Saint-Gobain: Key takeaways from our pre-Q2 call (with model update)

研报英文原文证据摘录

Saint-Gobain: Key takeaways from our pre-Q2 call (with model update)

3 July 2026

Pujarini Ghosh, CFA

+44 20 7676 6807

European Construction & Building Materials pujarini.ghosh@bernsteinsg.com

Victor AcitoresCie de St-Gobain

+34 915 893 901

Rating victor.acitores@bernsteinsg.com

Market-Perform Specialist Sales

Sara Bellenda

Price Target +44 20 7762 1867

sara.bellenda@bernsteinsg.com

SGO.FP 77.00 EUR

Saint-Gobain: Key takeaways from our pre-Q2 call (with model

update)

We regularly hold calls with companies towards the end of each quarter to remain up-to-date

Close Date 2 Jul 2026

with their latest communications ahead of a quiet period. We held a call with SGO IR, ahead of

SGO.FP Close Price (EUR) 79.86

their 2Q results on 30th July and here we highlight our key takeaways and update our model. Price Target (EUR) 77.00

Upside/(Downside) (4)%

Pricing: Saint-Gobain announced price increases in April to account for the energy and 52-Week Range 104.65/65.88

raw material inflation and followed up with a second round for certain categories in certain

EDME 1,612.27

markets in June/July. For example in North America, SGO had asked for MSD pricing in

FYE Dec

roofing as of April and another increase in June/July and in plasterboard they have also been

Div Yield 2.9%

mechanically passing fuel surcharge to reflect the energy inflation. In Europe, they have

Market Cap (EUR) (M) 39,993

also been nimble in passing cost inflation. Therefore in our view, we expect pricing to turn

EV (EUR) (M) 51,067

positive in Q2 after a slight negative in Q1 (which also suffered from high comps as SGO had

increased prices in Jan’25 in certain markets). We are forecasting pricing of 1.2% for the Performance YTD 1M 6M 12M

group in Q2 which is in line with consensus. Absolute (%) (7.8) 3.2 (7.8) (18.4)