Wienerberger (WIE) Q2 2025 earnings summary

Executive summary

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

• Profit after tax reached €108 million, with EPS rising to about €1 per share.

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

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

Financial highlights

• Revenues increased to €2,346.5 million (+6% year-over-year); operating EBITDA was €382.5 million (adjusted), down 4% year-over-year.

• 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 €-51 million, reflecting typical seasonality and working capital build-up.

• Net debt increased seasonally to €2 billion, up €250 million from year-end, mainly due to working capital and dividend payments.

• Cost inflation at +4.5% in H1 2025, mainly from personnel and energy.

Outlook and guidance

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

• Full-year operating EBITDA guidance reaffirmed at approximately €800 million, supported by cost efficiencies and positive trends in renovation and roofing.

• Mid-term EBITDA target of over €1.2 billion remains in place, supported by ongoing portfolio optimization and innovation.

• No significant restocking, destocking, or accounting items expected to impact recurring cash generation for 2025.

• Anticipates continued M&A activity, with further deals in the pipeline.