Geberit Holding (GEBN.S): 3Q26 minor beat driven by FX

Geberit 2026 EPS consensus is likely to remain unchanged. Sales were inline and adj EBITDA beats Vara consensus by 1% due to FX not being a headwind for first time since 3Q21, however organic sales growth and margin were both 10bps below expectations. Guidance is unchanged at 5-6% OSG (cons 5.5%) and margin around last year level (FY25 29.4% vs cons 29.5%). Organic sales growth decelerated sequentially in Europe, but saw a large acceleration in Americas as well as in Germany. Pricing was 3%, but not enough to offset raw material headwinds, which are also guided to be sequentially slightly higher in 4Q26 and significantly above 4Q25. FCF was materially ahead of expectations on timing of tax payments.