Saint Gobain : Statutory auditors report on 2024 consolidated finanacial statements

Published on 18/06/2025 at 14:57

Publicnow

Saint-Gobain

+2.02%

Compagnie de Saint-Gobain

Société Anonyme

Tour Saint-Gobain 12, place de I'Iris 92400 Courbevoie

Statutory auditors' report on the consolidated financial statements

For the year ended December 31, 2024

Deloitte & Associés

6, place de la Pyramide

92908 Paris La Défense Cedex

Compagnie de Saint-Gobain

Société Anonyme

Tour Saint-Gobain 12, place de l'lris 92400 Courbevoie

Statutory auditors' report on the consolidated financial statements

For the year ended December 31, 2024

To the Shareholders of Compagnie de Saint-Gobain,

Opinion

KPMG S.A.

Tour Eqho

2, avenue Gambetta - CS 60055 92066 Paris La Défense

In our capacity as statutory auditors of Compagnie de Saint-Gobain (the "Company") and in accordance with the trading of the Company's shares on the London Stock Exchange's Main Market, we have audited the consolidated financial statements of the Company and its subsidiaries (the "Group"), which comprise the consolidated balance sheet as at December 31, 2024, the consolidated income statement, statement of comprehensive income and expense, statement of cash flows and statement of changes in equity for the year then ended, and the notes to the consolidated financial statements, comprising material accounting policies and other explanatory information (together, the "Consolidated Financial Statements").

In our opinion, the accompanying Consolidated Financial Statements give a true and fair view of the consolidated financial position of the Group as at December 31, 2024, and of its consolidated financial performance and its consolidated cash flows for the year then ended in accordance with IFRS Accounting Standards as adopted by the European Union.

I Compagnie de Saint-Gobain I Statutory auditors' report on the consolidated financial statements I For the year ended December 31, 2024
Basis for Opinion
We conducted our audit in accordance with International Standards on Auditing (ISAs). Our responsibilities under those standards are further described in the Statutory Auditors' Responsibilities for the Audit of the Consolidated Financial Statements section of our report. We are independent of the Group in accordance with the International Ethics Standards Board for Accountants' International Code of Ethics for Professional Accountants (including International Independence Standards) (IESBA Code), together with the Code of Ethics of Statutory Auditors that is relevant to our audit of the financial statements in France and we have fulfilled our other ethical responsibilities in accordance with these requirements and the IESBA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Key Audit Matters
Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the Consolidated Financial Statements of the current period. These matters were addressed in the context of our audit of the Consolidated Financial Statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.
Valuation •f Goodwill, intangible assets and property, plant & equipment
Description of risk
The net carrying amounts of goodwill, others intangible assets and property, plant & equipment were material at December 31, 2024, representing €14,236 million, €4,849 million, and €14,880 million, respectively, i.e. 55% of total assets.
These assets may present a risk of impairment due to internal or external factors, including decisions to change the Group's strategy in certain markets, a decline in Group performance, the Group's commitments to carbon neutrality, changes in competition, unfavorable market conditions and changes in legislation or regulations. These changes are likely to have an impact on the Group's forecast cash flow and, consequently, the recoverable amount of assets.
The impairment tests performed by Management using the method described in Note 7.5 to the Consolidated Financial Statements led to book an impairment loss of €291 million in the year ended December 31, 2024 as indicated in Note 5.1.4 to the Consolidated Financial Statements.
The valuation of these assets is a key audit matter, particularly for the cash generating units presenting a risk of impairment, given the materiality of their amount in the consolidated balance sheet and the high level of judgment required by Management in assessing impairment losses. Judgements include multiples of a normative basis of
I Compagnie de Saint-Gobain I Statutory auditors' report on the consolidated financial statements I For the year ended December 31, 2024
performance and assumptions regarding future changes in revenue in volume and value, profitability, investments and other cash flows related to the operation of these assets, as well as the determination of an appropriate discount rate applied to future cash flows.
How our audit addressed this risk
We familiarized ourselves with the procedures implemented within the Group for impairment testing purposes, particularly with regard to the impacts of the Group's commitments to carbon neutrality and exercised our professional judgment to assess the position adopted by Management. We tested the effectiveness of the controls implemented by the Group to ensure the quality and reliability of these procedures and their consistency with data from the budget and the medium-term business plan prepared by Management.
We also assessed the consistency and relevance of Management's approach to determining the cash-generating units for asset impairment testing. We adapted our audit approach to the risk of impairment, which varies depending on the cash-generating unit.
Our valuation specialists performed an independent analysis of certain key assumptions used by Management for impairment testing purposes, in particular the discount rate, the average perpetual growth rate or multiples of a normative performance basis deemed appropriate to the valuation of cash-generating units, by referring to both external market data and comparable Company analyses.
For the most sensitive cash-generating units presenting a risk of impairment, we analyzed the consistency of future cash flow projections with regard to past performance and our knowledge of the business, confirmed by interviews with the Heads of the relevant Businesses. We paid particularly close attention to the calculation of the normalized amount of terminal cash flows projected to perpetuity. We performed our own sensitivity analyses of certain key variables of the measurement model, particularly with regard to the inclusion of CO2 emissions when assessing the materiality of potential impacts on the recoverable amounts of the assets.
We verified that the disclosures provided in the notes 5.1.4, 7.1, 7.2, 7.3 et 7.5 to the Consolidated Financial Statements on the valuation of goodwill, intangible assets and property, plant & equipment, the underlying assumptions and sensitivity analyses were appropriate.
Measurement •f R ovisions related to asbestos litigations in the United-State •f^merica
Description of risk
As indicated in Note 9.2.2 to the Consolidated Financial Statements, the risk of being called upon to finance the costs of the bankruptcy proceedings of DBMP, an affiliate of CertainTeed LLC which holds the historical liabilities of the former entity CertainTeed Corporation, is subject to a provision amounting to $405 million (€390 million) at December 31, 2024.
I Compagnie de Saint-Gobain I Statutory auditors' report on the consolidated financial statements I For the year ended December 31, 2024
With regard to this funding risk, determining and measuring the provision recognized and assessing the appropriateness of the related disclosures in the notes to the Consolidated Financial Statements are a key audit matter given the amounts involved and the high degree of estimation and judgment required by Management in determining this provision. Judgment is required, in particular, to assess the status and resolution of the ongoing legal proceedings (in particular the voluntary petition for relief under Chapter 11 of the US Bankruptcy Code): duration, cost, estimation of the number of current and future cases covered, definition of the damages by the judicial authority.
How our audit addressed this risk
To obtain an understanding of contingent liabilities and litigation regarding asbestos in the United States and the related judgments made, we held discussions with Management at the Group and country level as well as at the main subsidiaries concerned. We also contacted certain law firms and external experts chosen by Management to assist them with the monitoring of these risks.
We:
- examined the minutes of the Board of Directors' meetings and the Group's risk mapping prepared by Management and presented to the Audit and Risk Committee;
- familiarized ourselves with the procedures implemented by Management when measuring the provisions for asbestos-related risks in the United States and determining the disclosures thereon in the notes to the Consolidated Financial Statements;
- assessed the permanence of methods and performed a critical review of internal analyses relating to the evolution of probability and possible impact of these risks by examining the new available information relating to the proceedings (correspondence, judgments, notifications, etc.). We also reviewed the responses to the confirmation letters of the law firms chosen by Management, particularly in terms of their experience at resolving comparable situations in the past. We also used our professional judgment to assess the positions adopted by Management, to see where they fell within risk assessment ranges and the consistency of those positions over time;
- verified the arithmetical accuracy of the calculations of changes in provisions and the consistency of the main items of change in relation to the underlying data, in particular the payments made during the year in respect of these risks.
  We assessed the appropriateness of the disclosures provided in note 9.2.2 to the Consolidated Financial Statements regarding these items of litigation and contingent liabilities identified.
I Compagnie de Saint-Gobain I Statutory auditors' report on the consolidated financial statements I For the year ended December 31, 2024
Other information
The Board of Directors is responsible for the other information. The other information comprises the information included in the management report of the Board of Directors but does not include the Consolidated Financial Statements and our Statutory Auditors' report thereon.
Our opinion on the Consolidated Financial Statements does not cover the other information and we do not express any form of assurance conclusion thereon.
In connection with our audit of the Consolidated Financial Statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the Consolidated Financial Statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
Responsibilities of Management and Those Charged with Governance for the Consolidated Financial Statements
Management is responsible for the preparation and fair presentation of the Consolidated Financial Statements in accordance with IFRS Accounting Standards as adopted by the European Union and for such internal control as management determines is necessary to enable the preparation of consolidated financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the Consolidated Financial Statements, management is responsible for assessing the consolidated Group's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless Management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.
Those charged with governance are responsible for overseeing the consolidated Group's financial reporting process.
The Consolidated Financial Statements have been approved by the Board of Directors.
Statutory Auditors' Responsibilities for the Audit of the Consolidated Financial Statements
Our objectives are to obtain reasonable assurance about whether the Consolidated Financial Statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs will always detect a material misstatement when it exists. Misstatements can arise from fraud
I Compagnie de Saint-Gobain I Statutory auditors' report on the consolidated financial statements I For the year ended December 31, 2024
or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Consolidated Financial Statements.
As part of an audit in accordance with ISAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:
- Identify and assess the risks of material misstatement of the Consolidated Financial Statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
- Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the consolidated Group's internal control.
- Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by Management.
- Conclude on the appropriateness of management's use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the consolidated Group's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditors' report to the related disclosures in the Consolidated Financial Statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditors' report. However, future events or conditions may cause the Group to cease to continue as a going concern.
- Evaluate the overall presentation, structure and content of the Consolidated Financial Statements, including the disclosures, and whether the consolidated financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
- Plan and perform the group audit to obtain sufficient appropriate audit evidence regarding the financial information of the entities or business units within the group as a basis for forming an opinion on the group financial statements. We are responsible for the direction, supervision and review of the audit work performed for purposes of the group audit. We remain solely responsible for our audit opinion.
  We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
  We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and communicate with them all relationships and other matters that may
I Compagnie de Saint-Gobain I Statutory auditors' report on the consolidated financial statements I For the year ended December 31, 2024
reasonably be thought to bear on our independence, and where applicable, actions taken to eliminate threats or safeguards applied.
From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the Consolidated Financial Statements of the current period and are therefore the key audit matters. We describe these matters in our auditors' report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.
Use of our Report
This report is addressed solely to the Company's Shareholders, as a body. Our audit work has been undertaken so that we might state to the Company's Shareholders those matters we are required to state to them in auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's shareholders as a body, for our audit work, for this report, or for the opinions we have formed.
This report is governed by French law. The courts of France (within the jurisdiction of the Cour d'AppeI de Paris) shall have exclusive jurisdiction in relation to any claim, dispute or difference concerning this report and any matter arising from it. Each party irrevocably waives any right it may have to object to an action being brought in those courts, to claim that the action has been brought in an inconvenient forum, or to claim that those courts do not have jurisdiction.
Paris-La Défense, March 28, 2025 The Statutory Auditors
Deloitte & Associés
Frédéric Gourd
KPMG S.A
Pierre-Antoine Duffaud Laurent Chillet
I Compagnie de Saint-Gobain I Statutory auditors' report on the consolidated financial statements I For the year ended December 31, 2024

2024 CONSOLIDATED FINANCIAL STATEMENTS

8.1

2024 CONSOLIDATED FINANCIAL STATEMENTS

CONSOLIDATED BALANCE SHEET

Assets

(in EUR millions)	Notes	Dec. 31, 2024	Dec. 31, 2023
Goodwill	(7.1)	14,236	13,111
Other intangible assets	(7.2)	4,849	4,368
Property, plant and equipment	(7.3)	14,880	12,744
Right-of-use assets	(7.4)	3,008	2,810
Investments in equity-accounted companies	(8.1)	1,005	705
Deferred tax assets	(12.2)	366	407
Pension plan surpluses	(6.3)	316	322
Other non-current assets	(8.3)	735	596
NON-CURRENT ASSETS		39,395	35,063
Inventories	(5.4)	7,031	6,813
Trade accounts receivable	(5.4)	4,948	5,096
Current tax receivable	(5.4)	149	93
Other receivables	(5.4)	1,580	1,386
Assets held for sale	(4.3)	155	246
Cash and cash equivalents	(10.3)	8,460	8,602
CURRENT ASSETS		22,323	22,236
TOTAL ASSETS		61,718	57,299

Equity and liabilities

(in EUR millions)	Notes	Dec. 31, 2024	Dec. 31, 2023
Shareholders' equity	(11.1)	25,135	23,273
Non-controlling interests		513	485
TOTAL EQUITY		25,648	23,758
Non-current portion of long-term debt	(10.3)	12,831	10,638
Non-current portion of long-term lease liabilities	(10.3)	2,501	2,354
Provisions for pensions and other employee benefits	(6.3)	1,750	1,960
Deferred tax liabilities	(12.2)	941	824
Other non-current liabilities and provisions	(9.1)	1,450	1,182
NON-CURRENT LIABILITIES		19,473	16,958
Current portion of long-term debt	(10.3)	1,604	1,820
Current portion of long-term lease liabilities	(10.3)	677	615
Current portion of other liabilities and provisions	(9.1)	836	818
Trade accounts payable	(5.4)	6,773	6,806
Current tax liabilities	(5.4)	240	249
Other payables	(5.4)	5,679	5,504
Liabilities held for sale	(4.3)	163	203
Short-term debt and bank overdrafts	(10.3)	625	568
CURRENT LIABILITIES		16,597	16,583
TOTAL EQUITY AND LIABILITIES		61,718	57,299

The accompanying notes are an integral part of the consolidated financial statements.

SAINT-GOBAIN - 2024 1

2024 CONSOLIDATED FINANCIAL STATEMENTS

CONSOLIDATED INCOME STATEMENT

(in EUR millions)	Notes	2024	2023
Sales	(5.1)	46,571	47,944
Cost of sales	(5.1)	(33,688)	(35,109)
General expenses including research	(5.1)	(7,655)	(7,664)
Share in net income of core business equity-accounted companies	(8.1)	76	80
OPERATING INCOME		5,304	5,251
Other business income	(5.1)	107	68
Other business expense	(5.1)	(1,034)	(1,088)
BUSINESS INCOME		4,377	4,231
Borrowing costs, gross		(457)	(358)
Income from cash and cash equivalents		301	229
Borrowing costs, net, excluding lease liabilities		(156)	(129)
Interest on lease liabilities		(97)	(85)
Other financial income and expense		(202)	(210)
NET FINANCIAL EXPENSE	(10.2)	(455)	(424)
Share in net income of non-core business equity-accounted companies	(8.1)	6	9
Income taxes (12)		(994)	(1,060)
NET INCOME		2,934	2,756
GROUP SHARE OF NET INCOME		2,844	2,669
Non-controlling interests		90	87

Notes	2024	2023 5.26
EARNINGS PER SHARE, GROUP SHARE (in EUR) (11.2)	5.69	2023 5.26
Weighted average number of shares in issue	499,715,108	507,282,902
DILUTED EARNINGS PER SHARE, GROUP SHARE (in EUR) (11.2)	5.64	5.23
Weighted average number of shares assuming full dilution	503,934,048	510,458,619

The accompanying notes are an integral part of the consolidated financial statements.

https://www.saint-gobain.com

2024 CONSOLIDATED FINANCIAL STATEMENTS

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME AND EXPENSE

(in EUR millions) Notes	2024	2023
NET INCOME	2,934	2,756
Items that may be subsequently reclassified to profit or loss
Translation adjustments and restatement for hyperinflation (11.1)	427	(86)
Changes in fair value of financial instruments	193	(17)
Tax on items that may be subsequently reclassified to profit or loss	(32)	4
Items that will not be reclassified to profit or loss
Changes in actuarial gains and losses (6.3)	(7)	(519)
Tax on items that will not be reclassified to profit or loss	(4)	120
Changes in assets at fair value through equity and other items (8.3)	1	(2)
OTHER ITEMS OF COMPREHENSIVE INCOME (EXPENSE)	578	(500)
COMPREHENSIVE INCOME (EXPENSE)	3,512	2,256
Group share	3,431	2,145
Non-controlling interests	81	111

The accompanying notes are an integral part of the consolidated financial statements.

SAINT-GOBAIN - 2024 3

2024 CONSOLIDATED FINANCIAL STATEMENTS

CONSOLIDATED STATEMENT OF CASH FLOWS

(in EUR millions)	Notes	2024	2023
NET INCOME		2,934	2,756
Share in net income of equity-accounted companies, net of dividends received	(8.1)	(23)	(69)
Depreciation, amortization and impairment of assets (including right-of-use assets)	(5.1) (7)	2,631	2,395
Gains and losses on disposals of assets	(5.3)	52	347
Unrealized gains and losses arising from changes in fair value and share-based payments		13	75
Restatement for hyperinflation		36	39
Changes in inventory		23	234
Changes in trade accounts receivable and payable, and other accounts receivable and payable		248	72
Changes in tax receivable and payable		(60)	(28)
Changes in deferred taxes and provisions for other liabilities and charges	(6.3) (9.1) (12.2)	(285)	214
NET CASH FROM OPERATING ACTIVITIES		5,569	6,035
Acquisitions of property, plant and equipment and intangible assets, and changes in amounts due to suppliers of fixed assets	(7.2) (7.3)	(2,083)	(1,971)
Acquisitions of shares in controlled companies, net of cash acquired		(3,331)	(1,046)
Increase in investment-related liabilities		198	28
Decrease in investment-related liabilities		(35)	(64)
Acquisitions of other investments	(8.3)	(219)	(233)
Investments		(5,470)	(3,286)
Disposals of property, plant and equipment and intangible assets	(7.2) (7.3)	150	69
Disposals of shares in controlled companies, net of cash divested		30	(55)
Disposals of other investments	(8.3)	18	3
(Increase) decrease in amounts receivable on sales of fixed assets		8	12
Divestments		206	29
Increase in loans and deposits	(8.3)	(74)	(63)
Decrease in loans and deposits	(8.3)	72	90
NET CASH FROM (USED IN) INVESTMENT AND DIVESTMENT ACTIVITIES		(5,266)	(3,230)
Issues of capital stock	(a)	222	213
(Increase) decrease in treasury stock	(a)	(811)	(828)
Dividends paid	(a)	(1,045)	(1,013)
Transactions with shareholders of the parent company		(1,634)	(1,628)
Capital increases in non-controlling interests	(a)	25	6
Acquisitions of minority interests without gain of control		(43)	0
Disposals of minority interests without loss of control		3	0
Changes in investment-related liabilities following the exercise of put options of minority shareholders		(68)	(2)
Dividends paid to non-controlling interests and change in dividends payable	(a)	(64)	(76)
Transactions with non-controlling interests		(147)	(72)
Increase (decrease) in bank overdrafts and other short-term debt		51	502
Increase in long-term debt	(b) (10.3)	3,674	3,322
Decrease in long-term debt	(b) (10.3)	(1,624)	(1,636)
Decrease in lease liabilities	(b)	(722)	(693)
Change in debt		1,379	1,495
NET CASH FROM (USED IN) FINANCING ACTIVITIES		(402)	(205)
Net effect of exchange rate changes on cash and cash equivalents		(58)	(91)
Net effect of changes in fair value on cash and cash equivalents		0	(2)
Cash and cash equivalents classified within assets held for sale		15	(39)
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(142)	2,468
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD		8,602	6,134
CASH AND CASH EQUIVALENTS AT END OF PERIOD		8,460	8,602

(a)Please see the consolidated statement of changes in equity.

(b)Including bond premiums, prepaid interest and issue costs.

In 2024, income tax paid represented €1,094 million (€1,124 million in 2023), total rental expenses paid €1,052 million (€968 million in 2023), including €96 million in interest paid on lease liabilities (€85 million in 2023), and interest paid net of interest received €95 million (€117 million in 2023).

The accompanying notes are an integral part of the consolidated financial statements.

https://www.saint-gobain.com

2024 CONSOLIDATED FINANCIAL STATEMENTS

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

(in EUR millions)	Capital stock	Additional paid-in capital and legal reserve	Retained earnings and consolidated net income	Cumulative translation adjustments	Fair value reserves	Treasury stock	Share-holders' equity	Non-controlling interests	Total equity
AT JANUARY 1, 2023	2,063	4,129	18,457	(1,614)	(1)	(323)	22,711	443	23,154
Other items of comprehensive
income			(395)	(112)	(17)		(524)	24	(500)
Net income for the period			2,669				2,669	87	2,756
Total income and expense for the period			2,274	(112)	(17)		2,145	111	2,256
Issues of capital stock
Group Savings Plan	20	190					210		210
Stock subscription
option plans and other		3					3	6	9
Dividends paid			(1,013)				(1,013)	(75)	(1,088)
Shares purchased and sold			26			(854)	(828)		(828)
Shares canceled	(57)	(701)				758	0		0
Share-based payments			62				62		62
Changes in Group structure and
other			(17)				(17)		(17)
AT DECEMBER 31, 2023	2,026	3,621	19,789	(1,726)	(18)	(419)	23,273	485	23,758

Other items of comprehensive income			(41)	434	194		587	(9)	578
Net income for the period			2,844				2,844	90	2,934
Total income and expense for the period			2,803	434	194		3,431	81	3,512
Issues of capital stock
Group Savings Plan	16	205					221		221
Stock subscription option plans and other		1					1	25	26
Dividends paid			(1,045)				(1,045)	(62)	(1,107)
Shares purchased and sold			20			(831)	(811)		(811)
Shares canceled	(46)	(788)				834	0		0
Share-based payments			72				72		72
Changes in Group structure and other			(7)				(7)	(16)	(23)
AT DECEMBER 31, 2024	1,996	3,039	21,632	(1,292)	176	(416)	25,135	513	25,648

The accompanying notes are an integral part of the consolidated financial statements.

SAINT-GOBAIN - 2024 5

2024 CONSOLIDATED FINANCIAL STATEMENTS

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

NOTE 1 ACCOUNTING PRINCIPLES

AND POLICIES 7

	1.2 Estimates and assumptions	7	7.1	Goodwill	34
			7.2	Other intangible assets	34
NOTE 2	SIGNIFICANT EVENTS OF THE		7.3	Property, plant and equipment	36
	PERIOD AND MACROECONOMIC CONDITIONS	8	7.4	Right-of-use assets linked to leases	38
	2.1 Significant events of the period	8	7.5	Impairment review	39
	2.2 Macroeconomic conditions	9

Standards applied 7

NOTE 7 INTANGIBLE ASSETS, PROPERTY, PLANT AND EQUIPMENT,

AND RIGHT-OF-USE ASSETS 34

NOTE 3 CLIMATE ISSUES11

The "net-zero-emissions" commitment at the heart
of the Group's strategy 11
Taking into account the "net-zero-emissions" commitment when preparing the Group's financial
statements 11
Corporate governance 14
Asset impairment tests and net CO2emissions 14
Climate impact assessment on Group
assets 14
Regulatory developments -implementation of the CSRD and

double materiality assessment 15

NOTE 4 SCOPE OF CONSOLIDATION 16

Accounting principles related
to consolidation 16
Changes in Group structure 17
Assets and liabilities held for sale 20
Changes in the number of
consolidated companies 20
Off-balance sheet commitments related to companies within the

scope of consolidation 20

NOTE 5 INFORMATION CONCERNING THE GROUP'S OPERATING ACTIVITIES 21

Income statement items 21
Segment information 22
Performance indicators 24
Working capital 25
Off-balance sheet commitments

related to operating activities 26

NOTE 6 EMPLOYEES, PERSONNEL EXPENSES AND EMPLOYEE BENEFIT

OBLIGATIONS 27

Employees of fully consolidated
companies 27
Management compensation 27
Provisions for pensions and other
employee benefits 27
Share-based payments 31

NOTE 8 INVESTMENTS IN EQUITY-ACCOUNTED COMPANIES AND

OTHER NON-CURRENT ASSETS 42

Changes in investments in equity-accounted companies 42
Transactions with equity-accounted companies - related
parties 43
Other non-current assets 43

NOTE 9 OTHER CURRENT AND NON-CURRENT LIABILITIES AND PROVISIONS, CONTINGENT

LIABILITIES AND LITIGATION 44

Provisions for other liabilities
and charges 44
Contingent liabilities and litigation 45

NOTE 10 FINANCING AND FINANCIAL INSTRUMENTS 48

Financial risks 48
Net financial income (expense) 50
Net debt 50
Financial instruments 54
Financial assets and liabilities 56

NOTE 11 SHAREHOLDERS' EQUITY AND EARNINGS PER SHARE 58

	11.1	Equity	58
	11.2	Earnings per share	59
NOTE 12	TAX		60
	12.1	Income taxes	60
	12.2	Deferred tax	60

NOTE 13 SUBSEQUENT EVENTS

NOTE 14 FEES PAID TO THE STATUTORY AUDITORS 62

NOTE 15 PRINCIPAL CONSOLIDATED

COMPANIES 63

6 https://www.saint-gobain.com

2024 CONSOLIDATED FINANCIAL STATEMENTS

The consolidated financial statements reflect the accounting position of Compagnie de Saint-Gobain (the Company) and its subsidiaries ("the Group"), as well as the Group's interests in associate companies and joint ventures. They are expressed in euros rounded to the nearest million.

These consolidated financial statements were adopted on February 27, 2025 by the Board of Directors and will be submitted to the Shareholders' Meeting of June 5, 2025 for approval.

Accounting principles and policies are highlighted in a distinct color.

‌NOTE 1 ACCOUNTING PRINCIPLES AND POLICIES

The accounting policies applied are consistent with those used to prepare the financial statements for the year ended December 31, 2023, except for the application of the new standards and interpretations described below. The consolidated financial statements have been prepared using the historical cost convention, except for certain assets and liabilities that have been measured using the fair value model as explained in these notes.

‌Standards applied
The consolidated financial statements have been prepared in accordance with the International Financial Reporting Standards (IFRS) and interpretations adopted for use in the European Union at December 31, 2024. These consolidated financial statements have also been prepared in accordance with the IFRS issued by the International Accounting Standards Board (IASB).
1. Standards, interpretations and amendments to existing standards applicable for reporting periods beginning on or after January 1, 2024
  The following standards and amendments, effective since January 1, 2024, were applied where necessary to the consolidated financial statements for the year ended December 31, 2024:
  - ‌Amendments to IAS 1, "Classification of Liabilities as Current or Non-current", and "Non-current Liabilities with Covenants";
  - Amendments to IAS 7 and IFRS 7, "Supplier Finance Arrangements";
  - Amendments to IFRS 16, "Lease Liability in a Sale and Leaseback".
    The main finalized IFRIC decisions published in 2024 concern:
  - IFRS 3 and IAS 27, "Merger between a Parent and Its Subsidiary in Separate Financial Statements";
  - IFRS 3, "Payments Contingent on Continued Employment during Handover Periods";
  - IAS 37, "Climate-related Commitments";
  - IFRS 8, "Operating segments".
    These amendments and decisions have no material impact on the Group's consolidated financial statements.
2. Standards, interpretations and amendments to existing standards available for early adoption in reporting periods beginning on or after
  January 1, 2024
  The new standards, interpretations and amendments to existing standards applicable to accounting periods starting on or after January 1, 2024 were not early adopted by the Group at December 31, 2024.
  Only one amendment was concerned:
  - Amendment to IAS 21, "The Effects of Changes in Foreign Exchange Rates" - Lack of Exchangeability.
  The impact of the amendment is currently being analyzed by the Group.
3. Standards, interpretations and amendments to existing standards published but not yet applicable
  The new standards, interpretations and amendments to existing standards that have been published but are not yet applicable concern:
  - Amendments to IFRS 9 and IFRS 7 concerning the classification and measurement of financial instruments;
  - Amendments to IFRS 9 and IFRS 7, "Contracts Referencing Nature-dependent Electricity".
  - Annual improvements to IFRS 1, IFRS 7, IFRS 9, IFRS 10
    and IAS 7;
  - IFRS 18, "Presentation and Disclosure in Financial Statements";
  - IFRS 19, "Subsidiaries without Public Accountability: Disclosures".
    Where applicable to Saint-Gobain, these amendments are currently being analyzed by the Group.
Estimates and assumptions

The preparation of consolidated financial statements in compliance with IFRS requires management to make estimates and assumptions that affect the amounts of assets and liabilities reported in the balance sheet and the disclosure of contingent assets and liabilities in the notes to the financial statements, as well as the reported amounts of income and expenses during the period. These estimates and assumptions are based on past experience and on various other factors in the prevailing economic and financial environment which makes it difficult to predict future business performance. Actual amounts may differ from those obtained through the use of these estimates and assumptions.

The main estimates and assumptions described in these notes concern the measurement of employee benefit obligations and share-based payments (see note 6, p. 27), asset impairment tests (notably the assumptions used in the tests relating to the Group's commitments to reduce its net carbon emissions) and the determination of lease terms (see note 7, p. 34), provisions for other liabilities (see note 9, p. 44), the measurement of financial instruments (see note 10, p. 48), and taxes (see note 12, p. 60).

SAINT-GOBAIN - 2024 7

2024 CONSOLIDATED FINANCIAL STATEMENTS

‌NOTE 2 SIGNIFICANT EVENTS OF THE PERIOD AND MACROECONOMIC CONDITIONS

‌Significant events of the period
1. Acquisition of CSR Ltd in Australia
  On February 26, 2024 Saint-Gobain announced that it had entered into a definitive agreement with CSR Limited ("CSR") to acquire all of the outstanding shares of CSR by way of an Australian scheme of arrangement for A$9.00 per share, in cash.
  CSR is a leading building products company in Australia for residential and non-residential construction with A$2.6 billion (c. €1.6 billion) in total revenue for the fiscal year ended March 31, 2024, of which A$1.8 billion (c. €1.1 billion) generated by the Building Products business. It has 30 manufacturing plants and around 2,500 employees.
  The Group completed the transaction on July 9, 2024 in accordance with the initial terms and conditions, at a euro-equivalent price of €2.6 billion. The acquisition was fully financed in cash.
  Provisional goodwill recognized in the consolidated financial statements at December 31, 2024 in accordance with IFRS 3 amounts to €569 million (see note 4.2.1 p. 17).
2. Inaugural green bond issue
  On April 8, 2024, Saint-Gobain issued its first green bond, made up of the following two tranches: €1 billion with a 6-year maturity and a 3.375% coupon, and €1 billion with a 10-year maturity and a 3.625% coupon. The funds raised by this green bond issue will be used to finance projects aligned with the European taxonomy.
3. Acquisition of Bailey in Canada
  On June 3, 2024, Saint-Gobain completed the acquisition of the Bailey Group of Companies (Bailey). Founded 75 years ago, Bailey is a leading privately owned manufacturer of metal building solutions for light construction in Canada. With some 700 employees working across 12 manufacturing sites throughout the country, Bailey generated C$532 million (approximately
  €363 million) in sales in 2023.
  In accordance with IFRS 3, a preliminary allocation of the
  €0.6 billion purchase price was carried out at December 31, 2024. The provisional goodwill resulting from this process amounted to €262 million (see note 4.2.1, p. 17)
  This acquisition was fully financed in cash. The acquisition price includes deferred payments of C$266 million (approximately €178 million) due in 2027 and 2028.
4. Appointment of Benoit Bazin as Chairman and Chief Executive Officer of the Group
  On June 6, 2024, Compagnie de Saint-Gobain's Board of Directors reiterated its unanimous decision of November 23, 2023 to combine the functions of Chairman and Chief Executive Officer and to appoint Benoit Bazin as the Group's Chairman and Chief Executive Officer with effect from that date.
5. Agreement to acquire FOSROC in Asia and emerging markets
  On June 27, 2024, Saint-Gobain announced that it had entered into a definitive agreement to acquire FOSROC, a leading privately owned global construction chemicals player, for US$1,025 million (approximately €960 million) in cash.
  With 20 manufacturing plants and some 3,000 employees, FOSROC's global construction chemicals business has a particularly strong geographic footprint in India, the Middle East and the Asia-Pacific region. In 2024, it generated sales of some US$490 million.
  The Group completed the transaction on February 7, 2025 in accordance with the initial terms and conditions, and is now focusing on integrating this subsidiary. The acquisition was fully financed in cash.
  As this transaction was completed after the reporting date, no items related to FOSROC were included in Saint-Gobain's financial statements at December 31, 2024, except for the purchase price, which was included in off-balance sheet commitments to purchase shares in an amount of €0.9 billion (see note 4.5 p. 20).
6. Bond issue
  On August 9, 2024, Saint-Gobain carried out a €1.5 billion bond issue comprising two tranches:
  - an €800 million 5-year tranche paying a coupon of 3.25%;
  - a €700 million 12-year tranche paying a coupon of 3.625%.
    With this transaction Saint-Gobain has taken advantage of favorable market conditions to anticipate its upcoming refinancing needs, while increasing the average maturity of its debt at optimized financing conditions.
7. Agreement to acquire OVNIVER in Mexico and Central America
  On August 15, 2024, Saint-Gobain entered into a definitive agreement to acquire OVNIVER Group, a privately owned leading construction chemicals player in Mexico and Central America, for US$0.8 billion (c. €0.7 billion) in cash.
  OVNIVER Group's business has grown by an average of around 20% per year over the last five years. In 2024, it reported sales of some US$285 million. With 16 manufacturing plants and around 1,000 employees, it offers a wide range of innovative solutions for the residential and non-residential construction markets, including façade coatings, tiling adhesives, waterproofing solutions and surface preparation mortars.
  The Group completed the transaction on January 15, 2025 in accordance with the initial terms and conditions, and is now focusing on integrating this subsidiary. This acquisition was fully financed in cash.
  8 https://www.saint-gobain.com
  2024 CONSOLIDATED FINANCIAL STATEMENTS
  As this transaction was completed after the reporting date, no items related to OVNIVER Group were included in Saint-Gobain's financial statements at December 31, 2024, except for the purchase price, which was included in off-balance sheet commitments to purchase shares in an amount of €0.7 billion (see note 4.5, p. 20).
‌Macroeconomic conditions
Saint-Gobain is having to contend with a volatile economic environment in its main countries of operation, which over the past four years has been marked by sharply rising inflation and interest rates, economic fallout from the war in Ukraine (notably on energy prices), and growing geopolitical tensions and political instability. The construction sector has been particularly hit by unstable energy prices and the cycle of rising interest rates.
Amidst these challenges, the Group continued its rigorous management of liquidity, interest rate and foreign exchange risks (see note 10.1, p. 48), while increasing its oversight and tracking of credit risk and continuing to apply its strict gas and electricity price hedging policy.
The economic environment will remain uncertain in 2025, not least in the light of possible actions by the new US administration, but central bank interest rate cuts should support the cyclical recovery of the construction sector, in both the new building and renovation segments. In terms of market structure, housing shortages in North America (United States and Canada) and Europe (e.g. Germany, United Kingdom and Poland), as well as the need for energy retrofits and work to adapt buildings to climate change, represent sources of sustainable growth for the Group.
1. Hyperinflation in Argentina and Turkey
  Argentina has been experiencing a severe recession since 2023, with GDP contracting by more than 4% in volume over the last two years despite good agricultural harvests, reflecting the austerity measures introduced by the new government. However, a rebound has been underway since the end of 2024, and economic activity looks set to grow in 2025 thanks to increased investment and consumer spending. Price growth is slowing: annualized inflation eased to 118% at the end of December 2024 after peaking at 289% in April 2024, and is expected to continue to decelerate gradually in 2025.
  In Turkey, more restrictive budgetary and monetary policies led to a sharp economic slowdown in 2024, but helped improve the country's external accounts and reduce inflation, which stood at 44% (annualized) at the end of December 2024, after peaking at 75% in May 2024. Economic activity is set to grow somewhat in 2025, boosted by the expected impact of phased central bank interest rate cuts.
  In accordance with IAS 29, hyperinflation in these two countries, and in particular its consequences in terms of the impairment in value of monetary items, are reflected in the Group's net financial expense for the year ended December 31, 2024.
2. Impact of the Russia-Ukraine conflict on the Group's strategy and financial performance
  Information concerning the Group's operating activities
  Since the outbreak of the conflict between Russia and Ukraine, in addition to the Group's application of the sanctions imposed against Russia, Saint-Gobain has decided to halt all its exports to customers in Russia and Belarus, and all its imports from these two countries.
  Nevertheless, its local Russian operations, which represent around 0.8% of the Group's worldwide sales and do not involve any local partnerships, continue to operate autonomously, with locally produced solutions sold exclusively on local construction markets.
  In Ukraine, Saint-Gobain finalized the construction of a plaster production plant in the west of the country, which came on stream in November 2024.
  In organizational terms, Ukraine is included in a Poland-Ukraine cluster falling under the direct responsibility of the management team in Poland.
  Scope of consolidation
  Insofar as the Group continues to produce and sell in Russia for the local market, and to ensure its local business can continue to operate with complete autonomy of management and control of returns, Saint-Gobain still controls its Russian subsidiaries.
  In accordance with IFRS 10, its Russian and Ukrainian companies have not therefore been deconsolidated and were still included in the Group's scope of consolidation for the preparation of the consolidated financial statements for the year ended December 31, 2024.
  Asset impairment review
  Total non-current assets in Russia represent €159 million, or 0.4% of the Group's total non-current assets at December 31, 2024 (€161 million at December 31, 2023).
  No indication of impairment was identified for these companies. Consequently, no impairment losses related to the Russia-Ukraine conflict were recognized in 2024.
  Financial risks
  Given the Group's limited presence in Russia and Ukraine, the conflict has not generated any credit or liquidity risks, and forex exposure is also being managed effectively.
  Group cash and cash equivalents held in Russia represented 1.7% of the Group's total cash and cash equivalents at December 31, 2024. The Group does not consider the cash and cash equivalents held in Russia to be restricted within the meaning of IAS 7.
  Since March 2, 2022, the Group has been using the Russian ruble exchange rate published by Reuters for the translation of its consolidated financial statements.
  While the Russia-Ukraine conflict has not had a direct material impact on the financial statements for the year ended December 31, 2024, the situation remains unstable and complex. The Group therefore remains vigilant in analyzing the potential future impacts of the conflict.
  SAINT-GOBAIN - 2024 9
  2024 CONSOLIDATED FINANCIAL STATEMENTS
3. Impact of the Israel-Palestine conflict on the Group's strategy and financial performance

The Group has no operations in most of the countries directly or indirectly involved in this conflict (Israel, Palestine and Iran). The only exception is Lebanon, where its exposure is very limited with sales and total non-current assets representing less than 1 % of the Group's worldwide consolidated data.

Nevertheless, the Group is keeping a close watch on its Middle East operations, particularly on account of the risk that the conflict spreads across the rest of the region.

10 https://www.saint-gobain.com

2024 CONSOLIDATED FINANCIAL STATEMENTS

‌NOTE 3 CLIMATE ISSUES

‌The "net-zero-emissions" commitment at the heart of the Group's strategy
‌Sustainability concerns are at the heart of the Group's strategy and are an essential element in supporting its growth. In 2019, the Group committed to achieving a 100% reduction in its direct and indirect carbon emissions by 2050. This commitment was approved in September 2022 by the Science Based Targets initiative (SBTi), which considered the Group's roadmap to be consistent with the new net-zero standard and the Paris Agreement on climate change. In order to meet this net-zero emissions target by 2050, in November 2020 Saint-Gobain defined an initial roadmap for the period to 2030. The roadmap identifies the levers and action plans that will enable the Group to meet its goal of a 33% absolute reduction in scope 1 and 2 carbon emissions compared to a 2017 baseline, and a 16% reduction in scope 3 emissions.
The Group's capital expenditure is aligned with the investment requirements identified in this 2030 CO2roadmap, which covers all of the Group's business activities. At the end of 2024, the Group had already reduced its scope 1 and scope 2 CO2emissions by 37% compared to the 2017 baseline. The reduction included the effect of changes in activity levels at all Group sites, restated for disposals carried out during the year, and excludes the recent acquisitions of CSR, Bailey and Building Products of Canada.
The innovative solutions developed by Saint-Gobain to improve the energy performance of buildings help reduce both the negative impact of buildings and construction on the environment and their occupants' energy bills, while also enhancing occupant well-being. They therefore play an important role in the fight against climate change by reducing energy use and, consequently, the amount of greenhouse gas emissions, replacing heavy materials (cement, concrete, bricks) with light materials and increasing the pace of heavy materials' decarbonization.
The Group's thermal insulation and insulating glass solutions provide benefits in terms of energy performance and greenhouse gas emissions that significantly outweigh the carbon footprint associated with their production over their life cycle.
The Group's High Performance Solutions enable it to meet growing market needs linked to the decarbonization of construction manufacturing processes, as well as those of the mobility market. Following the acquisition of Chryso and GCP Applied Technologies Inc. (GCP), the Group further strengthened, in 2024, its position in construction chemicals, whose products play a significant role in helping to decarbonize construction through the design of innovative admixtures that reduce the carbon impact of cement and concrete. In 2024, Saint-Gobain proceeded with the integration of the following companies for the first time: Izomaks (Saudi Arabia), Imptek Chova (Ecuador), R. Sol (France), Technical Finishes (South Africa), Menkol (India), Adfil (Belgium), Kilwaughter (United Kingdom and Ireland), and signed an agreement to acquire FOSROC (India, Middle East and Asia-Pacific).
In order to increase the percentage of sales represented by its sustainable solutions, Saint-Gobain has developed a method for evaluating the environmental benefits of its solutions for all stakeholders. According to this internal method, the Group generated an estimated 73% of its
sales from sustainable solutions (products identified as being low-carbon) in 2024, in line with the 75% target set for 2025.
The Group's initiatives are enabling it to dissociate growth from CO2emissions: carbon intensity (scopes 1 and 2) per euro of sales and EBITDA fell by 43% and 58%, respectively, in 2024 compared with the 2017 baseline, reflecting the Group's objective of maximizing its positive impact on the environment while reducing its footprint.
Taking into account the "net-zero-emissions" commitment when preparing the Group's financial statements

In line with these commitments and targets, the Group has taken into account climate change and sustainable development issues in its financial statements, mainly in the areas cited below:

A Group-wide commitment

All Regions and the High Performance Solutions (HPS) activities have drawn up structured roadmaps for reducing CO2emissions.

These roadmaps are broken down by country and entity, plant, project, and together, will be used to justify the Group's 2030 scope 1 and scope 2 emissions reduction targets and to set objectives for 2030-2050.

The roadmaps are reviewed each year in line with the Group's main financial deadlines (strategic plan, budget) and combine a large number of potential improvements, action plans and industrial projects (energy efficiency and energy mix; application of new technologies; growth in the circular economy; product reformulation, streamlining and design, etc.). The roadmaps contain measures for each site designed to reduce scope 1 direct emissions, and take into account the growing number of new Purchase Power Agreements (PPA) and Virtual Purchase Power Agreements (VPPA) on a country-by-country basis aimed at reducing scope 2 indirect emissions.

After the world firsts achieved by the Group in recent years, notably pilots of zero-carbon production (scopes 1 and 2) of flat glass in France (at the Aniche plant) and plasterboard in Norway and very low-carbon production (scopes 1 and 2) of glass wool insulation in Finland, it pursued its carbon-reduction measures during 2024, including:

Decarbonization of production processes:
- Following the Fredrikstad plant in Norway in 2023, deployment of 100%-electric production at a second plasterboard plant in Montreal (Canada), using 100% renewable electricity;
- Start-up, in March 2024, of very low-carbon production at three US siding production sites, using 100% renewable electricity;
- Following the installation of an electric furnace at Pont-à-Mousson in 2023 to provide additional capacity alongside the blast furnace, launch of a second decarbonization phase in 2024, in the shape of a project to replace two cupola furnaces at the Foug plant with two electric furnaces, with the aim of achieving a 62% reduction in the site's carbon emissions and an 80% reduction in its water consumption;
  SAINT-GOBAIN - 2024 11
  2024 CONSOLIDATED FINANCIAL STATEMENTS
  - Launch of a project to build a second flat glass production line in Egypt, equipped with a solar park.
  - Development and marketing of innovative solutions incorporating carbon benefits and reductions in energy consumption:
    - Following the introduction of the ORAÉ® low-carbon glass offering in 2023, roll-out of the new generation of recyclable glass wool - LANAÉ® - in the European market by Isover;
    - UK launch of plasterboard made from 100% recycled plaster;
    - Ongoing work by the Construction Chemicals business on developing new additives for low-carbon cements and concretes. These low-carbon technologies open up major co-development opportunities with new partners in fast-growing markets, and are helping to accelerate Saint-Gobain's profitable growth in construction chemicals.
      Measuring and tracking scope 1 and 2 emissions
      The "2030 carbon" roadmap is based on several decarbonization levers to reduce scope 1 and 2 emissions:
  - action on products: product optimization (lighter plasterboard or glass wool without any loss of performance) and eco-design, including more recycled materials in product composition, contributing around 15% of the 2030 target (excluding volume and scope effects);
  - innovation in manufacturing process optimization, the use of low-carbon energies and product design/ composition, as well as the World Class Manufacturing (WCM) program, contributing around 35% of the 2030 target (excluding volume and scope effects);
  - purchasing of low-carbon energies (renewable electricity, biogas and, possibly, hydrogen), contributing around 50% of the 2030 target (excluding volume and scope effects). More than three-quarters of Saint-Gobain's total energy consumption are still directly linked to fossil fuel purchases. Action plans have been put in place to identify and secure regular, reliable sources of renewable energy supplies. Thanks to these plans, decarbonized electricity now accounts for more than half of total electricity consumption. The Group is also developing projects at its plants using new energies (wind power, biomass, biogas, solar energy, etc.), in some cases with external partners.
  Almost 90% of scope 1 and 2 emissions are measured on a monthly basis using an automated reporting system that includes data on material and energy consumption, as well as the impact of Purchase Power Agreements (PPAs) and certificates. Emissions reduction is therefore an operating performance indicator in the same way as financial performance indicators.
  The Group's 2024 scope 1 and 2 carbon emissions are estimated at 8.5 million tonnes (8.8 million tonnes in 2023).
  Climate risks and adaptation plan
  The identification, assessment and management of climate-related risks and opportunities are an integral part of Saint-Gobain's risk mapping process. The Group has identified 10 risks and 5 strategic opportunities related to climate change. The risks identified do not present any material financial impacts for Saint-Gobain.
  Concerning the identified opportunities, the combined effects of rising temperatures and weather events (droughts, floods, wildfires, storms) will have a significant impact on construction market growth, while also driving regulatory changes. At the same time, construction methods will have to evolve in favor of light construction, energy-efficient building renovation and low-carbon solutions. Thanks to its portfolio of expert skills and solutions, Saint-Gobain is particularly well-equipped to adjust to evolving construction markets and the growing scarcity of resources. In this regard, the "Solutions for Growth" program includes a section on improving customer productivity.
  The transformation of Saint-Gobain's manufacturing processes and changes in product formulations to include recycled or low-carbon impact raw materials in accordance with the "2030 carbon" roadmap, do not entail any major change in the organization of the Group's industrial facilities.
  Measurement and tracking of value chain emissions (scope 3)
  The main emissions categories (representing over 80% of total scope 3 emissions), over which the Group has real leverage and which are included in the target validated by the SBTi, are primarily purchased raw materials and trading products (category 1), purchased energy (category 3) and upstream and downstream transportation and distribution (categories 4 and 9).
  The Group is making good progress in measuring scope 3 emissions and is pursuing work to automate the reporting process (the carbon impact of over 80% of purchases for manufacturing operations is measured automatically) and improve data reliability, considering that the quality of the information depends on the relevance of the materials and product emissions factors reported by suppliers.
  The action plan to accelerate the reduction of scope 3 emissions is based on three main levers:
Product reformulation and innovation, aimed at replacing raw materials with the greatest carbon impact either with recycled materials or with new low-carbon compositions, should contribute around 30% of the target;
The decarbonization of purchases through supplier-led initiatives will contribute around 60% of the target. Saint-Gobain teams are also involved in creating joint action plans with suppliers to reduce their carbon impact;
Innovation and supply chain efficiencies will contribute around 10% of the target.

These estimates exclude the impact of any methodological changes, changes in reporting scope, information system upgrades and improvements to the quality of information about emissions factors.

12 https://www.saint-gobain.com

Attention: This is an excerpt of the original content. To continue reading it, access the original document here.

Attachments

Original document
Permalink

Disclaimer

Compagnie de Saint Gobain SA published this content on June 18, 2025, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on June 18, 2025 at 09:26 UTC.

Saint-Gobain: sells Brüggemann to the Köster Group	09/07
Saint-Gobain to Sell German Chemicals Business Brüggemann	09/07	MT
Saint-Gobain to Sell German Subsidiary Brüggemann to Köster	08/07	RE
Saint-Gobain divests Brueggemann	08/07	RE
SAINT GOBAIN : UBS remains Neutral	08/07	ZD
Köster GmbH signed a definitive agreement to acquire BRÜGGEMANN Holzbau GmbH & Co. KG from Compagnie de Saint-Gobain S.A..	08/07	CI
SAINT GOBAIN : Deutsche Bank remains Neutral	04/07	ZD
SAINT GOBAIN : RBC reiterates its Neutral rating	04/07	ZD
SAINT GOBAIN : Buy rating from JP Morgan	02/07	ZD
SAINT GOBAIN : Receives a Buy rating from Jefferies	01/07	ZD
SAINT-GOBAIN : Oddo BHF spots potential for stock to catch up	01/07
SAINT GOBAIN : Deutsche Bank reaffirms its Neutral rating	25/06	ZD
SAINT-GOBAIN : Decentralized Reign: Inside Saint-Gobain's Makeover	24/06
Berenberg Keeps Saint-Gobain at Buy Post Analyst-CEO Lunch	24/06	MT
SAINT GOBAIN : Berenberg remains its Buy rating	24/06	ZD
SAINT-GOBAIN : Oddo BHF remains positive after meeting	24/06
SAINT GOBAIN : Jefferies reiterates its Buy rating	24/06	ZD
Saint-Gobain: acquires Maturix in Denmark	19/06
French and Benelux stocks-Factors to watch	19/06	RE
Saint-Gobain Buys Danish Concrete Monitoring Solutions Group Maturix	19/06	MT
Saint-Gobain: Goldman Sachs initiates coverage with a 'neutral' rating	18/06
SAINT-GOBAIN : Goldman Sachs initiates coverage on hold	18/06
Compagnie de Saint-Gobain S.A. acquired Maturix ApS.	18/06	CI
SAINT GOBAIN : Jefferies maintains a Buy rating	13/06	ZD
Compagnie de Saint-Gobain S.A. - Special Call	13/06

Saint Gobain : Statutory auditors report on 2024 consolidated finanacial statements

Latest news about Saint-Gobain

Stock

SGO

FR0000125007

Chart

Income Statement and Estimates

Analysis / Opinion

Headlines

Real-time Euronext Paris Other stock markets 12:38:19 17/07/2025 pm IST
98.90 ^EUR	+2.02%