Half Year 2024 Wienerberger AG Earnings Call Transcript
Key Points
- Wienerberger AG (WBRBY) reported half-year revenue of EUR2.2 billion, in line with expectations.
- Operating EBITDA stood at EUR400 million, with a strong EBITDA margin slightly above 18%.
- The acquisition of Terreal, the largest in the company's history, is contributing positively with strong synergies.
- Cost management initiatives resulted in approximately EUR30 million in savings, enhancing profitability.
- The company is shifting its focus towards renovation and infrastructure, which are performing better than new residential housing.
- The residential housing market in Western Europe and North America remains sluggish, impacting overall performance.
- Standstill costs amounted to EUR50 million in the first half, with low capacity utilization in ceramic Europe at 57%.
- Pricing pressure in Eastern Europe led to a strategic decision to reduce prices, impacting margins.
- The new residential housing segment now accounts for less than 50% of turnover, indicating a significant market shift.
- Political instability and high interest rates in Europe have delayed the expected recovery in new residential housing.
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Good morning, ladies and gentlemen, and a warm welcome to Wienerberger conference call. Our Board representatives today are Heimo Scheuch, CEO; and Gerhard Hanke, CFO. They will walk you through the presentation and are ready to take questions afterwards.
I will now hand over to Mr. Scheuch for presentation.
A warm welcome. Good morning from Vienna to all of you. Thanks for joining us in this early conference call. I hope you're all well and enjoy the summer around Europe. I'm glad obviously to go with go through our half-year results. They are a solid and very satisfactory performance in the light of, I would call it, a little sluggish residential housing markets in certain parts of Europe and North America.
But let's now move a little bit to the results in detail. When we look at revenue half year, they are more or less in line with expectations with EUR2.2 billion. And as
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