- Sales down 2.3% in local currencies as well as like-for-like, a smaller decrease than expected
- Strong 9.0% growth in Asia-Pacific in local currencies, Europe nearly stable, decrease in the Americas (due to weather effects and weakness in new construction)
- Further steps to enhance the Group's profile: 3 acquisitions in construction chemicals (which outperformed with 4.3% growth in local currencies, up 1.7% like-for-like), the opening of 11 new production lines and plants, including 10 in high-growth countries, and the sale of the ventilation distribution business in the Nordics
- Slightly positive price-cost spread expected for the year, with additional price increases announced amid renewed inflation
- 2026 outlook confirmed: in a contrasted macroeconomic environment and uncertain geopolitical landscape, the Group expects an EBITDA margin of more than 15.0% in 2026, with the first half affected by the extreme weather conditions at the start of the year in Europe and North America
Sales were down 2.3% in local currencies and like-for-like. The volume trends observed in the last quarter of 2025 continued into first-quarter 2026, which was also affected by unfavorable weather conditions in January and February in North America and Europe. Growth in Asia-Pacific accelerated.
Prices were stable in the first quarter, against a high comparison basis in the Americas. Given the change in the energy and raw material cost environment, now expected to be inflationary for the year, the Group announced further price increases to its customers as early as March. Thanks to disciplined local execution and the added value of its comprehensive, innovative and sustainable solutions, Saint-Gobain continues to expect a slightly positive price-cost spread for the year.
The structure impact was neutral and mainly reflects the acquisitions of FOSROC and Cemix in construction chemicals, offset by the disposals of distribution businesses in Belgium and Brazil (Tumelero), and of dry mortars and off-site construction (Brüggemann) in Germany.
On a reported basis, sales came in at €11.1 billion, including a negative 2.6% exchange rate impact owing to the depreciation of most currencies against the euro, notably in North America and Asia.
Asia-Pacific: acceleration in sales growth
The Region delivered growth of 9.0% in local currencies and 7.0% like-for-like, with all main countries advancing as well as industrial solutions, where the Group is very well positioned in terms of added value and innovation.
India posted further double-digit growth and market share gains, driven by its comprehensive, innovative and sustainable solutions. The Group was awarded new projects in non-residential and infrastructure – for example, the Pune metro and the high-speed rail link between Mumbai and Ahmedabad – thanks especially to FOSROC in construction chemicals. Saint-Gobain developed an AI-powered augmented vendor program aimed at enhancing product expertise and accelerating cross-selling. South-East Asia continued to see good momentum and benefited from an expanded range of specified solutions, particularly for infrastructure projects (Singapore's Changi airport, public transport network in Manila and Jakarta) and data centers. Vietnam recently launched the first production of zero-carbon (scope 1 & 2) cement board powered by biomass and renewable electricity. Indonesia and Malaysia strengthened their presence in construction chemicals, with two acquisitions (Indocement and Flinken). Australia returned to growth in an improving new construction market, benefiting from its expanded solutions offering. In China, upbeat growth trends observed since the second half of 2025 continued. Saint-Gobain continues to roll out digital and AI-powered tools for installers, aimed at boosting their loyalty and ensuring complete product and service traceability.
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 at the start of the year.
