Wienerberger (WIE) Q3 2025 earnings summary

Executive summary

• Q3 2025 delivered resilient results with group revenues of €3.5 billion and operating EBITDA of €202 million, broadly stable year-over-year despite challenging market conditions.

• Revenues for Q1-3 2025 increased 4% year-over-year to €3.5 billion, driven by acquisitions and strong renovation and infrastructure segments.

• Profit after tax rose sharply to €173 million from €49 million in the prior year, with EPS up to €1.56 from €0.42.

• Strategic shift from new residential housing to renovation and infrastructure supported stability and margin expansion.

• Launched the "Fit for Growth" program targeting €15–20 million in annual savings.

Financial highlights

• Q1-3 2025 revenues: €3,517 million (+4% year-over-year); operating EBITDA: €584 million (margin 16.6%), slightly down from €602 million prior year.

• Q3 2025 revenues: €1,170 million (-1% year-over-year); operating EBITDA: €202 million (flat year-over-year).

• Free cash flow for Q1-3 2025 was €155 million, down from €174 million prior year, mainly due to higher working capital.

• Net debt at September 2025 was €1.88 billion, with net debt/EBITDA at 2.3x.

• Dividend payments and share buybacks totaled €135 million.

Outlook and guidance

• Full-year operating EBITDA guidance of €750 million is reaffirmed, with expectations for a strong Q4.

• Net debt/EBITDA ratio forecasted at 2.2–2.3x by year-end.

• Cost inflation for 2025 expected at 4–5%, mainly from labor and energy, with lower inflation anticipated in 2026.

• Price increases in 2025 expected to be challenging, with largely flat price development.

• Mid-term EBITDA target of over €1.2 billion remains, contingent on market recovery and lower mortgage rates.