L'Avenir

Good organic sales growth of 3.5% in Q2 (up 0.7% in H1), driven by all Regions (Asia-Pacific up 7.0%, Europe up 4.1% and Americas up 0.9%) and by an acceleration in construction chemicals outperformance with 8.5% organic growth in Q2 (up 5.3% in H1)
Strong operational execution, with an EBITDA margin of 15.4% and a free cash flow conversion ratio of 65%
Reinforcement of the Group’s profitable growth profile, with the rotation of around €3bn of sales announced year-to-date, increasing the Group’s exposure to Asia, emerging countries and North America (14 acquisitions and 9 disposals)
Outlook confirmed: in a contrasted macroeconomic environment and uncertain geopolitical landscape, the Group expects an EBITDA margin of more than 15.0% in 2026

Benoit Bazin, Chairman and Chief Executive Officer of Saint-Gobain, commented:

“The first half of 2026 marked a return to growth across all our Regions and once again confirmed our ability to outperform our markets in a contrasted environment. Sales growth was accompanied by a very good operational performance thanks to the strength of our local organization and the commitment of our teams, who I wish to thank.

With our unrivalled range of comprehensive, innovative and sustainable solutions, we have captured market share in residential and new positions in non-residential and infrastructure. Our outperformance in construction chemicals is a perfect illustration. The first half was also shaped by major transactions to optimize the Group’s profile: with the rotation of 7% of sales in just six months, we are ahead of our objective.

I am confident that 2026 – the inaugural year of our ambitious “Lead & Grow” plan – will be another year of value creation for Saint-Gobain’s shareholders and all its stakeholders.”

Deployment of “Lead & Grow”

In line with the ambitions set out in its “Lead & Grow” plan, the Group has achieved the following milestones to date:

A “push and pull” solutions strategy based on differentiated “hero” flagship products, driving sales for the Group’s entire offer. To outperform its markets by 1 to 2 percentage points, the Group is accelerating on cross-selling, specification and high value-added solutions thanks to its comprehensive and innovative solutions for residential, non-residential and infrastructure markets:
- Cross-selling: each country leverages its strong local brands to enlarge its offering with distributors. In the US in the first half, the number of distributor outlets selling more than six Saint-Gobain products rose by 12%. In Eastern Europe, cross-selling gains in the first half generated approximately 1% additional growth. In Italy, 49% of customers purchased more than four brands from Saint-Gobain, an increase of 3 percentage points over the first half.
- Specified sales: countries are stepping up their specification initiatives. Latin America increased its share of specified sales by one percentage point to 10% over the first half thanks to cross-brand key account teams. In construction, India generates over a quarter of its sales through specification, leveraging in particular its local expertise in building science and the promotion of sustainable construction among architects.
- High value-added sales: France is leveraging its comprehensive solutions offering, in particular for the renovation of housing and schools to adapt them to heatwaves. High value-added solutions represent 30% of sales in the country and the value specified on the largest projects in the pipeline has increased by 10%. In Germany, 47% of the solutions sold in the first half were high value-added, supported for example by Pre.formance renovation solutions for multi-family housing (offering up to 85% energy savings). In Spain, 47% of the solutions sold were high value-added (e.g. Enveo lightweight façade systems, solar control glass), an increase of two percentage points.
Expansion in non-residential and infrastructure thanks to the development of specific offers and major wins in the first half:
- Non-residential: the Group deployed its solutions for healthcare facilities (São Paulo’s Albert Einstein medical center in Brazil featuring 35 Saint-Gobain solutions), educational facilities (a segment which already accounts for over €1 billion of sales in Europe annually, with the launch of specific “summer comfort” solutions), hotels (full range of Saint-Gobain solutions for the Residency Signature Madurai in Tamil Nadu, India), and industrial buildings (ESMC’s semi-conductor plant, Europe’s biggest construction project based in Dresden, Germany). The Group’s data center project pipeline has increased significantly with 1,085 projects under specification in 32 countries, almost a two-fold increase compared to last year.
- Infrastructure: thanks to its construction chemicals capabilities and to a full range of solutions certified for extreme weather conditions, the Group is building momentum in tunnels (Orange Gate-Marine Twin in Mumbai, India) and bridges (Sazlıdere in Istanbul, Turkey, and Szczecin in Poland). For airports, Saint-Gobain recorded numerous contract wins, including for the new terminal at Singapore’s Changi airport (initially based on waterproofing solutions and later extended to all the Group’s product ranges). Saint-Gobain has also developed offers for energy infrastructure (wind farms in Germany), defense infrastructure (air bases in Poland and the Czech Republic) and transport infrastructure (extension of the Jakarta Kalibaru port in Indonesia).
A reinforced profitable growth profile, with the rotation of around €3 billion of sales (acquisitions or divestments) announced year-to-date, representing one-third of the target rotation of more than 20% of sales over five years.
A reinforced presence in high-growth markets through disciplined capital allocation, with 14 new plants and production lines opened in the first half and targeted acquisitions in these regions supporting the Group’s growth (double-digit growth in India, Vietnam, Indonesia, Eastern Europe and Central America).

Group operating performance

Sales totaled €23.6 billion in the first half, up 0.7% like-for-like (up 0.2% in local currencies), benefiting from robust 3.5% growth in the second quarter. After a first quarter affected by unfavorable weather conditions in the Northern Hemisphere, like-for-like sales returned to growth across all Regions in the second quarter, including in terms of volumes: in Europe driven by new construction, in the Americas thanks to normalizing weather conditions in North America and in Asia-Pacific with further strong growth.

After remaining stable in the first quarter, prices increased in the second quarter amid a return to inflationary conditions. Thanks to disciplined local execution and to the added value its comprehensive solutions bring to customers, Saint-Gobain continues to expect a slightly positive price-cost spread for the year.

The negative 0.5% structure impact in the first half (negative 1.0% in the second quarter) reflects the disposal of the ventilation distribution business in the Nordics, of the distribution businesses in Brazil and Belgium, and of dry mortars and off-site construction in Germany. The exchange rate impact was a negative 1.3% in the first half, owing to the depreciation of currencies against the euro – including a negative 6% impact in North America and Asia-Pacific – but stabilized at the Group level in the second quarter.

EBITDA was €3,625 million – affected by the exchange rate impact (negative 2.7% in local currencies) – but benefiting from a return to growth in the second quarter. The EBITDA margin was 15.4% at the Group level, remaining stable in Europe and increasing significantly in Asia-Pacific, while the Americas decreased in line with expectations.

Performance by Region

Europe: return to sales growth in the second quarter and over the first half
Activity in Europe was up by 1.7% like-for-like over the half year, with an acceleration in the second quarter, up by 4.1%: the strongest growth in the Region since 2022. The EBITDA margin remained stable at 13.0% in the first half, impacted by unfavorable weather conditions at the start of the year, but supported by good pricing and cost management.

Northern Europe increased by 1.1% like-for-like over the first half, thanks to growth in the second quarter (up 3.7%) driven by new construction in all major markets except the UK. Nordic countries progressed in the second quarter and benefited from an improvement in the mix with higher value-added solutions (fire-resistant and low-carbon plasterboards, Glasroc® X). Germany returned to growth, supported by the strong performance of insulation and light construction solutions on the back of improved trends in residential and non-residential renovation. Eastern Europe continued to outperform, led by double-digit growth in Poland and the Czech Republic (including 1% related to additional cross-selling), particularly in interior solutions and industrial solutions. Only the UK was down in a soft market.
Southern Europe, Middle East & Africa rose by 2.1% like-for-like over the first half and by 4.5% in the second quarter, driven by growth in new construction and industrial solutions. Saint-Gobain continued to outperform in France thanks to its comprehensive range of solutions and services and to the deployment in Point.P and Cedeo branches of AI-powered tools (Artificial Intelligence) such as DeviGo, which expedites customized quotes, resulting in an enhanced basket and mix. Spain and Italy progressed, once again led by interior solutions and construction chemicals which continued to capture market share. After a stable first quarter disrupted by the conflict, the Middle East returned to double-digit growth in the second quarter, with Turkey delivering a strong outperformance.

Americas: return to sales growth in the second quarter

The Region posted a limited like-for-like sales decline of 3.8% over the first half, but an improvement in the second quarter, with sales up 0.9%, led by North America. The EBITDA margin was stable as expected compared with second-half 2025, at 19.5% (versus a high comparison basis of 21.4% in first-half 2025).

North America posted 1.2% growth in the second quarter, after a first quarter that saw extreme weather conditions (down 11.3% like-for-like). Volumes returned to growth in the second quarter as weather conditions normalized, despite decreases in new construction and industrial solutions. This was driven by roofing, plasterboard, siding solutions and construction chemicals, where the Group continued to deliver a strong outperformance with double-digit growth. Prices rose slightly compared to the previous year against a high comparison basis and were up more markedly on a sequential basis thanks to the price increases implemented in the second quarter. The data center pipeline continues to grow (250 projects today versus 80 last year), with the Group accelerating specification of its tailored solutions.
Latin America contracted by 1.3% like-for-like over first-half 2026 against a high comparison basis, with volumes showing slight growth but prices remaining down on last year due to lower energy and raw material costs over the period. Prices increased in May and June as inflation returned at the end of the period. In a soft new construction market, Brazil captured further market share in light construction and construction chemicals, supported by its strong specification capabilities and a double-digit rise in its non-residential project pipeline. The Brazilian business also launched an AI-powered tool (Predita) in construction chemicals to support sales reps in their customer engagement, promote cross-selling and improve the mix, generating three percentage points of outperformance. Mexico and Central America were buoyed by further double-digit growth at Cemix.

Asia-Pacific: strong sales growth over the full half-year period

In both the second quarter and over the first half, the Region delivered robust 7.0% organic growth (8.4% in local currencies), with all main countries advancing as well as industrial solutions, which are very well positioned in terms of added value and innovation. The EBITDA margin hit a record high of 18.5% (versus 18.0% in first-half 2025), driven by volumes and good pricing and cost management.

India posted further double-digit growth and market share gains, led by its comprehensive, innovative and sustainable solutions. The Group delivered new projects in non-residential and infrastructure – for example, the high-speed rail link between Mumbai and Ahmedabad, Noida international airport – thanks especially to FOSROC in construction chemicals. South-East Asia continued to see good momentum, driven by double-digit growth in Vietnam, Indonesia and the Philippines. It benefited from an expanded range of specified solutions for infrastructure projects (Singapore’s Changi airport, North-South rail link in the Philippines), from the enhanced sustainability credentials of its solutions (six plants certified carbon-neutral in Vietnam), and from data centers, with a current pipeline of almost 50 projects. Australia saw growth accelerate in the second quarter in an improving new construction market. The country benefited from its specification model and from large-scale projects such as the ongoing construction of a residential complex in Sydney (The Macquarie Collection). Saint-Gobain recorded another outperformance in China, where the upbeat growth trends seen since the second half of 2025 continued.

Analysis of the consolidated financial statements for first-half 2026

The unaudited interim consolidated financial statements for first-half 2026 were subject to a limited review by the statutory auditors and adopted by the Board of Directors on July 30, 2026.

in € million	H1 2025	H1 2026	% change
Sales	23,852	23,595	-1.1%
Operating income	2,803	2,594	-7.5%
Operating depreciation and amortization	1,065	1,097	+3.0%
Non-operating costs	-50	-66	-32.0%
EBITDA	3,818	3,625	-5.1%
EBITDA margin	16.0%	15.4%
Capital gains and losses on disposals, asset write-downs and impact of changes in Group structure	-188	-325	-72.9%
Business income	2,565	2,203	-14.1%
Net financial expense	-304	-266	+12.5%
Dividends received from investments	8	1	n.s.
Income tax	-596	-514	+13.8%
Share in net income of non-core-business associates	0	43	n.s.
Net income before non-controlling interests	1,673	1,467	-12.3%
Non-controlling interests	44	50	+13.6%
Net attributable income	1,629	1,417	-13.0%
Earnings per share¹ (in €)	3.29	2.89	-12.2%
Recurring net income²	1,797	1,684	-6.3%
Recurring² earnings per share¹ (in €)	3.63	3.44	-5.2%
EBITDA	3,818	3,625	-5.1%
Depreciation of right-of-use assets	-368	-378	-2.7%
Net financial expense	-304	-266	+12.5%
Income tax	-596	-514	+13.8%
Capital expenditure³	-711	-664	+6.6%
o/w additional capacity investments	304	294	-3.3%
Changes in working capital requirement⁴	47	8	-83.0%
Free cash flow⁵	2,190	2,105	-3.9%
Free cash flow conversion⁶	63%	65%
ROCE	13.7%	12.8%
Lease investments	267	487	+82.4%
Investments in securities net of net debt acquired⁷	1,701	22	-98.7%
Divestments	33	373	n.s.
Consolidated net debt	12,787	11,519	-9.9%

1. Calculated based on the weighted average number of shares outstanding (489,592,544 shares in H1 2026, versus 495,096,191 shares in H1 2025)
2. Recurring net income: net attributable income excluding capital gains and losses on disposals, asset write-downs, amortization of intangible assets related to PPA, IFRS 3 acquisition costs, other non-recurring items (material non-recurring provisions, impacts of hyperinflation, etc.), and related tax and non-controlling interests
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 net debt acquired: €22 million in H1 2026, of which €15 million in controlled companies

EBITDA amounted to €3,625 million, including non-operating costs.

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 €325 million (€188 million expense in first-half 2025). It reflects €73 million in asset write-downs relating essentially to disposals and site closures (€32 million in first-half 2025), €141 million in Purchase Price Allocation (PPA) intangible amortization (€146 million in first-half 2025), and €111 million in disposal losses and other business income and expenses (€10 million in first-half 2025).

Net financial expense was €266 million (€304 million in first-half 2025).

Recurring earnings per share were at a good level of €3.44, with recurring net income at €1,684 million. The tax rate on recurring net income was 25% (26% in first-half 2025).

Capital expenditure represented €664 million (€711 million in first-half 2025). The Group opened 14 new plants and production lines over the half-year period, including 13 in high-growth markets.

Free cash flow totaled €2,105 million and the conversion ratio increased to 65%, with continued good management of operating working capital requirement (WCR), which represented 24 days’ sales at end-June 2026 (versus 23 days’ sales at end-June 2025).

Disposals amounted to €373 million and mainly reflected the sale of the ventilation distribution business in the Nordics.

The Group carried out further share buybacks for €270 million at end-June 2026 and €292 million at end-July (net of offsetting employee share creation). The number of shares outstanding was therefore 489 million at end-June 2026 compared with 496 million at end-June 2025.

Net debt was down significantly at €11.5 billion at end-June 2026 (versus €12.8 billion at end-June 2025), reflecting good free cash flow generation and divestments. The net debt to EBITDA ratio on a rolling 12-month basis was 1.6 at end-June 2026 (versus 1.7 at end-June 2025).

Strategic priorities

In 2026, the Group’s focus is on decisively implementing the strategic priorities of its “Lead & Grow” plan:

Outperform markets by 1 to 2 percentage points thanks to:
- Saint-Gobain’s complete range of solutions offering customers performance and sustainability;
- Country platforms based on local value chains, optimized by CEOs native to their country who are fully accountable for their perimeter;
- An expanded presence in non-residential and infrastructure thanks to the development of tailored offers and dedicated teams for each end market (particularly hotels, data centers, healthcare and educational facilities, transport infrastructure);
- Saint-Gobain’s industry-leading role as worldwide leader in light and sustainable construction.
Continue to pursue excellence in execution in order to deliver the Group’s ambitious trajectory, with an EBITDA margin of between 15% and 18% over the period 2026-2030 and a free cash flow conversion ratio above 50%, thanks to productivity gains and disciplined management of costs and the price-cost spread.
Continue to actively optimize the Group’s profile, with asset rotation to represent over 20% of sales by 2030, through both acquisitions and divestments.
Disciplined capital allocation to deliver growth and value creation for shareholders, with:
- Investments focused on consolidating leadership positions, high-growth countries and construction chemicals;
- Capital expenditure of around €2 billion in 2026;
- Attractive shareholder returns, targeting regular growth in dividends per share and €2 billion in net share buybacks (2026-2030).

2026 outlook

In a contrasted macroeconomic environment and uncertain geopolitical landscape, the Group expects sales growth for the second half of 2026 with the following trends:

Europe: growth, with contrasted trends by country;
Americas: growth, in an uncertain environment;
Asia-Pacific: growth, led notably by India and South-East Asia.

Saint-Gobain expects an EBITDA margin of more than 15.0% in 2026.

Financial calendar

An information meeting for analysts and investors will be held at 8:30am (GMT +1) on July 31, 2026 and will be streamed live on Saint-Gobain’s website: www.saint-gobain.com

Sales for the third quarter of 2026: Tuesday October 27, 2026, after close of trading on the Paris stock exchange
Site visit for analysts and investors: Tuesday December 1, 2026 in Milan, Italy

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 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 & amortization and non-operating costs
- EBITDA margin: EBITDA divided by sales
- ROCE (Return on Capital Employed): annualized operating income for the year adjusted for changes in Group structure, divided by segment assets and liabilities at period-end
- Purchase Price Allocation (PPA): the process 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”

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
Business income Note 5
Net financial expense Note 10
Recurring net income Note 5
Working capital requirement 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 2025 Universal Registration Document and the main risks and uncertainties presented in the half-year 2026 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

ANALYST/INVESTOR RELATIONS

Vivien Dardel
(+33) 1 88 54 29 77

Floriana Michalowska
(+33) 1 88 54 19 09

Karim Safsaf
(+33) 1 88 54 00 60

James Weston
(+33) 1 88 54 01 24

PRESS RELATIONS

Patricia Marie
(+33) 1 88 54 26 83

Laure Bencheikh
(+33) 1 88 54 26 38

Yanice Biyogo
(+33) 1 88 54 27 96

Appendix 1: Results by Region - First Half

I. SALES

	H1 2025 (in €m)	H1 2026 (in €m)	Change on actual structure basis	Change in local currencies	Like-for-like change	Exchange rate impact	Structure impact
Northern Europe	7,015	7,026	+0.2%	-1.0%	+1.1%	+1.2%	-2.1%
Southern Europe, ME & Africa	8,214	8,388	+2.1%	+2.2%	+2.1%	-0.1%	+0.1%
Americas	6,859	6,366	-7.2%	-4.1%	-3.8%	-3.1%	-0.3%
Asia-Pacific	2,610	2,661	+2.0%	+8.4%	+7.0%	-6.4%	+1.4%
Internal sales and misc.	-846	-846	---	---	---	---	---
Group Total	23,852	23,595	-1.1%	+0.2%	+0.7%	-1.3%	-0.5%
of which Industrial solutions	2,974	2,955	-0.6%	---	+0.6%	---	---

II. EBITDA

	H1 2025 (in €m)	H1 2026 (in €m)	Change on actual structure basis	H1 2025 (in % of sales)	H1 2026 (in % of sales)
Northern Europe	917	912	-0.5%	13.1%	13.0%
Southern Europe, ME & Africa	998	1,017	+1.9%	12.1%	12.1%
Americas	1,470	1,240	-15.6%	21.4%	19.5%
Asia-Pacific	470	491	+4.5%	18.0%	18.5%
Misc.	-37	-35	n.s.	n.s.	n.s.
Group Total	3,818	3,625	-5.1%	16.0%	15.4%

III. OPERATING INCOME

	H1 2025 (in €m)	H1 2026 (in €m)	Change on actual structure basis	H1 2025 (in % of sales)	H1 2026 (in % of sales)
Northern Europe	637	627	-1.6%	9.1%	8.9%
Southern Europe, ME & Africa	631	671	+6.3%	7.7%	8.0%
Americas	1,256	990	-21.2%	18.3%	15.6%
Asia-Pacific	348	372	+6.9%	13.3%	14.0%
Misc.	-69	-66	n.s.	n.s.	n.s.
Group Total	2,803	2,594	-7.5%	11.8%	11.0%

IV. CAPITAL EXPENDITURE

	H1 2025 (in €m)	H1 2026 (in €m)	Change on actual structure basis	H1 2025 (in % of sales)	H1 2026 (in % of sales)
Northern Europe	130	124	-4.6%	1.9%	1.8%
Southern Europe, ME & Africa	151	177	+17.2%	1.8%	2.1%
Americas	280	197	-29.6%	4.1%	3.1%
Asia-Pacific	105	119	+13.3%	4.0%	4.5%
Misc.	45	47	n.s.	n.s.	n.s.
Group Total	711	664	-6.6%	3.0%	2.8%

Appendix 2: Sales by Region - Second Quarter

	Q2 2025 (in €m)	Q2 2026 (in €m)	Change on actual structure basis	Change in local currencies	Like-for-like change	Exchange rate impact	Structure impact
Northern Europe	3,624	3,701	+2.1%	+0.7%	+3.7%	+1.4%	-3.0%
Southern Europe, ME & Africa	4,198	4,381	+4.4%	+4.2%	+4.5%	+0.2%	-0.3%
Americas	3,421	3,436	+0.4%	+0.4%	+0.9%	+0.0%	-0.5%
Asia-Pacific	1,312	1,371	+4.5%	+7.8%	+7.0%	-3.3%	+0.8%
Internal sales and misc.	-420	-436	---	---	---	---	---
Group Total	12,135	12,453	+2.6%	+2.5%	+3.5%	+0.1%	-1.0%
of which Industrial solutions	1,512	1,512	+0.0%	---	-0.8%	---	---

Appendix 3: Consolidated Balance Sheet

	Dec 31, 2025 in € million	June 30, 2026 in € million
ASSETS
Goodwill	14,401	14,358
Other intangible assets	5,296	4,964
Property, plant and equipment	14,556	14,651
Right-of-use assets	2,983	2,714
Investments in equity-accounted companies	898	944
Deferred tax assets	358	356
Pension plan surpluses	332	328
Other non-current assets	652	809
Non-current assets	39,476	39,124
Inventories	6,895	6,873
Trade accounts receivable	4,737	5,896
Current tax receivable	149	109
Other receivables	1,712	1,902
Assets held for sale	135	1,882
Cash and cash equivalents	7,582	5,498
Other short-term investments	150	253
Current assets	21,360	22,413
Total assets	60,836	61,537
EQUITY AND LIABILITIES
Shareholders' equity	24,541	25,393
Non-controlling interests	568	648
Total equity	25,109	26,041
Non-current portion of long-term debt	12,243	11,556
Non-current portion of long-term lease liabilities	2,495	2,279
Provisions for pensions and other employee benefits	1,444	1,320
Deferred tax liabilities	1,199	1,199
Other non-current liabilities and provisions	1,502	1,519
Non-current liabilities	18,883	17,873
Current portion of long-term debt	2,091	2,089
Current portion of long-term lease liabilities	669	612
Current portion of other liabilities and provisions	829	692
Trade accounts payable	6,809	6,822
Current tax liabilities	172	290
Other payables	5,544	5,203
Liabilities held for sale	140	1,181
Short-term debt and bank overdrafts	590	734
Current liabilities	16,844	17,623
Total equity and liabilities	60,836	61,537

Appendix 4: Consolidated Cash Flow Statement

in € million	H1 2025	H1 2026
Operating income	2,803	2,594
Operating depreciation and amortization	1,065	1,097
Non-operating costs	(50)	(66)
EBITDA	3,818	3,625
Depreciation of right-of-use assets	(368)	(378)
Net financial expense	(304)	(266)
Income tax	(596)	(514)
Capital expenditure	(711)	(664)
o/w additional capacity investments	304	294
Changes in working capital requirement over a rolling 12-month period	47	8
o/w changes in inventories	(173)	(68)
o/w changes in trade accounts receivable and payable, and other accounts receivable and payable	165	54
o/w changes in tax receivable and payable	55	22
Free cash flow	2,190	2,105
Changes in deferred taxes and provisions for other liabilities and charges	(31)	(131)
Additional capacity investments	(304)	(294)
Increase (decrease) in amounts due to suppliers of fixed assets	(342)	(164)
Depreciation of right-of-use assets	368	378
Purchases of right-of-use assets	(267)	(487)
Other operating cash items	112	16
Net cash from operating activities after additional capacity investments and IFRS 16	116	(189)
Acquisitions of shares in controlled companies	(1,704)	(18)
Net debt acquired	26	3
Acquisitions of shares in companies not yet consolidated or not controlled	(23)	(7)
Financial investments	(1,701)	(22)
Disposals of property, plant and equipment and intangible assets	35	22
Disposals of shares in controlled companies, net of net debt divested	1	332
Disposals of other investments	2	9
(Increase) decrease in amounts receivable on sales of fixed assets	(5)	10
Divestments	33	373
Increase (decrease) in investment-related liabilities	21	(7)
(Increase) decrease in loans and deposits	(30)	(152)
Net cash from (used in) financial investments and divestments activities	(1,677)	192
Issues of capital stock	240	238
(Increase) decrease in treasury stock	(401)	(546)
Dividends paid	(1,086)	(1,119)
Capital increases of non-controlling interests	29	22
Changes in investment-related liabilities following the exercise of put options of minority interests	0	0
Acquisitions of minority interests without gain of control	0	(1)
Divestments of minority interests without loss of control	8	0
Dividends paid to non-controlling interests and change in dividends payable	(47)	(48)
Net cash from (used in) financing activities	(1,257)	(1,454)
Net effect of exchange rate changes on net debt	(10)	30
Net effect of changes in fair value on net debt	(192)	(53)
Net debt classified as assets and liabilities held for sale	7	308
Impact of remeasurements of lease liabilities	4	3
Change in net debt	(3,009)	(1,163)
Net debt excluding lease liabilities at beginning of period	(6,600)	(7,192)
Lease liabilities at beginning of period	(3,178)	(3,164)
Net debt at beginning of period	(9,778)	(10,356)
Net debt excluding lease liabilities at end of period	(9,732)	(8,628)
Lease liabilities at end of period	(3,055)	(2,891)
Net debt at end of period	(12,787)	(11,519)
a. Change in WCR - H1 Year N-1	(1,398)	(1,563)
b. Change in WCR - H2 Year N-1	1,610	1,612
Change in WCR - Year N-1 = a. + b.	212	49
c. Change in WCR - H1 Year N	(1,563)	(1,604)
Change in WCR from June 30, N-1 to June 30, N = b. + c.	47	8

Appendix 5: Debt as at June 30, 2026

Amounts in €bn	Comments
Amount and structure of net debt
Gross debt excluding lease liabilities	14.4
Lease liabilities	2.9
Cash & cash equivalents	-5.8
Net debt	11.5
Breakdown of gross debt excluding lease liabilities	14.4
Bond debt and perpetual notes	12.7
November 2026	1.0
June 2027	0.8
October 2027	0.7
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
November 2030	1.0
March 2031	1.0
After June 2031	3.6
Other long-term debt	0.6 (including EUR 0.4bn long-term securitization)
Short-term debt	1.1 (excluding bonds)
Negotiable European Commercial Paper (NEU CP)	0.3 Maximum amount of issuance program: EUR 4bn
Securitization	0.3 USD securitization (EUR 0.2bn) and current portion of EUR securitization (EUR 0.1bn)
Local debt and accrued interest	0.5
Credit line, cash & cash equivalents	9.8
Cash and cash equivalents	5.8
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 2030.
The line is confirmed and undrawn, with no Material Adverse Change (MAC) clause and no financial covenants.
At end of June 2026, 89% of gross debt excluding lease liabilities was at fixed interest rates and its average cost was 3.1%
Frequent rollover; many different sources of financing

Appendix 6: Details of organic sales growth and external sales

H1 2026	Like-for-like change	% Group
Northern Europe	+1.1%	28.5%
Nordics	+1.6%	11.8%
United Kingdom - Ireland	-4.3%	3.8%
Germany - Austria	-1.8%	3.3%
Southern Europe, ME & Africa	+2.1%	34.0%
France	+1.5%	23.6%
Spain - Italy	+2.2%	5.9%
Americas	-3.8%	26.6%
North America	-5.1%	19.0%
Latin America	-1.3%	7.6%
Asia-Pacific	+7.0%	10.9%
Group Total	+0.7%	100.0%

Q2 2026	Like-for-like change	% Group
Northern Europe	+3.7%	28.5%
Nordics	+5.4%	12.0%
United Kingdom - Ireland	-4.0%	3.7%
Germany - Austria	+1.5%	3.1%
Southern Europe, ME & Africa	+4.5%	33.7%
France	+3.9%	23.3%
Spain - Italy	+4.0%	5.7%
Americas	+0.9%	27.2%
North America	+1.2%	19.8%
Latin America	-1.0%	7.4%
Asia-Pacific	+7.0%	10.6%
Group Total	+3.5%	100.0%

Appendix 7: Contribution of prices and volumes to organic sales growth by Region

H1 2026	Like-for-like change	Prices	Volumes
Northern Europe	+1.1%	+1.4%	-0.3%
Southern Europe, ME & Africa	+2.1%	+1.4%	+0.7%
Americas	-3.8%	-0.8%	-3.0%
Asia-Pacific	+7.0%	+1.7%	+5.3%
Group Total	+0.7%	+0.8%	-0.1%

Q2 2026	Like-for-like change	Prices	Volumes
Northern Europe	+3.7%	+1.5%	+2.2%
Southern Europe, ME & Africa	+4.5%	+2.6%	+1.9%
Americas	+0.9%	+0.0%	+0.9%
Asia-Pacific	+7.0%	+3.5%	+3.5%
Group Total	+3.5%	+1.6%	+1.9%

Notes

Calculated based on the weighted average number of shares outstanding (489,592,544 shares in H1 2026, versus 495,096,191 shares in H1 2025).
Recurring net income: net attributable income excluding capital gains and losses on disposals, asset write-downs, amortization of intangible assets related to PPA, IFRS 3 acquisition costs, other non-recurring items (material non-recurring provisions, impacts of hyperinflation, etc.), and related tax and non-controlling interests.
Capital expenditure = investments in tangible and intangible assets.
Changes in working capital requirement over a rolling 12-month period (see Appendix 4, bottom of "consolidated cash flow statement").
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.
Free cash flow conversion ratio = free cash flow divided by EBITDA, less depreciation of right-of-use assets.
Investments in securities net of net debt acquired: €22 million in H1 2026, of which €15 million in controlled companies.

Source : Webdisclosure.com

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