Wienerberger (WIE) Q4 2025 earnings summary

Executive summary

• Achieved stable profitability in 2025 with an EBITDA margin of 16.5%, profit after tax of EUR 168 million, and free cash flow reaching EUR 474 million, despite significant market declines and cost inflation.

• Maintained strong cost discipline, reduced working capital to 20%, and further lowered net debt to EUR 1,637 million (2.2x leverage).

• Successfully integrated Terreal acquisition and announced Italcer acquisition to strengthen renovation and high-end tile segments.

• Strategic transformation increased focus on renovation and infrastructure, reducing dependence on new build markets.

Financial highlights

• Revenues grew 1% year-over-year to EUR 4,566 million; operating EBITDA was EUR 754 million (-1% year-over-year), margin 16.5%.

• Profit after tax nearly doubled to EUR 168 million; earnings per share more than doubled to EUR 1.52.

• Free cash flow reached EUR 474 million, the second highest in company history.

• Dividend proposal of EUR 0.95 per share, payout ratio at 28% of free cash flow, and EUR 30 million share buyback.

• Gross margin was 35.1%, down from 35.7% in 2024.

Outlook and guidance

• 2026 guidance: operating EBITDA of EUR 760 million for ongoing business, plus EUR 50 million from Italcer, totaling EUR 810 million.

• Markets expected to remain flat in residential, renovation, and infrastructure; no structural recovery anticipated.

• One-off EUR 30 million energy inflation impact in 2026 due to higher natural gas costs.

• CapEx planned at EUR 280 million for 2026, with EUR 100 million for high-return projects.

• Focus on operational excellence, cost optimization, and further working capital reduction.