Saint Gobain (SGOB.PA): 2Q‘26 Preview: Strong pricing; gradual volume recovery, Europe improves, EMs remain resilient

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Saint Gobain (SGOB.PA): 2Q‘26 Preview: Strong pricing; gradual volume recovery, Europe improves, EMs remain resilient

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08 Jul 2026 11:00:17 ET │ 14 pages

Saint Gobain (SGOB.PA)

2Q’26 Preview: Strong pricing; gradual volume recovery, Europe

improves, EMs remain resilient

CITI'S TAKE Rating Suspended

Price (07 Jul 26 17:30) €78.48 We estimate 1H26e Revenue €23,198mn (-2.7% YoY, -0.7% LFL),

Target price - Operating Income €2,611mn (-6.8% YoY). Pricing is expected to improve

meaningfully in 2Q as previously announced price increases take effect from -

across regions; while volumes should improve sequentially from the weak Expected share price return -

1Q, although they are likely to remain slightly negative as market recovery Expected dividend yield -

remains gradual. In Europe, demand recovery continued across most Expected total return -

markets, excluding the UK. France and the Nordics saw improving new- Market Cap €38,835M

build activity, while Eastern and Southern Europe maintained positive US$44,413M

momentum. In North America, business conditions are expected to

normalize, with weak new-build activity offset by resilient renovation

demand, particularly in roofing. Across EMs, activity levels remained

healthy in Latin America, India and Southeast Asia, while China continued Ephrem RaviAC

to face challenging market conditions. We expect strong pricing and +44-20-7986-2462

gradual volume recovery to deliver a slightly positive price-cost spread, ephrem.ravi@citi.com

largely offsetting input cost inflation. Omnath Sinh

+91-22-4277-5027

Model Update We make some minor changes to our 2025/2026 revenue and omnath.sinh@citi.com

operating income estimates (<1%). For FY26, the group expects EBITDA margin

more than 15.0%, in line with 15-18% target under Strategy 2030.