- Improvement in Europe in the second half, with growth of 1.1% in local currencies; outperformance in North America in a challenging environment
- Strong growth in Asia and emerging countries, +12.6% in local currencies
- Continued portfolio rotation (€1.2 billion in renewed sales in 2025), including acquisitions contributing to accelerated growth such as Cemix and FOSROC in construction chemicals (total growth of 15.9% in local currencies)
- Stable operating margin at 11.4% and strong free cash flow of €3.8 billion
- Attractive shareholder remuneration policy: dividend of €2.30 (up 4.5%) recommended for 2025; €402 million in net share buybacks in 2025
- “Grow & Impact” plan (2021–2025): all financial and strategic targets achieved
- Outlook: the Group expects an EBITDA margin above 15.0% in 2026, with the first half impacted by extreme weather conditions in Europe and North America at the beginning of the year
Statement from Benoit Bazin, Chairman and Chief Executive Officer of Saint-Gobain:
“In 2025, Saint-Gobain once again demonstrated the strength of its strategic positioning as the world leader in light and sustainable construction solutions and delivered another strong operating performance thanks to its country-based decentralized organization, which is highly adapted to today’s global environment. I am extremely grateful for the dedication and contribution of all our teams, which enabled the Group to outperform the market in both developed and emerging economies.
Despite a turbulent global context, particularly a challenging market in North America, we maintained stable margins throughout the year, including in the second half. The Group successfully completed its ‘Grow & Impact’ 2021–2025 strategic plan, achieving all financial and strategic objectives.
The year 2026 opens an attractive new chapter of profitable growth and superior performance, supported by the new ‘Lead & Grow’ 2026–2030 strategic plan, which will deepen our solutions offering and accelerate growth in infrastructure and the non-residential segment. We will continue optimizing our profile, with asset rotation expected to exceed 20% of sales, investing in high-growth regions and strengthening our positions in construction chemicals.
In the short term, in a mixed and uncertain environment, all our teams are mobilized to seize local opportunities and outperform market commercial performance, while implementing productivity and cost-reduction measures where necessary. I am confident in the value that ‘Lead & Grow’ will create for both customers and shareholders.”
Successful completion of the “Grow & Impact” strategic plan
Financial targets achieved (2021–2025 average):
- Organic sales growth of 3.0%; operating margin of 10.9%; EBITDA margin of 14.7%
- Free cash flow conversion rate: 59%
- ROCE of 15.1% and approximately €1.4 billion returned to shareholders annually through dividends and net share buybacks (€7 billion total over the period)
A dynamic and attractive strategy:
- Optimization of the Group’s scope with a direct impact on value creation, with around 40% of Group sales reshaped since 2018: approximately €10 billion in divested activities and €7 billion in acquisitions. This transformation significantly increased profitability and balanced regional contributions in 2025: Asia and emerging countries (36%), Western Europe (33%), and North America (31%).
- Strengthened global leadership in construction chemicals through 39 acquisitions over five years (notably Chryso, GCP, Cemix, and FOSROC); accelerated like-for-like sales growth in the second half (+2.8%).
- A highly efficient country-based operating model enabling Saint-Gobain to outperform markets in developed economies (U.S., France, UK, Spain, Italy) and emerging economies (India, Southeast Asia, Brazil, Mexico). This model supports growth acceleration through value-added solutions and disciplined integration of strategic acquisitions.
Strengthened global leadership in light and sustainable construction solutions:
- Innovative portfolio of around 400 low-carbon solutions (Carbon Low plasterboard, ceilings and insulation; Oraé glass; Enaé mortars; EnviroMix and EnviroAdd concrete and cement additives).
- Continuous innovation, including climate-resilient solutions in the U.S. (FORTIFIED Roof™ system) and a patented process in Finland replacing 70% of cement in mortars with steel slag, reducing CO₂ emissions.
- Low- or zero-carbon production facilities (fully electrified plasterboard plants in Norway and Canada) and circular economy initiatives, contributing to a 35% reduction in Scope 1 and 2 CO₂ emissions in 2025 vs. 2017, with 70% decarbonized electricity in 2025 (vs. 39% in 2021).
Group operating performance in 2025
Sales rose 2.1% in local currencies and were stable at the reported level of €46.5 billion, despite the depreciation of most currencies against the euro (negative currency impact of 2.3% for the full year and 3.0% in the second half).
The positive scope effect of 2.6% mainly reflects four recent acquisitions strengthening Saint-Gobain’s profitable growth profile: CSR in Australia, Bailey in Canada, Cemix in Latin America, and FOSROC in India and the Middle East. Portfolio optimization continued through divestments.
On a like-for-like basis, sales were broadly stable (-0.5% for the full year and -0.4% in the second half), supported in the latter by strong growth in Asia-Pacific and Latin America and a return to growth in Europe (led by Southern Europe), despite a sharp decline in North America.
Prices increased by 0.8% for the full year and 0.7% in the second half, generating a slight positive price-cost effect. Volumes declined by 1.3% for the full year and 1.1% in the second half.
Operating income totaled €5,293 million, up 3.8% in local currencies. The operating margin remained stable at 11.4% in 2025, reflecting strong strategic positioning and solid operational performance. EBITDA amounted to €7,203 million, up 3.4% in local currencies, with a stable EBITDA margin of 15.5%.
Saint-Gobain performance in Europe
Return to sales and operating income growth in the second half
After a first half decline of around 2%, European activity grew in the second half, up 1.1% in local currencies and 0.6% like-for-like — marking the first return to sales growth since the second half of 2022, driven by Southern Europe.
The operating margin remained broadly stable at 8.5% for the full year (vs. 8.6% in 2024), with an EBITDA margin of 12.6%. In the second half, the operating margin was 8.3% (vs. 8.2% in H2 2024), supported by strong cost and pricing management.
Strategic priorities for 2026
- Outperform markets by 1–2 percentage points through:
- A comprehensive range of Saint-Gobain solutions combining performance and sustainability
- Country-based platforms built on local value chains
- Expansion in non-residential and infrastructure segments
- Reinforced industrial leadership
- Maintain operational excellence, targeting:
- EBITDA margin between 15% and 18% for 2026–2030
- Free cash flow conversion rate above 50%
- Continue active portfolio optimization, with asset rotation (acquisitions and divestments) exceeding 20% of sales by 2030
- Disciplined capital allocation:
- Investments focused on leadership positions, high-growth countries, and construction chemicals
- Capital expenditure around 4.5% of sales in 2026
- Attractive shareholder returns, targeting regular dividend growth and €2 billion in net share buybacks (2026–2030)
Outlook for 2026
In a mixed macroeconomic and uncertain geopolitical environment, the Group expects:
- Europe: gradual improvement, with variations by country
- North America: continued weakness in the first half, followed by improvement in the second half
- Asia-Pacific and Latin America: sustained growth, particularly driven by India, Southeast Asia, and Mexico
Saint-Gobain expects an EBITDA margin above 15.0% in 2026, with the first half impacted by extreme weather conditions in Europe and North America at the start of the year.