A FEW WORDS FROM BENOIT BAZIN Chairman and Chief Executive Officer of Saint-Gobain 2 LETTER TO SHAREHOLDERS No. 100 2024 RESULTS “Our 2024 results once again demonstrate the success of Saint-Gobain’s new profile, with the Group delivering a very strong operating performance despite a mixed macroeconomic environment. The roll-out of our comprehensive range of sustainable and innovative solutions for our customers along with our local performance-driven organization have enabled us to report new record results. Over the past 12 months, Saint-Gobain also completed four landmark acquisitions, which are perfectly aligned with our strategy of worldwide leadership in light and sustainable construction and located in regions with strong structural growth: CSR in Australia, Bailey in Canada and, in construction chemicals, Cemix in Mexico and FOSROC in India and the Middle East. I’m once again extremely grateful for the dedication and talent shown by all our teams, who are key to our success. I am confident that 2025 will be another successful year for Saint-Gobain, thanks to a good dynamic in most of our regions, a gradual recovery in Western Europe, and the integration of our recent acquisitions. In this context, the Group is expecting an operating margin of more than 11.0% in 2025, above the initial objective of its strategic plan. After the success of the “Grow & Impact” plan, we will share the Group’s new ambitions at our Investor Day on October 6, reflecting the continuation of our strategy of worldwide leadership in light and sustainable construction along with our growth and outperformance plan.” • Sales growth in H2 2024, with a sequential improvement in organic growth • Record operating margin (11.4%), free cash flow (€4.0bn) and recurring EPS (earnings per share), despite a difficult environment in new construction in Europe • More than 2/3 of pro forma operating income now generated in high-growth geographies: North America, Asia and emerging countries • 4 strategic acquisitions finalized over the past 12 months for €5bn: CSR, Bailey, Cemix and FOSROC • Strong value creation for shareholders: total shareholder return (TSR) of 32% in 2024. Dividend of €2.20 (up 5%) recommended for 2024. Share buyback program completed one year earlier than expected, with a new €400m target set for 2025 1. Pro forma for recent acquisitions and divestments OPERATING INCOME BY GEOGRAPHIC AREA 2025 outlook: the Group expects an operating margin of more than 11.0% More than 2/3 of the Group’s operating income is generated in North America, Asia and emerging countries
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