Convincing results in a strongly declining market environment

An extremely difficult year is behind the Geberit Group. Volumes were significantly lower due to the declining building construction industry in Europe and the high volume level in the prior year. Furthermore, the sanitary industry in some countries was negatively impacted by the shift in demand from sanitary to heating solutions. However, the global and regional supply chains eased somewhat in the reporting year. There was good availability of raw materials and components, and the delivery times were much shorter than in the previous year. Despite the very difficult market environment, operating margins were significantly higher compared to the previous year. This was primarily due to the high level of operational flexibility, especially in the plants and logistics, the significant fall in energy prices, and consistent price management. As a result, it was also possible to absorb most of the impacts of the Swiss franc, which was significantly stronger compared to most currencies. All in all, this is reference to the structural and financial strength as well as the resilience of the business model. This enabled the company to further consolidate its position as leading supplier of sanitary products and gain market shares. In 2023, net sales decreased by 9.1% to CHF 3,084 million. In local currencies, this resulted in a decline of 4.8%. Operating cashflow (EBITDA) increased by 1.4% to CHF 921 million, corresponding to an EBITDA margin of 29.9%. Net income decreased by 12.6% to CHF 617 million. This corresponds to a return on net sales of 20.0%. The decline was mainly due to a positive one-off tax effect in the previous year. Earnings per share fell by 10.2% to CHF 18.39.

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