Wienerberger (WIE) Q3 2025 earnings summary

Executive summary

• Q3 2025 delivered resilient results with group revenues of €3.5 billion and operating EBITDA of €584 million for Q1-3, broadly in line with the prior year, despite challenging market conditions.

• Profit after tax rose sharply to €173 million from €49 million in the prior year period; EPS increased to €1.56 from €0.42.

• Strategic focus on renovation and infrastructure, supported by acquisitions and transformation, drove stability and outperformance in ceramics, pipes, and roofing.

• Launched the "Fit for Growth" program to enhance efficiency and competitiveness, targeting €15–20 million in annual savings.

• Expanded European presence through strategic acquisitions, including Terreal, MFP, and full ownership of GSE Integration.

Financial highlights

• Q1-3 2025 revenues: €3.5 billion (+4% year-over-year); operating EBITDA: €584 million (down 3% year-over-year); margin at 16.6%.

• Q3 2025 revenues: €1.2 billion (down 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 in Q1-3 2024, mainly due to higher working capital.

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

• Dividend payments and share buybacks totaled €135 million.

Outlook and guidance

• Full-year operating EBITDA guidance reaffirmed at €750 million, requiring a strong Q4 performance.

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

• Cost inflation expected to moderate in 2026, below the 4%-4.5% seen in 2025; price increases anticipated to be challenging in 2025.

• Fit for Growth program to deliver €15–20 million annual savings starting next year.

• Market environment remains volatile with persistent macroeconomic headwinds and no immediate recovery in new residential markets.