Saint-Gobain announced its financial results for the first six months of 2025, with sales up by 3.4% in local currencies and by 1.7% as reported, at €23.9 billion, reflecting the depreciation in most currencies against the euro in the second quarter (negative 2.8% exchange rate impact).
The positive 3.9% impact from changes in Group structure mainly reflects four recent acquisitions strengthening Saint-Gobain’s growth profile: CSR in Australia, Bailey in Canada, Cemix in Latin America and FOSROC in India and the Middle East. The optimization of the Group’s profile also continued with the effect of divestments, notably the pipe drainage business for buildings (PAM Building).
On a like-for-like basis, sales were down by 0.5%, supported by growth in Asia-Pacific, the Americas and High-Performance Solutions, while Europe saw a smaller decrease. With a negative working-day effect of 1% over the first half, volumes were virtually stable at comparable working days (down 1.5% at actual working days), a clear sequential improvement on second half 2024 (down 2.0% at actual working days and down around 3% at comparable working days). Prices were 1.0% higher thanks to disciplined execution in a slightly inflationary cost environment and to the added value that our comprehensive, sustainable and innovative solutions bring to our customers.
Operating income was €2,803 million, up 5.0% in local currencies (negative currency impact of over 3%) to a record high. The operating margin also hit a new record of 11.8% (versus 11.7% in first-half 2024), reflecting the strength of the Group’s strategic positioning and its very good operating performance, enabling it to outperform in an environment marked by a certain wait-and-see attitude linked to geopolitical disruptions.
Benoit Bazin, Chairman and Chief Executive Officer, commented: “Our first-half 2025 performance once again demonstrates the strength of Saint-Gobain’s new profile, with growth in sales and earnings despite a certain wait-and-see environment in some markets. Asia and emerging countries continued to drive growth for the Group and Europe reported a further sequential improvement, while North America saw a slight decrease in sales. The integration of our recent acquisitions has enabled us to strengthen the quality of the Group’s profitable growth profile and benefit from balanced earnings across three geographic zones. Our decentralized operating model by country, with no direct exposure to customs tariffs, is key to the Group’s ability to withstand external shocks. Our country CEOs now oversee our entire range of solutions to accelerate the Group’s growth in each of its channels and end markets. Despite a still contrasted macroeconomic environment and ongoing geopolitical uncertainty, I am confident that 2025 will be another successful year for Saint-Gobain, thanks to our dedicated teams: I applaud their commitment. At our Capital Markets Day on October 6, we will present the Group’s new ambitions as worldwide leader in light and sustainable construction, in terms of profitable growth and outperformance as well as value creation for all of our stakeholders.”