olivLaw · European equity research
Wienerberger AG WIE.VI
Austria · Wiener Börse · ISIN AT0000831706 · Vertical: Listed companies from Austria
Wienerberger AG, headquartered in Vienna, makes and sells solutions for the entire building envelope, from bricks and facade systems to plastic pipes for water and energy management. It matters now because energy costs rose to 8.4 % of revenue in 2025, and the Middle East conflict adds volatility to energy and raw material prices.
At the close of 05 Nov 2026, Wienerberger AG (WIE.VI) stock was 17.77 EUR (+2.07% on the day), with market capitalisation 1.9 bn EUR, P/E 11.7 on diluted EPS of 1.52 EUR over the last 12 months, beta 1.32, 52-week range 15.28–31.12 EUR.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 64.0
- strong (55–70)
- Bollinger (20, 2)
- 14.86 – 17.53
- above the upper band · %B 1.09 · band width 16.5%
- SMA 50 / 200
- 17.24 / 22.42
- mixed trend
- MACD (12, 26, 9)
- 0.04 / -0.24
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | +10.6% | +0.4% | +10.3 pp | — |
| 3 months | −20.1% | −3.3% | −16.8 pp | — |
| 6 months | −31.6% | +4.0% | −35.6 pp | — |
| Year to date | −42.0% | +8.1% | −50.1 pp | — |
| 1 year | −31.0% | +10.7% | −41.7 pp | +5.6% |
| 3 years | −25.4% | +50.1% | −75.5 pp | +12.7% |
| 5 years | −43.8% | +43.6% | −87.4 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 33 percentile of its own 3-quarter history (min 9.5, median 20.1, max 37.2; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 4.2 bn | 4.5 bn | 4.6 bn |
| Revenue YoY | unavailable | +6.8% | +1.2% |
| Net income | 334.4 m | 80.0 m | 166.0 m |
| Net income YoY | unavailable | −76.1% | +107.5% |
| Diluted EPS | 3.17 | 0.72 | 1.52 |
| Diluted EPS YoY | unavailable | −77.3% | +111.1% |
| net % | 7.9% | 1.8% | 3.6% |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 213.0 m EUR
- Financial debt
- unavailable EUR
- Net debt
- unavailable EUR
- Equity
- 2.8 bn EUR
- Total assets
- 6.1 bn EUR
- Debt / equity
- unavailable
- Current ratio
- 1.52x
- ROE
- 5.8%
- ROA
- 2.6%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 4.2 bn | 4.5 bn | 4.6 bn | esef· 07 Apr 2026verified |
| Cost of revenue | 2.6 bn | 2.9 bn | 3.0 bn | esef· 07 Apr 2026verified |
| Gross profit | 1.6 bn | 1.6 bn | 1.6 bn | esef· 07 Apr 2026verified |
| Operating income | 477.3 m | 294.0 m | 332.0 m | esef· 07 Apr 2026verified |
| Interest expense | 76.3 m | 119.0 m | 108.0 m | esef· 07 Apr 2026verified |
| Pre-tax income | 424.3 m | 151.0 m | 233.0 m | esef· 07 Apr 2026verified |
| Income tax | 89.2 m | 67.0 m | 65.0 m | esef· 07 Apr 2026verified |
| Net income | 334.4 m | 80.0 m | 166.0 m | esef· 07 Apr 2026verified |
| Diluted EPS | 3.17 | 0.72 | 1.52 | esef· 07 Apr 2026verified |
Balance sheet · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 423.0 m | 262.0 m | 213.0 m | esef· 07 Apr 2026verified |
| Receivables | — | 345.0 m | 248.0 m | esef· 07 Apr 2026verified |
| Inventories | 1.2 bn | 1.3 bn | 1.3 bn | esef· 07 Apr 2026verified |
| Current assets | — | 2.2 bn | 2.0 bn | esef· 07 Apr 2026verified |
| Property, plant & equipment, net | 2.4 bn | 2.9 bn | 2.9 bn | esef· 07 Apr 2026verified |
| Goodwill | — | 593.0 m | 593.0 m | esef· 07 Apr 2026verified |
| Intangibles (excl. goodwill) | — | 479.0 m | 465.0 m | esef· 07 Apr 2026verified |
| Total assets | 5.5 bn | 6.4 bn | 6.1 bn | esef· 07 Apr 2026verified |
| Current liabilities | 11.5 m | 1.6 bn | 1.3 bn | esef· 07 Apr 2026verified |
| Equity | 2.7 bn | 2.9 bn | 2.8 bn | esef· 07 Apr 2026verified |
| Shares outstanding at year end | 105.5 m | 111.1 m | 109.2 m | esef· 07 Apr 2026derived |
Cash flow · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 410.0 m | 606.0 m | 630.0 m | esef· 07 Apr 2026verified |
| Investing cash flow | -323.0 m | -930.0 m | -235.0 m | esef· 07 Apr 2026verified |
| Financing cash flow | 38.8 m | 162.0 m | -439.0 m | esef· 07 Apr 2026verified |
| Share repurchases | 26.0 m | 34.0 m | 29.0 m | esef· 07 Apr 2026verified |
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 5 of at least 6
- score weight coverage: 33.3% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 1.9 bn EUR
Key indicators
Coverage and freshness
Score by group
33% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 17.60 – 33.81 EUR.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (EUR per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/E17.60 – 33.81 (Mid 25.97)24 companies used · median multiple 17.1x · quartiles 11.6x – 22.2x1AST.VI, ACAG.VI, AMAG.VI, ANDR.VI, BMAG.VI, CPI.VI, DOC.VI, ETS.VI, EVN.VI, FAA.VI, FACC.VI, FQT.VI, MMK.VI, OMV.VI, POS.VI, POST.VI, PYT.VI, ROS.VI, SBO.VI, STR.VI, SWUT.VI, TKA.VI, VER.VI, VOE.VI
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
Assumptions (illustrative, editorial)
- Risk-free rate
- 3.0%
- Equity risk premium
- 5.5%
- Beta (default)
- 1.00
- Cost of equity
- 8.5%
- Terminal growth
- 2.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 5 of at least 6; score weight coverage: 33.3% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 3.6% | 51 (vs peers) | 19% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 3.1x | 24 (on a fixed band) | 19% |
| Current ratio · Balance sheet | 1.5x | 60 (on a fixed band) | 13% |
| P/E (TTM) · Valuation | 11.7x | 77 (vs peers) | 31% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 1.5% | 21 (on a fixed band) | 19% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet38/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial51/100 · 1/3 factors with a value
- Returns· partial21/100 · 1/2 factors with a value
- Valuation· partial77/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
Wienerberger AG (WIE.VI). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 4.6 bn EUR in 2025; YoY growth 1.2%; net margin 3.6%; ROE 5.9%.
The estimated value range is 17.60–33.81 EUR per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 25.97 EUR, the price of 17.77 EUR leaves a potential of 46.1% (value / price − 1) and a margin of safety of 31.6% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (indicators available: 5 of at least 6; score weight coverage: 33.3% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- P/E (TTM): 11.7x
What contradicts it
- Interest coverage: 3.1x
- Shareholder yield (distributions): 1.5%
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, EV/EBITDA, FCF yield, Payout ratio (FCF).
Versus the vertical median
Listed companies from Austria · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| OMV.VIOmv Aktiengesellschaft | 35.6 bn | 23.4 | 8.9% | 6.3% | −7.2% | +53% / +86% |
| VER.VIVerbund AG | 26.2 bn | 17.6 | 14.7% | 18.6% | −2.8% | +19% / −14% |
| STR.VIStrabag Se | 11.7 bn | 12.8 | 17.2% | 4.9% | +7.4% | +32% / +168% |
| ANDR.VIAndritz AG | 8.1 bn | 17.7 | 19.3% | 5.8% | −5.2% | +33% / +66% |
| VOE.VIvoestalpine AG | 7.1 bn | 17.0 | 5.7% | 2.8% | −4.3% | +12% / +61% |
| EVN.VIEvn AG | 5.5 bn | 12.5 | 6.9% | 14.6% | +3.8% | +15% / +14% |
| ATS.VIAT & S Austria Technologie & Systemtechnik Aktiengesellschaft | 2.5 bn | — | -2.4% | -1.4% | +12.7% | +238% / +346% |
| DOC.VIDO & CO Aktiengesellschaft | 2.4 bn | 22.2 | 24.0% | 4.3% | +7.1% | +12% / +70% |
| CPI.VICPI Europe AG | 2.2 bn | 4.2 | 12.2% | 68.2% | −6.7% | +1% / −17% |
| POST.VIÖsterreichische Post Aktiengesellschaft | 2.2 bn | 16.4 | 18.3% | 4.3% | −2.6% | +6% / +2% |
| WIE.VIWienerberger AG | 1.9 bn | 11.7 | 5.9% | 3.6% | +1.2% | −40% / −32% |
| LNZ.VILenzing Aktiengesellschaft | 1.8 bn | — | -11.8% | -5.2% | −2.3% | −48% / −65% |
| MMK.VIMayr-Melnhof Karton Aktiengesellschaft | 1.3 bn | 17.1 | 3.6% | 1.9% | −4.8% | −21% / −41% |
| POS.VIPorr AG | 1.2 bn | 10.7 | 12.9% | 1.8% | +1.7% | +6% / +167% |
| AMAG.VIAMAG Austria Metall AG | 1.1 bn | 33.4 | 4.7% | 2.3% | +2.1% | +34% / +19% |
| BMAG.VIPIERER Mobility AG | 1.1 bn | 1.8 | 638.9% | 58.9% | −46.3% | +85% / −47% |
| FQT.VIFrequentis AG | 790.7 m | 28.1 | 15.5% | 4.9% | +20.8% | −14% / +111% |
| ETS.VIEuroTeleSites AG | 745.4 m | 22.3 | 8.8% | 11.9% | +3.7% | −6% / +34% |
| AGR.VIAGRANA Beteiligungs-Aktiengesellschaft | 722.9 m | — | -3.6% | -1.2% | −7.9% | −3% / −15% |
| FACC.VIFacc AG | 602.4 m | 28.4 | 9.1% | 2.2% | +11.3% | +22% / +127% |
| ROS.VIRosenbauer International AG | 591.1 m | 11.9 | 17.4% | 3.5% | +9.4% | +35% / +104% |
| 1AST.VIASTA Energy Solutions AG | 467.7 m | 15.5 | 42.3% | 4.3% | +8.3% | unavailable / unavailable |
| SBO.VISbo AG | 456.6 m | 19.4 | 5.2% | 5.2% | −18.8% | +5% / −30% |
| SEM.VISemperit Aktiengesellschaft Holding | 379.1 m | 902.5 | 0.1% | 0.1% | −2.1% | +39% / +28% |
| ACAG.VIAustriacard Holdings AG | 347.8 m | 25.6 | 11.4% | 4.1% | −8.2% | +76% / +65% |
1- and 3-year price returns: for WIE.VI from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (EUR)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 10.15 Total return -43% · Per year -43% | 17.98 Total return 1% · Per year 1% | 27.12 Total return 53% · Per year 53% |
| 3 years | 9.21 Total return -48% · Per year -20% | 18.40 Total return 4% · Per year 1% | 30.57 Total return 72% · Per year 20% |
| 5 years | 8.35 Total return -53% · Per year -14% | 18.84 Total return 6% · Per year 1% | 34.47 Total return 94% · Per year 14% |
- Exit P/E± 4.60
- Net margin± 3.22
- Annual revenue growth± 2.73
- Annual dilution± 0.27
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Wienerberger AG, headquartered in Vienna, makes and sells solutions for the entire building envelope, from bricks and facade systems to plastic pipes for water and energy management. It matters now because energy costs rose to 8.4 % of revenue in 2025, and the Middle East conflict adds volatility to energy and raw material prices 1.
SWOT
Strengths
- The group holds a quality-leader position, a modern regional plant network, and geographic and end-market diversification that limits earnings swings 1.
- The portfolio of ecological solutions for the entire building envelope aligns with sustainability requirements in construction 1.
- Diversified energy contracts and medium- to long-term hedges reduce exposure to price volatility 1.
Weaknesses
Opportunities
- Central and Eastern European markets, with catch-up demand in housing and infrastructure, could support long-term growth 1.
- Demand for ecological and energy-efficient materials could favour the group's innovative products 1.
- Growth through internal projects and acquisitions, if priced well, could add value 1.
Threats
Risks
- Construction cyclicalityhigh
Demand depends on new construction, renovation and public infrastructure, shaped by the economy, interest rates and credit. A downturn could lead to overcapacity and price pressure 1.
- Energy and raw materialshigh
Energy and polymer costs are volatile, and supply interruptions could halt production if they cannot be covered from stock or alternative sources 1.
- Climate policy and ETSmedium
Changes to free allocation of carbon certificates and expanding carbon pricing mechanisms could raise costs and accelerate required investment 1.
- Emerging market political riskmedium
Activity in markets such as India and other transition economies carries risks of expropriation, tax changes and limits on profit repatriation 1.
- Acquisition and competition approvallow
Acquisition transactions can be delayed by antitrust approvals or, in isolated cases, prohibited, which could affect growth plans 1.
Investment thesis
What would need to be true (bull case)
- If the construction sector recovers and inflation eases as expected, demand for ceramic and pipe solutions could return, and profitability could benefit from operational excellence 1.
- The quality-leader position and focus on ecological materials could support pricing and market share, especially as climate rules tighten 1.
- Medium-term energy hedges and supplier diversification could limit the impact of price shocks on margins 1.
What would break the thesis
- If construction demand stays weak, high fixed costs in the ceramic segment could quickly weigh on profitability 1.
- Energy and raw material volatility, aggravated by the Middle East conflict, could exceed the company's ability to hedge 1.
- Pressure from consolidating customers could cap price increases and reduce margins if competition intensifies 1.
What to watch
- Development of energy costs and hedges in place for the coming period2027
- Effects of the Middle East conflict on logistics and raw material supply2026
- CBAM application and free carbon allocation for ceramic products2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
The group presents itself as a provider of innovative and ecological solutions for the entire building envelope, in new construction and renovation, as well as for water and energy management infrastructure 1. Its core business covers wall, roof and facade solutions, surface paving and pipe systems. The parent company is based in Vienna and leads an international group with operations in several countries 1.
The group's strategy combines operational excellence with product innovation and growth through internal projects and acquisitions, with each investment required to meet profitability targets 1. It focuses on its core market while diversifying geographically and across end markets to limit earnings swings 1. Central and Eastern European markets are regarded as long-term growth markets 1.
Production depends on clay and synthetic polymers, and plants are linked to a modern regional network that keeps the risk of interruptions low 1. Energy prices, especially natural gas used to fire bricks, are a major cost driver 1.
Segments
Ceramic building solutions
The ceramic segment produces bricks and elements for walls, roofs and facades, with higher fixed costs than the plastic pipe business 1. Energy use for firing is a significant part of costs 1.
Plastic pipe systems
The pipe business depends heavily on polymer prices, which typically correlate with oil prices, requiring a flexible pricing policy 1. According to the report, it has a lower fixed-cost structure than the ceramic segment 1.
Surfaces and infrastructure
Infrastructure activities, including surfaces and water solutions, are seasonal, with higher volumes between April and October, and partly depend on weather conditions 1.
Market context
The company is active in new construction, renovation and public construction, with demand shaped by consumer confidence, long-term interest rates, credit availability and building regulations 1. Construction cycles are longer than in other industries and run out of phase across markets 1.
The IMF outlook for 2026 points to steady but modest global growth, with inflation gradually returning to target, though risks remain skewed to the downside 1. Management expects a slightly improved result compared with the prior year if macroeconomic conditions improve 1.
Trends
- EU emissions trading and CBAMmixed
Bricks keep free allocation of carbon certificates under carbon leakage status, but free allocation will face more competition. The CBAM does not yet cover ceramic products, which could preserve the competitive position of EU producers 1.
- Energy and raw material volatilityheadwind
The military conflict in the Middle East that began on 28 February 2026 has disrupted key transport and trade routes and raised volatility in energy and raw material markets. This could lead to significant price increases in energy, raw materials and logistics, as well as supply shortages 1.
- Sustainability and demand for ecological materialsmixed
Climate awareness may shift consumer preferences toward ecological and energy-efficient building materials, which could weigh on demand for traditional bricks. At the same time, the group's ecological products could benefit from this trend 1.
- Tighter climate and environmental rulesheadwind
Rising emissions rules, carbon pricing and environmental and social standards could raise compliance costs and required investment. Delays in decarbonisation technology could lead to penalties and lost market share 1.
Competitive position
Wienerberger faces competition from other building materials such as concrete, wood, calcium silicate brick, glass, steel and aluminium, creating a substitution risk 1. The company positions itself as a quality leader with innovative products to reduce this risk 1.
Customers, including the retail trade, are consolidating, which the company expects could add pricing pressure 1. Competition in local markets remains intense, and positions must be defended continuously 1.
- Concrete and precast producers
Direct substitution competition in construction, cited as a substitution risk in the report 1.
- Calcium silicate brick producers
Alternative masonry product competing with the group's ceramic products 1.
- Wood and glass facade producers
Alternative facade and roof materials named as substitutes in the report 1.
- Steel and aluminium construction producers
Competing materials in construction and infrastructure named in the report 1.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202507 Apr 2026
- Annual report 202415 Apr 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Wienerberger AG · 31 Dec 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.