Saint-Gobain 2025 Full-Year Results

Compagnie de Saint-Gobain has published its audited full-year results for the 2025 financial year, reporting modest sales growth in local currencies, stable operating margins, and solid cash flow generation as the Group continues its strategic transformation.

Annual Financial Overview

Sales for 2025 amounted to €46.5 billion, broadly stable on a reported basis and up 2.1 % in local currencies year-on-year.
Operating income grew 3.8 % in local currencies, reflecting disciplined cost and pricing execution across key markets.
The operating margin held stable at 11.4 %, indicating resilience in operational performance amid a mixed macroeconomic environment.
EBITDA reached approximately €7.20 billion, registering a 3.4 % increase in local currency terms, with the EBITDA margin sustained at 15.5 %.

Regional Performance Patterns

The European region returned to sales growth in the second half of the year, expanding 1.1 % in local currencies and supporting a stable regional operating margin.
North America saw weaker volume trends, with overall activity down like-for-like, though pricing and cost control measures contributed to margin stability.
Asia-Pacific and emerging markets delivered robust growth, expanding by 12.6 % in local currencies, driven by strong momentum in India and successful integration of key acquisitions.

Portfolio Rotation and Strategic M&A

Portfolio rotation and acquisitions remained key drivers of profile optimisation, with approximately €1.2 billion in sales renewed through scope changes in 2025. Notable growth-oriented acquisitions in construction chemicals contributed to 15.9 % organic growth in this segment in local currency terms.

Cash Flow and Capital Allocation

Free cash flow remained strong at €3.75 billion, reflecting robust working capital management with a conversion ratio of 58 % relative to EBITDA.
Capital expenditure totalled €2.05 billion, comparable to the prior year, with continued investment in growth capacity and new production lines.

Balance Sheet and Capital Management

Net debt at year-end 2025 stood at approximately €10.4 billion, with the net debt to EBITDA ratio stable at 1.4x.
Shareholder return remained attractive, with a dividend recommended at €2.30 per share (up 4.5 %) and €402 million allocated to net share buybacks in the year.

Outlook Commentary

The Group’s published outlook anticipates maintaining an EBITDA margin of above 15.0 % in 2026, while noting that short-term performance may be impacted by extreme weather conditions in certain regions.

Performance Analysis

Compared with recent financial years, the 2025 results demonstrate continued margin resilience and consistent cash generation despite a softer volume backdrop in certain mature markets. Sales remained broadly stable on a reported basis, while local-currency growth and operating income progression indicate incremental improvement in underlying performance. EBITDA margin remained above 15%, sustaining the elevated profitability levels achieved in the post-pandemic recovery period. Free cash flow generation and a net debt to EBITDA ratio of 1.4x confirm balance sheet stability in line with prior years, while the increased dividend and ongoing share buybacks reflect continuity in capital allocation policy. Overall, the 2025 financial year shows operational stability and disciplined financial management relative to preceding periods, with growth increasingly supported by emerging markets and portfolio optimisation.

Read the full press release here: https://www.saint-gobain.com/sites/saint-gobain.com/files/media/document/CP_Resultats_2025_VA_t.pdf