Wienerberger Slashes 2026 EBITDA Target as Housing Slump and Cost Surge Bite

Wienerberger warns it will miss full-year 2026 targets, guiding to EBITDA of EUR 640-650 million as weak housing demand and rising costs weigh.

Shares in Wienerberger came under renewed pressure on Tuesday after the Austrian building materials group told investors it will fall short of its full-year 2026 targets, blaming a stubbornly weak residential construction market and a sharp jump in operating costs.

The stock closed 2.7% lower at EUR 16.35, having earlier touched EUR 15.82 — a fresh 52-week low — as the profit warning rippled through the order book. The decline extends a bruising run that has now wiped 46% off the share price since the start of the year.

Guidance Cut for the Second Time This Year

Wienerberger now expects operating EBITDA for the full year 2026 of EUR 640 million to EUR 650 million, a downgrade the company attributed to persistently soft demand and markedly higher outlays for energy, raw materials and logistics.

The revision is not the first. As Reuters reported, the group had already trimmed its forecast to roughly EUR 700 million in July, down from an original target of more than EUR 800 million. The latest cut underscores just how slowly conditions in European construction are improving.

Management pointed to a seasonal recovery that failed to materialise as hoped. Demand for new-build housing remains deeply subdued in two of the group's key markets, the United Kingdom and North America, while cost inflation that took hold at the end of August has added further strain to operating margins.

Third-Quarter Outlook and Cost-Cutting Drive

For the third quarter of 2026, the board is guiding towards revenue of approximately EUR 1.2 billion to EUR 1.3 billion, with operating EBITDA of around EUR 170 million to EUR 180 million.

In response to the margin squeeze, Wienerberger is accelerating its internal cost-reduction programmes and has launched a strategic review of the business. Details of both — alongside the full results for the first nine months of the year — are due on 12 November 2026, a date that has become the next major reference point for investors seeking clarity on the demand trajectory.

The group has also moved on the personnel front in recent weeks: Dr. Claus Ehrenbeck took over as Senior Vice President and head of investor relations just over three weeks ago.

Sentiment Remains Fragile

With no dependable signs of a recovery in construction activity, many market participants are keeping their powder dry. Until Wienerberger publishes its nine-month report in November, uncertainty over the future path of demand looks set to dominate trading in the stock.