Wienerberger Ag · VIE:WIE
Wienerberger — FY2024 Earnings Presentation
57 slides from Wienerberger's earnings presentation, Feb 26, 2025
Slide 1: Results FY 2024
RESULTS FY 2024 FEBRUARY 26, 2025 1
Slide 2: Cautionary Note Regarding Forward-Looking Statements
DISCLAIMER CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS › The information contained in this document has not been independently verified and no representation or warranty expressed or implied is made as to, and no reliance should be placed on the fairness, accuracy, completeness or correctne
Slide 3: Letter from the CEO
LETTER FROM THE CEO Dear Shareholders 2024 marked the third-best year in our company’s history, reflecting the strength of our strategy, our resilience, and our strong operational performance. Despite a challenging market environment, particular in the new residential housing segment, we maintained
Slide 4: Letter from the CEO: Accelerated Integration, Synergies and Strategic Growth
LETTER FROM THE CEO Strengthening Our Market Position: Accelerated Integration, Synergies and Strategic Growth A major milestone in 2024 was the successful completion and integration of Terreal, further strengthening our market position and our solution offering for the entire building envelope. The
Slide 5: Letter from the CEO: Ambitious Sustainability Goals
LETTER FROM THE CEO Ambitious Sustainability Goals: Driving Decarbonisation through Targeted Investment Sustainability has always been an integral part of wienerberger’s strategy. Our goal is to ensure that future generations can enjoy a high quality of life. To this end, we are committed to fightin
Slide 6: Letter from the CEO: Outlook
LETTER FROM THE CEO Outlook Looking ahead, while market conditions are improving slowly, we acknowledge the continued low visibility and high uncertainty in our end markets. Given this challenging environment, we remain committed to strict cost discipline and operational efficiency to expand operati
Slide 7: Third-Best Year in Our History
STRONG PERFORMANCE IN 2024 € 760 MN OPERATING EBITDA THIRD-BEST YEAR IN OUR HISTORY Made possible by 20,000+ skilled colleagues committed to excellence, customer focus, and delivering the highest quality. 7
Slide 8: End Markets Changed Substantially Throughout the Year 2024
DEEP DIVE: END MARKET DEVELOPMENT 2021-2024 – NEW RESIDENTIAL HOUSING MARKETS END MARKETS CHANGED SUBSTANTIALLY THROUGHOUT THE YEAR 2024 END MARKET DEVELOPMENT | AVG. 2021 = BASELINE AUG ‘24 NOV ‘24 INDEX DEVELOPMENT | AVG. 2021 = 100 AS BASELINE 105 New residential housing Q2 2024 below initial ass
Slide 9: Navigating Market Challenges
EXECUTIVE SUMMARY NAVIGATING MARKET CHALLENGES New residential housing recovery slower than expected › Rising interest rates and construction costs › Political uncertainties and regulatory changes › High market demand volatility affecting long-term planning › Drop of up to 25% in single and multi-fa
Slide 10: Leveraging Portfolio Diversification and Driving Efficiency
EXECUTIVE SUMMARY LEVERAGING PORTFOLIO DIVERSIFICATION AND DRIVING EFFICIENCY Our Response: Strategic adaptation Cost Management & Operational Efficiency › Flexible production cost structures › Streamlined operations & restructuring › Significant fixed cost savings Resilient Portfolio Performance ›
Slide 11: Delivering Strong Results
EXECUTIVE SUMMARY DELIVERING STRONG RESULTS € 760 mn € +100 mn € 417 mn Operating EBITDA Cost Savings Free Cashflow Disciplined cost management Strong financial discipline, Strong results demonstrate and operational efficiency lead focusing on working capital our resilience to robust margins and cap
Slide 12: Strengthening Our Market Position: Accelerated Integration, Synergies and Strategic Growth
EXECUTIVE SUMMARY STRENGTHENING OUR MARKET POSITION: ACCELERATED INTEGRATION, SYNERGIES AND STRATEGIC GROWTH Continental Europe Strategic Acquisitions Terreal successful completion and integration ahead of Driving Growth schedule UK & Ireland › Expanded portfolio and supply FloPlast and Cork Plastic
Slide 13: M&A 2024 - Supporting Our Transformation
M&A 2024 - SUPPORTING OUR TRANSFORMATION 3 1 3 4 5 7 1 Summitville Tiles (US) FACADE Maincore2 ~5x 3 2 Grain Plastics PIPES 6 3 3 Terreal ROOF 3 EV/EBITDA 4 Slatek OY PIPES after 3 years 5 Tekken AS PIPES and synergies 6 Betonarna Lesonice PAVERS 7 Maincor Ltd PIPES 13
Slide 14: Terreal: We Completed the Largest Acquisition in Our History
TERREAL WE COMPLETED THE LARGEST ACQUISITION IN OUR HISTORY 5 European countries market leader 29 for pitched roofs sites Doubling roofing sales to ~3,000 >75mn m2 employees annually 14
Slide 15: Driving Decarbonisation Through Targeted Investments
EXECUTIVE SUMMARY DRIVING DECARBONISATION THROUGH TARGETED INVESTMENTS Hejőpapi (HU) CO2 neutral production process Advancing Uttendorf (AT) decarbonization –90% and sustainable CO2 emissions construction Berca (RO) –4,000 tons/year CO2 emissions 15
Slide 16: Driving Innovation Deeply Intertwined with Sustainability
EXECUTIVE SUMMARY DRIVING INNOVATION DEEPLY INTERTWINED WITH SUSTAINABILITY Driving Sustainable Growth Innovation supports achieving our SUSTAINABILITY sustainability goals State of the art plants Continuous upgrades of our facilities lead to significant CO2 savings INNOVATION INNOVATION Resource ef
Slide 17: Financials Q4
FINANCIALS Q4 17
Slide 18: Financials 2024: Q4 Results
FINANCIALS 2024 Q4 RESULTS Revenue Operating EBITDA € 1,121 mn € 158 mn (Q4 2023: € 939 mn | +19%) (Q4 2023: € 146 mn | +9%) Net result Operating EBITDA margin € 34 mn 14% (Q4 2023: € 22 mn | +54%) (Q4 2023: 16% | –200bps) 18
Slide 19: Financials 2024
FINANCIALS 2024 19
Slide 20: Robust Results in a Difficult Market Environment
FINANCIALS 2024 ROBUST RESULTS IN A DIFFICULT MARKET ENVIRONMENT Revenue Operating EBITDA Operating EBITDA margin € 4,513 mn € 760 mn 17% (2023: € 4,224 mn | +7%) (2023 : € 811 mn | –6%) (2023: 19% | –200bps) Net result Cost management & self-help Terreal contribution* € 80 mn € +100 mn € +82 mn › E
Slide 21: Solid Demand in Infrastructure and Renovation, Mixed Picture in New Residential Housing
FINANCIALS 2024 SOLID DEMAND IN INFRASTRUCTURE AND RENOVATION, MIXED PICTURE IN THE NEW RESIDENTIAL HOUSING MARKET Europe West External revenues (in € mn) 2024 2023 Chg. in % › New residential housing › UK/Ireland developed positively, with the market recovery confirmed Europe West 2,544.3 2,193.1 1
Slide 22: Revenue Increase of +7% Supported by M&A
REVENUE BRIDGE FY 2024 REVENUE INCREASE OF +7% SUPPORTED BY M&A Revenue Bridge in € mn -6% organic +542 4,513 › UK/Ireland market recovery confirmed, solid volume 4,224 –134 –15 –110 development in Europe East +6 › Volume decline in ceramics in Europe West (AT, DE, BE, FR) & North America –3% 0% –3%
Slide 23: Volume Development 2024 vs. 2023
VOLUME DEVELOPMENT 2024 VS. 2023 NEW RESIDENTIAL HOUSING RELATED BUSINESS IN EUROPE WEST AND NORTH AMERICA DRIVE VOLUME DECLINE OF –3% Wall/Facade -2% Wall/Facade -12% Wall/Facade -5% Roof 0% Roof 0% Roof 0% Pipes -1% Pipes +3% Pipes 0% Europe -2% North America -8% Group -3% Note: Rounding differenc
Slide 24: Stable Sales Price Development Throughout 2024
PRICING DEVELOPMENT 2024 VS. 2023 STABLE SALES PRICE DEVELOPMENT THROUGHOUT 2024, HOLDING AT -3% BELOW 2023 WALL / FACADE › Intentional price initiatives mainly in Europe East led to lower average prices › Sound pricing development in new residential housing in North America despite market decline R
Slide 25: Cost Inflation at 0% from Rising Granulate and Energy Prices in H2
FINANCIALS 2024 COST INFLATION AT 0% FROM RISING GRANULATE AND ENERGY PRICES IN H2 Personnel costs Raw materials Raw materials Energy ceramics piping* +5% +1% –4% +4% Cost inflation 2024: 0% Cost inflation H1: ~–1.5% | Cost inflation H2: ~+1.5% * Includes granulates and other raw materials for pipin
Slide 26: Price over Cost 2024
PRICE OVER COST 2024 PIPES AND EUROPEAN WALL/FAÇADE BUSINESS MAINLY AFFECTED BY PRICE-COST DEVELOPMENT Wall/Facade Roof Pipes € –57mn € 0mn € –46mn Europe € -61mn Europe € 0mn Europe € -21mn NOAM € +4mn NOAM € 0mn NOAM € -25mn GROUP € –103mn Note: Rounding differences may arise from automatic proces
Slide 27: Sound Operating EBITDA Margin of 17% in Challenging Market Environment
FINANCIALS FY 2024 SOUND OPERATING EBITDA MARGIN OF 17% IN CHALLENGING MARKET ENVIRONMENT WALL / FACADE ROOF PIPING 16% 23% 19% Operating EBITDA Margin Operating EBITDA Margin Operating EBITDA Margin › New residential housing market › Low production level due to › Stable margin despite Sales price d
Slide 28: Cost Management and Self-Help Savings 2024
COST MANAGEMENT AND SELF-HELP SAVINGS 2024 INTENSIFIED COST MANAGEMENT AND EFFICIENCY IMPROVEMENTS SUPPORT PROFITABILITY COST MANAGEMENT SELF-HELP PROGRAM 2024 savings of 2024 EBITDA contribution of € 59 mn € 41 mn €100 mn savings for full-year 2024 achieved 28
Slide 29: Lower Production Output Affecting Profitability and Cash Flow
FINANCIALS 2024 – DEEP DIVE P&L LOWER PRODUCTION OUTPUT AFFECTING PROFITABILITY AND CASH FLOW PRODUCTION EBITDA CASH FLOW + Less energy consumption and lower emissions led to a surplus in CO2 credits and Disciplined energy volumes production activity Inflows from working and reduction of capital opt
Slide 30: Resilient Result in a Challenging Market Environment
OPERATING EBITDA BRIDGE 2024 RESILIENT RESULT IN A CHALLENGING MARKET ENVIRONMENT Operating EBITDA Bridge in € mn –16% › Negative volume impact from lower capacity 811 –120 organic +77 760 utilisation and uncovered fixed cost –103 +100 –5 › Price over cost impact mainly from Pipes and European Wall/
Slide 31: One-Off Items to Be Considered for Normalization of 2024 Results
FY 2024 ONE-OFF ITEMS TO BE CONSIDERED FOR NORMALIZATION OF 2024 RESULTS in € mn Operating EBITDA 760.0 Structural adjustments –77.6 One-time restructuring costs (Other operating expenses) Sale of non-core assets 16.4 Sale of non-core real estate (Other operating income) Sale of assets 7.8 Sales gai
Slide 32: Earnings per Share Impacted by One-Off Items
FINANCIALS 2024 – DEEP DIVE PROFIT AFTER TAX EARNINGS PER SHARE IMPACTED BY ONE-OFF ITEMS Adjusted EPS of € 2.05 +42.2 225.9 +50.6 -7.8 EPS of € 0.72 +77.6 79.8 –16.4 in € mn *Thereof attributable to equity holders of the parent company, based on the 110,258,000 weighted average shares outstanding *
Slide 33: Strong Free Cash Flow Generation of € 417 mn (+62%)
FINANCIALS 2024 STRONG FREE CASH FLOW GENERATION OF € 417 MN (+62%) FREE CASH FLOW DEVELOPMENT MAIN DRIVERS 2024 › Cost management & self-help program 760 -78 -143 › Strict working capital management +133 -135 -67 -16 456 -37 417 › Disciplined maintenance capex including in € mn Terreal plants › Div
Slide 34: M&A-Driven Net Debt Increase Mitigated by Solid Gross Cash Flow
NET DEBT BRIDGE FY 2024 M&A-DRIVEN NET DEBT INCREASE MITIGATED BY SOLID GROSS CASH FLOW AND WORKING CAPITAL INFLOWS Net Debt Bridge in € mn +137 +42 1,753 1,215 –456 +814 M&A and Growth Capex –133 impact +135 +44% Note: Rounding differences may arise from automatic processing of data *Gross Cash Flo
Slide 35: Attractive Shareholder Return
FY 2024 ATTRACTIVE SHAREHOLDER RETURN DIVIDEND PROPOSAL Increased dividend per share € 0.95 | +5.6% (FY 2023: € 0.90) › Share buyback € 33 mn (ended Oct 2024) › 2% cancellation planned › Payout ratio of 33% of free cash flow, in line with 20-40% range 35
Slide 36: Ongoing Business 2025
ONGOING BUSINESS 2025 36
Slide 37: Wienerberger's Estimates with Respect to End Market Development in 2025
END MARKET DEVELOPMENT WIENERBERGER’S ESTIMATES WITH RESPECT TO END MARKET DEVELOPMENT IN 2025 110 END MARKET DEVELOPMENT | AVG. 2021 = BASELINE 100 INFRASTRUCTURE STABLE 90 RENOVATION 80 SLIGHT GROWTH 70 New Residential Housing NEW RESIDENTIAL HOUSING 60 Infrastructure STABLE Renovation 50 2021 202
Slide 38: Assumptions for 2025
ASSUMPTIONS FOR 2025 End markets Interest Ukraine stable rate cuts Positive sentiment not As expected by No rebound built-in for yet materializing markets potential Ukraine peace deal and governmental initiatives 38
Slide 39: End Market Development: Renovation
END MARKET DEVELOPMENT RENOVATION #1 Market development: Roof systems #2 › Slight growth in Eastern Europe and UK/Ireland Piping systems › Stable in Western/Northern Europe › Stable in US and Canada Revenue share of 35% #3 Façade systems Note: size of bubbles in accordance with importance in product
Slide 40: End Market Development: Infrastructure
END MARKET DEVELOPMENT INFRASTRUCTURE Market development: › Stable in Eastern, Western and Northern Europe #1 › Slight growth in UK/Ireland Piping systems › Stable in US and Canada #2 Pavers Revenue share of 20% Note: size of bubbles in accordance with importance in product groups 40
Slide 41: End Market Development: New Residential Housing
END MARKET DEVELOPMENT NEW RESIDENTIAL HOUSING #1 Market development: Façade systems › Slight growth in Eastern Europe and UK/Ireland #2 Wall systems › Stable in Western Europe – except NL slight growth › Stable in US and Canada Revenue share of 45% #3 Roof systems Note: size of bubbles in accordanc
Slide 42: General Positive Market Observations
GENERAL POSITIVE MARKET OBSERVATIONS More positive sentiment than in 2024 Strong underlying demand in all markets for new residential housing Increasing pressure on policy makers for more social housing Governmental incentives under review and discussion Renovation programs to be decided by national
Slide 43: Potential Catalysts for Growth in 2025
POTENTIAL CATALYSTS FOR GROWTH IN 2025 Governmental initiatives to materialize particularly in the UK and Europe Alternative models for financing social housing (i.e. EIB) Political stability after elections Further interest rate cuts Ukraine peace deal 43
Slide 44: Wienerberger's Action Plan for 2025
WIENERBERGER’S ACTION PLAN FOR 2025 Continuous efforts on Net interest result Depreciation system innovations to € -100 mn € 380 mn reach 35% by 2026 Growth CAPEX Tax ratio Maintenance CAPEX € 150 mn 23% € 140 mn Expanding Operating EBITDA Margin to 17.5 % 44
Slide 45: Outlook 2025
OUTLOOK 2025 WIENERBERGER WILL REACH € 800 MN UNDER THE FOLLOWING CIRCUMSTANCES 800 mn Outlook assumptions are based on › stable end market developments throughout €~ 2025 › further interest rate cuts in line with current operating EBITDA market expectations 45
Slide 46: Operating EBITDA Expected at € ~130 mn for Q1 2025
OUTLOOK Q1 2025 OPERATING EBITDA EXPECTED AT € ~130 MN FOR Q1 2025 OPERATING EBITDA OUTLOOK | Q1 2025 ~130 › Stable sales volumes vs. Q1 2024 115 › Slightly negative price/cost spread expected in Q1 2025 › Further positive cost management impact out of in € mn restructurings 2024 Q1 2024 Q1 2025e 46
Slide 47: Rebuild Ukraine
REBUILD UKRAINE In the likely event of a peace deal, increasing demand for our products in wall, facade, roofing, and piping systems wienerberger is ideally positioned in all neighboring countries with free capacities Swift increase of capacity and immediate deliveries possible Competent teams on th
Slide 48: Wienerberger Is Well Positioned to Support the Reconstruction of Ukraine
WIENERBERGER IS WELL POSITIONED TO SUPPORT THE RECONSTRUCTION OF UKRAINE Our plants in the neighboring countries are ready to serve Sufficient free capacity – overall 57% capacity utilization in 2024 We provide products and system solutions for the whole building Ukraine envelope, renovation and inf
Slide 49: Mid-Term Strategy
MID-TERM STRATEGY 49
Slide 50: Clear Capital Allocation Policy
CAPITAL ALLOCATION POLICY CLEAR CAPITAL ALLOCATION POLICY M&A Dividend Share buyback Maintenance depending on Policy policy capex opportunities Repurchase and € 160–180 mn Growth CAPEX cancellation of 1–2% of the incl. ESG3) p.a.2) share capital annually 20–40% of free cash flow to be returned to sh
Slide 51: Pursuing Organic Growth
STRENGTHENING OUR MARKET POSITION PURSUING ORGANIC GROWTH HIGH CONTINUED INNOVATION OPERATIONAL RATE EFFICIENCY AND TARGET 2026: INCREASE IMPROVED CAPACITY >35% UTILISATION SYSTEM SOLUTIONS Particularly in the piping and roofing divisions 51
Slide 52: Strong Growth by M&A
STRONG GROWTH BY M&A Strong TRACK RECORD of transactions Successful INTEGRATION and COST SYNERGY Substantial and delivery VALUE ENHANCING pipeline of potential M&A transactions 52
Slide 53: Rebound of End Markets
REBOUND OF END MARKETS › Important spare capacity to meet increasing demand › More efficient and cost-effective industrial base in all regions › Strong portfolio of systems/products for renovation, infrastructure and new residential housing END MARKET DEVELOPMENT | AVG. 2021 = BASELINE 110 100 90 In
Slide 54: Wienerberger Geared Towards Growth
WIENERBERGER GEARED TOWARDS GROWTH Mid-term target of € >1.2 bn Operating EBITDA Depending on underlying market demand in the different end markets 54
Slide 55: Follow Our IR LinkedIn Channel and Stay Up to Date
FOLLOW OUR IR LINKED-IN CHANNEL AND STAY UP TO DATE! Get the latest news and insights on our results, our businesses and the latest developments at first hand. Click here to follow 55
Slide 56: Contact / Financial Calendar
CONTACT Wienerberger AG Investor Relations Wienerbergerplatz 1, 1100 Vienna wienerberger.com/en/investors investor@wienerberger.com +43 1 60192 10221 FINANCIAL CALENDAR March 31, 2025 Publication Annual Report 2024 May 16, 2025 156th Annual General Meeting May 20, 2025 Update for the First Quarter o
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