PRESS
RELEASE
July 31, 2025 6:00pm




The worldwide leader
in light and sustainable construction


FIRST-HALF 2025 RESULTS
New record margin
and very strong operating performance

• Sales up 3.4% in H1 2025 in local currencies
• Record operating margin of 11.8%
• Record EBITDA and operating income in local currencies, up 7.0% and 5.0%,
respectively
• Recurring EPS at a record level and 63% free cash flow conversion ratio
• Strategic acquisitions for €1.7 billion in construction chemicals, with Cemix (Latin
America), FOSROC (India and Middle East) and other selective acquisitions (Maturix,
Interstar Materials, Soquimic, Isoltech)
• 2025 outlook confirmed: the Group expects an operating margin of more than 11.0%



Benoit Bazin, Chairman and Chief Executive Officer, commented:
“Our first-half 2025 performance once again demonstrates the strength of Saint-Gobain’s new
profile, with growth in sales and earnings despite a certain wait-and-see environment in some
markets. Asia and emerging countries continued to drive growth for the Group and Europe reported
a further sequential improvement, while North America saw a slight decrease in sales. The
integration of our recent acquisitions has enabled us to strengthen the quality of the Group’s
profitable growth profile and benefit from balanced earnings across three geographic zones.
Our decentralized operating model by country, with no direct exposure to customs tariffs, is key to
the Group’s ability to withstand external shocks. Our country CEOs now oversee our entire range
of solutions to accelerate the Group’s growth in each of its channels and end markets.
Despite a still contrasted macroeconomic environment and ongoing geopolitical uncertainty, I am
confident that 2025 will be another successful year for Saint-Gobain, thanks to our dedicated
teams: I applaud their commitment. At our Capital Markets Day on October 6, we will present the
Group’s new ambitions as worldwide leader in light and sustainable construction, in terms of
profitable growth and outperformance as well as value creation for all of our stakeholders.”




Tour Saint-Gobain • 12 place de l’Iris • 92400 Courbevoie • France • Tel. +33 1 88 54 00 00 • www.saint-gobain.com 1
A new profitable growth profile
The Group continues to outperform its markets thanks to the strength of its strategic position as
worldwide leader in light and sustainable construction:
• An unrivalled range of sustainable and innovative solutions based on integrated
systems and an industry-leading low-carbon offer;
• Strong positioning in construction chemicals, with €6.5 billion in annual sales (2024
pro forma for recent changes in Group structure). The integrations of Cemix in Latin America
and FOSROC in India and the Middle East in the first half strengthen Saint-Gobain’s
presence in high-growth markets;
• A highly effective, proven operating model by country, further strengthened since
July 1, with a fully regional organization to accelerate growth of our solutions country by
country in each market segment (notably residential, data centers, hospitals, schools,
infrastructure);
• Balanced contribution to operating income from three geographic zones: around 35%
from North America, 33% from Asia and emerging countries, and 32% from Western
Europe. This balanced geographic profile has been achieved thanks to the rotation of
around 40% of sales since 2018;
• A transformed financial profile: structurally higher margins, a free cash flow conversion
ratio structurally above 50% and a two-fold increase in earnings per share since 2018.


Group operating performance
Sales were up by 3.4% in local currencies and by 1.7% as reported, at €23.9 billion, reflecting
the depreciation in most currencies against the euro in the second quarter (negative 2.8%
exchange rate impact). The positive 3.9% impact from changes in Group structure mainly reflects
four recent acquisitions strengthening Saint-Gobain’s profitable growth profile: CSR in Australia,
Bailey in Canada, Cemix in Latin America and FOSROC in India and the Middle East. The
optimization of the Group’s profile also continued with the effect of divestments, notably the pipe
drainage business for buildings (PAM Building).

On a like-for-like basis, sales were down by 0.5%, supported by growth in Asia-Pacific, the
Americas and High Performance Solutions, while Europe saw a smaller decrease. With a negative
working-day effect of 1% over the first half, volumes were virtually stable at comparable
working days (down 1.5% at actual working days), a clear sequential improvement on second-
half 2024 (down 2.0% at actual working days and down around 3% at comparable working days).
Prices were 1.0% higher thanks to disciplined execution in a slightly inflationary cost environment
and to the added value that our comprehensive, sustainable and innovative solutions bring to our
customers.

Operating income was €2,803 million, up 5.0% in local currencies (negative currency impact
of over 3%) to a record high. The operating margin also hit a new record of 11.8% (versus 11.7%
in first-half 2024), reflecting the strength of the Group’s strategic positioning and its very good
operating performance, enabling it to outperform in an environment marked by a certain wait-and-
see attitude linked to geopolitical disruptions.




2
Segment performance (like-for-like sales)
Europe: sequential improvement in sales and good margin resilience
Sales in Europe were down 2.2% over the first half, with volumes down 2.1% based on actual
working days and down around 1% at comparable working days, an improvement on second-half
2024 (volumes down 3.1% based on actual working days and down around 4% at comparable
working days), as construction markets stabilized or began to recover, depending on the country.
The operating margin narrowed only very slightly to 8.5% (from 8.7% in first-half 2024) reflecting
the downturn in volumes, but good cost management and price stability over the first half (prices
up slightly in the second quarter).
- Northern Europe edged up 0.4% in the first half, as the price effect returned to positive
territory, with volumes virtually stable at actual working days and up by around 1% at
comparable working days (owing to the negative 2% working-day effect in the second quarter).
The UK and Eastern Europe reported growth, driven by customer demand for Saint-Gobain’s
comprehensive range of solutions, offering customers differentiation and performance. Nordic
countries also reported slight growth, led by Denmark and Finland, while Sweden and Norway
were virtually stable. Germany was slightly down, affected in the second quarter by a certain
wait-and-see attitude in the prevailing geopolitical climate and pending its stimulus package.
Overall, sales for the Region were supported by the start of a recovery on the renovation
market, which began to see the initial benefits of the rise in the number of existing home
transactions and improved household purchasing power, whereas improved statistics in new
construction typically take longer to filter through to the business.
- Southern Europe, Middle East & Africa contracted by 4.0% over the first half (and by around
3% based on comparable working days), with a clear sequential improvement quarter after
quarter (down 6.5% in fourth-quarter 2024, down 4.9% in first-quarter 2025 and down 3.2% in
second-quarter 2025), after a low point reached in France in fourth-quarter 2024. Saint-Gobain
continues to benefit from its renovation exposure and its comprehensive range of innovative
solutions that meet both residential and non-residential construction needs. Saint-Gobain
Solutions France oversaw the selection of 11 of the Group’s brands and services for the future
University Hospital in Nantes, one of France’s biggest construction projects. France’s leading
indicators are encouraging, with a recent rise in existing home transactions, growth in
lending and the beginning of a recovery in housing starts after three years of decline. Spain
saw further growth, while Italy was down against a high comparison basis. The Middle East
and Africa delivered strong growth led by Egypt, which benefited from the Group’s recent
investments to expand its range of local solutions.

Americas: slight growth in sales and record margin
The Region delivered 1.3% organic growth, reflecting a slight contraction in North America and
growth in Latin America. The operating margin reached a new record high of 19.7% (19.0% in
first-half 2024), supported by rigorous pricing and cost management and despite the decline in
volumes.
- North America edged down 1.5%, owing to softness in the new construction market related
to a still high interest rate environment, but which nevertheless remains at a satisfactory level,
albeit below structural market needs. The Group was supported by its significant exposure to
renovation (over 50% of sales) and especially roofing products, which maintained a good level
driven by essential needs. In a more uncertain environment, the Group also benefited from its
highly local business model, protecting it from the direct impact of tariffs. Saint-Gobain is
extremely well placed to continue its outperformance, thanks to its comprehensive range of
sustainable solutions, increasingly critical for adapting buildings to climate challenges. The
Group also benefited from its leading position in Canada, reinforced by the recent integration
of its local acquisitions. Additional local production capacity will gradually be opened in the
second half of 2025, enabling Saint-Gobain to reinforce its competitive positioning and
customer proximity in a structurally supportive market.


3
- Latin America was up 10.4%, driven by further growth in Brazil – despite the comparison
basis starting to become less favorable from the second quarter – and by the acceleration in
Mexico during the first half. Mexico and all of Central America have started to see spillover
benefits from the Cemix acquisition in construction chemicals. The other countries in the
Region also enjoyed good momentum thanks to an enhanced offer and mix.

Asia-Pacific: sales growth and record margin
The Region delivered robust organic growth of 3.9% over the first half, driven by strong
momentum in India and South-East Asia, which more than offset the contraction in the Chinese
market. The operating margin hit a record high of 13.4% (versus 13.0% in first-half 2024),
supported by volumes as well as good pricing and cost management.
India achieved further market share gains, with double-digit volume growth, driven by its
comprehensive and innovative range of sustainable solutions. The May launch of India’s first low-
carbon plaster certified by an Environmental Product Declaration illustrates the Group’s pioneering
commitment to improve sustainable building standards in the country. This milestone follows on
from the arrival of the first Oraé® low-carbon glass (42% less CO2) on the Asian market in 2024.
China was again affected by the slowdown in the new construction market over the first half, but
outperformed thanks to renovation. Growth in South-East Asia was led by Indonesia, the
Philippines and Vietnam, which benefited from the Group’s investments in personalized digital
distribution and from the rollout of new product lines. The integration of CSR is progressing well, in
terms of both operational performance and the development of complete solutions for the
Australian market.

High Performance Solutions (HPS): slight sales growth and resilient margin
HPS reported like-for-like sales growth of 0.8% over the first half, supported by a good
performance from construction businesses and Mobility, despite the decline in other industrial
activities. The operating margin narrowed slightly to 12.0% (from 12.3% in first-half 2024) owing
to lower volumes.
- Businesses serving construction customers were up by 3.4%, lifted by the recovery in
Adfors’ reinforcement solutions exposed to construction markets in Central Europe and by
growth in the Construction Chemicals business (up 30% as reported), driven by
infrastructure projects and innovation to decarbonize the construction sector. The integration
of FOSROC (India, Middle East and Asia-Pacific) – the acquisition of which was completed in
February – is progressing well and establishes Saint-Gobain as a construction chemicals
leader in India, where the growth dynamics are particularly promising.
- Mobility performed very well (up 2.6%), benefiting from its customers’ different regional growth
dynamics, its positioning on high value-added models and its innovation investments.
- Businesses serving Industry (down 2.1%) were affected – particularly in Europe – by a certain
wait-and-see attitude to investment due to geopolitical uncertainties, while emerging markets
and North America held firm.




4
Analysis of the consolidated financial statements for first-half
2025
The unaudited interim consolidated financial statements for first-half 2025 were subject to a limited
review by the statutory auditors and adopted by the Board of Directors on 31 July 2025.

%
In € million H1 2024 H1 2025
change
Sales 23,464 23,852 +1.7%
Operating income 2,751 2,803 +1.9%
Operating margin 11.7% 11.8%
Operating depreciation and amortization 1,026 1,065 +3.8%
Non-operating costs -125 -50 +60.0%
EBITDA 3,652 3,818 +4.5%
Capital gains and losses on disposals, asset write-downs
-164 -188 -14.6%
and impact of changes in Group structure
Business income 2,462 2,565 +4.2%
Net financial expense -215 -304 -41.4%
Dividends received from investments 1 8 n.s.
Income tax -546 -596 -9.2%
Share in net income of associates 2 0 n.s.
Net income before non-controlling interests 1,704 1,673 -1.8%
Non-controlling interests 44 44 0.0%
Net attributable income 1,660 1,629 -1.9%
Earnings per share1 (in €) 3.31 3.29 -0.6%
Recurring net income2 1,820 1,797 -1.3%
Recurring2 earnings per share1 (in €) 3.63 3.63 0.0%
EBITDA 3,652 3,818 +4.5%
Depreciation of right-of-use assets -351 -368 -4.8%
Net financial expense -215 -304 -41.4%
Income tax -546 -596 -9.2%
Capital expenditure3 -583 -711 -22.0%
o/w additional capacity investments 255 304 +19.2%
Changes in working capital requirement4 248 47 -81.0%
5
Free cash flow 2,460 2,190 -11.0%
Free cash flow conversion6 75% 63%
ROCE 14.4% 13.7%
Lease investments 425 267 -37.2%
Investments in securities net of debt acquired7 847 1,701 +100.8%
Divestments 60 33 -45.0%
Consolidated net debt 9,443 12,787 +35.4%
1. Calculated based on the weighted average number of shares outstanding (495,096,191 shares in H1 2025, versus 501,808,814 shares in H1 2024).
2. Recurring net income: net attributable income excluding capital gains and losses on disposals, asset write-downs, amortization of intangible assets related to
PPA, IFRS3 acquisition costs and other non-recurring items (material non-recurring provisions, impacts of hyperinflation, etc.). Two items have been removed
from recurring net income: hyperinflation (-€23 million in H1 2025 versus -€37 million in H1 2024) and amortization of intangible assets related to PPA (-€146
million in H1 2025 versus -€103 million in H1 2024). Netted of related tax effects and non-controlling interests, the impact amounts to -€132 million in H1 2025
versus -€114 million in H1 2024.
3. Capital expenditure = Investments in tangible and intangible assets.
4. Changes in working capital requirement over a rolling 12-month period (see Appendix 4, bottom of "consolidated cash flow statement").
5. Free cash flow = EBITDA less depreciation of right-of-use assets, plus net financial expense, plus income tax, less capital expenditure excluding additional
capacity investments, plus change in working capital requirement over a rolling 12-month period.
6. Free cash flow conversion ratio = free cash flow divided by EBITDA less depreciation of right-of-use assets.
7. Investments in securities net of debt acquired: €1,701 million in H1 2025, of which €1,678 million in controlled companies.



5
EBITDA came in at €3,818 million, a new record high. EBITDA includes non-operating costs of
€50 million (€125 million in first-half 2024).

The net balance of capital gains and losses on disposals, asset write-downs and the impact of
changes in Group structure represented an expense of €188 million (€164 million expense in first-
half 2024). It reflects €32 million in asset write-downs essentially relating to site closures and
disposals (€35 million in first-half 2024), €146 million in Purchase Price Allocation (PPA) intangible
amortization (€103 million in first-half 2024 and €130 million in second-half 2024), and €10 million
in disposal losses and other net business expenses (€26 million in first-half 2024).

Net financial expense was €304 million (€215 million in first-half 2024), reflecting the rise in net
debt along with lower proceeds from cash investments.

Recurring earnings per share was stable at a record level of €3.63, with recurring net income
at €1,797 million. The tax rate on recurring net income was 26%.

Capital expenditure represented €711 million (€583 million in first-half 2024). The Group opened
nine new plants and production lines over the half-year period, focused on structurally high-growth
regions and construction chemicals.

Free cash flow came in at €2,190 million, with a conversion ratio of 63% reflecting a good level
of EBITDA and very good management of operating working capital requirement (WCR), which
remained stable year-on-year at 23 days’ sales at end-June 2025.

Investments in securities net of debt acquired totaled €1.7 billion (€847 million in first-half 2024),
primarily reflecting the acquisitions of FOSROC (India, Middle East) and Cemix (Latin America) in
construction chemicals.

The Group carried out further share buybacks for €111 million at end-June and approximately
€160 million at end-July (net of offsetting employee share creation). This reduced the number of
shares outstanding to around 496 million at end-June 2025 from 499.5 million at end-June 2024.

Net debt was €12.8 billion at end-June 2025, reflecting €4.5 billion of acquisitions over the past 12
months (mainly CSR, FOSROC and Cemix), partly offset by good free cash flow generation. The
net debt to EBITDA ratio on a rolling 12-month basis was 1.7 at end-June 2025 (versus 1.4 at
end-June 2024).




6
Strategic priorities and 2025 outlook
In 2025 the Group will continue to implement the strategic priorities of its “Grow & Impact”
plan:

1) Strong execution of our operating initiatives focused on profitability and free cash flow
generation
• Constant focus on margin through management of the price-cost spread and ongoing
productivity and industrial cost-saving initiatives;
• Capital expenditure around 4.5% of sales, with strict allocation to structurally high-growth
markets.

2) Outperform our markets by strengthening our profitable growth profile
• Enrich our comprehensive range of integrated, differentiated and innovative solutions
offering sustainability and performance for our customers;
• Leverage the full potential from the integration of recent acquisitions and continue to
enhance the Group’s profile through value-creating acquisitions and divestments.

3) Continued focus on our ESG roadmap as worldwide leader in light and sustainable
construction
• Promote our positive-impact sustainable solutions – low carbon and with high recycled
content – among our customers;
• Extend the decarbonization of construction to the entire value chain, playing our full role as
leader in light and sustainable construction across the globe.

Following the deepening of our local organization effective July 1 aimed at accelerating
growth of our solutions country by country, the Group will now publish its accounts based
on four Regions: Northern Europe, Southern Europe – Middle East & Africa, Americas, Asia-
Pacific. In the second half and for its full-year 2025 results, the Group will publish its accounts
based on its new organization and provide equivalent figures based on its existing organization.

In a macroeconomic environment that remains contrasted, Saint-Gobain will once again
demonstrate a very strong operating performance in second-half 2025. Assuming no major
slowdown in global growth linked to geopolitical uncertainties, the Group expects the
following trends:
• Europe: a gradual recovery country by country;
• Americas: a good level of activity to be maintained in Latin America and continued softness
in new construction in North America amid still-high interest rates;
• Asia-Pacific: growth led mainly by India, South-East Asia and the integration of CSR in
Australia.




Saint-Gobain expects an operating margin of more than 11.0% in 2025




7
Financial calendar
An information meeting for analysts and investors will be held at 8:30am (GMT +1) on August 1,
2025 and will be streamed live on Saint-Gobain’s website: www.saint-gobain.com

• Capital Markets Day: Monday October 6, 2025.
To sign up, please click on the following link: https://digitalevent.saint-gobain.com/cmd2025

• Sales for the third quarter of 2025: Thursday October 30, 2025, after close of trading on
the Paris stock exchange.


ANALYST/INVESTOR RELATIONS PRESS RELATIONS

Vivien Dardel (+33) 1 88 54 29 77 Patricia Marie (+33) 1 88 54 26 83
Floriana Michalowska (+33) 1 88 54 19 09 Laure Bencheikh (+33) 1 88 54 26 38
Alix Sicaud (+33) 1 88 54 38 70 Yanice Biyogo (+33) 1 88 54 27 96
James Weston (+33) 1 88 54 01 24



Glossary:
- Changes on an actual structure basis reflect changes in published indicators between two periods.
- Changes in local currencies reflect actual performance, applying exchange rates for the previous period to indicators for the period under review.
- Like-for-like changes (constant Group structure and exchange rates) reflect underlying performance excluding the impacts of:
• changes in scope, by calculating indicators for the period under review based on the scope of consolidation of the previous
period (structure impact);
• changes in foreign exchange rates, by calculating indicators for the period under review and those for the previous period
based on exchange rates for the previous period (exchange rate impact).
- EBITDA: operating income plus operating depreciation and amortization, less non-operating costs.
- Operating margin: operating income divided by sales.
- ROCE (Return on Capital Employed): operating income for the period under review, adjusted for changes in Group structure, divided by segment assets
and liabilities at period-end.
- ESG: Environment, Social, Governance.
- Purchase Price Allocation (PPA): the process of assigning a fair value to all assets and liabilities acquired and of allocating the residual goodwill as
required by IFRS 3 and IAS 38 for business combinations. PPA intangible amortization relates to amortization charged against brands, customer lists, and
intellectual property, and is recognized in “Other business income and expenses”.
- Pro forma: data including the impact of changes in Group structure (signed or closed) over the period.

All indicators contained in this press release (not defined above or in the footnotes) are explained in the notes to the interim financial statements available
by clicking here: https://www.saint-gobain.com/en/finance/regulated-information/half-yearly-financial-report

Net debt Note 10
Non-operating costs Note 5
Operating income Note 5
Net financial expense Note 10
Recurring net income Note 5
Business income Note 5
Working capital requirements Note 5


Important disclaimer – forward-looking statements:
This press release contains forward-looking statements with respect to Saint-Gobain’s financial condition, results, business, strategy, plans and outlook.
Forward-looking statements are generally identified by the use of the words “expect”, “anticipate”, “believe", "intend", "estimate", "plan" and similar
expressions. Although Saint-Gobain believes that the expectations reflected in such forward-looking statements are based on reasonable assumptions as
at the time of publishing this document, investors are cautioned that these statements are not guarantees of its future performance. Actual results may
differ materially from the forward-looking statements as a result of a number of known and unknown risks, uncertainties and other factors, many of which
are difficult to predict and are generally beyond Saint-Gobain’s control, including but not limited to the risks described in the “Risk Factors” section of Saint-
Gobain’s 2024 Universal Registration Document and the main risks and uncertainties presented in the half-year 2025 financial report, both documents
being available on Saint-Gobain’s website (www.saint-gobain.com). Accordingly, readers of this document are cautioned against relying on these forward-
looking statements. These forward-looking statements are made as of the date of this document. Saint-Gobain disclaims any intention or obligation to
complete, update or revise these forward-looking statements, whether as a result of new information, future events or otherwise, except as required by
applicable laws and regulations.

This press release does not constitute any offer to purchase or exchange, nor any solicitation of an offer to sell or exchange securities of Saint-
Gobain.

For further information, please visit www.saint-gobain.com



8
Appendix 1: Results by Segment - First Half

I. SALES Change on
Exchange
H1 2024 H1 2025 actual Change in local Like-for-like Structure
rate
(in €m) (in €m) structure currencies change impact
impact
basis
Northern Europe 5,804 5,865 +1.1% +0.4% +0.4% +0.7% -0.0%
Southern Europe, ME & Africa 7,316 6,987 -4.5% -4.2% -4.0% -0.3% -0.2%
Americas 4,967 5,021 +1.1% +6.0% +1.3% -4.9% +4.7%
Asia-Pacific 1,033 1,520 +47.1% +49.8% +3.9% -2.7% +45.9%
High Performance Solutions 4,969 5,054 +1.7% +4.4% +0.8% -2.7% +3.6%
Internal sales and misc. -625 -595 --- --- --- --- ---
Group Total 23,464 23,852 +1.7% +3.4% -0.5% -1.7% +3.9%




Change on
II. OPERATING INCOME H1 2024 H1 2025 actual H1 2024 H1 2025
(in €m) (in €m) structure (in % of sales) (in % of sales)
basis
Northern Europe 521 528 +1.3% 9.0% 9.0%
Southern Europe, ME & Africa 604 543 -10.1% 8.3% 7.8%
Americas 945 987 +4.4% 19.0% 19.7%
Asia-Pacific 134 204 +52.2% 13.0% 13.4%
High Performance Solutions 610 605 -0.8% 12.3% 12.0%
Misc. -63 -64 n.s. n.s. n.s.
Group Total 2,751 2,803 +1.9% 11.7% 11.8%




Change on
III. EBITDA H1 2024 H1 2025 actual H1 2024 H1 2025
(in €m) (in €m) structure (in % of sales) (in % of sales)
basis
Northern Europe 746 759 +1.7% 12.9% 12.9%
Southern Europe, ME & Africa 904 870 -3.8% 12.4% 12.5%
Americas 1,103 1,136 +3.0% 22.2% 22.6%
Asia-Pacific 189 288 +52.4% 18.3% 18.9%
High Performance Solutions 752 798 +6.1% 15.1% 15.8%
Misc. -42 -33 n.s. n.s. n.s.
Group Total 3,652 3,818 +4.5% 15.6% 16.0%




Change on
IV. CAPITAL EXPENDITURE H1 2024 H1 2025 actual H1 2024 H1 2025
(in €m) (in €m) structure (in % of sales) (in % of sales)
basis
Northern Europe 101 103 +2.0% 1.7% 1.8%
Southern Europe, ME & Africa 108 128 +18.5% 1.5% 1.8%
Americas 193 219 +13.5% 3.9% 4.4%
Asia-Pacific 39 88 +125.6% 3.8% 5.8%
High Performance Solutions 129 131 +1.6% 2.6% 2.6%
Misc. 13 42 n.s. n.s. n.s.
Group Total 583 711 +22.0% 2.5% 3.0%
Appendix 2: Sales by Segment - Second Quarter

Change on
Exchange
Q2 2024 Q2 2025 actual Change in local Like-for-like Structure
rate
(in €m) (in €m) structure currencies change impact
impact
basis
Northern Europe 3,025 3,030 +0.2% -1.0% -1.1% +1.2% +0.1%
Southern Europe, ME & Africa 3,699 3,552 -4.0% -3.6% -3.2% -0.4% -0.4%
Americas 2,618 2,498 -4.6% +3.5% -0.1% -8.1% +3.6%
Asia-Pacific 529 758 +43.3% +48.9% +3.9% -5.6% +45.0%
High Performance Solutions 2,549 2,589 +1.6% +6.3% +1.5% -4.7% +4.8%
Internal sales and misc. -312 -292 --- --- --- --- ---
Group Total 12,108 12,135 +0.2% +3.0% -0.7% -2.8% +3.7%
Appendix 3: Consolidated Balance Sheet


in € million
Dec 31, 2024 June 30, 2025


ASSETS
Goodwill 14,236 14,368
Other intangible assets 4,849 5,416
Property, plant and equipment 14,880 14,060
Right-of-use assets 3,008 2,883
Investments in equity-accounted companies 1,005 887
Deferred tax assets 366 333
Pension plan surpluses 316 322
Other non-current assets 735 595

Non-current assets 39,395 38,864

Inventories 7,031 7,189
Trade accounts receivable 4,948 6,083
Current tax receivable 149 121
Other receivables 1,580 1,639
Assets held for sale 155 422
Cash and cash equivalents 8,460 5,990

Current assets 22,323 21,444

Total assets 61,718 60,308

EQUITY AND LIABILITIES

Shareholders' equity 25,135 23,565
Non-controlling interests 513 561

Total equity 25,648 24,126

Non-current portion of long-term debt 12,831 13,247
Non-current portion of long-term lease liabilities 2,501 2,380
Provisions for pensions and other employee benefits 1,750 1,599
Deferred tax liabilities 941 1,144
Other non-current liabilities and provisions 1,450 1,441

Non-current liabilities 19,473 19,811

Current portion of long-term debt 1,604 1,619
Current portion of long-term lease liabilities 677 675
Current portion of other liabilities and provisions 836 759
Trade accounts payable 6,773 6,920
Current tax liabilities 240 243
Other payables 5,679 5,150
Liabilities held for sale 163 149
Short-term debt and bank overdrafts 625 856

Current liabilities 16,597 16,371

Total equity and liabilities 61,718 60,308
Appendix 4: Consolidated Cash Flow Statement


H1 2024 H1 2025
in € million

Operating income 2,751 2,803

Operating depreciation and amortization 1,026 1,065
Non-operating costs (125) (50)

EBITDA 3,652 3,818

Depreciation of right-of-use assets (351) (368)
Net financial expense (215) (304)
Income tax (546) (596)
Capital expenditure (583) (711)
o/w additional capacity investments 255 304
Changes in working capital requirement over a rolling 12-month period 248 47
o/w changes in inventories 436 (173)
o/w changes in trade accounts receivable and payable, and other accounts receivable and payable (83) 165
o/w changes in tax receivable and payable (105) 55

Free cash flow 2,460 2,190
Changes in deferred taxes and provisions for other liabilities and charges (3) (31)
Additional capacity investments (255) (304)
Increase (decrease) in amounts due to suppliers of fixed assets (326) (342)
Cancellation of WCR over a rolling 12-month period from FCF calculation (248) (47)
Changes in working capital requirement at end of period: (1,398) (1,563)
o/w changes in inventories (122) (318)
o/w changes in trade accounts receivable and payable, and other accounts receivable and payable (1,188) (1,272)
o/w changes in tax receivable and payable (88) 27
Depreciation of right-of-use assets 351 368
Purchases of right-of-use assets (425) (267)
Other operating cash items 12 112

Net cash from operating activities after additional capacity investments and IFRS 16 168 116

Acquisitions of shares in controlled companies (784) (1,704)
Debt acquired (9) 26
Acquisitions of shares in companies not yet consolidated or not consolidated (54) (23)
Financial investments (847) (1,701)
Disposals of property, plant and equipment and intangible assets 25 35
Disposals of shares in controlled companies, net of net debt divested 29 1
Disposals of other investments 0 2
(Increase) decrease in amounts receivable on sales of fixed assets 6 (5)
Divestments 60 33
Increase (decrease) in investment-related liabilities 181 21
(Increase) decrease in loans and deposits 12 (30)


Net cash from (used in) financial investments and divestments activities (594) (1,677)

Issues of capital stock 221 240
(Increase) decrease in treasury stock (513) (401)
Dividends paid (1,047) (1,086)
Capital increases of non-controlling interests 6 29
Changes in investment-related liabilities following the exercise of put options of minority interests (65) 0
Acquisitions of minority interests without gain of control (21) 0
Divestments of minority interests without loss of control 3 8
Dividends paid to non-controlling interests and change in dividends payable (42) (47)


Net cash from (used in) financing activities (1,458) (1,257)

Net effect of exchange rate changes on net debt 9 (10)
Net effect of changes in fair value on net debt (199) (192)
Net debt classified as assets and liabilities held for sale 24 7
Impact of remeasurements of lease liabilities 4


Change in net debt (2,050) (3,009)

Net debt excluding lease liabilities at beginning of period (4,424) (6,600)
Lease liabilities at beginning of period (2,969) (3,178)
Net debt at beginning of period (7,393) (9,778)
Net debt excluding lease liabilities at end of period (6,376) (9,732)
Lease liabilities at end of period (3,067) (3,055)
Net debt at end of period (9,443) (12,787)

a. Change in WCR - H1 Year N-1 (1,368) (1,398)
b. Change in WCR - H2 Year N-1 1,646 1,610
Change in WCR - Year N-1 = a. + b. 278 212
c. Change in WCR - H1 Year N (1,398) (1,563)
Change in WCR from June 30, N-1 to June 30, N = b. + c. 248 47
Appendix 5: Debt as at June 30, 2025


Amounts in €bn Comments


Amount and structure of net debt


Gross debt excluding lease liabilities 15.7 At end of June 2025, 89% of gross debt excluding lease
Lease liabilities 3.1 liabilities was at fixed interest rates and its average
Cash & cash equivalents -6.0 cost was 3.1%
Net debt 12.8




Breakdown of gross debt excluding lease liabilities 15.7


Bond debt and perpetual notes 14.0
August 2025 0.5
March 2026 0.8
November 2026 1.0
June 2027 0.7
October 2027 0.8
April 2028 0.7
June 2028 0.5
September 2028 0.7
January 2029 0.6
August 2029 0.8
October 2029 0.3 (GBP 0.25bn)
April 2030 1.0
After June 2030 5.6


Other long-term debt 0.5 (including EUR 0.4bn long-term securitization)


Short-term debt 1.2 (excluding bonds)
Negotiable European Commercial Paper (NEU CP) 0.0 Maximum amount of issuance program: EUR 4bn
USD securitization (EUR 0.2bn) and current portion of
Securitization 0.3
EUR securitization (EUR 0.1bn)
Local debt and accrued interest 0.9 Frequent rollover; many different sources of financing




Credit line, cash & cash equivalents 10.0


Cash and cash equivalents 6.0
Back-up credit line 4.0 See details below


The line is a Revolving Credit Facility (RCF) structured as a Sustainability-Linked Loan (SLL) maturing in December 2029.
The line is confirmed and undrawn, with no Material Adverse Change (MAC) clause and no financial covenants.
Appendix 6: Details of organic sales growth and external sales



H1 2025 Like-for-like change % Group

Northern Europe +0.4% 23.6%
Nordics +0.5% 11.0%
United Kingdom - Ireland +1.0% 3.6%
Germany - Austria -2.0% 2.7%
Southern Europe, ME & Africa -4.0% 28.6%
France -6.0% 21.4%
Spain - Italy -0.4% 4.1%
Americas +1.3% 20.7%
North America -1.5% 15.8%
Latin America +10.4% 4.9%
Asia-Pacific +3.9% 6.2%
High Performance Solutions +0.8% 20.9%
Construction and industry -0.3% 13.3%
Mobility +2.6% 7.6%
Group Total -0.5% 100.0%




Q2 2025 Like-for-like change % Group

Northern Europe -1.1% 24.0%
Nordics -1.6% 11.3%
United Kingdom - Ireland +2.6% 3.6%
Germany - Austria -5.5% 2.6%
Southern Europe, ME & Africa -3.2% 28.7%
France -5.0% 21.5%
Spain - Italy -2.1% 4.1%
Americas -0.1% 20.2%
North America -3.7% 15.5%
Latin America +10.9% 4.7%
Asia-Pacific +3.9% 6.1%
High Performance Solutions +1.5% 21.0%
Construction and industry +0.0% 13.3%
Mobility +4.2% 7.7%
Group Total -0.7% 100.0%
Appendix 7: Contribution of prices and volumes to organic sales growth by Segment


H1 2025 Like-for-like change Prices Volumes

Northern Europe +0.4% +0.7% -0.3%
Southern Europe, ME & Africa -4.0% -0.6% -3.4%
Americas +1.3% +2.8% -1.5%
Asia-Pacific +3.9% -1.6% +5.5%
High Performance Solutions +0.8% +2.2% -1.4%
Group Total -0.5% +1.0% -1.5%




Q2 2025 Like-for-like change Prices Volumes

Northern Europe -1.1% +1.4% -2.5%
Southern Europe, ME & Africa -3.2% -0.4% -2.8%
Americas -0.1% +2.2% -2.3%
Asia-Pacific +3.9% -1.6% +5.5%
High Performance Solutions +1.5% +2.4% -0.9%
Group Total -0.7% +1.1% -1.8%
Additional information: new reporting
Appendix A: Sales by Region - new reporting

Change on
Change in Exchange
Q1 2023 Q1 2024 actual Like-for-like Structure
Q1 2024 local rate
(in €m) (in €m) structure change impact
currencies impact
basis
Northern Europe 4,082 3,335 -18.3% -18.1% -9.6% -0.2% -8.5%
Southern Europe, ME & Africa 4,575 4,186 -8.5% -8.3% -9.0% -0.2% +0.7%
Americas 3,197 3,259 +1.9% +1.5% +0.3% +0.4% +1.2%
Asia-Pacific 1,012 998 -1.4% +3.4% +2.0% -4.8% +1.4%
Internal sales and misc. -460 -422 --- --- --- --- ---
Group Total 12,406 11,356 -8.5% -8.0% -5.8% -0.5% -2.2%


Industrial solutions 1,581 1,461 -7.6% -7.3% -7.0% -0.3% -0.3%


Change on
Change in Exchange
Q2 2023 Q2 2024 actual Like-for-like Structure
Q2 2024 local rate
(in €m) (in €m) structure change impact
currencies impact
basis
Northern Europe 3,724 3,612 -3.0% -3.1% -2.1% +0.1% -1.0%
Southern Europe, ME & Africa 4,549 4,291 -5.7% -5.4% -6.4% -0.3% +1.0%
Americas 3,617 3,603 -0.4% -0.9% -2.3% +0.5% +1.4%
Asia-Pacific 1,098 1,065 -3.0% -0.5% -1.4% -2.5% +0.9%
Internal sales and misc. -440 -463 --- --- --- --- ---
Group Total 12,548 12,108 -3.5% -3.3% -3.9% -0.2% +0.6%


Industrial solutions 1,612 1,533 -4.9% -5.1% -3.0% +0.2% -2.1%


Change on
Change in Exchange
H1 2024 H1 2023 H1 2024 actual Like-for-like Structure
local rate
(in €m) (in €m) structure change impact
currencies impact
basis
Northern Europe 7,806 6,947 -11.0% -11.0% -5.9% +0.0% -5.1%
Southern Europe, ME & Africa 9,124 8,477 -7.1% -6.8% -7.7% -0.3% +0.9%
Americas 6,814 6,862 +0.7% +0.3% -1.1% +0.4% +1.4%
Asia-Pacific 2,110 2,063 -2.2% +1.4% +0.2% -3.6% +1.2%
Internal sales and misc. -900 -885 --- --- --- --- ---
Group Total 24,954 23,464 -6.0% -5.7% -4.9% -0.3% -0.8%


Industrial solutions 3,193 2,994 -6.2% -6.2% -5.0% +0.0% -1.2%


Change on
Change in Exchange
Q3 2023 Q3 2024 actual Like-for-like Structure
Q3 2024 local rate
(in €m) (in €m) structure change impact
currencies impact
basis
Northern Europe 3,547 3,466 -2.3% -2.8% -2.0% +0.5% -0.8%
Southern Europe, ME & Africa 3,882 3,730 -3.9% -3.4% -4.3% -0.5% +0.9%
Americas 3,445 3,458 +0.4% +4.2% +1.3% -3.8% +2.9%
Asia-Pacific 1,086 1,320 +21.5% +23.1% -2.0% -1.6% +25.1%
Internal sales and misc. -394 -399 --- --- --- --- ---
Group Total 11,566 11,575 +0.1% +1.4% -2.0% -1.3% +3.4%


Industrial solutions 1,501 1,474 -1.8% -0.4% +0.4% -1.4% -0.8%
Change on
Exchange
9m 2023 9m 2024 actual Change in local Like-for-like Structure
9-month 2024 rate
(in €m) (in €m) structure currencies change impact
impact
basis
Northern Europe 11,353 10,413 -8.3% -8.4% -4.6% +0.1% -3.8%
Southern Europe, ME & Africa 13,006 12,207 -6.1% -5.8% -6.7% -0.3% +0.9%
Americas 10,259 10,320 +0.6% +1.6% -0.3% -1.0% +1.9%
Asia-Pacific 3,196 3,383 +5.9% +8.8% -0.5% -2.9% +9.3%
Internal sales and misc. -1,294 -1,284 --- --- --- --- ---
Group Total 36,520 35,039 -4.1% -3.4% -3.9% -0.7% +0.5%


Industrial solutions 4,694 4,468 -4.8% -4.4% -3.3% -0.4% -1.1%


Change on
Exchange
Q4 2023 Q4 2024 actual Change in local Like-for-like Structure
Q4 2024 rate
(in €m) (in €m) structure currencies change impact
impact
basis
Northern Europe 3,440 3,360 -2.3% -2.6% -1.7% +0.3% -0.9%
Southern Europe, ME & Africa 4,164 3,969 -4.7% -4.3% -6.4% -0.4% +2.1%
Americas 3,063 3,238 +5.7% +8.8% +2.2% -3.1% +6.6%
Asia-Pacific 1,124 1,350 +20.1% +20.2% -3.7% -0.1% +23.9%
Internal sales and misc. -367 -385 --- --- --- --- ---
Group Total 11,424 11,532 +0.9% +1.8% -2.7% -0.9% +4.5%

Industrial solutions 1,535 1,487 -3.1% -2.1% -1.7% -1.0% -0.4%


Change on
Exchange
H2 2023 H2 2024 actual Change in local Like-for-like Structure
H2 2024 rate
(in €m) (in €m) structure currencies change impact
impact
basis
Northern Europe 6,987 6,826 -2.3% -2.7% -1.9% +0.4% -0.8%
Southern Europe, ME & Africa 8,046 7,699 -4.3% -3.8% -5.4% -0.5% +1.6%
Americas 6,508 6,696 +2.9% +6.3% +1.7% -3.4% +4.6%
Asia-Pacific 2,210 2,670 +20.8% +21.7% -2.8% -0.9% +24.5%
Internal sales and misc. -761 -784 --- --- --- --- ---
Group Total 22,990 23,107 +0.5% +1.6% -2.3% -1.1% +3.9%


Industrial solutions 3,036 2,961 -2.5% -1.3% -0.6% -1.2% -0.7%


Change on
Exchange
2023 2024 actual Change in local Like-for-like Structure
FY 2024 rate
(in €m) (in €m) structure currencies change impact
impact
basis
Northern Europe 14,793 13,773 -6.9% -7.0% -3.9% +0.1% -3.1%
Southern Europe, ME & Africa 17,170 16,176 -5.8% -5.4% -6.6% -0.4% +1.2%
Americas 13,322 13,558 +1.8% +3.3% +0.3% -1.5% +3.0%
Asia-Pacific 4,320 4,733 +9.6% +11.8% -1.3% -2.2% +13.1%
Internal sales and misc. -1,661 -1,669 --- --- --- --- ---
Group Total 47,944 46,571 -2.9% -2.2% -3.6% -0.7% +1.4%


Industrial solutions 6,229 5,955 -4.4% -3.8% -2.9% -0.6% -0.9%
Change on
Change in Exchange
Q1 2024 Q1 2025 actual Like-for-like Structure
Q1 2025 local rate
(in €m) (in €m) structure change impact
currencies impact
basis
Northern Europe 3,335 3,391 +1.7% +1.3% +1.3% +0.4% -0.0%
Southern Europe, ME & Africa 4,186 4,016 -4.1% -3.9% -4.6% -0.2% +0.7%
Americas 3,259 3,438 +5.5% +6.9% +3.2% -1.4% +3.7%
Asia-Pacific 998 1,298 +30.1% +29.8% +1.3% +0.3% +28.5%
Internal sales and misc. -422 -426 --- --- --- --- ---
Group Total 11,356 11,717 +3.2% +3.6% -0.3% -0.4% +3.9%


Industrial solutions 1,461 1,462 +0.1% +0.6% +1.2% -0.5% -0.6%


Change on
Change in Exchange
Q2 2024 Q2 2025 actual Like-for-like Structure
Q2 2025 local rate
(in €m) (in €m) structure change impact
currencies impact
basis
Northern Europe 3,612 3,624 +0.3% -0.7% -1.0% +1.0% +0.3%
Southern Europe, ME & Africa 4,291 4,198 -2.2% -1.7% -2.8% -0.5% +1.1%
Americas 3,603 3,421 -5.1% +3.2% +0.6% -8.3% +2.6%
Asia-Pacific 1,065 1,312 +23.2% +28.3% +1.1% -5.1% +27.2%
Internal sales and misc. -463 -420 --- --- --- --- ---
Group Total 12,108 12,135 +0.2% +3.0% -0.7% -2.8% +3.7%


Industrial solutions 1,533 1,512 -1.4% +2.7% +2.9% -4.1% -0.2%


Change on
Change in Exchange
H1 2025 H1 2024 H1 2025 actual Like-for-like Structure
local rate
(in €m) (in €m) structure change impact
currencies impact
basis
Northern Europe 6,947 7,015 +1.0% +0.3% +0.1% +0.7% +0.2%
Southern Europe, ME & Africa 8,477 8,214 -3.1% -2.8% -3.7% -0.3% +0.9%
Americas 6,862 6,859 -0.0% +5.1% +1.8% -5.1% +3.3%
Asia-Pacific 2,063 2,610 +26.5% +29.0% +1.2% -2.5% +27.8%
Internal sales and misc. -885 -846 --- --- --- --- ---
Group Total 23,464 23,852 +1.7% +3.4% -0.5% -1.7% +3.9%


Industrial solutions 2,994 2,974 -0.7% +1.7% +2.1% -2.4% -0.4%
Appendix B: Operating income by Region - new reporting

Change on
H1 2024 H1 2023 H1 2024 actual H1 2023 H1 2024
(in €m) (in €m) structure (in % of sales) (in % of sales)
basis
Northern Europe 683 632 -7.5% 8.7% 9.1%
Southern Europe, ME & Africa 808 713 -11.8% 8.9% 8.4%
Americas 1,162 1,196 +2.9% 17.1% 17.4%
Asia-Pacific 274 279 +1.8% 13.0% 13.5%
Misc. -114 -69 n.s. n.s. n.s.
Group Total 2,813 2,751 -2.2% 11.3% 11.7%


Change on
H2 2024 H2 2023 H2 2024 actual H2 2023 H2 2024
(in €m) (in €m) structure (in % of sales) (in % of sales)
basis
Northern Europe 553 536 -3.1% 7.9% 7.9%
Southern Europe, ME & Africa 610 616 +1.0% 7.6% 8.0%
Americas 968 1,083 +11.9% 14.9% 16.2%
Asia-Pacific 289 336 +16.3% 13.1% 12.6%
Misc. 18 -18 n.s. n.s. n.s.
Group Total 2,438 2,553 +4.7% 10.6% 11.0%


Change on
FY 2024 2023 2024 actual 2023 2024
(in €m) (in €m) structure (in % of sales) (in % of sales)
basis
Northern Europe 1,236 1,168 -5.5% 8.4% 8.5%
Southern Europe, ME & Africa 1,418 1,329 -6.3% 8.3% 8.2%
Americas 2,130 2,279 +7.0% 16.0% 16.8%
Asia-Pacific 563 615 +9.2% 13.0% 13.0%
Misc. -96 -87 n.s. n.s. n.s.
Group Total 5,251 5,304 +1.0% 11.0% 11.4%


Change on
H1 2025 H1 2024 H1 2025 actual H1 2024 H1 2025
(in €m) (in €m) structure (in % of sales) (in % of sales)
basis
Northern Europe 632 637 +0.8% 9.1% 9.1%
Southern Europe, ME & Africa 713 631 -11.5% 8.4% 7.7%
Americas 1,196 1,256 +5.0% 17.4% 18.3%
Asia-Pacific 279 348 +24.7% 13.5% 13.3%
Misc. -69 -69 n.s. n.s. n.s.
Group Total 2,751 2,803 +1.9% 11.7% 11.8%
Appendix C: Contribution of prices and volumes to organic sales growth by
Region - new reporting


Q1 2024 Like-for-like change Prices Volumes

Northern Europe -9.6% -1.4% -8.2%
Southern Europe, ME & Africa -9.0% -2.2% -6.8%
Americas +0.3% +0.6% -0.3%
Asia-Pacific +2.0% -2.1% +4.1%
Group Total -5.8% -1.1% -4.7%



Q2 2024 Like-for-like change Prices Volumes

Northern Europe -2.1% -1.0% -1.1%
Southern Europe, ME & Africa -6.4% -2.0% -4.4%
Americas -2.3% +1.0% -3.3%
Asia-Pacific -1.4% -1.2% -0.2%
Group Total -3.9% -0.8% -3.1%



H1 2024 Like-for-like change Prices Volumes

Northern Europe -5.9% -1.2% -4.7%
Southern Europe, ME & Africa -7.7% -2.1% -5.6%
Americas -1.1% +0.8% -1.9%
Asia-Pacific +0.2% -1.7% +1.9%
Group Total -4.9% -1.0% -3.9%



Q3 2024 Like-for-like change Prices Volumes

Northern Europe -2.0% -1.1% -0.9%
Southern Europe, ME & Africa -4.3% -1.7% -2.6%
Americas +1.3% +1.4% -0.1%
Asia-Pacific -2.0% -1.2% -0.8%
Group Total -2.0% -0.5% -1.5%



9-month 2024 Like-for-like change Prices Volumes

Northern Europe -4.6% -1.1% -3.5%
Southern Europe, ME & Africa -6.7% -2.0% -4.7%
Americas -0.3% +1.0% -1.3%
Asia-Pacific -0.5% -1.5% +1.0%
Group Total -3.9% -0.8% -3.1%



Q4 2024 Like-for-like change Prices Volumes

Northern Europe -1.7% -0.7% -1.0%
Southern Europe, ME & Africa -6.4% -1.3% -5.1%
Americas +2.2% +2.9% -0.7%
Asia-Pacific -3.7% -1.9% -1.8%
Group Total -2.7% -0.1% -2.6%
H2 2024 Like-for-like change Prices Volumes

Northern Europe -1.9% -0.9% -1.0%
Southern Europe, ME & Africa -5.4% -1.5% -3.9%
Americas +1.7% +2.1% -0.4%
Asia-Pacific -2.8% -1.5% -1.3%
Group Total -2.3% -0.3% -2.0%



FY 2024 Like-for-like change Prices Volumes

Northern Europe -3.9% -1.0% -2.9%
Southern Europe, ME & Africa -6.6% -1.8% -4.8%
Americas +0.3% +1.4% -1.1%
Asia-Pacific -1.3% -1.5% +0.2%
Group Total -3.6% -0.6% -3.0%



Q1 2025 Like-for-like change Prices Volumes

Northern Europe +1.3% -0.1% +1.4%
Southern Europe, ME & Africa -4.6% -0.7% -3.9%
Americas +3.2% +3.9% -0.7%
Asia-Pacific +1.3% -1.0% +2.3%
Group Total -0.3% +0.8% -1.1%



Q2 2025 Like-for-like change Prices Volumes

Northern Europe -1.0% +1.4% -2.4%
Southern Europe, ME & Africa -2.8% -0.2% -2.6%
Americas +0.6% +2.9% -2.3%
Asia-Pacific +1.1% -0.7% +1.8%
Group Total -0.7% +1.1% -1.8%



H1 2025 Like-for-like change Prices Volumes

Northern Europe +0.1% +0.6% -0.5%
Southern Europe, ME & Africa -3.7% -0.4% -3.3%
Americas +1.8% +3.3% -1.5%
Asia-Pacific +1.2% -0.8% +2.0%
Group Total -0.5% +1.0% -1.5%