2Q26 Results due on Wednesday 19 August

研报英文原文证据摘录

2Q26 Results due on Wednesday 19 August

Switzerland | Building, Construction & Housebuilders

Geberit EquityJulyResearch3, 2026

ESTIMATE CHANGE2Q26 Results due on Wednesday 19 August

While a well-known likely margin impact from the cost pass-through lag may RATING BUY

make 2Q26 a relatively unexciting quarter, we see still expect solid organic PRICE CHF536.00^

growth with some likely help from pre-buying ahead of price increases. PRICE TARGET | % TO PT CHF698.00 | +30%

The first guidance for FY26 will be a key focus, but with organic growth 52W HIGH-LOW CHF659.80 - CHF490.40

expectations at reasonable levels and margin already de-risked for cost FLOAT (%) | ADV MM (USD) 98.9% | 65.35

headwinds, we see limited scope for this to drive downgrades. MARKET CAP CHF17.6B | $21.8B

TICKER GEBN SW

2Q26 organic sales growth forecast to slightly accelerate from 1Q26. We forecast 2Q26 ^Prior trading day's closing price unless otherwise noted.

organic sales +4.1% YoY, slightly accelerating from 1Q26's +3.4% YoY. April has already been

reported to have seen mid single-digit LfL sales growth. We forecast the pricing contribution to

remain sequentially the same (c.+1.7%) - this reflects the bulk of extraordinary price increases FY (Dec) CHANGE TO JEFe JEF vs CONS

focussed on plastic and energy-intense products not due to be passed until June, following the 2026 2027 2026 2027

typical annual price increase of c.1% in April concurrent to a c.5% extraordinary price increase REV NM <1% NM +1%

on copper products (<5% of group sales). As such, the sequential organic acceleration in 2Q26 EPS <-1% NM -3% -1%

is entirely a function of volumes - although the macro backdrop remains uncertain following the

onset of the Iran War, we see scope for some offset from pre-buying ahead of price increases