4 LETTER TO SHAREHOLDERS No. 100 FOCUS... Cemix is a leading player in construction chemicals in Mexico and Central America. It joined the Group for $815 million (around €740 million). This purchase price represents a multiple of around 8.0x estimated 2024 EBITDA after taking into account full-year synergies of around $40 million in year 3. This amount includes cost synergies (operations, optimization of logistics networks, economies of scale, etc.) and growth synergies which should also be generated through crossselling opportunities. In 2024, Cemix generated sales of around $285 million, with an average annual growth rate of around 20% over the last five years. It enjoys an excellent EBITDA margin, thanks to its strong brands, optimal industrial presence, broad product range for the residential and non-residential construction markets, robust sales organization and highly experienced management team with a track record of excellent execution. The acquisition of Cemix also enables Saint-Gobain to strengthen its presence in highgrowth countries, and more specifically in Central America and Mexico, where Cemix has a strong presence. Mexico is one of the most attractive countries in the world for the construction sector, with growth underpinned by a buoyant macroeconomic outlook and demographics, increasing urbanization and a rapid acceleration in the adoption of innovative solutions for the construction market. Combined with the Group’s recent acquisitions in waterproofing products in Mexico with IMPAC and in Ecuador with Imptek, this transaction enables the development of a unique platform to accelerate the introduction of innovative and sustainable solutions in Mexico and Central America. The acquisition will create value by year three following completion of the transaction, and will be accretive to earnings per share from the first year. Click on the link to read the press release announcing the acquisition of Cemix. TWO NEW CONSTRUCTION CHEMICALS ACQUISITIONS IN HIGH-GROWTH MARKETS Following the acquisitions of Chryso in 2021 and GCP in 2022, Saint-Gobain finalized the acquisition of Cemix (OVNIVER Group) in mid-January 2025, followed by the acquisition of FOSROC in February 2025. With these two acquisitions, the Group continues to strengthen its global presence in construction chemicals, bringing its sales in this sector to €6.5 billion in 76 countries (pro forma). CEMIX IN MEXICO AND CENTRAL AMERICA 1. Includes two plants under construction
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