Villeroy & Boch (VIB3) Q3 2024 earnings summary

Executive summary

• Revenue for the first nine months of 2024 rose 54.9% year-over-year to €1,007.8 million, surpassing €1 billion for the first time, mainly due to the acquisition of Ideal Standard.

• Operating EBIT increased 11.6% to €64.5 million, while net profit dropped to €5.6 million from €37.7 million, impacted by one-off acquisition and financing costs.

• The acquisition of Ideal Standard, completed on 29 February 2024, is the most significant event, contributing €364.6 million to revenue since March.

Financial highlights

• Operating EBITDA rose 33.9% to €116.5 million year-over-year.

• EBIT fell 58.8% to €23.4 million due to non-operating acquisition-related effects.

• EBT dropped 85% to €8.1 million; group result declined 85.1% to €5.6 million.

• Return on net operating assets decreased to 11.8% from 24.8% at year-end 2023.

• Investments (excluding leasing) increased 26% to €31.0 million.

Outlook and guidance

• Management confirms the forecast for a significant increase in revenue, operating EBIT, and investments for full-year 2024, driven by acquisitions.

• Market environment remains uncertain, especially regarding the construction sector and geopolitical risks.