Wienerberger AG

Second-quarter revenue increased 13% year over year to EUR 1.4 billion, with 7% organic growth and 6% scope contribution. Operating EBITDA declined to EUR 230 million in Q2, and management cited a EUR 30 million headwind from weaker residential housing markets plus cost inflation from logistics, energy, and resin. For H1 2026, revenue was up 4% and operating EBITDA was EUR 326 million, down 15% year over year. Management said the full-year outlook reflects a roughly EUR 100 million EBITDA headwind from the market, plus about EUR 50 million cash outflow from the U.S. Jet Stream settlement; it expects pricing to be about 5% above the start of the year, Fit for Growth to contribute about EUR 25 million in 2026, CapEx to come in below the original plan, year-end leverage at 2.8x, and leverage to be below 2.4x by end-2027.

Interim CEO Gerhard Hanke framed the quarter as one where resilient end markets offset but did not fully balance a severe downturn in new residential housing in the U.S., U.K., and Canada. He said Wienerberger is intentionally shifting further toward renovation and infrastructure, which now make up around 60% of revenues after recent acquisitions. His tone was pragmatic and defensive: focus on pricing, cost control, working capital, and capital allocation rather than expecting an early housing recovery.

CFO Dagmar Steinert highlighted that Q2 revenue growth was 13%, with 7% organic and 6% from scope, but operating EBITDA declined because weak U.S./U.K./Canada new-build demand created underutilization and higher idle-cost pressure. She said Q2 inflation was around 7%, H1 inflation was 4%, and the second-half pricing/cost spread should be balanced as the full effect of price increases comes through. She also pointed to EUR 1.4 billion working capital in absolute terms, an organic reduction of EUR 29 million in H1, a target of at least EUR 50 million organic working-capital reduction, EUR 25 million from Fit for Growth in 2026, EUR 10 million higher financing costs and a 4% interest rate in 2026 versus 3.8% in 2025, and a U.S. settlement payment of USD 52 million/EUR 47 million as a one-off cash outflow.

Analysts pressed on why Q2 EBITDA was worse than expected, whether the decline reflected lost CO2 credit sales, and how much of the H2 recovery depends on pricing and cost savings. Management said there were no material CO2 credits in either period and explained that the full-year model assumes pricing increases fully flow through in H2, while inflation remains elevated but below the Q2 spike caused by the Middle East-related resin and energy shock. Questions also focused on the EUR 100 million headwind, the U.S. antitrust settlement, leverage, CapEx, and Italcer; management said the settlement was a business decision to remove legal risk, CapEx will be reduced, and the Italcer call option timing is not affected.