Compagnie de Saint-Gobain S.A.

Thank you. Good evening, everybody. I hope that you have received our press release and you have been able to go through the highlights. So together with Maud, our CFO, we will present our Q3 2025 sales performance. Tangban delivered plus 1.3% sales growth in local currencies in the third quarter. Like-for-like sales were stable. driven by good dynamics in Asia Pacific and Latin America, and the return to growth in Europe, despite the decrease in North America. We have seen a strong dynamic in construction chemicals, which as you know, has been one of our target areas for growth investment. Sales were up 18% in local currencies in the third quarter. This was driven by an outperformance in light-for-light cells, which were up 2.6%, and also double-digit growth from our recent acquisitions in construction chemicals, notably Cemix in Latin America and Fosrock in India and the Middle East, contributing to the strong growth. The integrations are going well, and synergies are on track. Many of you participated in our Capital Markets Day earlier this month, and I hope you enjoyed your discussions with the country and regional heads and the rest of our executive committee. I can tell you that internally, our teams are excited about this next stage of profitable growth for Saint-Gobain. In each of our country platforms, the teams are already rolling out their growth plans to take advantage of their unique local positions and also the breadth of Saint-Gobain solutions offer with more upselling, cross-selling and specified sales. Our lead and grow strategic plan that we launched for 26 to 2030 is focused on truly leveraging our full solutions offering that delivers clear benefits for our customers. building on our strong positions in residential markets we are increasing our exposure to non-residential and infrastructure markets where we hold key advantages including from the strong construction chemicals position that we have built the focus is on growth and value creation and we have set an ambitious financial trajectory for 26 to 2030 with a new step up for cell growth ABDA margin, and ROC, as well as an attractive shareholder return framework. So our internal roadmap is clear, the buy-in from our teams is strong, and all our teams are engaged to deliver. I will now hand over to Maud, who will discuss our third quarter sales in detail.

Thank you, Benoit. Good evening, everyone. I am very pleased to give you some more details on our Q3 sales release. Starting with Q3 sales growth, first, to get the technical effects covered off, we had a negative currency effect in Q3 of minus 2.6% due to the depreciation of the US dollar and many emerging market currencies against the euro. We currently expect Q4 to have a more significant foreign exchange impact of around minus 5%. This would mean a foreign exchange impact for the second half of close to minus 4% on sales and around minus 6% on operating income. The impact is unparticular on the Americas region. And remember that foreign exchange is purely a translation effect for Saint-Gobain. Now turning to local currency growth, reflecting the true dynamics of our business. This was up 1.3% in Q3. In Q3, we had a positive scope impact of 1.5%, mainly reflecting our recent acquisitions of CEMEX in Latin America, FOSFAC in India, and in the Middle East, which are perfectly in line with our strategy to focus our investments on high-growth countries and construction chemicals. Like for like sales, stabilized, driven by good trends in Asia Pacific and Latin America, with a return to growth in Europe despite the decrease in North America. Volume showed a sequential improvement compared to the second quarter at minus 0.9% versus minus 1.8% in Q2. Prices were up 0.7% in Q3, thanks to disciplined execution from our teams and the value added that our solutions bring to our customers. This is despite the inflationary environment softening. We still expect the full year to see inflation, but this will be very slight, driven by H1, whereas the inflationary environment in H2 would be broadly stable. We are on track to deliver a slightly positive price-cut spread in H2 and for the full year 2025 as planned. Now let us look by segment. Overall, Europe returned to growth in Q3. For the first time since Q1 2023, we saw clear sequential improvement compared to Q2. Northern Europe was stable, excluding industrial solutions. the UK continued to grow thanks to its complete solutions approach for residential and also non-residential, where it offers energy efficiency, fire resistance, and productivity benefits for buildings. Activity remained mixed in the Nordics, with signs of improvement in renovation, but not yet in residential new builds. We saw growth in Sweden and Denmark, with the latter benefiting from several important infrastructure projects. Eastern Europe grew, apart from Poland, which was impacted by lower industrial solution sales. And we are still seeing some wait-and-see attitude in Germany ahead of the upcoming stimulus plan. Now turning to Southern Europe, we saw growth of 2.8% in local currencies, and like-for-like growth of 1.5%, a clear sequential improvement compared to Q2. France showed a good sequential improvement, stabilizing at comparable working days in Q3, and leading indicators are positive, pointing to continued improvement in the absence of any new major political instability. Spain and Italy showed growth and continued to gain market share, particularly in renovation. And finally, the Middle East and Africa showed strong growth driven by the successful integration of FOSROC in construction chemicals and contract wins for large infrastructure projects including bridges in Abu Dhabi, a subway line in Dubai. We also won projects in residential towers and tourist resorts in the UAE. Now moving on to the Americas. The Americas region decreased 1% in local currencies and 2.9% like for like in Q3, given the slowdown in North America, partly compensated by good growth in Latin America. North America decreased 6.5% like for like due to two factors. First, the continued softness in new construction linked to high interest rates. and the lack of significant climate events compared to previous years which affected roofing sales in Q3. Apart from this, the renovation market remains resilient. The operational performance remains strong and we expect to maintain a flat margin in the region in H2 2025 versus H2 2024. This is thanks to our strong strategic positioning as we have As you have seen during the CMD, we are the partner of choice for distributors in America, in North America, and that's thanks to our complete offer. In Canada, we recently opened the first zero-carbon plasterboard plant in North America. Latin America showed strong growth of 12.8% in local currencies and 6.4% like-for-like. Despite the comparison basis getting tougher in Q3, industrial solutions were a double-digit contributing to the good growth. Brazil continued to grow thanks to its unrivaled solutions enabling cross-selling and specified sales to accelerate. We showed you during our CMD how we do this in detail. We also launched in Latin America the first low-carbon glass Mexico and Central America saw spillover benefits from the good integration of Cemex in construction chemicals, and Cemex itself showed strong growth in Q3, up 18% in local currencies. Lastly, moving to Asia-Pacific, which grew 8.4% in local currencies and 3.4% like-for-like in Q3. India delivered another strong performance with double-digit volume growth and market share gains, leveraging its complete innovative and sustainable solutions. We won new projects in non-residential and infrastructure thanks to the leadership of construction chemicals in India and our reinforced position from the Phosphorac acquisition. China improved in the construction market, which is stabilizing at a low level. Southeast Asia continued to grow, driven by Indonesia and Vietnam, where we specified and delivered 15 solutions for a new airport. The integration of CSR is going well, both in operational performance and in the enhancement of its range of solutions for the local market. The Australian construction market continues to remain lackluster, but leading indicators are improving. To sum up the third quarter, total sales were up 1.3% in local currencies. Europe returned to growth for the first time since Q1 2023, with a clear sequential improvement. North America saw some weakness due to the softness in new construction and the lack of major storms, while Asia and Latin America are showing strong growth. Prices were up 0.7%, and I am confident that we will deliver a slight positive price-cost spread for H2 and for the full year. And we remain focused on continuing to deliver very strong operational performance. And I now hand over to you, Benoit, for the concluding remarks.

Thank you, Maud. So let me make a few comments to conclude. So for Q4, we expect a continued second-row improvement driven by Europe recovery. As you have heard from Maud, France has stabilized at comparable working days, and leading indicators are moving in the right direction, pointing to an improvement. For Q4, therefore, we expect volume growth in Europe for the first time in four years and overall volume growth in H2. In North America, renovation is resilient, but we didn't see major storms this year unlike in previous years for the third quarter. We expect continued softness in new construction. However, the market is structurally healthy with a significant housing shortage and interest rates as well as mortgage rates are starting to decrease. Elsewhere, Asia and Latin America should continue to do well, benefiting from recent acquisitions, cross-selling and specified sales, as well as an increasing presence in non-residential and infrastructure markets. So that's on the macro environment. I can tell you that our regional organization is very robust. You have seen the power of our country platform during the Capital Market Day, and it's a real strength in the current geopolitical context based on our local value chains. Our country managers are proactive, very focused, hands-on. They have a small set of priorities in pricing discipline, cost management, and of course, accelerating growth thanks to our solutions in order to continue to outperform. In this context, 2025 will see another strong operating performance for Saint-Gobain with an operating margin of more than 11% in 2025, which is a great way to successfully finish our last plan, Grow and Impact, which, as you know, was for 2021 to 2025. So thank you for your attention, and now More than I am happy to answer any question you may have.