WIENERBERGER (+) : Weak Q1 impacted by bad weather: first take

研报英文原文证据摘录

WIENERBERGER (+) : Weak Q1 impacted by bad weather: first take

EQUITIES

BUILDING MATERIALS

WIENERBERGER OUTPERFORMPRICE* EUR23.9  TARGET PRICE EUR31 (UPSIDE 30%)

FLASH NOTE

Weak Q1 impacted by bad weather: first take

13 MAY 2026 Securities Research Report Production time: 06:35* (London time)

Research Analyst & Publishing Entities

Anna Schumacher BNP Paribas SA +46731541818 anna.schumacher@bnpparibas.com

What happened?

Wienerberger reported Q126 earnings. Sales declined -7% YoY to EUR1,025m (-6% organic) while adjusted EBITDA

declined 25% YoY to EUR97m. FY26 guidance has been reiterated.

BNPP View:

A weak set of results largely driven by the bad weather experienced in Europe and North America in Jan and Feb, with

the volume pick up in March unable to offset some of that decline. Volumes appear weak across the board with the

most noticeable decline in North America. Guidance has fortunately been reiterated with management mentioning

mitigating measures such as price increases, review of supplier contracts and further cost management.

Results: Sales were -1% below, and adjusted EBITDA -6% below Bloomberg consensus, note there were only 3

submissions. Bloomberg is too unreliable for the geographic breakdown. The bad weather in Jan and Feb impacted

both sales and profit across all three regions in the quarter causing group volumes to fall -6%. Weakness was

particularly evident in North America where volumes declined -14% (-12% ceramics, -17% pipes), and Eastern Europe

where volumes declined -7% (-11% ceramics, 0% pipes).

Outlook and guidance: FY26 guidance has been reiterated – adjusted EBITDA to be EUR810 including Italcer

acquisition. The group have added that there’s limited visibility of total year impact of the Middle East conflict but that