• Q3 organic sales growth of 2.5% (1.2% over 9 months), driven by all Regions (Asia-Pacific up 8.0%, Europe up 2.5% and Americas up 0.6%) and construction chemicals, up 6.3% in Q3 (up 5.6% over 9 months)
• Good price management in a more pronounced inflationary environment, notably thanks to sales of high added-value Saint-Gobain solutions
• Reinforcement of the Group's profitable growth profile, with the rotation of €3.3bn of sales announced year-to-date:
• 17 acquisitions in high-growth countries and construction chemicals with a strengthened presence in the North American infrastructure market (Xypex and D.S. Brown)
• Closing of the Dahl divestment (Nordic specialist distribution) expected on November 2, 2026
• Outlook confirmed: in a contrasted macroeconomic environment and uncertain geopolitical landscape, Saint-Gobain expects an EBITDA margin of more than 15.0% in 2026
Sales totaled €11.6 billion in the third quarter, up by 2.5% like-for-like and by 1.2% over the nine months to end-September. All Regions delivered growth in the third quarter.
Construction chemicals continued its strong momentum, outperforming with 6.3% like-for-like sales growth over the quarter (5.6% over the nine months to end-September); all Regions delivered strong growth.
In a contrasted macroeconomic environment and uncertain geopolitical landscape, the Group continued to roll out its "Lead & Grow" strategy aimed at accelerating the deployment of its solutions on the residential, non-residential and infrastructure markets, country by country. Thanks to its value-added solutions and its disciplined execution, prices increased 3.2% in the third quarter (an increase of 1.5% over the nine months to end-September), in a more pronounced inflationary environment.
The negative 2.1% structure impact in the third quarter (negative 1.1% impact over the nine months to end-September) mainly reflects the disposal of businesses in distribution (Nordics, Brazil and Belgium) and in Germany (dry mortars, off-site construction and HKO). Acquisitions were focused on high-growth countries: Indocement (Indonesia), Morteros de Europa (Dominican Republic), QSI Peru and PMIM (Vietnam). The exchange rate impact was a positive 1.4% in the quarter (negative 0.3% over the nine months to end-September), mainly due to the appreciation of currencies in the Americas against the euro.
Asia-Pacific: strong sales growth driven by India
The Region reported 8.0% like-for-like growth in the third quarter (after 7.0% in the first half), thanks to strong momentum in India and South-East Asia.
India captured further market share, with double-digit organic growth driven by the strong reputation of the Saint-Gobain brand in the country, along with its comprehensive, innovative and sustainable offering. The Group was awarded new projects in non-residential and infrastructure, illustrating its construction chemicals leadership (for example, the Dhirubhai Ambani Green Energy Giga Complex). An AI-powered customer recommendation tool has been developed and deployed within sales teams with promising conversion rates.
South-East Asia continued to grow, thanks to Vietnam, the Philippines, Indonesia and Malaysia, benefiting from the increasing adoption of sustainable construction solutions and a greater market share in data centers. The start-up of new lightweight board production lines in Malaysia and Vietnam, along with the completion of the acquisition of a new plasterboard production line in Vietnam, will help extend this growth momentum.
Australia reported further slight sales growth, driven by new construction.
Saint-Gobain recorded another outperformance in China, with modest growth in a market that remains down, with the start-up of Asia's largest automated plasterboard production line in Guangdong province.
2026 outlook
In a contrasted macroeconomic environment and uncertain geopolitical landscape, the Group expects like-for-like sales growth for the second half of 2026.
Saint-Gobain expects an EBITDA margin of more than 15.0% in 2026.
