Wienerberger Ag · VIE:WIE
Wienerberger — H1 2024 Earnings Presentation
16 slides from Wienerberger's earnings presentation, Aug 2, 2024
Slide 1: H1 2024 Update Call with Analysts
H1 2024 UPDATE CALL WITH ANALYSTS 1
Slide 2: Performance and results in Q2 meet expectations
UPDATE CALL H1 2024 PERFORMANCE IN THE SECOND QUARTER OF 2024 CONFIRMS H1 GUIDANCE Performance and results in Q2 meet expectations. 2
Slide 3: Second quarter results as expected
UPDATE CALL H1 2024 SECOND QUARTER RESULTS AS EXPECTED Cost Solid management organic above growth expectations ✓ Operating EBITDA Q2 2024 € ~285 mn Self-help program Terreal on target integration on track Timely restructuring measures 3
Slide 4: Second quarter results as expected
UPDATE CALL H1 2024 SECOND QUARTER RESULTS AS EXPECTED Cost Solid management organic above growth expectations › Resilient performance supported by the renovation and infrastructure segments ✓ › Eastern European new residential Operating EBITDA housing market recovery confirmed Q2 2024 › Slightly in
Slide 5: 2024: A major election year in our markets
UPDATE CALL H1 2024 2024: A MA JOR ELECTION YEAR IN OUR MARKETS › 2024 is a major election year with some unexpected results so far (e.g. France, Netherlands) › European Parliament Election * 2024/New EU-Commission › Restrained decision making in election years › Certain elections create uncertainti
Slide 6: Positive sentiment for housing markets supported by EU-wide and national initiatives
UPDATE CALL H1 2024 POSITIVE SENTIMENT FOR HOUSING MARKETS SUPPORTED BY EU- WIDE AND NATIONAL INITIATIVES Netherlands › EU Launches key housing initiatives: +100,000 new homes Belgium › Implementation of a Housing Commissioner annually 1 € bn Germany › Affordable Housing Plan to stimulate the Invest
Slide 7: Wienerberger's end market development H1 2024
UPDATE CALL H1 2024 WIENERBERGER’S END MARKET DEVELOPMENT H1 2024 wienerberger OVERALL wienerberger MARKET EXPOSURE * END MARKET DEVELOPMENT PRICING Renovation 35% Stable Stable (Europe) Infrastructure 18% Increasing Stable (Europe & North America) New Residential 47% Europe East Increasing Declinin
Slide 8: Deep dive: development of new residential housing markets and pricing H1 2024
UPDATE CALL H1 2024 DEEP DIVE: DEVELOPMENT OF NEW RESIDENTIAL HOUSING MARKETS AND PRICING H1 2024 NEW RESIDENTIAL HOUSING MARKET OVERALL wienerberger END MARKET DEVELOPMENT PRICING wienerberger focuses on maintaining market Europe East Increasing New residential housing market recovery underway Decl
Slide 9: Positive sentiment for new residential housing market
UPDATE CALL H1 2024 POSITIVE SENTIMENT FOR NEW RESIDENTIAL HOUSING MARKET › Positive development in Eastern European new residential housing markets › Slight increase in UK / Ireland new residential housing construction › Bottoming out in Central Western European (AT/DE/FR/BE/NL) new residential hou
Slide 10: Swift cost optimization in response to market conditions
UPDATE CALL H1 2024 SWIFT COST OPTIMIZATION IN RESPONSE TO MARKET CONDITIONS Due to the current market environment, wienerberger focused on optimizing cost structures, placing substantial emphasis on cost saving measures and Self-Help initiatives by reducing overhead costs and restructuring its indu
Slide 11: Operating EBITDA drivers Q2 2024 vs. Q2 2023
UPDATE CALL H1 2024 OPERATING EBITDA DRIVERS Q2 2024 VS. Q2 2023 › Organic volume growth by growing markets in Eastern Europe and UK/Ireland EBITDA effect: € ~+15 mn Operating EBITDA ✓ › Implementation of cost saving measures and Self-Help initiatives Q2 2024 EBITDA effect: € ~+30 mn confirmed › Ter
Slide 12: Operating EBITDA bridge H1 2024 vs. H1 2023
UPDATE CALL H1 2024 OPERATING EBITDA BRIDGE H1 2024 VS. H1 2023 Volume drop in new residential housing business › € –30 mn Central Western Europe (AT/DE/FR/BE/NL) › € –15 mn North America › All other markets overall stable Price development in new residential housing business € 454 mn › Thereof € –3
Slide 13: Strong EBITDA margin
UPDATE CALL H1 2024 STRONG EBITDA MARGIN Despite the difficult new residential housing markets in certain regions, a strong EBITDA margin of >18% is expected in the first half of 2024, thanks to strict cost and efficiency measures 13
Slide 14: Outlook H2 2024
UPDATE CALL H1 2024 OUTLOOK H2 2024 › Initial market assumptions for 2024 were based on a stronger improvement in new residential housing markets especially in H2 2024. However, this development is currently not confirmed: › Market for single-family homes (SFH) is significantly below expectations ›
Slide 15: Market pick-up expected in 2025, normalizing in 2026
UPDATE CALL H1 2024 MARKET PICK-UP EXPECTED IN 2025, NORMALIZING IN 2026… 2024 2025 2026 Bottom-building Full market recovery Normalized year + market level Cost savings from measures in 2024 will additionally contribute to the 2025 results 15
Slide 16: We confirm our mid-term target for 2026
UPDATE CALL H1 2024 …THEREFORE, WE CONFIRM OUR MID-TERM TARGET FOR 2026 Governmental initiatives support new residential housing markets Operating EBITDA 2026 >1.2 bn Strong underlying housing demand € confirmed. Increased regulations for energy efficient housing 16