Saint-Gobain // Universal Registration Document 2021

Saint-Gobain Today Saint-Gobain’s DNA

One objective: financial 2.2.4

Ebitda” ratio of between 1.5 and 2. Finally, an attractive shareholder return policy , with an annual dividend payout rate of between 30% and 50% of recurring net income, paid in cash, and a share buyback program worth up to €2 billion for the period 2021-2025 equivalent to more than 30 million net shares bought back based on the recent Saint-Gobain share price. Concerning the business portfolio , the Group’s scope continues to be regularly reviewed: performance and strategic alignment for disposals, and capital allocation according to specific criteria for value-creating acquisitions. This involves allocating the necessary resources for development in markets with growth potential (see chapter 2, section 3.1) and taking the necessary measures, on an ongoing basis, to restructure, optimize or dispose of activities that are underperforming (cf . chapter 2, section 4.2).

performance and shareholder value

1

True to its approach to sustainable and profitable development, Saint-Gobain has set itself, as part of its “Grow & Impact” strategic plan, the goal of accelerating its growth, financial performance and value creation for its shareholders. In particular, the Group has set new financial targets in the form of annual averages for the period 2021-2025 (1) . Firstly, accelerating income and cash generation , with organic sales growth of between 3% and 5%, an operating margin of between 9% and 11%, and a free cash flow conversion rate of over 50%. Then a sustained discipline in capital allocation , with a return on invested capital (ROCE) of between 12% and 15%, and a “net debt to

(1) Press release, October 6, 2021.

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