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AkzoNobel has published financial results for Q2 2024.
July 23, 2024
By: KERRY PIANOFORTE
Editor, Coatings World
Highlights Q2 2024 (compared with Q2 2023) • Organic sales up 2%, with volumes up 1%; Revenue up 2% • Operating income €270 million (2023: €279 million) • Adjusted EBITDA €400 million (2023: €397 million); Adjusted EBITDA margin 14.4% (2023: 14.5%) • Net cash from operating activities positive €151 million (2023: positive €305 million) Highlights half-year 2024 (compared with half-year 2023) • Organic sales up 2%, driven by higher volumes and positive price/mix; revenue flat • Operating income €531 million (2023: €461 million) • Adjusted EBITDA €763 million (2023: €702 million); Adjusted EBITDA margin 14.1% (2023: 13.0%) • Net cash from operating activities negative €19 million (2023: positive €255 million) AkzoNobel CEO Greg Poux-Guillaume commented: “For the third consecutive quarter, we demonstrated our ability to deliver growth in mixed markets, while expanding gross margin* by 160 basis points. Although our operational costs are up, efforts to mitigate this inflationary cost pressure are accelerating and measures are already underway, above and beyond our industrial efficiency program. This will allow us to deliver on our 2024 ambitions, towards the lower end of our guidance and in line with current consensus**.” *Excluding the impact for hyperinflation accounting and identified items **Consensus published on our website, dated July 11, 2024
Outlook Based on current market conditions and constant currencies, AkzoNobel expects to deliver 2024 adjusted EBITDA towards the lower end of its full-year guidance range of €1.5 to €1.65 billion. Recent highlights Pintuco brand helps town in Colombia to flourish The Pintuco brand has rolled out our “Flourish” identity in Colombia and Ecuador. It marks the latest stage in the integration of Grupo Orbis, which we acquired in 2022. Pintuco’s products have recently been helping attract tourists to Usiacurí in Colombia. More than 18,000m² of the town’s rooftops have been painted with a macro-mural featuring eye-catching images of birds. The facades of a large number of homes have also been repainted. Over the course of the three-year project, visitor numbers have soared from 400 a month to 24,000 a month. AkzoNobel goes full throttle with new powder coating for two-wheelers Motorcycle manufacturers can now kickstart improved cost and energy savings following the launch of Interpon A3000 from AkzoNobel’s Powder Coatings business. The company’s first single layer powder coating for two-wheelers, the newly introduced product can help customers accelerate their efficiency gains, without compromising on performance or aesthetics. Interpon A3000 is focused in particular on the key Indian market, home to well over 200 million two-wheeled vehicles. Last year alone, it’s estimated that more than 18 million two-wheelers were sold in India. The product will also be available globally.
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