THERMADOR GROUPE (EPA:THEP) - Thermador Groupe: TURNOVER AT SEPTEMBER 30, 2019: +17%/ AT CONSTANT SCOPE: +6.9%

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16/10/2019 17:50

LETTER TO SHAREHOLDERS N°95

October 17, 2019

Dear Shareholder,

Here are the main indicators on the current situation of our group.

TURNOVER AT SEPTEMBER 30, 2019: +17%
         AT CONSTANT SCOPE: +6.9%

                                                                   Variation
                                                                      2019
                              2019                2018              constant
In thousands                constant            constant  Variation  scope*
of euros             2019    scope*     2018     scope*   2019/2018   2018

Total at
30 September -
according to
IFRS 15            282,463  255,685   241,419   239,173    +17.0%    +6.9%
1st quarter         93,048   84,140    81,349    80,706    +14.4%    +4.3%
2d quarter          97,651   88,531    84,706    83,805    +15.3%    +5.6%
3rd quarter         91,764   83,014    75,364    74,662    +21.8%   +11.2%
Breakdown by business:
Mecafer and Domac,
equipment tools     21,927   21,927    21,528    21,528     +1.9%    +1.9%
Dipra / Rousseau,
pumps, plumbing
and taps*           42,936   16,178    16,543    16,543   +159.5%    -2.2%
Isocel, components
for boilers          4,693    4,693     4,434     4,434     +5.8%    +5.8%
Aello, equipment
for swimming pools   7,907    7,907     6,125     6,125    +29.1%   +29.1%
Jetly, pumps        39,311   39,311    37,524    37,524     +4.8%    +4.8%
Thermador,
central heating
and domestic hot
water accessories   33,620   33,620    30,025    30,025    +12.0%   +12.0%
PBtub, pipework for
the distribution    19,120   19,120    18,824    18,824     +1.6%    +1.6%
Axelair, ventilation
equipment
and accessories      4,725    4,725     3,282     3,282    +44.0%   +44.0%
Sferaco, valves,
connectors
and meters          44,444   44,444    41,412    41,412     +7.3%    +7.3%
Sectoriel,
motorised valves
and air compressors 16,233   16,233    14,982    14,982     +8.4%    +8.4%
FGinox, stainless
steel connectors,
flanges, valves
and accessories     12,188   12,188    11,906    11,906     +2.4%    +2.4%
Syveco**            20,556   20,556    18,587    18,587    +10.6%   +10.6%
Sodeco Valves,
industrial
valves ***          14,570   14,550    16,011    13,765     -9.0%    +5.7%
Other structures       233      233       236       236     -1.3%    -1.3%
Total at
30 September -
according to
IFRS 15            282,463  255,685   241,419   239,173    +17.0%    +6.9%

* 2019 turnover: with Thermador Groupe's acquisition of Sanidom / Rousseau on
December 31, 2018, which has been consolidated since January 1, 2019.
** Syveco new name of Thermador International.
*** 2018 turnover: reprocessed according to the sale of the capital of Sodeco
Sedin, the French subsidiary of Sodeco Valves.

  Head office: Parc d'Activités de Chesnes - 80, rue du Ruisseau - CS 10710 -
                 38297 SAINT-QUENTIN-FALLAVIER CEDEX - FRANCE
Tel. +33 474 95 63 28 - Fax +33 474 95 46 35 - Website: www.thermador-groupe.fr
            Private limited company with capital of EUR36,439,008 -
    339 159 402 companies register of Vienne - SIRET n°: 339 159 402 00017

BUSINESS

Our subsidiaries performed well, very well, some exceptionally well, even, in
the 3rd quarter. For the nine months, to constant scope this means growth in
consolidated turnover of 6.9%, which surpasses our forecast. Including the
business reported by Rousseau, a company that joined us on December 31, 2018,
our consolidated turnover increased by 17%.

Contrary to what we had anticipated, demand for heat pump accessories has
remained extremely high: good news for Thermador and Isocel. On the weather
front, we have seen one heatwave after another, a phenomenon that stabilises
the watering pump business at a high level for Jetly and Dipra.

Domac and Mecafer continue to recover turnover thanks to gains in market share,
although sales of large tooling to DIY superstores remained relatively
depressed.

In export, we have seen lesser growth. Syveco nevertheless reported growth of
7.2% over the 3rd quarter. For its part, Sodeco confirmed its return to growth
to constant scope, at 16.1% over the last three months.

EXTERNAL GROWTH

After having reviewed the audit reports, our Board members will meet on October
21 to make a decision on the acquisition of Eurobinox.

The two other projects we mentioned at the beginning of August have resulted in
the signing of a letter of intent and will be studied by the Board members at
the December 10, 2019 Board meeting.

FINANCIAL SITUATION

Our good sales performance in the 3rd quarter and the slight drop in stock
levels mean we can consider good cash generation and better balance sheet
components than previously expected at the end of June.

PROSPECTS

The French tax credit for energy transition has been extended for another year,
but with means testing for beneficiaries. This will clearly have the effect of
slowing down growth in heat pump sales as soon as we turn the corner into 2020,
having seen exceptional levels in 2019. For the rest of our markets, we do not
currently see any major specific risk for the months ahead.

SHAREHOLDING

Having been by our side for 11 years, Financière Borde has sold all its
shares, i.e. 5.6% of our capital. Two of Jacques Borde's three children,
previously members of this civil partnership, have reinvested as private
investors. Their attachment to the group, that their father helped create, is
particularly touching for us.

CM-CIC Investment, a loyal shareholder in our group for more than twenty years,
took a part of the Financière Borde block to increase its holding to 5.7% of
the capital and thereby become our 2nd biggest shareholder.

INDIVIDUAL SHAREHOLDER RELATIONS

After a first participation in " Investir Day " organised by Les Echos group (a
video you can see on our YouTube channel), we are planning to attend the
Actionaria show on November 21 and 22 to listen to your views and answer your
questions. We would suggest you come with young adults from your family who may
be able to benefit from the PEA JEUNE scheme for young investors, so we can
help them take their first steps into our group's capital. Our employment
record and proximity should win them over.

Yours faithfully,

                                                           The Chairman
                                                           Guillaume Robin

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THERMADOR GROUPE (EPA:THEP) - Thermador Groupe: TURNOVER AT SEPTEMBER 30, 2019: +17%/ AT CONSTANT SCOPE: +6.9%

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