Geberit (GEBN) investor relations material

Executive summary

• Net sales grew by 1.7% in CHF and 3.9–4% in local currencies in H1 2025, supported by all product areas despite challenging market conditions and one-off plant closure costs.

• EBITDA margin was 30.9%, down 70 bps year-over-year due to plant closure costs; operating margins remained stable when adjusted for these costs.

• Adjusted EPS increased by 6% year-over-year, while reported EPS grew 1.9% in constant currency, supported by a share buyback program.

• Free cashflow increased by 13.9–14% year-over-year, driven by tax and CapEx timing.

Financial highlights

• H1 2025 net sales: CHF 1,665–1,66 billion (+1.7% CHF, +3.9–4% local currencies); negative currency effects reduced reported sales by CHF 37 million.

• EBITDA: CHF 514 million (-0.7% CHF, +2% local currencies); margin 30.9% (-70 bps), adjusted margin 31.5%.

• EBIT: CHF 433 million (-2.5% CHF, +0.5% local currencies); margin 26% (-110 bps), adjusted margin 27%.

• Net income: CHF 339 million (-3.3% CHF, +1.3% local currencies); margin 20.3%.

• Free cashflow: CHF 247 million (+13.9–14% year-over-year); CapEx down 12% to CHF 55 million.

Outlook and guidance

• Full-year 2025 net sales growth in local currencies expected at 4%, with an EBITDA margin of about 29%.

• European market stabilizing: newbuild sector declining, renovation sector robust; mixed trends outside Europe with strong demand in India and Gulf, continued decline in China.

• US tariffs not material due to local manufacturing; direct material prices decreased 1% in H1 and are expected to remain stable in Q3.

• Full-year closure costs for plant sites expected at €25 million, lower than previously estimated; further costs expected in H2 2025 and 2026.