Saint Gobain

Q1 sales rose 3.2% to €11.7bn in line with the market expectations with sequential improvement in volumes. On a like-for-like basis (excluding the impact of acquisitions and currency), sales slipped slightly by 0.3%, as a modest price increase (+0.8%) was offset by a 1.1% decline in volumes (yoy).

Northern Europe returned to growth (+2.0%), led by stronger renovation activity and improving conditions across the Nordics and Germany. The Americas posted +3.0% like-for-like growth, driven by strong demand in Brazil and continued resilience in the North American renovation market. Asia-Pacific also performed well (+3.9%), thanks to double-digit growth in India and a recovery in Southeast Asia, which helped offset the continued weakness in China.
Overall, SGO performed well with a recovery in volumes, particularly in Europe where volumes had previously reached very low levels. Globally, prices remain stable. We commend the group’s ability to maintain pricing in a challenging environment. North America remains resilient, and tariffs are expected to have a limited impact as the business is highly local. Guidance has been confirmed, and management is confident in delivering a positive price-cost spread.