•Good organic sales growth of 3.5% in Q2 (up 0.7% in H1), driven by all Regions (Asia-Pacific up 7.0%, Europe up 4.1% and Americas up 0.9%) and by an acceleration in construction chemicals outperformance with 8.5% organic growth in Q2 (up 5.3% in H1)
•Strong operational execution, with an EBITDA margin of 15.4% and a free cash flow conversion ratio of 65%
•Reinforcement of the Group's profitable growth profile, with the rotation of around €3bn of sales announced year-to-date, increasing the Group's exposure to Asia, emerging countries and North America (14 acquisitions and 9 disposals)
•Outlook confirmed: in a contrasted macroeconomic environment and uncertain geopolitical landscape, the Group expects an EBITDA margin of more than 15.0% in 2026
Benoit Bazin, Chairman and Chief Executive Officer of Saint-Gobain, commented:
"The first half of 2026 marked a return to growth across all our Regions and once again confirmed our ability to outperform our markets in a contrasted environment. Sales growth was accompanied by a very good operational performance thanks to the strength of our local organization and the commitment of our teams, who I wish to thank.
With our unrivalled range of comprehensive, innovative and sustainable solutions, we have captured market share in residential and new positions in non-residential and infrastructure. Our outperformance in construction chemicals is a perfect illustration. The first half was also shaped by major transactions to optimize the Group's profile: with the rotation of 7% of sales in just six months, we are ahead of our objective.
I am confident that 2026 – the inaugural year of our ambitious 'Lead & Grow' plan – will be another year of value creation for Saint-Gobain's shareholders and all its stakeholders."
Deployment of "Lead & Grow"
In line with the ambitions set out in its "Lead & Grow" plan, the Group has achieved the following milestones to date:
A "push and pull" solutions strategy based on differentiated "hero" flagship products, driving sales for the Group's entire offer. To outperform its markets by 1 to 2 percentage points, the Group is accelerating on cross-selling, specification and high value-added solutions thanks to its comprehensive and innovative solutions for residential, non-residential and infrastructure markets:
•Cross-selling: each country leverages its strong local brands to enlarge its offering with distributors. In the US in the first half, the number of distributor outlets selling more than six Saint-Gobain products rose by 12%. In Eastern Europe, cross-selling gains in the first half generated approximately 1% additional growth. In Italy, 49% of customers purchased more than four brands from Saint-Gobain, an increase of 3 percentage points over the first half.
•Specified sales: countries are stepping up their specification initiatives. Latin America increased its share of specified sales by one percentage point to 10% over the first half thanks to cross-brand key account teams. In construction, India generates over a quarter of its sales through specification, leveraging in particular its local expertise in building science and the promotion of sustainable construction among architects.
•High value-added sales: France is leveraging its comprehensive solutions offering, in particular for the renovation of housing and schools to adapt them to heatwaves. High value-added solutions represent 30% of sales in the country and the value specified on the largest projects in the pipeline has increased by 10%. In Germany, 47% of the solutions sold in the first half were high value-added, supported for example by Pre.formance renovation solutions for multi-family housing (offering up to 85% energy savings). In Spain, 47% of the solutions sold were high value-added (e.g. Enveo lightweight façade systems, solar control glass), an increase of two percentage points.
Expansion in non-residential and infrastructure thanks to the development of specific offers and major wins in the first half:
•Non-residential: the Group deployed its solutions for healthcare facilities (São Paulo's Albert Einstein medical center in Brazil featuring 35 Saint-Gobain solutions), educational facilities (a segment which already accounts for over €1 billion of sales in Europe annually, with the launch of specific "summer comfort" solutions), hotels (full range of Saint-Gobain solutions for the Residency Signature Madurai in Tamil Nadu, India), and industrial buildings (ESMC's semi-conductor plant, Europe's biggest construction project based in Dresden, Germany). The Group's data center project pipeline has increased significantly with 1,085 projects under specification in 32 countries, almost a two-fold increase compared to last year.
•Infrastructure: thanks to its construction chemicals capabilities and to a full range of solutions certified for extreme weather conditions, the Group is building momentum in tunnels (Orange Gate-Marine Twin in Mumbai, India) and bridges (Sazlıdere in Istanbul, Turkey, and Szczecin in Poland). For airports, Saint-Gobain recorded numerous contract wins, including for the new terminal at Singapore's Changi airport (initially based on waterproofing solutions and later extended to all the Group's product ranges). Saint-Gobain has also developed offers for energy infrastructure (wind farms in Germany), defense infrastructure (air bases in Poland and the Czech Republic) and transport infrastructure (extension of the Jakarta Kalibaru port in Indonesia).
A reinforced profitable growth profile, with the rotation of around €3 billion of sales (acquisitions or divestments) announced year-to-date, representing one-third of the target rotation of more than 20% of sales over five years.
A reinforced presence in high-growth markets through disciplined capital allocation, with 14 new plants and production lines opened in the first half and targeted acquisitions in these regions supporting the Group's growth (double-digit growth in India, Vietnam, Indonesia, Eastern Europe and Central America).
Asia-Pacific: strong sales growth over the full half-year period
In both the second quarter and over the first half, the Region delivered robust 7.0% organic growth (8.4% in local currencies), with all main countries advancing as well as industrial solutions, which are very well positioned in terms of added value and innovation. The EBITDA margin hit a record high of 18.5% (versus 18.0% in first-half 2025), driven by volumes and good pricing and cost management.
India posted further double-digit growth and market share gains, led by its comprehensive, innovative and sustainable solutions. The Group delivered new projects in non-residential and infrastructure-for example, the high-speed rail link between Mumbai and Ahmedabad, Noida international airport-thanks especially to FOSROC in construction chemicals.
South-East Asia continued to see good momentum, driven by double-digit growth in Vietnam, Indonesia and the Philippines. It benefited from an expanded range of specified solutions for infrastructure projects (Singapore's Changi airport, North-South rail link in the Philippines), from the enhanced sustainability credentials of its solutions (six plants certified carbon-neutral in Vietnam), and from data centers, with a current pipeline of almost 50 projects.
Australia saw growth accelerate in the second quarter in an improving new construction market. The country benefited from its specification model and from large-scale projects such as the ongoing construction of a residential complex in Sydney (The Macquarie Collection).
Saint-Gobain recorded another outperformance in China, where the upbeat growth trends seen since the second half of 2025 continued.
Strategic priorities
In 2026, the Group's focus is on decisively implementing the strategic priorities of its "Lead & Grow" plan:
1. Outperform markets by 1 to 2 percentage points thanks to:
•Infrastructure: thanks to its construction chemicals capabilities and to a full range of solutions certified for extreme weather conditions, the Group is building momentum in tunnels (Orange Gate-Marine Twin in Mumbai, India) and bridges (Sazlıdere in Istanbul, Turkey, and Szczecin in Poland). For airports, Saint-Gobain recorded numerous contract wins, including for the new terminal at Singapore's Changi airport (initially based on waterproofing solutions and later extended to all the Group's product ranges). Saint-Gobain has also developed offers for energy infrastructure (wind farms in Germany), defense infrastructure (air bases in Poland and the Czech Republic) and transport infrastructure (extension of the Jakarta Kalibaru port in Indonesia).
•Saint-Gobain's complete range of solutions offering customers performance and sustainability;
•Country platforms based on local value chains, optimized by CEOs native to their country who are fully accountable for their perimeter;
•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);
•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 productivity gains and disciplined management of costs and the price-cost spread.
3. Continue to actively optimize the Group's profile, with asset rotation to represent over 20% of sales by 2030, through both acquisitions and divestments.
4. Disciplined capital allocation to deliver growth and value creation for shareholders, with:
•Investments focused on consolidating leadership positions, high-growth countries and construction chemicals;
•Capital expenditure of around €2 billion in 2026;
•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 sales growth for the second half of 2026 with the following trends:
•Europe: growth, with contrasted trends by country;
•Americas: growth, in an uncertain environment;
•Asia-Pacific: growth, led notably by India and South-East Asia.
Saint-Gobain expects an EBITDA margin of more than 15.0% in 2026.
