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    Yves Brian Felix Bromehead

    Research Analyst at Exane BNP Paribas

    Yves Brian Felix Bromehead's questions to COMPAGNIE DE SAINT GOBAIN (CODYY) leadership

    Yves Brian Felix Bromehead's questions to COMPAGNIE DE SAINT GOBAIN (CODYY) leadership • Q3 2021

    Question

    Yves Brian Felix Bromehead of Exane BNP Paribas challenged the forecast of a negative price-cost spread in H2, noting peers reported positive spreads, and asked for the calculation and the outlook for H1 2022. He also inquired about the expected working capital outflow for the full year.

    Answer

    CFO Sreedhar N. clarified that while H1 had a positive spread, significant inflation acceleration in H2 would create a temporary negative spread despite achieving an 8.1% price increase in Q3. He expressed confidence in starting 2022 positively. COO, CEO & Director Benoit Bazin added that they are aggressively pushing further price increases in Q4 and are focused on rebuilding inventory to ensure customer service, which impacts working capital.

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    Yves Brian Felix Bromehead's questions to COMPAGNIE DE SAINT GOBAIN (CODYY) leadership • Q1 2021

    Question

    Yves Brian Felix Bromehead of Exane BNP Paribas questioned the company's decision not to raise its margin guidance despite strong Q1 volumes and positive price-cost spreads. He also inquired about the strategy and current profitability of the U.K. distribution business.

    Answer

    Pierre-Andre de Chalendar stated that the guidance of 'more than 100 basis points above the 7.7% margin of 2018' should be considered a floor and expressed high confidence in achieving a significant increase in operating income. Regarding the U.K. distribution business, he confirmed it is performing well, is 'clearly positive' in terms of profitability, and that the company may divest some brands when market conditions are appropriate.

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    Yves Brian Felix Bromehead's questions to COMPAGNIE DE SAINT GOBAIN (CODYY) leadership • Q3 2020

    Question

    Yves Brian Felix Bromehead inquired about the Q4 like-for-like growth outlook, the potential impact of new lockdowns, the feasibility of achieving 2021 margin targets without reaching 2018 volume levels, and the supply and pricing conditions in the U.S. market.

    Answer

    CEO Pierre-André de Chalendar stated that while Q4 visibility is low, October trends were positive and new lockdowns in France and Germany were not expected to significantly impact construction activities. He affirmed the 2021 margin target is realistic under normal conditions. CFO N. Sreedhar added that U.S. market indicators are positive, with successful price increases in Gypsum and Exterior Products.

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