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

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

Kapitalmarktgeschäft

13.05.2026 / 09:49 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: 13.05.2026

Target price: 30.50

Last rating change:

Analyst: Ralf Marinoni

Q1-26: solid start into FY 2026

The first quarter was characterized by continued weak consumer sentiment and

the disposal of the northern European business of the Gustavsberg and

Vatette brands. As a result, revenue for the first quarter of 2026 amounted

to EUR 318.7m, representing a decline of 13.7% compared with the prior-year

figure of EUR 369.1m. Excluding the divestitures and currency effects, the

decline in revenue on an adjusted basis amounted to 8.3%. The operating EBIT

came in at EUR 17.2m (Q1-25: EUR 24.1m), which also mirrors the divestments.

All in all, the figures-which reflected a challenging market

environment-came as no great surprise. We therefore confirm Our Buy

recommendation and the EUR 30.50 TP..

You can download the research here:

https://eqs-cockpit.com/c/fncls.ssp?u=bb4a1fa75fff0591b66350909c02c7cb

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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2326922 13.05.2026 CET/CEST

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