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Investing.com -- Wienerberger (VIE:WBSV) issued a trading update ahead of its full results on August 13, and reaffirmed its 2025 outlook. The company’s shares rose nearly 3% in European trading after the release.
Wienerberger’s first-half 2025 revenue and EBITDA are expected to come in at €2.3 billion and €380 million, respectively. According to Morgan Stanley (NYSE:MS) analyst Cedar Ekblom, this implies a 5% miss and a 4% miss versus consensus for both metrics.
"Margins are a ~30bps beat with Wienerberger highlighting ongoing operational efficiency efforts," Ekblom added.
Despite the top-line shortfall, the company maintained its full-year guidance and noted it expects second-half EBITDA to exceed the first half. This is notable given that H2 has historically been seasonally weaker in recent years, although that was not the case pre-Covid.
The company’s outlook contrasts with Visible Alpha consensus, which assumes 6% sequential growth in H2 EBITDA, and more conservative internal forecasts projecting a 5% decline.
"We see a declining U.S. new build market, risk on pricing in plastic pipe and only a slow residential recovery in Europe holding back the cyclical recovery," Ekblom continued. "We don’t think the market will underwrite the guidance today, and will continue to debate the potential for a cyclical improvement in H2."
Overall, the analyst believes that today’s update "won’t allay fears on H2."