Geberit (GEBN) Q4 2025 TU earnings summary

Executive summary

• Q4 2025 net sales rose 4.4% in CHF and 6.4% in local currencies, driven by volume, mix, and new products.

• Full-year 2025 net sales increased 2.5% to CHF 3,163 million, up 4.8% in local currencies, outperforming the market.

• Growth was led by strong performance in Europe and Middle East/Africa, with new product launches and expansion outside Europe.

Financial highlights

• Negative currency effects reduced Q4 net sales by CHF 14 million and full-year sales by CHF 72 million.

• Q4 2025 net sales reached CHF 715 million, with volume/mix contributing +5.5% and price +1%.

• EBITDA margin for 2025 is expected slightly below 29.5%, including EUR 18 million in site closure costs.

• Direct material prices in FY 2025 were 2% lower than FY 2024, remaining stable in Q4.

Outlook and guidance

• 2025 EBITDA margin guidance raised due to better-than-expected Q4 sales.

• Full-year tax rate expected around 19%; CapEx forecast at CHF 180 million for 2025, rising to CHF 230 million in 2026 due to logistics investments.

• 2026 market outlook anticipates slight growth in Europe but no broad recovery, with continued investments in innovation, marketing, digitalisation, and logistics.

• Direct material prices expected slightly above Q4 2025 levels in Q1 2026 but below Q1 2025.