Wienerberger with strong jump in profits in 2025 amid almost stagnant overall sales
According to a press release dated 24 February 2026, building materials group Wienerberger slightly increased its sales to 4.6 billion euros in the 2025 financial year (2024: 4.5 billion euros). Operating EBITDA of 754 million euros (2024: 760 million euros) and the EBITDA margin of 16.5 percent (2024: 16.8 percent) also remained largely unchanged. Wienerberger emphasises that the forecast earnings targets have thus been achieved.
Despite this subdued business performance, the Group doubled its profit after tax to 168 million euros (2024: 84 million euros). Free cash flow reached the second-highest level in the company‘s history at 474 million euros, compared to 417 million euros in the previous year. Earnings per share rose significantly from 0.72 euros in 2024 to 1.52 euros in 2025.
Wienerberger‘s path to doubling profits without sales growth
How did Wienerberger manage to double its profits while overall sales remained virtually stagnant? To answer this question, we must take seriously a statement from the press release in which Wienerberger emphasises that it has ‘once again demonstrated the strength of its business model in a challenging macroeconomic environment’.
According to the summary report published on 18 February, consolidated sales rose by 53 million euros. This was offset by a 61 million euros increase in manufacturing costs. As a result, total gross profit actually decreased by 9 million euros to 1,603 million euros. Sales and administrative costs also rose by 31 million euros from 2024 to 2025. So where did the doubling of profits come from?
Two factors turned the company‘s earnings positive. Firstly, Wienerberger was able to turn other operating expenses, which amounted to 74 million euros in 2024, into income of 3 million euros.
Secondly, the financial result improved significantly, from minus 143 million euros in 2024 to minus 99 million euros in 2025. According to the short report, the other financial result, which improved from minus 41 million euros in 2024 to 0 euros, made a significant contribution to this. According to the company, this result is due, on the one hand, to stable interest expenses, which can be attributed to successful refinancing measures and a balanced maturity profile. On the other hand, the improvement is mainly due to the elimination of negative currency translation effects in connection with the deconsolidation of Russian activities in the previous year.
On sales development
Even the overall modest increase in sales is the result of Wienerberger‘s strategy. As the Group itself states in the letter from the CEO: “Operating EBITDA amounted to 754 million euros with a solid margin of 16.5 percent. It is noteworthy that, despite the overall weak new construction environment, we succeeded in maintaining sales and margins while significantly strengthening our free cash flow generation. This performance reflects our disciplined cost management, our operational excellence and our ability to actively shift our focus to more resilient and growing end markets such as infrastructure and roofing solutions.“
Western Europe
In 2025, revenues rose by 6 percent to 2,686 million euros (2024: 2,544 million euros), driven by volume growth of 2 percent in both ceramic products and pipe systems, while price levels remained stable overall (0 percent). Operating EBITDA increased by 17 percent to 408 million euros (2024: 350 million euros), supported by efficiency improvements and consistent cost control. However, higher personnel and energy costs compared to the previous year had a dampening effect.
Demand for wall and facade products for residential construction remained weak throughout the region, particularly in Germany and France.
The pipe and infrastructure business achieved stable to slightly positive sales volumes, supported by strong positions in water management, electrical engineering, and drainage and rainwater management. For the year as a whole, volumes in the pipe and infrastructure business rose by 2 percent with stable price development of 0 percent.
Eastern Europe
In 2025, the Group generated revenues of 1,180 million euros in the region (2024: 1,169 million euros), supported by stable sales volumes (0 percent), with positive developments in the ceramics segment offsetting weaker performance in the pipe segment and an overall positive price development of 2 percent. Operating EBITDA declined slightly to 214 million euros (2024: 219 million euros), influenced by rising energy and personnel costs.
Wienerberger achieved stable sales development in its ceramics business throughout Eastern Europe, supported by targeted commercial measures and strong customer loyalty. Volume in the ceramics segment rose by 1 percent, accompanied by a 2 percent increase in prices.
Performance in the infrastructure and in-house pipe segment was mixed. Pipe sales volumes in Eastern Europe declined by 3 percent, while prices rose by 2 percent.
North America
In 2025, the region generated revenues of 700 million euros (2024: 799 million euros), due to an 8 percent decline in volume, mainly as a result of weak demand for ceramic facing products.
While pipe prices declined due to industry-wide price reductions, ceramic products saw slight price increases. This development resulted in an operating EBITDA of 132 million euros (2024: 191 million euros).
Sales volumes for facing bricks declined due to the pronounced weakness in residential construction. Lower capacity utilisation at the plants impacted cost absorption, while prices remained stable. Volume effects were negative at minus 11 percent, while prices remained stable with an increase of 1 percent. The pipe and infrastructure business developed more stably thanks to ongoing investments in water supply and rainwater drainage systems and public utilities. Despite industry-wide price pressure, Wienerberger recorded slightly positive sales figures in the pipe business and was able to expand its market share in areas such as water management and electrical installation pipes.
The pipe business recorded a 2 percent increase in sales volume, while prices fell by 15 percent, primarily due to deflation in raw material costs.
Outlook for 2026: resilience and disciplined growth
According to the press release, Wienerberger expects geopolitical instability and ongoing macroeconomic volatility to continue in 2026. A structural recovery in new residential construction is just as unlikely as a broad market upturn. Against this backdrop, the Group forecasts a slight improvement in operating EBITDA to around 760 million euros for the 2026 financial year (2025: 754 million euros).
Strategically, Wienerberger will focus on three clear priorities in 2026: above-average market performance, the generation of free cash flow and the expansion of the earnings base. This disciplined approach underscores the Group‘s commitment to organic growth, value creation and sustainable profitability, despite the challenging market environment.
