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

20.03.2026 / 15:42 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: 20.03.2026 Target price: 30.50 Last rating change: Analyst: Ralf Marinoni

A resilient business model

Villeroy & Boch navigated a genuinely difficult 2025 with resilience - meeting its targets, advancing its integration agenda, reducing debt, and strengthening its balance sheet. Following divestments in its Northern European business, weak macroeconomic data (cautious consumer spending, sluggish housing construction), conflict in Gulf region, its outlook for the current business year - reduction of sales and operating EBIT - is no major surprise. Peer group multiples have come under pressure; therefore, we reduce our TP from EUR 34.50 to EUR 30.50. Villeroy & Boch is a leading brand in the industry; we view the 2026 decline in sales as temporary, and therefore we maintain our Buy recommendation.

You can download the research here: https://eqs-cockpit.com/c/fncls.ssp?u=21c1331267503db02af8f3b3881fc3c4 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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2295390 20.03.2026 CET/CEST

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Quelle: dpa-Afx