Wienerberger AG

In Q2 2026, revenue increased 13% to EUR 1.4 billion, including 7% organic growth and 6% from scope. Operating EBITDA declined to EUR 230 million, while management cited a roughly EUR 30 million headwind from weaker residential housing in the U.S., U.K. and Canada and higher cost inflation from logistics, energy and resin. For H1 2026, revenue rose 4% and operating EBITDA was EUR 326 million, down 15% year over year. The company said inflation was about 7% in Q2 and 4% in H1. Full-year 2026 guidance was adjusted lower; management said it is working to offset about EUR 100 million of EBITDA headwind, expects a EUR 25 million contribution from Fit for Growth, plans a EUR 50 million organic working-capital reduction, and will reduce CapEx. It also disclosed a EUR 47 million settlement for a U.S. antitrust class action, which will reduce cash flow this year. Dagmar Steinert said year-end leverage is expected at 2.8x, with a maximum target of 2.4x by end-2027, and financing costs should rise by EUR 10 million in 2026, with interest cost at 4.0% versus 3.8% in 2025.

Gerhard Hanke’s message was that the first half was harder than expected because of harsh weather, the Middle East conflict, higher inflation and financing costs, and worse-than-expected residential housing markets in the U.S., U.K. and Canada. He emphasized that the company is shifting further toward renovation and infrastructure, which he described as more resilient, and said the recent acquisitions strengthen that transformation. His tone was pragmatic and defensive: the focus is on pricing, cost savings, working capital, CapEx discipline and leverage reduction to protect performance.

Dagmar Steinert highlighted the quarter’s math: Q2 revenue up 13% to EUR 1.4 billion, operating EBITDA down to EUR 230 million, and H1 operating EBITDA at EUR 326 million, down 15%. She broke out the pressure from weak new residential housing, underutilization and higher inflation, and said H1 working capital was up in absolute terms but down EUR 29 million organically despite inflation, with a EUR 50 million organic reduction still targeted by year-end. She also said financing costs will increase by EUR 10 million in 2026, the interest rate will be 4.0%, and leverage is expected to end the year at 2.8x.

Analysts focused on reconciling the EBITDA bridge, the implied H2 improvement, pricing versus cost inflation, leverage, and the effect of the Italcer acquisition and the U.S. settlement. Management said there were no material CO2 credits distorting comparisons, Q2 weakness was mainly due to more than EUR 20 million of lost contribution from U.K., U.S. and Canada new residential housing plus underutilization, and that July was tracking normally with no current prebuying. On pricing, management said the second half should see the full effect of recent increases, while cost inflation should moderate from Q2’s 7% as resin prices have already come down. They also said the EUR 47 million U.S. settlement was a rational business decision to remove litigation risk, and confirmed it does not change the timing of the Italcer call option.