Leadership Change and a Settlement: Wienerberger's Q2 Reality Check
A Changing of the Guard
The headline of Wienerberger's Q2 2026 report is not in the numbers but in the boardroom. After 17 years as CEO, Heimo Scheuch is stepping down to focus on his health, leaving interim CEO Gerhard Hanke to navigate a period of unexpected turbulence. Chairman Peter Steiner opened the call by framing the departure as part of a broader transformation:
The Supervisory Board has moved quickly to ensure continuity, but the uncertainty around leadership adds another layer of risk to an already strained outlook. The guidance for 2026 operating EBITDA was cut from €810 million to €700 million, a sharp reversal from the confidence expressed just three months earlier. In the May call, CFO Dagmar Steinert had said: “So far, we are quite confident. That's, of course, why we reiterate our outlook.” — Dagmar Steinert, CFO · 2026-05-13 Now, the company is working to manage a €100 million headwind from weaker residential markets and higher inflation.Take a look at what the company looked like then: a traditional brick manufacturer, solid but narrow scope. What is Wienerberger today? A leading international group, a business spanning the entire building envelope and infrastructure, a company with a clear and credible sustainability agenda, present across markets that matter.
The Hidden Cost of Doing Business
Beyond the leadership change, the quarter also revealed a significant one-off: a U.S. antitrust settlement at the Jet Stream subsidiary. CFO Dagmar Steinert explained the decision: “We agreed to a settlement in the antitrust class action... we have to pay a total amount of USD 52 million or EUR 47 million. Why have we not been published that in our trading update? We haven't been allowed due to legal restrictions.” — Dagmar Steinert, CFO · 2026-08-12 The settlement, though framed as a business decision to eliminate legal risk, is a direct cash outflow that complicates the company's leverage targets. It contributes to a revised net debt/EBITDA guidance of 2.8x for year-end, up from the previous 2.2x target, and a plan to bring it down to 2.4x by end-2027.
Market Headwinds and Inflation
The underlying performance was dragged by markets that deteriorated beyond expectations. Interim CEO Gerhard Hanke noted: “We had quite harsh weather conditions in January, February. We had a Middle East conflict... And we had market developments, especially in the U.S., U.K., and Canada in new residential housing, which were further declining.” — Gerhard Hanke, CEO · 2026-08-12 This is a stark contrast to the tone in the prior quarter, where management had reiterated guidance with more confidence. The company now sees a €100 million EBITDA headwind from these market effects. The energy price spike, driven by the Middle East conflict, has pushed cost inflation to 7% in Q2, particularly hitting resin prices in the piping business. This is a global theme: the Middle East conflict has become a dominant keyword across earnings calls this quarter, and Wienerberger is no exception.
Pricing Power and Transformation
Management is countering with price increases across Europe. Gerhard Hanke highlighted: “We are realizing now by end of June, beginning of July, that our pricing level is almost 5% above the beginning of the year.” — Gerhard Hanke, CEO · 2026-08-12 This pricing power, combined with a strong footprint in renovation and infrastructure, is central to the revised outlook of €700 million operating EBITDA for the full year. The EBITDA Bridge for Q2 shows organic decline of 15%, but scope from Italcer and the NEWS Group added 8% to EBITDA. The company continues to pivot toward more resilient end markets, with about 60% of group revenues now coming from renovation and infrastructure. Heimo Scheuch had previously described the Italcer acquisition as a strategic fit: “So here, we have a very ideal addition to our business where we can produce these products and replicate old bricks very easily through the Italcer channel.” — Heimo Scheuch, Chief Executive Officer (CEO) · 2026-02-24
The Residential housing market, particularly in North America and the UK, remains a drag, but Continental Europe shows signs of bottoming out. Management remains confident in the midterm target of €1 billion, though it acknowledges the path is linked to a housing recovery. The focus now is on disciplined execution, working capital reduction, and preserving balance sheet strength. As Dagmar Steinert summed up: “We are resilient. Our business model works, and we have a plan how to move forward.” — Dagmar Steinert, CFO · 2026-08-12