• 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**.”

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.

*Excluding the impact for hyperinflation accounting and identified items

**Consensus published on our website, dated July 11, 2024