Wienerberger (WIE) Q1 2026 earnings summary

Executive summary

• Q1 performance was weak due to severe weather in January and February, but volumes recovered in March, aligning with guidance.

• Revenue declined 7% year-over-year, with operating EBITDA at €97 million, significantly below last year.

• Strategic focus remains on integrating Italcer and NEWS Group acquisitions, with Italcer expected to contribute €50 million to operating EBITDA.

• Full-year guidance is reiterated despite limited visibility due to geopolitical uncertainty, particularly from the Middle East conflict.

Financial highlights

• Revenues declined 7% year-over-year to €1,025m in Q1 2026, mainly due to volume declines from weather impacts.

• Operating EBITDA dropped 26% year-over-year to €97m.

• Profit after tax was -€30m, down from €5m in Q1 2025.

• Gross margin decreased to 32.1% from 33.6% year-over-year.

• Free cash flow was -€286m, reflecting higher working capital outflows.

Outlook and guidance

• Full-year operating EBITDA guidance of €810 million is maintained, including €50 million from Italcer.

• No structural recovery expected in residential construction; infrastructure and renovation markets seen as flat.

• Cost inflation expected to rise in coming quarters due to energy and raw material prices, with mitigation through price increases and cost discipline.

• Limited visibility due to Middle East conflict.

• Stronger performance anticipated in the second half of the year.