AkzoNobel delivers 9% revenue growth in Q4

Akzo Nobel has published results for fourth quarter and full-year 2021.

Highlights Q4 2021 (compared with Q4 2020)

• Pricing up 12.5%; December pricing up 14%

• Revenue up 9% and 7% higher in constant currencies¹. Compared with Q4 2019*, revenue was up 12% in constant currencies

• Volumes 6% lower, flat compared with Q4 2019

• Operating income at €205 million (2020: €243 million)

• Adjusted operating income² at €209 million (2020: €294 million) despite raw material and other variable costs increases of €325 million

• €1 billion share buyback completed in January 2022

• €500 million share buyback announced, to be completed by Q1 2023• Final dividend proposed of €1,54 per share (2020: €1,52 per share)

Highlights full-year 2021 (compared with full-year 2020)

• Pricing up 7%

• Revenue up 12% and 14% higher in constant currencies. Compared with 2019, revenue up 9% in constant currencies

• Operating income up 16% at €1,118 million (2020: €963 million)

• Adjusted operating income at €1,092 million (2020: €1,099 million) despite raw material and other variable costs increases of €769 million

*The 2019 comparatives are included in this release to allow for proper comparison in light of the COVID-19 impact in 2020.

AkzoNobel CEO, Thierry Vanlancker, commented:

"With our full-year 2021 results we delivered a sixth consecutive quarter of revenue growth. Our teams were quick to act with strong pricing in response to around 770 million euros of raw material inflation. This extraordinary achievement allowed us to deliver a 2021 profit in line with prior year. As we continue to drive forward, we are on track to offset this headwind by Q1 2022.

"I’m proud of the resilience of our people and the energy we’re putting into delivering on our Grow & Deliver strategy. AkzoNobel being named a Top Employer in eight countries this year is a great example of how our organization is well placed to deal with the challenging business environment. At the same time, we’re continuing with our widely recognized People. Planet. Paint. approach and are setting the standard by being the first paints and coatings company to have sustainability targets officially validated by the Science Based Targets initiative.”