Compagnie de Saint-Gobain (SGO) Q1 2025 earnings summary

Executive summary

• Q1 2025 sales rose 3.2% to €11.7 billion, with sequential volume improvement and prices up 0.8% compared to Q1 2024.

• Achieved record 2024 results with operating margin at 11.4% and recurring net income of €3.5bn, despite challenging European markets.

• Growth driven by Americas, Asia-Pacific, and Northern Europe, with European markets stabilizing or recovering.

• Strategic focus on high-growth markets, construction chemicals, and sustainability, with major acquisitions in North America, Asia-Pacific, and emerging markets.

• Operating margin guidance for 2025 confirmed at over 11.0%.

Financial highlights

• FY 2024 sales: €46.6bn, up 1.6% in H2-2024 vs. H2-2023 at constant exchange rates.

• Q1 2025 sales: €11.7bn (+3.2% year-over-year); prices up 0.8%.

• Scope impact of 3.9% from recent acquisitions; currency effect slightly negative at -0.4%.

• Volumes stable at comparable working days; working days had a -1% impact in Q1.

• EBITDA margin reached 15.5% in 2024; recurring EPS at €6.95.

Outlook and guidance

• Guidance confirmed for operating margin above 11% in 2025.

• Expect flattish to slightly positive volumes for full year, with H1 slightly down and H2 showing gradual recovery, especially in Europe.

• Americas to maintain good activity; Asia-Pacific to grow, led by India and Southeast Asia.

• Dynamic growth expected in construction chemicals; mobility segment to remain firm.

• High Performance Solutions to see dynamic growth in construction chemicals; mobility steady, industry cautious due to geopolitical uncertainties.