Saint-Gobain Expect 1.7% LFL sales growth for Q2 with H1 operating profit margins at 11%

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Saint-Gobain Expect 1.7% LFL sales growth for Q2 with H1 operating profit margins at 11%

J P M O R G A N Europe Equity Research

26 June 2026

Saint-Gobain Overweight

SGOB.PA, SGO FP

Expect 1.7% LFL sales growth for Q2 with H1 operating Price (25 Jun 26):€81.76

profit margins at 11% Price Target (Dec-27):€100.00

Saint-Gobain will report Q2/H1 results after market close on 30 July and based on European Building & Construction

our recent conversation with the company, we expect the company to report +1.7% and Infrastructure

LFL sales growth in Q2 revenues to €12.205bn, with volumes up 1.2% and pricing Elodie Rall AC

up 0.6% for Q2. This is in line with previous company commentary that we should (44-20) 7134-5911

see positive LFL growth trends in Q2 though H1 sales could still be down slightly elodie.rall@jpmorgan.com

on a LFL basis (JPMe: -0.2%). From an earnings perspective, we expect H1 J.P. Morgan Securities plc

operating profit of €2,573m, implying margins of 11% vs. H1 2025 of 11.8%. With Zaim Beekawa

respect to EBITDA, if we assume no seasonality on our FY D&A assumption, then (44-20) 7134-4175

zaim.beekawa@jpmorgan.com

this would imply EBITDA of €3,533m and margins of 15.1% vs. last year at 16%. J.P. Morgan Securities plc

We note that Bloomberg consensus is currently at €2,545m Operating Income and Jamie Smallbone

EBITDA and €3,532m. From a regional standpoint, similar to the messaging at our (44-20) 3493-7015

conference (feedback here), Europe is seeing a good underlying recovery in jamie.smallbone@jpmorgan.com

indicators with UK an outlier as trends are moving in the wrong direction there. J.P. Morgan Securities plc

North America has seen normalized weather conditions so far but the comparison Manshi Sinha