France · Delayed Price · Currency is EUR Compagnie de Saint-Gobain Earnings Call Transcripts
Fiscal Year 2026
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Q1 2026 sales declined 2.3% like-for-like, outperforming expectations despite adverse weather. Asia Pacific grew 9%, while Americas declined due to weather and weak new construction. EBITDA margin above 15% is confirmed for 2026, with a positive price-cost spread expected.
Fiscal Year 2025
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Delivered strong 2025 results with sales up 2.1% in local currencies, robust free cash flow, and stable margins despite market headwinds. Outlook for 2026 is positive, with EBITDA margin expected above 15% and continued portfolio rotation and shareholder returns.
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Q3 2025 saw 1.3% sales growth in local currencies, led by strong gains in construction chemicals and a return to growth in Europe, while North America lagged due to weak new construction and fewer storms. Operating margin for 2025 is projected above 11%.
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A five-year plan targets mid-single-digit sales growth, 15%-18% EBITDA margin, and strong free cash flow, driven by expansion in non-residential and infrastructure, disciplined M&A, and a solutions-driven approach. Regional strategies leverage local leadership, innovation, and sustainability to outperform markets and create shareholder value.
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Record H1 results with 11.8% operating margin and €3.8B EBITDA, driven by strong performance in Europe, Asia-Pacific, and Latin America. Outlook for H2 is positive, with volume growth expected in Europe and continued margin strength across regions.
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A new organizational model will give country CEOs full P&L responsibility and expand their scope to all sales, aiming to accelerate growth and enhance cross-selling. Reporting will shift to four regions, and a renewed executive committee will drive the next strategic plan.
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Q1 2025 saw 3.2% sales growth, stable volumes, and price increases, with strong performance in Americas, Asia-Pacific, and Northern Europe. Operating margin above 11% is guided for 2025, with positive price-cost spread expected. Acquisitions in construction chemicals and a local-for-local model support resilience.
Fiscal Year 2024
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Record 2024 results with all-time high margins, net income, and cash flow, driven by strong execution, major acquisitions, and sustainability initiatives. 2025 guidance anticipates continued margin strength, positive price-cost spread, and growth from recent acquisitions, with a focus on high-growth markets and construction chemicals.
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Q3 2024 showed sequential organic growth improvement, driven by Americas, Asia-Pacific, and High-Performance Solutions, while Europe lagged due to weak new construction. Operating margin is set for a new record in 2024, with strong acquisition integration and a positive price-cost spread maintained.
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Record H1 2024 results with 11.7% operating margin, €1.7B net income, and €2.5B free cash flow. Strategic acquisitions in high-growth markets and construction chemicals drive future growth, with double-digit margins expected for the full year.
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The acquisition of Fosroc strengthens the global construction chemicals platform, especially in India and the Middle East, with $54 million in synergies expected by year three. Integration will be managed by an experienced team, with closing anticipated in H1 2025.