Wienerberger (WIE) Q4 2025 earnings summary

Executive summary

• Delivered strong FY 2025 results with stable profitability, 1% revenue growth to EUR 4,566m, and a robust operating EBITDA margin of 16.5%, despite significant market volatility and declining demand in core markets.

• Profit after tax doubled to EUR 168m, with EPS more than doubling year-over-year.

• Free cash flow reached EUR 474m, the second highest in company history, supporting debt reduction and disciplined capital allocation.

• Strategic focus shifted toward renovation and infrastructure, reducing dependence on new build markets and driving future growth.

• Announced acquisition of Italcer, a high-end tile producer, to strengthen the renovation segment and provide a new growth platform.

Financial highlights

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

• Profit after tax increased to EUR 168m from EUR 84m year-over-year.

• Free cash flow was EUR 474m (+14% year-over-year), the second highest in company history.

• Net debt reduced to EUR 1,637m, leverage at 2.2x at year-end 2025.

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

Outlook and guidance

• 2026 guidance assumes flat markets in residential, infrastructure, and renovation segments, with no structural recovery expected.

• Operating EBITDA guidance for 2026 is EUR 810m, including Italcer acquisition impact and a EUR 30m one-off energy inflation.

• Italcer expected to contribute up to EUR 100m EBITDA (including synergies) in 2026.

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

• First half of 2026 expected to be weaker due to harsh winter and slow market start.