10.23.24
Akzo Nobel N.V. published results for Q3 2024. Revenue was €2,668 million in Q3 2024, down 3% from Q3 2023. Operating income was €354 million, down 27% from Q3 2023.
Highlights Q3 2024 (compared with Q3 2023):
• Organic sales up 1% driven by volume growth; revenue down 3%
• Operating income €259 million (2023: €354 million)
• Adjusted EBITDA €394 million (2023: €414 million); Adjusted EBITDA margin 14.8% (2023: 15.1%)
• Net cash from operating activities positive €294 million (2023: positive €297 million)
“We continued to demonstrate our ability to grow in flat markets, achieving a fourth consecutive quarter of volume growth,” AkzoNobel CEO Greg Poux-Guillaume said. “Although operating costs were higher year on year, they’re down sequentially, while gross margin expansion continues. We’ve launched further cost and portfolio initiatives to ensure delivery of our mid-term ambitions. For 2024, we expect to achieve around €1.5 billion adjusted EBITDA.”
Based on current market conditions and constant currencies, AkzoNobel expects to deliver 2024 adjusted EBITDA of around €1.5 billion. The company aims to lower its leverage to around 2.7 times net debt/EBITDA by the end of 2024 and around 2 times in the mid-term, while remaining committed to retaining a strong investment grade credit rating.
Highlights Q3 2024 (compared with Q3 2023):
• Organic sales up 1% driven by volume growth; revenue down 3%
• Operating income €259 million (2023: €354 million)
• Adjusted EBITDA €394 million (2023: €414 million); Adjusted EBITDA margin 14.8% (2023: 15.1%)
• Net cash from operating activities positive €294 million (2023: positive €297 million)
“We continued to demonstrate our ability to grow in flat markets, achieving a fourth consecutive quarter of volume growth,” AkzoNobel CEO Greg Poux-Guillaume said. “Although operating costs were higher year on year, they’re down sequentially, while gross margin expansion continues. We’ve launched further cost and portfolio initiatives to ensure delivery of our mid-term ambitions. For 2024, we expect to achieve around €1.5 billion adjusted EBITDA.”
Based on current market conditions and constant currencies, AkzoNobel expects to deliver 2024 adjusted EBITDA of around €1.5 billion. The company aims to lower its leverage to around 2.7 times net debt/EBITDA by the end of 2024 and around 2 times in the mid-term, while remaining committed to retaining a strong investment grade credit rating.
