Q2 revenue 3% beat. H1 EBITDA +4% beat. Positive volumes in all regions in Q2.

Research evidence excerpt

Q2 revenue 3% beat. H1 EBITDA +4% beat. Positive volumes in all regions in Q2.

Update

July 30, 2026 05:48 PM GMT

Morgan Stanley & Co. International plc+MSaint-Gobain | Europe Cedar Ekblom, CFA

Equity Analyst

Q2 revenue 3% beat. H1 EBITDA Cedar.Ekblom@morganstanley.comDaniel Khajenouri +44 20 7425-4623

Daniel.Khajenouri@morganstanley.com +44 20 7425-3065

+4% beat. Positive volumes in

Saint-Gobain (SGOB.PA, SGO FP)

Top Pick all regions in Q2. Building & Construction | France

Stock Rating Overweight

AlphaSignals Earnings Reaction Industry View In-Line

Price target €102.00

Unchanged Modest upside Modest revision higher Shr price, close (Jul 30, 2026) €76.04

Impact to our thesis Financial results versus consensus Direction of next 12-month 52-Week Range €102.75-65.88

consensus EPS Mkt cap, curr (mn) €37,778

Source: Company data, Morgan Stanley Research Net debt (12/26e) (mn)* €9,211

EV, curr (mn)* €52,477

* = GAAP or approximated based on GAAP

Key Takeaways

Q2 organic revenue growth +3.5% vs. MSe +0.4% / consensus +0.8%. Price and

volume contribution broadly the same. Positive organic in N.America a stand-out.

Margins solid, cash conversion stable at high levels. No change to the guide, still

open ended for EBITDA margin >15%.

Questions probably focus on the extent of any pre buying. Sure, there might be

some, but a sequentially improving trend has been established for some time.

"Lead and Grow" progress evident - cross selling, specification selling, growth in

non-resi verticals.

YTD underperformance on concerns on an Americas margin collapse look

misplaced. EU slow recovery continues. Shares should outperform. Overweight.

Q2 was a clean organic revenue beat - net sales +3.5% LfL vs MSe +0.4% (a

309bps beat vs MSe, +269bps vs consensus (VA) of +0.8%), with volumes turning