Business
Geberit : Sales growth significantly above market development Media release quarterly report as of 30 September 2025
Geberit : Sales growth significantly above market development Media release quarterly report as of 30 September
About this update from Geberit Ag
MEDIA RELEASE Ad hoc announcement pursuant to Art. 53 LR Quarterly report as of 30 September 2025 Sales growth significantly above market development Geberit AG, Rapperswil-Jona, 4 November 2025 The Geberit Group achieved convincing results in the firs t nine months of 2025 despite the continuing challenging environment. The 2025 financial year to date was marked by a pleasing increase in volumes, significant currency losses and operating margins that remained at the previous year's level (excluding one-off costs for the closure of a plant). Net sales increased by 2.0% to CHF 2,448 million. Adjusted for currency effects, the increase was 4.4%. Operating cashflow (EBITDA) amounted to CHF 753 million, with an EBITDA margin of 30.8%; the decline in the margin by 60 basis points is entirely due to the aforementioned one-off costs. Earnings per share fell by 0.8% to CHF 15.01; excluding the one-off costs, this would have resulted in a currency-adjusted increase of 6.7%. For 2025 as a whole, Management expects net sales growth in local currencies of around 4.5% and an EBITDA margin of around 29%. Net sales In the first nine months of 2025, net sales for the Geberit Group increased by 2.0% to CHF 2,448 million. Adjusted for negative currency effects of CHF 58 million, the increase came to 4.4%. This was driven by strong volume growth as a result of the continuing very pleasing development of newly introduced products and growth in most European countries/regions. Net sales in the third quarter reached CHF 783 million, which is equivalent to an increase of 2.7% in Swiss francs compared to the same quarter in the previous year. Adjusted for currency effects, this resulted in an increase of 5.4%, following +2.5% in the second quarter and +5.3% in the first quarter. Net sales by markets and product areas Despite continued challenging conditions for the sanitary industry, currency-adjusted net sales in Europe increased by +3.9%. Significant increases were achieved in Austria (+10.0%), Benelux (+6.0%), Eastern Europe (+6.0%) and Germany (+5.6%). There was also growth in Northern Europe (+2.1%), Italy (+1.1%) and Switzerland (+0.3%). In contrast, Western Europe (-1.1%) recorded a decline. Outside Europe, significant growth was achieved in the Middle East/Africa (+21.7%) and America (+5.9%) regions. In contrast, sales in the Far East/Pacific region (-6.0%) were down on the previous year due to the continuing decline in the Chinese market and despite significant growth in India. In the product areas, currency-adjusted net sales increased by +5.0% in Bathroom Systems, +4.9% in Installation and Flushing Systems and +3.2% in Piping Systems. Results The operating results were impacted by negative currency developments. In contrast, operating margins were only slightly affected by the currency effects due to the long-term currency strategy, in which costs should be incurred in the same currencies as sales whenever possible. Overall, operating margins remained at the prior year level, excluding the one-off costs for the closure of a German ceramics plant which was announced in January 2025. The one-off costs booked to date totalling EUR 22 million (EUR 16 million operating expenses and EUR 6 million depreciation) had a negative impact of 60 basis points on the EBITDA margin and of 80 basis points on the EBIT margin. The pleasing volume growth and the slightly lower direct material costs compared to the previous year had a positive effect on the margins, while wage inflation, higher energy prices, growth initiatives in selected developing markets and various digitalisation and IT projects had a reducing impact. In total, operating cashflow (EBITDA) reached the previous year's level at CHF 753 million. After currency adjustments, an increase of 3.1% was achieved. The EBITDA margin decreased by 60 basis points to 30.8% compared to the same period in the previous year (31.4%) due to the aforementioned one-off costs. Net income decreased by 1.2% to CHF 494 million, corresponding to a return on net sales of 20.2% (previous year 20.9%). If the one-off costs were excluded, net income would amount to CHF 512 million, with a return on net sales of 20.9%. Compared to the developments recorded in net income, earnings per share recorded a smaller decrease of 0.8% to CHF 15.01 (previous year CHF 15.13) due to the positive effects of the share buyback programme; excluding the one-off costs and in local currencies, earnings per share would be CHF 16.15, corresponding to an increase of 6.7%. Free cashflow developed positively, with an increase of 8.4% to CHF 462 million (previous year CHF 426 million). Financial situation The Geberit Group's financial situation remains very solid. Due to the strong development of free cashflow, net debt (debt less liquid funds) decreased by CHF 176 million to CHF 966 million compared with the figures after the first nine months of the previous year. The equity ratio increased accordingly to 37.4% (previous year 34.6%). The share buyback programme started in September 2024 was continued. Since the start of the program, a total of around 210,000 shares had been acquired at a sum of CHF 114 million by the end of September 2025, of which around 126,000 shares at a sum of CHF 70 million in the first nine months of 2025. The buyback was carried out via a separate trading line for the purpose of a capital reduction. Outlook 2025 Geopolitical risks and the associated macroeconomic uncertainties remain at a high level. Overall, the global economy will continue to be exposed to significant uncertainties. While Europe continues to be faced with muted growth prospects, the additional US tariffs could have a negative impact on economic development in the US and on the global economy. After the sharp declines since mid-2022, demand in the building construction industry has stabilised overall in the first nine months of 2025, with different developments in the new construction and renovation business depending on the country/market. In Europe, a slight decline in new construction activities is expected to continue until the end of 2025. This is due to the fact that building permits in Europe declined by around 2% in 2024 and continued to fall by a further 3% in the first half of 2025. This decline should be offset by a positive outlook for the renovation business, which accounts for around 60% of Geberit's sales. Several indicators relevant to this area suggest this, including the increase in real estate transactions. Outside Europe, the outlook for the building construction industry is mixed. Strong demand is forecasted in several markets, such as India and the Gulf region. In China, however, a decline is expected due to the challenging residential construction sector. The impacts of the US tariffs are not material for Geberit. This is due to the fact that Geberit mainly sells products in the US that are also manufactured locally. Regardless of the market environment, Geberit's focus in 2025 will again be on implementing various strategic initiatives, including the following: the further expansion of the piping business with the products FlowFit, Mapress Therm and SuperTube launched in recent years, the shower toilet business, driven mainly by the entry-level model AquaClean Alba launched in 2024, the introduction of the new Duofix installation element with many new functions and simplified assembly, the consistent advancement of dedicated growth initiatives outside Europe, and the optimisation of the ceramics plants as part of the specialisation strategy. For 2025 as a whole, Management expects net sales growth in local currencies of around 4.5% and an EBITDA margin of around 29%. The EBITDA margin in the fourth quarter of the year is always lower than in the first three quarters due to seasonal factors. Management sees Geberit as being well positioned to further expand its market position. This assessment is based on the stable and long-term strategy, the proven business model with strong customer relationships and the industry-leading financial stability. For further information, please contact: Geberit AG Schachenstrasse 77, CH-8645 Jona Christian Buhl, CEO Tel. +41 (0)55 221 63 46 Tobias Knechtle, CFO Tel. +41 (0)55 221 66 39 Roman Sidler, Corporate Communications & IR Tel. +41 (0)55 221 69 47 About Geberit The globally operating Geberit Group is a European leader in the field of sanitary products and celebrated its 150th anniversary in 2024. Geberit operates with a strong local presence in most European countries, providing unique added value when it comes to sanitary technology and bathroom ceramics. The production network encompasses 26 production facilities, of which 4 are located overseas. The Group is headquartered in Rapperswil-Jona, Switzerland. With around 11,000 employees in approximately 50 countries, Geberit generated net sales of CHF 3.1 billion in 2024. The Geberit shares are listed on the SIX Swiss Exchange and have been included in the SMI (Swiss Market Index) since 2012. Key financial figures as of 30 September 2025 Millions of CHF 1/1 - 30/09/2025 1/1 - 30/09/2024 Net sales 2,448 2,400 Change in % +2.0 +0.4 Change in %, currency-adjusted +4.4 +3.1 Operating cashflow (EBITDA) 753 754 Change in % +-0.0 +0.7 Margin in % of net sales 30.8 31.4 Operating profit (EBIT) 633 643 Change in % -1.6 +1.5 Margin in % of net sales 25.9 26.8 Net income 494 501 Change in % -1.2 -3.1 Margin in % of net sales 20.2 20.9 Earnings per share (CHF) 15.01 15.13 Change in % -0.8 -1.4 30/09/2025 30/09/2024 Equity 1,350 1,256 Equity ratio in % 37.4 34.6 Net debt 966 1,142 30/09/2025 31/12/2024 Number of employees (FTE) 11,324 11,110 Please visit our website https://www.geberit.com for additional information.