(AGENPARL) – mer 29 gennaio 2025 AkzoNobel | Report for the fourth quarter and full-year 2024
Our results at a glance
Highlights Q4 2024 (compared with Q4 2023)
Summary of financial results
Fourth quarter
Organic sales up 1% on price/mix; revenue up 4%
Operating income €127 million (2023: €214 million), mainly impacted by restructuring costs
Adjusted EBITDA up 3% to €321 million; Adjusted EBITDA margin 12.3%
Net cash from operating activities €398 million (2023: €574 million)
Highlights full-year 2024 (compared with full-year 2023)
Organic sales up 2% driven by higher volumes and increase in price/mix; revenue flat
Operating income €917 million (2023: €1,029 million), mainly impacted by restructuring costs
Adjusted EBITDA up 3% to €1,478 million; Adjusted EBITDA margin 13.8%
Net cash from operating activities €673 million (2023: €1,126 million)
Final dividend proposed of €1.54 per share (2023: €1.54)
January-December
in € millions/%
2,529
2,619
Revenue
10,668
10,711
(41%) Operating income
1,029
(11%)
(196)
(100)
Adjusted operating income*
1,074
1,113
Adjusted EBITDA*
1,429
1,478
8,233
8,350
Identified items*
Adjusted EBITDA margin (%)*
Average invested capital*
ROI (%)*
Capital expenditures*
3,785
3,901
Net debt/Adjusted EBITDA*
Net debt/EBITDA*
1,126
Net debt*
Outlook*
Based on current market conditions and constant currencies, AkzoNobel expects to deliver 2025
adjusted EBITDA above €1.55 billion.
For the mid-term, AkzoNobel aims to expand profitability to deliver an adjusted EBITDA margin of above
16% and a return on investment between 16% and 19%, underpinned by organic growth and industrial
excellence.
The company targets leverage below 2.5 times net debt/adjusted EBITDA (below 2.9 times net debt/
EBITDA) by the end of 2025 and around 2 times in the mid-term, while remaining committed to retaining
a strong investment grade credit rating.
* Outlook is based on organic volumes and constant currencies, and assumes no significant market disruptions.
Alternative performance measures (APM)
AkzoNobel uses APM adjustments to IFRS measures to provide supplementary information on the
reporting of the underlying developments of the business. A reconciliation of the alternative performance
measures to the most directly comparable IFRS measures can be found in the Notes to the condensed
consolidated financial statements, paragraph “Alternative performance measures.”
Net cash from operating activities
Free cash flow*
170.6
170.8
Net income attributable to shareholders
170.6
170.7
Earnings per share from total operations (in €)
Adjusted earnings per share from continuing operations (in €)*
Weighted average number of shares (in millions)
* Alternative performance measure: For more details on these measures, including reconciliation to the most directly comparable IFRS
measures and explanation of their use, refer to the Notes to the condensed consolidated financial statements, APM paragraph.
AkzoNobel | Report for the fourth quarter and full-year 2024
Financial highlights
Q4 2024
Revenue
Fourth quarter
January-December
1,017
Revenue
Organic sales up 1% due to higher pricing. Higher volumes in
Coatings, particularly in Asia, offset by lower volumes in Deco EMEA
and China. Deco LATAM showed strong growth.
Price/mix was up 1%, with positive pricing in both Coatings and
Deco.
Currencies positively impacted revenue by 3%, resulting in 4%
revenue growth. Currency benefit was driven by Argentinian peso,
where prior year comparatives contained the full-year impact of the
devaluation in December 2023. Excluding this, currency impact was
flat.
Full-year 2024
in € millions
Decorative
Paints
4,300
4,301
1,602
Performance
Coatings
6,368
6,410
2,529
2,619
Total
10,668 10,711 —%
* Alternative performance measure: For more details on these measures, including explanation
of their use, refer to the Notes to the condensed consolidated financial statements, APM
paragraph.
Revenue development Q4 2024
Revenue
Organic sales up 2% due to 1% volume growth and 1% higher price/
mix. Volume growth driven by Coatings, with continued growth in
Marine and Protective and Powder, particularly in China. Volumes in
Deco were flat, with growth in LATAM and SESA offset by continued
weakness in China.
Adverse currencies impacted revenue by 1%.
Volume
Price
Organic
sales
Acq./div
Other
Revenue
Decorative
Paints
Performance
Coatings
Volume
Price
Organic
sales
Acq./div
Other
Revenue
Total
1,543
in % versus
Q4 2023
in % versus
full-year
Decorative
Paints
Performance
Coatings
Total
Volume development per
quarter (year-on-year) in %
Q4 23
Q1 24
Q2 24
Q3 24
Q4 24
Decorative Paints
Performance Coatings
Total
Volume
Price/mix Organic
sales
Acq./div.
Other
Revenue
Revenue development full-year 2024
Price/mix development per
quarter (year-on-year) in %
Q4 23
Q1 24
Q2 24
Q3 24
Q4 24
Decorative Paints
Performance Coatings
Total
Volume
Price/mix Organic
sales
Acq./div.
Other
Revenue
Organic sales development per
quarter (year-on-year) in %
Q4 23
Q1 24
Q2 24
Q3 24
Q4 24
Decorative Paints
Performance Coatings
Total
Q4 24
Revenue development per
quarter (year-on-year) in %
Q4 23
Q1 24
Q2 24
Q3 24
Decorative Paints
Performance Coatings
Total
AkzoNobel | Report for the fourth quarter and full-year 2024
Financial highlights
Q4 2024
Adjusted EBITDA
Adjusted EBITDA*
Adjusted EBITDA increased to €1,478 million (2023: €1,429 million).
Adjusted EBITDA margin increased to 13.8% (2023: 13.4%).
Fourth quarter
Operating income
Operating income at €127 million (2023: €214 million) was impacted
by identified items of negative €100 million (2023: negative €7
million).
Excluding identified items, operating income was up mainly due to
higher revenue. Operating expenses were slightly lower.
Identified items mainly contained restructuring related costs due to
the implementation of our restructuring programs, while identified
items in 2023 also included gains from property divestments.
Adjusted EBITDA
Adjusted EBITDA increased to €321 million (2023: €313 million).
Adjusted EBITDA margin at 12.3% (2023: 12.4%).
Full-year 2024
Financing income and expenses
Financing income and expenses amounted to negative €102 million
(2023: negative €272 million). The €170 million decrease in expenses
is mainly due to hyperinflation accounting, the interest impact related
to the release of provisions for uncertain tax positions, and lower
negative exchange rate results.
January-December
in € millions
Decorative Paints
Performance Coatings
Other activities
1,429
1,478
Total
* Alternative performance measure: For more details on these measures, including
reconciliation to the most directly comparable IFRS measures and explanation of their use,
refer to the Notes to the condensed consolidated financial statements, APM paragraph.
Operating income
Income tax
The effective tax rate was 29.4% (2023: 37.8%). The tax rate in 2024
was impacted by the release of provisions for uncertain tax positions,
derecognition of deferred tax positions and hyperinflation accounting.
The net derecognition of deferred tax positions and hyperinflation
accounting together increased the effective tax rate by 8%, while the
release of uncertain tax positions decreased the effective tax rate by
Fourth quarter
January-December
(59%)
in € millions
Decorative Paints
Operating income at €917 million (2023: €1,029 million) was
impacted by identified items of negative €196 million (2023: negative
€45 million).
Excluding identified items, gross margin expansion more than offset
operating cost inflation.
Identified items mainly included restructuring related costs, while
identified items in 2023 also included gains from property
divestments.
(19%)
Performance Coatings
Other activities
(169)
(167)
1,029
(41%) Total
(11%)
Operating income to net income
Fourth quarter
Operating income
Net income
Net income attributable to shareholders was €542 million (2023:
€442 million). Earnings per share from total operations was €3.17
(2023: €2.59).
January-December
in € millions
Operating income
1,029
(121)
Financing income and expenses
(272)
(102)
Results from associates
Profit before tax
Income tax
(296)
(246)
Profit from continuing operations
Profit from discontinued operations
Profit for the period
Non-controlling interests
Net income
AkzoNobel | Report for the fourth quarter and full-year 2024
Decorative Paints
Highlights Q4 2024
Organic sales flat, revenue up 3%
Adjusted EBITDA margin at 11.1% (2023: 12.3%)
Q4 2024
2024 mainly contained restructuring related costs, while identified
items in 2023 also included gains from property divestments.
Revenue
Fourth quarter
Excluding identified items, margin expansion partly mitigated
operating cost inflation.
Adjusted EBITDA at €635 million (2023: €645 million). Adjusted
EBITDA margin at 14.8% (2023: 15.0%).
Organic sales flat, with an increase in price/mix offset by lower
volumes. Lower volumes in China and EMEA more than offset strong
growth in LATAM and solid growth in SESA. Price/mix was up 2%.
Revenue development Q4 2024
Currencies positively impacted revenue by 4%, resulting in revenue
being up 3%.
Excluding identified items, operating income was marginally lower
due to a decrease in gross margins.
Adjusted EBITDA at €113 million (2023: €121 million). Adjusted
EBITDA margin at 11.1% (2023: 12.3%).
Organic sales up 1%, due to an increase in price/mix. Flat volumes,
with higher volumes in SESA and LATAM offset by continued market
weakness in China.
The acquisition of Huarun in China (completed in August 2023)
added 1%, while adverse currencies negatively impacted revenue by
1%, resulting in revenue being flat.
Operating income at €405 million (2023: €500 million), mainly due to
identified items of negative €80 million (2023: nil). Identified items in
in € millions
Decorative
Paints EMEA
2,413
2,462
Decorative
Paints Latin
America
(13%)
(14%)
Decorative
Paints Asia
1,107
1,014
1,017
Total
4,300
4,301
Key financial figures
Fourth quarter
Volume
Price/mix
Organic
sales
Acq./div.
Other
Revenue
Revenue development full-year 2024
January-December
Identified items1
Depreciation and amortization,2
in € millions/%
(59%) Operating income
(7%) Adjusted EBITDA1
Adjusted EBITDA margin (%)1
Average invested capital1
Full-year 2024
* Alternative performance measure: For more details on these measures, including explanation
of their use, refer to the Notes to the condensed consolidated financial statements, APM
paragraph.
Operating income at €41 million (2023: €99 million), mainly due to
identified items of negative €33 million (2023: positive €17 million).
Identified items in 2024 mainly contained restructuring related costs,
while identified items in 2023 also included gains from property
divestments.
January-December
Other
Volume
Price/mix
Organic
sales
Acq./div.
ROI (%)1
Revenue
(145)
(150)
3,755
3,921
(19%)
Alternative performance measure: For more details on these measures, including
reconciliation to the most directly comparable IFRS measures and explanation of their use,
refer to the Notes to the condensed consolidated financial statements, APM paragraph.
Excluding identified items.
AkzoNobel | Report for the fourth quarter and full-year 2024
Europe, Middle East and Africa
Q4 organic sales down 1% and revenue up 2%. Organic sales down
mainly due to lower volumes in Western and Central Europe, while
pricing was positive.
Full-year organic sales up 2% and revenue up 2%. Organic sales
growth was due to higher price/mix. Higher volumes in Benelux and
Sub-Saharan Africa, offset by lower volumes in South Eastern
Europe and France.
Latin America
Q4 organic sales up 22% due to higher volumes and positive pricing,
revenue up 29%. Revenue benefited from prior year comparatives,
which contained the full-year impact of the Argentinian peso
devaluation in December 2023. Higher volumes were mainly driven
by strong growth in Brazil. Higher pricing includes inflationary pricing
in Argentina.
Full-year organic sales up 11% and revenue up 6%. Organic sales
growth was driven by positive price/mix. Higher volumes due to
strong growth in Brazil were partly offset by volume decline from a
challenging economic environment in Colombia and Argentina.
Q4 organic sales down 14% and revenue down 13%, driven by
lower demand in China. Solid growth in South East Asia with
Vietnam rebounding, while the China market continued to be
challenging. Continued competitive pricing in China, which
sequentially stabilized versus Q3.
Full-year organic sales down 9% and revenue down 8%, driven by
competitive pricing in China and parts of SESA. Volumes were down
in China from Q2 onwards. High single digit volume growth in SESA
was driven by strength in India and Vietnam.
Going the extra mile to paint the world’s highest motorable village
Residents of three remote villages in India are literally on top of the world after our
products were used to help protect more than 100 homes and several buildings of
cultural significance. The unique “Let’s Colour” project was staged in Komic (the
world’s highest village reachable by a motorable road); Hikkim (home to the world’s
highest post office); and Langza (where marine fossils older than the Himalayas
have been found).
AkzoNobel | Report for the fourth quarter and full-year 2024
Performance Coatings
Highlights Q4 2024
Organic sales up 2% on volumes and pricing; revenue up 4%
Adjusted EBITDA margin increased to 14.4% (2023: 13.5%)
Q4 2024
Organic sales up 2%, with volume growth in Marine and Protective
and Powder, partly offset by weakness in Industrial Coatings and
Automotive and Specialty Coatings. Price/mix was up 1%, with
positive pricing.
Currencies positively impacted revenue by 2%, resulting in revenue
being up 4%.
identified items in 2023 also included gains from property
divestments.
Revenue
Fourth quarter
Gross margin expansion excluding identified items more than offset
operating cost inflation.
Adjusted EBITDA increased to €913 million (2023: €854 million).
Adjusted EBITDA margin increased to 14.2% (2023:13.4%).
Revenue development Q4 2024
in € millions
Powder Coatings
1,377
1,365
Marine and
Protective
Coatings
1,482
1,575
Automotive and
Specialty Coatings
1,422
1,434
Industrial Coatings
2,087
2,036
1,543
1,602
Total
6,368
6,410
* Alternative performance measure: For more details on these measures, including explanation
of their use, refer to the Notes to the condensed consolidated financial statements, APM
paragraph.
January-December
Operating income at €150 million (2023: €155 million), impacted by
identified items of €34 million negative (2023: €10 million negative).
Identified items in 2024 mainly contained restructuring related costs.
Key financial figures
Fourth quarter
Volume
Price/mix Organic
sales
Acq./div.
Other
Revenue
Excluding identified items, operating income increased due to higher
revenue, with stable operating expenses and margins.
Revenue development full-year 2024
Adjusted EBITDA increased to €230 million (2023: €208 million).
Adjusted EBITDA margin increased to 14.4% (2023: 13.5%).
Organic sales up 2% driven by higher volumes in most businesses.
Strong growth in Marine and Protective and low single digit growth in
Powder, along with strong growth for most businesses in China.
Price/mix was flat.
Adverse currencies negatively impacted revenue by 1%, resulting in
revenue being up 1%.
Operating income at €679 million (2023: €698 million), impacted by
identified items of negative €56 million, mainly due to restructuring
related costs (2023: positive €13 million identified items), while
in € millions / %
Identified items1
Depreciation and amortization2
(3%) Operating income
(169)
(178)
Adjusted EBITDA1
Adjusted EBITDA margin (%)1
3,725
3,773
Full-year 2024
January-December
ROI (%)1
Volume
Price/mix Organic
sales
Acq./div.
Average invested capital1
Other
Revenue
Alternative performance measure: For more details on these measures, including
reconciliation to the most directly comparable IFRS measures and explanation of their use,
refer to the Notes to the condensed consolidated financial statements, APM paragraph.
Excluding identified items.
AkzoNobel | Report for the fourth quarter and full-year 2024
Powder Coatings
Q4 organic sales and revenue flat, with volume growth in the
industrial & consumer segment offset by weak demand in automotive
and negative mix.
Full-year organic sales up 1% and revenue down 1%. Organic sales
growth was driven by the industrial & consumer segment and the
architectural segment. Automotive was slightly down on a weak
second half-year.
Marine and Protective Coatings
Q4 organic sales up 13% and revenue up 14%, driven by higher
volumes in all regions and continued strong volume growth in marine
new-build and an increased level of activity in protective North
America.
Full-year organic sales up 8% and revenue up 6%. Organic sales
growth was driven by higher volumes in marine new-build, with
yacht, and protective in South Asia also contributing.
Automotive and Specialty Coatings
Q4 organic sales flat and revenue up 3%, with lower volumes due to
weak demand in automotive and vehicle refinishes, offset by an
increase in price/mix. Aerospace volumes were impacted by OEM
challenges, while the order book is still strong.
Full-year organic sales up 2% and revenue up 1%. Organic sales
growth was mainly driven by higher price/mix. Volumes were down in
vehicle refinishes and automotive, with aerospace flat.
Industrial Coatings
Q4 organic sales down 3%, revenue flat. Organic sales decreased
driven by lower volumes in all segments, while price/mix was stable.
Full-year organic sales down 1% and revenue down 2%. Higher
volumes in packaging and wood adhesives, with coil flat, were more
than offset by lower price/mix in the first half-year, driven by indexed
contracts.
Interpon brings color and style to Egypt’s new capital
How do you protect Egypt’s huge New Administrative Capital near Cairo from
extreme temperatures? With our Interpon powder coatings. We’ve partnered with
Delemar Industrial Group – the region’s largest supplier of facades and architectural
products – and are providing a full range of architectural powder coatings for the
city’s ongoing construction. Designed to work as a hi-tech model for Egypt’s future,
Interpon’s durability will play an important role in the project’s long-term vision.
AkzoNobel | Report for the fourth quarter and full-year 2024
Condensed consolidated financial statements
Condensed consolidated statement of income
Fourth quarter
Condensed consolidated statement of comprehensive income
January-December
in € millions
Fourth quarter
Condensed consolidated balance sheet
in € millions
Profit for the period
2,529
2,619
Revenue
10,668
10,711
(1,505)
(1,593)
Cost of sales
(6,434)
(6,374)
1,024
1,026
Gross profit
4,234
4,337
(831)
(898)
SG&A costs
(3,265)
(3,414)
Other results
Operating income
1,029
(121)
Financing income and expenses
(272)
(102)
Profit before tax
Income tax
(296)
(246)
Profit for the period from continuing
operations
Discontinued operations
Profit/(loss) for the period from discontinued
operations
Profit for the period
December 31,
Intangible assets
4,081
4,049
Property, plant and equipment
1,994
2,122
in € millions
Assets
Continuing operations
Results from associates
December 31,
January-December
Non-current assets
Other comprehensive income
(105)
Exchange differences arising on translation
of foreign operations
Cash flow hedges
(149)
(135)
Post-retirement benefits
Tax relating to components of
other comprehensive income
Other comprehensive income for the
period (net of tax)
(139)
Comprehensive income for the period
Comprehensive income for the period attributable to
Shareholders of the company
Non-controlling interests
Comprehensive income for the period
Right-of-use assets
Other non-current assets
2,137
1,924
Total non-current assets
8,514
8,413
Inventories
1,649
1,721
Trade and other receivables
2,483
2,498
Current tax assets
Short-term investments
1,513
1,302
Current assets
Cash and cash equivalents
Total current assets
6,044
5,836
14,558
14,249
4,546
4,816
Provisions and deferred tax liabilities
1,141
1,032
Long-term borrowings
3,165
3,671
Total non-current liabilities
4,306
4,703
Short-term borrowings
2,398
1,697
Trade and other payables
2,933
2,740
Current tax liabilities
Current portion of provisions
5,706
4,730
14,558
14,249
Total assets
Equity and liabilities
Group equity
Attributable to
Shareholders of the company
Non-controlling interests
Profit for the period
Non-current liabilities
Current liabilities
Total current liabilities
Total equity and liabilities
AkzoNobel | Report for the fourth quarter and full-year 2024
Cash flows
Free cash flow
Consolidated statements of cash flows
Net cash from operating activities in Q4 was an inflow of €398 million
(2023: inflow of €574 million). The lower net inflow is mainly due to
lower payables resulting from inventory reduction.
Net cash from investing activities in Q4 was an outflow of €34 million
(2023: outflow of €112 million). The decreased outflow was mainly
due to net repayment of short-term investments.
Net cash from financing activities in Q4 was an outflow of €1.0 billion
(2023: outflow of €552 million), mainly related to changes from
borrowings, including the redemption of a €500 million bond and a
net decrease of the short-term loan position.
JanuaryDecember
Fourth quarter
in € millions
1,610
1,903
Net cash and cash equivalents at
beginning of period
1,398
1,453
Profit for the period from continuing operations
Consolidated statement of free cash flows
Amortization and depreciation
Fourth quarter
Impairment losses
Financing income and expenses
Results from associates
Pension top-up payments
Other changes in provisions
Net cash generated from/(used for)
operating activities
(114)
(114)
Pre-tax result on acquisitions and divestments
Income tax
Changes in working capital
(206)
Changes in post-retirement benefit provisions
Net debt
Changes in other provisions
Interest paid
(167)
(174)
At December 31, 2024, net debt increased to €3,901 million (2023:
€3,785 million) due to lower net cash generated from operating
activities for the period (€673 million), mainly due to lower payables
resulting from inventory reduction. Net debt/EBITDA at December
31, 2024, was 3.0 (December 31, 2023: 2.7), while net debt /
adjusted EBITDA was 2.6 (December 21: 2023: 2.6).
Income tax paid
(295)
(291)
Other changes
Net cash generated from/(used for)
operating activities
1,126
(114)
(114)
Capital expenditures
(286)
(306)
(101)
Investments in short-term investments
(320)
Repayments of short-term investments
Net debt
in € millions
Short-term investments
Cash and cash equivalents
December 31,
December 31,
The free cash flow in Q4 2024 was lower compared with Q4 2023,
mainly due to lower payables resulting from inventory reduction and
lower EBITDA; EBITDA was impacted by restructuring related costs.
(112)
(265)
(165)
(1,302)
(472)
(901)
Long-term borrowings
3,165
3,671
Short-term borrowings
2,398
1,697
Total
3,785
3,901
(552)
Other changes
(144)
(132)
Changes from borrowings
(459)
(295)
Dividends paid
(368)
(385)
(34) Net cash generated from/(used for)
investing activities
(1,513)
Acquisitions and divestments net of cash
acquired/divested
(1,000) Net cash generated from/(used for)
financing activities
(827)
(684)
(636) Net cash generated from/(used for)
continuing operations
(143)
Buy-out of non-controlling interests
Cash flows from discontinued operations
(637) Net change in cash and cash equivalents
of continuing and discontinued
operations
1,453
1,273
Effect of exchange rate changes on cash and
cash equivalents
Net cash and cash equivalents at
December 31
(148)
1,453
1,273
January-December
in € millions
EBITDA
1,386
1,288
Impairment losses
Pre-tax results on acquisitions and
divestments
Changes in working capital
(206)
Interest paid
(167)
(174)
Income tax paid
(295)
(291)
Other
1,126
Capital expenditures
(286)
(306)
Free cash flow
AkzoNobel | Report for the fourth quarter and full-year 2024
Shareholders’ equity
Shareholders’ equity amounted to €4.6 billion at December 31,
2024, compared with €4.3 billion at year-end 2023. The main
movements in 2024 related to:
• Profit for the period of €542 million
• Currency effects of €132 million (net of taxes)
Offset by movements from:
• Dividend of €338 million
• Actuarial losses of €104 million (net of taxes)
Dividend
The dividend policy remains unchanged and is to pay a stable to
rising dividend.
The final 2023 dividend of €1.54 per common share (2022: €1.54)
was approved at the AGM on April 25, 2024, which resulted in a
total 2023 dividend of €1.98 per share (2022: €1.98).
In 2024, an interim dividend of €0.44 per share was paid (2023:
€0.44). A final 2024 dividend of €1.54 (2023: €1.54) per common
share is proposed.
Outstanding share capital
The outstanding share capital was 170.8 million common shares at
the end of December 2024. The weighted average number of shares
in Q4 2024 was 170.8 million shares.
Consolidated statement of changes in equity
in € millions
Subscribed
share capital
Cash flow
hedge reserve
Other (legal)
reserves and
undistributed
profit
Cumulative
translation
reserves
Shareholders’
equity
Noncontrolling
interests
Group equity
Balance at December 31, 2022
(656)
4,936
4,333
4,548
Profit for the period
Reclassification into the statement of income
Other comprehensive income/(expense)
(149)
(211)
(218)
Tax on other comprehensive income
Comprehensive income for the period
Dividend
(338)
(338)
(363)
Share buyback
Equity-settled transactions
Balance at December 31, 2023
(711)
4,948
4,322
4,546
Balance at December 31, 2023
(711)
4,948
4,322
4,546
Profit for the period
Other comprehensive income/(expense)
(135)
Tax on other comprehensive income
Comprehensive income for the period
Dividend
(338)
(338)
(385)
Share buyback
Equity-settled transactions
Acquisitions and divestments
Balance at December 31, 2024
(579)
5,068
4,574
4,816
AkzoNobel | Report for the fourth quarter and full-year 2024
Invested capital
Operating working capital (trade)
Invested capital* at December 31, 2024, totaled €8.3 billion, up €0.5
billion from year-end 2023. This increase was mainly caused by
higher trade working capital (mainly due to lower payables),
investments in property, plant and equipment and lower current tax
liabilities.
Operating working capital (trade)* was €1.6 billion at December 31,
2024 (December 31, 2023: €1.5 billion).
Invested capital
December 31,
December 31,
Trade receivables
2,187
2,144
Inventories
1,649
1,721
Trade payables
(2,312)
(2,220)
Operating working capital (trade)
1,524
1,645
(402)
(137)
8,514
8,413
(216)
(227)
(1,017)
(929)
in € millions
Other working capital items
Non-current assets
Less investments in associates
Less pension assets
Deferred tax liabilities
Invested capital
(557)
(491)
7,846
8,274
Operating working capital (trade) as a percentage of revenue was
15.7% in Q4 2024, compared with 15.1% in Q4 2023, driven by
lower trade payables and higher inventories, partly offset by lower
trade receivables.
Operating working capital (trade)
As % of revenue
Q2 24
Q3 24
Q4 23
Q1 24
Q4 24
* Alternative performance measures: For more details on these measures, refer to the Notes to
the condensed consolidated financial statements, APM paragraph.
AkzoNobel’s largest European solar energy plant goes live in Poland
A major solar energy plant – our largest in Europe – has been installed at the Pilawa
site in Poland, further powering the company’s efforts to transition all production
locations to renewable electricity. Covering nearly three hectares (around the size of
four football pitches), there are 3,551 solar panels, with an installed capacity of 1.9
MWp. They’ll provide nearly a quarter of the decorative paints facility’s electricity
needs.
AkzoNobel | Report for the fourth quarter and full-year 2024
Notes to the condensed consolidated financial statements
General information
Akzo Nobel N.V. is a public limited liability company headquartered in
Amsterdam, the Netherlands. The interim condensed consolidated
financial statements include the condensed financial statements of
Akzo Nobel N.V. and its consolidated subsidiaries (in this document
referred to as “AkzoNobel”, “the Group” or “the company”). The
company was incorporated under the laws of the Netherlands and is
listed on Euronext Amsterdam.
Basis of preparation
All figures in this report are unaudited. The interim condensed
consolidated financial statements were discussed and approved by
the Board of Management and the Supervisory Board. These interim
condensed financial statements have been authorized for issue.
The interim condensed consolidated financial statements should be
read in conjunction with AkzoNobel’s consolidated financial
statements in the 2023 annual report as published on February 28,
2024. The 2023 financial statements were adopted by the Annual
General Meeting of shareholders on April 25, 2024. In accordance
with Article 393 of Book 2 of the Dutch Civil Code,
PricewaterhouseCoopers Accountants N.V. has issued an
unqualified auditor’s opinion on the 2023 financial statements.
in AkzoNobel’s consolidated financial statements for the year ended
December 31, 2023, except for IFRS Accounting Standards as
adopted by the European Union becoming effective on January 1,
2024. This includes, among others, amendments to IAS 1
“Classification of Liabilities as Current or Non-current and Noncurrent Liabilities with Covenants”, amendments to IFRS 16 “Lease
Liability in a Sale and Leaseback” and amendments to IAS 7 and
IFRS 7 “Disclosures: Supplier Finance Arrangements”.
These changes have been assessed for their potential impact. It was
concluded that these changes do not have a material effect on
AkzoNobel’s consolidated financial statements.
The interim condensed consolidated financial statements have been
prepared in accordance with, and containing the information
required by IFRS Accounting Standards as issued by the
International Accounting Standards Board as adopted by the
European Union (EU-IFRS), IAS 34 “Interim Financial Reporting”.
Seasonality
Revenue and results in Decorative Paints are impacted by seasonal
influences. Revenue and profitability tend to be higher in the second
and third quarter of the year as weather conditions determine
whether paints and coatings can be applied.
In Performance Coatings, revenue and profitability vary, among
others, with building patterns from original equipment manufacturers.
Other activities
In Other activities, we report activities which are not allocated to a
particular segment.
Revenue disaggregation
The table below reflects the disaggregation of revenue. Additional
disaggregation of revenue is included on the respective pages of
Decorative Paints and Performance Coatings.
In 2024, Pillar Two regulation came into force. The implementation
did not have a material impact on the effective tax rate.
Revenue disaggregation
January-December 2024
The full-year 2024 numbers included in the interim condensed
consolidated financial statements are derived from the consolidated
financial statements 2024. The consolidated financial statements
2024 have not yet been audited nor published by law, and still have
to be adopted by the Annual General Meeting of shareholders. The
consolidated financial statements will be published on February 26,
2025.
in € millions
Decorative Paints
Performance Coatings
Other
2,240
2,487
4,727
North Asia
1,209
1,668
South East and South Asia
1,311
1,363
1,363
1,313
4,301
6,410
10,711
4,237
6,196
10,433
4,301
6,410
10,711
The Netherlands
Other EMEA countries
North America
Latin America
Total
Accounting policies
Timing of revenue recognition
The material accounting policies applied in the interim condensed
consolidated financial statements are consistent with those applied
Services transferred over time
Goods transferred at a point in time
Total
Total
AkzoNobel | Report for the fourth quarter and full-year 2024
Hyperinflation accounting (Türkiye and
Argentina)
Financial risk management
For Türkiye and Argentina, hyperinflation accounting is applied. The
impact of the application of hyperinflation accounting, which includes
the use of end of period rates to translate the statement of the
income statement, is shown in the table below.
Hyperinflation accounting
Fourth quarter
January-December
(8) Operating income
Revenue
Hyperinflation: gain/loss on net monetary
position
Other financing income/expenses
(15) Profit before tax
Income tax
(21) Profit for the period
in € millions
Non-controlling interests
(18) Net income
Hyperinflation impact on adjusted EBITDA year-to-date was €28
million negative (2023: €55 million negative); the impact for Q4 was
€3 million negative (2023: €23 million negative).
Workforce
At December 31, 2024, the number of employees was 34,600
(September 30, 2024: 35,400).
Pensions
The net balance sheet position (according to IAS19) of the pension
plans at the end of Q4 was a surplus of €0.6 billion (year-end 2023:
surplus of €0.7 billion). The development during 2024 was mainly the
net effect of higher discount rates and lower plan asset returns in key
countries.
The consolidated financial statements for the year ended
December 31, 2023, provide a description of the financial risks faced
by the company in its regular operations, as well as the policies and
procedures established to mitigate these risks.
The risks, policies and procedures outlined in the consolidated
financial statements are still applicable and relevant.
The carrying amount of the financial assets and current liabilities is a
reasonable approximation of their fair value. The fair value of total
borrowings as at December 31, 2024, was €5,256 million (December
31, 2023: €5,405 million); the carrying amount measured at
amortized cost was €5,368 million (December 31, 2023: €5,563
million).
During the year there have been no material changes in the fair value
hierarchy.
Related parties
AkzoNobel traded goods and services with various related parties in
which we hold a 50% or less equity interest (associates). We
consider the members of the Executive Committee and the
Supervisory Board to be the key management personnel as defined
in IAS 24 “Related parties”.
In the ordinary course of business, we have transactions with various
organizations with which certain members of the Supervisory Board
and Executive Committee are associated.
Alternative performance measures
In presenting and discussing AkzoNobel’s operating results,
management uses certain alternative performance measures (APM)
not defined by IFRS Accounting Standards. Management considers
these alternative performance measures to be relevant
supplementary indicators of the company’s performance. These or
similar measures are widely used in the industry to assess
operational performance, developments and positions. Management
believes that reporting these measures supports readers’
understanding of, among others, the company’s sales performance,
profitability, financial strength and funding requirements.
Alternative performance measures should not be viewed in isolation
as alternatives to the equivalent IFRS measures. Rather, they should
be used as supplementary information in conjunction with the most
directly comparable IFRS measures. Alternative performance
measures do not have a standardized meaning under IFRS
Accounting Standards and therefore may not be comparable to
similar measures presented by other companies.
Explanations and reconciliations of the alternative performance
measures to the most directly comparable IFRS measures can be
found in this paragraph.
Identified items
Identified items are special charges and benefits, (post) acquisition
and divestment related items, major restructuring and impairment
charges, charges and benefits related to major legal, legacy,
environmental and tax cases, and hyperinflation accounting
adjustments for inventory positions that exceed normal operational
levels.
Since Q2 2024, “hyperinflation accounting adjustments for inventory
positions that exceed normal operational levels” have been added to
the definition of identified items. With this change, the most
excessive shifts between financing income and operating income are
taken out and the alternative performance measures provide a better
view of the underlying business performance in hyperinflationary
environments. Prior period figures have not been restated, as the
impact for prior periods was immaterial.
Identified items are excluded when calculating adjusted operating
income, adjusted EBITDA, adjusted EBITDA margin, return on
investments (ROI) and adjusted earnings per share (EPS).
Adjusted EBITDA and Adjusted operating income
Adjusted EBITDA is operating income excluding depreciation,
amortization and identified items. Adjusted operating income is
operating income excluding identified items.
The measures are used to evaluate the performance of the company
and its segments. By excluding identified items, the comparability of
the operational results increases and financial performance can be
evaluated more effectively.
Management views adjusted EBITDA and adjusted operating income
as appropriate measures for (segment) performance.
AkzoNobel | Report for the fourth quarter and full-year 2024
Adjusted EBITDA margin
Free cash flow
Capital expenditures
Adjusted EBITDA margin is an operational profit margin. Adjusted
EBITDA margin is adjusted EBITDA as a percentage of revenue. The
measure provides a clear picture of (the development of) profitability.
AkzoNobel reports on free cash flow as management believes it to
be a useful measure to provide additional insight into the cash
generating capability of its operations. A reconciliation of free cash
flow to the most directly comparable IFRS measure is available in the
condensed consolidated financial statements.
Fourth quarter
Adjusted EBITDA margin
Fourth quarter
January-December
Decorative Paints
Performance Coatings
Capital expenditures
Capital expenditures is the total of investments in property, plant and
equipment and investments in intangible assets. Reporting on capital
expenditures gives insight into the total investments in fixed assets.
Other activities*
Total
January-December
in € millions
Purchase of property, plant and equipment
Purchase of intangible assets
Capital expenditures
Organic sales
Organic sales exclude the impact of changes in consolidation, the
impact of changes in foreign exchange rates and the impact of
hyperinflation accounting.
* Adjusted EBITDA margin for Other activities is not shown, as this is not meaningful
The impact of changes in foreign exchange rates is calculated by retranslating the prior year local currency amounts into euros at the
current year’s foreign exchange rates.
Operating income to adjusted EBITDA
January – December 2023
January – December 2024
Decorative
Paints
Performance
Coatings
Other
activities
Decorative
Paints
Performance
Coatings
Other
activities
Total
in € millions
(169)
1,029
Operating income
(167)
Restructuring-related costs
(144)
Acquisition/divestment-related
costs
Hyperinflation
Other
(196)
1,113
(111)
1,074
(145)
(169)
(355)
1,429
Total identified items
Total
Adjusted operating income
(107)
Depreciation and amortization*
(150)
(178)
(365)
Adjusted EBITDA
1,478
* Excluding identified items.
Operating income to adjusted EBITDA
Fourth quarter 2023
Fourth quarter 2024
Decorative
Paints
Performance
Coatings
Other
activities
Total
Decorative
Paints
Performance
Coatings
Other
activities
Total
Operating income
Restructuring-related costs
Acquisition/divestment-related
costs
Hyperinflation
Other
Total identified items
(100)
in € millions
Adjusted operating income
Depreciation and amortization*
Adjusted EBITDA
* Excluding identified items
Organic sales comparison provides a better understanding of
underlying revenue growth factors. Reconciliation to the
development of revenue is available in the financial highlights (for
consolidated revenues), as well as in the Decorative Paints and
Performance Coatings sections.
Operating working capital (trade)
Operating working capital is defined as the sum of inventories, trade
receivables and trade payables. When expressed as a ratio,
operating working capital is measured against four times last quarter
revenue. A reconciliation of operating working capital to the most
directly comparable IFRS measure is available in the condensed
consolidated financial statements.
Management uses Operating working capital to evaluate our cash
flow management, identify opportunities to improve efficiency in
generating cash and ensure that we maintain low balances to
minimize our need for excess cash reserves.
Adjusted earnings per share
Adjusted earnings per share is used to provide additional insight into
the underlying profitability of the company. It helps with comparing
performance over time, as well as to industry benchmarks and
peers.
AkzoNobel | Report for the fourth quarter and full-year 2024
Adjusted earnings per share from continuing operations
Fourth quarter
Return on investment (ROI)
January-December
Identified items reported in operating
income
Identified items reported in interest
in € millions
Profit from continuing operations
in € millions
Decorative Paints
Operating income
1,029
Performance Coatings
Depreciation and amortization*
Identified items reported in income tax
Non-controlling interests
Adjusted net income from continuing
operations
170.6
170.8
170.6
170.7
Adjusted earnings per share from
continuing operations
(Average) invested capital
Average invested capital is the average of the quarter-end invested
capital balances for the last four quarters. Invested capital is total
assets (excluding cash and cash equivalents, short-term
investments, investments in associates, pension assets, assets held
for sale) less current tax liabilities, deferred tax liabilities and trade
and other payables.
Average invested capital
January 2023 – December 2023/January 2024 – December 2024
Identified items
Total
January 2023 – December 2023/January 2024 – December 2024
Adjusted gross profit is revenue less cost of sales, excluding
identified items. Adjusted gross margin is adjusted gross profit as a
percentage of revenue. This measure provides insight into profit
development excluding SG&A costs.
in € millions
Net debt*
3,785
3,901
Net debt/EBITDA
Net debt/Adjusted EBITDA
By excluding identified items, the comparability of the gross margin
development increases and financial performance can be evaluated
more effectively.
Adjusted gross margin
Fourth quarter
1,024
1,026
3,921
1,029
1,055
Performance Coatings
3,725
3,773
8,233
8,350
Gross profit
Identified items
Adjusted gross profit
Adjusted gross margin
4,234
4,337
4,257
4,410
Leverage ratio(s)
Consistent with other companies in the industry, management
monitors capital headroom based on the leverage ratio net debt/
(adjusted) EBITDA.The leverage ratios are calculated based on the
net debt per balance sheet position divided by (adjusted) EBITDA of
the last 12 months.
EBITDA
January 2023 – December 2023/January 2024 – December 2024
in € millions
Operating income
1,029
EBITDA
Outlook*
For the mid-term, AkzoNobel aims to expand profitability to deliver
an adjusted EBITDA margin of above 16% and a return on
investment between 16% and 19%, underpinned by organic growth
and industrial excellence.
Depreciation and amortization
* Breakdown of net debt is available in the net debt paragraph in the condensed consolidated
financial statements section.
Based on current market conditions and constant currencies,
AkzoNobel expects to deliver 2025 adjusted EBITDA above €1.55
billion.
January-December
ROI is adjusted operating income of the last 12 months as a
percentage of average invested capital. Management uses ROI to
assess the efficiency of investments and make informed decisions on
how to allocate capital to maximize returns and drive long-term
growth.
1,478
Leverage ratios
3,755
Return on investment (ROI)
1,429
Adjusted gross margin
Decorative Paints
Management uses average invested capital to assess the total
amount of capital invested over the last 12 months.
Adjusted EBITDA
* Excluding identified items.
* ROI for Other activities is not shown, as this is not meaningful.
in € millions
Total
January 2023 – December 2023/January 2024 – December 2024
Other activities
Adjusted EBITDA
January 2023 – December 2023/January 2024 – December 2024
Other activities*
Weighted average number of shares (in
millions)
1,386
1,288
The company targets leverage below 2.5 times net debt/adjusted
EBITDA (below 2.9 times net debt/EBITDA) by the end of 2025 and
around 2 times in the mid-term, while remaining committed to
retaining a strong investment grade credit rating.
*Outlook is based on organic volumes and constant currencies, and assumes no significant
market disruptions
Amsterdam, January 28, 2025
The Board of Management
Greg Poux-Guillaume
Maarten de Vries
AkzoNobel | Report for the fourth quarter and full-year 2024
Quarterly statistics
Full-year
1,046
1,147
1,611
1,594
1,121
4,300
1,620
1,543
6,368
2,657
2,741
2,741
2,529
10,668
(127)
1,386
in € millions
Full-year
Decorative Paints
1,056
1,139
1,089
1,017
4,301
Performance Coatings
1,584
1,645
1,579
1,602
6,410
2,640
2,784
2,668
2,619
10,711
Decorative Paints
Performance Coatings
Other activities
(130)
Total
1,288
Revenue
Other activities
Total
EBITDA*
Adjusted EBITDA (excluding Identified items)*
Decorative Paints
Performance Coatings
Other activities
1,429
Total
1,478
Adjusted EBITDA margin (in %)
Depreciation/Depreciation excluding Identified items
(30)/(30)
(29)/(29)
(31)/(31)
(33)/(33)
(123)/(123) Decorative Paints
(30)/(30)
(31)/(31)
(33)/(32)
(33)/(33)
(127)/(126)
(33)/(33)
(34)/(33)
(34)/(34)
(35)/(34)
(136)/(134) Performance Coatings
(35)/(35)
(37)/(36)
(39)/(35)
(38)/(38)
(149)/(144)
(4)/(4)
(6)/(5)
(4)/(5)
(4)/(4)
(67)/(67)
(69)/(67)
(69)/(70)
(72)/(71)
(18)/(18) Other activities
(277)/(275) Total
(4)/(4)
(5)/(5)
(4)/(4)
(4)/(4)
(17)/(17)
(69)/(69)
(73)/(72)
(76)/(71)
(75)/(75)
(293)/(287)
Amortization/Amortization excluding Identified items
(5)/(5)
(5)/(5)
(6)/(6)
(6)/(6)
(22)/(22) Decorative Paints
(6)/(6)
(6)/(6)
(6)/(6)
(6)/(6)
(24)/(24)
(9)/(9)
(8)/(8)
(9)/(9)
(8)/(9)
(34)/(35) Performance Coatings
(9)/(9)
(8)/(8)
(9)/(9)
(8)/(8)
(34)/(34)
(6)/(6)
(6)/(6)
(5)/(5)
(7)/(6)
(20)/(20)
(19)/(19)
(20)/(20)
(21)/(21)
(24)/(23) Other activities
(80)/(80) Total
(5)/(5)
(5)/(5)
(5)/(5)
(5)/(5)
(20)/(20)
(20)/(20)
(19)/(19)
(20)/(20)
(19)/(19)
(78)/(78)
* Alternative performance measures: For more details on these measures, including reconciliations to the most directly comparable IFRS measures and explanation of their use, refer to the Notes
to the condensed consolidated financial statements, APM paragraph.
AkzoNobel | Report for the fourth quarter and full-year 2024
Quarterly statistics
Full-year
in € millions
Full-year
Operating income
Decorative Paints
Performance Coatings
(169)
Other activities
(167)
1,029
Total
Identified items included in operating income
Decorative Paints
Performance Coatings
Other activities
(45) Total
(100)
(196)
Adjusted operating income (excluding Identified items)*
Decorative Paints
Performance Coatings
(111)
Other activities
(107)
1,074
Total
1,113
Reconciliation financing income and expenses
(192)
Financing income
Financing expenses
(187)
(123) Net interest on net debt
(126)
Other interest
Financing income related to post-retirement benefits
Interest on provisions
(181)
Other items
(149) Net other financing charges
(121)
(272) Financing income and expenses
(102)
* Alternative performance measures: For more details on these measures, including reconciliations to the most directly comparable IFRS measures and explanation of their use,
refer to the Notes to the condensed consolidated financial statements, APM paragraph.
AkzoNobel | Report for the fourth quarter and full-year 2024
Quarterly statistics
Full-year
Full-year
Quarterly net income analysis (in € millions)
Profit before tax
Results from associates
(106)
(296)
Income tax
(246)
Profit for the period from continuing operations
Effective tax rate (in %)
Earnings per share from continuing operations (in €)
Basic
Diluted
Earnings per share from discontinued operations (in €)
(0.01)
(0.01)
(0.02)
(0.03)
Basic
(0.01)
(0.01)
(0.01)
(0.02)
(0.03)
Diluted
(0.01)
Earnings per share from total operations (in €)
Basic
Diluted
170.5
170.6
170.6
170.6
170.6
Weighted average number of shares1
170.6
170.7
170.8
170.8
170.7
170.6
170.6
170.6
170.6
170.6
Number of shares at end of quarter1
170.6
170.8
170.8
170.8
170.8
Number of shares (in millions)
Adjusted earnings from continuing operations (in € millions)*
Profit from continuing operations
Identified items reported in operating income
Identified items reported in interest
Identified items reported in income tax
Non-controlling interests
Adjusted net income from continuing operations
Adjusted earnings per share from continuing
operations (in €)
Alternative performance measure: For more details on this measure, including reconciliations and explanation of its use, refer to the Notes to the consolidated financial statements, APM paragraph.
AkzoNobel | Report for the fourth quarter and full-year 2024
Glossary
Adjusted earnings per share are the basic earnings per share
from continuing operations, excluding Identified items and taxes
thereon.
Adjusted EBITDA is operating income excluding depreciation,
amortization and Identified items.
Adjusted EBITDA margin is adjusted EBITDA as percentage of
revenue.
Adjusted operating income is operating income excluding
Identified items.
Capital expenditures is the total of investments in property, plant
and equipment and investments in intangible assets.
Comprehensive income is the change in equity during a period
resulting from transactions and other events other than those
changes resulting from transactions with shareholders in their
capacity as shareholders.
Constant currencies calculations exclude the impact of changes in
foreign exchange rates by retranslating the prior year local currency
amounts into euros at the current year’s foreign exchange rates.
EBITDA is operating income excluding depreciation and
amortization.
EBITDA margin is EBITDA as a percentage of revenue.
EMEA is Europe, Middle East and Africa.
Free cash flow is net cash generated from/(used for) operating
activities minus capital expenditures.
Huarun is the acquired Chinese decorative paints business of
Sherwin-Williams.
Identified items are special charges and benefits, (post) acquisition
and divestment related items, major restructuring and impairment
charges, charges and benefits related to major legal, environmental
and tax cases, and hyperinflation accounting adjustments for
inventory positions that exceed normal operational levels.
Invested capital is total assets (excluding cash and cash
equivalents, short-term investments, investments in associates,
pension assets, assets held for sale) less current tax liabilities,
deferred tax liabilities and trade and other payables.
SG&A costs include selling and distribution expenses, general and
administrative expenses and research, development and innovation
expenses.
SESA is South East and South Asia and includes the Pacific.
Safe harbor statement
Average invested capital is the average of the quarter-end
invested capital balances for the last four quarters.
Latin America excludes Mexico.
Leverage ratio(s) are calculated as net debt divided by (adjusted)
EBITDA, which is calculated as the total of the last 12 months.
Net debt is defined as long-term borrowings plus short-term
borrowings less cash and cash equivalents and short-term
investments.
North America includes Mexico.
North Asia includes, among others, China, Japan and South Korea.
Operating income is defined as income excluding net financing
expenses, results from associates, income tax and profit/loss from
discontinued operations. Operating income includes the share of
non-controlling interests. Operating income includes Identified items
to the extent these relate to lines included in operating income.
Operating working capital (trade) is defined as the sum of
inventories, trade receivables and trade payables. When expressed
as a ratio, operating working capital is measured against four times
last quarter revenue.
Organic sales compares sales between periods, excluding the
impact of changes in consolidation, the impact of changes in foreign
exchange rates and the impact of hyperinflation accounting. Refer to
“Constant currencies” for details on the calculation of the foreign
exchange rate impact.
Other working capital is defined as other receivables, plus current
tax assets, less other payables and current tax liabilities.
ROI is adjusted operating income of the last 12 months as
percentage of average invested capital.
This report contains statements which address such key issues as
AkzoNobel’s growth strategy, future financial results, market
positions, product development, products in the pipeline and
product approvals. Such statements should be carefully considered,
and it should be understood that many factors could cause forecast
and actual results to differ from these statements. These factors
include, but are not limited to, price fluctuations, currency
fluctuations, developments in raw material and personnel costs,
pensions, physical and environmental risks, legal issues, and
legislative, fiscal, and other regulatory measures, as well as
significant market disruptions such as the impact of pandemics.
Stated competitive positions are based on management estimates
supported by information provided by specialized external agencies.
For a more comprehensive discussion of the risk factors affecting our
business, please see our latest annual report.
Brand and trademarks
In this report, reference is made to brands and trademarks owned
by, or licensed to, AkzoNobel. Unauthorized use of these is strictly
prohibited.
AkzoNobel | Report for the fourth quarter and full-year 2024
Akzo Nobel N.V.
Christian Neefestraat 2
P.O. Box 75730
1070 AS Amsterdam, the Netherlands
http://www.akzonobel.com
For more information:
The explanatory sheets used during the press conference can be
viewed on AkzoNobel’s corporate website: http://www.akzonobel.com
Since 1792, we’ve been supplying the innovative paints and coatings
that help to color people’s lives and protect what matters most.
Our world class portfolio of brands – including Dulux, International,
Sikkens and Interpon – is trusted by customers around the globe.
We’re active in more than 150 countries and use our expertise to
sustain and enhance everyday life. Because we believe every
surface is an opportunity. It’s what you’d expect from a pioneering
and long-established paints company that’s dedicated to providing
more sustainable solutions and preserving the best of what we have
today – while creating an even better tomorrow. Let’s paint the
future together.
For more information, please visit http://www.akzonobel.com.
© 2025 Akzo Nobel N.V. All rights reserved.
AkzoNobel Global Communications
AkzoNobel Investor Relations
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Report for the first quarter 2025
Annual General Meeting of shareholders
Ex-dividend date of 2024 final dividend
Record date of 2024 final dividend
Payment of 2024 final dividend
February 26, 2025
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April 25, 2025
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April 30, 2025
May 7, 2025