Wienerberger (WIE) investor relations material

Executive summary

• Revenue grew 6% year-over-year to €2.35 billion in H1 2025, with operating EBITDA at €383 million, reflecting resilience amid challenging markets and high interest rates.

• Strategic acquisitions, including full ownership of GSE Integration and MFP in Ireland, expanded the portfolio and supported growth in roofing, solar, and piping solutions.

• Diversified business model and efficiency measures offset weak new residential construction, with strong performance in infrastructure and renovation segments.

• Robust margins maintained through disciplined cost and price management, operational efficiency, and innovation focus.

• Regional performance varied: Western Europe saw growth in roofing and solar, Eastern Europe maintained margins through pricing and efficiency, while North America faced declines in brick but grew in piping.

Financial highlights

• Revenues increased to €2,346.5 million from €2,213.2 million year-over-year; operating EBITDA was €382.5 million (adjusted), down from €400.1 million.

• EBIT rose to €197.9 million from €121.5 million, with profit after tax at €108.2 million versus €0.5 million in H1 2024.

• Free cash flow for H1 was negative €51 million, reflecting seasonal working capital build-up.

• Net debt increased to €2,017 million, mainly due to working capital and dividend payments.

• Gross CapEx was €49 million; M&A spend reached €24 million.

Outlook and guidance

• Full-year 2025 operating EBITDA guidance reaffirmed at approximately €800 million, with mid-term target of over €1.2 billion.

• Macroeconomic headwinds, especially high interest rates, are expected to persist, limiting recovery in new build markets for the rest of 2025.

• Efficiency and optimization measures will continue to safeguard margins.

• No significant restocking/destocking or CO2 sales expected to impact recurring cash generation.

• Interest rate cuts in the US unlikely to materially benefit North American business before 2026.