Saint-Gobain Reports Modest Growth in 2025 with Stable Margins
The French construction materials giant recorded a 2.1% increase in local currency sales and a 3.8% rise in operating results in 2025. The operating margin remained steady at 11.4% despite a mixed macroeconomic environment.
Financial Performance in 2025
Saint-Gobain posted revenues of 46.5 billion euros in 2025, stable in reported figures but up 2.1% in local currencies. The group benefited from a positive 2.6% impact from recent acquisitions, including CSR in Australia, Bailey in Canada, Cemix in Latin America, and FOSROC in India and the Middle East. These gains partially offset the divestments carried out as part of portfolio optimization. Operating income reached 5.293 billion euros, up 3.8% in local currencies. The operating margin remained stable at 11.4%, reflecting the strength of the group's strategic positioning in the face of global environmental turbulence. EBITDA was 7.203 billion euros, up 3.4% in local currencies, with a stable margin of 15.5%.
Cash Flow and Shareholder Returns
The free cash flow stood at 3.752 billion euros in 2025, reflecting a good level of activity. The cash conversion ratio relative to EBITDA reached 58%, demonstrating controlled management of working capital needs. The group allocated 1.5 billion euros to shareholder remuneration in 2025, including a dividend payment of 1.085 billion euros and net share buybacks worth 402 million euros. The board of directors recommended a dividend increase of 4.5% to 2.30 euros per share for 2025, to be voted on at the general meeting on June 4, 2026. Net debt was set at 10.356 billion euros, with a stable net debt to EBITDA ratio of 1.4x.
Regional Performance and Outlook for 2026
Europe saw a return to growth in the second half with a 1.1% increase in local currencies. The Americas maintained a stable operating margin of 17.2% despite a significant contraction in North America. Asia-Pacific delivered an outstanding performance with a 16.9% growth in local currencies and a record operating margin of 13.3%. For 2026, the group anticipates an EBITDA margin exceeding 15.0%, with the first half affected by extreme weather conditions that occurred in Europe and North America since the start of the year.
