Geberit Ag · SIX:GEBN
Geberit — H1 2024 Earnings Presentation
15 slides from Geberit's earnings presentation, Aug 15, 2024
Slide 1: H1 2024 Results
H1 2024 Results Christian Buhl, CEO Tobias Knechtle, CFO August 15, 2024
Slide 2: Agenda
Agenda • H1 2024 • Q2 2024 • Outlook 2024 SLIDE 2 H1 2024 RESULTS AUGUST 15, 2024
Slide 3: Key figures H1 2024
Key figures H1 2024 Net sales growth (in CHF) Net sales growth (c.a.) -1.4% +1.7% • Slight net sales growth in local currencies despite declining building construction market EBITDA margin EPS growth (c.a.) • Significant negative currency effect 31.6% +0.9% • Profitability stable on high level -10 b
Slide 4: Net sales H1 2024 – By region
Net sales H1 2024 – By region Variance to PY CHF million Net sales % CHF % c.a. Geberit Group 1’638 -1.4% +1.7% Central Europe • Net sales increase in local currencies − Germany 480 -0.9% +1.7% − Volume/mix effect: around +1% − Switzerland 172 -0.5% -0.5% − Price effect: around +1% − Benelux 145 -1.
Slide 5: Net sales H1 2024 – By product area
Net sales H1 2024 – By product area Variance to PY CHF million Net sales % CHF % c.a. Installation & Flushing 619 38% -1.1% +2.5% Systems • Net sales increase in local currencies for Installation & Flushing and Piping Systems • Bathroom System affected by Piping − Less stocking effects at wholesaler
Slide 6: Key figures H1 2024 – Growth of operating profit in local currencies
Key figures H1 2024 – Growth of operating profit in local currencies Variance to PY CHF million H1 2024 H1 2023 % CHF % c.a. Net sales 1’638 1’662 -1.4% +1.7% EBITDA 518 526 -1.6% +3.1% • Significant negative currency effect on all P/L items Margin 31.6% 31.7% • Currency adjusted growth of EBITDA, E
Slide 7: EBITDA margin H1 2024 – Stable profitability on high level
EBITDA margin H1 2024 – Stable profitability on high level +2.7% -2.5% 31.7% +0.2% -0.5% 31.6% EBITDA Volume and Price effects, Other cost Currency effect EBITDA margin H1 2023 product mix effect net1 effects margin H1 2024 • Positive net price effect due to lower direct material prices2 and carry-o
Slide 8: Direct material prices – Tailwind in H1 from lower raw material prices
Direct material prices1 – Tailwind in H1 from lower raw material prices Geberit: Monthly direct material prices1 (currency adj.) Index: Jan 2021 = 100 2023 2024 135 • Direct material prices in H1 2024 -7% vs. H1 2023 • Slight increase of direct material prices in Q2 2024 130 − -6% vs. Q2 2023 − +1%
Slide 9: Agenda
Agenda • H1 2024 • Q2 2024 • Outlook 2024 SLIDE 9 H1 2024 RESULTS AUGUST 15, 2024
Slide 10: Net sales Q2 2024
Net sales Q2 2024 Variance to PY CHF million Net sales % CHF % c.a. Geberit Group 801 +4.1% +5.2% • Net sales increase in local currencies: − Volume/mix effect: around +5% By regions − Price effect: around +0% Europe 710 +4.3% +4.8% Middle East / Africa 33 +6.0% +21.4% • Europe: Growth driven by Far
Slide 11: Key figures Q2 2024
Key figures Q2 2024 Variance to PY CHF million Q2 2024 Q2 2023 % CHF % c.a. Net sales 801 769 +4.1% +5.2% • Lower negative currency effects compared to EBITDA 243 231 +5.2% +7.6% previous quarters Margin 30.3% 30.0% • High single digit growth of EBITDA and EBIT in local EBIT 205 194 +5.7% +8.4% curr
Slide 12: EBITDA margin Q2 2024 – Stable profitability on high level
EBITDA margin Q2 2024 – Stable profitability on high level +1.7% -2.2% +1.2% -0.4% 30.3% 30.0% EBITDA Volume and Price effects, Other cost Currency effect EBITDA margin Q2 2023 product mix effect net1 effects margin Q2 2024 • Positive operating leverage from volume increase • Positive net price effe
Slide 13: Agenda
Agenda • H1 2024 • Q2 2024 • Outlook 2024 SLIDE 13 H1 2024 RESULTS AUGUST 15, 2024
Slide 14: Outlook 2024
Outlook 2024 • Overall declining building construction market • Declining new built sector driven by European building permits − FY 2023: -15% − Q1 2024: -5% • More robust renovation sector Market − Fundamental need for renovation − No further pressure from heating solutions • Positive catalysts − S
Slide 15: Disclaimer
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. The statements