8. Remuneration awarded to the Group Executive Board and share ownership in 2025

8.1 Remuneration awarded in 2025

This section was audited by the external auditor.

In 2025, the members of the GEB received a total remuneration of TCHF 12,703 (previous year: TCHF 11,566). The highest-paid individual in 2025 was Christian Buhl, CEO. The factors impacting the level of remuneration paid are summarised in the explanatory comments to the remuneration table.

The following table shows details of remuneration (gross) for 2025 and 2024:

Explanatory comments to the remuneration table

• There were seven members in the GEB in 2025 (same as in 2024) who received compensation for the full year.

• The fixed compensation paid to the GEB is at a similar level in total compared to the previous year. The fixed compensation of the CEO was increased by 1.5%, while the other GEB members received an average increase of around 1.1%.

• The variable remuneration (STP payout) of the CEO increased by 8% in total compared to the amount paid out for performance year 2024, by 9% for the other GEB members and totally by 9%. This reflects the very good company performance with all four group financial goals and the group ESG goal (CO₂ emissions) achieved close to or at maximum level. The achievement per goal is outlined in the STP performance section below.

• The value of the LTP grant increased by 13% in 2025 in total compared to the value of the LTP granted in 2024. This reflects the increase of the LTP target level for the CEO to 135% and for other GEB members to 80% of the annual base salary.

• Social insurance contributions increased due to options being exercised.

The compensation mix for the CEO and other GEB members reflects Geberit’s emphasis on performance-based compensation in alignment with the interests of the shareholders. For the CEO, the fixed components (annual base salary and pension/perquisites) constitute 38%, and the variable components (STP and LTP) 62% of the total target compensation. For other GEB members excluding the CEO, the fixed components comprise on average 43% and the variable components 57% of the total target compensation in 2025.

8.2 Performance in 2025

This section was not audited by the external auditor.

In 2025, net sales for the Geberit Group increased by 2.5% to CHF 3,163 million. Adjusted for negative currency effects of CHF 72 million, the increase came to 4.8%. This was driven by strong volume growth as a result of the continuing very pleasing development of newly introduced products and growth in most European countries/regions. With a share of 25%, the countries outside Europe made a disproportionately high contribution to the pleasing sales growth of the Group – despite the market collapse in China.

In a continuing challenging market environment, operating margins were slightly below the previous year’s level – this includes the one-off costs for the closure of a German ceramics plant, which was announced in January 2025, of EUR 18 million (60 basis points) at the EBITDA level and EUR 24 million at the EBIT level. Excluding these one-off costs, the EBITDA margin would have increased by 40 basis points. The pleasing volume growth, increases in efficiency and the slightly lower direct material costs compared to the previous year had a positive impact on margins. Wage inflation, higher energy prices, investments in growth initiatives in selected developing markets, various digitalisation and IT projects and negative currency developments had a reducing impact.

In total, the Geberit Group posted an operating cashflow (EBITDA) of CHF 931 million, corresponding to an increase of 2.0%; after currency adjustments, an increase of 5.3% was achieved. As a result of the aforementioned one-off costs, the EBITDA margin was slightly below the previous year’s level of 29.6% at 29.4%. Net income reached the prior-year level at CHF 598 million (+0.1%), corresponding to a return on net sales of 18.9% (previous year 19.4%). If the one-off costs were excluded, net income would amount to CHF 617 million, with a return on net sales of 19.5%. Compared to the developments recorded in net income, earnings per share recorded a more positive development of +0.5% to CHF 18.15 (previous year CHF 18.06) due to the positive effects of the share buyback programme; excluding the one-off costs and in local currencies, earnings per share would be CHF 19.59, corresponding to a significant increase of 8.5%. Free cashflow developed positively, with an increase of 7.4% to CHF 659 million (previous year CHF 613 million). The main reasons for the increase were the higher operating cashflow and the lower investment volume compared to the previous year. The free cashflow margin was 20.8% (previous year 19.9%).

The return on invested capital (ROIC) increased slightly to 23.2% (previous year 23.0%).

STP performance 

The STP performance achievement and payout range for the Group financial performance and ESG performance is described below. As explained in section 6.4 Disclosure of targets, this represents commercially sensitive information, no further details on the required achievement levels are disclosed.

Group financial business goals and ESG goal achieved in 2025

The STP payout percentage including group financial and ESG goals of the annual base salary for the GEB members including the CEO amounts to 97.3%. In 2024, based on the former STP plan including the individual performance component, the overall STP payout percentage ranged from 87.4% to 92.4% of the annual base salary for the GEB members.

LTP performance (MSOP)

The performance period for the performance stock options granted in 2023 under the MSOP was 2023 to 2025. The average ROIC achievement over the three years was 23.3%, which resulted in a vesting level of 53%.

The ROIC performance and payout level at vesting is illustrated below:

8.3 Shareholdings of the Group Executive Board

This section was audited by the external auditor.

As of the end of 2025 and 2024, the members of the GEB held the following shares in the company:

As of 31 December 2025, and in compliance with the Articles of Incorporation of Geberit AG, there were no outstanding loans or credits between the company and the members of the GEB, closely related parties or former members of the GEB.

8.4 Remuneration ratios

This section was audited by the external auditor.

In 2025, the average annual fixed compensation of all employees in the Group amounted to CHF 49,097 (excluding the CEO). The ratio of the annual fixed remuneration paid to the CEO to the average annual fixed remuneration of all employees (excluding the CEO) was 20.

For further details, see our Sustainability report.