Davy Morning Equity Briefing
Apr 24, 2026
Holcim
FY guidance reiterated following good Q1
Good performance in the AMEA region (North Africa and Australia) has helped to offset a weaker Europe performance (bad weather) in Q1. Holcim has reiterated guidance for the full year and announced new AI-savings targets of CHF200m.
Saint-Gobain Group
Resilient Q1 sales performance as full year guidance unchanged
Harsh weather and a foreign exchange translational headwind combined to make it a challenging first quarter for Saint-Gobain (SGO). That said, the 2.3% year-on-year (yoy) contraction in underlying sales was comfortably better than expectations for a decline of around 4% or more. Outlook comments and guidance are unchanged with a clear determination to recover cost inflation. While this overall points to another muted year, it is arguably already discounted in the group’s modest rating. As we noted previously, the longer-term position is more promising, especially if SGO can deliver on the ambitions of its “Lead & Grow” strategy.
Mondi
Underlying EBITDA misses expectations
Lower pricing and higher energy costs towards the end of the quarter pushed down underlying EBITDA in Q1, partially offset by increases in volume. Mondi is now actively taking pricing actions with the full effect expected to take hold in Q3.
