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Saint-Gobain returns to growth in all regions in first-half 2026
Saint-Gobain has published its first-half 2026 results, reporting EUR 23.6 billion in group sales and an EBITDA of EUR 3,625 million. Construction chemicals delivered 8.5 % organic growth in the second quarter. The group confirmed its full-year EBITDA margin outlook of more than 15.0 %.
Saint-Gobain has reported group sales of EUR 23.6 billion for the first half of 2026, with like-for-like growth of 0.7 % over the period and an acceleration to 3.5 % in the second quarter. All three regions – Europe, Americas and Asia-Pacific – returned to growth in the second quarter. EBITDA reached EUR 3,625 million, with a margin of 15.4 %. Free cash flow totalled EUR 2,105 million with a conversion ratio of 65 %, and net debt fell to EUR 11.5 billion from EUR 12.8 billion a year earlier. Recurring earnings per share stood at EUR 3.44.
Construction chemicals was a standout segment, achieving 8.5 % organic growth in the second quarter and 5.3 % over the first half. In Europe, like-for-like sales rose 4.1 % in the second quarter – the strongest quarterly growth in the region since 2022 – with the regional EBITDA margin stable at 13.0 %. Asia-Pacific delivered 7.0 % organic growth for the half-year and a record EBITDA margin of 18.5 %, up from 18.0 % in first-half 2025. The Americas returned to growth of 0.9 % in the second quarter, with a regional EBITDA margin of 19.5 %, after extreme weather conditions had driven a decline of 11.3 % in North America in the first quarter.
Portfolio rotation and strategic outlook
The group announced around EUR 3 billion of sales subject to acquisitions or divestments year-to-date, comprising 14 acquisitions and nine disposals. Capital expenditure for the period totalled EUR 664 million, and 14 new plants and production lines were opened, of which 13 were in high-growth markets. Net debt stood at EUR 11.5 billion at end-June 2026, with a net debt to EBITDA ratio of 1.6 on a rolling 12-month basis, compared with 1.7 at end-June 2025.
Commenting on the results, CEO Benoit Bazin stated: “The first half of 2026 marked a return to growth across all our regions and once again confirmed our ability to outperform our markets in a contrasted environment.” For the second half, the group expects sales growth across all regions and confirmed its full-year EBITDA margin outlook of more than 15.0 %.
