Villeroy & Boch (VIB3) Q4 2025 earnings summary

Executive summary

• Revenue for 2025 reached €1,447.0m, a 1.8% nominal increase, driven by acquisitions despite a challenging market.

• Group result improved to €14.7m in 2025 from €6.6m in 2024.

• Operating EBIT remained stable at €97.8m, reflecting strategic realignment and strengthened profitability.

• Ongoing restructuring included the sale of Gustavsberg & Vatette and the integration of Ideal Standard, enhancing resilience.

Financial highlights

• Gross profit was €559.0m in 2025, with a gross margin of 38.6%, slightly down from 39.5% in 2024.

• Operating EBIT was €97.8m, stable year-over-year.

• EBIT increased to €58.6m from €38.6m, driven by improved non-operating results.

• Free cash flow turned positive at €132.4m in 2025, up from -€19.3m in 2024.

• Proposed dividend: €0.80 per ordinary share, €0.85 per preference share.

Outlook and guidance

• 2026 revenue expected to be mid- to high-single-digit percentage below 2025.

• Operating EBIT guidance for 2026 is €75–85m.

• Return on net operating assets projected between 8.5% and 10%.

• Operating investments planned up to €50m in 2026, focusing on strategic expansion and SAP S/4HANA rollout.

• Sale of Northern European business to impact first three quarters of 2026.