Wienerberger: Q1-26 EBITDA miss; FY-26 guidance reiterated

研报英文原文证据摘录

Wienerberger: Q1-26 EBITDA miss; FY-26 guidance reiterated

Equity Research

European Construction, Building Materials & Infrastructure

13 May 2026

Wienerberger

Q1-26 EBITDA miss; FY-26 guidance

reiterated

Q1-26 EBITDA at €97m -24% (organically) vs. our estimate at WBSV.VI/WIE AV OVERWEIGHT

€104m, due to Europe East (volumes mainly). FY-26 EBITDA EuropeanBuilding MaterialsConstruction,& NEUTRAL

guidance nevertheless reiterated with further price/cost Infrastructure Price Target EUR 30.00

action underway to mitigate inflation. Management call at Price (12-May-26) EUR 23.88

8:00am CET. Potential Upside/Downside +25.6% Source: Bloomberg, Barclays Research

Weak start with Q1-26 EBITDA at €97m (-24% organically) vs. our estimate at €104m, on

European Construction, Building

sales 1% below our estimate. By division, the miss is mainly driven by a worse volume Materials & Infrastructure

development (2% below our estimate), particularly in Eastern Europe (volumes -7% when we Pierre Rousseau

had flat), which explains all of the EBITDA miss vs. our estimates. North America EBITDA held up +33 (0)1 4458 3377

rather well with difficult volumes (-14%) and Europe West EBITDA is above (volumes down 4%, pierre.rousseau@barclays.com

close to our estimate). Pricing marginally better in the context of c. 2% cost inflation – with BBI, Paris

further measures underway. Hedge positions for Natural Gas in Europe >80%. Tom Zhang, CFA

+44 (0)20 3555 1395

Operating EBITDA guidance of €810m for FY-26 reiterated, but the presentation flags the lack tom.zhang1@barclays.com

of visibility from the Middle East conflict. Main assumptions are no market recovery in Barclays, UK

residential construction, flat infra & renovation markets; further price increases are underway to

Vijay Phani Sekhar Naraharisetty