Wienerberger (WIE) Q4 2024 earnings summary

Executive summary

• 2024 marked the third-best year, with operating EBITDA of €760 million and robust margins despite a challenging construction sector, especially in new residential housing in Germany and Austria, which declined over 25%.

• Disciplined cost management, operational efficiency, and restructuring delivered €100 million in profit improvements, maintaining a 16.8–17% EBITDA margin.

• Free cash flow reached €417 million, driven by working capital discipline and cost efficiency.

• Strategic acquisitions, notably Terreal, were integrated ahead of schedule, strengthening the roofing segment and supporting margin expansion.

• Sustainability initiatives advanced, including a CO2-neutral brick plant and an 18.5% reduction in Scope 1 & 2 emissions.

Financial highlights

• Revenues rose 7% year-over-year to €4,513 million, with scope changes contributing €544 million.

• Operating EBITDA was €760 million (margin 16.8–17%), with Terreal contributing €82 million.

• Net profit after tax was €80 million, reflecting substantial restructuring costs; adjusted EPS €2.05, reported EPS €0.72.

• Free cash flow improved by over €130 million year-over-year, reaching €417 million.

• Net debt at year-end was €1.75 billion, up 44% due to M&A and CapEx.

Outlook and guidance

• 2025 operating EBITDA guidance is set at approximately €800 million, assuming stable end markets and anticipated interest rate cuts.

• Targeting an operating EBITDA margin expansion from 16.8–17% to 17.5%.

• Maintenance CapEx planned at €140–180 million, gross CapEx at €150 million.

• Dividend proposal increased to €0.95 per share (+5.6%), with a 2% share buyback cancellation before AGM.

• Expecting stable infrastructure and renovation markets, with slight growth in new residential housing in Eastern Europe and the UK/Ireland.