Hempel Achieves Record EBITDA, Gains Strategic Investment
Image courtesy of Hempel.
Hempel announced its highest adjusted EBITDA to date, reaching €392 million in 2024 with a 17.9% margin. The company also welcomed CVC as a minority investor alongside its majority owner, the Hempel Foundation.
Total revenue for 2024 was €2,185 million, with organic revenue declining 1.3%, primarily due to lower Marine sales. Free cash flow rose to €139 million, up from €29 million in 2023, and the company’s leverage ratio improved to 1.4 from 3.1.
Hempel continued executing its Double Impact strategy, introducing new sustainable technologies and divesting two non-core decorative businesses. The company launched Hempaguard Ultima, a silicone-based hull coating, and expanded its Energy & Infrastructure portfolio with a new Avantguard solution for high-corrosivity environments.
Hempel also advanced its sustainability goals, cutting CO₂ emissions from operations by 65% from a 2019 baseline and reducing hazardous raw material intensity. The company met its 2024 diversity targets, with women representing 31% of leadership roles and 34% of the workforce.
Hempel projects mid-single-digit organic revenue growth and an EBITDA margin above 17% in 2025.
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