BDR Thermea Group reflects on a challenging, transformative year in 2024

Market & financial overview

BDR Thermea Group faced strong headwinds in 2024 across the European heating market. With residential boilers declining by 8% and heat pumps by 33% across Western Europe, caused by regulatory uncertainty, high inventories in the sales channels, and weakening consumer confidence. Net sales totalled €2.0 billion in 2024, down 10.9% from 2023, reflecting the broader industry slowdown and regulatory shifts across several key markets. 

BDR Thermea Group responded by launching its new long-term strategic plan and transformation programme. This sets the foundation for improved agility, customer value and value creation in the years ahead. 

"2024 was a year of change and challenge, but also of progress," said Tjarko Bouman, CEO of BDR Thermea Group. "With a top-line result of €2.0 billion, BDR Thermea Group maintained commercial strength while taking important steps to reinforce its long-term position."

Innovation and sustainability

While heat pump volumes declined industry-wide, BDR Thermea reinforced its hybrid portfolio, expanded its product innovation pipeline and is pushing forward in sustainability. 

In 2024, BDR Thermea reduced its Scope 1 and 2 greenhouse gas emissions by over 12% compared to 2023 and by 31.5% versus its 2019 baseline, progressing steadily toward its 2030 targets. Waste recovery across operations reached 92%, 86% of waste was recycled and total waste was reduced by 9% compared to 2023. Energy efficiency improvements drove an 8.6% reduction in energy use.

Outlook

Market conditions are expected to remain challenging in 2025. BDR Thermea Group is confident in the long-term potential of HVAC solutions that contribute to sustainable practices and continues to invest in innovation, operational excellence, and strategic growth to support the energy transition. Sustainability will remain a core driver of innovation, operational improvement, and value creation across the business.