Wienerberger Backs Full-Year Target as Erste Funds Trim Stake and Cost Pressures Persist
Published on 11/12/2026 at 11:02 | Editorial boerse-global.de
Wienerberger has reaffirmed its guidance for the 2026 financial year even after a softer third quarter, pairing that vote of confidence with a fresh shareholder disclosure showing that investment funds managed by Erste Asset Management have reduced their voting stake in the brickmaker.
The Vienna-listed group reported third-quarter 2026 revenue of EUR 1.3 billion, an 8% increase, while operating EBITDA fell to EUR 180 million from EUR 202 million in the same period of 2025. Management attributed the earnings decline to weak demand in residential new-build and to higher costs for energy, raw materials and logistics.
Shares slipped 2.3% on the day, though the company did not establish an explicit link between the price move and the release of the quarterly figures.
Guidance Held Despite Weaker Quarter
The lower quarterly result did not shake the company's full-year outlook. Wienerberger reiterated its forecast of EUR 640–650 million in operating EBITDA for 2026 and said the figures published today fall within that range.
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Beyond the current year, the company's strategic review has identified measures that management expects to deliver a recurring annual improvement in operating EBITDA of EUR 140 million by 2029, with the first effects coming through gradually from 2027. That figure is a target attached to the identified measures rather than earnings already achieved, and the programme spans several years.
Wienerberger has scheduled a conference call on the quarterly results for 12:00 CET today. Full-year 2026 results are due on 17 February 2027, with a further update on the strategic review and the 2027 outlook set for 4 March 2027.
Erste Funds Slip Below 4% Threshold
The stake reduction disclosed yesterday by Erste Asset Management moved its combined holding from 4.22% to 3.82%, crossing the 4% threshold on Tuesday. The position corresponds to 4,179,532 voting rights and sits within managed investment funds rather than being held directly by Erste Asset Management; the notification, filed after the deadline, does not include financial instruments.
That distinction matters for how investors read the filing: it reflects an aggregate position across managed funds, and says nothing about the investment decisions of other institutional shareholders.
A Difficult Operating Backdrop
The disclosure lands against a challenging trading environment. Gerhard Hanke, who has now been permanently appointed chief executive, has pointed to weak demand in key markets, rising costs and a difficult new-build sector — a combination that weighs on the company's starting position as long as sales conditions and cost pressure fail to improve.
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The historical reference point remains 2025, when Wienerberger posted revenue of EUR 4.6 billion and operating EBITDA of EUR 754 million. For investors, operating performance therefore carries more weight than a single voting-rights notice; a more favourable view of the company depends on its ability to absorb the demand and cost headwinds.
Leadership Settled Under Hanke
Hanke's permanent appointment as chief executive completes the succession process begun after Heimo Scheuch stepped back for health reasons. Hanke had led the company on an interim basis since August, and his long tenure at the business argues for continuity — provided that experience translates into progress on the operating difficulties. His former regional responsibilities are being distributed across the expanded leadership team, while chief financial officer Dagmar Steinert and Harald Schwarzmayr, COO West, retain their remits.
The quarterly statement due today is the next operational test, and the business performance will show how well Wienerberger is holding up in a demanding environment. The changed fund position adds a shareholder-side footnote to that picture.
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