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

27.10.2025 / 11:20 CET/CEST
Dissemination of a Research, transmitted by EQS News - a service of EQS
Group.
The issuer is solely responsible for the content of this research. The
result of this research does not constitute investment advice or an
invitation to conclude certain stock exchange transactions.

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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: 27.10.2025
Target price: 34.50
Last rating change:
Analyst: Ralf Marinoni

9M 2025: Despite no tailwind from the macro side, stable development

In 9M-25 period, Villeroy & Boch generated consolidated sales of EUR
1,075.2m, which was EUR 67.4m or 6.7% higher than in the previous year due
to acquisitions. As a result of the Ideal Standard acquisition and the
increase in the internationalization of the Villeroy & Boch group, the
company achieved strong revenue growth of 10.6% to EUR 92.1m, particularly
in EMEA (Europe, Middle East, Africa). Villeroy & Boch achieved this
primarily in Western Europe (+ EUR 29.9m/+11.3% yoy) and Southern Europe
(+EUR 26.8m/+26.1% yoy). In the 9M-25 period, the company achieved an
operating EBIT of EUR 65.1m, thus slightly above the previous year (EUR
64.5m) by 0.9% yoy. The reported EBIT at EUR 40.6m was considerably above
the previous year, which closed with EUR 23.4m).

Our updated sum-of-the-parts valuation approach confirms our EUR 34.50 TP,
and the recommendation remains Buy.

You can download the research here:
https://eqs-cockpit.com/c/fncls.ssp?u=57c3ab68f8105985304831419e8c9ddf
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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2219050 27.10.2025 CET/CEST

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