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

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



13.05.2026 / 09:49 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:                       13.05.2026
     Target price:               30.50
     Last rating change:
     Analyst:                    Ralf Marinoni



Q1-26: solid start into FY 2026



The first quarter was characterized by continued weak consumer sentiment and
the disposal of the northern European business of the Gustavsberg and
Vatette brands. As a result, revenue for the first quarter of 2026 amounted
to EUR 318.7m, representing a decline of 13.7% compared with the prior-year
figure of EUR 369.1m. Excluding the divestitures and currency effects, the
decline in revenue on an adjusted basis amounted to 8.3%. The operating EBIT
came in at EUR 17.2m (Q1-25: EUR 24.1m), which also mirrors the divestments.
All in all, the figures-which reflected a challenging market
environment-came as no great surprise. We therefore confirm Our Buy
recommendation and the EUR 30.50 TP..



You can download the research here:
https://eqs-cockpit.com/c/fncls.ssp?u=bb4a1fa75fff0591b66350909c02c7cb
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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2326922 13.05.2026 CET/CEST