Financial structure

Continued strong financial foundation

The very healthy levels of free cashflow and debt allowed the attractive dividend policy and the share buyback programme to be continued while also maintaining the strong financial foundation of the Group.

Total assets increased from CHF 3,641 million to CHF 3,858 million. Liquid funds increased from CHF 408 million to CHF 586 million. In addition, the Group had access to an undrawn, firmly committed operating credit line for the operating business of CHF 500 million. Debt decreased from CHF 1,373 million in the previous year to CHF 1,355 million. As a result, net debt fell significantly by CHF 196 million to CHF 769 million at the end of 2025, not least due to the positive development in free cashflow.

Net working capital decreased by CHF 21 million year-on-year to CHF 204 million. Property, plant and equipment increased from CHF 1,045 million to CHF 1,073 million, while goodwill and intangible assets fell from CHF 1,332 million to CHF 1,311 million.

The ratio of net debt to equity (gearing) decreased significantly from 74.1% in the previous year to 50.7%. The equity ratio increased to 39.3% (previous year 35.8%). The ratio of net debt to EBITDA decreased to 0.8x (previous year 1.1x). Based on average equity, the return on equity (ROE) was 43.5% (previous year 45.5%). Average invested operating capital, comprising net working capital, property, plant and equipment, goodwill and intangible assets, amounted to CHF 2,721 million at the end of 2025 (previous year CHF 2,707 million). The return on invested capital (ROIC) increased slightly to 23.2% (previous year 23.0%).

The Geberit Group held 948,676 treasury shares on 31 December 2025, which equals 2.8% of the shares entered in the Commercial Register. Of these, 229,398 (0.7% of the shares entered in the Commercial Register) originate from the share buyback programme started in September 2024. The remaining 719,278 shares are earmarked for participation plans. The total number of shares entered in the Commercial Register stands at 33,922,404 shares.

The share buyback programme 2024–2026 launched on 2 September 2024 was continued. Over a maximum period of two years, registered shares amounting to a maximum purchase value of CHF 300 million will be repurchased. The registered shares will again be repurchased via a second trading line set up for the share buyback on the SIX Swiss Exchange for the purpose of a capital reduction. Since the start of the programme, a total of 229,398 shares have been acquired at a sum of CHF 126 million by the end of 2025, of which around 145,000 shares at a sum of CHF 81 million in 2025 alone.

In 2025, CHF 422 million was paid out to shareholders as dividends. As a result, CHF 503 million, or 76% of the free cashflow, was distributed to shareholders in 2025 as part of the dividend payment and the share buyback programme, which equates to 2.4% of Geberit’s market capitalisation as of 31 December 2025.