• 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 (up 2.6%)
• Roll-out of “Lead & Grow” plan to accelerate profitable growth for 2026-2030, as presented at the Capital Markets Day on October 6, 2025
• 2025 outlook confirmed: the Group expects an operating margin of more than 11.0%
Sales for the third quarter increased 1.3% in local currencies, benefitting from stabilized like-for-like sales (down 0.2%), supported by good momentum in Asia-Pacific and Latin America and Europe’s return to growth, despite the contraction in North America.
Construction chemicals sales rose 2.6% like-for-like, thanks to growth across all geographic areas.
In a less inflationary cost environment, prices were 0.7% higher in the third quarter thanks to disciplined execution and to the added value of our comprehensive, innovative and sustainable solutions. Volumes were down 0.9%, representing a sequential improvement on the second quarter (down 1.8%).
The positive 1.5% structure impact primarily reflects the acquisitions of Cemix in Latin America and FOSROC in India and the Middle East, in line with the Group’s strategy targeting high-growth countries and construction chemicals. The integration of recent acquisitions is progressing well, delivering the expected synergies. The optimization of the Group’s profile also continued with the effect of divestments, notably the pipe drainage business for buildings (PAM Building) as well as Brüggemann in Germany.
On a reported basis, sales came to €11.42 billion in third-quarter 2025 (down 1.3%), owing to the depreciation of most currencies against the euro, with a negative 2.6% currency impact, particularly in the Americas Region.
Performance by Region (sales)
Asia-Pacific: sales growth driven by India
The Region delivered growth of 8.4% in local currencies and of 3.4% like-for-like in the third quarter (after growing 1.1% in the second quarter), driven by India and South-East Asia.
India achieved further market share gains, with double-digit volume growth, driven by its comprehensive and innovative range of sustainable solutions. The Group was awarded new projects in non-residential and infrastructure, testifying to its leadership in construction chemicals, reinforced by its acquisition of FOSROC. China improved, including industrial solutions, in a market that is stabilizing at a low level. Good momentum in South-East Asia continued, driven by Indonesia and Vietnam on the back of a major contract at Long Thanh airport, comprising 15 solutions specified by the Group.
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 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
