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Wienerberger: Wienerberger's FY 2025 Results: Resilient Performance Amidst Challenging Market Conditions

Wienerberger delivered a stable set of results in FY 2025, with revenues and operating EBITDA remaining flat despite a tough market. The company's EBITDA margin stood at 16.5%, unchanged from the previous year. Earnings per share (EPS) came in at -0.0407, missing analyst estimates of 0.3058. The company's revenue growth was driven by innovative products, which now account for 34% of total revenues. As Heimo Scheuch noted, "We delivered our guidance, with an EBITDA margin of 16.5%, flat compared to last year."

WIE.VI

EUR 28.08

-0.14%

A-Score: 4.8/10

Publication date: February 24, 2026

Full Report

Author: Analystock.ai

📋 Highlights
  • 2025 EBITDA Margin Stability: Maintained 16.5% EBITDA margin despite a 5% market decline and high cost inflation.
  • Revenue Growth from Innovation: 34% of revenues now driven by innovative products, boosting profitability in challenging markets.
  • Free Cash Flow & Debt Reduction: Achieved second-highest free cash flow, reducing net debt by EUR 120M and leverage to 2.2x.
  • 2026 EBITDA Guidance: Targeting EUR 810M operating EBITDA, with EUR 30M energy inflation burden and EUR 82M EBITDA contribution from Italcer.
  • Italcer Acquisition Impact: EUR 560M equity value acquisition expected to enhance renovation segment, with EUR 10M+ synergies in 2026.

Segmental Performance

The company's performance varied across regions. In Western Europe, revenues were stable, with a 2% volume increase in the new build segment. The roofing business was the main contributor, with a strong share in the renovation market. In Eastern Europe, revenues remained flat, driven by the new build business. North America saw a significant decline in the market, with a 30% drop in new residential housing in Canada. However, Wienerberger's piping business performed well, with a 20% share of the company's business.

Cash Flow and Balance Sheet

Wienerberger generated a strong free cash flow, which was the second highest in company history. The company reduced its net debt by EUR 120 million, bringing its leverage down to 2.2. The balance sheet remains robust, with a solid equity ratio of 46%. The company's gross debt was reduced by 10%, and net debt was reduced by 7%.

Outlook and Guidance

Wienerberger expects a challenging FY 2026, with a weaker start due to harsh winter conditions. The company anticipates a flat residential market with no structural recovery and flat infrastructure and renovation markets. Inflation is expected to be around 2.5%, compensated by price increases of up to 2%. The company has guided for an operating EBITDA of EUR 760 million, down from EUR 790 million due to a one-off energy inflation burden of EUR 30 million.

Valuation

Based on the current stock price, Wienerberger trades at a P/E Ratio of 20.6, EV/EBITDA of 6.54, and a Dividend Yield of 3.41%. The company's ROE stands at 5.98%, while its ROIC is 4.56%. The Net Debt / EBITDA ratio is 2.35. Analysts estimate revenue growth at 4.2% for the next year. These valuation metrics indicate that the market is pricing in a moderate growth outlook for the company.

Wienerberger's A-Score