The worldwide leader in light and sustainable construction

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

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

Benoit Bazin, Chairman and Chief Executive Officer, commented:

"Our first-half 2025 performance once again demonstrates the strength of Saint-Gobain's new profile, with growth in sales and earnings despite a certain wait-and-see environment in some markets. Asia and emerging countries continued to drive growth for the Group and Europe reported a further sequential improvement, while North America saw a slight decrease in sales. The integration of our recent acquisitions has enabled us to strengthen the quality of the Group's profitable growth profile and benefit from balanced earnings across three geographic zones.

Our decentralized operating model by country, with no direct exposure to customs tariffs, is key to the Group's ability to withstand external shocks. Our country CEOs now oversee our entire range of solutions to accelerate the Group's growth in each of its channels and end markets.

Despite a still contrasted macroeconomic environment and ongoing geopolitical uncertainty, I am confident that 2025 will be another successful year for Saint-Gobain, thanks to our dedicated teams: I applaud their commitment. At our Capital Markets Day on October 6, we will present the Group's new ambitions as worldwide leader in light and sustainable construction, in terms of profitable growth and outperformance as well as value creation for all of our stakeholders."

A new profitable growth profile

The Group continues to outperform its markets thanks to the strength of its strategic position as worldwide leader in light and sustainable construction:

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

Group operating performance

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

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

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

Segment performance (like-for-like sales)

Europe: sequential improvement in sales and good margin resilience

Sales in Europe were down 2.2% over the first half, with volumes down 2.1% based on actual working days and down around 1% at comparable working days, an improvement on second-half 2024 (volumes down 3.1% based on actual working days and down around 4% at comparable working days), as construction markets stabilized or began to recover, depending on the country. The operating margin narrowed only very slightly to 8.5% (from 8.7% in first-half 2024) reflecting the downturn in volumes, but good cost management and price stability over the first half (prices up slightly in the second quarter).

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

Americas: slight growth in sales and record margin

The Region delivered 1.3% organic growth, reflecting a slight contraction in North America and growth in Latin America. The operating margin reached a new record high of 19.7% (19.0% in first-half 2024), supported by rigorous pricing and cost management and despite the decline in volumes.

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

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

Asia-Pacific: sales growth and record margin

The Region delivered robust organic growth of 3.9% over the first half, driven by strong momentum in India and South-East Asia, which more than offset the contraction in the Chinese market. The operating margin hit a record high of 13.4% (versus 13.0% in first-half 2024), supported by volumes as well as good pricing and cost management.

India achieved further market share gains, with double-digit volume growth, driven by its comprehensive and innovative range of sustainable solutions. The May launch of India's first lowcarbon plaster certified by an Environmental Product Declaration illustrates the Group's pioneering commitment to improve sustainable building standards in the country. This milestone follows on from the arrival of the first Oraé® low-carbon glass (42% less CO2) on the Asian market in 2024. China was again affected by the slowdown in the new construction market over the first half, but outperformed thanks to renovation. Growth in South-East Asia was led by Indonesia, the Philippines and Vietnam, which benefited from the Group's investments in personalized digital distribution and from the rollout of new product lines. The integration of CSR is progressing well, in terms of both operational performance and the development of complete solutions for the Australian market.

High Performance Solutions (HPS): slight sales growth and resilient margin

HPS reported like-for-like sales growth of 0.8% over the first half, supported by a good performance from construction businesses and Mobility, despite the decline in other industrial activities. The operating margin narrowed slightly to 12.0% (from 12.3% in first-half 2024) owing to lower volumes.

Businesses serving construction customers were up by 3.4%, lifted by the recovery in Adfors' reinforcement solutions exposed to construction markets in Central Europe and by growth in the Construction Chemicals business (up 30% as reported), driven by infrastructure projects and innovation to decarbonize the construction sector. The integration of FOSROC (India, Middle East and Asia-Pacific) – the acquisition of which was completed in February – is progressing well and establishes Saint-Gobain as a construction chemicals leader in India, where the growth dynamics are particularly promising.
Mobility performed very well (up 2.6%), benefiting from its customers' different regional growth dynamics, its positioning on high value-added models and its innovation investments.
Businesses serving Industry (down 2.1%) were affected particularly in Europe by a certain wait-and-see attitude to investment due to geopolitical uncertainties, while emerging markets and North America held firm.

Analysis of the consolidated financial statements for first-half 2025

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

In € million	H1 2024	H1 2025	% change
Sales	23,464	23,852	+1.7%
Operating income	2,751	2,803	+1.9%
Operating margin	11.7%	11.8%
Operating depreciation and amortization	1,026	1,065	+3.8%
Non-operating costs	-125	-50	+60.0%
EBITDA	3,652	3,818	+4.5%
Capital gains and losses on disposals, asset write-downs and impact of changes in Group structure	-164	-188	-14.6%
Business income	2,462	2,565	+4.2%
Net financial expense	-215	-304	-41.4%
Dividends received from investments	1	8	n.s.
Income tax	-546	-596	-9.2%
Share in net income of associates	2	0	n.s.
Net income before non-controlling interests	1,704	1,673	-1.8%
Non-controlling interests	44	44	0.0%
Net attributable income	1,660	1,629	-1.9%
Earnings per share1 (in €)	3.31	3.29	-0.6%
Recurring net income2	1,820	1,797	-1.3%
Recurring2 earnings per share1 (in €)	3.63	3.63	0.0%
EBITDA	3,652	3,818	+4.5%
Depreciation of right-of-use assets	-351	-368	-4.8%
Net financial expense	-215	-304	-41.4%
Income tax	-546	-596	-9.2%
Capital expenditure3	-583	-711	-22.0%
o/w additional capacity investments	255	304	+19.2%
Changes in working capital requirement4	248	47	-81.0%
Free cash flow5	2,460	2,190	-11.0%
Free cash flow conversion6	75%	63%
ROCE	14.4%	13.7%
Lease investments	425	267	-37.2%
Investments in securities net of debt acquired7	847	1,701	+100.8%
Divestments	60	33	-45.0%
Consolidated net debt	9,443	12,787	+35.4%

Calculated based on the weighted average number of shares outstanding (495,096,191 shares in H1 2025, versus 501,808,814 shares in H1 2024).
Recurring net income: net attributable income excluding capital gains and losses on disposals, asset write-downs, amortization of intangible assets related to PPA, IFRS3 acquisition costs and other non-recurring items (material non-recurring provisions, impacts of hyperinflation, etc.). Two items have been removed from recurring net income: hyperinflation (-€23 million in H1 2025 versus -€37 million in H1 2024) and amortization of intangible assets related to PPA (-€146 million in H1 2025 versus -€103 million in H1 2024). Netted of related tax effects and non-controlling interests, the impact amounts to -€132 million in H1 2025 versus -€114 million in H1 2024.
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 debt acquired: €1,701 million in H1 2025, of which €1,678 million in controlled companies.

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

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

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

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

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

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

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

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

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

Strategic priorities and 2025 outlook

In 2025 the Group will continue to implement the strategic priorities of its "Grow & Impact" plan:

1) Strong execution of our operating initiatives focused on profitability and free cash flow generation

Constant focus on margin through management of the price-cost spread and ongoing productivity and industrial cost-saving initiatives;
Capital expenditure around 4.5% of sales, with strict allocation to structurally high-growth markets.

2) Outperform our markets by strengthening our profitable growth profile

Enrich our comprehensive range of integrated, differentiated and innovative solutions offering sustainability and performance for our customers;
Leverage the full potential from the integration of recent acquisitions and continue to enhance the Group's profile through value-creating acquisitions and divestments.

3) Continued focus on our ESG roadmap as worldwide leader in light and sustainable construction

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

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

In a macroeconomic environment that remains contrasted, Saint-Gobain will once again demonstrate a very strong operating performance in second-half 2025. Assuming no major slowdown in global growth linked to geopolitical uncertainties, the Group expects the following trends:

Europe: a gradual recovery country by country;
Americas: a good level of activity to be maintained in Latin America and continued softness in new construction in North America amid still-high interest rates;
Asia-Pacific: growth led mainly by India, South-East Asia and the integration of CSR in Australia.

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

Financial calendar

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

Capital Markets Day: Monday October 6, 2025. To sign up, please click on the following link: https://digitalevent.saint-gobain.com/cmd2025
Sales for the third quarter of 2025: Thursday October 30, 2025, after close of trading on the Paris stock exchange.

ANALYST/INVESTOR RELATIONS PRESS RELATIONS

Vivien Dardel	(+33) 1 88 54 29 77
Floriana Michalowska	(+33) 1 88 54 19 09
Alix Sicaud	(+33) 1 88 54 38 70
James Weston	(+33) 1 88 54 01 24

Patricia Marie Laure Bencheikh Yanice Biyogo

(+33) 1 88 54 26 83 (+33) 1 88 54 26 38 (+33) 1 88 54 27 96

Glossary:

- Changes on an actual structure basis reflect changes in published indicators between two periods.

- Changes in local currencies reflect actual performance, applying exchange rates for the previous period to indicators for the period under review.

- Like-for-like changes (constant Group structure and exchange rates) reflect underlying performance excluding the impacts of: • changes in scope, by calculating indicators for the period under review based on the scope of consolidation of the previous
period (structure impact); • changes in foreign exchange rates, by calculating indicators for the period under review and those for the previous period based on exchange rates for the previous period (exchange rate impact).

- EBITDA: operating income plus operating depreciation and amortization, less non-operating costs.

- Operating margin: operating income divided by sales.

- ROCE (Return on Capital Employed): operating income for the period under review, adjusted for changes in Group structure, divided by segment assets and liabilities at period-end.

- ESG: Environment, Social, Governance.

- Purchase Price Allocation (PPA): the process of assigning a fair value to all assets and liabilities acquired and of allocating the residual goodwill as required by IFRS 3 and IAS 38 for business combinations. PPA intangible amortization relates to amortization charged against brands, customer lists, and intellectual property, and is recognized in "Other business income and expenses".

- Pro forma: data including the impact of changes in Group structure (signed or closed) over the period.

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

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

Important disclaimer – forward-looking statements:

This press release contains forward-looking statements with respect to Saint-Gobain's financial condition, results, business, strategy, plans and outlook. Forward-looking statements are generally identified by the use of the words "expect", "anticipate", "believe", "intend", "estimate", "plan" and similar expressions. Although Saint-Gobain believes that the expectations reflected in such forward-looking statements are based on reasonable assumptions as at the time of publishing this document, investors are cautioned that these statements are not guarantees of its future performance. Actual results may differ materially from the forward-looking statements as a result of a number of known and unknown risks, uncertainties and other factors, many of which are difficult to predict and are generally beyond Saint-Gobain's control, including but not limited to the risks described in the "Risk Factors" section of Saint-Gobain's 2024 Universal Registration Document and the main risks and uncertainties presented in the half-year 2025 financial report, both documents being available on Saint-Gobain's website (www.saint-gobain.com). Accordingly, readers of this document are cautioned against relying on these forwardlooking 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

Appendix 1: Results by Segment - First Half

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

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

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

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

Appendix 2: Sales by Segment - Second Quarter

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

Appendix 3: Consolidated Balance Sheet

in € million	Dec 31, 2024	June 30, 2025
ASSETS Goodwill Other intangible assets Property, plant and equipment Right-of-use assets Investments in equity-accounted companies Deferred tax assets Pension plan surpluses Other non-current assets	14,236 4,849 14,880 3,008 1,005 366 316 735	14,368 5,416 14,060 2,883 887 333 322 595
Non-current assets	39,395	38,864
Inventories Trade accounts receivable Current tax receivable Other receivables Assets held for sale Cash and cash equivalents	7,031 4,948 149 1,580 155 8,460	7,189 6,083 121 1,639 422 5,990
Current assets	22,323	21,444
Total assets	61,718	60,308
EQUITY AND LIABILITIES
Shareholders' equity Non-controlling interests	25,135 513	23,565 561
Total equity	25,648	24,126
Non-current portion of long-term debt Non-current portion of long-term lease liabilities Provisions for pensions and other employee benefits Deferred tax liabilities Other non-current liabilities and provisions	12,831 2,501 1,750 941 1,450	13,247 2,380 1,599 1,144 1,441
Non-current liabilities	19,473	19,811
Current portion of long-term debt Current portion of long-term lease liabilities Current portion of other liabilities and provisions Trade accounts payable Current tax liabilities Other payables Liabilities held for sale Short-term debt and bank overdrafts	1,604 677 836 6,773 240 5,679 163 625	1,619 675 759 6,920 243 5,150 149 856
Current liabilities	16,597	16,371
Total equity and liabilities	61,718	60,308

Appendix 4: Consolidated Cash Flow Statement

in € million	H1 2024	H1 2025
Operating income	2,751	2,803
Operating depreciation and amortization Non-operating costs	1,026 (125)	1,065 (50)
EBITDA	3,652	3,818

Depreciation of right-of-use assets	(351)	(368)
Net financial expense	(215)	(304)
Income tax	(546)	(596)
Capital expenditure	(583)	(711)
o/w additional capacity investments	255	304
Changes in working capital requirement over a rolling 12-month period	248	47
o/w changes in inventories	436	(173)
o/w changes in trade accounts receivable and payable, and other accounts receivable and payable	(83)	165
o/w changes in tax receivable and payable	(105)	55
Free cash flow	2,460	2,190
Changes in deferred taxes and provisions for other liabilities and charges	(3)	(31)
Additional capacity investments	(255)	(304)
Increase (decrease) in amounts due to suppliers of fixed assets	(326)	(342)
Cancellation of WCR over a rolling 12-month period from FCF calculation	(248)	(47)
Changes in working capital requirement at end of period:	(1,398)	(1,563)
o/w changes in inventories	(122)	(318)
o/w changes in trade accounts receivable and payable, and other accounts receivable and payable	(1,188)	(1,272)
o/w changes in tax receivable and payable	(88)	27
Depreciation of right-of-use assets	351	368
Purchases of right-of-use assets	(425)	(267)
Other operating cash items	12	112

Net cash from operating activities after additional capacity investments and IFRS 16	168	116
Acquisitions of shares in controlled companies Debt acquired	(784) (9)	(1,704) 26

Acquisitions of shares in companies not yet consolidated or not consolidated	(54)	(23)
Financial investments	(847)	(1,701)
Disposals of property, plant and equipment and intangible assets	25	35
Disposals of shares in controlled companies, net of net debt divested	29	1
Disposals of other investments	0	2
(Increase) decrease in amounts receivable on sales of fixed assets	6	(5)
Divestments	60	33
Increase (decrease) in investment-related liabilities	181	21
(Increase) decrease in loans and deposits	12	(30)
Net cash from (used in) financial investments and divestments activities	(594)	(1,677)
Issues of capital stock	221	240
(Increase) decrease in treasury stock	(513)	(401)
Dividends paid	(1,047)	(1,086)
Capital increases of non-controlling interests	6	29
Changes in investment-related liabilities following the exercise of put options of minority interests	(65)	0
Acquisitions of minority interests without gain of control	(21)	0
Divestments of minority interests without loss of control	3	8
Dividends paid to non-controlling interests and change in dividends payable	(42)	(47)

Net cash from (used in) financing activities	(1,458)	(1,257)
Net effect of exchange rate changes on net debt	9	(10)
Net effect of changes in fair value on net debt	(199)	(192)
Net debt classified as assets and liabilities held for sale	24	7
Impact of remeasurements of lease liabilities		4
Change in net debt	(2,050)	(3,009)
Net debt excluding lease liabilities at beginning of period	(4,424)	(6,600)
Lease liabilities at beginning of period	(2,969)	(3,178)
Net debt at beginning of period	(7,393)	(9,778)
Net debt excluding lease liabilities at end of period Lease liabilities at end of period	(6,376) (3,067)	(9,732) (3,055)
Net debt at end of period	(9,443)	(12,787)
a. Change in WCR - H1 Year N-1	(1,368)	(1,398)
b. Change in WCR - H2 Year N-1	1,646	1,610
Change in WCR - Year N-1 = a. + b.	278	212

c. Change in WCR - H1 Year N	(1,398)	(1,563)
Change in WCR from June 30, N-1 to June 30, N = b. + c.	248	47

Appendix 5: Debt as at June 30, 2025

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

Breakdown of gross debt excluding lease liabilities	15.7

Bond debt and perpetual notes	14.0
August 2025	0.5
March 2026	0.8
November 2026	1.0
June 2027	0.7
October 2027	0.8
April 2028	0.7
June 2028	0.5
September 2028	0.7
January 2029	0.6
August 2029	0.8
October 2029	0.3	(GBP 0.25bn)
April 2030	1.0
After June 2030	5.6
Other long-term debt	0.5	(including EUR 0.4bn long-term securitization)
Short-term debt	1.2	(excluding bonds)
Negotiable European Commercial Paper (NEU CP)	0.0	Maximum amount of issuance program: EUR 4bn
Securitization	0.3	USD securitization (EUR 0.2bn) and current portion of EUR securitization (EUR 0.1bn)
Local debt and accrued interest	0.9	Frequent rollover; many different sources of financing

Credit line, cash & cash equivalents	10.0

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

The line is a Revolving Credit Facility (RCF) structured as a Sustainability-Linked Loan (SLL) maturing in December 2029. The line is confirmed and undrawn, with no Material Adverse Change (MAC) clause and no financial covenants.

Appendix 6: Details of organic sales growth and external sales

H1 2025	Like-for-like change	% Group
Northern Europe	+0.4%	23.6%
Nordics	+0.5%	11.0%
United Kingdom - Ireland	+1.0%	3.6%
Germany - Austria	-2.0%	2.7%
Southern Europe, ME & Africa	-4.0%	28.6%
France	-6.0%	21.4%
Spain - Italy	-0.4%	4.1%
Americas	+1.3%	20.7%
North America	-1.5%	15.8%
Latin America	+10.4%	4.9%
Asia-Pacific	+3.9%	6.2%
High Performance Solutions	+0.8%	20.9%
Construction and industry	-0.3%	13.3%
Mobility	+2.6%	7.6%
Group Total	-0.5%	100.0%

Q2 2025	Like-for-like change	% Group
Northern Europe	-1.1%	24.0%
Nordics	-1.6%	11.3%
United Kingdom - Ireland	+2.6%	3.6%
Germany - Austria	-5.5%	2.6%
Southern Europe, ME & Africa	-3.2%	28.7%
France	-5.0%	21.5%
Spain - Italy	-2.1%	4.1%
Americas	-0.1%	20.2%
North America	-3.7%	15.5%
Latin America	+10.9%	4.7%
Asia-Pacific	+3.9%	6.1%
High Performance Solutions	+1.5%	21.0%
Construction and industry	+0.0%	13.3%
Mobility	+4.2%	7.7%
Group Total	-0.7%	100.0%

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

H1 2025	Like-for-like change	Prices	Volumes
Northern Europe	+0.4%	+0.7%	-0.3%
Southern Europe, ME & Africa	-4.0%	-0.6%	-3.4%
Americas	+1.3%	+2.8%	-1.5%
Asia-Pacific	+3.9%	-1.6%	+5.5%
High Performance Solutions	+0.8%	+2.2%	-1.4%
Group Total	-0.5%	+1.0%	-1.5%

Q2 2025	Like-for-like change	Prices	Volumes
Northern Europe	-1.1%	+1.4%	-2.5%
Southern Europe, ME & Africa	-3.2%	-0.4%	-2.8%
Americas	-0.1%	+2.2%	-2.3%
Asia-Pacific	+3.9%	-1.6%	+5.5%
High Performance Solutions	+1.5%	+2.4%	-0.9%
Group Total	-0.7%	+1.1%	-1.8%

Additional information: new reporting

Appendix A: Sales by Region - new reporting

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

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

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

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

Industrial solutions	1,612	1,533	-4.9%	-5.1%	-3.0%	+0.2%	-2.1%
H1 2024	H1 2023 (in €m)	H1 2024 (in €m)	Change on actual structure basis	Change in local currencies	Like-for-like change	Exchange rate impact	Structure impact
Northern Europe	7,806	6,947	-11.0%	-11.0%	-5.9%	+0.0%	-5.1%
Southern Europe, ME & Africa	9,124	8,477	-7.1%	-6.8%	-7.7%	-0.3%	+0.9%
Americas	6,814	6,862	+0.7%	+0.3%	-1.1%	+0.4%	+1.4%
Asia-Pacific	2,110	2,063	-2.2%	+1.4%	+0.2%	-3.6%	+1.2%
Internal sales and misc.	-900	-885	---	---	---	---	---
Group Total	24,954	23,464	-6.0%	-5.7%	-4.9%	-0.3%	-0.8%

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

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

Industrial solutions	1,501	1,474	-1.8%	-0.4%	+0.4%	-1.4%	-0.8%

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

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

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

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

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

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

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

Industrial solutions	6,229	5,955	-4.4%	-3.8%	-2.9%	-0.6%	-0.9%

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

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

Q2 2024 (in €m)	Q2 2025 (in €m)	Change on actual structure basis	Change in local currencies	Like-for-like change	Exchange rate impact	Structure impact
3,612	3,624	+0.3%	-0.7%	-1.0%	+1.0%	+0.3%
4,291	4,198	-2.2%	-1.7%	-2.8%	-0.5%	+1.1%
3,603	3,421	-5.1%	+3.2%	+0.6%	-8.3%	+2.6%
1,065	1,312	+23.2%	+28.3%	+1.1%	-5.1%	+27.2%
-463	-420	---	---	---	---	---
12,108	12,135	+0.2%	+3.0%	-0.7%	-2.8%	+3.7%

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

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

Industrial solutions	2,994	2,974	-0.7%	+1.7%	+2.1%	-2.4%	-0.4%

Appendix B: Operating income by Region - new reporting

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

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

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

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

Appendix C: Contribution of prices and volumes to organic sales growth by Region - new reporting

Q1 2024	Like-for-like change	Prices	Volumes
Northern Europe	-9.6%	-1.4%	-8.2%
Southern Europe, ME & Africa	-9.0%	-2.2%	-6.8%
Americas	+0.3%	+0.6%	-0.3%
Asia-Pacific	+2.0%	-2.1%	+4.1%
Group Total	-5.8%	-1.1%	-4.7%

Q2 2024	Like-for-like change	Prices	Volumes
Northern Europe	-2.1%	-1.0%	-1.1%
Southern Europe, ME & Africa	-6.4%	-2.0%	-4.4%
Americas	-2.3%	+1.0%	-3.3%
Asia-Pacific	-1.4%	-1.2%	-0.2%
Group Total	-3.9%	-0.8%	-3.1%

H1 2024	Like-for-like change	Prices	Volumes
Northern Europe	-5.9%	-1.2%	-4.7%
Southern Europe, ME & Africa	-7.7%	-2.1%	-5.6%
Americas	-1.1%	+0.8%	-1.9%
Asia-Pacific	+0.2%	-1.7%	+1.9%
Group Total	-4.9%	-1.0%	-3.9%

Q3 2024	Like-for-like change	Prices	Volumes
Northern Europe	-2.0%	-1.1%	-0.9%
Southern Europe, ME & Africa	-4.3%	-1.7%	-2.6%
Americas	+1.3%	+1.4%	-0.1%
Asia-Pacific	-2.0%	-1.2%	-0.8%
Group Total	-2.0%	-0.5%	-1.5%

9-month 2024	Like-for-like change	Prices	Volumes
Northern Europe	-4.6%	-1.1%	-3.5%
Southern Europe, ME & Africa	-6.7%	-2.0%	-4.7%
Americas	-0.3%	+1.0%	-1.3%
Asia-Pacific	-0.5%	-1.5%	+1.0%
Group Total	-3.9%	-0.8%	-3.1%

Q4 2024	Like-for-like change	Prices	Volumes
Northern Europe	-1.7%	-0.7%	-1.0%
Southern Europe, ME & Africa	-6.4%	-1.3%	-5.1%
Americas	+2.2%	+2.9%	-0.7%
Asia-Pacific	-3.7%	-1.9%	-1.8%
Group Total	-2.7%	-0.1%	-2.6%

H2 2024	Like-for-like change	Prices	Volumes
Northern Europe	-1.9%	-0.9%	-1.0%
Southern Europe, ME & Africa	-5.4%	-1.5%	-3.9%
Americas	+1.7%	+2.1%	-0.4%
Asia-Pacific	-2.8%	-1.5%	-1.3%
Group Total	-2.3%	-0.3%	-2.0%

FY 2024	Like-for-like change	Prices	Volumes
Northern Europe	-3.9%	-1.0%	-2.9%
Southern Europe, ME & Africa	-6.6%	-1.8%	-4.8%
Americas	+0.3%	+1.4%	-1.1%
Asia-Pacific	-1.3%	-1.5%	+0.2%
Group Total	-3.6%	-0.6%	-3.0%

Q1 2025	Like-for-like change	Prices	Volumes
Northern Europe	+1.3%	-0.1%	+1.4%
Southern Europe, ME & Africa	-4.6%	-0.7%	-3.9%
Americas	+3.2%	+3.9%	-0.7%
Asia-Pacific	+1.3%	-1.0%	+2.3%
Group Total	-0.3%	+0.8%	-1.1%

Q2 2025	Like-for-like change	Prices	Volumes
Northern Europe	-1.0%	+1.4%	-2.4%
Southern Europe, ME & Africa	-2.8%	-0.2%	-2.6%
Americas	+0.6%	+2.9%	-2.3%
Asia-Pacific	+1.1%	-0.7%	+1.8%
Group Total	-0.7%	+1.1%	-1.8%

H1 2025	Like-for-like change	Prices	Volumes
Northern Europe	+0.1%	+0.6%	-0.5%
Southern Europe, ME & Africa	-3.7%	-0.4%	-3.3%
Americas	+1.8%	+3.3%	-1.5%
Asia-Pacific	+1.2%	-0.8%	+2.0%
Group Total	-0.5%	+1.0%	-1.5%

AI Terminal

Compagnie de Saint-Gobain

1640_iss_2025-07-31_03de7c17-1be7-44c8-a17c-768971107be0.pdf