Wienerberger AG

Second-quarter revenue increased 13% year over year to EUR 1.4 billion, driven by 7% organic growth and 6% scope from acquisitions. Operating EBITDA declined to EUR 230 million in Q2 and EUR 326 million for the first half, with management citing a EUR 30 million headwind from weaker residential housing markets and elevated cost inflation; first-half operating EBITDA was down 15% year over year. Management said inflation was about 7% in Q2 and 4% for H1. For the full year, pricing is expected to be about 5% in Europe, with a balanced price/cost dynamic in H2, while North America is still expected to show slightly negative pricing in the pipe business. Full-year operating EBITDA of EUR 700 million was referenced as the target to be achieved through pricing, about EUR 25 million from Fit for Growth, lower CapEx, and EUR 50 million of organic working-capital reduction; year-end net debt/EBITDA is expected at 2.8x.

Gerhard Hanke framed the first half as more challenging than expected because of harsh weather early in the year, the Middle East conflict, higher inflation and financing costs, and a further deterioration in U.S., U.K. and Canadian residential housing. He emphasized that the company is shifting further toward renovation and infrastructure, with recent deals helping diversify the portfolio and reduce cyclicality. His tone was defensive but confident: he repeatedly stressed discipline, execution, pricing power, and balance-sheet control as the key levers for the second half.

Dagmar Steinert highlighted that Q2 revenue was up 13% to EUR 1.4 billion, while operating EBITDA fell to EUR 230 million; for H1, operating EBITDA was EUR 326 million, down 15%. She said Q2 inflation was around 7%, with resin up 60% to 70% in Europe and gas and logistics also rising, and noted that pricing increases were only partly visible in Q2 because of timing lags. On cash and capital allocation, she pointed to a EUR 50 million net organic working-capital reduction target, lower CapEx than originally planned, and a stable financing cost outlook at 4% in 2026 versus 3.8% in 2025, though financing costs should still rise by EUR 10 million this year. She also explained the EUR 47 million Jet Stream settlement as a one-off that will reduce cash flow, and said leverage is expected to end 2026 at 2.8x.

Analysts focused on the Q2 EBITDA bridge, especially why the decline looked large despite pricing and scope benefits, and management said the main drag was weaker new residential housing in the U.K., U.S., and Canada plus underutilization in the plants. Questions also centered on whether the updated full-year assumptions imply a stronger H2; management said H2 should benefit from the full effect of price increases, a balanced price/cost picture, and a higher Fit for Growth contribution, while residential markets are not expected to improve materially. Another major topic was the EUR 47 million U.S. antitrust settlement: management said it was a business decision to remove litigation risk, that no wrongdoing was admitted, and that the issue related to a price-data portal used in the industry. Analysts also asked about leverage, CapEx, and the Italcer call option; management said the 2.8x year-end leverage target includes the current outlook, CapEx will be lower than originally communicated, and the Italcer call remains on track.