57 slides from Compagnie De Saint-gobain Sa's earnings presentation, October 2025
Slide 1: Recent Results and Outlook
RECENT RESULTS AND OUTLOOK October 2025 St. Regis Kanai Resort – Cancún, Mexico • Fire resistant & moisture retardant systems, plasterboard systems incorporating metal profiles, adhesives
Slide 2: 9-Month and Q3 2025 Sales
9-MONTH AND Q3 2025 SALES Fraunhofer IEE Institute Germany
Slide 3: Q3 2025 Sales Up 1.3% in Local Currencies
Q3 2025 SALES UP 1.3% IN LOCAL CURRENCIES Gradual recovery in Europe, up 1.2% in local currencies Dynamic growth in construction chemicals, up 18.0% in local currencies driven by double-digit sales growth from recent acquisitions and an outperformance in like-for-like sales (+2.6%) Roll-out of “Lead
Slide 4: 9-Month 2025 Sales
9-MONTH 2025 SALES 2025/2024 2025/2024 -0.4% +2.7% like-for-like in local currencies +0.9% +3.1% +0.7% -1.3% -2.0% Change Q3-2025/Q3-2024 35,039 35,276 (€m) FX Structure Price Volumes (€m) -2.6% +1.5% +0.7% -0.9% 9M-2024 Exchange Structure Price Volumes 9M-2025 sales rates sales 4 9M-2025 SALES
Slide 5: Europe, Middle East & Africa: Return to Sales Growth
EUROPE, MIDDLE EAST & AFRICA: RETURN TO SALES GROWTH Sales (€m) 2025/2024 -0.5% in local currencies +0.7% +0.1% -0.4% -1.2% Change Q3-2025/Q3-2024 FX Structure like-for-like 21,831 21,736 0% +0.6% +0.6% 9M-2024 sales Exchange rates Structure like-for-like 9M-2025 sales Change in France Germany Nordi
Slide 6: Americas: Slight Contraction in Sales
AMERICAS: SLIGHT CONTRACTION IN SALES Sales (€m) 2025/2024 +3.0% in local currencies +2.8% +0.2% -2.4% -5.4% Change Q3-2025/Q3-2024 FX Structure like-for-like 10,320 10,070 -6.1% +1.9% -2.9% 9M-2024 sales Exchange rates Structure like-for-like 9M-2025 sales Change in 9M sales North America Latin Ame
Slide 7: Asia-Pacific: Sales Growth Driven by India
ASIA-PACIFIC: SALES GROWTH DRIVEN BY INDIA 2025/2024 Sales (€m) +21.0% in local currencies +18.9% +2.1% +16.6% -4.4% Change Q3-2025/Q3-2024 FX Structure like-for-like 3,383 3,943 -7.4% +5.0% +3.4% 9M-2024 sales Exchange rates Structure like-for-like 9M-2025 sales 7 9M-2025 SALES
Slide 8: 2025 Outlook
2025 OUTLOOK In a macroeconomic environment that remains contrasted, Saint-Gobain will once again demonstrate a very strong operating performance in second-half 2025. Assuming no major slowdown in global growth linked to geopolitical uncertainties, the Group expects the following trends: • Europe: a
Slide 9: Capital Markets Day
October 6, 2025 CAPITAL MARKETS DAY BENOIT BAZIN MAUD THUAUDET Chairman & Chief Executive Officer Chief Financial Officer
Slide 10: Opening a New Chapter to Accelerate Profitable Growth
OPENING A NEW CHAPTER TO ACCELERATE PROFITABLE GROWTH THE WORLDWIDE LEADER IN LIGHT & SUSTAINABLE CONSTRUCTION 10 CAPITAL MARKETS DAY – OCTOBER 6, 2025
Slide 11: The Worldwide Leader in Light & Sustainable Construction
THE WORLDWIDE LEADER IN LIGHT & SUSTAINABLE CONSTRUCTION #1 IN LIGHT BUILDING MATERIALS Leveraging LOCAL-FOR-LOCAL #1 IN EUROPE #1 IN NORTH AMERICA #1 IN AUSTRALIA LEADERSHIP To grow across both MATURE AND EMERGING markets #1 IN MIDDLE EAST #1 IN LATIN AMERICA #1 IN INDIA 11 CAPITAL MARKETS DAY – OC
Slide 12: Leveraging Leadership to Unleash Growth Potential
LEVERAGING LEADERSHIP TO UNLEASH GROWTH POTENTIAL SCALE AN UNMATCHED BREADTH 2026-2030 TARGETS OF VALUE-ENHANCING SOLUTIONS FOR CUSTOMERS MID-SINGLE-DIGIT SALES GROWTH1 OUTPERFORMING MARKETS BY 1-2PTS EXPAND FROM RESIDENTIAL TO NON-RESIDENTIAL & INFRASTRUCTURE 15 - 18% EBITDA MARGIN EXECUTE WITH GRO
Slide 13: Addressable Markets Across Residential, Non-Residential, Infrastructure
SAINT-GOBAIN HAS BROADENED ITS REACH ACROSS AN UNMATCHED BREADTH OF ADDRESSABLE MARKETS… RESIDENTIAL NON-RESIDENTIAL INFRASTRUCTURE Addressable market1 € 250bn €180bn €70bn 13 CAPITAL MARKETS DAY – OCTOBER 6, 2025 1. Source: internal study
Slide 14: Expanding in Under-Penetrated Non-Residential & Infrastructure Markets
… WITH A UNIQUE ABILITY TO EXPAND IN UNDER-PENETRATED NON-RESIDENTIAL & INFRASTRUCTURE MARKETS Addressable markets1 vs. Saint-Gobain sales for ENERGY DATA construction, 2024 INFRASTRUCTURE CENTERS EDUCATION €15bn €250bn Non-residential & infrastructure Residential TRANSPORTATION CRITICAL HOSPITALS H
Slide 15: Top Country Platforms to Seize European Recovery Potential
TOP COUNTRY PLATFORMS TO SEIZE EUROPEAN RECOVERY POTENTIAL SOLID PROSPECTS FOR EUROPEAN RECOVERY Spain France SHARE OF GROUP SALES & Italy NORTH UK Eastern 25-30% 25-30% AMERICA Europe 20% 20% 13% ASIA & OTHER Nordics 13% Germany 30-35% 30-35% HIGH-GROWTH & Baltics 18% 18% 29% 29% GEOGRAPHIES 69% 69
Slide 16: Priority Country Platforms for High-Growth Geographies
PRIORITY COUNTRY PLATFORMS TO INCREASE EXPOSURE TO HIGH-GROWTH GEOGRAPHIES PRIORITY COUNTRIES FOR CAPITAL ALLOCATION USA Brazil SHARE OF GROUP SALES Canada India NORTH 25-30% 25-30% AMERICA Australia South-East Asia 20% 20% 13% 13% ASIA & OTHER Mexico 30-35% 30-35% HIGH-GROWTH Middle East 18% 18% 29
Slide 17: Widening Our Reach to All Construction End-Markets
WIDENING OUR REACH TO ALL CONSTRUCTION END-MARKETS Targeting MID TO HIGH-SINGLE-DIGIT SHARE OF GROUP SALES GROWTH3 in infrastructure & non-residential 9bn SALES 33% Non-residential & infrastructure 30% >€ IN CONSTRUCTION CHEMICALS BY 2030 Residential1 54% 55% to increase infrastructure exposure Thro
Slide 18: Constantly Enriching Our Business Profile
CONSTANTLY ENRICHING OUR BUSINESS PROFILE IN LIGHT & SUSTAINABLE CONSTRUCTION SHARE OF GROUP SALES Customer-driven SOLUTIONS APPROACH with OFFER ENRICHMENT by country Construction 13% chemicals 5% Interior solutions 19% 31% Exterior solutions Continued strong focus on 16% VALUE CREATION 18% Jobsite
Slide 19: Solutions Strategy Increases Value and Share-of-Wallet
SOLUTIONS STRATEGY INCREASES BOTH VALUE AND SHARE-OF-WALLET FOR THE GROUP CROSS-SELLING UP-SELLING SERVICES AND SPECIFICATION Patented façade system -30% installation time -20% heat loss SALES OUTPERFORMANCE HIGHER MARGIN RICHER MIX X2 SALES TO TOP 20 CUSTOMERS +8pts MARGIN FOR HIGH +10pts OF HAVP v
Slide 20: Deploying Our Strong and Innovative Value-Added Products
DEPLOYING OUR STRONG AND INNOVATIVE VALUE-ADDED PRODUCTS SALES CAGR EBITDA (%) 2024 2019-2024 2024 GLASS Deploying value-added coated glass IN ASIA & OTHER HIGH-GROWTH COUNTRIES EXTERIOR in high-growth countries 2bn 7% 20% SOLUTIONS COOL-LITE® XTREME 31 % to 37% of HAVP € + > From 1 Solar control gl
Slide 21: Deploying Our Solutions Approach Through All Channels
DEPLOYING OUR SOLUTIONS APPROACH THROUGH ALL CHANNELS MERCHANTING DIY DIRECT SALES DIGITAL SALES Indonesia H Residence, Dubai x2 points of sales vs. 2019 18 Saint-Gobain solutions specified CROSS-BRAND Systematic GEOGRAPHIC Leveraging WIDEST OFFER SPECIFICATION TEAMS COVERAGE & increased # of to be
Slide 22: Our Country Platforms Are Designed to Capture Profitable Growth
OUR COUNTRY PLATFORMS ARE DESIGNED TO CAPTURE PROFITABLE GROWTH DEEP LOCAL COUNTRY LEVERAGING GROUP ANCHORING PLATFORM EXPERTISE OPTIMIZING AND ALLOCATING RESOURCES SELLING THE FULL SAINT-GOBAIN OFFER ACROSS ALL CHANNELS 22 CAPITAL MARKETS DAY – OCTOBER 6, 2025
Slide 23: Constantly Strive for Best-in-Class Environmental Performance
CONSTANTLY STRIVE FOR BEST-IN- CLASS ENVIRONMENTAL PERFORMANCE SUSTAINABILITY TARGETS REDUCING OUR - 34% CO2 FOOTPRINT Scope 1 & 2 CO2 Digital & AI tools Rated A: CDP 40 to -45% to decarbonize glass Climate Change emissions1 TOP 2% of companies furnaces ranked - SCOPE 1 & 2 EMISSIONS BY 20353 ACCELE
Slide 24: Performance-Based Culture and Incentives Aligned with Shareholder Value
PERFORMANCE-BASED CULTURE AND INCENTIVES ALIGNED WITH SHAREHOLDER VALUE EMPOWERED, ACCOUNTABLE, LOCAL country CEOs 90% CEOs native to their country Yearly bonus 100% ALIGNED TO OWN COUNTRY priorities: GROWTH PLAN EXECUTION & OUTPERFORMANCE on EBITDA, ROCE & CASH LONG-TERM INCENTIVES for top 3,000 ma
Slide 25: Driving Financial Performance
DRIVING FINANCIAL PERFORMANCE
Slide 26: Significant Step-Change in Performance
SIGNIFICANT STEP-CHANGE IN PERFORMANCE DELIVERING ON ALL OUR 2021 TARGETS Operating income Recurring EPS Free Cash Flow ROCE +360bps +66% x2 x3 2021 – 2024 2021 AVERAGE CMD TARGET €5.3bn €7.0 €4.0bn 14.3% 10.7% 3.9% €3.2bn €3.2 Organic growth1 3-5% €1.2bn 7.7% 11.4% 2018 2024 2018 2024 2018 2024 201
Slide 27: Enhanced Business Profile: Resilience and Earnings Quality
ENHANCED BUSINESS PROFILE: RESILIENCE AND EARNINGS QUALITY PROVEN RESILIENCE SHIFT IN GROUP MIX STRONGER GROWTH Evolution of EBITDA margin Share of total Group sales from … 4PTS 2009 vs. 20071 2024 vs. 2021 +150bps Businesses with Businesses with 38% + EBITDA margin EBITDA margin Average <5%2 16% >2
Slide 28: A New Step-Up in Growth
A NEW STEP-UP IN GROWTH Sales growth (%) 2026-2030 TARGETS MID-SINGLE-DIGIT sales growth 1 MARKET Growing with Expanding in Compounding Saint-Gobain OUTPERFORMANCE Market growth SOLUTIONS NON-RESIDENTIAL M&A GROWTH growth of & INFRASTRUCTURE 1 TO 2 POINTS by country by country 28 CAPITAL MARKETS DAY
Slide 29: A New Step-Up in Profitability
A NEW STEP-UP IN PROFITABILITY EBITDA (%) 12-15% EUROPE, MIDDLE EAST & AFRICA SOLUTIONS PRICE-COST SPREAD 17-20% Profitable growth translating MARGIN ENHANCEMENT ASIA-PACIFIC COST MANAGEMENT FROM M&A & AMERICAS into EPS GROWTH 15-18% All P&L OWNERS 14-15.5% incentivized on EBITDA, 14.5% FREE CASH FL
Slide 30: Disciplined Cash Management
DISCIPLINED CASH MANAGEMENT 2026-2030 TARGETS 36k Deep rooted Employees trained CASH CULTURE on cash management since 2021 FREE CASH FLOW CONVERSION RATIO > 50% OPTIMIZED From 3.0% 2.5% to ~ NON- MAINTENANCE CAPEX of sales, 2018 vs. 2021-24 average OPERATING COSTS ≤€ 250m ON AVERAGE/YEAR 4.5-5% OPTI
Slide 31: A Dynamic and Attractive Capital Allocation
A DYNAMIC AND ATTRACTIVE CAPITAL ALLOCATION FOR SHAREHOLDER VALUE CREATION ~€ 20bn CAPITAL DEPLOYMENT FROM 2026 TO 2030 1 GROWTH INVESTMENT DIVIDENDS ~€6bn SHARE BUYBACKS €2bn ~€12bn (Growth Capex + Net M&A)2 TARGETING ATTRACTIVE RETURNS PRIORITIZING HIGH-GROWTH MARKETS SUSTAINABLE TO SHAREHOLDERS N
Slide 32: Disciplined Capex Allocation
DISCIPLINED CAPEX ALLOCATION >20% GROWTH CAPEX IRR GROWTH ~2-2.5% 2026-2030 TARGETS HURDLE RATE CAPEX of sales GROWTH CAPEX OPPORTUNITIES Offer enrichment by country platform Leverage existing footprint across multiple product lines Low-carbon plasterboard plant using New Chryso line on existing ins
Slide 33: Solid M&A Track Record Consistently Creating Value
SOLID M&A TRACK RECORD CONSISTENTLY CREATING VALUE AFTER YEAR 3: VALUE CREATED BEFORE YEAR 3: ON TRACK Value-creation in year 2 19% 10% sales CAGR 2024 vs. 2019 Combined EBITDA margin in 20241 Synergies above plan Accelerator into major DIY retailers 18% EBITDA margin in 20241 Value-creation in year
Slide 34: 2026-30: Disciplined M&A Driven by Country Growth Compounder Model
2026-30: DISCIPLINED M&A DRIVEN BY COUNTRY GROWTH COMPOUNDER MODEL >20% SALES ROTATION BY 2030 CRITERIA FOR ACQUISITIONS SELECTIVE M&A CRITERIA FOR DIVESTMENTS Consolidating leadership Country platforms proactively 1 1 Strategic alignment & positions, high-growth countries engaging M&A bilateral dis
Slide 35: Attractive Financial Plan 2026-2030
ATTRACTIVE FINANCIAL PLAN 2026 – 2030 MID-SINGLE-DIGIT Average sales growth1 1.5x to 2x Net debt / EBITDA 15 – 18% 20% Sales rotation EBITDA margin > (acquisitions and divestments) > 50% Free cash flow conversion ratio ~€ 8bn Returns to shareholders ~€6bn Dividends > 13% ROCE €2bn Share buybacks 35
Slide 36: The Next Growth Ambition for Saint-Gobain
THE NEXT GROWTH AMBITION FOR SAINT-GOBAIN LARGE OPPORTUNITIES GROWTH ACROSS RESIDENTIAL, VALUE-ENHANCING SUPPORTED BY COMPOUNDING NON-RESIDENTIAL SOLUTIONS APPROACH MEGATRENDS COUNTRY PLATFORMS & INFRASTRUCTURE STRONG VALUE CREATION FOR ALL STAKEHOLDERS 36 CAPITAL MARKETS DAY – OCTOBER 6, 2025
Slide 37: Glossary
GLOSSARY - Changes in local currencies reflect actual performance, applying exchange rates for the previous period to indicators for the period under review. - EBITDA: operating income plus operating depreciation and amortization, less non-operating costs. - EBITDA margin: EBITDA divided by sales. -
Slide 38: H1 2025 Highlights
H1 2025 HIGHLIGHTS Bejo Headquarters – Warmenhuizen, Netherlands • Gyproc® partition walls and metal frames, Isover insulation
Slide 39: Light & Sustainable Solutions for Residential
RENOVATION OF STOCKUM BWB – DÜSSELDORF, GERMANY 13 Saint-Gobain solutions LIGHT & SUSTAINABLE SOLUTIONS FOR RESIDENTIAL H RESIDENCE – DUBAI, UAE 18 Saint-Gobain solutions
Slide 40: Light & Sustainable Solutions for Non-Residential
RENOVATION OF WEXNER HOSPITAL – OHIO, US 8 Saint-Gobain solutions LIGHT & SUSTAINABLE SOLUTIONS FOR NON-RESIDENTIAL DWIGHT INTERNATIONAL SCHOOL – HANOI, VIETNAM 7 Saint-Gobain solutions
Slide 41: Light & Sustainable Solutions for Infrastructure
METRO LINE 4 – CAIRO, EGYPT 8 Saint-Gobain solutions LIGHT & SUSTAINABLE SOLUTIONS FOR INFRASTRUCTURE SIR ANEROOD JUGNAUTH BRIDGE – MAURITIUS 8 Saint-Gobain solutions
Slide 42: H1 2025: Strong Results
H1 2025: STRONG RESULTS Sales growth €23.9bn +3.4% in local currencies Record EBITDA €3.8bn +7.0% in local currencies Record operating margin 11.8% €2.8bn operating income Recurring EPS €3.63 at a record level Free cash flow €2.2bn 63% cash conversion ratio UP-site residential building – Bucharest,
Slide 43: Strong Operational Delivery and Organizational Alignment
STRONG OPERATIONAL DELIVERY AND ORGANIZATIONAL ALIGNMENT AHEAD OF OUR NEXT STRATEGIC PLAN Strong operational execution with a record margin in a wait-and-see environment Fully regionalized organization to accelerate growth Solutions provider delivering enhanced product mix and share-of-wallet across
Slide 44: H1 2025 Results: Group
H1 2025 RESULTS Group Pacaembu Stadium – São Paulo, Brazil • Over 27,000 m² of Placo® solutions and 12,000 m2 of Glasroc X® plasterboard
Slide 45: Sales Up 3.4% in H1 2025 in Local Currencies
SALES UP 3.4% IN H1 2025 IN LOCAL CURRENCIES 2025/2024 -0.5% like-for-like Volumes virtually stable at constant number of working days with a sequential improvement +1.0% +3.9% vs. H2 2024 +1.7% -1.5% Prices up in a slightly inflationary cost environment -1.7% Further depreciation of almost all curr
Slide 46: New Records in Operating Income and EBITDA
NEW RECORDS IN OPERATING INCOME AND EBITDA Operating income in €bn and margin in % 2.75 2.80 Record operating margin at 11.8% despite a negative exchange rate effect on margin 11.8% Record EBITDA and operating income in local 11.7% currencies, up 7.0% and 5.0% respectively Slight positive price-cost
Slide 47: Recurring EPS at a Record Level
RECURRING EPS AT A RECORD LEVEL H1-2024 H1-2025 €m EBITDA 3,652 3,818 Operating income 2,751 2,803 Non-operating costs (125) (50) Asset write-downs, PPA amortization and others (164) (188) Net financial expense (215) (304) Income tax (546) (596) Net attributable income 1,660 1,629 Recurring net inco
Slide 48: Free Cash Flow Conversion Ratio at 63%
FREE CASH FLOW CONVERSION RATIO AT 63% H1-2024 H1-2025 OWCR1 stable in days of sales Net debt / EBITDA ratio2 at 1.7x OWCR1 in days 23 23 Strong financial discipline recognized by Free Cash Flow (€m) 2,460 2,190 rating agencies Conversion ratio 75% 63% 1. Operating Working Capital Requirement 48 2.
Slide 49: H1 2025 Results: Segments
H1 2025 RESULTS Segments Concepción Live residence – Buenos Aires, Argentina • Placo® plasterboard, Isover insulation, Weber exterior plaster solutions
Slide 50: Europe, Middle East & Africa: Sequential Improvement in Sales
EUROPE, MIDDLE EAST & AFRICA: SEQUENTIAL IMPROVEMENT IN SALES AND GOOD MARGIN RESILIENCE Sales (€m) Operating income (€m) and margin (%) +0.1% +0.1% 1,125 1,071 -2.0% -2.2% 8.7% 8.5% 12,890 12,629 H1-2024 sales Exchange rates Structure like-for-like H1-2025 sales H1-2024 H1-2025 Change in Spain- Uni
Slide 51: Americas: Slight Sales Growth and Record Margin
AMERICAS: SLIGHT SALES GROWTH AND RECORD MARGIN Sales (€m) Operating income (€m) and margin (%) +1.3% +1.1% 987 +4.7% 945 -4.9% 19.7% 19.0% 4,967 5,021 H1-2024 sales Exchange rates Structure like-for-like H1-2025 sales H1-2024 H1-2025 Change in sales on North America Latin America a like-for-like ba
Slide 52: Asia-Pacific: Sales Growth and Record Margin
ASIA-PACIFIC: SALES GROWTH AND RECORD MARGIN Sales (€m) Operating income (€m) and margin (%) +3.9% +47.1% +45.9% 204 134 -2.7% 13.4% 13.0% 1,033 1,520 H1-2024 sales Exchange rates Structure like-for-like H1-2025 sales H1-2024 H1-2025 52 H1 2025 RESULTS
Slide 53: High Performance Solutions: Slight Sales Growth and Resilient Margin
HIGH PERFORMANCE SOLUTIONS: SLIGHT SALES GROWTH AND RESILIENT MARGIN Sales (€m) Operating income (€m) and margin (%) +0.8% +1.7% +3.6% 610 605 -2.7% 12.3% 12.0% 4,969 5,054 H1-2024 sales Exchange rates Structure like-for-like H1-2025 sales H1-2024 H1-2025 Change in sales on a Construction & industry
Slide 54: Disclaimer
DISCLAIMER This presentation contains forward-looking statements with respect to Saint-Gobain’s financial condition, results, business, strategy, plans and outlook. Forward-looking statements are generally identified by the use of the words "expect", "anticipate", "believe", "intend", "estimate", "p
Slide 55: Appendix
APPENDIX 55
Slide 56: 2024 End Markets Sales Split
2024 END MARKETS 1 SALES SPLIT 7% 5% 7% 3% RESIDENTIAL NEW CONSTRUCTION 22% 8% 15% 8% 1% RESIDENTIAL RENOVATION 32% 11% 10% 9% 3% NON-RESIDENTIAL & INFRASTRUCTURE 33% 3% 2% 5% 3% INDUSTRY 13% NORTHERN SOUTHERN AMERICAS ASIA-PACIFIC EUROPE EUROPE - 29% 10% 29% ME & AFRICA 56 32% 1. Saint-Gobain estim
Slide 57: Recent Results and Outlook
RECENT RESULTS AND OUTLOOK October 2025 Long Thanh International Airport – Ho Chi Minh City, Vietnam • Cool-Lite K façade, Adfors GlasGrid® asphalt reinforcement, Ecophon ceilings, concrete admixtures