• Sales up 3.4% in H1 2025 in local currencies
• Record operating margin of 11.8%
• Record EBITDA and operating income in local currencies, up 7.0% and 5.0%, respectively
• Recurring EPS at a record level and 63% free cash flow conversion ratio
• Strategic acquisitions for €1.7 billion in construction chemicals, with Cemix (Latin America), FOSROC (India and Middle East) and other selective acquisitions (Maturix, Interstar Materials, Soquimic, Isoltech)
• 2025 outlook confirmed: the Group expects an operating margin of more than 11.0%
Benoit Bazin, Chairman and Chief Executive Officer, commented:
“Our first-half 2025 performance once again demonstrates the strength of Saint-Gobain’s new profile, with growth in sales and earnings despite a certain wait-and-see environment in some markets. Asia and emerging countries continued to drive growth for the Group and Europe reported a further sequential improvement, while North America saw a slight decrease in sales. The integration of our recent acquisitions has enabled us to strengthen the quality of the Group’s profitable growth profile and benefit from balanced earnings across three geographic zones.
Our decentralized operating model by country, with no direct exposure to customs tariffs, is key to the Group’s ability to withstand external shocks. Our country CEOs now oversee our entire range of solutions to accelerate the Group’s growth in each of its channels and end markets.
Despite a still contrasted macroeconomic environment and ongoing geopolitical uncertainty, I am confident that 2025 will be another successful year for Saint-Gobain, thanks to our dedicated teams: I applaud their commitment. At our Capital Markets Day on October 6, we will present the Group’s new ambitions as worldwide leader in light and sustainable construction, in terms of profitable growth and outperformance as well as value creation for all of our stakeholders.”
A new profitable growth profile
The Group continues to outperform its markets thanks to the strength of its strategic position as worldwide leader in light and sustainable construction:
• An unrivalled range of sustainable and innovative solutions based on integrated systems and an industry-leading low-carbon offer;
• Strong positioning in construction chemicals, with €6.5 billion in annual sales (2024 pro forma for recent changes in Group structure). The integrations of Cemix in Latin America and FOSROC in India and the Middle East in the first half strengthen Saint-Gobain’s presence in high-growth markets;
• A highly effective, proven operating model by country, further strengthened since July 1, with a fully regional organization to accelerate growth of our solutions country by country in each market segment (notably residential, data centers, hospitals, schools, infrastructure);
• Balanced contribution to operating income from three geographic zones: around 35% from North America, 33% from Asia and emerging countries, and 32% from Western Europe. This balanced geographic profile has been achieved thanks to the rotation of around 40% of sales since 2018;
• A transformed financial profile: structurally higher margins, a free cash flow conversion ratio structurally above 50% and a two-fold increase in earnings per share since 2018.
Asia-Pacific: sales growth and record margin
The Region delivered robust organic growth of 3.9% over the first half, driven by strong momentum in India and South-East Asia, which more than offset the contraction in the Chinese market. The operating margin hit a record high of 13.4% (versus 13.0% in first-half 2024), supported by volumes as well as good pricing and cost management.
India achieved further market share gains, with double-digit volume growth, driven by its comprehensive and innovative range of sustainable solutions. The May launch of India’s first low- carbon plaster certified by an Environmental Product Declaration illustrates the Group’s pioneering commitment to improve sustainable building standards in the country. This milestone follows on from the arrival of the first Oraé® low-carbon glass (42% less CO2) on the Asian market in 2024. China was again affected by the slowdown in the new construction market over the first half, but outperformed thanks to renovation. Growth in South-East Asia was led by Indonesia, the Philippines and Vietnam, which benefited from the Group’s investments in personalized digital distribution and from the rollout of new product lines. The integration of CSR is progressing well, in terms of both operational performance and the development of complete solutions for the Australian market.
High Performance Solutions (HPS): slight sales growth and resilient margin
HPS reported like-for-like sales growth of 0.8% over the first half, supported by a good performance from construction businesses and Mobility, despite the decline in other industrial activities. The operating margin narrowed slightly to 12.0% (from 12.3% in first-half 2024) owing to lower volumes.
- Businesses serving construction customers were up by 3.4%, lifted by the recovery in Adfors’ reinforcement solutions exposed to construction markets in Central Europe and by growth in the Construction Chemicals business (up 30% as reported), driven by infrastructure projects and innovation to decarbonize the construction sector. The integration of FOSROC (India, Middle East and Asia-Pacific) – the acquisition of which was completed in February – is progressing well and establishes Saint-Gobain as a construction chemicals leader in India, where the growth dynamics are particularly promising.
- Mobility performed very well (up 2.6%), benefiting from its customers’ different regional growth dynamics, its positioning on high value-added models and its innovation investments.
- Businesses serving Industry (down 2.1%) were affected – particularly in Europe – by a certain wait-and-see attitude to investment due to geopolitical uncertainties, while emerging markets and North America held firm.
Strategic priorities and 2025 outlook
In 2025 the Group will continue to implement the strategic priorities of its “Grow & Impact” plan:
1) Strong execution of our operating initiatives focused on profitability and free cash flow generation
• Constant focus on margin through management of the price-cost spread and ongoing productivity and industrial cost-saving initiatives;
• Capital expenditure around 4.5% of sales, with strict allocation to structurally high-growth markets.
2) Outperform our markets by strengthening our profitable growth profile
• Enrich our comprehensive range of integrated, differentiated and innovative solutions offering sustainability and performance for our customers;
• Leverage the full potential from the integration of recent acquisitions and continue to enhance the Group’s profile through value-creating acquisitions and divestments.
3) Continued focus on our ESG roadmap as worldwide leader in light and sustainable construction
• Promote our positive-impact sustainable solutions – low carbon and with high recycled content – among our customers;
• Extend the decarbonization of construction to the entire value chain, playing our full role as leader in light and sustainable construction across the globe.
Following the deepening of our local organization effective July 1 aimed at accelerating growth of our solutions country by country, the Group will now publish its accounts based on four Regions: Northern Europe, Southern Europe – Middle East & Africa, Americas, Asia- Pacific. In the second half and for its full-year 2025 results, the Group will publish its accounts based on its new organization and provide equivalent figures based on its existing organization.
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 gradual recovery country by country;
• Americas: a good level of activity to be maintained in Latin America and continued softness in new construction in North America amid still-high interest rates;
• Asia-Pacific: growth led mainly by India, South-East Asia and the integration of CSR in Australia.
Saint-Gobain expects an operating margin of more than 11.0% in 2025
