(BFM Stock Exchange) – The construction materialist has delivered overall good half -yearly and confirmed his prospects for the current year. But the volumes, very watched by the market, have deteriorated from one quarter to the other.

The dean of CAC 40 companies has the habit of delivering almost immaculate copies. This allowed the Saint-Gobain action to flambé more than 110% over three years, thwarting a building sector in difficulty in many areas and regions.

In the first half of the semester, the building materials specialist released income of 23.852 billion euros, up 1.7% in published data, and down 0.5% in comparable data. Semi -annual sales are online with the expectations of consensus located at 24 billion euros, note Oddo BHF.

Prices, as often, have supported the trend, progressing by 1% over the period, the company evoking “a great rigor of execution in a generally inflationary cost environment, and with added value that our complete, sustainable and innovative solutions bring to our customers”.

Disappointing volumes

On the operating result side, it increased by 5% in the first half in terms of “record ‘of 2.803 billion euros, and stands online with the consensus cited by Royal Bank of Canada (2.8 billion euros)

The corresponding margin, on the other hand, increased to “a record level” of 11.8% against 11.7% a year earlier, and is slightly higher than the consensus (11.7%), notes the design office.

At first glance, the publication of Saint-Gobain checks all the boxes. But to see more closely, a detail and not the smallest target this first semester qualified as “without surprise” by Oddo BHF.

Volumes, an indicator whose evolution is very supervised by investors are disappointing. They fell 1.5% over the entire semester in real days, with sequential degradation (from one quarter to the other) of -1.8% in the second quarter, after a decline of 1.1% in the first three months of the year.

“We believe that the slowdown in volumes is entirely due to an increase in unfavorable working days (the first and second quarter of 2025 are both stable in annual sliding outside working days),” notes Jefferies.

“Difficult” prospects in the United States

At the end of this publication, Saint Gobain confirmed his operating margin target for 2025, namely a rate of more than 11%. The group has not changed its expectations by Region with the exception of North America since the company anticipates a “continuation of moderate erosion of new construction” against “a good level of activity” previously., Note Oddo BHF.

In a note published this Friday before the opening of the market, the broker expected that the title “marks the step after online results and more difficult North America prospects”.

“The sequential degradation of volumes in the second quarter and the downward revision of forecasts for the second half of 2025 in North America (one of the regions where the margins are the highest)” have something to weigh on the reaction of the title, has for its part judged Jefferies.

The design offices have seen right since the market does not forgive the slightest misstep in this demanding season of results. The Saint-Gobain action accuses one of the strongest decrees of the CAC 40, plunging 7.20%, an exacerbated withdrawal by an aversion to the risk caused by uncertainty on customs surcharges.

“We are generally convinced that the profound changes in recent years have not yet been integrated into their fair value (Sustainable ESG profile, Pricing Power (high price fixing power, improvement of the group profile via targeted acquisitions and transfers)”, argues Oddo BHF, which maintains its “outperformance” recommendation and its lens at 110 euros.