Compagnie de Saint-Gobain S.A.

Thank you. Good evening, everybody. I hope that you have received our press release and that you have been able to go through the highlights. So together with Maud, our CFO, we will present our first quarter 25 performance. Overall, Saint-Gobain delivered plus 3.2% sales growth in the first quarter, reflecting the group's successful strategic execution and the improving trends in certain markets. Like-for-like sales were almost stable with growth in the Americas, Asia Pacific, and Northern Europe. As expected, our European markets are either stabilizing or beginning to recover depending on the countries. The group delivered overall a clear sequential improvement in volumes in the quarter, stable at comparable working days. Also, the group successfully increased pricing in the first quarter thanks to targeted price increases and the added value that our comprehensive range of innovative and sustainable solutions bring to our customers. We continued also to deliver on our strategic priorities with the closing of two important acquisitions in construction chemicals in Q1 2025, CEMICS, in Latin America and Frost Rock in India and the Middle East. These two acquisitions will further accelerate our presence in these fast-growing markets. In a contrasted macroeconomic environment and with geopolitical uncertainty requiring further regionalization, Sangoma is well equipped. We can count on the strength of our decentralized organization, country by country, and also the balanced contribution of our different geographies. Thanks to our fully local value chains, from individual footprint, logistics, and purchasing, to brands, sales, and customers, the group is ideally positioned on our local construction markets and not directly impacted by customs tariffs. In this new setting, our teams will continue to adapt swiftly to local conditions and manage what is under their control in order to outperform exactly as they have been doing successfully in recent years. I now hand over to Maud, who will give you additional information about our first quarter sales.

Thank you, Benoit. And good evening, everyone. I'm delighted to join you all. In recent weeks, I have started to engage with some of you, and I look forward to future exchanges. Now, starting with Q1 sales growth. In Q1, we had a positive scope impact of 3.9%, mainly reflecting our recent acquisitions, CSR in Australia, Bayley in Canada, Cemix in Latin America, and Fosrock in India and the Middle East. The currency effect was slightly negative at minus 0.4%, becoming more negative throughout the quarter as the US dollar and most emerging market currencies depreciated against the euro. As you know, this is purely a translation effect for Saint-Gobain. For the full year 2025, at today's pot rate, we currently expect foreign exchange to have a negative impact on sales of close to minus 2%. Volumes showed a meaningful sequential improvement and were stable at comparable working days. Working days had a negative impact of around 1% in Q1. Keep in mind, working days will again be negative in Q2 at around minus 1% and be more negative in Northern Europe at around minus 2%. Prices were up 0.8% in the first quarter. Our teams once again showed disciplined execution in an overall environment of slight inflation in raw material and energy costs. We are on track to deliver a slightly positive price-cost spread for the full year 2025 as planned. Now, let us look by segment. Overall in Europe, the sequential improvement in Q1 continued, driven by growth in Northern Europe. Volumes were down 1.7%. This was a clear improvement on 2004 when volumes were down 3.3%. Construction activity in European countries was either stabilizing or beginning to recover. Northern Europe grew 2% like for like with all the main countries in the region delivering volume growth. Germany, the UK, the Nordics, and Eastern Europe. The renovation market grew driven by the increasing number of existing home transactions and improving household purchasing power. Prices stabilized in the region on a high comparison basis thanks to targeted price increases. The approval of the large German stimulus plan should be positive for the country and more broadly for the wider region. Regarding Southern Europe, France's performance in Q1 confirmed what we said at the end of February, that the country reached a low point in Q4 2024. We benefited from Saint-Gobain's strong renovation exposure, comprehensive range of innovative solutions, and dedicated sales offer adapted to various market segments, both residential and non-residential. Spain-Italy sought continued growth, as did Middle East and Africa, driven by Egypt, thanks to our recent investment in the country. Prices in Southern Europe remain slightly negative, but sequentially improved on a high comparison basis, thanks to targeted price increases. Now moving on to the Americas. The Americas region grew by 3%, like for like in Q1, with North America remaining at a good level of activity, and Latin America continuing its good dynamic. North America continued to grow, driven by prices and good volumes in renovation. In a more uncertain environment, the group benefited from its local business model, protected from customs tariffs, as just was highlighted by Benoit. Over 50% of sales are in renovation, particularly roofing, which is a must-have, and where demand remained higher than supply. The U.S. new construction market has stabilized at a level below the country's structural needs with interest rates remaining high. Keep in mind, we have a local footprint with 91 plants in the U.S. and Canada to serve the local construction markets. Saint-Gobain is very well positioned to continue to outperform in the region thanks to our unique set of value-added solutions. Latin America grew 9.8% driven by continued good momentum in Brazil on a favorable comparison basis. Our teams delivered market share gains in light construction. In Latin America, the closing of Cemex further strengthens our position in construction chemicals. Now, moving on to Asia Pacific. The region saw like-for-like growth of 3.9% in Q1. India delivered another strong performance with double-digit volume growth, outperforming thanks to its complete solution approach and the power of its brand. India's growth more than compensated the continued downturn in new construction in China, although it performed better on the renovation market in the country. Southeast Asia's growth was driven by Vietnam thanks to its tailor-made digital services and the launch of differentiated and low-carbon offers. Regarding CSR, CSR's integration is going well. The company delivered a good operational performance while enhancing its range of solutions dedicated to the local market. Now, let us look at our high-performance solution segment. which also benefits from a local footprint, with, for instance, 60 plants in the U.S. to supply our American customers. In Q1, HPS organic sales were stable, held by good performance from the construction activities. Businesses serving construction customers grew 3.4% like for like in Q1. They were driven by at-force class grid solutions and construction chemicals, which delivered 26% growth, a combination of both organic growth and integration of phosphorus. This acquisition marks the acceleration of the group in construction chemicals in high-growth countries, particularly India, the Middle East, and Asia Pacific. Businesses serving industry declined slightly, affected by some kind of wait-and-see attitude from customers in the context of geopolitical uncertainties. And finally, mobility sales were up 0.9%, like for like in Q1, despite the auto market remaining challenging. We benefited from our investment in innovation and our position on high value-added models. To sum up this good first quarter performance, volume showed a clear sequential improvement and were stable at comparable working days. Prices were up 0.8% and were confident to deliver a slightly positive price-cost spread for the full year. I am confident that Sangoma's business model is extremely well adapted to the current environment, which requires even greater regionalization. And I will now hand over to Benoit for the concluding remarks.

Thank you, Maud. So a few comments to conclude. In a macroeconomic environment that remains contrasted, Saint-Gobain will continue to demonstrate a very strong operating performance in 2025. Assuming no major slowdown in global growth linked to geopolitical uncertainties, the group expects the following trends. We continue to expect flattish to slightly positive volumes for the full year 2025 at group level. with a slight volume decrease in H1, including in the second quarter, and H2 to show a gradual volume recovery driven by Europe, where we see construction markets either stabilizing or beginning to recover. We expect the Americas to remain at a good level of activity and Asia-Pacific to grow, led by India, Southeast Asia, and the integration of CSR in Australia. Within high-performance solutions, we expect dynamic growth in construction chemicals, mobility to hold firm, while industrial markets are affected by a certain wait-and-see attitude. We confirm our guidance of an operating margin of more than 11% in 2025. The current uncertain macroeconomic and geopolitical environment underlines the pertinence of our local business model. All our operations are actually already regionalized, including HPS, high-performance solutions, with a local value chain. The current environment requires this type of regionalization. We also have proven time and time again in recent years that our country managers are able to deal with uncertainties and that they are also proactive in their actions. I can tell you that they are very focused on a small set of priorities, pricing, cost management, and multiple other actions in order to execute well on all business fundamentals. All in all, we have a clear and focused strategy as leader in light and sustainable construction that is paying off strongly. Our comprehensive range of solutions will continue to offer the group numerous opportunities for our performance. So in this context, I am confident that Saint-Gobain will demonstrate a very strong operating performance in 2025. Thank you for your attention and now Maude and myself, we are happy to answer any questions.