Wienerberger Braces for Nine-Month Report as Weak Housing and Rising Costs Weigh on Outlook
Published on 11/01/2026 at 15:02 | Editorial boerse-global.de
Wienerberger will publish results for the first nine months of 2026 on 12 November, a date that now carries more weight than usual: the brickmaker has also promised an update on its strategic business review and accelerated cost-cutting programme the same day. A conference call is scheduled for 12:00 CET.
The Austrian group is heading into that print under pressure on two fronts at once. Management has already flagged that the seasonal pickup in construction activity in September fell short of expectations, and it pointed to persistently weak residential new-build in the UK, the US and Canada. On top of that, energy, raw material and logistics costs have climbed sharply since the end of August.
Guidance Cut and What It Implies
Those twin drags forced Wienerberger to lower its full-year EBITDA forecast for 2026 to EUR 640–650m. For the third quarter alone, the company expects revenue of roughly EUR 1.2–1.3bn and operating EBITDA of about EUR 170–180m — projections rather than reported figures, since the quarter has not yet been disclosed.
The response has been a two-pronged plan: faster cost optimisation and a strategic review of the group's business segments. Both are due for an update alongside the nine-month numbers.
Should investors sell immediately? Or is it worth buying Wienerberger?
UBS Trims Its Position
Shareholder disclosures have added another data point for investors to digest. UBS reported a lower aggregate position in voting rights and financial instruments on 23 October, down to 4.20% from 4.49% previously, with the relevant threshold crossed on 21 October.
The breakdown matters. Only 0.55% of the total relates to share voting rights, while 3.65% sits in financial and other instruments. The reported figure therefore reflects a mix of holdings rather than directly held equity alone.
Analysts Split on the Recovery Timeline
Sell-side views have diverged sharply. According to media reports, Berenberg cut its price target to EUR 19.00 from EUR 25.00 roughly two weeks ago, with analyst Harry Goad keeping a Buy rating on the stock.
Wienerberger at a turning point? This analysis reveals what investors need to know now.
Jefferies took the opposite tack on valuation, initiating coverage about three weeks ago with a Hold rating and a EUR 16 target. The brokerage argued there are no near-term signs of recovery and placed potential catalysts more towards 2027. It also cautioned against counting on a demand lift from European public spending in 2027, and described any rebound in US housing construction as uncertain. The strategic review was front and centre in its assessment.
For now, the market's attention is fixed on 12 November, when Wienerberger will have to show whether cost action and the review can offset a housing market that has yet to find a floor.
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