Villeroy & Boch (VIB3) Q1 2026 earnings summary

Executive summary

• Revenue declined 13.7% year-over-year to €318.7 million, mainly due to divestments, sale of Northern European operations, and adverse currency effects.

• Operating EBIT dropped 28.6% to €17.2 million, reflecting divestments and geopolitical disruptions.

• Management considers the Group's economic position satisfactory despite a challenging environment and structural changes.

• Order book increased by €47.3 million to €197.7 million as of March 31, 2026, driven by new product launches and trade fair activity.

Financial highlights

• Group result fell 51.5% year-over-year to €3.2 million.

• Operating EBITDA decreased 15.7% to €35.9 million.

• Gross profit margin was €124.0 million, down from €140.3 million in Q1 2025.

• Earnings per ordinary share were €0.10 (Q1 2025: €0.22).

• Cash flow from operating activities improved to €3.1 million from -€10.3 million in Q1 2025.

Outlook and guidance

• Full-year 2026 forecast confirmed, but operating EBIT expected at the lower end of €75–85 million.

• Net revenue and EBIT will be significantly lower in the next two quarters due to the divestment.

• Full-year 2026 revenue expected to be mid- to high-single-digit percentage below prior year.

• Rolling operating return on net assets projected between 8.5% and 10.0% for 2026.