Saint-Gobain: Net profit down 13%, but return to growth in the second quarter

Saint-Gobain achieved sales of €23,6 billion in the first half of 2026, down 1,1% as reported compared to the same period in 2025. On a like-for-like basis, however, sales increased by 0,7% over the half, driven by a 3,5% rise in the second quarter.

Net income attributable to the group amounted to €1,417 billion, compared to €1,629 billion a year earlier, representing a decrease of 13%. Current net income, meanwhile, fell by 6,3% to €1,684 billion.

A return to growth after a first quarter hampered by the weather

After a start to the year marked by unfavorable weather conditions in the northern hemisphere, activity returned to growth on a like-for-like basis in all regions in the second quarter, including in volumes.

In Europe, the recovery was notably supported by the new construction market. In North America, the normalization of weather conditions favored the recovery, while Asia-Pacific maintained strong momentum.

Present in 81 countries and employing 162.000 people, Saint-Gobain reports having recorded organic growth of 4,1% in Europe, 0,9% in the Americas and 7% in Asia-Pacific in the second quarter.

Performance varied across regions

In reported figures, revenue in Northern Europe increased by 0,2% in the first half of the year. On a like-for-like basis, the increase reached 1,1%, thanks to the acceleration observed in the second quarter, particularly in the Nordic countries, Germany and Eastern Europe.

The Southern Europe, Middle East and Africa region recorded organic growth of 2,1% for the first half of the year and 4,5% in the second quarter. The group reported growth in new construction and industrial solutions, as well as market share gains in France, Spain and Italy.

Conversely, the Americas saw a 7,2% decline in reported figures for the first half of the year, primarily due to currency fluctuations and a slowdown in activity in North America during the first quarter. On a like-for-like basis, the regional decline was limited to 3,8% for the first half. Sales returned to slight growth in the second quarter: +0,4% as reported and +0,9% on a like-for-like basis.

This area represented more than a quarter of Saint-Gobain's total revenue in 2025.

In Asia-Pacific, revenue increased by 2% as reported and by 7% on a like-for-like basis. Growth was driven in particular by India, Vietnam, Indonesia, and the Philippines.

An EBITDA margin of 15,4%

Earnings before interest, taxes, depreciation, and amortization (EBITDA) reached €3,625 billion, down 5,1% year-on-year, primarily due to exchange rate fluctuations. The EBITDA margin stood at 15,4%, compared to 16% in the first half of 2025.

The group also generated free cash flow of €2,105 billion, down 3,9%, while its net debt decreased by 9,9% year-on-year to €11,519 billion at the end of June 2026.

Annual outlook confirmed

Despite a contrasting macroeconomic environment and geopolitical uncertainties, Saint-Gobain anticipates sales growth in the second half of 2026 across all its regions.

In Europe, this growth is expected to remain uneven across different countries. In the Americas, the group anticipates growth in a still uncertain environment. In Asia-Pacific, business should continue to benefit from the momentum in India and Southeast Asia.

Saint-Gobain finally confirms its target of an EBITDA margin above 15% for the whole of the 2026 financial year.