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

20.03.2026 / 15:42 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: 20.03.2026
Target price: 30.50
Last rating change:
Analyst: Ralf Marinoni

A resilient business model

Villeroy & Boch navigated a genuinely difficult 2025 with resilience -
meeting its targets, advancing its integration agenda, reducing debt, and
strengthening its balance sheet. Following divestments in its Northern
European business, weak macroeconomic data (cautious consumer spending,
sluggish housing construction), conflict in Gulf region, its outlook for the
current business year - reduction of sales and operating EBIT - is no major
surprise. Peer group multiples have come under pressure; therefore, we
reduce our TP from EUR 34.50 to EUR 30.50.
Villeroy & Boch is a leading brand in the industry; we view the 2026 decline
in sales as temporary, and therefore we maintain our Buy recommendation.

You can download the research here:
https://eqs-cockpit.com/c/fncls.ssp?u=21c1331267503db02af8f3b3881fc3c4
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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2295390 20.03.2026 CET/CEST

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