Original-Research: Villeroy & Boch AG (von Quirin Privatbank Kapitalmarktgesc...

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Original-Research: Villeroy & Boch AG - from Quirin Privatbank

Kapitalmarktgeschäft

28.10.2026 / 09:36 CET/CEST

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Classification of Quirin Privatbank Kapitalmarktgeschäft to Villeroy & Boch

AG

Company Name: Villeroy & Boch AG

ISIN: DE0007657231

Reason for the research: update

Recommendation: Buy

from: 28.10.2026

Target price: 25.00

Last rating change:

Analyst: Ralf Marinoni

9M-26 figures: no major surprise

After the first nine months of FY 2026, the market situation in the Bathroom

& Wellness division remained challenging, particularly in regions affected

by geopolitical tensions and weak construction activity; as a result,

revenue came in at EUR 742.4m (previous year: EUR 865.6m, -14.2%), which

corresponds to a decline of 7.2% adjusted for currency effects and

divestments. Operating EBIT amounted to EUR 28.2m (previous year: EUR

52.5m).

However, the Dining & Lifestyle Division increased revenue in all regions to

EUR 211.5m (previous year: EUR 207.6m, +1.9%); on a constant currency basis,

this represents growth of 2.4%. The business division posted an operating

EBIT of EUR 12.7m, which was on par with the previous year's figure (EUR

12.6m). FY 2026 guidance confirmed: Villeroy expects a decline in revenue in

the higher single-digit percentage range, operating EBIT of EUR 50m to EUR

56m. We confirm our BUY recommendation and the DCF-based EUR 25.00 TP.

You can download the research here:

https://nwr.eqs-cockpit.com/fncls2.ssx?fn=redirect&u=70ff95f94eef8ae40e7c35bc10d2034c

For additional information visit our website:

https://research.quirinprivatbank.de/

Contact for questions:

Quirin Privatbank AG

Institutionelles Research

Schillerstraße 20

60313 Frankfurt am Main

research@quirinprivatbank.de

https://research.quirinprivatbank.de/

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2423690 28.10.2026 CET/CEST

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