Organic sales growth at 3.5%

Operating income1 up 8.3%

Recurring earnings per share up 17.6%

  • Organic growth at 3.5%, with prices up 2.3% in a less inflationary environment and volumes up 1.2% despite a negative calendar impact
  • Operating income at €1,638 million, up 8.2% as reported and up 8.3% like-for-like. Gain of 30 basis points in the operating margin2 to 7.6%
  • Recurring net income up 16.7%
  • Swift deployment of the “Transform & Grow” program: (1) strong momentum in portfolio optimization, with divestments already completed or signed representing over €2.8 billion in sales and (2) the cost savings target for 2019 raised from over €50 million to more than €80 million
  • Objectives for full-year 2019 confirmed


  1. Like-for-like.
  2. Operating margin = Operating income divided by sales.
  3. Figures for the first half of 2018 have been restated for IFRS 16 with retroactive effect from January 1, 2018 (see the press release dated
    July 1, 2019).
  4. EBITDA = operating income, plus operating depreciation and amortization, less non-operating costs excluding Sika.
  5. Recurring net income: net attributable income excluding capital gains and losses on disposals, asset write-downs, material non-recurring provisions and Sika income.
  6. Free cash flow = EBITDA less depreciation of right-of-use assets, plus net financial expense excluding Sika, plus income tax, less investments in property, plant and equipment and intangible assets excluding additional capacity investments, plus changes in working capital requirement.

Pierre-André de Chalendar, Chairman and Chief Executive Officer of Saint-Gobain, commented:

“The Group's first-half results progressed significantly, driven by continued upbeat trends on our main markets, a positive price-cost spread, and excellent advances in our transformation plan, which is delivering expected results faster than initially planned. The acceleration of our portfolio rotation program announced a year ago continues apace and we will exceed €3.0 billion in sales divested by the end of 2019. The Group is confirming its objectives for full-year 2019 and for the second half, in a less supportive market overall, expects a like-for-like increase in operating income versus second-half 2018.”

Benoit Bazin, Chief Operating Officer of Saint-Gobain, commented:

“Thanks to our new organization, in place since January 1, the commitment of our teams on the ground is reaping rewards. Our portfolio optimization program and measures to unlock €250 million in additional cost savings are being put into place with agility and determination, as illustrated by the accelerated timetable, with the cost savings target for 2019 raised from over €50 million to more than €80 million. Going forward, we are very confident in the capacity of “Transform & Grow” to give new impetus to our growth and profitability.”

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