2025 RESULTS SALES €46.5bn +2.1% in local currencies1 OPERATING INCOME €5.3bn +3.8% in local currencies1 11.4% operating margin RECURRING NET INCOME2 €3.3bn FREE CASH FLOW €3.8bn 58% conversion ratio DIVIDEND €2.30 per share, +4.5%, payment in cash Amount to be recommended to the AGM on June 4, 2026 1. See page 3 2. See the press release on the 2025 annual results dated February 26, 2026 (page 6): www.saint-gobain.com/en/ finance/resultats-financiers SAINT-GOBAIN NEWS PAGES 6 & 7 ‘‘LEAD & GROW”, SAINT‑GOBAIN’S NEW STRATEGIC PLAN. PAGES 4 & 5 Szczyrk Hotel, Poland 8 Saint-Gobain Solutions MARCH 2026 No. 102 Letter to SHAREHOLDERS
2 LETTER TO SHAREHOLDER No 102 2025 RESULTS A FEW WORDS FROM BENOIT BAZIN Chairman and Chief Executive Officer of Saint-Gobain “In 2025 Saint-Gobain once again demonstrated the strength of its strategic position as worldwide leader in light and sustainable construction and another strong operating performance thanks to its decentralized country-based organization, which is particularly well suited to the current global environment. I’m extremely grateful for the dedication and contribution of all our teams, enabling the Group to outperform in both developed markets and emerging countries. Despite a turbulent global environment, in particular with a difficult North American market, we delivered stable margins for the year, including in the second half. The Group successfully completed its 2021-2025 “Grow & Impact” plan, meeting all of its financial and strategic objectives. 2026 opens an attractive new chapter of profitable growth and outperformance driven by “Lead & Grow”, our new strategic plan for 2026-2030, which will deepen our solutions offering and accelerate our growth in infrastructure and non-residential. We will continue to enhance our profile, with asset rotation representing over 20% of sales, investing in high-growth regions and further strengthening our positions in construction chemicals. In the short term, in an environment that remains mixed and uncertain, all our teams are mobilized to seize local market opportunities and drive commercial outperformance, while implementing productivity measures and cost savings where necessary. I am confident in the value creation that “Lead & Grow” will bring to both our customers and our shareholders.” • Improvement in Europe in the second half, with growth of 1.1% in local currencies; outperformance in North America in a challenging market • Strong growth in Asia and emerging countries, up 12.6% in local currencies • Continued portfolio rotation (€1.2 billion in sales renewed in 2025), with notably the growthcompounding acquisitions of Cemix and FOSROC in construction chemicals (which saw overall growth of 15.9% in local currencies) • Stable operating margin at 11.4% and good level of free cash flow at €3.8 billion • Attractive shareholder return policy: dividend of €2.30 (up 4.5%) recommended for 2025; €402 million in net share buybacks in 2025 • “Grow & Impact” plan (2021-2025): all financial and strategic targets achieved Saint-Gobain expects an EBITDA margin of more than 15.0% in 2026, with the first half affected by the extreme weather conditions in Europe and North America since the start of the year
3 2025 RESULTS LETTER TO SHAREHOLDER No 102 RESULTS BY REGION 2025 2024 2,230 2,279 16.8% 17.2% Americas SOLID OPERATING PERFORMANCE ACROSS ALL REGIONS Europe, Middle East & Africa Asia-Pacific SALES €28,867m -0.2% in local currencies1 SALES €5,256m +16.9% in local currencies1 45% 13% OF GROUP OPERATING INCOME OF GROUP OPERATING INCOME Return to sales and operating profit growth in the second half Sales growth and record margin - United Kingdom: continued progress thanks to a clear outperformance driven by prescribed sales and its comprehensive solutions offering. - France: returned to growth in the fourth quarter supported by an improvement in new construction. - Middle East and Africa: double‑digit growth and successful integration of FOSROC, driven by major infrastructure projects as well as residential and tourist complexes. - India: continued market share gains driven by the success of its comprehensive construction‑solutions offering, leading to double‑digit volume growth. - South-East Asia: strong momentum supported by Indonesia, the Philippines and Vietnam, as well as major infrastructure projects (Long Thanh and Phu Quoc airports in Vietnam, Jakarta and Manila metros in Indonesia and the Philippines). Asia-Pacific 2025 2024 615 13.0% 13.3% 698 Americas SALES €12,957m +1.5% in local currencies1 OF GROUP OPERATING INCOME 42% - North America: Saint‑Gobain capitalized on its leadership position in both interior and exterior solutions, and continued to expand in non‑residential markets (healthcare, education, data centers) as well as infrastructure. - Latin America: full‑year growth of 13.5% in local currencies and 6.9% on a like‑for‑like basis. In Brazil, growth continued, driven by market share gains in light construction. Outperformance in the second half with stable margins despite a sharp decline in sales OPERATING INCOME (€m) AND MARGIN (%) 2,440 2,498 2025 2024 8.6% 8.5% Europe, Middle East and Africa OPERATING INCOME (€m) AND MARGIN (%) OPERATING INCOME (€m) AND MARGIN (%) 1. Local currencies: period‑on‑period comparisons in local currencies reflect the change in actual performance by applying the previous period’s exchange rates to the indicators of the period under review
4 LETTER TO SHAREHOLDER No 102 2025 RESULTS 1. In local currencies, excluding major economic slowdowns and/or disposals 2. Return on capital employed 3. Indicator that measures how many years it would take the company to repay its debt with the money it earns before taxes and investments 4. Investments and acquisitions (net of disposals) 5. Of which renovation 58% and new construction 42% based on 2025 pro forma figures 6. Pro forma including recent acquisitions and disposals SHARE OF GROUP SALES The construction industry today faces many environmental and societal challenges. To meet these challenges, Saint-Gobain aims to accelerate growth in the construction sector in the nonresidential (including educational and healthcare facilities, hotels, and data centers) and infrastructure (transport, energy) segments. The Group generates approximately €15 billion in revenue in this sector, which currently has an addressable market of around €250 billion. To achieve this goal, Saint-Gobain has developed specific solutions based on differentiated and innovative flagship products that drive the entire offering. These comprehensive solutions represent a competitive advantage for the Group because they meet the needs of its customers across the entire value chain and deliver even greater sustainability and performance when combined. Saint-Gobain tailors its solutions to the needs of each segment: for healthcare facilities, for example, it offers systems designed to improve comfort in summer and provide protection against X-rays; for data centers, solutions to accelerate construction, reduce carbon footprint, optimize airflow, and enhance insulation; and for bridges and tunnels, technical waterproofing solutions, specialized additives, and repair and protective mortars. “LEAD & GROW”, SAINT-GOBAIN’S NEW STRATEGIC PLAN On October 6, 2025, Saint-Gobain presented its new strategic plan, “Lead & Grow”, which sets out its targets over the period 2026-2030. “Thanks to its successive strategic plans “Transform & Grow” in 2018, then “Grow & Impact” in 2021, the Group has built a solid foundation: closer relationships with its customers, enhanced global performance, and a position as worldwide leader in light and sustainable construction thanks to the progressive rollout of comprehensive and innovative solutions. With “Lead & Grow”, we are further elevating our trajectory for growth, profitability and value creation for our shareholders and customers”, commented Benoit Bazin, Chairman and Chief Executive Officer of Saint-Gobain. SOLUTIONS EXPANDED TO THE INFRASTRUCTURE AND NON-RESIDENTIAL MARKETS AN ATTRACTIVE FINANCIAL PLAN RESIDENTIAL5 NON-RESIDENTIAL INDUSTRY 30% 55% 54% 16% 12% 33% LONG-TERM AMBITION 2025 PRO FORMA6 BEFORE TRANSFORMATION AND INFRASTRUCTURE Accelerating construction in non-residential and infrastructure GROWTH CASH FLOW ROCE2 EBITDA MARGIN MID-SINGLE DIGIT >50% >13% 15% TO 18% AVERAGE SALES GROWTH 2026-20301 FREE CASH FLOW CONVERSION RATIO RETURN ON CAPITAL EMPLOYED SALES ROTATION RETURN TO SHAREHOLDERS GROWTH INVESTMENTS >20% ~€8bn ~€12bn ~€6bn DIVIDENDS & €2bn SHARE BUYBACKS NET DEBT/ EBITDA3 1.5x TO 2.0x
5 2025 RESULTS LETTER TO SHAREHOLDER No 102 1. Pro forma including recent acquisitions and disposals at constant exchange rates 2. Pro forma including recent acquisitions and disposals Housing shortage Essential renovation and climate-change adaptation Onshoring Infrastructure demand ASIA AND EMERGING COUNTRIES Population growth and urbanization Expansion of the middle class and economic development Ambitious urban development programs driving infrastructure growth Climate-change adaptation WESTERN EUROPE Market recovery, notably to address the housing crisis Energy-efficient renovation and climate-change adaptation Upcoming investments in infrastructure and defense NORTH AMERICA Building on its leading position with sustainable solutions that now account for nearly 75% of its sales, Saint-Gobain is also shaping the transformation of the construction industry. It is generating a positive impact on its value chain: the solutions sold by the Group in a single year prevent the emission of approximately 1 billion tonnes of CO2 over their lifetime. In terms of its operations, SaintGobain has already reduced its CO2 emissions by 35% compared to 2017 (scope 1 and 2) and is now aiming for a 40%-45% reduction in CO2 emissions (scope 1 and 2) by 2035 (versus 2017), in line with its commitment to be carbon neutral by 2050. To grow in these high-potential markets, the Group leverages three key strengths: - its capacity for innovation, which enables it to play a pioneering role (thanks to building science and artificial intelligence) and to adapt its solutions to the specific characteristics of each local market from its regional research and development hubs; - its leadership in construction chemicals, which is a strategic driver: this business, which currently generates €6.5 billion in revenue1, is expected to exceed €9 billion by 2030, thereby continuing to increase Saint-Gobain’s exposure to the infrastructure market; - its specified sales teams, organized on a country-by-country basis, target the most complex or large-scale projects, relying on active management of key customer accounts. INCREASING EXPOSURE TO HIGH-GROWTH COUNTRIES Another objective of the new strategic plan is to seek greater exposure to high-growth geographies. With a presence across 80 countries, Saint-Gobain is ideally positioned to respond to the formidable challenges facing the construction industry, with its comprehensive, innovative, and sustainable solutions. Its country-based organization, led by local CEOs, is the key to the Group’s success and enables it to accelerate its growth thanks to its close proximity to customers and local sales channels, and its ability to adapt to the specific needs of each market and project (taking into account the climate, cultural, and financial constraints specific to each country). “In the current geopolitical context, Saint-Gobain benefits from its powerful operating model”, Benoit Bazin points out. The Group will therefore continue to increase its exposure: - in North America, where adapting buildings and infrastructure to climate change is becoming a major strategic driver; - in Asia and high-growth countries, where demographics and urbanization needs are driving strong construction demand. Ultimately, these regions are expected to account for nearly 60% of Saint-Gobain’s sales, compared with around 50% currently. 25-30% 20% 30-35% 29% 51% 40-45% 13% 18% 69% ASIA & EMERGING COUNTRIES NORTH AMERICA WESTERN EUROPE LONG-TERM AMBITION 2025 PRO FORMA2 BEFORE TRANSFORMATION Increase exposure to countries with strong structural growth SHARE OF GROUP SALES
6 LETTER TO SHAREHOLDER No 102 2025 RESULTS SAINT-GOBAIN NEWS Iconic Saint-Gobain projects RECOVERING VALUE FROM RESIDUAL MATERIALS TO DECARBONIZE OUR SOLUTIONS Saint-Gobain Finland has developed an innovative process to recover and repurpose solid residues from steel production (“slag”) together with steel producer SSAB. Two-thirds of production waste (metal) is reintroduced into the steelmaking process, while the remaining slag is transformed into alternative binders for Saint-Gobain construction products. New Enaé1 screeds will soon be launched in Finland and Sweden. They enable a technological breakthrough that results in a reduction of around 30%–50% in CO2 emissions over the entire product life cycle, without compromising technical performance. Overall, the process will avoid more than 20,000 tonnes of CO2 per year in the Nordic countries where the Group operates. Protected by three patents, this new technology has led to the creation in Raahe, Finland, of the world’s first plant capable of processing 70,000 tonnes of slag per year. SaintGobain’s €13 million investment, supplemented by €2 million from SSAB, has been supported by the European Union’s Recovery Fund through Business Finland. This new plant is part of Saint-Gobain Finland’s lowcarbon strategy, where 98% of products are manufactured locally. It also complements an already high-performing low carbon ecosystem in Northern Europe, which includes: • in Finland: glass wool produced in Forssa at the lowest carbon glass wool plant in the world, and low carbon concrete additives manufactured in Hyvinkää; • in Norway: the world’s first zero carbon (scope 1 and 2) plasterboard production site in Fredrikstad. Challenges 1. Enaé: low-carbon glue RENOVATION OF STOCKUM BWB - DÜSSELDORF, GERMANY 13 Saint-Gobain solutions RENOVATION OF WEXNER HOSPITAL - OHIO, US 8 Saint-Gobain solutions METRO LINE 4 - CAIRO, EGYPT 8 Saint-Gobain solutions H RESIDENCE - DUBAI, UAE 18 Saint-Gobain solutions LIGHT & SUSTAINABLE SOLUTIONS FOR RESIDENTIAL NON-RESIDENTIAL INFRASTRUCTURE DWIGHT INTERNATIONAL SCHOOL - HANOI, VIETNAM 7 Saint-Gobain solutions SIR ANEROOD JUGNAUTH BRIDGE - MAURITIUS 8 Saint-Gobain solutions LIGHT & SUSTAINABLE SOLUTIONS FOR LIGHT & SUSTAINABLE SOLUTIONS FOR
7 2025 RESULTS LETTER TO SHAREHOLDER No 102 1. Event aimed at making stock market investing accessible to a wider audience, particularly young savers. 2. Finfluenceur: a social media influencer specializing in finance, who creates and shares content on finance and investment. Innovation ECHOLAB: THE LABORATORY ENTERS THE AGE OF AI Saint-Gobain Research Paris has developed EchoLab, an intelligent voice assistant based on generative artificial intelligence (AI) to facilitate laboratory work. This tool allows researchers to access information, follow protocols, and record their observations using only voice commands, eliminating the need for manual input. This “hands-free” approach improves the accuracy and overall quality of the data collected and helps to improve well-being, enhance concentration, and save valuable time when working in the laboratory. In time, EchoLab could also be deployed beyond R&D laboratories, particularly in operational activities such as industrial maintenance or production. INNOVATION OFF-ROAD WITH GLASROC®X Glasroc®X, a gypsum board designed for outdoor applications thanks to its high resistance to moisture and UV rays, is a model of innovation and commercial success. The synergies it creates with other Group solutions make it a perfect example of an innovative, growth-generating offering. This symbol of technical and commercial innovation, with nearly 16 million sq.m. sold in 2024, representing 15% growth compared to 2023, is now produced in 30 plants and distributed in 75 countries. The secret to Glasroc®X’s effectiveness lies in the synergy between its ADFORS fiberglass facing and the gypsum boards produced by Saint-Gobain. Strong internal collaboration has resulted in optimal water resistance, stability, and fire resistance. In addition to combining several of the Group’s solutions, Glasroc®X works perfectly with other Saint-Gobain products. Combined with Isover insulation and Weber coatings, Glasroc®X panels can be used to develop complete façade systems. Innovation Videos and interviews Keen to strengthen dialogue with its individual investors, the Group participated in several events related to individual share ownership and investment in 2025. You can find its statements (in French) by clicking on the underlined text below. During the first edition of Paris Investor Week1, which took place on November 14, 2025, the Group’s Chief Financial Officer, Maud Thuaudet, was interviewed by finfluencer2 Xavier Delmas during the conference “360 years of innovation: the secrets of reinventing a CAC 40 leader”. Her presentation highlighted the company’s ability to continuously innovate and reinvent itself in order to remain a major player in its industry. The Group later took part in Investir Day on November 25, 2025, where Maud Thuaudet presented the company’s strategic vision before taking questions from individual shareholders. In a different format, Maud Thuaudet gave a 30-minute interview to finfluencer Nicolas Chéron2, which was streamed on social media in December 2025. This unique exchange allowed her to discuss the pillars of the Group’s strategy, its worldwide leadership in light and sustainable construction, and its path to carbon neutrality by 2050 in a new format. Finally, a shareholders’ meeting was held at the Saint-Gobain Tower on December 18, 2025, during which Benoit Bazin, SaintGobain Chairman and Chief Executive Officer, presented the Group’s new strategic plan and answered questions from participants. The meeting concluded with a discussion with students, demonstrating the company’s commitment to encouraging dialogue and sharing knowledge with younger generations of investors.
8 2025 RESULTS CONTACTS SHAREHOLDER’S NOTEBOOK SAINT-GOBAIN SHARE PERFORMANCE FROM 01/01/2021 TO 02/27/2026 TOTAL NUMBER OF SHARES (at December 31, 2025) ~493 million OWNERSHIP STRUCTURE (at December 31, 2025 – %, estimated) DATES FOR YOUR DIARY Sales for the first quarter of 2026: April 23, 2026 after close of trading Annual General Meeting (AGM): June 4, 2026, 3:00 p.m. Salle Pleyel, 75008 Paris First-half 2026 results: July 30, 2026 after close of trading Sales for the first nine months of 2026: October 27, 2026 after close of trading Managing Editor: Vivien Dardel Manager, Individual Shareholders: Blandine Ruesch ISSN No. 1245-3978 Design: Cédric Bertandeau Photo credits: Saint-Gobain photo library Saint-Gobain’s Shareholder Relations Department will be pleased to answer any enquiries. Please feel free to contact them: • By dialing: (from France) 0 800 32 33 33 or +33 1 88 54 05 05 (from outside France) • Online, at: www.saint-gobain.com • By e-mail, at: actionnaires@saint-gobain.com • Via the Saint-Gobain Shareholder App • By post: Saint-Gobain Service Actionnaires Tour Saint-Gobain 12 place de l’Iris 92400 Courbevoie France 7.7% Group Savings Plan (employee shareholders) 35.2% Institutional investors Americas-Asia 15.5% Institutional investors France 8.5% Private shareholders 32.8% Institutional investors Other Europe 0.5% Treasury shares High: 105.9€(1) 03/06/2025 — (1) Saint-Gobain share — CAC 40 86.24€(1) 02/27/2026 Recent performance at 02/27/2026 (%) Saint-Gobain share CAC 40 +130.0% +29.4% +13.8% 54.6% Performance since 01/01/2021 (%) Performance since 01/01/2024 (%)
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