Slide 1: Analysts and media conference – Full year results 2025
Analysts and media conference Full year results 2025 Christian Buhl, CEO Tobias Knechtle, CFO March 12, 2026
Slide 2: Agenda
Agenda Overview Sales development Operational & financial results Outlook Summary SLIDE 2 ANALYSTS AND MEDIA CONFERENCE - FY 2025
Slide 3: Key figures 2025
Key figures 2025 Net sales (c.a.) EBITDA margin +4.8% 29.4% • Strong net sales growth in local currencies driven by volumes vs. PY -20 bps vs. PY • Improved EBITDA margin excl. plant closure costs EPS (c.a., excl. plant closure) Free cashflow margin • Strong currency adjusted EPS growth excl. plant
Slide 4: Sales & Marketing 2025 – Customer activities
Sales & Marketing 2025 – Customer activities B2B customer contacts B2B customer trainings [# contacts] [# participants] +2% +16% 468‘000 478‘000 108’000 93’000 • Further increase of customer interactions • B2B customer contacts stable on high level 2024 2025 2024 2025 • B2B customer trainings and ev
Slide 5: Sales & Marketing 2025 – Selected activities
Sales & Marketing 2025 – Selected activities Mastering Water • Launch of new brand and marketing concept • Demonstration of Geberit’s core competences to guide, control and use water in an efficient and safe way inside buildings Trade fair ISH 2025 • Booth on 1’300 sqm presenting entire product port
Slide 6: Innovations 2025 – New product introductions
Innovations 2025 – New product introductions New installation Sigma40 Silent-db20 TurboFlush element Duofix 4 actuator plates SuperTube roll-out Installation element with New modern actuator Optimized hydraulics and Best-in-class flushing new frame and optimized plates made from highly sound-absorbi
Slide 7: Operations 2025 – Production volume and productivity
Operations 2025 – Production volume and productivity Indexed (2014 = 100) Volume1 Productivity2 138 • Productivity increase of +4.1% in 2025 130 132 129 132 supported by volume growth 100 • Average productivity gain of +3.0% p.a. since 2014 • Key drivers − Automation − Process improvements − Ceramic
Slide 8: Sustainability 2025 – CO2 emissions
Sustainability 2025 – CO2 emissions Scope 1&2, thousand tonnes1 CO2 emissions in relation to net sales (c.a.) in % Sanitec • CO2 emissions 2025 (indexed, 2015 = 100) 242 − Relative2: -6.9% − Absolute: -2.4% 184 • CO2 emissions since 2015 151 -69% − Relative2: -69% 109 111 108 − Absolute: -55% • Main
Slide 9: Sustainability 2025 – Social responsibility
Sustainability 2025 – Social responsibility Products and services Inclusive workplaces CHF million • Direct employment of 291 FTEs with disabilities 10 10 9 9 10 • Conscious sourcing of products and services from external workshops for people with disabilities with contract value of CHF 10 million •
Slide 10: Sustainability 2025 – Ratings
Sustainability 2025 – Ratings ESG rating 4 out of 135 in Building Products (3rd percentile) Top 6% • Top ratings across variety of sustainability scores AA • Strong recognition in sustainability 1 Ranked 2 out of 195 of Homebuilding & Construction Supplies Companies 1st decile SLIDE 10 1 Sustainabil
Slide 11: Employees 2025 – Global employee survey
Employees 2025 – Global employee survey Survey dimensions 6%-pts Development opportunities • Very strong results in employee survey Corporate 3%-pts Social • All dimensions exceeding survey results 2021 Responsibility and industry benchmark Innovation Change vs. 2021* Clear and • Best results in the
Slide 12: Agenda
Agenda Overview Sales development Operational & financial results Outlook Summary SLIDE 12 ANALYSTS AND MEDIA CONFERENCE - FY 2025
Slide 13: FY 2025 – Net sales increase in local currencies of +4.8%
FY 2025 – Net sales increase in local currencies of +4.8% CHF million +4.8% -2.3% +2.5% • Net sales growth in Swiss franc despite significant negative currency effect • Growth in local currencies almost fully driven by -72 volumes and a slight positive sales price effect 3’163 • Volume growth despit
Slide 14: FY 2025 – Quarterly net sales development
FY 2025 – Quarterly net sales development YoY growth, currency adjusted 6.4% 5.3% 5.4% 4.8% • Net sales growth in flat market environment − Q1-Q3: Volatility due to Duofix 4 roll-out 2.5% − Q4: Disproportional wholesaler purchases to achieve bonus levels Q1 Q2 Q3 Q4 FY SLIDE 14 ANALYSTS AND MEDIA CO
Slide 15: Net sales 2025 – Central Europe
Net sales 2025 – Central Europe Country / Net sales Variance to PY Comment Region CHF million % CHF % c.a. • Ongoing market decline driven by new built Germany 924 +3.9% +5.6% • Double-digit growth in Bathroom Systems • Negatively affected by selective FX-related price adjustments Switzerland 332 +1
Slide 16: Net sales 2025 – Rest of Europe
Net sales 2025 – Rest of Europe Country / Net sales Variance to PY Comment Region CHF million % CHF % c.a. • Sales decline in France due to declining market Western Europe1 295 -2.0% +0.1% • Growth in UK and Iberia • Market stabilization after strong decline over 2 years Northern Europe 266 +2.7% +3
Slide 17: Net sales 2025 – Outside Europe
Net sales 2025 – Outside Europe Country / Net sales Variance to PY Comment Region CHF million % CHF % c.a. Middle East / • Strong growth across the whole region 154 +12.3% +24.8% Africa • Double digit growth in all product areas • Sales decline in China due to ongoing real estate crisis Far East / P
Slide 18: Net sales 2025 – Development by product area
Net sales 2025 – Development by product area Variance to PY CHF million Net sales % CHF % c.a. Installation • Net sales growth in Swiss Franc and local & Flushing 1’179 37% +2.9% +5.5% currencies in all three product areas Systems • Installation & Flushing Systems with double digit growth outside Eu
Slide 19: Agenda
Agenda Overview Sales development Operational & financial results Outlook Summary SLIDE 19 ANALYSTS AND MEDIA CONFERENCE - FY 2025
Slide 20: Key figures 2025 – Improvement of operating margins excl. plant closure costs
Key figures 2025 – Improvement of operating margins excl. plant closure costs Variance to PY CHF million 2025 2024 % CHF % c.a. • Growth in CHF on all P&L lines despite strong Net sales 3’163 3’085 +2.5% +4.8% negative currency effect EBITDA 931 913 +2.0% +5.3% • Improvement of EBITDA and EBIT margi
Slide 21: Net sales 2025 – Currency effect
Net sales 2025 – Currency effect % of total % of net sales Impact vs. CHF FX effect Euro 64% -1.7% 47% • Negative FX effect on net sales of CHF 72 million or -2.3% in 2025 Swiss Franc 10% 0.0% 0% − Currency basket not representative of Nordic currencies 6% -0.5% 1% currencies’ impact on FX effect US
Slide 22: Income statement 2025
Income statement 2025 Variance to PY CHF million 2025 % 2024 % % CHF % c.a. Net sales 3’163 100.0% 3’085 100.0% +2.5% +4.8% Cost of materials 834 26.4% 838 27.1% -0.5% +1.5% Personnel expenses 834 26.4% 786 25.5% +6.2% +7.8% Other operating expenses, net 565 17.9% 550 17.8% +2.7% +5.0% Depreciation
Slide 23: Tailwind from lower direct material prices in 2025
Tailwind from lower direct material prices in 2025 Geberit monthly price index (Jan 2021=100), currency adjusted Q1 Q2 Q3 Q4 130 125 • Direct material prices in FY 2025 -2% vs. FY 2024 120 • Stable direct material prices in Q4 2025 115 − Flat vs. Q3 2025 − -2% vs. Q4 2024 110 105 100 Dec Jan Feb Mar
Slide 24: Employees 2025
Employees 2025 Number of FTE Dec 2024 11’110 Operations +105 • Disproportional low employee versus volume growth Sales +61 • Main drivers − Operations: Increased volumes G&A +3 − Sales: Growth initiatives outside Europe and selected strengthening in Europe Dec 2025 11’278 +1.5% (+168 FTE) SLIDE 24 A
Slide 25: Marketing expenses 2025
% of net sales Marketing expenses 2025 CHF million 110 99 91 88 84 • Marketing spend slightly below 2024 mainly due to currency effect • Stable share of marketing expenses in terms of net sales at 2.8% 2021 2022 2023 2024 2025 3.2% 2.9% 2.7% 2.9% 2.8% SLIDE 25 ANALYSTS AND MEDIA CONFERENCE - FY 2025
Slide 26: R&D expenditure and investments 2025
% of net sales R&D expenditure and investments 2025 CHF million1 90 88 86 84 80 • Continuous investments in innovation pipeline • Stable R&D expenditure and investments in 2025 at 2.7% of net sales • 18 new patents registered in 2025 2021 2022 2023 2024 2025 2.6% 2.5% 2.6% 2.8% 2.7% SLIDE 26 1 R&D e
Slide 27: EBITDA margin 2025 – Margin improvement excl. plant closure costs
EBITDA margin 2025 – Margin improvement excl. plant closure costs +0.4% -1.1% +1.3% -0.6% 29.6% -0.2% 29.4% EBITDA Volume and Price effects, Other cost Plant Currency EBITDA margin FY 2024 product mix effect net1 effects closure2 effect margin FY 2025 • Positive volume/mix effect driven by operating
Slide 28: Net income and EPS 2025
Net income and EPS 2025 – EPS development relatively better than net income CHF million 2025 % 2024 % % YoY Operating profit (EBIT) 767 24.3% 762 24.7% +0.7% Financial result, net -33 -1.0% -24 -0.8% -33.6% Profit before income tax expenses 735 23.2% 737 23.9% -0.4% Income tax expenses -137 -4.3% -1
Slide 29: Free cashflow 2025 – Increase of free cashflow margin to 20.8%
Free cashflow 2025 – Increase of free cashflow margin to 20.8% CHF million 2025 2024 % YoY EBITDA 931 913 +2.0% Changes in NWC1 from operating core activities -40 -22 Changes in the other positions of the NWC1 39 18 Changes in provisions 24 17 • Favorable free cashflow Income taxes paid -111 -110 de
Slide 30: Balance sheet 2025 – Strong balance sheet
Balance sheet 2025 – Strong balance sheet CHF million 31.12.2025 31.12.2024 Cash and cash equivalents 586 408 Net working capital 204 225 Property, plant and equipment 1’073 1’045 Deferred tax assets 79 106 • Strong balance sheet Other non-current assets and non-current financial assets 84 30 − Equi
Slide 31: CAPEX 2025
CAPEX 2025 % of net sales New products CHF million Modernization & rationalization Capacity expansion 197 -5% 182 169 173 155 11% • 2025 CAPEX driven by 60% − Continuous modernization & rationalization − Phase-out of multi-year investment projects 29% 2021 2022 2023 2024 2025 4.9% 4.6% 6.4% 5.9% 5.5
Slide 32: CAPEX 2025 – Selected examples
CAPEX 2025 – Selected examples New customer training center, Pfullendorf (DE) • New building, expanded capacity for customers (3’500 sqm) • Modern training center allowing state-of-the-art training formats and exhibitions • CAPEX: EUR 37 million (2021 - 2025) Insourcing of Duroplast seats and lids,
Slide 33: ROIC and free cashflow
ROIC and free cashflow FCF margin in % of net sales ROIC 27.1% 26.5% 24.7% 23.6% 23.0% 23.2% 2021 2022 2023 2024 2025 Avg. • High and sustainable ROIC • Strong free cashflow generation Free cashflow, CHF million • Resilient free cashflow margin of 3’267 ~20% on average 809 562 625 613 659 2021 2022
Slide 34: Dividend 2025 – Proposed increase to CHF 12.90
Dividend Ex 2025 – Proposed increase to CHF 12.90 Dividend per share, CHF +55% 12.50 12.60 12.70 12.80 12.90* 10.80 11.30 11.40 The Board of Directors proposes to 10.00 10.40 the Geberit AG annual general 8.30 8.40 meeting on April 15, 2026 a dividend of CHF 12.90 per share • Increase of dividend by
Slide 35: Share buyback program
Share buyback program Ø price / # ’000 share Total 2024 84 CHF 531 CHF 45 million (since Sept) Share buyback program 2024-2026 • Maximum volume: CHF 300 million • Execution period: max. 2 years 2025 145 CHF 561 CHF 81 million • Start: September 2, 2024 Total 229 CHF 550 CHF 126 million SLIDE 35 ANAL
Slide 36: Distribution to shareholders – 100% distribution of FCF over last 5 years
Distribution to shareholders – 100% distribution of FCF over last 5 years CHF million Share buyback Dividend payments Distribution in % of FCF 3’278 1’176 1’003 • CHF 503 million distributed in 2025 (CHF 81 million via share buyback) 662 571 540 • Ø distribution to shareholders: 100% 503 2’102 (2021
Slide 37: Agenda
Agenda Overview Sales development Operational & financial results Outlook Summary SLIDE 37 ANALYSTS AND MEDIA CONFERENCE - FY 2025
Slide 38: Market outlook 2026 – Escalation of conflict in Middle East
Market outlook 2026 – Escalation of conflict in Middle East • Significant geopolitical risks due to escalation of conflict in the Middle East • Increased macroeconomic uncertainties • Limited direct sales impact on Geberit, with Middle East only accounting for ~3% of group net sales Disclaimer on bu
Slide 39: Building construction market 2026 – New built Europe
Building construction market 2026 – New built Europe Building permits1; indexed 4 quarter moving average (2019=100) EU Residential Non-residential 120 110 • Building permits as a leading indicator 100 for new built activity in Europe 90 • After strong decline since mid-2022, EU building permits stab
Slide 40: Building construction market 2026 – Renovation Europe
Building construction market 2026 – Renovation Europe Residential real estate transactions1; indexed 4 quarter moving average (2019=100) 120 110 100 • Existing home sales as a leading indicator for renovation activity in Europe • Turnaround since mid-2024 indicating 90 positive renovation activity i
Slide 41: Building construction market 2026
Building construction market 2026 Geberit market split by segment • Europe: Slight market growth – no broad recovery yet − New built: Stabilization − Renovation: Continued positive dynamic New: 40% • Outside Europe: Mixed market environment, e.g. − Positive environment in India Renovation: − Declini
Slide 42: Direct material prices
Direct material prices Geberit monthly price index (Jan 2021=100), currency adjusted Q1 Q2 Q3 Q4 130 2025 125 • Expected direct material prices in Q1 2026 120 − Above level of Q4 2025 − Below level of Q1 2025 115 • Extraordinary price increase for copper 110 piping products per April 1st 105 100 Dec
Slide 43: New products 2026 (1/3)
New products 2026 (1/3) Customized finishes for actuator plates • ~50 customized finishes matching the color palette of major faucet brands • Offered for Sigma40 (WC) and Typ 40 (urinal) plates • Enhanced assortment for high-end projects GIS-Pro – Prefabrication installation system • Increased rigid
Slide 44: New products 2026 (2/3)
New products 2026 (2/3) Shower surface “CleanFloor30” & Duofix shower installation element • CleanFloor30: Slip-resistant shower surface in 3 colors • Duofix for shower surfaces − Fast and easy installation − Compatibility with new CleanFloor30 and third-party shower surfaces Shower channel “CleanLi
Slide 45: New products 2026 (3/3)
New products 2026 (3/3) New washplace siphon • Space saving design to avoid cutting out the furniture backwall • Optimized hydraulics for high flow-rate and blockage prevention • Reduced complexity for easy installation Geberit FlowFit and Mapress Therm portfolio extensions • Geberit FlowFit: Additi
Slide 46: Further priorities 2026
Further priorities 2026 Marketing • B2B customers: Opening events and new training formats in new Geberit Campus in Germany • Architects & designers: Opening of new experience center in Milan Increased OPEX spend by CHF 20 million in 2026 • B2C customer: New marketing campaign IT and digitization •
Slide 47: Investments 2026 – Expansion and modernization of logistic capacities
Investments 2026 – Expansion and modernization of logistic capacities Ibbenbüren (DE) • New greenfield logistics center in Ibbenbüren − Capacity expansion • Both projects in final planning − Risk mitigation of existing Pfullendorf phase logistics center • Construction starts planned in H2 2026 • Exp
Slide 48: Investments 2026 – Production
Investments 2026 – Production Capacity Expansion: Increase of FlowFit production capacity, Jona & Givisiez (CH) • Increase of injection moulding and assembly capacity in Jona plant and upgrade of production line in Givisiez plant • CAPEX: CHF 12 million (2025 - 2028) Modernization: Commissioning of
Slide 49: Agenda
Agenda Overview Sales development Operational & financial results Outlook Summary SLIDE 49 ANALYSTS AND MEDIA CONFERENCE - FY 2025
Slide 50: Summary – 2025
Summary – 2025 • Strong top-line growth in flat building construction market − Undiminished market presence and sales efforts − Strong sales from new products − 25% of growth from markets outside Europe • Improvement of industry leading margins (excl. plant closure) • High single-digit EPS growth (c
Slide 51: Summary – Outlook 2026
Summary – Outlook 2026 • Increased geopolitical risk and macroeconomic uncertainties • Building construction outlook (assuming no impact from geopolitical tensions) − Slight growth of European building construction industry − Mixed environment outside Europe • Sequential increase of direct material
Slide 52: Summary – Strong fundamentals
Summary – Strong fundamentals • Proven and stable strategy • Resilient business model • Innovation focus • Efficiency improvements supported by continuous investments • Functional and lean organization • Strong, down-to-earth company culture SLIDE 52 ANALYSTS AND MEDIA CONFERENCE - FY 2025
Slide 53: Important dates in 2026
Important dates in 2026 • April 15, 2026 • Annual general meeting • April 21, 2026 • Dividend payment • May 5, 2026 • Interim report first quarter 2026 • Media release and conference call • August 19, 2026 • Information on the half-year results 2026 • Media release and conference call • November 3,
Slide 54: Disclaimer
MASTERING WATER Disclaimer While Geberit is making great efforts to include accurate and up-to-date information, we make no representations or warranties, expressed or implied, as to the accuracy or completeness of the information provided in this handout and disclaim any liability for the use of it