Jotun Full-Year Report 2023

Sales continued to grow in the fourth quarter of 2023, with operating income increasing nine percent compared to the same period in 2022. Adjusted for currency translation effects, the underlying sales growth was 11 percent.

The positive sales development was driven by a combination of volume growth, higher average selling prices, and positive mix effects. Sales growth was particularly strong in the Protective segment, but the Decorative and Powder segments also delivered solid topline growth. Sales in the Marine segment were also solid, but growth was more modest, mainly due to strong sales in the same period last year.

Sales increased in all regions in the fourth quarter, apart from Western Europe and Scandinavia (WESCA) and the Americas, where sales showed a decline. In WESCA, lower sales are mainly explained by continued weakness in the market for decorative paints in Scandinavia.