Heat-pump downturn cuts Glen Dimplex Europe Holdings revenue by €81.6m
France – Glen Dimplex Europe Holdings saw revenue fall by €81.6 million in the year to 30 September 2025, with directors saying the decline largely reflected market-wide weakness in heat-pump demand.
Revenue fell 9.3% from €875.2 million to €793.6 million, while the operating loss widened from €15.5 million to €29.2 million. The group recorded a pretax loss of €67.6 million, compared with €7.7 million a year earlier.
The accounts cover Glen Dimplex Europe Holdings Limited and its consolidated subsidiaries, rather than necessarily representing all operations within the wider Glen Dimplex group.
Heat-pump weakness hits sales
Glen Dimplex said heat-pump demand was affected by high electricity prices relative to gas, slower building renovation and continuing policy uncertainty in key markets, particularly France.
Directors said energy-price conditions had reduced demand from the record levels and growth trajectory seen in 2022, although the longer-term shift towards electrification remained intact.
EU revenue fell from €467.0 million to €426.7 million, while revenue from other European markets dropped from €272.4 million to €229.2 million. North American revenue was broadly unchanged at €90.9 million.
Restructuring continues
Restructuring and non-trading items increased from €26.2 million to €47.2 million, including €28.8 million of restructuring costs, €15.6 million of other non-trading items and €5 million of donations.
The company said manufacturing consolidation, site rationalisation and headcount reductions were intended to lower costs and position the business for a recovery in demand. Average employee numbers fell from 4,509 to 3,901 during the year.
Order book strengthens
Conditions improved after the reporting period. Based on trading to May 2026, Glen Dimplex said it expected a material improvement in its current financial year, supported by more favourable heat-pump policy signals in France and Germany and renewed focus on electrification.
The directors said the group’s order book in the third quarter of its 2026 financial year was the strongest seen for several years.
The improvement mirrors a wider European recovery. European Heat Pump Association data shows heat-pump sales fell 21% across 14 countries in 2024 before increasing 13% across 21 countries in 2025. Sales across 11 countries were a further 17% higher year on year in the first quarter of 2026.
