Wienerberger's UBS Stake Slips Below 4% as Berenberg Sticks With Its Bull Case

UBS Group has trimmed its overall position in Wienerberger to 3.83%, including financial instruments, down from 4.20% previously, according to a voting-rights disclosure published on Wednesday. The threshold date was 6 November, and shares carrying voting rights accounted for just 1.05% of the total. The Austrian brickmaker's stock closed at €16.41 on Friday, trading below the €19.00 price target that Berenberg reaffirmed that same day, with analyst Harry Goad calling the shares still attractively valued on earnings and cash metrics.

Revenue Climbs, Earnings Slide

Third-quarter 2026 revenue came in at €1.3bn, up 8% from €1.2bn a year earlier. Operating EBITDA moved the other way, falling to €180m from €202m. Net profit took a far heavier hit, dropping to €24m from €65m. Media reports pointed to weak new-build demand alongside higher energy, raw-material and logistics costs, compounded by one-off charges for restructuring and a US antitrust case.

Management held firm on its full-year operating EBITDA guidance of €640–650m. The strategic review is designed to deliver a recurring annual improvement in operating EBITDA of €140m from 2029, with the effect phasing in from 2027. Reuters reported that CEO Gerhard Hanke has ordered a review of every business unit without exception. Acquisitions are on hold for now, capital spending is capped, and the dividend policy is also under the microscope.

A Costly Fourth Quarter

Investors also have to digest further one-off charges of €70–80m in the fourth quarter of 2026, meaning the guidance carries near-term burdens alongside the long-run savings goal. Reuters reported a share-price decline on Thursday following the quarterly figures and the announcement of the sweeping business review. The stock slipped another 0.9% on Friday, extending the weaker run that began on the reporting day.

Hanke Gets the Job Permanently

The supervisory board appointed Hanke as CEO with immediate effect on Wednesday, having decided to fill the top job on a permanent basis. He had been running the company on an interim basis since August 2026. His former responsibilities for Central and Eastern Europe will be spread across the expanded management team.

Two dates now anchor the calendar for shareholders. Full-year 2026 results are scheduled for 17 February 2027, while the finer points of the strategic review, together with the 2027 outlook, will be unveiled on 4 March 2027. Before either, Wienerberger takes to the road: the ninth BNP Paribas Exane MidCap CEO Conference in Paris on 17 November, followed by the Nordic Roadshow in Copenhagen on 23 November.