Wienerberger: Little to reassure

研报英文原文证据摘录

Wienerberger: Little to reassure

Equity Research

European Construction, Building Materials & Infrastructure

14 May 2026

Wienerberger

Little to reassure

Little to extrapolate from better short-term volumes and

price/cost a central concern, in our view – self-help execution

as key as ever. Minor +2% FY-26 EBITDA revision, but our WBSV.VI/WIE AV OVERWEIGHT Unchanged

estimates remain well below Bloomberg consensus and European Construction,

Building Materials & NEUTRAL

company guidance (reiterated with Q1-26). Infrastructure

Unchanged

Price Target EUR 28.00

Little to reassure short-term: Little to extrapolate from the volume message of MSD growth in lowered -7% from EUR 30.00

March-April, in our view, given the likely catch-up from an adverse Jan.-Feb. (partly weather- Price (13-May-26) EUR 22.82

related) and pre-buying ahead of price increases – we stick to our scenario of a very limited Potential Upside/Downside +22.7%

volume recovery in Europe and clear decline in North America for FY-26, as mortgage rates add Source: Bloomberg, Barclays Research

uncertainty (last update). Pricing acceleration is yet to be seen – management flagged MSD

increases in ceramics and DD increases in piping in Europe as under way, but 1) Q1 price/cost Market Cap (EUR mn) 2498

did not shine, 2) there was no precision around timing when inflation across energy, raw mats Shares Outstanding (mn) 109.50

and transport materialise quickly, and 3) the track record of the last two years is rather Free Float (%) 98.15

challenging. 52 Wk Avg Daily Volume (mn) 0.2

Dividend Yield (%) 4.16Net, down to self-help again: On the positive side, management reiterated some likely support

Return on Equity TTM (%) 4.70from self-help and production optimisation (€30-40m EBITDA contribution YoY), property sales