Villeroy & Boch (VIB3) Q2 2025 earnings summary

Executive summary

• Group revenue rose 12.1% year-over-year to €725.8 million, driven by acquisitions, especially Ideal Standard, with strong growth in EMEA and declines in APAC and Americas due to deconsolidation and market weakness.

• Operating EBIT increased 3.2% to €47.8 million, while group result improved to €13.8 million from €3.8 million year-over-year.

• Forecast for 2025 adjusted to expect low to mid single-digit revenue growth and operating EBIT at prior-year level, reflecting divestment of Gustavsberg and economic uncertainties.

Financial highlights

• Operating EBITDA rose 9.7% to €84.6 million; EBIT reached €38.5 million, up from €14.4 million year-over-year.

• EBT increased to €23.4 million from €5.5 million; EPS for ordinary shares was €0.49 (vs. €0.11), preference shares €0.54 (vs. €0.16).

• Net liquidity declined to €-428.8 million (from €-370.2 million at year-end 2024), mainly due to dividend payment and seasonal financing needs.

• Equity ratio decreased to 20.0% from 20.9% at year-end 2024.

• Cash flow from operating activities was negative at €-7.8 million, compared to €5.9 million in the prior year period.

Outlook and guidance

• 2025 revenue expected to grow in the low to mid single-digit range, with operating EBIT at prior-year level, reflecting divestment and market uncertainties.

• Previous guidance anticipated higher single-digit revenue growth and moderate EBIT increase; now revised downward.

• Rolling operating return on net assets and investment levels expected to remain at or slightly below prior-year levels.