Operating margin held steady at 11.4%, matching the prior year, as cost discipline offset negative volume trends across key markets. EBITDA was €7.20 billion, flat year-on-year, at a 15.5% margin.
For 2026, management flagged adverse weather conditions in Europe and North America in the first half and guided only for an EBITDA margin above 15% for the full year. Bloomberg consensus had been running at 15.9%.
Barclays, which rates the stock “overweight” with a €115 price target, said a stable 15.5% margin year-on-year would imply a roughly 2% cut to current consensus EBITDA.
Morgan Stanley, also “overweight” with a €105 target and listing the stock as a top pick, said the guidance implied first-half margin pressure before a potential second-half recovery.
source https://www.investing.com/news/earnings/saintgobain-reports-stable-2025-sales-as-operating-income-rises-4529078
