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    Sven Edelfelt

    Research Analyst at ODDO BHF

    Sven Edelfelt's questions to COMPAGNIE DE SAINT GOBAIN (CODYY) leadership

    Sven Edelfelt's questions to COMPAGNIE DE SAINT GOBAIN (CODYY) leadership • Q3 2021

    Question

    Sven Edelfelt of ODDO BHF sought to clarify the negative price-cost spread in H2, estimating a potential €100 million negative impact. He also asked why pricing in the High Performance Solutions (HPS) division was lower than other segments and about the impact of rising energy costs on its raw materials.

    Answer

    CFO Sreedhar N. reiterated confidence in a positive price-cost spread for the full year, supported by the €125 million positive spread from H1. COO, CEO & Director Benoit Bazin explained that HPS pricing is weighed down by the Mobility (automotive) business, where prices contract over a model's life. He noted the automotive market deterioration in Europe will impact HPS margins in H2, despite the company outperforming the market by 10 points due to its EV exposure.

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    Sven Edelfelt's questions to COMPAGNIE DE SAINT GOBAIN (CODYY) leadership • Q1 2021

    Question

    Sven Edelfelt from ODDO BHF asked if the merger of certain French distribution outlets was business as usual or a new cost-cutting move. He also questioned the low 0.4% pricing in High Performance Solutions (HPS) and requested a quantification of the restocking effect on Q1 sales.

    Answer

    Pierre-Andre de Chalendar clarified the Décocéram merger is 'business as usual.' CFO N. Sreedhar explained the HPS pricing was against a tough comparison base from Q1 2020 (+1.5%) and that while Mobility is challenging for price hikes, margins are improving from a better product mix. The company did not quantify the pre-buying impact.

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    Sven Edelfelt's questions to COMPAGNIE DE SAINT GOBAIN (CODYY) leadership • H1 2019

    Question

    Sven Edelfelt of ODDO asked for an update on the Pont-à-Mousson union meeting, whether Leroy Merlin's new kitchen offer poses a threat to Lapeyre, and if the ready-mix concrete business is considered core.

    Answer

    COO Benoit Bazin stated the union meeting was a standard update on partnership discussions for the pipe division. CEO Pierre-André de Chalendar dismissed the idea that Leroy Merlin's offer is a game-changer, noting Lapeyre is focused on its own new product rollout. He also clarified that ready-mix concrete is a non-core ancillary service to the merchanting business, not a standalone activity.

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