Further record results in H1 2023 2023 outlook upgraded
• Record margin of 11.3% and record operating income of €2,813m despite a
• Significant operating income growth in North America, Asia and emerging
countries, which represent over 60% of the Group’s earnings.
• Strong increase in free cash flow, up 30% at €2,192m.
• Double-digit operating margin expected in full-year 2023 for the third
consecutive year, demonstrating the Group’s resilience.
Benoit Bazin, Chief Executive Officer of Saint-Gobain, commented:
“In a difficult macroeconomic environment, the Group once again demonstrated the
effectiveness of its “Grow & Impact” strategy and the resilience of its decentralized operating
model. Thanks to our teams’ agility, entrepreneurial spirit and dedication, we once again
delivered record earnings, margins, and value creation in the first half of 2023. Our organization
by country has enabled the Group to outperform, both by proactively adapting our operations
on the ground but also by making selective growth investments, including in additional
production capacity and with acquisitions such as Building Products of Canada.
Over 60% of our earnings are now generated in North America, Asia and emerging countries,
where trends are improving and the growth outlook is supported by demographics and rapid
urbanization. In Western Europe, renovation – our biggest market – continues to show good
resilience as expected, with stimulus measures and regulations aimed at accelerating the path
to carbon neutrality; structural demand for new construction is growing, even though additional
financing costs are temporarily impacting the sector.
Despite a moderate slowdown in its markets in the short-term, in 2023 Saint-Gobain will deliver
a double-digit operating margin for the third consecutive year. Over the medium term, I am
confident that the Group’s new profile places it firmly on a sustainable profitable growth
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