The sulfur–iodine thermochemical water-splitting cycle is a promising route proposed for hydrogen production. The decomposition temperature remains a challenge in the process. Catalysts, such as Pd supported on Al2O3, are being considered to decrease reaction temperatures. However, little is known regarding the kinetic behavior of such systems. In this work, zinc sulfate thermal decomposition was studied through non-isothermal thermogravimetric analysis to understand the effect of a catalyst within the sulfur–iodine reaction system context. The findings of this analysis were also related to a thermodynamic assessment. It was observed that the presence of Pd/Al2O3 modified the reaction mechanism, possibly with some intermediate reactions that were suppressed or remarkably accelerated. The proposed model suggests that zinc sulfate transformation occurred in two sequential stages without the Pd-based material. Activation energy values of 238 and 368 kJ.mol−1 were calculated. In the presence of Pd/Al2O3, an activation energy value of 204 kJ.mol−1 was calculated, which is lower than observed previously.