Geberit (GEBN) H2 2025 earnings summary

Executive summary

• Net sales rose 4.8% in local currencies to CHF 3,163 million, driven by volume and new product launches despite a flat European market and negative currency effects.

• EBITDA margin was 29.4% versus 29.6% prior year; excluding one-off plant closure costs, it would have increased by 40 basis points to 30.0%.

• Free cashflow grew 7.4% to CHF 659 million, with a 20.8% margin.

• EPS was CHF 18.15, up 0.5%; adjusted EPS growth was reported at 8.5% excluding plant closure costs.

• Board proposed a dividend of CHF 12.90 per share, up 0.8%.

Financial highlights

• Net sales reached CHF 3,163 million, up 2.5% in CHF and 4.8% in local currencies year-over-year.

• EBITDA was CHF 931 million (+2.0% in CHF; +5.3% in local currencies); EBIT was CHF 767 million (+0.7% in CHF; +4.3% in local currencies).

• Net income was CHF 598 million (+0.1% in CHF; +4.8% in local currencies); net margin was 18.9%, or 19.5% excluding one-off costs.

• Free cashflow was CHF 659 million (+7.4%); margin rose to 20.8% from 19.9%.

• EBIT margin was 24.3%; ROIC was 23.2%, up from 23.0%.

Outlook and guidance

• Slight European market growth expected in 2026, with stable new builds and positive renovation momentum; no full recovery expected.

• Renovation, representing 60% of sales, expected to develop slightly positively.

• Mixed outlook outside Europe: growth in India and continued decline in China.

• Direct material prices expected to rise sequentially in Q1 2026 but remain below Q1 2025 levels.

• Strategic focus on product innovation, marketing, digitalisation and logistics expansion.