Akzo Nobel N.V. has published financial results for third-quarter 2023. According to the report, the company’s revenue across currencies was up 5% on pricing, despite flat volumes, while reported revenue was 4% down on unfavorable exchange rates. Operating income was reported at €354 million (2022: €168 million), and adjusted operating income was reported at €324 million (2022: €184 million); ROS 11.8% (2022: 6.4%). The company reported a net cash from operating activities positive at €297 million (2022: €126 million), and a net debt to EBITDA leverage ratio improved by 3.2x.
AkzoNobel CEO, Greg Poux-Guillaume, said, “Our third-quarter results show a solid rebound in profit and continued improvement of our margins, despite an adverse currency impact. While volumes were flat, we are increasingly benefitting from the easing of raw material costs. Higher profits and improving working capital management both contributed to a leverage ratio of 3.2, which keeps us on track to meet our year-end guidance.”