AkzoNobel’s organic sales for the full year of 2024 rose two per cent, driven by higher volumes and increase in price/mix. Adjusted EBITDA was up three per cent to €1.48 billion, with an adjusted EBITDA margin of 13.8 per cent, while operating income was €917 million (2023: €1.03 billion), impacted mainly by restructuring costs. Net cash from operating activities was €673 million (2023: €1.13 billion), and the company proposed a final dividend of €1.54 per share, matching 2023’s dividend.

For Q4 2024, organic sales were up one per cent on price/mix compared to Q4 2023. Revenue climbed four per cent while adjusted EBITDA was up three per cent to €321 million, with an adjusted EBITDA margin of 12.3 per cent. Operating income was €127 million (2023: €214 million), impacted mainly by restructuring costs, while net cash from operating activities was €398 million (2023: €574 million).

“2024 was a year where we grew organically while increasing our adjusted EBITDA, demonstrating our ability to grow in mixed market conditions,” said Greg Poux-Guillaume, CEO of AkzoNobel. “In Q4, we increased adjusted EBITDA by three per cent, with costs at constant currencies now in line with the previous year. We continued to make progress while accelerating our self-help measures.”

According to Poux-Guillaume, the company doesn’t expect a significant market rebound in 2025.

“The self-help measures we are taking will increasingly contribute to the bottom line. We aim to deliver 2025 adjusted EBITDA above €1.55 billion, while the company targets leverage below 2.5 times net debt/adjusted EBITDA (below 2.9 times net debt/EBITDA) by the end of 2025 and around two times in the mid-term, while remaining committed to retaining a strong investment grade credit rating,” he said.

“We’re making AkzoNobel stronger, more dynamic and more competitive. This will serve us well when our end markets start growing again, putting us on track to deliver on our mid-term ambitions.”