Wienerberger AG

Quarterly Report • Nov 7, 2019

Earnings Data	1-9/2019	1-9/2018	Chg. in %	Year-end 2018
Revenues in MEUR		2,495.2	+6	3,305.1
EBITDA LFL 1) in MEUR	2,655.9	359.9	+27	-
EBITDA in MEUR	456.7	343.2	+36	442.6
EBIT in MEUR	466.4	206.9	+41	239.8
Profit before tax in MEUR	292.0	176.2	+50	195.3
Net result in MEUR	264.5	125.7	+64	133.5
Earnings per share in EUR	205.7	1.08	+66	1.15
Free cash flow 2) in MEUR	1.80	91.6	-6	272.5
Maintenance capex in MEUR	86.2	75.3	+24	130.3
Special capex in MEUR	93.4	36.8	+7	85.6
Ø Employees in FTE	39.4 17,151	16,623	+3	16,596

		Chg. in %
in MEUR	1,939.1	+6
in MEUR	631.6	+40
in MEUR	2,536.7	+14
in MEUR	3,742.9	+10
in %	32.6	-
	30/9/2019 2,050.9 881.2 2,894.5 4,100.9 43.0	31/12/2018

Stock Exchange Data		1-9/2019	1-12/2018	Chg. in %
Share price high	in EUR		24.06	-9
Share price low	in EUR	21.82	17.57	+3
Share price at end of period	in EUR	18.10	18.00	+16
Shares outstanding (weighted) 4)	in 1,000	20.90	116,154	-1
Market capitalization at end of period	in MEUR	114,572 2,431.7	2,115.5	+15

Business Units 1-9/2019 in MEUR and % 5)	Wienerberger Building Solutions	Wienerberger Piping Solutions	North America	Group eliminations	Wienerberger Group
External revenues	1,651.4 (+8%)	746.5 (+3%)	257.6 (+10%)		2,655.5 (+6%)
Inter-company revenues	0.7 (-27%)	0.1 (+90%)	0.0 (-63%)	-0.3	0.5 (-48%)
Revenues	1,652.1 (+8%)	746.6 (+3%)	257.6 (+10%)	-0.3	2,655.9 (+6%)
EBITDA LFL 1)	349.1 (+28%)	81.3 (+42%)	26.3 (-9%)		456.7 (+27%)
EBITDA	352.5 (+31%)	78.3 (+83%)	35.6 (+15%)		466.4 (+36%)
EBIT	239.3 (+33%)	40.2 (>100%)	12.6 (-1%)		292.0 (+41%)
Capital employed	1,889.1 (+11%)	566.5 (+13%)	439.0 (+14%)		2,894.5 (+12%)
Total capex	93.6 (+21%)	27.8 (+8%)	11.4 (+25%)		132.9 (+19%)
Ø Employees (in FTE)	12,360 (+4%)	3,324 (+1%)	1,467 (+4%)		17,151 (+3%)

1) Including the effect on earnings from the first-time adoption of IFRS 16 Leases; adjusted for effects from consolidation, FX, sale of non-strategic and nonoperating assets as well as structural adjustments // 2) Cash flow from operating activities less cash flow from investing activities and cash outflows from the repayment of lease liabilities plus special capex and net payments made for the acquisition of companies // 3) Equity including non-controlling interests and hybrid capital // 4) Adjusted for treasury stock // 5) Changes in % to the comparable prior year period are shown in brackets

Explanatory notes to the report: Rounding differences may arise from the automatic processing of data.

Chief Executive's Review

Ladies and Gentlemen:

Wienerberger continued on its path of profitable growth throughout the first three quarters of 2019. We increased our revenues significantly by 6% to € 2,656 million. EBITDA LFL rose substantially by 27% to € 457 million and we are proud to report a 64% rise in our net profit to € 206 million. Following up on the successful developments of the previous quarters, we once again delivered a highly satisfactory performance in our strategic growth areas. As a result, we are well on track toward closing our 200-anniversary year with excellent results.

During the past nine months, we successfully advanced the implementation of our value-creating growth strategy. Progress in the transformation of the Wienerberger product and service portfolio accounted for a major contribution to organic growth. The growing percentage of premium products and smart system solutions in revenues proved to be another crucial success factor in the reporting period. In our capacity as a leading driver of innovation, we are contributing substantially to the digitalization of the construction and infrastructure industry.

The consistent implementation of performance-enhancing Fast Forward projects was another factor of success. We achieved substantial progress, as is reflected in a positive contribution to earnings in the amount of € 35 million. The integration of our acquisitions in Great Britain and Belgium also generated attractive contributions to earnings. In the third quarter, in an effort to further strengthen our market presence and enhance our portfolio with innovative solutions, we took additional growth steps in the Nordic countries.

The strong growth achieved in the first nine months of the year testifies to the determined implementation of our success strategy. We will be continuing on this path in the future: taking the lead in innovation, strengthening our ability to offer solutions for the benefit of our customers, continuously enhancing our performance, and implementing value-creating growth steps. This means that in the last quarter we will pursue our course of profitable growth and deliver the best annual result ever achieved in the 200-year history of our company. We therefore confidently confirm our forecast of € 570-580 million in EBITDA LFL for the year as a whole.

Interim Management Report Financial Review

Earnings

During the first nine months of the year we achieved a significant 6% increase in revenues at Group level to € 2,655.9 million (2018: € 2,495.2 million). Alongside a broadly flat market development, this strong performance was primarily due to our increased focus on premium product solutions and the resulting improvement of our product mix. Consolidation effects increased revenues by € 45.5 million. Foreign-exchange effects contributed € 1.4 million to the increase in Group revenues, as the notable appreciation of the US dollar was largely offset by the devaluation of the Turkish lira, the Polish zloty and northern European currencies.

In the reporting period, the Wienerberger Group's EBITDA LFL increased significantly by 27% to € 456.7 million (2018: € 359.9 million). This increase was achieved primarily through an improved product mix and higher average sales prices, which fully offset rising cost inflation. Moreover, the consistent implementation of our Fast Forward program generated a contribution to earnings of roughly € 35 million in the reporting period.

EBITDA LFL includes the effect of first-time adoption of IFRS 16 Leases, which translated into a € 32.9 million increase in EBITDA. Not included in EBITDA LFL are consolidation contributions of € 11.3 million, negative foreign-exchange effects of € 1.1 million, income from the sale of real estate of € 3.5 million and structural adjustment costs of € 3.9 million.

Taking the aforementioned effects into account, the Wienerberger Group's EBITDA increased by 36% over the previous year's level from € 343.2 million to € 466.4 million. Earnings before interest and tax (EBIT) increased by 41% to € 292.0 million (2018: € 206.9 million).

The financial result improved by 10% to € -27.6 million (2018: € -30.7 million). Net interest expenses increased slightly to € -29.1 million (2018: € -28.6 million), as they included interest expenses of € 2.6 million for leases resulting from the first-time adoption of IFRS 16 Leases in the reporting period. Income from investments in associates and joint ventures came to € 2.3 million (2018: € 1.6 million); the other financial result amounted

to € -0.7 million (2018: € -3.7 million), primarily attributable to valuation effects and bank charges.

On account of Wienerberger's excellent operating performance, earnings before tax improved strongly by 50% to € 264.5 million (2018: € 176.2 million). Given the substantial growth in earnings, the tax expense came to € 48.4 million, as compared to the previous year's € 40.6 million. Nonetheless, due to the utilization of tax losses carried forward, the absence of one-off costs, and the regional split of earnings, the effective tax rate was lower than in the previous year. The Group's net profit improved significantly by 64% to € 205.7 million (2018: € 125.7 million). Earnings per share rose substantially to € 1.80 (2018: € 1.08).

Cash Flow

Gross cash flow improved to € 367.5 million (2018: € 251.4 million) in the first nine months of the year, primarily due to substantially higher earnings before tax. Cash flow from operating activities also improved from € 106.2 million in the previous year to € 199.5 million in the reporting period.

During the first nine months of the year, a total of € 132.9 million (2018: € 118.0 million) was spent on investments, € 93.4 million of which for necessary maintenance (2018: € 75.3 million). Additionally, the Group invested € 39.4 million (2018: € 36.8 million) on Fast Forward projects, technological improvements of production processes and plant extensions. A total of € 33.9 million (2018: € 45.1 million) was spent on acquisitions. At € 9.0 million, proceeds from real estate sales and the realization of other assets were substantially lower than in the previous year (2018: € 32.4 million). Moreover, in a comparison with the previous year's period, the absence of cash inflow from the sale of the Austrian paver business (2018: cash inflow of € 20.9 million) has to be taken into account. In total, cash flow from investing activities amounted to € -156.3 million (2018: € -96.5 million).

Cash flow from financing activities amounted to € -67.4 million in the reporting period (2018: € -8.0 million). Net cash inflow from short-term financial liabilities to cover the seasonal financing needs amounted to € 61.8 million, whereas long-term financial liabilities changed only slightly. Dividends in the amount of € 57.5 million (2018: € 34.9 million) were paid out. Cash outflows for the hybrid capital comprised € 15.7 million for the partial buyback of hybrid bonds and the hybrid coupon of € 13.9 million, the latter including accrued interest for the acquired hybrid bonds (2018: hybrid coupon of € 13.6 million). The total cash outflow for share buybacks in the reporting period came to € 12.2 million (2018: € 25.9 million).

Due to the first-time adoption of IFRS 16 Leases, the repayment portion of lease payments has been recognized in cash flow from financing activities since 1/1/2019, which results in a corresponding improvement in cash flow from operating activities. In the first nine months of the year, this represented a cash outflow of € 30.3 million. In future, free cash flow will be adjusted for the repayment portion of lease payments in order to ensure the comparability of the free cash flow after the adoption of IFRS 16 Leases with values from prior periods.

In total, the Group's cash and cash equivalents declined by € 23.5 million from their 2018 year-end value to € 139.6 million.

Assets and Financial Position

As at 30/9/2019, the Group's equity was € 111.8 million above the 2018 year-end value. Comprehensive income after tax, minus changes in reserves and the effect of first-time adoption of IFRS 16, resulted in an increase in equity by a total of € 216.2 million. At the same time, distribution of dividends of € 57.5 million, payout of the hybrid coupon in the amount of € 13.9 million, and the buyback of own shares and parts of the hybrid bond for a total amount of € 27.9 million resulted in a reduction in the Group's equity. 1,175,268 own shares bought back were cancelled as at 18/2/2019. Therefore, € 17.7 million were reclassified from treasury stock to issued capital and share premium.

The Group's net debt, amounting to € 881.2 million, was significantly above the value reported as at 31/12/2018. Apart from the usual seasonal build-up of

net debt, this development was due to the first-time adoption of IFRS 16 Leases, which required the recognition of lease liabilities of € 163.0 million as part of financial liabilities as at the reporting date. From today's perspective, the effect of first-time adoption of IFRS 16 on net debt will increase through the conclusion of new leases and the renewal of existing ones to roughly € 210 million in the course of the year. A shift within financial liabilities from long-term to short-term liabilities occurred during the current business year. On the one hand, liabilities formerly recognized as part of the long-term component were allocated to the short-term component, as their residual maturity was less than 12 months. On the other hand, IFRS 16 Leases and the seasonal increase in debt also led to an increase in short-term financial liabilities.

Third Quarter of 2019

In the third quarter of 2019, Wienerberger generated revenue growth and significantly increased its EBITDA LFL:

• › Revenues grew by 4% to € 919.4 million (2018: € 888.1 million)
• › EBITDA LFL increased significantly by 17% to € 170.1 million (2018: € 145.0 million)

Wienerberger Building Solutions Demand for products of the Wienerberger Building Solutions Business Unit in the third quarter developed within the framework of our expectations. In this environment, our revenues increased by 4% to € 577.3 million and EBITDA grew significantly by 16% to € 130.8 million. We benefited primarily from the successful improvement of our product mix and from price increases to cover cost inflation. Moreover, we consistently pursued our optimization measures within the framework of our Fast Forward program. Adjusted for foreign-exchange, consolidation and restructuring effects, as well as for contributions from real estate sales, EBITDA LFL increased by 15% to € 130.0 million.

The regional market trends observed in the previous quarter largely continued during the reporting period. As a result, we generated significant third-quarter earnings growth in Eastern Europe, whereas our Western European core markets showed diverging developments. In Great Britain, we recorded growth in earnings despite the prevailing atmosphere of political and economic uncertainty. We also achieved further earnings growth in the Benelux countries. The reduced number of building permits issued in the Netherlands under the impact of emission control laws did not yet have a noteworthy negative impact on our earnings. In France, where the market was negatively affected by changes in regulatory conditions, we achieved satisfactory earnings. In the flat German market for singleand two-family homes, our focus remains on optimization measures aimed at improving our earning power.

Wienerberger Piping Solutions The strongest growth momentum in the third quarter was again recorded in the Wienerberger Piping Solutions Business Unit. While revenues increased slightly by 1% to € 249.5 million, EBITDA grew by 23% to € 27.2 million. Adjusted for foreign-exchange, consolidation and

restructuring effects, EBITDA LFL rose substantially by 33% to € 29.7 million.

This strong performance was primarily due to the successful increase of the percentage of premium solutions in total revenues as well as the implementation of performance-enhancing Fast Forward projects. Cost increases were offset by price improvements. We also recorded satisfactory developments in our strategic growth areas of building solutions and smart infrastructure. In our comparatively small plastic pipe business in Germany, an automation and efficiency-enhancement program led to the strategic decision to concentrate on profitable applications in in-house installation and water management. Restructuring costs of € 2.8 million resulting from this step have already been taken into account in our thirdquarter earnings.

North America In our North America Business Unit, we generated an 8% increase in revenues to € 92.6 million and a 35% improvement of EBITDA to € 12.7 million. Adjusted for foreign-exchange and consolidation effects, EBITDA LFL increased by 8% to € 10.4 million.

In the third quarter, demand in the core regions of our US brick business remained at the previous year's level. The significant increase in earnings was primarily due to strategic measures. On the one hand, we continued to successfully implement the performance-enhancing measures of our Fast Forward program. On the other hand, the integration of the facing brick producer in Pennsylvania taken over last year yielded the expected high contribution to earnings.

In Canada, residential construction activities continued to fall short of the previous year's level on account of regulatory changes. The improved market sentiment and the stabilization of leading indicators toward the end of

the third quarter did not yet result in any noteworthy catching-up effects. Our US plastic pipe business recorded a highly satisfactory operating result.

External revenues in MEUR	7-9/2019	7-9/2018	Chg. in %
Wienerberger Building Solutions		556.2	+4
Wienerberger Piping Solutions	577.3	246.2	+1
North America	249.5	85.6	+8
Wienerberger Group	92.6 919.4	888.1	+4

	Chg. in %
112.8	+16
22.0	+23
9.5	+35
	+18
7-9/2019 130.8 27.2 12.7 170.7	7-9/2018 144.3

Operating Segments

Wienerberger Building Solutions

The Wienerberger Building Solutions Business Unit delivered a very strong performance in the first nine months of the year in a broadly flat market environment:

• › Revenues increased by 8% to € 1,651.4 million (2018: € 1,534.6 million)
• › EBITDA LFL improved significantly by 28% to € 349.1 million (2018: € 273.5 million)
• › Strong contribution to earnings from our Fast Forward efficiency-enhancement program
• › Positive EBITDA effect of € 20.6 million from first-time adoption of IFRS 16

Since the beginning of 2019, we have reported on our business in ceramic solutions for the building envelope and our concrete paver business within the framework of the Wienerberger Building Solutions Business Unit.

During the first nine months of the year, the Business Unit delivered an excellent performance. After an early start into the construction season due to favorable weather conditions, demand normalized, as expected. In this broadly flat environment, we increased the percentage of premium products in total revenues and covered cost inflation through higher average prices. Moreover, our Fast Forward program made a strong contribution to the performance. Within the framework of our efficiencyenhancement program we are making continuous efforts to improve our production processes, our pricing policy and the range of products offered, while at the same time reducing energy consumption and the scrap rate. Other main priorities comprised investments in the centralization of procurement and in automation of processes.

In Great Britain, residential construction in our core regions remained stable despite the prevailing atmosphere of political and economic uncertainty. Benefitting from this in conjunction with increased average prices to successfully cover cost inflation we generated growth in both revenues and earnings. Additionally, we have made good progress in integrating the roofing accessories specialist acquired in the previous quarter. This acquisition enables us to strengthen our position as a full-range supplier of roofing systems and to broaden our footprint in the value chain.

In the Benelux countries we saw a stable development of demand and generated significant growth in earnings. The reduction in the number of building permits, resulting from the Dutch emission control legislation, had no substantial negative impact on the development of earnings. Moreover, the producers of clay pavers and facing bricks taken over in the Netherlands in 2018 delivered the expected strong contributions to earnings.

In the flat markets of Germany, Austria and Switzerland, we are focusing on the further implementation of optimization measures aimed at improving our earning power. In France, demand declined under the impact of the reduction in government support for housing construction. Nevertheless, we achieved a satisfactory result in this challenging market.

In Eastern Europe, economic growth and a low level of unemployment had a stimulating effect on new housing construction; as a result, we benefited from slightly growing demand for solutions for the building envelope and outdoor surfaces. On such basis, we generated significant growth in revenues and earnings.

Overall, in the first nine months of the year we succeeded in increasing our revenues by 8% to € 1,651.4 million and our EBITDA by 31% to € 352.5 million. Included in these figures are a positive effect of € 20.6 million from first-time adoption of IFRS 16 and the absence of structural adjustment costs of € 10.8 million incurred in the same period of the previous year. EBITDA LFL improved significantly by 28% to € 349.1 million in the first nine months of 2019.

Wienerberger Building Solutions		1-9/2019	1-9/2018	Chg. in %
External revenues	in MEUR		1,534.6	+8
EBITDA LFL 1)	in MEUR	1,651.4	273.5	+28
EBITDA	in MEUR	349.1	269.6	+31
EBIT	in MEUR	352.5	180.5	+33
Capital employed	in MEUR	239.3	1,696.0	+11
Total capex	in MEUR	1,889.1	77.2	+21
Ø Employees	in FTE	93.6	11,918	+4
		12,360

1) Including a positive € 20.6 million effect on earnings from first-time adoption of IFRS 16

Outlook for 2019: Significant earnings growth

Developments in European residential construction in 2019 have been broadly flat. We expect the regional trends seen during the first nine months of the year to continue throughout the last quarter.

In this environment, we are successfully advancing the implementation of our strategic priorities. We are working continuously to increase the percentage of premium solutions in total revenues and to further improve our product mix. Our higher average prices successfully offset rising cost inflation. With our Fast Forward program, we are implementing efficiency-enhancing measures in manufacturing and commercial excellence, procurement and logistics as well as administration. As a result, we are well on track to achieve our ambitious improvement target for this business year. Moreover, the integration of the companies acquired is progressing on schedule and delivering a strong contribution to earnings.

Overall, we expect the Wienerberger Building Solutions Business Unit to generate earnings significantly above the previous year's level.

Wienerberger Piping Solutions

During the first nine months of the year, the Wienerberger Piping Solutions Business Unit recorded strong growth in revenues and earnings:

• › Revenues grew by 3% to € 746.5 million (2018: € 724.7 million)
• › EBITDA LFL increased substantially by 42% to € 81.3 million (2018: € 57.4 million)
• › Improved product mix and optimized cost position led to significant earnings growth
• › Positive EBITDA effect of € 10.2 million from first-time adoption of IFRS 16

Since the beginning of the year, we have reported on our European plastic pipe business and our ceramic pipe operations within the framework of the Wienerberger Piping Solutions Business Unit.

In our plastic pipe business, the stable trends seen in the first half of the year continued throughout the third quarter. In this environment, we generated strong growth in earnings in the reporting period; this was primarily attributable to the higher percentage of premium solutions in total revenues and the implementation of optimization projects in the context of our Fast Forward program. Moreover, price improvements enabled us to successfully cover cost inflation.

In our in-house business, we generated significant growth year on year. A positive contribution to this development was made by the Belgian producer of accessories for electrical installations taken over by Wienerberger in the spring of this year; the integration of this acquisition is making good progress. In the field of infrastructure solutions and water management, demand continued to grow, especially in Eastern Europe, resulting in substantial earnings growth. In our international project business with special pipes, rising demand in the energy sector translated into a significant improvement of earnings.

The regional development trends seen in previous quarters continued and confirmed our market expectations. In our Nordic core markets, a stable market environment enabled us to generate growth in revenues and earnings. In the Netherlands, earnings remained more or less stable, our very strong performance in the electro business being offset by a slowdown in our gas operations due to regulatory changes.

In our comparatively small plastic pipe business in Germany, an automation and efficiency enhancement program led to the strategic decision to concentrate on profitable applications in the fields of in-house installation and water management. Restructuring costs of € 2.8 million resulting from this step have already been taken into account in our third-quarter earnings. In Austria, we succeeded in increasing our revenues and keeping earnings stable in a market characterized by growing competitive pressure. In Eastern Europe, earnings growth was again generated mainly by our Hungarian, Czech and Polish markets. In the Turkish growth market, the earnings improvement in the reporting period was entirely offset by the devaluation of the local currency.

Our ceramic pipe operations recorded a strong increase in earnings over the previous year's level. This development was primarily attributable to structural adjustments that were successfully concluded in the second half of 2018. While the restructuring costs resulting from these measures burdened the previous year's result, the sustainable optimization of the cost structure had a clearly positive impact on profitability in the reporting period. In combination with a higher price level and an improved product mix, this led to significant organic earnings growth in the first nine months of the year.

Overall, the Business Unit's revenues increased by 3% to € 746.5 million in the first nine months of the year and EBITDA grew from € 42.8 million to € 78.3 million. Included in these figures are a positive € 10.2 million effect from the first-time adoption of IFRS 16 and the absence of structural adjustment costs incurred in the first quarter of 2018 in the amount of € 16.1 million. During the first nine months of 2019, EBITDA LFL increased steeply by 42% to € 81.3 million.

Wienerberger Piping Solutions		1-9/2019	1-9/2018	Chg. in %
External revenues	in MEUR		724.7	+3
EBITDA LFL 1)	in MEUR	746.5	57.4	+42
EBITDA	in MEUR	81.3	42.8	+83
EBIT	in MEUR	78.3	13.7	>100
Capital employed	in MEUR	40.2	503.2	+13
Total capex	in MEUR	566.5	25.7	+8
Ø Employees	in FTE	27.8 3,324	3,300	+1

1) Includes a positive € 10.2 million effect on earnings from first-time adoption of IFRS

Outlook for 2019: Substantial EBITDA growth

The level of demand seen in the first nine months of the year confirmed the expectation of a broadly flat development in 2019. We therefore anticipate a continuation of the prevailing trends in our core markets in the last quarter and significant growth in earnings year on year. The major factors accounting for this significant improvement of the Business Unit's performance are the increasing percentage of smart system solutions in revenues, the optimization of our cost structures, and efficiency enhancements in internal processes within the framework of our Fast Forward program. At the same time, we have been able to cover cost inflation through price increases and generate attractive contributions to earnings through the integration of acquisitions.

North America

In the first nine months of the year, the North America Business Unit delivered a highly satisfactory result:

• › Revenues increased by 10% to € 257.6 million (2018: € 235.0 million)
• › EBITDA rose significantly by 15% to € 35.6 million (2018: € 30.8 million)
• › Strong contribution to earnings from facing brick producer in Pennsylvania taken over at the end of 2018
• › Market slowdown in Canadian facade business due to regulatory changes
• › Project execution in plastic pipe business delayed by unfavorable weather conditions
• › EBITDA LFL declined to € 26.3 million (2018: € 29.0 million)
• › Positive EBITDA effect of € 2.1 million from first-time adoption of IFRS 16

In the US brick business unfavorable weather conditions cost delays at the beginning of the year before demand normalized in line with expectations. In this environment, we generated significant growth in earnings. This development was primarily due to the expected strong contribution to earnings from the facing brick producer in Pennsylvania acquired at the end of 2018 and the implementation of Fast Forward efficiency enhancement measures.

In our Canadian facade business, the measures taken by the government aimed at stricter regulation of the real estate market resulted in declining demand throughout the business year. The improved market sentiment and the stabilization of leading indicators toward the end of the third quarter did not yet result in any noteworthy catching-up effects. Despite positive contributions to earnings from the implementation of automation projects, we had to record a decline in earnings.

In our North American plastic pipe business we successfully implemented performance-enhancing measures in the fields of production and distribution; satisfactory contributions to earnings came from our special pipe business. Nevertheless, following the weather-related delays in project execution in the first half of the year, we were unable to match the record result of the previous year.

Overall, the North America Business Unit reported a 10% increase in revenues to € 257.6 million and 15% growth in EBITDA to € 35.6 million. EBITDA LFL, adjusted for consolidation contributions, foreign-exchange effects and real estate sales, came to € 26.3 million (2018: € 29.0 million).

North America		1-9/2019	1-9/2018	Chg. in %
External revenues	in MEUR		235.0	+10
EBITDA LFL 1)	in MEUR	257.6	29.0	-9
EBITDA	in MEUR	26.3	30.8	+15
EBIT	in MEUR	35.6	12.7	-1
Capital employed	in MEUR	12.6	385.4	+14
Total capex	in MEUR	439.0	9.1	+25
Ø Employees	in FTE	11.4 1,467	1,405	+4

1) Includes a positive € 2.1 million effect on earnings from first-time adoption of IFRS 16

Outlook for 2019: Stable development of EBITDA

For the fourth quarter, we expect the broadly flat development in the construction of new single- and twofamily homes to continue. Earnings growth will be generated primarily through the strong contributions to earnings from the facing brick producer in Pennsylvania taken over at the end of last year and the optimization measures taken within the framework of our Fast Forward program. In Canada, first indications of an improving market environment will not result in any noteworthy catching-up effects this year. We therefore foresee a decline in earnings in our Canadian facade business for the year as a whole. In our US plastic pipe business, the continued implementation of optimization measures in the fields of distribution and production results in a satisfactory operating performance. However, owing to weather-related delays in project execution at the beginning of the year, we will not be able to match the previous year's record result.

	Consolidated Income Statement
--	-------------------------------

in TEUR	7-9/2019	7-9/2018	1-9/2019	1-9/2018
Revenues		888,321		2,495,195
Cost of goods sold	919,561	-568,047	2,655,940	-1,624,083
	-578,091		-1,689,915
Gross profit Selling expenses	341,470	320,274 -162,572	966,025	871,112 -476,223
Administrative expenses	-168,447	-52,173	-494,706	-157,905
Other operating income:	-56,819		-168,855
Reversal of impairment charges to assets		57		3,557
Other	0	5,976	0	27,653
Other operating expenses	5,798	-12,409	22,734	-61,331
	-11,483		-33,153
Operating profit/loss (EBIT) Income from investments in associates and joint ventures	110,519	99,153 1,141	292,045	206,863 1,611
Interest and similar income	1,602	816	2,293	3,526
Interest and similar expenses	213	-10,519	1,701	-32,090
Other financial result	-10,263	-1,007	-30,821	-3,726
	-4,304		-733
Financial result	-12,752	-9,569	-27,560	-30,679
Profit/loss before tax Income taxes	97,767	89,584 -13,523	264,485	176,184 -40,626
	-15,463		-48,384
Profit/loss after tax Thereof attributable to non-controlling interests	82,304	76,061 124	216,101	135,558 -297
Thereof attributable to hybrid capital holders	181	3,430	381	10,179
Thereof attributable to equity holders of the parent company	3,316 78,807	72,507	9,973 205,747	125,676
Earnings per share (in EUR)	0.69	0.62	1.80	1.08

Consolidated Balance Sheet

in TEUR	30/9/2019	31/12/2018
Assets Intangible assets and goodwill		712,719
Property, plant and equipment	732,616	1,575,709
Investment property	1,762,330	66,569
Investments in associates and joint ventures	66,027	22,100
Other financial investments and non-current receivables	24,373	30,420
Deferred tax assets	30,691	54,076
	53,929
Non-current assets	2,669,966	2,461,593
Inventories		761,659
Trade receivables	809,670	215,838
Receivables from current taxes	355,354	4,144
Other current receivables	10,405	92,436
Securities and other financial assets	82,080	42,812
Cash and cash equivalents	33,880	163,080
	139,579
Current assets	1,430,968	1,279,969
Non-current assets held for sale	0	1,348
Total assets	4,100,934	3,742,910
Equity and liabilities Issued capital		117,527
Share premium	116,352	1,075,422
Hybrid capital	1,058,946	265,969
Retained earnings	251,456	760,389
Other reserves	898,546	-230,955
Treasury stock	-230,806	-49,858
	-44,374
Controlling interests Non-controlling interests	2,050,120	1,938,494 586
	746
Equity	2,050,866	1,939,080
Deferred taxes		75,021
Employee-related provisions	80,630	136,432
Other non-current provisions	151,738	83,622
Long-term financial liabilities	82,713	710,590
Other non-current liabilities	514,714	2,793
	2,745
Non-current provisions and liabilities	832,540	1,008,458
Current provisions	38,851	51,924
Payables for current taxes	18,888	22,531
Short-term financial liabilities	539,932	126,907
Trade payables	278,293	326,890
Other current liabilities	341,564	267,120
Current provisions and liabilities	1,217,528	795,372

Total equity and liabilities 4,100,934 3,742,910

in TEUR
Profit/loss before tax	1-9/2019	1-9/2018 176,184
Depreciation and amortization	264,485	135,791
Impairment charges to assets and other valuation effects	172,823	9,642
Reversal of impairment charges to assets	2,494	-3,557
Increase/decrease in non-current provisions	0	-6,380
Income from investments in associates and joint ventures	-7,386	-1,611
Gains/losses from the disposal of fixed and financial assets	-2,293	-13,198
Interest result	-4,360	28,564
Interest paid	29,120	-33,979
Interest received	-31,256	3,146
Income taxes paid	456	-43,184
	-56,558
Gross cash flow	367,525	251,418
Increase/decrease in inventories		-26,935
Increase/decrease in trade receivables	-43,933	-138,693
Increase/decrease in trade payables	-131,990	-58,564
Increase/decrease in other net current assets	-51,420	78,992
	59,341
Cash flow from operating activities	199,523	106,218
Proceeds from the sale of assets (including financial assets)		32,423
Payments made for property, plant and equipment and intangible assets	8,968	-112,023
Payments made for investments in financial assets	-132,876	-6,000
0 Dividend payments from associates and joint ventures
Increase/decrease in securities and other financial assets	0	4,251
Net payments made for the acquisition of companies	1,487	-39,118
Net proceeds from the sale of companies	-33,888 0	20,882
Cash flow from investing activities	-156,309	-96,546
Cash inflows from the increase in short-term financial liabilities		223,389
385,585 Cash outflows from the repayment of short-term financial liabilities		-374,179
-323,801 Cash inflows from the increase in long-term financial liabilities		247,575
768 Cash outflows from the repayment of long-term financial liabilities
-343 Cash outflows from the repayment of lease liabilities -30,296		0
Dividends paid by Wienerberger AG	-57,291	-34,812
Hybrid coupon paid	-13,880	-13,609
Buyback hybrid capital	-15,721	0
Dividends paid to non-controlling interests	-219	-120
Purchase of non-controlling interests	0	-30,100
Purchase of treasury stock	-12,167	-25,898
Cash flow from financing activities	-67,365	-7,986
Change in cash and cash equivalents	-24,151	1,686
Effects of exchange rate fluctuations on cash held		-278
650 Cash and cash equivalents at the beginning of the year		169,259
Cash and cash equivalents at the end of the period	163,080 139,579	170,667

Operating Segments

1-9/2019 in TEUR	Wienerberger Building Solutions	Wienerberger Piping Solutions	North America	Group eliminations	Wienerberger Group
External revenues	1,651,393	746,501	257,577
Inter-company revenues	680	95	3	-309	2,655,471
Total revenues	1,652,073	746,596	257,580	-309	469
EBITDA	352,526	78,276	35,557		2,655,940
EBIT	239,272	40,220	12,553		466,359
Profit/loss after tax	185,265	24,142	6,493	201	292,045
Capital employed	1,889,056	566,526	438,953		216,101
Investments in intangible assets and property, plant and equipment	93,590	27,845	11,441		2,894,535 132,876
Ø Employees (in FTE)	12,360	3,324	1,467		17,151

1-9/2018 in TEUR	Wienerberger Building Solutions	Wienerberger Piping Solutions	North America	Group eliminations	Wienerberger Group
External revenues	1,534,602	724,696	234,989
Inter-company revenues	930	50	8	-80	2,494,287
Total revenues	1,535,532	724,746	234,997	-80	908
EBITDA	269,576	42,795	30,843		2,495,195
EBIT	180,547	13,652	12,664		343,214
Profit/loss after tax	130,139	-249	5,362	306	206,863
Capital employed	1,695,997	503,241	385,351		135,558
Investments in intangible assets and property, plant and equipment	77,195	25,688	9,140		2,584,589
Ø Employees (in FTE)	11,918	3,300	1,405		112,023 16,623

Financial Calendar

November 7, 2019	Results for the First Three Quarters of 2019
January 27, 2020	Start of the quiet period
February 26, 2020	Results of 2019:
	Presentation of the Results in Vienna
March 30, 2020	Publication of the 2019 Annual Report on the Wienerberger website
April 21, 2020	Start of the quiet period
April 25, 2020	Record date for participation in the 151st Annual General Meeting
May 5, 2020	151st Annual General Meeting
May 7, 2020	Deduction of dividends for 2019 (ex-day)
May 8, 2020	Record date for 2019 dividends
May 11 ,2020	Payment day for 2019 dividends
May 14, 2020	Results for the First Quarter of 2020
June 2020	Publication of the Sustainability Report 2019
July 20, 2020	Start of the quiet period
August 12, 2020	Results for the First Half-Year of 2020:
	Presentation of the Results in Vienna
October 19, 2020	Start of the quiet period
November 5, 2020	Results for the First Three Quarters of 2020

Information on the Company and the Wienerberger Share

Head of Investor Relations	Klaus Ofner
Shareholders' Telephone	+43 1 601 92 10221
E-Mail	investor@wienerberger.com
Internet	www.wienerberger.com
Vienna Stock Exchange	WIE
Thomson Reuters	WBSV.VI; WIE-VI
Bloomberg	WIE AV
Datastream	O: WNBA
ADR Level 1	WBRBY
ISIN	AT0000831706

Wienerberger Online Annual Report 2018:

http://annualreport.wienerberger.com

Imprint

Publisher

Wienerberger AG A-1100 Vienna, Wienerberg City, Wienerbergstraße 11 T +43 1 601 92 0 F +43 1 601 92 10159

Inquiries may be addressed to The Managing Board: Heimo Scheuch, CEO; Willy Van Riet, CFO; Solveig Menard-Galli, CPO Investor Relations: Klaus Ofner Concept and Design Brainds, Marken und Design GmbH

Text pages Produced in-house using firesys

Illustrations Blagovesta Bakardjieva

Translation Eva Fürthauer Claudia Fischer-Ballia The Report on the Third Quarter of 2019, released on November 7, 2019 is also available for download under www.wienerberger.com.

Available in German and English.