and it's a market that we're working on for the future. Internationally, a strategic appointment in progress: we're looking for a full-time employee to identify opportunities for acquisitions.

That answers one of the questions that was asked. We haven't identified any opportunity that we can talk about to you at the moment.

Of course, we're keeping an eye on different options, but of course, as usual, we will only start talking about those options when a letter of intent has been signed, and that's not the case today. We are having discussions in France with a company in France, but that's not far along enough to be able to talk to you about that today either.

The role of this new employee will be to look at all the opportunities right across Europe which correspond to the strategy, i.e., distribution in industry, but also in the water cycle, make contacts, keeping contact with the directors of those companies, the owners of the companies, and be able to contact them quickly if those companies became available on the market. The price impact for 2026, it's clear that this impact will increase fairly quickly, because we've already received notification of price increases from our suppliers, and we've already talked to our customers about those increases in prices.

We're expecting that to come into force in June 2026. We're feeling that the price effect at the moment, which is -1.4%, as we saw earlier on, but we're expecting that to be above 2% for on average for the 2026.

To close, just a few words of optimism, because we're looking at the last slide, which is organic growth by quarter over a period of about 5 years. We have moved out of this negative phase that you see over a period of almost 2 years, but we have to modulate, of course, that with the possibilities of the current crisis.

If that geopolitical event that we're currently expecting, the crisis in the Middle East, we'd probably see that curve continuing in the upward direction. Now we've finished with our presentation, which gives us some time to answer your questions.

I've already answered to the question about the government measures on heat pumps, but beware of the financing. We've also had a word from Rudolph, who doesn't understand why the public authorities hadn't been taking more interest in the construction of new buildings the last 2 years, I have no answer to that, because of course there's a real need for it in France, and the problems are ahead of us now, and we've got behind in terms of capacities.

Do you have any acquisition targets, especially outside France? Yes, we do.

Projects that are far enough along for us to be able to talk to you about it, well, no. What was the increase in volumes in Q1?

They're obviously bigger than in terms of volume because there was of course the negative price impact of -1.4%. I had

a bit of a problem with the English part, but I have an English question. This is a French question, sorry.

In terms of electronic invoicing, will you see any savings? We're starting to work on productivity gains where we'll be able to receive invoices from our suppliers electronically, we hoping to get some productivity gains and we're going to work on that.

Another element is that any invoice is sent via platform, and that of course implies a cost... We've already worked a lot on sending our invoices via email and so forth, dematerialized factors, paperless invoicing, we're already fairly well along the way for that.

Victor want to know what percentage of turnover is gained from heat pumps. We don't actually give that figure, and we're sure that some of our competitors will be interested in this information, we don't talk about it.

We've got some detail per subsidiary, but as I said earlier on, the variations that you may be seeing in our subsidiary Isocel or Thermador, positive variation, but negative in the past, would suggest that there is an impact, a positive impact, on the heat pump market. There were two key events which helped Thermador was the increase in the sales of accessories for heat pumps, but also the increase in sales of thermal heat panels.

The decline in the turnover for Thermador was lack of funding, I can't give you any more precise figures than that, because I don't want to provide too much data for our competitors, which is obvious internal data. Do you mix commercial commerce and e-commerce?

Yes, in Aello, for example, there's a very substantial part of turnover from an e-commerce platform.

It's not pure e-commerce, it's an actual order placing platform.

It's open to professionals, and these technical solutions are progressively being rolled out throughout the group. The percentages of turnover from e-commerce platforms remains confidential too.

The sales that we make directly to users via e-commerce platforms are really small in terms of percentage of turnover because it primarily concerns only after sales services sales. We have some sales in DIY superstores for SAB products.

There's a question about Axelair saying that they had arrived at the break-even point. The question is for Thermocom and DPI, when are we going to get into positive territory with them?

We're seeing that DPI and Thermocom are losing money. It's important to understand that we've only just acquired, and there's a amortization of the goodwill, the customer relations, to be exact.

That means that DPI without that amortization was profitable, and Thermocom is the same case, made them very close to the break-even point. The idea is it's not an operating loss, it's just we've got the amortizations.

Why do we do that is to avoid having to depreciate assets a few years after the acquisition, it's a use of the customer relations, which we call goodwill.

Jean-Pierre asked a question about managerial transition at DPI. Maybe I didn't express it properly,

the departure of Grégory Urpi is planned for the end of 2027. These two will be working together from September, at the end of 2027 is exactly 5 years after the acquisition, as planned.

It was planned that Grégory should leave at the end of 2027, just to be precise for Jean-Pierre. We've finished with your questions.

No questions on the English side.

Sorry about the technical problem that we had on the English side, but

the replay is in English, but you won't be able to ask any questions, of course, don't hesitate to ask us any of your questions by email.

Another question.

There's a question that concerns Axelair and results of Axelair and related to its trend to a deep decline in turnover. So, +4% for Q1 2026.

It's a pretty brutal question: shouldn't you imagine restructuring the subsidiary to take into account the persistent decline in turnover? That's a bit brutal.

That would indicate reducing headcount. It's true that the budget for Axelair is not positive for 2026, we're likely to see a decline in turnover and a decline in profitability, we're working on it for a recovery at the beginning of 2027 through investments in the distribution channels other than the traditional DIY channel.

There's also the Spanish side. Work started on that last year and it continues this year to be able to find new developments, new customers, and

of course that takes time because it's referencing with different stores, because they negotiate on annual basis, of course. Of course it will take time.

Romain, you're making things look worse than they are, you're talking about the decline in turnover for Axelair. Axelair did manage to maintain its profitability, and that's why I want to reassure you for 2026.

The manager of Axelair has not planned for a loss in profit for 2026, but we're working with certain customers at the moment, and we're kind of putting in place certain measures towards a recovery of Axelair, but certainly no plan for restructuring at Axelair. In Thermador Group we have a long-term vision, and that's why we're resilient during difficult times like we're experiencing at the moment.

Are there any other questions for today? We're pretty satisfied with this first quarter because it's a long time that we haven't been able to announce a net increase in turnover, and so many companies with growth around Europe, with six with over 10%.

We remain cautious about the future in the short and medium-term, because of the geopolitical situation, will certainly have an impact in France and in Europe. Many companies like ours are going to suffer certainly from all this instability in the world.

It's obviously an advantage for us to have a wide range of different activities, and you see that our subsidiaries continue to resist. We hear people saying, "Well, you've lost turnover, you keep your employees in place."

We know how valuable our brands are, and that's why we invest in them and stand by them. With those investments I talked to you about €9.5 million, that shows that we are intending to invest in our warehouses and so forth, we continue to have a positive outlook.

For our sales people as well, we're happy to see that there is the results of their work as our turnover increasing.

That we've being thanked for our efforts during these difficult periods, I want to thank you for your support and our wonderful AGM. It was great satisfaction for us to be so close to 79%, which is remarkable participation rate at our AGM, and of course used all the tools available to you to vote, for example with access voting, all that.

Thank you to all of you for your support. Since you have no more questions, we're not going to stay connected just for the pleasure of it.

We're going to see you, unless there's anything drastic happens, in the middle of July when we'll talk about mid-July for the results for the first half year, and at the end of July for the end of the second quarter. Good evening, all of you.