Wienerberger (WIE) Q4 2025 earnings summary

Executive summary

• Delivered strong FY 2025 results with high profitability, stable EBITDA margin of 16.5%, and profit after tax of EUR 168 million, with EPS more than doubling year-over-year.

• Free cash flow reached EUR 474 million, the second highest in company history, supporting further debt reduction and operational excellence.

• Strategic transformation increased focus on renovation and infrastructure, reducing dependence on new build markets and driving growth in roofing and piping solutions.

• Successfully integrated prior acquisitions, including Terreal and GSEI, and announced the acquisition of Italcer to strengthen the renovation segment.

Financial highlights

• Revenues grew 1% year-over-year to EUR 4,566 million; operating EBITDA reached EUR 754 million, in line with guidance, with a margin of 16.5%.

• Profit after tax nearly doubled to EUR 168 million, and free cash flow rose 14% to EUR 474 million, driven by working capital improvements and lower tax payments.

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

• Net debt reduced to EUR 1,637 million (2.2x leverage), with equity ratio improved to 46% and gearing to 58%.

• Factoring at year-end 2025 was close to EUR 200 million, with working capital ratio to revenues improved to 20%.

Outlook and guidance

• 2026 guidance: operating EBITDA of EUR 810 million, including Italcer acquisition impact; no structural recovery expected in residential, renovation, or infrastructure markets.

• One-off energy inflation of EUR 30 million in 2026 due to higher natural gas costs, not expected to recur.

• CapEx planned at EUR 280 million for 2026, with EUR 100 million for high-return projects and EUR 160 million for maintenance.

• Focus on optimization, efficiency, and Fit for Growth program to deliver EUR 15-20 million annual savings.

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