Villeroy & Boch AG

Quarterly Report • Oct 23, 2025

FINANCIAL REPORT 1 January to 30 September2025

• Group revenue in the first nine months at€ 1,075.2 million, up 6.7 % on the previous year (€ 1,007.8 million) due to acquisitions.
• Operating EBIT of € 65.1 million, slightly abovethe previous year (€ 64.5 million).
• Forecast for revenue, operating EBIT and operating return on net assetspecified.

THE GROUP - AT A GLANCE	1/1/2025 - 30/9/2025	1/1/2024 - 30/9/2024	Change	Change
	in	in	in
	€ million	€ million	€ million	in %
Revenue	1,075.2	1,007.8	67.4	6.7
Revenue – Germany	235.2	225.1	10.1	4.5
Revenue – Abroad	840.0	782.7	57.3	7.3
Operating EBIT	65.1	64.5	0.6	0.9
Operating EBITDA	120.1	116.5	3.6	3.1
EBIT	40.6	23.4	17.2	73.5
EBT	14.3	8.1	6.2	76.5
Group result	8.4	5.6	2.8	50.0
Return on net operating assets (rolling)	9.8 %	11.2 %(1)	-	-1.4 PP
Investments (without leasing)	27.1	31.0	-3.9	-12.6
Investments "Leases"– IFRS 16	22.8	9.2	13.6	147.8
Employees (FTEs as at end of period)	11,900 FTE	12,419 FTE	-519 FTE	-4.2

⁽¹⁾ Return on net operating assets as at 31 December 2024

The financial report includes condensed interim consolidated financial statements and an interim Group management report.

German Securities Code Numbers (WKN): 765 720, 765 723

ISIN: DE0007657207, DE0007657231

Villeroy&Boch AG • 66688 Mettlach • Germany Phone: +49 6864 81-1227 • Fax: +49 6864 81 -71227 Internet: http://www.villeroyboch-group.com

INTERIM GROUP MANAGEMENT REPORT

GENERAL CONDITIONS OF THE GROUP

The basic information on the Group as presented in the 202 4 Group management report remains unchanged.

ECONOMIC REPORT

General economic conditions

The global economy was characterized by eco nomic uncertainties, particularly geopolitical conflicts. The threat of tariffs stimulated global economic activity at the beginning of the year and led to advance deliveries to the United States. The trade agreements recently reached by a number of countries, including the EU, with the United States provide a framework for international trade and thus increase planning certainty. However, these agreements stipulate significantly higher tariff levels for most goods, which means further uncertainties for sales markets.

In the United States, the economy temporarily lost significant momentum.

The Chinese economy grew at a modest level due to the trade conflict with the United States and the associated economic slowdown.

The economy in the eurozone has also continued to slow down, with the German economy in particular being burdened by structural problems.

In the Bathroom&Wellness Division, the continued decline in residential construction in Europe, combined with a general reluctance to invest, even in renovations, had a significant impact on our business performance. This was particularly evident in Central and Western Europe. By contrast, construction activity improved in some markets in Southern and Northern Europe and in the Near-Middle-East region, which had a positive effect on our bathroom business. In Egypt, the construction industry declined significantly as a result of the devaluation of the Egyptian pound combined with high inflation.

Performance in the Dining&Lifestyle Division was impacted by the general reluctance of private consumers to spend, which was particularly noticeable in Europe.

Course of business and position of the Villeroy&Boch Group

Based on the first nine months of the 2025 financial year, the Management Board of Villeroy&Boch AG considers the Group's overall economic situation to be satisfactory.

We generated consolidated revenue (including licence income) of € 1,075.2 million in the first nine monthsof the 2025 financial year and were thus up € 67.4 million or 6.7 % higher than the previous year (€ 1,007.8 million) as a result of the acquisition. It should be noted that in the comparable prior-year period, revenue contributions from the acquired Ideal Standard companies were only included from 1 March 2024. In addition, the previous year included the revenue of Argent Australia Pty. Ltd., which w as deconsolidated on 31 December 2024.

As a result of the Ideal Standard acquisition and the associated increase in the internationalisa tion of the Villeroy&Boch Group, we achieved strong revenue growth of 10.6% year-on-year to € 92.1 million, particularly in EMEA (Europe, Middle East, Africa). We achieved this primarily in Western Europe (€ +29.9 million/+11.3 %) and Southern Europe (€ +26.8 million/+26.1 %). In Near -Middle-East/Africa, revenue growth amounted to € 5.7 million or +15.5 %.

In APAC (Asia -Pacific) and Americas, we recorded a revenue decrease of -17.4 %, which is primarily attributable to the loss of revenue from the deconsolidated company Argent Australia Pty. Ltd. and the economic downturn in the Chinese market.

At € 158.7 million, orders on hand as of September 30, 2025 were lower than orders on hand as at 31 December 2024 (€ 172.0 million).

Orders on hand in the Bathroom&Wellness Division totalled € 128.1 million compared to € 150.5 million on 31 December 2024.

Orders on hand in the Dining&Lifestyle Division totalled €30.6 million (31 December 2024: € 21.5 million) in particular due to the orders already placed by our business customers for the Christmas season.

In the first nine months of financial year 2025, we achieved an operating EBIT (earnings before interest and tax) of €65.1 million and were thus slightly above the previous year (€64.5 million) by 0.9 %.

Due to a significantly improved non -operating result compared with the previous year of €-24.5 million (previous year: € -41.1 million), Group EBIT at € 40.6 million was considerably above the previous year, which closed with € 23.4 million.

The non-operating result mainly contains special expenses in connection with the Ideal Standard integration and the planned closure of our wellness plant in Belgium. In the previous year, the one-off expense from the recognition of market values attributed to acquired inventories (€-22.3 million) as part of purchase price allocation, as well as transaction and integration costs (€-13.0 million).

The financial result of € -26.3 million was significantly higher year -on-year by € -11.0 million (previous year: € -15.3 million). The main drivers for this were the higher financing interest from the increased short -term financial liabilities, particularly in foreign currencies. In addition, it should be noted that the financial expenses of the Ideal Standard companieswere only included into the income statement for sevenmonths in the previous year.

Earnings before taxes (EBT) could be significantly increased and amounted to €14.3 million (previous year: € 8.1 million).

The Group's rolling return on net operating assets fell to 9. 8 % as at 30 September 2025 (31 December 2024: 11.2 %).

This was primarily due to the increase in rolling operating net assets, which is mainly reflected in the non-current assets.

COURSE OF BUSINESS AND POSITION OF THE DIVISIONS

Bathroom&Wellness

The Bathroom&Wellness Division generated revenue of € 865.6 million in the first nine months of the 2025 financial year, 8.3 % up on the previous year (€ 799.5 million) due to acquisitions. It should also be noted that sales performance in Egypt was significantly impacted by negative currency effects amounting to € -6.9 million

In the same period of the previous year, the revenue contributions of the acquired Ideal Standard companies were included from 1 March 2024, and the revenue contributions of the Australian subsidiary, which was deconsolidated as of 31 December 2024, were still included.

Through the harmonisation of the product groups of Villeroy&Boch and Ideal Standard, the business areas were redefined. These are: sanitary ceramics and kitchen, fittings and shower systems, wellness, bathroom furniture and installation systems. For comparability purposes, the previous year's figures were adjusted accordingly.

We were able to achieve revenue growth in almost all business areas as a result of the acquisition, which was particularly evident in the fittings and shower systems business area (€ +37.9 million). We also achieved a significant increase in revenue in the sanitary ceramics and kitchen business area(€ +21.7 million). Our new products ALU+ and Antao, as well as the i.life and Architectura collections, also contributed to the revenuegrowth.

From a regional perspective, the revenue growth is particularly evident in our main region EMEA (Europe, Middle East, Africa), where we were able to achieve a revenue increase of 13.4% or

€ 93.6 million. In contrast, we had to accept a revenue decrease of -26.9 % in the APAC (Asia - Pacific) and Americas regions, which is particularly related to the economic downturn in China and the revenue from Argent Australia Pty. Ltd., which was still included in the previous year.

The Bathroom&Wellness Division generated an operating profit (EBIT ) of € 52.5 million (previous year: € 52.3 million) in the first nine months of the 2025 financial year, remaining at theprevious year's level.

The rolling operating return on net assets decreased despite the slightly improved operating result, particularly due to the increase in rolling operating net assets, to 9.5 % (10.2 % as at 31 December 2024).

Dining&Lifestyle

The Dining&Lifestyle Division generated revenue of € 207.6 million in the first nine months of the 2025 financial year (previous year: € 206.2 million). This includes licence revenue of € 0.6 million (previous year: € 3.3 million). Revenue excluding licence revenue increased by 2.0 % to € 207.0 million.

In terms of our sales channels, the revenue performance with our stationary retail partners is particularly noteworthy, with revenue increasing by € 7.2 million or 11.0 %. In addition, we achieved a revenueincrease of € 2.3 million or 8.9 % in the project business for the hotel and restaurant sector, where we have focused strongly on the upmarket segment.

In our main region EMEA (Europe, Middle East, Africa), we had to accept a revenue decline of € - 1.4 million or -0.8 % . We were able to partially compensate for this through increased revenue in the APAC (Asia -Pacific) and Americas regions(€ +2.8 million or +7.0 % ).

The Dining&Lifestyle Division closed with an operating result (EBIT) of € 12.6 million, up 3.3 % on the previous year (previous year: € 12.2 million).

The rolling operating return on net assets increased primarily as a result of the increased rolling operating result to 3 6.6 % (32.1 % as at 31 December 2024).

Capital structure

As at 30 September2025, our equity decreased by € 19.9 million compared with the year -end 2024 to € 344.8 million. The change was mainly attributable to the achieved period result(€ +8.4 million), the currency-related decrease in revaluation reserves (€ -5.3 million) and the distribution of the 2024 dividend (€ -23.3 million).

The equity ratio (including non-controlling interests) consequently fell from 20.9% at the yearend 2024 to 19.9 % as at 30 September2025.

Investments

In the first nine months of 2025 financial year, we made investments in intangible assets and property, plant and equipment totalling € 27.1 million (previous year: € 31.0 million ). The Bathroom&Wellness Division accounted for € 20.5 million of this (previous year: €26.7 million) and the Dining&Lifestyle Division for € 6.6 million (previous year: €4.3 million).

In the Bathroom&Wellness Division, the investment focus was abroad, particularly at our production sites in Bulgaria, Thailand and Hungary.

In the Dining&Lifestyle Division, we invested primarily in the production plants in Merzig and Torgau as well as in the modernisation of our own retail stores.

The Group had obligations to acquire property, plant and equipment and intangible assets in the amount of € 21.8 million as at the end of the reporting period (previous year: €12.7 million). The increase compared with the previous year results from the order commitment in connection with the SAP S/4 HANA implementation project.

Net liquidity

Taking into account our financial liabilities of € 490.1 million, the cash and bank balances of € 64.7 million resulted in net liquidity of € -425.4 million as at 30 September 2025 (31 December 2024: € -370.2 million).

The increase in liquidity requirements is due to the dividend payment and financing requirements for net operating assets.

At 3 0 September 2025, the Group had unutilised credit facilities totalling €328.3 million.

Balance sheet structure

At the reporting date, our total equity and liabilities amounted to € 1,731.0 million compared to € 1,747.9 million at 31 December 2024, representing a decrease of €16.9 million.

It should be emphasised that, as a result of the sale of the Northern European business of the Gustavsberg and Vatette brands to the Oras Group, reclassifications were made from the long- and short-term assets and the long - and short-term liabilities into the balance sheet items separately provided for under IFRS. For further details, see the explanations in note 8 "Assets held for sale" and "Liabilities associated with assets held for sale" in the Group notes.

At 51.3 %, the share of total assets attributable to non-current assets was slightlybelow theprevious year (31 December 2024: 52.6 %).

Current assets decreased by €61.3 million compared to 31December 2024.

This is primarily attributable to the decrease in trade receivables (€-30.8 million) and cash and short-term deposits (€ -17.6 million). Current assets are also strongly affected by the reclassifications described above (see note 8 of the Group notes).

On the equity and liabilities side, the largest changes compared to the end of 2024 were in short-term liabilities (€ -19.2 million), particularly due to the reduction in trade payables (€ -33.2 million) and short -term liabilities (€ -14.9 million), which is primarily offset by an increase in short -term financial liabilities (€ +37.5 million). The decrease in long -term liabilities (€ -10.0 million) is mainly due to the

reduction in pension provisions (€ -6.2 million) and the long-term lease liabilities (€ -3.3 million). Both short-term and long-term liabilities are affected by the reclassifications described (see note 8 of the Group notes).

REPORT ON RISKS AND OPPORTUNITIES

The risks and opportunities described in the 2024 Group management report remain unchanged overall.However, the overall economic and cyclical developments, also intensified by geopolitical challenges and US tariff policy, are becoming more important and are bringing sectorspecific risks more to the fore. We are closely monitoring these developments.

All risk areas continue to be reviewed on an ongoing, targeted basis. Thereis no evidenceof any individual risks that could endanger the continued existence of the Group at this time.

OUTLOOK FOR THE CURRENT FINANCIAL YEAR

The market environment remains characterised by high uncertainty.

On 1 October 2025, we completed the sale of the Northern European business of the Gustavsberg and Vatette brands to the Finnish sanitary fittings manufacturer Oras Group. The Management Board of Villeroy&Boch AG has specified the forecast for the 2025 fina ncial year due to the economy in our core markets, which has not recovered to date. We expect an increase in Group revenue in the low single-digit percentage range, as well as an operating EBIT and a rolling operating return on net assets that will be slig htly below the previous year.T he forecasts for the investments in property, plant and equipment, and intangible assets remain unchanged at slightly below theprevious year's level .

Mettlach 22 October 2025

Gabriele Schupp Esther Jehle

Dr Peter Domma

Georg Lörz

Dr Markus Warncke

CONSOLIDATED BALANCE SHEET

as of 30 September2025 in € million Assets	Notes	30/9/2025	31/12/2024
Non‐current assets
Intangible assets		400.1	404.8
Property, plant and equipment	1	360.4	386.4
Right-of-use assets	2	75.9	74.5
Investment property		2.9	2.3
Investment accounted for using the equity method		21.2	22.7
Other financial assets	3	27.4	28.3
		887.9	919.0
Other non-current assets	6	35.7	37.9
Deferred tax assets		93.2	92.8
		1,016.8	1,049.7
Current assets
Inventories	4	339.2	342.1
Trade receivables	5	188.0	218.8
Other current financial assets	3	8.2	12.3
Other current assets	6	26.1	23.0
Income tax receivables		10.7	19.7
Cash and cash equivalents	7	64.7	82.3
Assets held for sale	8	77.3	-
		714.2	698.2
Total assets		1,731.0	1,747.9
Equity and liabilities	Notes	30/9/2025	31/12/2024
Equity attributable to Villeroy & Boch AG shareholders
Issued capital		71.9	71.9
Capital surplus		195.7	195.6
Treasury shares		-12.7	-12.8
Retained earnings		188.2	203.0
Revaluation surplus	9	-98.5	-93.2
		344.6	364.5
Equity attributable to minority interests		0.2	0.2
Total equity		344.8	364.7
Non‐current liabilities
Provisions for pensions	10	245.1	251.3
Non-current provisions for personnel	10	11.9	11.9
Other non-current provisions	11	47.9	49.6
Non-current financial liabilities	12	330.3	330.3
Non-current lease liabilities	13	59.2	57.7
Other non-current liabilities	14	5.5	5.9
Deferred tax liabilities		75.9	79.2
		775.8	785.9
Current liabilities
Current provisions for personnel	10	14.8	21.2
Other current provisions	11	51.3	47.3
Current financial liabilities	12	159.8	122.2
Current lease liabilities	13	22.0	20.7
Other current liabilities	14	155.8	170.7
Trade payables		131.7	164.9
Income tax liabilities		42.8	50.3
Liabilities associated with the assets held for sale		32.2	-
		610.4	597.3
Total liabilities		1,386.2	1,383.2
Total equity and liabilities		1,731.0	1,747.9

CONSOLIDATED INCOME STATEMENT

for theperiod1 Januaryto 30 September2025 in € million

	Notes	1/1/2025 ‐ 30/9/2025	1/1/2024 ‐ 30/9/2024
Revenue	15	1,075.2	1,007.8
Costs of sales		-669.1	-635.6
Gross profit		406.1	372.2
Selling, marketing and development costs	16	-266.5	-267.1
General administrative expenses		-71.1	-56.6
Other operating income and expenses		-28.1	-25.4
Result of associates accounted for using the equity method		0.2	0.3
Operating result (EBIT)		40.6	23.4
Financial result	17	-26.3	-15.3
Earnings before taxes		14.3	8.1
Income taxes	18	-5.9	-2.5
Group result		8.4	5.6
Thereof attributable to:
Villeroy & Boch AG shareholders		8.5	5.0
Minority interests		-0.1	0.6
		8.4	5.6
Earnings per share
Earnings per ordinary share		0.30	0.16
Earnings per preference share		0.35	0.21

During the reporting period, there were no share dilution effects.

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

for theperiod1 Januaryto 30 September2025 in € million

1/1/2025	1/1/2024 ‐ 30/9/2024
8.4	5.6
	4.3
	-5.8
	0.6
	-2.6
	0.2
	0.7
‐5.2	-2.6
3.2	3.0
	2.3
	0.7
3.2	3.0
	‐ 30/9/2025 -0.7 -2.7 -0.4 0.0 0.0 -1.4 3.2 0.0

CONSOLIDATED INCOME STATEMENT

for theperiod1 July to 30 September2025 in € million

	Notes	1/7/2025 ‐ 30/9/2025	1/7/2024 ‐ 30/9/2024
Revenue	15	349.4	360.5
Costs of sales		-219.8	-227.6
Gross profit		129.6	132.9
Selling, marketing and development costs	16	-88.0	-98.4
General administrative expenses		-23.5	-18.5
Other operating income and expenses		-16.2	-7.1
Result of associates accounted for using the equity method		0.2	0.1
Operating result (EBIT)		2.1	9.0
Financial result	17	-11.2	-6.4
Earnings before taxes		‐9.1	2.6
Income taxes	18	3.7	-0.8
Group result		‐5.4	1.8
Thereof attributable to:
Villeroy & Boch AG shareholders		-5.3	1.5
Minority interests		-0.1	0.3
		‐5.4	1.8

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

for theperiod1 July to 30 September2025 in € million

	1/7/2025 ‐ 30/9/2025	1/7/2024 ‐ 30/9/2024
Group result	‐5.4	1.8
Other comprehensive income
Items to be reclassified to profit or loss:
Changes in fair value from cash flow hedges	1.8	0.9
Gains or losses on translations of exchange differences	5.5	-1.3
Deferred income tax effect on items to be reclassified to profit or loss	-	-0.3
Items not to be reclassified to profit or loss:
Actuarial gains or losses on defined benefit plans	-0.4	-1.4
Gains and losses from other changes in value	0.1	0.1
Deferred income tax effect on items not to be reclassified to profit or loss	-0.4	0.4
Total other comprehensive income	6.6	‐1.6
Total comprehensive income net of tax	1.2	0.2
Thereof attributable to:
Villeroy & Boch AG shareholders	1.2	-0.1
Minority interests	-	0.3
Total comprehensive income net of tax	1.2	0.2

CONSOLIDATED CASH FLOW STATEMENT

for theperiod1 Januaryto 30 September2025 in € million

	1/1/2025 ‐ 30/9/2025	1/1/2024 ‐ 30/9/2024
Group result	8.4	5.6
Depreciation and attribution of non-current assets	55.0	52.0
Change in non-current provisions	-11.7	-13.5
Profit from disposal of fixed assets	1.8	-1.3
Change in inventories, receivables and other assets	-13.5	-47.2
Change in liabilities, current provisions and other liabilities	-26.0	-56.2
Other non-cash income/expenses	1.0	36.9
Cash flow from operating activities	15.0	‐23.7
Purchase of intangible assets, property, plant and equipment	-27.1	-31.0
Investment in non-current financial assets	-0.2	-2.2
Expenditure for acquisitions less cash and cash equivalents acquired	-	-414.6
Expenses for the acquisition of associated companies	-	-12.7
Proceeds from the disposal of financial assets	0.9	0.4
Proceeds from the sale of subsidiary
companies and other business divisions	-	10.6
Proceeds from disposals of fixed assets	0.9	3.5
Cash flow from investing activities	‐25.5	‐446.0
Proceeds from the issue of promissory note loans	-	153.1
Proceeds/payments for the issue/repayment of financial liabilities	37.6	51.0
Cash repayments of lease liabilities	-21.5	-19.6
Proceeds from the issue of treasury shares	0.1	0.2
Dividend paid to minority shareholders	-	-0.5
Dividend paid to shareholders of Villeroy & Boch AG	-23.3	-27.2
Cash flow from financing activities	‐7.1	157.0
Sum of cash flows	‐17.6	‐312.7
Balance of cash and cash equivalents as at 1 Jan	82.3	374.4
Net increase in cash and cash equivalents	-17.6	-312.7
Balance of cash and cash equivalents as at 30 Sept	64.7	61.7

⁽¹⁾ Change of prior year

CONSOLIDATED STATEMENT OF EQUITY

for theperiod1 Januaryto 30 September2025 in € million

		Equity	attributable to Villeroy	& Boch AG	shareholders
	Issued capital	Capital surplus	Treasury shares	Retained earnings	Revaluation surplus	Total	Equity attributable to minority interests	Total equity
As of 1/1/2024	71.9	194.7	‐13.9	225.4	‐93.7	384.4	3.8	388.2
Group result				5.0		5.0	0.6	5.6
Other comprehensive income					-2.7	-2.7	0.1	-2.6
Total comprehensive income net of tax				5.0	‐2.7	2.3	0.7	3.0
Employee share pro
gram		0.1	0.0			0.1		0.1
Dividend payments				-27.2		-27.2	-0.6	-27.8
As of 30/9/2024	71.9	194.8	‐13.9	203.2	‐96.4	359.6	3.9	363.5
As of 1/1/2025	71.9	195.6	‐12.8	203.0	‐93.2	364.5	0.2	364.7
Group result				8.5		8.5	-0.1	8.4
Other comprehensive income					-5.3	-5.3	0.1	-5.2
Total comprehensive
income net of tax				8.5	‐5.3	3.2	0.0	3.2
Employee share pro
gram		0.1	0.1			0.2		0.2
Dividend payments				-23.3		-23.3		‐23.3

As of 30/9/2025 71.9 195.7 ‐12.7 188.2 ‐98.5 344.6 0.2 344.8

CONSOLIDATED SEGMENT REPORT

for theperiod1 Januaryto 30 September2025 in € million

						Villeroy & Boch Group
1/1/2025	1/1/2024	1/1/2025	1/1/2024	1/1/2025	1/1/2024	1/1/2025	1/1/2024 ‐ 30/9/2024
865.3	799.4	207.0	202.9	‐	-	1,072.3	1,002.3
‐	-	‐	-	‐	-	‐	-
							5.5
							1,007.8
							23.4
							-15.3
							8.1
20.5	26.7	6.6	4.3	‐	-	27.1	31.0
							9.2
32.2	29.5	4.0	4.0	‐	-	36.2	33.5
11.7	11.1	7.1	7.3	‐	-	18.8	18.4
							31/12/2024
							1,747.9
							1,383.2
							1,308.3
							440.1
							868.2
85.4	78.2
	Bathroom ‐ 30/9/2025 0.3 865.6 52.5 ‐ ‐ 11.0 30/9/2025 1,208.6 338.3 1,237.1 335.4 901.7	& Wellness ‐ 30/9/2024 0.1 799.5 52.3 - - 5.3 31/12/2024 1,215.5 352.0 1,122.2 356.9 765.3	‐ 30/9/2025 0.6 207.6 12.6 ‐ ‐ 11.8 30/9/2025 205.3 96.4 186.7 88.3 98.4	Dining & Lifestyle ‐ 30/9/2024 3.3 206.2 12.2 - - 3.9 31/12/2024 195.9 95.9 186.1 83.2 102.9	‐ 30/9/2025 2.0 2.0 ‐24.5 ‐26.3 ‐ ‐ 30/9/2025 317.1 951.5 ‐ ‐ ‐	Transition/Other ‐ 30/9/2024 2.1 2.1 -41.1 -15.3 - - 31/12/2024 336.5 935.3 - - -	‐ 30/9/2025 2.9 1,075.2 40.6 ‐26.3 14.3 22.8 30/9/2025 1,731.0 1,386.2 1,423.8 423.7 1,000.1

^* Central function earnings components that cannot be influenced by the division are not taken into account in calculating the operating result of both divisions.

CONSOLIDATED SEGMENT REPORT

for theperiod1 July to 30 September2025 in € million

	Bathroom	& Wellness	Dining & Lifestyle		Transition/Other		Villeroy & Boch Group
	1/7/2025 ‐ 30/9/2025	1/7/2024 ‐ 30/9/2024	1/7/2025 ‐ 30/9/2025	1/7/2024 ‐ 30/9/2024	1/7/2025 ‐ 30/9/2025	1/7/2024 ‐ 30/9/2024	1/7/2025 ‐ 30/9/2025	1/7/2024 ‐ 30/9/2024
Revenue
Segment revenue from sales of goods to external customers	271.3	285.9	77.1	73.8	-	-	348.4	359.7
Segment revenue from transactions with other segments	-	-	-	-	-	-	-	-
Segment revenue from licence business	0.3	0.1	0.1	0.0	0.6	0.7	1.0	0.8
Revenue	271.6	286.0	77.2	73.8	0.6	0.7	349.4	360.5
Result
Segment result	9.5	10.8	7.8	7.4	-15.2	-9.2	2.1	9.0
Financial result	-	-	-	-	-11.2	-6.4	-11.2	-6.4
Earnings before taxes	-	-	-	-	-	-	-9.1	2.6
Investments and depreciations
Investments of intangible assets, property, plant and equipment	8.7	12.5	3.3	1.8	-	-	12.0	14.3
Investments of right-of-use assets on leases	2.3	1.3	3.7	1.9	-	-	6.0	3.2
Scheduled depreciation of intangible assets, property, plant and equipment	10.7	12.9	1.4	1.3	-	-	12.1	14.2
Scheduled depreciation of right-of-use assets on leases	3.8	4.5	2.3	2.5	-	-	6.1	7.0

SELECTED EXPLANATORY NOTES OF THE VILLEROY&BOCH GROUP FOR THE THIRD QUARTER OF 2025

GENERAL INFORMATION

Villeroy&Boch Aktiengesellschaft, domiciled in Mettlach, Saaruferstrasse 1 –3, is a listed stock corporation under German law. It is entered in the Commercial Register B of the Saarbrücken Local Court under 63610. Villeroy&Boch Aktiengesellschaft (AG) is the parent company of the Villeroy&Boch Group. The Villeroy&Boch Group is a leading international ceramic manufacturer. As a comprehensive lifestyle provider, our operating business is divided into two divisions: Bathroom& Wellness, and Dining&Lifestyle. Villeroy&Boch AG is listed in the Prime Standard operated by Deutsche Börse AG.

This financial report on the third quarter covers the period from 1 January 2025 to 30 September 2025. When reviewing the income statement, it should be noted that the Ideal Standard companies acquired on 29 February 2024 were included inthe prior-year income statement for only seven months.The financial report on the third quarter of 2025was approved for publication on 22 October 2025 after the Management Board discussed the financial report with the Audit Committee of the Supervisory Board . It was prepared in accordance with Section 315e of the German Commercial Code (HGB) and the IFRS® Accounting Standards (hereinafter referred to as "IFRS Accounting Standards ") issued by the International Accounting Standards Board (IASB) as applicable in the European Union. Th is condensed financial report on the third quarterhas not been audited or reviewed by an audit company. In the opinion of the Management Board, this financial report on the third quarter provides a true and fair view of the net assets, financial position and results of operations of the Group. The financial report includes condensed consolidated financial statements with selected explanatory notes. For this reason, it should be read in conjunction with the consolidated financial statements as at 31 December 2024. These can be downloaded from the Investor Relations section of the website at www.villeroyboch-group.com.

In the period under review, the accounting and consolidation methods described in the 2024 annual report were extended to include the accounting standards endorsed by the EU and effective for reporting periods beginning on or after 1 January 202 5. None of these changes to accounting provisions had a material impact on this financial report. Further information on performance in the first half year of 2025 can be found in the above economic report.

Basis of consolidation

The scope of consolidation of the Villeroy&Boch Group comprises a total of 9 1 companies as at 30 September2025 (31.12.2024: 92 companies).

To optimise the Group structure, Villeroy&Boch OOO, Russia, was liquidated on 6 May 2025 and Villeroy&Boch Asia Pacific Pte. Ltd., Singapore, on 5 June 2025. On 12 August 2025, 100 % of the shares in Villeroy&Boch Sweden AB were acquired.

Three companies continue to be treated as non-consolidated companies on account of their insignificant impact on the financial position and financial performance of the Villeroy&Boch Group.

Annual General Meeting of Villeroy&Boch AG for the 202 4 financial year

The General Meeting of Shareholders on 9 May 2025 resolved the dividend of € 0.85 per ordinary share and € 0.90 per preference share as proposed by the Supervisory Board and the Management Board of Villeroy&Boch AG. The distribution corresponds to a dividend payment of €12.0 million (previous year: € 14.0 million) for the ordinary share capital and € 11.3 million (previous year: € 13.1 million) for the preference share capital. The dividend was paid on 14 May 2025. The Villeroy&Boch Group held 1,429,614 treasury preference shares (previous year: 1,555,820) as at the distribution date. These shares are not entitled to dividends.

Seasonal influences on business activities

Owing to Christmas business, the Dining&Lifestyle Division habitually expects to generate a higher level of revenue and operating result in the fourth quarter than in the other quarters of the year.

NOTES ON SELECTED ITEMS OF THE CONSOLIDATED BALANCE SHEET

1. Property, plant and equipment

Property, plant and equipment in the amount of € 22.6 million was acquiredin the period under review (previous year: € 29.6 million).

The investment focus of the Bathroom&Wellness Division was abroad, particularly at the sites in Bulgaria, Thailand and Hungary.

The Dining&Lifestyle Division invested primarily in the modernisation of the production facilities in Merzig and Torgau. In addition, investments were madein modernising our own retail stores.

Depreciation amounts to € 29.7 million (previous year: € 27.6 million). As at the end of the reporting period, the Villeroy&Boch Group had obligations to acquire property, plant and equipment in the amount of € 7.8 million (31 December 2024: € 7.5 million).

2. Right-of-use assets

Capitalized right-of-use assets increasedby € 1.4 million to € 75.9 million in the reporting period. This change is mainly due to additions of € 22.8 million (previous year: € 9.2 million) and, offsetting this, depreciationof € 18.8 million (previous year: € 18.4 million) and disposals at carrying amountsof € 1.0 million (previous year: €0.0 million). Expenses for short-term property leases totalled€ 3.3 million (previous year: € 1.9 million) and € 4.0 million (previous year: € 4.4 million) from variable rental payments for property leases. Expenses for other short -term leases and leases for low-value assets amounted to € 3.8 million (previous year: € 5.6 million).

3. Other financial assets

Other financial assets include:

in € million	30/9/2025	31/12/2024
Deposits	0.6	0.3
Fair values of hedging instruments	2.4	3.2
Other financial assets	6.4	8.8
Short-term financial assets	8.2	12.3
Deposits	4.7	4.9
Fair values of hedging instruments	1.7	2.3
Other financial assets	13.8	13.9
Securities	1.6	1.6
Equity investments	2.1	2.1
Loans	1.1	1.1
Shares in non-consolidated subsidiaries	2.4	2.4
Long-term financial assets	27.4	28.3

Current financial assets declined by € 4.1 million to € 8.2 million in the reporting period. Likewise, noncurrent financial assets decreased by € 0.9 million to € 27.4 million in the reporting period. The main reason for the decline in non-current and current financial assets is the reclassification of €1.9 million in other financial assets to "assets held for sale" (see note 8).

4. Inventories

Inventories were composed as follows as at the end of the reporting period:

in € million	30/9/2025	31/12/2024
Raw materials and supplies	41.8	50.9
Work in progress	57.2	54.8
Finished goods and goods for resale	240.2	236.4
Inventories (total)	339.2	342.1

Write-downs of inventories increased by € 3.9 million to a total of € 56.2 million in the reporting period. From inventories, € 23.1 million in inventories were reclassified to "assets held for sale" (see note 8)

5. Trade receivables

Trade receivables are broken down as follows:

by customer domicile/in € million	30/9/2025	31/12/2024
Germany	38.8	29.8
Rest of euro zone	38.9	79.5
Rest of world	120.5	120.9
Gross carrying amount of trade	198.2	230.2
Impairment due to expected losses (level 1)	-1.4	-2.0
Impairment due to objective indications (level 2)	-8.8	-9.4
Impairment losses	‐10.2	‐11.4
Total trade receivables	188.0	218.8

Trade receivables decreased during the reporting period by €30.8 million to € 188.0 million. The significant reason for the decrease in trade receivables is the reclassification of receivables of €21.8 million to "assets held for sale" (see note 8).

6. Other non-current and current assets

Other non-current and current assets developed as follows in the period under review:

in € million 30/9/2025			31/12/2024
	Current	Non current	Current	Non current
Other tax receivables	8.4	-	6.2	-
Advance payments	3.0	-	4.1	-
Net defined benefit assets	-	35.7	-	37.9
Contract assets	0.1	-	0.3	-
Prepaid expenses	14.6	-	12.4	-
Other assets (total)	26.1	35.7	23.0	37.9

C urrent assets increased by € 3.1 million to € 26.1 million. This is primarily due to the increased prepaid expensesfor insurance and IT costs. Non-current financial assets decreased by € 2.2 million to € 35.7 million. In total, non-current other assets of €0.5 million and current other assets of € 0.2 million were reclassified to "assets held for sale" (see note 8).

7. Cash and cash equivalents

Cash and cash equivalents are composed as follows:

in € million	30/9/2025	31/12/2024
Cash on hand incl. cheques	0.3	0.3
Current bank balances	63.3	52.5
Cash equivalents	1.1	29.5
Total cash and cash equivalents	64.7	82.3

The decrease in cash and cash equivalents by € 17.6 million is primarily based on the dividend payment of Villeroy&Boch AG of € 23.3 million. Cash is held solely in the short term and at banks of good credit standing that are predominantly members of a deposit protection system. Cash and cash equivalents of € 7.8 million were reclassified to "assets held for sale" (see note 8).

8. Assets and liabilities held for sale

The Villeroy&Boch Group and the Finnish sanitary fittings manufacturer Oras Group signed an agreement on 11 July 2025 regarding the takeover of the Northern European business of the Gustavsberg and Vatette brands by the Oras Group. The transaction comprise s both brands and all activities connected with them in Northern Europe in the Bahroom&Wellness segment, including the production facility and logistics centre in Sweden. Accordingly, the affected assets and liabilities are presented as a disposal group as at 30 September 2025.

The transaction was completed on 1 October 2025. For the Villeroy&Boch Group, the sale represents an important step towards streamlining its brand portfolio and business in order to focus specifically on its two global brands Villeroy&Boch and Ideal Standard.

As at the reporting date, the disposal group comprises the following assets and liabilities :

in € million	30/9/2025
Fixed assets	19.7
Inventories	23.1
Trade receivables	21.8
Other receivables and assets	4.9
Cash and cash equivalents	7.8
Assets held for sale	77.3
Other provisions	4.0
Other liabilities	19.7
Lease liabilities	0.9
Trade liabilities	7.6
Liabilities associated with the assets held for sale	32.2

The goodwill attributable to the disposal group has not yet been included in the table above, as no final value is available yet.

Cumulative income and expenses associated with the disposal group of € 2.5 million are included in other comprehensive income.Furthermore the revaluation surplus contains € 7.8 million attributable to the disposal group.

9. Revaluation surplus

The revaluation surplus comprises the reserves contained in "other comprehensive income":

in € million	30/9/2025	31/12/2024
Items to be reclassified to profit or loss:
Currency translation of financial statements of
foreign Group companies	-11.5	-26.3
Currency translation of long-term loans classified as
net investments in foreign Group companies	-24.7	-7.1
Reserve for cash flow hedges	2.4	3.1
Miscellaneous gains and losses on measurement	-	-
Deferred taxes for this category	-1.0	-0.6
Sub‐total (a)	‐34.8	‐30.9
Items not to be reclassified to profit or loss:
Actuarial gains and losses on defined benefit obligations	-93.0	-93.0
Miscellaneous gains and losses on measurement	0.9	0.9
Deferred taxes for this category	28.4	29.8
Sub‐total (b)	‐63.7	‐62.3
Total revaluation surplus [(a)+(b)]	‐98.5	‐93.2

The change in revaluation surplusresults primarily from currency effects not affecting profit or loss from various currencies, with the main effects resulting from the British poundand theUS dollar.

10. Pension provisions, non-current and current provisions for personnel

The pension provisions decreased overall by € 6.2 million, because the usual payments exceed the necessary additions. The non -current provisions for personnel have not changed in the reporting period. Current provisions for personnel decreased mainly due to the payment of variable remuneration for 2024. In addition, € 0.6 million in personnel provisions were reclassified to "liabilities associated with assets held for sale" (see note 8).

11. Other non-current and current provisions

T he othernon-current provisions changed only insignificantly in the reporting period.Other current provisions increased mainly due to newly established restructuring provisions for the planned closure of our wellness plant in Belgium. In addition, € 3.4 million in other provisions were reclassified to "liabilities associated with assets held for sale" (see note 8).

12. Non-current and current financial liabilities

Non-current financial liabilities remained unchanged in the reporting period. Current financial liabilities increased by €37.6 million to € 159.8 million due to usualfinancing requirements of net working capital , through short-term borrowings.

13. Non-current and current lease liabilities

Non-current and current lease liabilities increasedby € 2.8 million to € 81.2 million in the reporting period. Lease payments of € -21.5 million (previous year: € -19.6 million) were offset by additions from newly concluded lease agreementstotalling € 22.8 million (previous year: € 9.2 million) . The i nterest expenses for leased right-of-use assetsin the reporting period, as in the comparative periodamounted to € 2.5 million (previous year: € 2.6 million). From lease liabilities, € 0.9 million were reclassified to "liabilities associated with assets held for sale" (see note 8).

14. Other non-current and current liabilities

Other non-current and current liabilities are composed as follows:

in € million 30/9/2025			31/12/2024
	Current	Non current	Current	Non current
Bonus liabilities (a)	77.5	-	98.5	-
Fair values of hedging instruments	1.2	0.4	2.0	0.4
Liabilities to affiliated, non-consolidated companies	2.9	-	2.9	-
Miscellaneous other liabilities	11.9	5.1	10.9	5.2
Total financial liabilities	93.5	5.5	114.3	5.6
Personnel liabilities (a)	42.7	-	37.4	-
Other tax liabilities	12.8	-	14.3	-
Contractual liabilities	5.6	-	4.1	-
Deferred income	1.2	-	0.6	0.3
Total other liabilities	62.3	‐	56.4	0.3
Total book value	155.8	5.5	170.7	5.9

⁽a) Seasonal change

From other liabilities, € 16.5 million were reclassified to "liabilities associated with assets held for sale" (see note 8). This mainly affected personnel and bonus liabilities.

NOTES ON SELECTED ITEMS OF THE CONSOLIDATED INCOME STATEMENT

15. Revenue

Revenue is broken down in the segment reporting.

16. Selling, marketing and development costs

This item includes the following expenses for research and development in the period under review:

in € million	2025		2024
	Q1-3	Q3	Q1-3	Q3
Bathroom & Wellness	-16.1	-5.5	-17.3	-8.2
Dining & Lifestyle	-3.7	-1.3	-3.8	-1.4
Research and development costs (total)	‐19.8	‐6.8	‐21.1	‐9.6

17. Financial result

The financial result is broken down as follows:

in € million	2025		2024
	Q1-3	Q3	Q1-3	Q3
Financial expenses	-29.4	-14.3	-13.9	-6.4
Interest expense on lease liabilities	-2.5	-0.8	-2.6	-0.9
Interest expenses for provisions (pensions)	-5.2	-2.0	-4.4	-1.6
Financial income	10.8	5.9	5.6	2.5
Net finance expense (total)	‐26.3	‐11.2	‐15.3	‐6.4

The net f inance expenseincreased by € 11.0 million to € 26.3 million compared to the previous year. The reason for this is the higher financing interest from the increased current financial liabilities, particularly in foreign currencies. In addition, it should be noted that the finance expenses of the Ideal Standard companies were only included in the income statement for seven months in the previous year.

18. Income taxes

The main components of income tax expense are as follows:

in € million	2025		2024
	Q1-3	Q3	Q1-3	Q3
Current income taxes	-6.7	3.6	-11.2	-7.9
Deferred taxes	0.8	0.1	8.7	7.1
Income taxes (total)	‐5.9	3.7	‐2.5	‐0.8

19. Related party disclosures

No material contracts were entered into with related partiesin the period under review. The pro rata temporis transaction volume with related parties and non-consolidated affiliated companies is at virtually the same level as in the 2024 consolidated financial statements. All transactions are conducted at arm'slength conditions.

20. Personnel changes in the Supervisory Board of Villeroy&Boch AG

Ms Anna Engfer has resigned from her position as a member of the Supervisory Board of Villeroy&Boch AG with effect from 31 January 2025. Ms Alexandra Krieger succeeded her as a court-appointed member of the Supervisory Board with effect from 26 February 2025.

21. Events after the end of the reporting period

The Villeroy&Boch Group and the Finnish sanitary fittings manufacturer Oras Group signed an agreement on 11 July 2025 for the acquisition of the Northern European business of the Gustavsberg and Vatette brands by the Oras Group. As a significant transaction after the reporting date, the completion of this transaction on 1 October 2025 should be mentioned. Beyond this, no further signifi -cant events were known up to the release of the financial report.

Mettlach 22 October 2025

The Management Board

FINANCIAL CALENDAR

19 March 2026 Annual press conference for the 2025 year

8 May 2026 General Meeting of shareholders of Villeroy&Boch AG

This financial report is available in English and German. In the event of variances, the German version shall take precedence over the translation. Due to rounding differences, there may be slight discrepancies in the totals and percentages contained in this report. Percentages are generally shown as rounded numbers. This financial report on the first three quarters and further information can also be downloaded at www.villeroyboch-group.com.