Compagnie de Saint-Gobain (SGO) Q3 2026 TU earnings summary

Executive summary

• Q3 sales totaled €11.624bn, up 2.5% like-for-like; 9M growth was 1.2%, with all regions positive in Q3.

• Construction Chemicals grew 6.3% in Q3 and 5.6% over 9M, supported by high-value solutions and market-share gains.

• Lead & Grow execution prioritized value-added solutions and growth in residential, non-residential and infrastructure markets.

Financial highlights

• Q3 actual-structure sales rose 1.8%; local-currency growth was 0.4%, with a 1.4% positive exchange impact and 2.1% negative scope impact.

• Q3 prices increased 3.2% and volumes declined 0.7%; over 9M, prices rose 1.5% and volumes declined 0.3%.

• 2026 inflation was expected on the high side of the mid-single-digit range across the €12bn raw materials, energy and transportation bill; energy costs were below 4% of sales, with gas below 2%.

Outlook and guidance

• H2 like-for-like sales growth expected; FY 2026 EBITDA margin guidance remained above 15%.

• Q4 like-for-like sales expected to grow more softly than Q3 amid geopolitical uncertainty.

• FY26 price-cost spread expected to be neutral to slightly positive, with opportunistic pricing actions through year-end.

• LATAM expected to return to positive like-for-like growth in 2027, while Asia-Pacific growth is expected to remain strong.

• If 2027 inflation reaches mid-single digits, the embedded 2027 price effect of nearly 1.5% is expected to help compensate.