Wienerberger Keeps Full-Year Target Intact as Erste Funds Cut Holding Below 4%

Wienerberger's third-quarter operating EBITDA came in at EUR 180 million, down from EUR 202 million a year earlier, even as revenue climbed 8% to EUR 1.3 billion. The brickmaker attributed the margin squeeze to costlier energy, raw materials and logistics, compounded by a housing construction slump that has yet to loosen its grip on the UK, US and Canadian markets. Volumes were soft across the board. Shares slipped 3.0% on the news.

The company nonetheless reaffirmed its full-year 2026 operating EBITDA guidance of EUR 640–650 million, describing the quarterly figures as consistent with that target. For context, Wienerberger reported revenue of EUR 4.6 billion and operating EBITDA of EUR 754 million for 2025.

Fund Stake Slips Below Threshold

Separately, investment funds managed by Erste Asset Management have trimmed their voting stake in the group. A disclosure published yesterday showed the position falling to 3.82% from 4.22%, crossing the threshold on Tuesday. The reduced holding corresponds to 4,179,532 voting rights. The shares sit within managed investment funds rather than being held directly by Erste Asset Management, and the reported position excludes financial instruments. The notification was filed after the deadline, according to the statement.

That distinction matters for investors weighing the signal: the disclosure reflects a pooled position across managed funds and says nothing about the investment decisions of other institutional holders.

Hanke Takes the Reins Permanently

The supervisory board yesterday appointed Gerhard Hanke as chief executive with immediate effect, ending an interim stint that began in August. Hanke had stepped in after Heimo Scheuch's withdrawal on health grounds, and his permanent appointment closes out the succession process. His long tenure at the company is seen as a point in favour of continuity as management works through the current difficulties.

Responsibilities that were previously Hanke's regional remit are being spread across an expanded leadership team. CFO Dagmar Steinert and Harald Schwarzmayr, COO West, keep their existing portfolios.

Cost Pressure Meets Weak Demand

Hanke has pointed to soft demand in key markets, rising costs and a difficult new-build sector as the trio of forces weighing on the business — a combination that will persist as long as sales conditions and cost inflation fail to improve. Against that backdrop, the operating trend carries more weight for investors than any single voting-rights filing. A more favourable view of the company hinges on Wienerberger absorbing those demand and cost pressures more effectively.

Management has scheduled full-year 2026 results for 17 February 2027, with further detail on the strategic review and the 2027 outlook to follow on 4 March 2027.