WIENERBERGER (+) : Slow start to the year (+15 questions for management)

研报英文原文证据摘录

WIENERBERGER (+) : Slow start to the year (+15 questions for management)

Refinitiv

15 Questions for management

1) How do you expect demand for new-build versus renovation in your core markets to

evolve over the next 12-24 months, and what revenue mix do you forecast between these

segments?

2) What are the key puts and takes in achieving FY26 adjusted EBITDA guidance of

EUR810m?

3) What is your current pricing strategy across regions to protect margins while

retaining share, and how elastic is demand across your different products?

4) What magnitude of variable cost inflation (energy and raw materials) is now

expected for 2026?

5) What drives your expectation that H226 volume growth will be positive? Where are

the strong and weak spots?

6) Have North American margins now normalised, or is there further to go?

7) How is the group’s market share evolving in key markets and products?

8) Can you quantify the main drivers and expected duration of current margin pressure

(energy, personnel, logistics), and which of your Fit for Growth measures will have the

biggest impact near term?

9) How do recent acquisitions (e.g. Italcer, NEWS Group) fit into your value-accretive

M&A framework and what are your integration targets for synergies and ROI timelines?

10) You’ve targeted >35% revenue from innovative products in 2026 – what specific

product lines or geographies will drive that growth and how do you measure incremental

margin from these products?

11) Does Wienerberger have a long-term target for its end-market mix in terms of

residential, renovation, and infrastructure?

12) How do you expect regulatory changes (energy, carbon pricing, recycling

requirements) in the EU to affect product demand, cost base, and competitive

positioning?