Saint-Gobain: Group lunch feedback

研报英文原文证据摘录

Saint-Gobain: Group lunch feedback

Deutsche Bank

Research

Rating Company Date

Hold Saint-Gobain 19 June 2026

Company Update

Europe

France

Reuters Bloomberg Exchange Ticker Price at 18 Jun 2026 (EUR) 79.76

SGOB.PA SGO FP PAR SGOB

Price Target (EUR) 85.00

Building & Construction

ADR ISIN 52-week range (EUR) 102.70 - 68.08

Building Materials

CODYY US2042803096

Group lunch feedback

Valuation & Risks

Jon Bell

We attended yesterday's group meeting with CEO Bazin and CFO Thuaudet in

Research Analyst

Paris. No change to guidance, with confidence expressed that overall trends are +44-20-754-58575

unchanged. Focus remains on price/cost dynamics, margin gains (some via

disposals) and the construction chemicals roll out. Dheeraj Singh

Research Associate

n Price action. Raised prices across Europe, India and North America. In NA,

there had been multiple rounds of price rises in H1 2025 (comparable base Isabella Baxter

high), though there will be sequential improvement. Price rises were Research Analyst

implemented in roofing in April, with further rises announced for June/July. +44-20-754-11737

Gypsum price rises largely effected via transport surcharges.

n Margin gains from disposals. Businesses with EUR 3bn of sales have been

divested in recent months, lifting group margins by 40-50bps. This is 1/3 of

the c150bps identified at last October's CMD in Paris (see here, p47). M&A

is likely to be bolt-on focused.

n Scandinavia. The Dahl disposal (here) prompted questions around

commitment to Scandinavia (EUR 1.5bn of sales). No prospects to sell other

operations in the region, which often shines a light on sustainability trends

in Germany/France c3 years later.

n Construction chemicals. Three main planks to expansion to date: GCP