Geberit (GEBN) H2 2025 earnings summary

Executive summary

• Net sales grew 4.8% in local currencies (CHF 3,163 million, +2.5% in CHF), driven by volume, new product launches, and broad-based growth despite a flat European construction market and negative currency effects.

• EBITDA margin reached 29.4% (30.0% excluding one-off Wesel plant closure costs); free cash flow margin improved to 20.8%.

• EPS increased by 8.4% (5% in local currencies, excluding plant closure costs); net income stable at CHF 598 million.

• Free cash flow rose 7.4% to CHF 659 million, supporting robust shareholder returns.

• Board proposes a dividend of CHF 12.90 per share, up CHF 0.10, marking the 15th consecutive increase.

Financial highlights

• EBITDA: CHF 931 million (+2.0% in CHF, +5.3% in local currencies); margin 29.4%.

• EBIT: CHF 767 million (+0.7% in CHF, +4.3% in local currencies); margin 24.3%.

• Net income: CHF 598 million (+0.1% in CHF, +4.8% in local currencies); margin 18.9%.

• Free cash flow: CHF 659 million (+7.4%); margin 20.8%.

• ROIC: 23.2%; ROE: 43.5%.

Outlook and guidance

• Slight growth expected in European building construction for 2026, with stabilization in new builds and positive momentum in renovation.

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

• Sequential increase in direct material and energy prices expected in Q1 2026, but still below Q1 2025 levels.

• Focus on product innovation, digitalisation, and logistics expansion.

• Planned CapEx for 2026 is CHF 230 million, with similar levels expected in coming years.