The following is a summary of the Thermon Group Holdings Inc. (THR) Q2 2025 Earnings Call Transcript:

Financial Performance:

• Thermon Group reported a Q2 revenue of $115 million, a decrease of 7.4% year-over-year.

• Adjusted EBITDA for the quarter was $23.8 million, down from $27.7 million last year.

• Free cash flow improved by $6.1 million compared to the previous year, reaching $6.7 million for the quarter.

Business Progress:

• Acquired Vapor Power and F.A.T.I., expanding market diversity and geographic footprint.

• Executed consolidation of rail and transit production lines contributing to a $5.7 million annualized savings target.

• Experienced a steady growth in orders, with a book-to-bill ratio of about 1.17, driven by diverse end markets.

Opportunities:

• Increased focus on diversified markets resulted in over 70% of orders from non-oil and gas sectors.

• Growth opportunities anticipated in decarbonization and electrification segments.

Risks:

• Continued weakness in large project revenues with some projects pushed out beyond fiscal 2025.

• Uneven global economic conditions impacting capital spending decisions in key markets.

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