**Summary of Compagnie de Saint-Gobains 3rd Quarter 2025 Results**
Compagnie de Saint-Gobain, a global leader in light and sustainable construction, reported a 1.3% increase in Q3 2025 sales in local currencies, driven by stabilized like-for-like sales (down 0.2%) and strong performance in Asia-Pacific, Latin America, and a gradual recovery in Europe. Despite a contraction in North America, the Group confirmed its 2025 outlook, expecting an operating margin of over 11.0%.
**Key Highlights**
1. **Regional Performance**
**Europe, Middle East, and Africa** Sales grew 1.2% in local currencies, with Southern Europe, Middle East, and Africa leading at 2.8% growth, fueled by infrastructure projects and the successful integration of FOSROC. Northern Europe was stable, with growth in the UK and Nordic countries.
**Americas** Sales contracted 1.0% in local currencies, primarily due to a 6.5% decline in North America amid high interest rates and reduced roofing product demand. Latin America, however, grew 12.8% in local currencies, driven by Brazil and Mexico.
**Asia-Pacific** Sales increased 8.4% in local currencies, led by India’s double-digit volume growth and strong performance in South-East Asia, particularly in Indonesia and Vietnam.
2. **Business Segments**
**Construction Chemicals** Sales rose 18.0% in local currencies, supported by recent acquisitions (Cemix, FOSROC) and a 2.6% like-for-like growth.
**Prices and Volumes** Prices increased 0.7% due to disciplined execution and innovative solutions, while volumes declined 0.9%, improving sequentially from Q2.
3. **Strategic Initiatives**
The "Lead & Grow" plan aims to accelerate profitable growth for 2026-2030.
Successful integration of recent acquisitions, delivering expected synergies.
Continued optimization of the Group’s profile through divestments, such as PAM Building and Brüggemann.
4. **Outlook**
Europe is expected to recover gradually, with Latin America maintaining strong activity and North America facing continued softness in new construction.
Asia-Pacific growth will be led by India, South-East Asia, and the integration of CSR in Australia.
**Financials**
Q3 2025 sales€11.42 billion (down 1.3% on a reported basis due to currency depreciation).
Operating margin target for 2025>11.0%.
**Conclusion**
Saint-Gobain demonstrated resilience in Q3 2025, navigating regional disparities and macroeconomic challenges while advancing its strategic initiatives. The Group remains focused on sustainable growth, innovation, and operational excellence to achieve its 2025 targets.
| Metric | 9m 2024 (in €m) | 9m 2025 (in €m) | Change on Actual Structure Basis | Change in Local Currencies | Like-for-Like Change | Exchange Rate Impact | Structure Impact | ||
|---|---|---|---|---|---|---|---|---|---|
| Sales | Debt | Sales | Debt | ||||||
| Northern Europe | 10,413 | N/A | 10,469 | N/A | +0.5% | -0.1% | -0.1% | +0.6% | +0.0% |
| Southern Europe, ME & Africa | 12,207 | N/A | 12,029 | N/A | -1.5% | -1.1% | -2.1% | -0.4% | +1.0% |
| Americas | 10,320 | N/A | 10,070 | N/A | -2.4% | +3.0% | +0.2% | -5.4% | +2.8% |
| Asia-Pacific | 3,383 | N/A | 3,943 | N/A | +16.6% | +21.0% | +2.1% | -4.4% | +18.9% |
| Group Total | 35,039 | N/A | 35,276 | N/A | +0.7% | +2.7% | -0.4% | -2.0% | +3.1% |
| Metric | Q3 2024 (in €m) | Q3 2025 (in €m) | Change on Actual Structure Basis | Change in Local Currencies | Like-for-Like Change | Exchange Rate Impact | Structure Impact | ||
|---|---|---|---|---|---|---|---|---|---|
| Sales | Debt | Sales | Debt | ||||||
| Northern Europe | 3,466 | N/A | 3,454 | N/A | -0.3% | -0.8% | -0.7% | +0.5% | -0.1% |
| Southern Europe, ME & Africa | 3,730 | N/A | 3,815 | N/A | +2.3% | +2.8% | +1.5% | -0.5% | +1.3% |
| Americas | 3,458 | N/A | 3,211 | N/A | -7.1% | -1.0% | -2.9% | -6.1% | +1.9% |
| Asia-Pacific | 1,320 | N/A | 1,333 | N/A | +1.0% | +8.4% | +3.4% | -7.4% | +5.0% |
| Group Total | 11,575 | N/A | 11,424 | N/A | -1.3% | +1.3% | -0.2% | -2.6% | +1.5% |