Geberit AG reported a 5.9% currency‑adjusted increase in first‑half net sales, reaching CHF 1.71 billion, compared with CHF 1.67 billion a year earlier, representing a 2.8% rise on a reported basis. The currency‑adjusted figure reflects a negative foreign‑exchange impact of CHF 53 million.
Quarter‑by‑quarter, second‑quarter net sales amounted to CHF 838 million, up 6.6% in Swiss francs and 8.8% on a currency‑adjusted basis versus the same quarter last year, marking the ninth consecutive quarter of positive currency‑adjusted sales growth with an average of 5% over that period, driven almost entirely by higher volumes.
By geographic market, currency‑adjusted sales grew 5.6% in Europe, led by Eastern Europe at 11.8%, Switzerland at 9.7% and Italy at 6.9%; Western Europe declined 0.4% due to weakness in France and the United Kingdom/Ireland. The Middle East/Africa region posted an 18.9% increase despite regional conflict, while the Far East/Pacific region grew 6.5% despite a continuing market decline in China. Sales in the Americas fell 5.0%, which the company attributed to a base effect from U.S. tariff announcements made the previous year.
Product‑area performance showed currency‑adjusted sales rising 6.7% in Installation and Flushing Systems, 5.9% in Piping Systems and 5.0% in Bathroom Systems.
Operating cash flow, measured by EBITDA, increased 3% to CHF 529 million, with the EBITDA margin holding steady at 30.9%, identical to the prior‑year level; in local‑currency terms this would have represented a 30‑basis‑point improvement. Operating profit (EBIT) rose 4% to CHF 450 million.
Net income climbed 7.4% to CHF 364 million, and earnings per share increased 7.9% to CHF 11.09 from CHF 10.28, equivalent to a 10.9% rise when adjusted for currency effects.
Free cash flow declined 12.1% to CHF 217 million from CHF 247 million, a result of higher investment volume and the timing of tax payments. Net debt grew to CHF 1.33 billion from CHF 1.17 billion, reflecting the lower free cash flow and an accelerated share‑buyback programme; consequently, the equity ratio fell to 31.4% from 34.5%.
Geberit completed a CHF 300 million share‑buyback programme in early June and immediately launched a new programme of up to CHF 300 million over a maximum of two years, repurchasing a total of 392,534 shares for CHF 206 million in the first half under the combined programmes.
Management reaffirmed its 2026 guidance, targeting net‑sales growth of 5% to 6% in local currencies and an EBITDA margin around the prior‑year level.