Wienerberger AG

Quarterly Report • May 6, 2008

We have set ambitious goals.

Despite the good start, that's why we still have a lot to chew on. lot chew

Report on the First Quarter of 2008

Earnings Data		1-3/2007	1-3/2008	Chg. in %	Year-end 2007
Revenues	in € mill.	507.3	574.0	+13	2,477.3
EBITDA	in € mill.	83.9	92.3	+10	551.2
EBIT	in € mill.	39.1	42.6	+9	353.1
Profit before tax	in € mill.	42.2	35.7	-15	358.4
Profit after tax 1)	in € mill.	33.3	30.2	-9	295.8
Adjusted earnings per share 2)	in €	0.39	0.26	-33	3.46
Free cash flow 3)	in € mill.	-53.4	-33.7	+37	293.8
Maintenance capex	in € mill.	25.3	24.3	-4	120.2
Growth investments	in € mill.	42.3	122.5	>100	525.4

Balance Sheet Data		31.12.2007	31.3.2008	Chg. in %
Equity 4)	in € mill.	2,672.7	2,649.0	-1
Net debt	in € mill.	566.8	721.3	+27
Capital employed	in € mill.	3,060.2	3,197.9	+4
Balance sheet total	in € mill.	4,329.9	4,428.1	+2
Gearing	in %	21.2	27.2	-
Employees 5)		14,785	15,645	+6

Stock Exchange Data		1-12/2007	1-3/2008	Chg. in %
Share price high	in €	58.06	38.20	-34
Share price low	in €	32.84	27.49	-16
Share price at end of period	in €	37.93	33.69	-11
Shares outstanding (weighted) 6)	in 1,000	75,491	83,079	+10
Market capitalization at end of period	in € mill.	3,184.1	2,828.2	-11

Segments 1-3/2008 in € mill. and %		Central- East Europe		Central- West Europe		North- West Europe		North America		Investments and Other 7)
Revenues	204.4	(+31%)	91.3	(+5%)		234.9 (+18%)		52.7 (-28%)	-9.3	(-1%)
EBITDA	60.7	(+54%)		-1.2 (>100%)	39.1	(+5%)		0.7 (-90%)	-7.0	(+9%)
EBIT	43.9	(+74%)		-10.8 (>100%)	21.7	(-7%)		-4.3 (>100%)	-7.9	(-14%)
Total investments	37.6	(+98%)	12.2	(+97%)		79.3 (>100%)		10.8 (-47%)	6.9	(>100%)
Capital employed	801.2	(+17%)	520.4	(+6%)	1,362.3 (+28%)		500.6	(+7%)	13.4	(>100%)
Employees 5)	5,756	(+11%)	2,396	(-0%)	4,932	(+25%)	2,357	(-6%)	204	(+22%)

1) Before minority interest and accrued hybrid bond coupon

2) Before amortization of goodwill and adjusted for non-recurring income and expenses; after hybrid coupon

3) Cash flow from operating activities minus cash flow from investing activities plus growth investments

4) Equity including minority interest and hybrid bond

5) Average number of employees for the period 6) Adjusted for treasury stock

7) Including Group eliminations and holding company costs; negative revenues are due to the offset of inter-company sales in this segment

Note: In the table of segment data, changes in % to the comparable prior year period are shown in brackets

Chief Executive's Review

Dear Shareholders,

I am pleased to report to you on the further growth of Wienerberger during the first three months of 2008, which topped the record first quarter of the previous year. Here it should be added that the early Easter holidays reduced the number of working days in this period and the weather in Europe at the start of the year was not as favorable as in 2007. In spite of these circumstances, Group revenues rose by 13% to € 574.0 million, EBITDA by 10% to € 92.3 million and EBIT by 9% to € 42.6 million. Profit after tax declined by € 3.1 million to € 30.2 million because financial results for the prior year include € 10 million of non-recurring income. Profit after tax totaled € 21.8 million (2007: € 28.3 mill.) after the deduction of the coupon on the hybrid bond and minority interest.

The Central-East Europe segment has as the primary driver for revenue and earnings growth. Strong demand in Poland, Slovakia, Romania, Bulgaria and Russia as well as full capacity utilization and sound price levels supported an increase of 31% in revenues to € 204.4 million and 54% in EBITDA to € 60.7 million in this region. Revenues in North-West Europe rose by 18% above all due to higher sales volumes in France, the Netherlands and Great Britain, whereby against the backdrop of a declining market the improvement in Great Britain was realized through the consolidation of Baggeridge and Sandtoft. EBITDA in this segment rose by € 1.7 million or 5%. In Central-West Europe, revenues in Germany were increased by strong project driven commercial construction but the costs related to lengthy plant shutdowns resulted in negative EBITDA of € -1.2 million for this segment. In spite of a positive contribution from the initial consolidation of Arriscraft, partly offset by negative foreign exchange effects, revenues in North America fell 28% to € 52.7 million and earnings dropped 90% to € 0.7 million because of the disappointing development of residential construction in the USA.

Wienerberger intends to continue its successful expansion during 2008 with growth projects of over € 500 million. A total of € 123 million was invested during the first quarter, whereby a significant part of these funds was directed to new plant construction and the extension of capacity in Central-East Europe, especially in Poland, Romania, Russia and Serbia. In addition, Wienerberger acquired a majority stake in Sandtoft, the last major independent roof tile producer in the UK.

Our proven geographic portfolio forms the basis for continued growth in earnings and the realization of our ambitious goals. For this year I expect continuing sound demand in Central-East Europe and further revenue and earnings improvement in North-West Europe due to consolidation effects. Our major challenges will be the Anglo-American region and the German market. The development of new residential construction in the USA has been weaker than expected at the beginning of this year and forecasts for Great Britain have been revised downward to reflect more restrictive financing conditions for private households and declining property prices. In these weak markets, I therefore see active capacity management as our top priority. After a record low in single and two-family housing construction in Germany during 2007 and a slow start into the new year, moderate growth may be possible. Even in weakening markets our goal for 2008 is to again increase EBITDA by an above-average amount in comparison with the building materials industry.

Wolfgang Reithofer, Chief Executive Officer of Wienerberger AG

Approx. € 500 million of growth investments in 2008 planned

Goal remains intact for an above-average increase in EBITDA

Financial Review

Earnings

Revenues and EBITDA

EBITDA Q1 in € mill. 2006 2007 2008 80 90 60 40 20 0 83.9 55.6 92.3

Sound demand on markets in Central-East Europe supported an increase of 13% in Group revenues and 10% in EBITDA for the first three months of 2008, despite a significant downturn in the USA. It should be noted that fewer working days were available this year because of the early Easter holidays. However, the first quarter has little analytical value for the full year in the building materials industry for seasonal reasons.

Revenues recorded by the Wienerberger Group rose from € 507.3 million in the comparable prior year period to € 574.0 million. This growth was driven primarily by continued dynamic development on the markets of Central-East Europe, above all Poland, Slovakia, Romania, Bulgaria and Russia.

Higher sales volumes and favorable price levels in this region supported the improvement in Group earnings, in spite of the higher costs of idle capacity that resulted from temporary plant shutdowns in Central-West Europe and the USA. Group EBITDA rose by 10% year-on-year to € 92.3 million and EBIT by 9% to € 42.6 million.

The tax rate declined from 21.0% in the first quarter of 2007 to 15.4% due to the higher share of earnings recorded in Central-East Europe and the deductibility of the hybrid coupon for tax purposes. Since the hybrid bond is classified as equity under IFRS, the coupon is not included under financial results on the income statement but is shown as part of the use of earnings on the changes in equity statement and paid from profit after tax. The calculation of earnings per share is therefore based on profit after tax following the deduction of the coupon. Adjusted earnings per share declined from € 0.39 in the previous year to € 0.26 for the first quarter of 2008 due to the dilution caused by the capital increase in October 2007.

Cash Flow

Gross cash flow equaled € 68.9 million, or roughly € 20 million less than the comparable prior year value, which included approximately € 10 million of non-recurring income from the sale of securities. Cash flow from operating activities was negative at € -19.5 million due to the seasonal increase in working capital during the first quarter. Cash outflows of € 146.8 million for investments and acquisitions comprise € 122.5 million of growth investments and € 24.3 million of maintenance capex (maintenance, replacement, rationalization).

Asset and Financial Position

Group equity declined following the payment of the hybrid coupon and as a result of negative foreign exchange effects from € 2,672.7 million at the start of the year to € 2,649.0 million. Net debt equaled € 721.3 million at the end of the first quarter.

Segments

Central-East Europe

The growth of the Wienerberger Group was again driven primarily by Central-East Europe, which reported higher revenues and earnings in nearly all countries. This segment exceeded record results in the first quarter of 2007 with an increase of 31% in revenues to € 204.4 million and 54% in EBITDA to € 60.7 million for the first three months of 2007. The impulses for this growth were provided by strong demand – above all in Poland, Slovakia, Romania, Bulgaria and Russia – that was underscored by double-digit increases in sales volumes of hollow bricks. Full capacity utilization and favorable price levels in the region also had a positive effect on earnings.

Central-West Europe

In Central-West Europe revenues rose 5% to € 91.3 million (2007: € 87.3 mill.), while EBITDA remained negative at € 1.2 million (2007: € 6.7 mill.). New residential construction in Germany was reserved, but sound growth in project-driven commercial construction led to an increase in sales volumes. The primary reason for negative earnings in Germany was the cost of idle capacity: the lower sales volumes in 2008 were in higher inventories and, as part of the Group's active capacity management, plants were subsequently closed on a temporary basis after the Christmas holidays. Italy registered a decline in earnings, which resulted from weakness in new residential construction and increasing pressure on prices.

North-West Europe

Revenues in North-West Europe increased 18% to € 234.9 million (2007: € 199.4 mill.) and EBITDA rose by 5% to € 39.1 million (2007: € 37.4 mill.). Higher sales volumes were recorded in the Netherlands and France, while new residential construction in Great Britain was weaker than expected but more than offset by the consolidation of Sandtoft and Baggeridge. Due to the consolidation of these newly acquired companies with lower margins, the increase in earnings did not match the growth in revenues. According to our plans these margins should progressively be improved over the coming years. This effect as well as costs for the conversion of hollow brick capacity in France and a higher share of merchandise in the Netherlands led to a margin decline in the North-West Europe segment.

North America

The downward spiral in the US housing market was more severe than expected, with a 30% year-on-year drop registered for the first three months of 2008. Moreover, the harsh winter in many parts of the country intensified the slowdown in construction activity. The resulting high costs of idle capacity that were linked to this disappointing market development had a negative effect on earnings. The situation was also aggravated by the weak US dollar and, despite the good development of Arriscraft and the positive contribution from its initial consolidation, revenues fell 28% to € 52.7 million and EBITDA dropped 90% to € 0.7 million.

Investments and Other

The Investments and Other segment is comprised primarily of the holding company and related costs, the brick activities in India and the non-core businesses of the Wienerberger Group, in particular the 50/50 Pipelife joint venture (consolidated at-equity, and therefore not included in operating results). Revenues rose by 16% to € 3.4 million because of an increase in services provided by the holding company, while EBITDA fell 7% to € -6.9 million because of higher growth-based holding company costs.

Central-East Europe again serves as growth driver for Wienerberger

Negative EBITDA due to longer production stoppages in Germany

Consolidation effects in UK, higher sales volumes in France and the Netherlands

Market weakness in USA pressures revenues and earnings

Pipelife and the investments in India are included in this segment

Interim Financial Statements (IFRS) Wienerberger Group

Income Statement in TEUR 1-3/2008 1-3/2007 Revenues 573,984 507,327 Cost of good sold -374,926 -327,630 Gross profit 199,058 179,697 Selling expenses -110,364 -102,847 Administrative expenses -40,593 -33,566 Other operating expenses -10,786 -10,221 Other operating income 5,285 6,054 Amortization of goodwill 0 0 Operating profit 42,600 39,117 Income from investments in associates 2,821 3,482 Interest and similar income 12,728 11,926 Interest and similar expenses -22,272 -23,184 Other financial results -225 10,821 Financial results -6,948 3,045 Profit before tax 35,652 42,162 Income taxes -5,473 -8,854 Profit after tax 30,179 33,308 Thereof attributable to minority interest 329 366 Thereof share planned for hybrid bond holders 8,081 4,604 Thereof attributable to equity holders 21,769 28,338 Earnings per share (in EUR) 0.26 0.39 Diluted earnings per share (in EUR) 0.26 0.38

Segment Reporting

1-3/2008 in TEUR	Central-East Europe	Central-West Europe	North-West Europe	North America	Investments and Other 1)	Group Eliminations	Wienerberger Group
Third party revenues	203,647	85,064	232,172	52,742	191		573,816
Inter-company revenues	764	6,197	2,757	0	3,198	-12,748	168
Total revenues	204,411	91,261	234,929	52,742	3,389	-12,748	573,984
EBITDA	60,659	-1,218	39,124	663	-6,909		92,319
EBIT	43,884	-10,817	21,717	-4,329	-7,855		42,600
Total investments	37,639	12,190	79,340	10,787	6,844		146,800
Capital employed	801,166	520,418	1,362,275	500,597	13,434		3,197,890
Employees	5,756	2,396	4,932	2,357	204		15,645
1-3/2007
Third party revenues	155,563	81,584	196,163	73,509	231		507,050
Inter-company revenues	964	5,723	3,286	0	2,690	-12,386	277
Total revenues	156,527	87,307	199,449	73,509	2,921	-12,386	507,327
EBITDA	39,514	6,713	37,432	6,652	-6,459		83,852
EBIT	25,170	-3,047	23,358	2,679	-9,043		39,117
Total investments	18,985	6,220	21,563	20,527	292		67,587
Capital employed	686,271	488,732	1,064,609	465,787	5,093		2,710,492
Employees	5,182	2,400	3,955	2,515	167		14,219

1) The Investments and Other segment includes holding company costs

Balance Sheet
in TEUR	31.3.2008	31.12.2007
ASSETS
Intangible assets	770,809	764,160
Property, plant and equipment	1,979,878	1,945,827
Investment property	29,329	26,511
Investments in associates	152,751	150,002
Other financial assets	19,702	29,253
Deferred tax assets	42,264	45,379
Non-current assets	2,994,733	2,961,132
Inventories	695,831	669,761
Trade receivables	292,788	211,006
Other current receivables	108,928	105,757
Securities	129,769	88,830
Cash and cash at bank	206,053	293,373
Current assets	1,433,369	1,368,727
Total Assets	4,428,102	4,329,859
EQUITY AND LIABILITIES
Issued capital	83,948	83,948
Share premium	829,408	829,408
Hybrid bond	492,896	492,896
Retained earnings	1,443,687	1,407,720
Treasury stock	-40,697	-31,379
Translation reserve	-193,488	-135,877
Minority interest	33,284	25,993
Equity	2,649,038	2,672,709
Employee-related provisions	72,202	76,210
Provisions for deferred taxes	127,170	125,045
Other non-current provisions	66,756	64,653
Long-term financial liabilities	938,731	819,092
Other non-current liabilities	46,808	45,685
Non-current provisions and liabilities	1,251,667	1,130,685
Other current provisions	51,895	47,513
Short-term financial liabilities	118,396	129,871
Trade payables	192,218	186,405
Other current liabilities	164,888	162,676
Current provisions and liabilities	527,397	526,465
Total Equity and Liabilities	4,428,102	4,329,859

Changes in Equity StatementMinority

in TEUR	Group	interest	Total
Balance on 1.1.2008	2,646,716	25,993	2,672,709
Net profit/minority interest	29,850	329	30,179
Dividend payments/hybrid bond coupon	-32,500	0	-32,500
Foreign exchange adjustment	-57,611	-375	-57,986
Foreign exchange adjustment to investments in associates	0	0	0
Hedging reserves	38,207	0	38,207
Capital increase/decrease	0	2,000	2,000
Increase/decrease in minority interest	0	5,337	5,337
Increase/decrease in treasury stock	-9,318	0	-9,318
Expenses from stock option plans	498	0	498
Other changes	-88	0	-88
Balance on 31.3.2008	2,615,754	33,284	2,649,038

Cash Flow Statement

in TEUR	1-3/2008	1-3/2007
Profit before tax	35,652	42,162
Depreciation and amortization	49,719	44,735
Write-ups of fixed and financial assets	0	-10
Increase/decrease in long-term provisions	-3,568	6,094
Income from associates	-2,821	-3,482
Income/loss from the disposal of fixed and financial assets	-816	-822
Interest result	9,544	11,258
Interest paid	-22,272	-13,038
Interest received	12,728	5,926
Income taxes paid	-9,225	-3,924
Gross cash flow	68,941	88,899
Increase/decrease in inventories	-15,802	-44,883
Increase/decrease in trade receivables	-72,787	-53,230
Increase/decrease in trade payables	-336	-23,854
Increase/decrease in other net current assets	5,747	3,821
Changes in non-cash items resulting from foreign exchange translation	-5,338	-224
Cash flow from operating activities	-19,575	-29,471
Proceeds from the sale of assets	13,342	1,483
Purchase of property, plant and equipment and intangible assets	-75,115	-52,839
Payments made for investments in financial assets	-380	-100
Increase/decrease in securities	-2,848	2,836
Net payments made for the acquisition of companies	-71,685	-14,748
Net proceeds from the sale of companies	0	0
Cash flow from investing activities	-136,686	-63,368
Increase/decrease in long-term financial liabilities	119,639	-8,462
Increase/decrease in short-term financial liabilities	-11,475	-277,197
Dividends paid by Wienerberger AG	0	0
Hybrid coupon paid	-32,500	0
Dividends paid to minority shareholders and other changes in minority capital	2,029	0
Dividend payments from associates	0	0
Capital increase Wienerberger AG (hybrid bond)	0	493,073
Cash inflows from exercise of stock options	498	0
Purchase of treasury stock	-9,318	-13,392
Cash flow from financing activities	68,873	194,022
Change in cash and cash at bank	-87,388	101,183
Effects of exchange rate fluctuations on cash held	68	-464
Cash and cash at bank at the beginning of the period	293,373	193,531
Cash and cash at bank at the end of the period	206,053	294,250

Notes to the Interim Financial Statements

Basis of Preparation

The interim report as of March 31, 2008 was prepared in accordance with the principles set forth in International Financial Reporting Standards, Guidelines for Interim Reporting (IAS 34). The accounting and valuation methods in effect on December 31, 2007 remain unchanged. For additional information on the accounting and valuation principles, see the financial statements as of December 31, 2007, which form the basis for these interim financial statements.

Wienerberger manages its business on a regional basis, which gives local operating management responsibility for all products within a country. Segment reporting reflects the regional focus of the Wienerberger Group.

Consolidation Range

The consolidated financial statements include all major Austrian and foreign companies in which Wienerberger AG has management control or directly or indirectly owns the majority of shares. Joint venture companies of the Schlagmann and Bramac Groups are consolidated on a proportional basis at 50%. The clay paver producer Bockhorner Klinker in Germany and IGM Backa Nova in Serbia, which were acquired at the end of 2007, were fully consolidated as of January 1, 2008. As of January 11, 2008 Wienerberger acquired a 74% stake in Sandtoft, the third largest producer of clay roof tiles in Great Britain and initially consolidated the company as of this date.

In addition, the brick activities of Wienerberger in India were included in the consolidated financial statements for the first time through the initial consolidation of Wienerberger Brick Industry Private Limited at the beginning of the reporting year.

The comparable prior year period from January 1, 2007 to March 31, 2007 did not include Briqueterie Bar Frères (consolidated as of April 1, 2007), the Dutch building materials company Bos en Vermeer B.V. (consolidated as of July 1, 2007), Baggeridge PLC in Great Britain and Korevaar in the Netherlands (both consolidated as of July 5, 2007) as well as Arriscraft International (consolidated as of July 20, 2007), the Italian brick company RIL Laterizi S.p.a. (consolidated as of December 1, 2007) and Salzburger Ziegelwerk GmbH & Co KG (acquired as of December 31, 2007). Changes in the consolidation range increased revenues by TEUR 46,747 and EBITDA by TEUR 4,495 or the period from January 1, 2008 to March 31, 2008.

Seasonality

The sales volumes recorded by Wienerberger during the first and last months are lower than at mid-year due to the negative impact of the weather on construction activity. These seasonal fluctuations are demonstrated by data from the first or fourth quarters of the year, which generally lie below results for the second and third quarters.

Wienerberger Hybrid Bond

On February 9, 2008 Wienerberger AG paid a TEUR 32,500 coupon for the hybrid bond that was issued in 2007. The hybrid bond is reported as a component of equity, while the coupon payment is shown as part of the use of earnings on the changes in equity statement. The issue costs and discount were deducted from retained earnings. The proportional share of accrued coupon interest for the first three months of 2008 equaled TEUR 8,081; this amount was reflected in the calculation of earnings per share, and led to a reduction of EUR 0.10 in earnings per share.

Notes to the Income Statement

Group revenues rose by 13% over the comparable prior year period to TEUR 573,984. Operating profit before depreciation and amortization (EBITDA) totaled TEUR 92,319, which represents an increase of 10% over the comparable prior year value of TEUR 83,852. The number of shares outstanding as of March 31, 2008 was 83,947,689. Treasury stock totaled 1,113,603 as of the balance sheet date, and was deducted in the calculation of earnings per share. The weighted average number of shares outstanding from January 1, 2008 to March 31, 2008 was 83,079,049.

Notes to the Cash Flow Statement

Gross cash flow of TEUR 68,941 for the first quarter of 2008 was 22% less than the comparable prior year figure, which was influenced by non-recurring income of TEUR 10,007 from the sale of securities. Cash outflows of TEUR 146,800 for investments and acquisitions include TEUR 24,262 of maintenance, replacement and rationalization investments (maintenance capex) and TEUR 122,538 of acquisitions and the construction or expansion of plants (growth investments).

Notes to the Balance Sheet

Maintenance capex and growth investments for the first three months of 2008 increased non-current assets by TEUR 148,475. Net debt rose by TEUR 154,545 due to the seasonal rise in receivables and inventories, investments and the payment of the hybrid coupon. Negative, non-recognized currency translation adjustments of TEUR 57,986 for the first three months of 2008 were generated above all in the USA and Great Britain. The hedging reserve increased TEUR 38,207; TEUR -116 of changes in the market value of available-for-sale securities were recognized directly in equity. During the period from March 4 to March 28, 2008 Wienerberger repurchased 300,000 shares of its stock for TEUR 9,318 to service the stock option plan. Profit after tax for the first quarter increased equity by TEUR 30,179.

Statement by the Managing Board

The Managing Board of Wienerberger AG hereby declares to the best of its knowledge and belief that this unaudited quarterly report provides a true and fair view of the asset, financial and earnings position of the group in agreement with International Financial Reporting Standards (IFRSs), as adopted by the EU.

The Managing Board of Wienerberger AG

Vienna, May 6, 2008

W. Reithofer H. Scheuch W. Van Riet J. Windisch

Plant Sites and Market Positions

Wienerberger is the only multinational producer of bricks and roof tiles, with a total of 260 plants in 26 countries and 5 export markets. We focus on our core areas of expertise and work steadily to strengthen our geographic portfolio. In this way, we are able to offset fluctuations on individual markets. We don't want to be everywhere – our objective is to develop strong positions in the markets in which we are present. This includes further expansion in the east as well as optimization in the west.

Wienerberger Markets in North America

Wienerberger Markets in Europe

Financial Calendar

May 6, 2008	First Quarter Results for 2008
May 9, 2008	139th Annual General Meeting in the Austria Center Vienna
May 14, 2008	Deduction of dividends for 2007 (ex-day)
May 15, 2008	First day of payment for 2007 dividends
August 19, 2008	Results for the First Six Months of 2008:
	Press and Analysts Conference in Vienna
August 20, 2008	Results for the First Six Months of 2008: Analysts Conference in London
November 12, 2008	Third Quarter Results for 2008
November 20/21, 2008	Capital Markets Day

Information on the Company and the Wienerberger Share

Investor Relations Officers	Barbara Braunöck
Shareholders' Telephone	+43 (1) 601 92-463
E-Mail	communication@wienerberger.com
Internet	www.wienerberger.com
Vienna Stock Exchange	WIE
Reuters	WBSV.VI
Bloomberg	WIE AV
Datastream	O: WNBA
ADR Level 1	WBRBY
ISIN	AT0000831706

Wienerberger Online Annual Report 2007 http://annualreport.wienerberger.com

The Report on the First Quarter of 2008 is available in German and English.