CEO Letter
Dear Shareholders,
2025 was a year defined by ongoing macroeconomic uncertainty, geopolitical tensions, and continued weakness in residential construction across many of our core markets. Persistently high interest rates and volatile market conditions created a challenging environment for the entire construction industry. Yet, in this demanding setting, wienerberger once again demonstrated the strength of its transformation, the resilience of its portfolio and the discipline of its execution.
A decade of strategic transformation
Today, wienerberger is fundamentally different from a decade ago. We have systematically transformed the company into a leading provider of solutions for infrastructure and renovation – two structurally growing end markets. More than half of our revenues and earnings are now generated in roofing and piping, underlining the success of our strategic repositioning towards infrastructure in energy and water management, as well as renovation of existing building stock.
Strong performance in a challenging environment
This transformation is clearly reflected in our 2025 performance. Group revenues reached €4.6 billion, and we delivered an operating EBITDA of €754 million, maintaining a strong level of profitability despite subdued market demand. Net profit increased to €168 million, highlighting our financial discipline and our consistent focus on cost management and efficiency. At the same time, we significantly strengthened our free cash flow generation to €474 million and further reduced net debt.
Roofing: expanding our renovation and solar platform
Our roofing business was a key growth driver in 2025. For the first time, the full-year contribution of Terreal supported our results, and the integration progressed highly successfully. With the acquisition of GSEi in France, we further expanded our solar capabilities and established a scalable platform for in-roof photovoltaic solutions, strengthening our position in one of the most attractive growth segments in Europe. Renovation markets in France and Germany continued to gain importance and confirmed the structural growth potential of this segment.
Piping: innovative infrastructure solutions
Our piping solutions business also delivered a very strong performance. Even in phases of sharply declining new construction activity, margins in Europe remained robust, demonstrating the resilience of our infrastructure-focused portfolio. Investments in our modern industrial footprint – including our highly innovative piping production site in Sweden – underline our commitment to technological leadership and sustainable infrastructure solutions.
Financial discipline and operational excellence
A central element of our success in 2025 was our continued focus on operational excellence and efficiency. Our “Fit for Growth” program contributed significantly to safeguarding profitability, enhancing competitiveness and reinforcing our cost discipline across the Group. We do not wait for the cycle to turn – we actively shape our growth, continuously optimizing our portfolio and strengthening our industrial base.
Positioned for the next phase of growth
Looking ahead, we remain confident. Growing demand – including the modernization of energy and water infrastructure, the decarbonization of buildings and the urgent need to renovate Europe’s aging housing stock – create substantial long-term opportunities. With an innovative portfolio, a strong balance sheet and a clear strategic focus on living spaces and infrastructure solutions, wienerberger is well positioned to benefit from a gradual market recovery.
We are committed to creating sustainable, long-term value for our shareholders while contributing to a better future through innovative and resource-efficient building solutions. On behalf of the entire Management Board, I would like to thank our employees for their dedication and our shareholders for their continued trust.
Sincerely,
Heimo Scheuch
CEO
wienerberger