WIENERBERGER (+) : Tough quarter: call feedback

研报英文原文证据摘录

WIENERBERGER (+) : Tough quarter: call feedback

EQUITIES

BUILDING MATERIALS

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

FLASH NOTE

Tough quarter: call feedback

13 MAY 2026 Securities Research Report Production time: 08:23* (London time)

Research Analyst & Publishing Entities

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

What happened?

Management hosted an analyst and investor call to provide further insights on Q1performance and the outlook.

BNPP View:

Q1 was a tough quarter, with management emphasising that it was expected. Volumes appear to have recovered

strongly in Europe from March; however, management acknowledge that this is partly a pre-buying effect given the

overall MSD% and DD% price increases announced in piping for the region. The DD% price increases in piping are

driven cost inflation in raw materials given Middle East conflict. Fortunately, supply chains haven’t been interrupted.

North America remains very weak given soft new build market and pricing pressure in piping.

Q&A highlights:

- Pricing: Aim is to offset cost inflation with price increases. In Europe the group will increase prices MSD%, in

piping it will be DD%. Cost inflation is less severe in North America so management expect far less price increases.

- Volumes: Group volumes are up MSD in March, April and May so far. In Europe volumes are up DD while North

America remains negative. Part of the strong increase in Europe is related to pre-buying ahead of price increases

but it’s difficult to quantify. Group expect volume recovery in H2 to offset volume decline in H1 to overall flat FY.

- Costs: Energy cost inflation should be limited for FY given group is >80% hedged. Management expect much