Geberit (GEBN) Q2 2026 earnings summary

Executive summary

• Achieved strong H1 2026 results with 5.9% net sales growth in local currencies (2.8% in CHF), driven by volume, price effects, and stable operating margins despite cost pressures and currency losses.

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

• All operating and financial results improved, even after adjusting for prior year one-time costs.

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

• Operating margins remained stable year-over-year, supported by efficiency gains in production and logistics.

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 stable 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%.

• EPS: CHF 11.09, up 10.9% in local currencies.

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

• CapEx: CHF 64 million in H1, up 18%.

Outlook and guidance

• Full-year 2026 net sales growth in local currencies expected at 5–6%, with EBITDA margin around prior-year level.

• CapEx guidance for 2026 is CHF 200 million.

• Slight growth expected in European building construction; mixed outlook outside Europe, with strong India and weak China.

• Geopolitical and macroeconomic risks remain high, especially due to Middle East conflict.