l Improvement in Europe in H2, with growth of 1.1% in local currencies; outperformance in North America in a challenging market
l Strong growth in Asia and emerging countries, up 12.6% in local currencies
l Continued portfolio rotation (€1.2 billion in sales renewed in 2025), with notably the growth-compounding acquisitions of Cemix and FOSROC in construction chemicals (which saw overall growth of 15.9% in local currencies)
l Stable operating margin at 11.4% and good level of free cash flow at €3.8 billion
l Attractive shareholder return policy: dividend of €2.30 (up 4.5%) recommended for 2025; €402 million in net share buybacks in 2025
l “Grow & Impact” plan (2021-2025): all financial and strategic targets achieved
l Outlook: the Group expects an EBITDA margin of more than 15.0% in 2026, with the first half affected by the extreme weather conditions in Europe and North America since the start of the year
Benoit Bazin, Chairman and Chief Executive Officer of Saint-Gobain, commented:
“In 2025 Saint-Gobain once again demonstrated the strength of its strategic position as worldwide leader in light and sustainable construction and another strong operating performance thanks to its decentralized country-based organization, which is particularly well suited to the current global environment. I’m extremely grateful for the dedication and contribution of all our teams, enabling the Group to outperform in both developed markets and emerging countries. Despite a turbulent global environment, in particular with a difficult North American market, we delivered stable margins for the year, including in the second half. The Group successfully completed its 2021-2025 “Grow & Impact” plan, meeting all of its financial and strategic objectives.
2026 opens an attractive new chapter of profitable growth and outperformance driven by “Lead & Grow”, our new strategic plan for 2026-2030, which will deepen our solutions offering and accelerate our growth in infrastructure and non-residential. We will continue to enhance our profile, with asset rotation representing over 20% of sales, investing in high-growth regions and further strengthening our positions in construction chemicals.
In the short term, in an environment that remains mixed and uncertain, all our teams are mobilized to seize local market opportunities and drive commercial outperformance, while implementing productivity measures and cost savings where necessary. I am confident in the value creation that “Lead & Grow” will bring to both our customers and our shareholders.”
Successful completion of the “Grow & Impact” strategic plan
All financial targets achieved with, on average over 2021-2025:
l Organic sales growth at 3.0%; operating margin at 10.9% and EBITDA margin at 14.7%;
l Free cash flow conversion ratio at 59%;
l ROCE at 15.1% and approximately €1.4 billion returned to shareholders per year in dividends and net share buybacks (€7 billion in total over the period).
A dynamic and attractive strategy:
l Value-creating optimization of the Group’s scope, with around 40% of Group sales rotated since 2018: around €10 billion in sales divested and €7 billion acquired. This has led to a strong rise in profitability and a balanced earnings contribution from three geographic areas, within 2025: Asia and emerging countries (36%), Western Europe (33%) and North America (31%);
l Creation of a worldwide leadership position in construction chemicals, with 39 acquisitions in five years (notably Chryso, GCP, Cemix and FOSROC); acceleration in like-for-like sales in the second half (up 2.8%);
l A highly-effective, proven operating model by country, enabling Saint-Gobain to outperform in both developed markets (US, France, UK, Spain, Italy) and emerging countries (India, South-East Asia, Brazil, Mexico). Perfectly adapted to the current geopolitical environment, this model enables us to accelerate growth in solutions, while sourcing and integrating value-creative acquisitions: combined EBITDA margin of 20% for Chryso and GCP (up 600 basis points in three years), 18% for Canadian acquisitions (Bailey, Building Products of Canada and Kaycan), over 17% for CSR in Australia and 20% for FOSROC and Cemix with double-digit sales growth for the first year.
An established worldwide leadership in light and sustainable construction, with a differentiated offer of sustainable solutions – a competitive advantage – thanks to its ESG roadmap:
l A pioneering and comprehensive range of around 400 low-carbon solutions: Carbon Low (plasterboard, ceilings and insulation), Oraé (glass), Enaé (mortars), EnviroMix and EnviroAdd (admixtures and additives to reduce the carbon footprint of concrete and cement);
l Constant innovation: climate-resilient offering in the US with the multi-product FORTIFIED Roof™ system; a patented process in Finland that replaces 70% of cement in mortars by steel slag and reduces CO2 emissions;
l Low- and zero-carbon plants (the only producer of plasterboard from fully electrified plants, in Norway and Canada) and promotion of circularity (recycling of construction and demolition waste for gypsum, glass wool, stone wool and glass), contributing to a 35% reduction in scope 1 & 2 CO2 emissions in 2025 compared with 2017, with 70% of decarbonized electricity in 2025 (versus 39% in 2021).
Asia-Pacific: sales growth and record margin
The Region delivered growth for the year of 16.9% in local currencies and 2.4% like-for-like (3.4% in the second half), driven by the smooth integration of FOSROC and strong momentum in India. The operating margin hit a record high of 13.3% versus 13.0% in 2024 (EBITDA margin at 17.7%), mainly thanks to volumes along with good pricing and cost management.
India achieved further market share gains thanks to the success of its comprehensive range of construction solutions, which drove a double-digit rise in volumes. The Group was awarded new projects in non-residential and infrastructure, including Navi Mumbai airport and the Adani data center in Noida, confirming its leadership in construction chemicals thanks to the successful integration of FOSROC. Chryso in India developed an application powered by Artificial Intelligence (AI) that reduces the number of formula tests by 40%, enabling accelerated innovation. South-East Asia was led by good momentum in Indonesia, the Philippines and Vietnam, where growth was boosted by a widened range of specified solutions, particularly for infrastructure projects (Long Thanh and Phu Quoc airports in Vietnam, Jakarta metro in Indonesia and Manila metro in the Philippines) and data centers (around 20 in Indonesia and Malaysia in 2025).The integration of CSR in Australia is progressing well, in terms of both operational performance and the development of complete solutions, in a construction market that remains lackluster but whose leading indicators are improving. China was down slightly over the year but progressed in the second half, supported by industrial solutions and market share gains in gypsum and plasterboard, despite continued market weakness.
Strategic priorities
In 2026, the Group will focus on strong execution to decisively implement the strategic priorities of its “Lead & Grow” plan:
1) Outperform markets by 1 to 2 percentage points thanks to:
l Saint-Gobain’s complete range of solutions offering customers performance and sustainability;
l Country platforms based on local value chains, optimized by CEOs native to their country who are fully accountable for their perimeter;
l An expanded presence in non-residential and infrastructure thanks to the development of tailored offers and dedicated teams for each end market (particularly hotels, data centers, healthcare and educational facilities, transport infrastructure);
l Saint-Gobain’s industry-leading role as worldwide leader in light and sustainable construction.
2) Continue to pursue excellence in execution in order to deliver the Group’s ambitious trajectory, with an EBITDA margin of between 15% and 18% over the period 2026-2030 and a free cash flow conversion ratio above 50%, thanks to:
l Disciplined management of the price-cost spread;
l Strict measures to reduce costs and deliver productivity gains in order to proactively adapt to market conditions.。
3) Continue to actively optimize the Group’s profile, with asset rotation to represent over 20% of sales by 2030, in terms of both acquisitions and divestments.
4) Disciplined capital allocation to deliver growth and value creation for shareholders:
l Investments focused on consolidating leadership positions, high-growth countries and construction chemicals;
l Capital expenditure around 4.5% of sales in 2026;
l Attractive shareholder returns, targeting regular growth in dividends per share and €2 billion in net share buybacks (2026-2030).
2026 outlook
In a contrasted macroeconomic environment and uncertain geopolitical landscape, the Group expects the following trends for 2026:：
Europe: gradual improvement, with contrasted trends by country;
North America: continued market weakness in the first half, gradually improving outlook in the second half with an easier comparison basis;
Asia-Pacific and Latin America: growth led notably by India, South-East Asia and Mexico.
Saint-Gobain expects an EBITDA margin of more than 15.0% in 2026, with the first half affected by the extreme weather conditions in Europe and North America since the start of the year.
