Wienerberger Ag · VIE:WIE
Wienerberger — H1 2025 Earnings Presentation
41 slides from Wienerberger's earnings presentation, Aug 13, 2025
Slide 1: Results H1 2025
RESULTS H1 2025 AUGUST 13, 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 – H1 2025
LETTER FROM THE CEO – H1 2025 Dear Shareholders In the first half of 2025, wienerberger once again demonstrated its resilience in a persistently challenging market environment: Group-wide revenue grew by 6% year-on-year to € 2.3 billion while operating EBITDA reached € 383 million. These results ref
Slide 4: Letter from the CEO – Regional Developments
LETTER FROM THE CEO – H1 2025 Regional Developments In Western Europe, we recorded solid growth supported by strong roofing and solar PV business in France and renovation-driven demand in the Netherlands. Germany remains challenging, but product mix improvements and targeted repositioning stabilized
Slide 5: H1 2025 – Highlights
H1 2025 – HIGHLIGHTS SOLID PERFORMANCE IN H1 Revenues € 2,346 mn 2025 Guidance Increase by 6% demonstrates resilience confirmed Operating EBITDA €~ 800 mn € 383 mn estimated 2025 Solid development despite challenging market operating EBITDA environment Robust margins through operational discipline 5
Slide 6: Market Developments in the First Half of 2025
H1 2025 - HIGHLIGHTS MARKET DEVELOPMENTS IN THE FIRST HALF OF 2025 LONG-TERM Macro Environment BORROWING RATE › Overall challenging economic backdrop (June 2025) › Persistently high interest rates continued to weigh on new build recovery Europe North America › No direct impact from US trade tariffs,
Slide 7: Stable Performance in Infrastructure and Renovation Offsets Downturn in New Build
H1 2025 - HIGHLIGHTS STABLE PERFORMANCE IN INFRASTRUCTURE AND RENOVATION SEGMENTS OFFSETS DOWNTURN IN NEW BUILD Europe West › Solid performance driven by Roofing, Solar PV, and Renovation demand › France, Netherlands, and the UK contributed to growth despite ongoing market challenges › German constr
Slide 8: H1 Performance Demonstrates Strength and Adaptability
H1 2025 - HIGHLIGHTS H1 PERFORMANCE DEMONSTRATES 2024 STRENGTH AND ADAPTABILITY Infrastructure 20% New Shift towards renovation and infrastructure reduces Residential 45% Housing exposure to cyclical new build markets and enhances resilience 35% Swift and decisive actions implemented in response to
Slide 9: Acquisition of MFP: Strengthened Position in Irish/UK Piping Market
M&A ACQUISITION OF MFP: STRENGTHENED POSITION IN IRISH/UK PIPING MARKET MFP 2024 revenue: € 25 mn Positions wienerberger to capture growth in Enhanced residential and infrastructure markets in IRE/UK offering: Piping solutions for drainage, roofline and cable ducting systems Drives synergies by cons
Slide 10: 100% Stake in GSEi: Strengthened Position in In-Roof PV Market
M&A 100% STAKE IN GSEI: STRENGTHENED POSITION IN IN-ROOF PV MARKET IN EUROPE GSEi 2024 revenue: € 82 mn Expansion in in-roof photovoltaics in Europe France-based in- in line with rising demand vs. on-roof systems roof PV specialist with universal, cost-efficient and aesthetic solutions Essential ste
Slide 11: Decarbonization as a Growth Driver
DECARBONIZATION AS A GROWTH DRIVER TWO PROJECTS, ONE DIRECTION: CARBON-NEUTRAL CONSTRUCTION Energy Performance of Buildings Directive (EPBD) requires ZEB standards for buildings from 2028 and 2030 in Europe Zero-Emission Building (ZEB) Public projects Fossil-Free Croatia must align with climate targ
Slide 12: Financials
FINANCIALS 12
Slide 13: H1 2025 Results Highlights
FINANCIALS H1 2025 - GROUP H1 2025 RESULTS HIGHLIGHTS Revenues Operating EBITDA (in € mn) (in € mn) +6% -4% 2,346 400 2,213 383 18.1% 16.3% H1 2024 H1 2025 H1 2024 H1 2025 13
Slide 14: H1 Volume Growth of +2% Driven by European Ceramics
FINANCIALS H1 2025 - GROUP H1 VOLUME GROWTH OF +2% DRIVEN BY EUROPEAN CERAMICS Ceramics +5% Ceramics +4% Ceramics –7% Pipes +1% Pipes –1% Pipes +6% Europe West +4% Europe East +2% EUROPE +3% NORTH AMERICA –4% OVERALL INCREASE: +2% Note: Rounding differences may arise from automatic processing of dat
Slide 15: Ceramics Europe and Terreal Contribute to Revenue Growth of +6%
FINANCIALS H1 2025 - GROUP CERAMICS EUROPE AND TERREAL CONTRIBUTE TO REVENUE GROWTH OF +6% Revenue Bridge in € mn +6% COMMENTS 112 2,346 › Organic growth supported by volume growth in Ceramics Europe, driven by solid demand in UK/Ireland, Eastern Europe, the Netherlands, and Belgium 30 -9 › Partiall
Slide 16: Cost Inflation Impact Operating EBITDA, Partially Offset by Volume and Efficiency Gains
FINANCIALS H1 2025 - GROUP COST INFLATION IMPACT OPERATING EBITDA, PARTIALLY OFFSET BY VOLUME AND EFFICIENCY GAINS Operating EBITDA Bridge in € mn COMMENTS -4% 400 -28 -2 13 383 › Elevated cost inflation – primarily related to personnel and energy – impacted organic growth -7% › Volume improvements
Slide 17: Cost Inflation at +4.5% in H1 2025
FINANCIALS H1 2025 - GROUP COST INFLATION AT +4.5% IN H1 2025 FROM RISING PERSONNEL COST AND ENERGY PRICES Personnel costs Raw materials Raw materials Energy Ceramics Pipes +5% +3% 0% +15% Cost inflation H1 2025: +4.5% 17
Slide 18: H1 2025 - Operating Segments
FINANCIALS H1 2025 – SEGMENTS H1 2025 - OPERATING SEGMENTS Europe West Europe East North America +11% +12% +3% 1,379 -6% 1,240 -8% -29% 205 575 592 in € mn 183 398 376 112 103 105 75 14.7% 14.9% 19.5% 17.3% 26.5% 19.9% H1 2024 H1 2025 H1 2024 H1 2025 H1 2024 H1 2025 H1 2024 H1 2025 H1 2024 H1 2025 H
Slide 19: Free Cash Flow Drivers
FINANCIALS H1 2025 - GROUP FREE CASH FLOW DRIVERS COMMENTS in € mn H1 2025 H1 2024 Operating EBITDA 383 400 › Free cash flow in line with prior year Net interest -43 -36 › Solid Free cash flow contribution in Q2 Income taxes paid -29 -46 of € 124 mn following normal seasonality in Q1 € -175 mn Chang
Slide 20: Balance Sheet KPIs
FINANCIALS H1 2025 - GROUP BALANCE SHEET KPIS Working Capital Working Capital / Net Debt / COMMENTS (in € mn)1) Revenues (in %)1)2) operating EBITDA* 1,486 35.1 2.7 1,329 28.6 2.6 2.3 › Working capital higher vs. FY 24, 1,092 23.7 reflecting typical business seasonality › Lower than H1 24, supported
Slide 21: Q2 2025 Results Highlights
FINANCIALS Q2 2025 - GROUP Q2 2025 RESULTS HIGHLIGHTS Revenues Operating EBITDA (in € mn) (in € mn) -1% -11% 1,261 1,247 285 253 22.6% 20.3% Q2 2024 Q2 2025 Q2 2024 Q2 2025 21
Slide 22: Executive Summary
H1 2025 – FINANCIALS EXECUTIVE SUMMARY End markets still challenging Revenue +6% › New residential housing remains weak in majority of € 2,346 mn European markets › Strong decline in new residential in North America › Stable performance in infrastructure and renovation segments Pricing and elevated
Slide 23: Ongoing Business 2025: Guidance Confirmed
ONGOING BUSINESS 2025 GUIDANCE 2025 CONFIRMED › Macroeconomic environment to remain challenging, no meaningful market recovery €~ 800 mn expected in H2 estimated 2025 › Continued cost efficiency measures across regions operating EBITDA 23
Slide 24: Contact Details
CONTACT DETAILS investor@wienerberger.com | +43 1 60192 10221 | www.wienerberger.com | ISIN: AT0000831706 | ADR ISIN: US9676621074 Financial Calendar and upcoming events 2025 and .2026. Follow us on LinkedIn! Date Event 09/04/2025 Corporate Conference 2025, Frankfurt / Commerzbank & ODDO BHF 09/10/2
Slide 25: Appendix
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Slide 26: Q2 2025 Volume Development
APPENDIX Q2 2025 VOLUME DEVELOPMENT Ceramics +4% Ceramics –1% Ceramics –7% Pipes –1% Pipes –5% Pipes +4% Europe West +2% Europe East –2% EUROPE +1% NORTH AMERICA –5% OVERALL: 0% Note: Rounding differences may arise from automatic processing of data 26
Slide 27: Q2 2025 Revenue Bridge
APPENDIX Q2 2025 REVENUE BRIDGE -1% 1,261 -10 -15 11 1,247 -1% in € mn Q2 2024 Organic Growth FX Scope Q2 2025 Note: Rounding differences may arise from automatic processing of data 27
Slide 28: Q2 2025 Operating EBITDA Bridge
APPENDIX Q2 2025 OPERATING EBITDA BRIDGE -11% 285 -30 -2 0 253 -11% in € mn Q2 2024 Organic Growth FX Scope Q2 2025 Note: Rounding differences may arise from automatic processing of data 28
Slide 29: Q2 2025 - Operating Segments
APPENDIX Q2 2025 - OPERATING SEGMENTS Europe West Europe East North America +3% -2% 712 730 -11% 0% 329 321 -18% in € mn 220 196 -26% 136 136 85 70 64 47 19.1% 18.6% 25.9% 21.7% 29.0% 24.1% Q2 2024 Q2 2025 Q2 2024 Q2 2025 Q2 2024 Q2 2025 Q2 2024 Q2 2025 Q2 2024 Q2 2025 Q2 2024 Q2 2025 › Stable opera
Slide 30: Income Statement
APPENDIX INCOME STATEMENT in € mn H1 2025 H1 2024 Revenues 2,346 2,213 Operating EBITDA 383 400 EBITDA 379 340 Operating EBIT 199 171 Impairment charges to assets -1 -49 EBIT 198 122 Financial result -47 -88 Profit before tax 151 33 Income taxes -43 -33 Profit after tax 108 1 thereof attributable to
Slide 31: Balance Sheet
APPENDIX BALANCE SHEET in €mn 06/30/2025 12/31/2024 in €mn 06/30/2025 12/31/2024 Assets Equity and liabilities Intangible assets and goodwill * 1,071 1,072 Issued capital 109 112 Property, plant and equipment 2,858 2,923 Share premium 984 1,044 Investment property 57 56 Retained earnings 1,911 1,905
Slide 32: Cash Flow Statement
APPENDIX CASH FLOW STATEMENT in € mn H1 2025 H1 2024 Gross cash flow* 272 230 Change in working capital -244 -213 Maintenance Capex -46 -54 Divestments and other* 3 22 Lease payments -37 -36 Free cash flow -51 -52 Growth Capex -49 -64 M&A -24 -630 Purchase of treasury shares -29 - Dividend -106 -102
Slide 33: 10-Year Overview
APPENDIX 10-YEAR OVERVIEW Revenue (in € bn) 5.0 4.2 4.5 4.0 3.1 3.3 3.5 3.4 3.0 3.0 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 EBITDA reported (in € mn) Operating EBITDA (in € mn) 1,021 811 760 694 610 558 370 404 415 443 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Free Cash Flow (in €
Slide 34: 3 Year Overview by Quarter
APPENDIX 3 YEAR OVERVIEW BY QUARTER Revenue (in € mn) 4,513 4,224 1,150 1,083 1,261 1,179 1,121 1,099 1,247 1,052 939 953 Q1 2023 Q2 2023 Q3 2023 Q4 2023 FY 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 FY 2024 Q1 2025 Q2 2025 Operating EBITDA (in € mn) 811 760 285 253 245 211 209 202 146 158 130 115 Q1 2023
Slide 35: Mid-Term Strategy
MID-TERM STRATEGY 35
Slide 36: 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 37: 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 37
Slide 38: 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 38
Slide 39: 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 40: 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 40
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