AkzoNobel is down more than 4% in Amsterdam, after the chemicals group announced an adjusted EBITDA up 19% to 363 million euros, representing an improved adjusted EBITDA margin of 2.3 points to 13.8% on revenues down 1% to 2.64 billion.

In organic terms, however, the Dutch group saw its sales rise by 2%, driven by volume growth in its paints and coatings segment, despite what it sees as persistently mixed markets.

Based on current market conditions and constant exchange rates, AkzoNobel is targeting adjusted EBITDA of between 1.5 and 1.65 billion euros in 2024, while reducing its debt to around 2.3 times net debt/EBITDA by the end of the year.

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