UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ________ to ________ Commission File Number: 001-35159 THERMON GROUP HOLDINGS, INC. (Exact name of registrant as specified in its charter) (State or other jurisdiction of ...

Financial Data and Key Metrics Changes - The company's first quarter revenue was $108.9 million, representing a year-over-year decrease of 5% [17] - Organic revenue, excluding contributions from the Fati acquisition, decreased by 11% [17] - Gross profit was $48 million, down 5% year-over-year, with a gross margin of 44.1%, up from 43.8% last year [19] - Adjusted EBITDA was $21.2 million, down 9% from the previous year, with an adjusted EBITDA margin of 19.5% [19] - GAAP earnings per share increased by 4% to $0.26, while adjusted earnings per share decreased by 5% to $0.36 [20] Business Line Data and Key Metrics Changes - OpEx revenues were $93.3 million, a decrease of 4% compared to last year, representing 86% of total revenues [18] - Large project revenue was $15.6 million, down 11% from last year, with many projects still in the engineering phase [18] - The backlog increased by 13% organically, supported by a positive book-to-bill ratio of 1.11 times [21] Market Data and Key Metrics Changes - Revenue in the U.S. and Canada declined by 17% due to delayed backlog conversion and reduced customer demand [22] - EMEA region saw strong growth, with revenue more than doubling, driven by organic business performance and contributions from the Fati acquisition [22] - APAC revenue decreased to $6.6 million from $9 million in the prior year, reflecting softer demand [22] Company Strategy and Development Direction - The company is focused on driving a higher quality, more profitable revenue mix and has implemented proactive tariff mitigation efforts [6] - Strategic initiatives include targeting growth in the data center market, rail and transit, and leveraging the Fati acquisition to capitalize on electrification opportunities in Europe [11][15] - The company aims to maintain a strong balance sheet while balancing capital allocation between share repurchases and growth investments [10] Management's Comments on Operating Environment and Future Outlook - Management noted that revenue declines were primarily due to temporary delays in backlog conversion and project execution timing, which are expected to translate into realized revenue in upcoming quarters [6] - The company remains confident in its strategic positioning to benefit from long-term growth drivers despite near-term unpredictability in the market [7] - Fiscal 2026 guidance remains unchanged, with expected revenue between $495 million and $535 million and adjusted EBITDA between $104 million and $114 million [29] Other Important Information - The company returned nearly $10 million in capital through its share repurchase program during the quarter [10] - The M&A pipeline remains active, with ongoing searches for opportunities to augment strategic growth initiatives [10][48] - The company ended the quarter with a net leverage ratio of 1.0 times and total cash and available liquidity of $130.8 million [25] Q&A Session Summary Question: What is the status of the capital improvement project that caused production delays? - The capital improvement project has been resolved and is now fully operational, with expected revenue conversion in Q2 and the balance of the year [32] Question: Can you elaborate on the liquid load bank opportunity in the data center market? - Liquid load banks are used to test cooling systems in liquid-cooled data centers, and the company expects to build a 20% to 25% market share in this growing opportunity [35][37] Question: What are the gross margin expectations for the next quarter? - There may be margin headwinds in Q2, but pricing adjustments are expected to offset tariff impacts in the latter half of the year [38] Question: What is the demand environment for the Fati acquisition? - The backlog for Fati has doubled since the acquisition, driven by strong demand in electrification opportunities in Europe and the Middle East [44] Question: What are the capital allocation priorities moving forward? - The M&A pipeline is active, and the company will continue share repurchases if no attractive growth opportunities arise [48]

THERMON GROUP HOLDINGS, INC. EARNINGS PRESENTATION FIRST QUARTER FISCAL YEAR 2026 AUGUST 7, 2025 Q1 FY2026 Earnings | 1 Cautionary Note Regarding Forward-looking Statements This presentation includes forward-looking statements within the meaning of the U.S. federal securities laws in addition to historical information. These forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, without lim ...

Financial Performance - Thermon Group reported quarterly earnings of $0.36 per share, missing the Zacks Consensus Estimate of $0.37 per share, and down from $0.38 per share a year ago, representing an earnings surprise of -2.70% [1] - The company posted revenues of $108.9 million for the quarter ended June 2025, missing the Zacks Consensus Estimate by 11.84%, compared to year-ago revenues of $115.13 million [2] Earnings Outlook - The current consensus EPS estimate for the coming quarter is $0.38 on revenues of $123.45 million, and for the current fiscal year, it is $1.85 on revenues of $520.39 million [7] - The estimate revisions trend for Thermon Group was mixed ahead of the earnings release, resulting in a Zacks Rank 3 (Hold) for the stock, indicating expected performance in line with the market [6] Market Performance - Thermon Group shares have lost about 1.9% since the beginning of the year, while the S&P 500 has gained 7.9% [3] - The outlook for the industry, specifically the Instruments - Control sector, is currently in the top 12% of over 250 Zacks industries, suggesting a favorable environment for stock performance [8]

[Thermon Reports First Quarter Fiscal 2026 Results](index=1&type=section&id=Thermon%20Reports%20First%20Quarter%20Fiscal%202026%20Results) Thermon reported a **5.4% revenue decrease** in Q1 FY2026, yet net income grew **1.2%**, supported by strategic initiatives and a strong bid pipeline [Q1 Fiscal 2026 Key Highlights](index=1&type=section&id=FIRST%20QUARTER%202026%20HIGHLIGHTS) Thermon reported Q1 2026 revenue of **$108.9 million**, a **5.4% decrease**, yet net income grew **1.2%** to **$8.6 million**, with a strong **1.11x book-to-bill ratio** and confirmed full-year guidance Q1 Fiscal 2026 Financial Highlights | Metric | Value | YoY Change | | :--- | :--- | :--- | | Revenue | $108.9 million | (5.4)% | | Gross Profit | $48.0 million | (4.7)% | | Gross Margin | 44.1% | +30 bps | | Net Income | $8.6 million | +1.2% | | Diluted EPS | $0.26 | +4.0% | | Adjusted EBITDA | $21.2 million | (8.6)% | | Adjusted EBITDA Margin | 19.5% | -60 bps | | New Orders | $120.7 million | (5.1)% | | Book-to-Bill Ratio | 1.11x | N/A | | Net Leverage Ratio | 1.0x | N/A | [Management Commentary](index=1&type=section&id=MANAGEMENT%20COMMENTARY) Management attributed Q1 revenue shortfall to delayed backlog conversion, but highlighted improved gross margin, a **43% increase in bid pipeline**, and disciplined capital allocation - Delayed backlog conversion due to supply chain and production issues pushed approximately **$10 million** of revenue out of Q1, but this is expected to be recognized in coming quarters[3](index=3&type=chunk) - Strategic initiatives and successful tariff mitigation efforts led to a **30 basis point increase in gross margin** compared to the prior year[3](index=3&type=chunk) - The total bid pipeline grew **43% year-over-year**, driven by strong demand in key end markets like chemical/petrochemical, power/nuclear, LNG, and renewables, supporting a confident long-term outlook[3](index=3&type=chunk) - The company executed **$9.8 million in share repurchases** in Q1, bringing the program total to **$30 million** since March 2024, while maintaining a low **net leverage ratio of 1.0x**[3](index=3&type=chunk) [Detailed Financial Analysis](index=2&type=section&id=FIRST%20QUARTER%20FISCAL%202026%20PERFORMANCE) This section provides a detailed analysis of Thermon's Q1 FY2026 financial performance, covering revenue, profitability, and liquidity [Revenue and Orders Performance](index=2&type=section&id=Revenue%20and%20Orders%20Performance) Q1 revenue declined **5.4%** to **$108.9 million** due to delayed backlog, but new orders of **$120.7 million** resulted in a **1.11x book-to-bill ratio** and **27.1% backlog growth** - Q1 revenue was **$108.9 million**, a **5.4% decrease YoY**, impacted by delayed backlog conversion of approximately **$10 million** and market uncertainty. Organic revenue declined **11.3%**[6](index=6&type=chunk) Orders and Backlog (Q1 FY2026) | Metric | Q1 FY2026 | YoY Change | | :--- | :--- | :--- | | New Orders | $120.7M | (5.1)% | | Organic Orders | N/A | (18.9)% | | Book-to-Bill Ratio | 1.11x | N/A | | Ending Backlog | $252.2M | +27.1% | | Organic Backlog | N/A | +12.6% | [Profitability Analysis](index=2&type=section&id=Profitability%20Analysis) Gross margin improved to **44.1%** due to favorable mix and cost control, despite a **4.7% decline in gross profit** and an **8.6% drop in Adjusted EBITDA** - Gross margin increased to **44.1%** from **43.8% YoY**, driven by a favorable revenue mix, cost control, and tariff mitigation measures, despite a **4.7% decline in gross profit dollars**[7](index=7&type=chunk) - Adjusted EBITDA margin decreased to **19.5%** from **20.1% YoY**, as lower revenue volumes offset the benefits from improved gross margins and disciplined cost management[9](index=9&type=chunk) - Selling, general and administrative (SG&A) expenses increased to **$32.2 million** from **$31.1 million**, primarily due to incremental expenses from the F.A.T.I. acquisition and investments in growth initiatives[8](index=8&type=chunk) [Balance Sheet, Liquidity and Cash Flow](index=2&type=section&id=Balance%20Sheet%2C%20Liquidity%20and%20Cash%20Flow) Thermon maintained a strong balance sheet with a **1.0x net leverage ratio**, **$8.3 million in free cash flow**, and continued share repurchases Balance Sheet and Cash Flow Highlights (as of June 30, 2025) | Metric | June 30, 2025 | June 30, 2024 | | :--- | :--- | :--- | | Cash | $36.5 M | $49.1 M | | Total Debt | $139.4 M | $169.1 M | | Net Debt / TTM Adj. EBITDA | 1.0x | 1.1x | | Working Capital | $172.3 M | $158.0 M | | Q1 Free Cash Flow | $8.3 M | $8.7 M | - The company repurchased **$9.8 million** of its common shares during Q1, with **$44.5 million** remaining available under its share repurchase authorization as of June 30, 2025[12](index=12&type=chunk) [Fiscal 2026 Outlook](index=3&type=section&id=FISCAL%202026%20OUTLOOK) This section outlines Thermon's financial projections and strategic expectations for the full fiscal year 2026 [Full-Year Guidance](index=3&type=section&id=Full-Year%20Guidance) Thermon reiterated its full-year Fiscal 2026 guidance, projecting revenue between **$495 million and $535 million** and Adjusted EBITDA of **$104 million to $114 million** Fiscal 2026 Full-Year Guidance | Metric | 2025 Actual | 2026 Guidance | | :--- | :--- | :--- | | Revenue | $498.2 M | $495 M to $535 M | | Adjusted EBITDA (non-GAAP) | $109.2 M | $104 M to $114 M | | EPS | $1.57 | $1.35 to $1.57 | | Adjusted EPS (non-GAAP) | $1.87 | $1.77 to $1.99 | [Appendix: Financial Statements and Reconciliations](index=4&type=section&id=Appendix) This appendix provides detailed financial statements, non-GAAP reconciliations, and important disclosures regarding forward-looking statements [Non-GAAP Financial Measures and Forward-Looking Statements](index=4&type=section&id=Non-GAAP%20Financial%20Measures%20and%20Forward-Looking%20Statements) This section defines non-GAAP financial measures and provides a safe harbor statement on forward-looking information, outlining potential risks - The report uses non-GAAP measures like Adjusted Net Income, Adjusted EPS, Adjusted EBITDA, Free Cash Flow, and Organic Sales to provide supplemental information on financial performance[18](index=18&type=chunk)[19](index=19&type=chunk) - The company is unable to reconcile projected fiscal 2026 Adjusted EBITDA and Adjusted EPS to GAAP measures without unreasonable effort due to the uncertainty of future adjustments[20](index=20&type=chunk) - The forward-looking statements section lists numerous risks and uncertainties, including economic conditions, competition, currency exchange rates, and geopolitical factors like tariffs, that could impact future performance[23](index=23&type=chunk) [Condensed Consolidated Financial Statements](index=6&type=section&id=Condensed%20Consolidated%20Financial%20Statements) This section presents unaudited condensed consolidated financial statements for Q1 FY2026, including Statements of Operations, Balance Sheets, and Cash Flows [Statements of Operations](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) Q1 FY2026 sales were **$108.9 million**, a decrease from prior year, yet net income slightly increased to **$8.58 million**, with diluted EPS at **$0.26** Q1 FY2026 Statement of Operations (in thousands) | Line Item | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Sales | $108,898 | $115,126 | | Gross profit | $48,045 | $50,432 | | Income from operations | $11,726 | $13,735 | | Net income | $8,581 | $8,511 | | Diluted EPS | $0.26 | $0.25 | [Balance Sheets](index=7&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) As of June 30, 2025, total assets increased to **$765.3 million**, total liabilities decreased, and total equity grew to **$509.3 million** Balance Sheet Summary (in thousands) | Account | June 30, 2025 | March 31, 2025 | | :--- | :--- | :--- | | Cash and cash equivalents | $36,530 | $39,537 | | Total current assets | $272,866 | $274,292 | | Total assets | $765,342 | $755,452 | | Total current liabilities | $112,498 | $112,663 | | Total liabilities | $256,032 | $260,137 | | Total equity | $509,310 | $495,315 | [Statements of Cash Flows](index=8&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Q1 net cash from operations was **$10.7 million**, with **$2.4 million** used in investing and **$12.6 million** in financing, including **$9.8 million** in share repurchases Q1 FY2026 Cash Flow Summary (in thousands) | Activity | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Net cash provided by operating activities | $10,742 | $12,659 | | Net cash used in investing activities | $(2,352) | $(3,904) | | Net cash used in financing activities | $(12,640) | $(8,002) | | Change in cash | $(2,701) | $210 | [Reconciliation of Non-GAAP Measures](index=9&type=section&id=Reconciliation%20of%20Non-GAAP%20Measures) This section provides detailed reconciliations of GAAP to non-GAAP financial measures, including Adjusted EBITDA, Adjusted Net Income, Free Cash Flow, and OPEX Sales [Reconciliation to Adjusted EBITDA](index=9&type=section&id=Reconciliation%20of%20Net%20income%20to%20Adjusted%20EBITDA) Q1 2026 net income of **$8.6 million** was reconciled to Adjusted EBITDA of **$21.2 million**, with key adjustments for non-operating expenses Reconciliation of Net Income to Adjusted EBITDA (in thousands) | Line Item | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Net income | $8,581 | $8,511 | | Interest, Taxes, D&A | $10,049 | $10,930 | | EBITDA (non-GAAP) | $18,630 | $19,441 | | Adjustments (Stock comp, restructuring, etc.) | $2,608 | $3,712 | | **Adjusted EBITDA (non-GAAP)** | **$21,238** | **$23,153** | [Reconciliation to Adjusted Net Income and Adjusted EPS](index=10&type=section&id=Reconciliation%20of%20Net%20income%20to%20Adjusted%20Net%20Income%20and%20Adjusted%20EPS) Q1 2026 GAAP Net Income of **$8.6 million** was adjusted to non-GAAP Adjusted Net Income of **$12.1 million**, resulting in an Adjusted EPS of **$0.36** Reconciliation to Adjusted Net Income (in thousands) | Line Item | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Net income | $8,581 | $8,511 | | Adjustments (Amortization, restructuring, etc.) | $4,615 | $6,044 | | Tax effect of adjustments | $(1,130) | $(1,449) | | **Adjusted Net Income (non-GAAP)** | **$12,066** | **$13,106** | | **Adjusted EPS (non-GAAP)** | **$0.36** | **$0.38** | [Reconciliation to Free Cash Flow](index=10&type=section&id=Reconciliation%20of%20Cash%20Provided%20by%20Operating%20Activities%20to%20Free%20Cash%20Flow) Q1 2026 Free Cash Flow was **$8.3 million**, derived from **$10.7 million** in operating cash flow less **$2.4 million** in capital expenditures Reconciliation to Free Cash Flow (in thousands) | Line Item | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Cash provided by operating activities | $10,742 | $12,659 | | Less: Cash used for purchases of PP&E | $(2,421) | $(3,923) | | **Free cash flow (non-GAAP)** | **$8,321** | **$8,736** | [Reconciliation to OPEX Sales](index=11&type=section&id=Reconciliation%20of%20Point-in-Time%20and%20Over-Time%20Sales%20to%20OPEX%20Sales) Q1 2026 non-GAAP OPEX Sales, defined as Point-in-Time plus Over Time - Small Projects, totaled **$93.3 million**, representing **85.7% of total sales** Reconciliation to OPEX Sales (in thousands) | Line Item | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Point-in-Time Sales | $78,298 | $76,766 | | Over Time - Small Projects | $14,996 | $20,737 | | **OPEX Sales (non-GAAP)** | **$93,294** | **$97,503** | | OPEX Sales % | 85.7% | 84.6% |

Industry Overview - The Zacks Instruments – Control industry is positioned to benefit from a focus on energy-efficient production processes and integrated software systems, with rising demand for advanced technology to replace legacy industrial controls driving growth [1] - The industry comprises manufacturers of precision and specialty motion-control components and systems used across various sectors, providing solutions for flow measurement, control, and communication for air, water, and other gases and liquids [3] Growth Drivers - The industry's growth is primarily driven by the emphasis on digitized technologies in manufacturing, such as the Industrial Internet of Things, and the demand for process automation and safety automation systems [4] - Increased adoption of automation and higher investments in new technologies are expected to drive growth, particularly in North America, supported by rising infrastructural investments in the energy sector and favorable government policies [6] Challenges - Elevated customer inventory levels, high capital expenditures for infrastructure upgrades, and intense market volatility may hinder the process automation and instrumentation market [2] - Material cost inflation and rising transportation costs, along with high raw material prices due to geopolitical tensions, are affecting industry players' margins and profitability [5] Market Performance - The Zacks Instruments – Control industry has lagged behind the S&P 500 and the broader Zacks Computer and Technology sector over the past year, gaining only 2.2% compared to the S&P 500's 18.2% and the sector's 23.3% [9] - The industry has a trailing 12-month Enterprise Value-to-EBITDA (EV/EBITDA) ratio of 13.89X, which is below the S&P 500's 17.98X and the sector's 18.29X [12] Notable Companies - **Watts Water Technologies, Inc. (WTS)**: Focuses on water safety and flow control products, benefiting from cost-reduction actions and a strong balance sheet, with a long-term earnings growth expectation of 7.4% and a stock gain of 24.8% in the past year [15] - **Sensata Technologies Holding plc (ST)**: A global industrial technology company specializing in sensor-based solutions, with a long-term earnings growth expectation of 7.3% and a focus on electrification for hybrid and electric vehicles [18][19] - **Thermon Group Holdings, Inc. (THR)**: Provides engineered industrial process heating solutions, with a recent acquisition enhancing its market exposure and a long-term earnings surprise of 12.7% on average in the trailing four quarters [22]

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Financial Performance & Business Mix - Thermon's FY2025 total revenue reached $492 million[8] - Adjusted EBITDA margin was 21% in FY2025[8] - The company is shifting its business mix towards OPEX, targeting 84% of revenue compared to 66% in FY2017[20] - Q3 FY2025 revenue was $134.4 million, a decrease of 1.5% year-over-year[72] - Q3 FY2025 Adjusted EBITDA increased by 3.3% year-over-year to $31.8 million[72] Growth & Strategy - The company is targeting 90,000 Genesis Network Remote Monitoring & Diagnostics circuits by FY2026[27] - OPEX sales increased 12.6% year-over-year in Q3 FY2025[74] - The company is aiming for a long-term Net Debt to Adjusted EBITDA leverage ratio of 1.5x – 2.0x[38] Market Trends & Opportunities - The company is capitalizing on key secular trends including Energy Transition (~10% CAGR), Developing Market Growth (~5% CAGR), Chemical and Petrochemical Demand Growth (~5% CAGR), and Industrial Internet of Things (~25% CAGR)[29] - The company sees a substantial runway in the energy transition, noting that only 13% of energy for industrial applications in the U S came from electricity in 2022[51] Guidance - The company maintains its full-year FY2025 revenue guidance of $495 million - $515 million, representing 0% - 4% growth[88] - The company anticipates an adjusted EBITDA margin of 21.2% - 21.4% for FY2025[88]

Thermon Group Holdings (THR) Conference Call Summary Company Overview - **Company**: Thermon Group Holdings (THR) - **Market Cap**: $1 billion - **Revenue**: Approximately $500 million - **Industry Focus**: Custom heating solutions for process industries - **Key Markets**: Oil and gas, chemical, petrochemical, power, food and beverage, rail and transit, semiconductor, and general industrial applications [3][5][6] Core Business Insights - **Product Categories**: Engineered heating solutions with a strong engineering team of over 200 engineers globally [5][6] - **Margin Profile**: EBITDA margins at 22% and gross margins at 44.7% for fiscal year 2025 [7] Financial Performance and Guidance - **Backlog Growth**: Organic backlog increased by 20%, overall backlog up by 29% [9] - **Book to Bill Ratio**: 1.08x for FY 2025, indicating strong order intake [8] - **Revenue Guidance for 2026**: Projected revenue between $495 million to $535 million, with EBITDA between $104 million to $114 million [13] Impact of Tariffs and Costs - **Tariff Impact**: Estimated indirect costs due to tariffs between $16 million to $20 million [11] - **Supply Chain Adjustments**: Reconfiguration of supply chains and manufacturing shifts to mitigate tariff impacts [11][14] Strategic Initiatives - **Electrification of Industrial Heat**: Positioned to lead the transition from hydrocarbon-based heating to electrical heating [25] - **Acquisition of Fatih**: Acquired for €12.5 million in revenue with a backlog of $15 million, now increased to $30 million [26][27] - **New Technology Launch**: Medium voltage heating technology launched, with orders of $5 million each for LNG and petrochemical plants [28][30] Market Opportunities - **Decarbonization**: Significant opportunity in converting hydrocarbon-based heating to electrical heating, with 80% of industrial heating potentially convertible [34] - **Onshoring Trends**: Strong demand in general industrial applications, contributing to 25% of revenue [36] - **Data Center Opportunities**: Increased demand for load banks in data centers for startup and commissioning [32] Digital Transformation - **Genesis Platform**: Represents 12% of overall revenues for heat tracing, enhancing operational efficiency and customer engagement [43][44] Capital Allocation Strategy - **Capital Expenditure**: Historically 2% to 3% on capital projects, with a focus on R&D and acquisitions [46] - **Share Repurchase Program**: $24 million repurchased since March 2024, with a refreshed total of $50 million [51][53] Financial Health - **Leverage Ratio**: Under 1x, with $137 million in liquidity and strong cash flows of approximately $53 million [54][55] Conclusion - **Overall Outlook**: Despite tariff uncertainties, Thermon is positioned for growth through strategic acquisitions, technological advancements, and a focus on electrification and decarbonization in industrial heating [12][25][34]