Saint-Gobain: sales up 2.5% in third quarter, driven by prices
Saint-Gobain reported on October 27, 2026 revenue of €11.6 billion for the third quarter, up 2.5% on a comparable basis. This growth is driven by prices, up 3.2%, while volumes declined by 0.7%.
The group confirmed its target for an EBITDA margin of over 15.0% in 2026. The quarter came in above the cumulative trend: over nine months, organic growth stands at 1.2%, with a price effect of 1.5% and volumes down 0.3%.
Revenue of €11,624 million, supported by the price effect
At actual scope, quarterly sales rose from €11,424 million to €11,624 million, an increase of 1.8%. The difference from organic growth stems from a scope effect of −2.1%, partly offset by a currency effect of +1.4%, mainly linked to the appreciation of American currencies against the euro.
The scope effect primarily reflects the divestment of distribution activities (Nordic countries, Brazil and Belgium) and activities in Germany (dry mortars, off-site construction and HKO). Over nine months, revenue reached €35,219 million, compared to €35,276 million a year earlier, representing −0.2% at actual scope and +1.2% on a comparable basis.
The group attributes the price increases to the added value of its offering and its execution rigor, in an environment it describes as "more markedly inflationary". Construction chemicals grew 6.3% on a comparable basis for the quarter and 5.6% over nine months.
Asia-Pacific leading, volumes declining in Southern Europe and the Americas
All regions showed organic growth in the third quarter. Asia-Pacific (12.1% of sales) advanced 8.0%, with a price effect of 4.7% and volume growth of 3.3%, driven by India, which grew in double digits, and Southeast Asia.
Northern Europe (28.0% of sales) posted growth of 3.4%, including +3.8% for the Nordic countries, while the United Kingdom and Ireland declined by 5.4%. Southern Europe, Middle East and Africa (31.9%) advanced 1.6%: the price effect reached 4.0% there, but volumes fell by 2.4%.
France was at +0.8%, in a quarter the group said was "marked by caution", with renovation affected by uncertainties weighing on household confidence. New construction, on the other hand, continued its growth over the period, according to the press release.
The Americas (28.0%) advanced 0.6% for the quarter, compared to −2.4% over nine months. North America was at +2.0% (−2.9% over nine months), thanks to prices and volumes driven by construction, despite the decline in industrial solutions, while Latin America fell by 3.0%.
EBITDA margin of over 15.0% confirmed for 2026
In an environment the group qualifies as "contrasting macroeconomic and uncertain geopolitical", Saint-Gobain anticipates growth in its sales on a comparable basis in the second half of 2026. It targets an EBITDA margin of over 15.0% for the fiscal year.
The group indicates it has announced €3.3 billion in portfolio rotation since the beginning of the year, with 17 acquisitions in high-growth countries and construction chemicals. These include Canadian Xypex, whose acquisition was completed in early October 2026, and American D.S. Brown.
The buyout of D.S. Brown, announced in mid-October, remains subject to the green light from American competition authorities. On the disposal side, the completion of that of Dahl (specialized Nordic distribution) is expected for November 2, 2026.
This publication comes as the stock fell back below €65 on October 22, 2026, after a decline of 11% over three months noted the previous day. Full-year 2026 results will be published on February 18, 2027, after market close, with the objective of confirming an EBITDA margin of over 15.0%.
