• Consolidated revenue down 7.5 % year-on-year on a constant currency basis
  • EBIT margin increases to 9.9 % (previous year: 9.7 %)
  • Group result of € 61.0 million (previous year: € 71.5 million)

Consolidated revenue: € 901.9 million
The Villeroy & Boch Group’s consolidated revenue (including licence income) adjusted for currency effects, i.e. using the same exchange rates as for the previous year, declined by 7.5 % year-on-year in the 2023 financial year. This was chiefly due to economic conditions. Negative currency effects primarily related to the Chinese yuan and the Swedish krona. This resulted in nominal consolidated revenue of € 901.9 million, 9.3 % lower than in the previous year. The licence income included in revenue was up slightly year-on-year at € 4.8 million (previous year: € 4.4 million). Revenue in the main region of EMEA (Europe, Middle East, Africa) declined by -11.3 % or € 90.1 million, with Germany in particular seeing a downturn of -13.0 % or € -37.3 million. Revenue in the APAC (Asia/Pacific) and Americas regions fell by -1.2 %, putting the Group almost on a par with the previous year. Revenue in the Asia/Pacific region increased by 2.9 % or € 4.3 million on the back of good project business, thereby almost offsetting the lower revenue in the Americas region.

EBIT margin increases to 9.9 %

The Villeroy & Boch Group successfully increased its EBIT margin from 9.7 % to 9.9 % in the 2023 financial year despite the challenging market environment. In absolute terms, EBIT amounted to € 89.0 million, down 8.1 % on the previous year (€ 96.8 million). The change in earnings performance reflects the decline in revenue. However, the improvement in the EBIT margin demonstrates the success of the Group’s timely pricing measures, cost savings and currency hedging.

Development in the divisions

The revenue generated by the Bathroom & Wellness Division in the 2023 financial year was 10.0 % lower than in the previous year on a constant currency basis, due chiefly to economic factors. In nominal terms, revenue declined by € 82.5 million year-on-year to € 579.4 million. Due to the slowdown in the European construction industry, this development was particularly pronounced in the ceramic sanitary ware business, where revenue fell by € 47.4 million or 11.5 %. Despite the challenging economic environment, the Dining & Lifestyle Division closed the 2023 financial year with revenue down only slightly by -2.4 % year-on-year on a constant currency basis. Nominal revenue declined by € 10.1 million to € 319.3 million. In terms of revenue performance, project business with hotel and restaurant customers enjoyed particularly strong growth of € 1.2 million or 3.6 % thanks to a pronounced focus on the high-end segment. With year-on-year growth of 3.7 %, the Group’s own channels (own retail and e-shops) were also extremely successful.


In the 2023 financial year, investments in property, plant and equipment and intangible assets amounted to € 41.0 million (previous year: € 36.7 million). 54 % of this investment was attributable to Germany (previous year: 57 %). At € 29.6 million or 72.2 %, investments were concentrated primarily on the Bathroom & Wellness Division. Investment activity focused on the modernisation and automation of production at the locations in Germany and abroad, particularly the ceramic ware plants in Hungary and Romania. The Group also invested in a new solar plant in Hungary. A total of € 11.4 million was invested in the Dining & Lifestyle Division. This corresponded to 27.8 % of the total investment volume and was used to purchase new machinery and tools for production at the Merzig and Torgau plants. Villeroy & Boch also invested in reducing the gas consumption of kilns in Merzig. In addition, investments were made in the ongoing optimisation of the Group’s retail network, including renovating and opening stores.


At the General Meeting of Shareholders on 12 April 2024, the Supervisory Board and the Management Board will propose that the unappropriated surplus of Villeroy & Boch AG be used to distribute a dividend of € 1.05 per preference share and € 1.00 per ordinary share.

Outlook for 2024 as a whole

The challenging economic conditions seen in the past year are generally expected to continue in 2024. The Management Board of Villeroy & Boch AG anticipates a significant rise in revenue, the operating result (EBIT) and investments due to the acquisition of the Ideal Standard Group’s operating companies, which is expected to be completed in the first quarter of 2024.

Pictured above: Gabi Schupp (CEO) and Dr. Markus Warncke (CFO)

Tableware International

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