• Clear sequential improvement in volumes in Q1 2025, stable at comparable working days versus Q1 2024
• Prices up 0.8%
• Decisive strategic steps with 2 acquisitions completed in construction chemicals: Cemix (Latin America) and FOSROC (India and Middle East)
• 2025 outlook confirmed: the Group expects an operating margin of more than 11.0%
Benoit Bazin, Chairman and Chief Executive Officer, commented:
“Sales growth in the first quarter reflected the success of the Group’s strategic execution and, as expected, improving trends in certain markets, in particular Europe. In a mixed macroeconomic environment and with geopolitical uncertainty requiring ever more regionalization, Saint-Gobain can count on the strength of its decentralized, country-by-country organization and on the balanced contribution of its different geographical zones. Thanks to its local value chains – industrial footprint, logistics, procurement, branding, sales and customers – the Group is ideally positioned on local construction markets, with no direct exposure to customs tariffs.
Across the globe, our unique range of solutions allows us to continue to outperform, thanks to the excellent execution of our teams who have demonstrated their capacity to manage what is under their control and their strong ability to adapt.”
Sales as reported were up 3.2% to €11.7 billion, with a negative 0.4% currency effect (more negative at the end of the period), and a positive 3.9% Group structure impact, primarily reflecting four recent acquisitions reinforcing Saint-Gobain’s profitable growth profile: CSR in Australia, Bailey in Canada, Cemix in Latin America and FOSROC in India and the Middle East. The optimization of the Group’s profile also continued through disposals, in particular the pipe drainage business (PAM Building).
Like-for-like sales were down 0.3%, with growth in the Americas, Asia-Pacific and Northern Europe. Volumes stabilized at comparable working days (down 1.1% at actual working days), representing a clear sequential improvement on fourth-quarter 2024 (down 2.6%). Prices were up 0.8% supported by disciplined execution in a slightly inflationary cost environment overall, and by the added value that our comprehensive, sustainable and innovative solutions bring to our customers.
Asia-Pacific: good sales momentum
The Region reported robust organic growth of 3.9%, driven by strong momentum in India, which more than offset the downturn in China.
India saw further double-digit volume growth, driven by its comprehensive and innovative range of sustainable solutions, allowing the Group to continue to capture market share. China continued to be affected by the downturn in the new construction market, despite a better performance in renovation. Growth in South-East Asia was led by Vietnam thanks to customized digital services, the rollout of new product lines and the launch of low-carbon solutions including the FutuRE range of mortars and DURAflex® lightweight board. The integration of CSR is progressing well in terms of both operational performance and the development of complete solutions for the Australian market.
outlook
In a macroeconomic environment that remains contrasted, Saint-Gobain will continue to demonstrate a very strong operating performance in 2025. Assuming no major slowdown in global growth linked to geopolitical uncertainties, the Group expects the following trends:
• Europe: construction markets stabilizing, with a gradual recovery country-by-country expected in the second half;
• Americas: a good level of activity maintained in North America and Latin America;
• Asia-Pacific: growth led mainly by India, South-East Asia and the integration of CSR in Australia;
• High Performance Solutions: dynamic growth in Construction Chemicals; Mobility to hold firm thanks to its high value-added solutions; industrial markets affected by a certain waitand-see attitude.
Saint-Gobain expects an operating margin of more than 11.0% in 2025
