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

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



28.10.2026 / 09:36 CET/CEST
Dissemination of a Research, transmitted by EQS News - a service of EQS
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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