Geberit (GEBN) Q2 2026 earnings summary

Executive summary

• Net sales grew 5.9% in local currencies (2.8% in CHF) to CHF 1,711 million in H1 2026, driven by strong volume growth, price increases, and improved market conditions, especially in Europe and emerging markets, while America declined.

• Operating margins remained stable year-over-year, with EBITDA margin at 30.9% and EBIT margin at 26.3%, supported by efficient production and logistics.

• EPS increased 10.9% in local currencies (up 7.9% in CHF) to CHF 11.09, aided by accelerated share buybacks.

• Free cashflow declined 12.1% to CHF 217 million due to higher investments and tax payments.

• All product areas and most regions contributed to growth, with notable strength in Eastern Europe, Switzerland, Benelux, Nordics, Middle East/Africa, India, and Australia.

Financial highlights

• Net sales: CHF 1,711 million, up 2.8% in CHF and 5.9% in local currencies.

• EBITDA: CHF 529 million, up 3.0%, margin at 30.9%.

• EBIT: CHF 450 million, up 4.0%, margin at 26.3%.

• Net income: CHF 364 million, up 7.4%, margin at 21.3%.

• Free cashflow: CHF 217 million, down 12.1% year-over-year.

Outlook and guidance

• Full-year 2026 net sales growth in local currencies expected between 5% and 6%.

• EBITDA margin anticipated to remain around previous year's level.

• Slight growth expected in the European building construction industry, with mixed trends overseas and continued strength in renovation.

• CapEx guidance for 2026 set at CHF 200 million.

• Strategic focus on expanding market position, IT, digitalization, and logistics.