Saint-Gobain (AO) | Buy | Feedback from our Energy Efficiency Day

Research evidence excerpt

Saint-Gobain (AO) | Buy | Feedback from our Energy Efficiency Day

Marketing event feedback

Release date: 24 June 2026

Martin Flueckiger

Equity Research Analyst

+41 43 333 6005

mflueckiger@keplercheuvreux.com

BuySaint-Gobain

France | Constr., Infra & Materials Beta Profile: MCap: EUR37.8bn Country Top Picks

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

Current Price: EUR77.32 Free float 95%

Up/downside: 22.9% Avg. daily volume (EURm) 194.3

YTD abs performance -11.1% Market data: 23 June 2026

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

Feedback from our Energy Efficiency Day

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 once more very strong.

Building energy efficiency is core to Saint-Gobain’s equity story, and certainly not a peripheral ESG theme. It is a structural

demand driver, a product-mix lever, and a way for the group to differentiate from more commodity construction-materials peers.

Building energy efficiency helps Saint-Gobain defend growth and valuation through a structural, regulation-backed retrofit cycle,

especially in Europe, while also improving mix through higher-value systems, specification services, and cross-selling. It also

reduces reliance on pure new-construction volumes, which are more cyclical and rate-sensitive.

We reiterate that 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