Original-Research: Villeroy & Boch AG (von Quirin Privatbank Kapitalmarktgeschäft): Buy

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: VILLEROY20270513 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/