Geberit Company Study

ZKB maintains a Market Perform rating on Geberit, anticipating a margin expansion to 30.2% in 2026. While the valuation is high, the company's strong pricing power and focus on the resilient renovation market provide downside protection.

Key Takeaways

• 1.Expected EBITDA margin improvement in 2026 (+30 bps to 30.2%) is a strong indicator for stock outperformance based on historical data.
• 2.Macro data on German new residential construction is a weak indicator for Geberit due to the high relevance of the renovation market.
• 3.Organic sales growth in 2026E is projected at 5.5%, driven by volume recovery and moderate price increases.

Table of Contents

• Executive Summary
• Growth acceleration in the final quarter of 2025
• Limited relevance of new residential construction in Germany
• Fair valuation, but margin improvement could stimulate share price
• Investment case
• SWOT analysis
• Company description
• Slight acceleration in sales growth in the final quarter of 2025
• Geberit's market outlook for 2026
• Signs of recovery in German new housing construction
• High valuation reflects growth and margin quality
• ESG summary
• Financial figures

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