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
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