Saint-Gobain (AO) | Buy | Feedback from our Virtual CEO/CFO Tour H1 2026

Research evidence excerpt

Saint-Gobain (AO) | Buy | Feedback from our Virtual CEO/CFO Tour H1 2026

Marketing event feedback

Release date: 09 June 2026

Martin Flueckiger

Equity Research Analyst

+41 43 333 6005

mflueckiger@keplercheuvreux.com

BuySaint-Gobain

France | Constr., Infra & Materials Beta Profile: MCap: EUR36.4bn Country Top Picks

Target Price: EUR95.00 Bloomberg: SGO FP Reuters: SGOB.PA

Current Price: EUR74.40 Free float 95%

Up/downside: 27.7% Avg. daily volume (EURm) 201.6

YTD abs performance -14.4% Market data: 08 June 2026

52-week high/low (EUR) 102.70/68.08

Feedback from our Virtual CEO/CFO Tour H1 2026

Key points:

We hosted a virtual group meeting for investors with Saint-Gobain's CFO Maud Thuaudet and the IR team today. Judging by the

large number of participants, the interest from investors was very strong.

Based on management's elaborations, we were under the impression that market trends and the issues surrounding cost

inflation due to the conflict in the Middle East have remained overall stable since our last update on the company. Importantly,

management reiterated its target of a slightly positive price-cost spread in 2026, which is essential for its margin guidance, in our

view.

We continue to expect Lead & Grow to further improve Saint-Gobain's equity story, as the company is likely to capitalise on its

strong market positions in renovation and light construction and to increasingly penetrate non-residential and infrastructure

markets. Moreover, we expect further value-creative M&A in 2026, which is likely to provide additional structural support to

margins going forward.

Brief messages from management

Q1 performance: Q1 was a better-than-expected quarter, despite the extreme weather conditions in January-February. The

group achieved outperformance in key countries.