Jotun Q1 Report 2024

Highlights

• Good sales growth
• Double-digit earnings growth
• Positive gross margin development
• Persistent uncertainty in outlook

Operating revenue and profit Operating revenue increased by 5 per cent to NOK 10 897 million in the first four months of 2024 (2023: NOK 10 389 million). Adjusted for negative currency translation effects, mainly due to a weakening of Turkish Lira, Chinese Yuan, and the Egyptian Pound relative to the Norwegian krone, the underlying sales growth was 9 per cent.

Operating Cash flow Operating activities generated a positive cash flow of NOK 312 million as of April 2024 (2023: NOK 369 million). The decrease in operating cash flow compared to last year is mainly attributable to increased working capital.

Net interest-bearing debt The net interest-bearing debt for the Group was NOK 142 million as of 30 April 2024, compared to NOK -1 184 million as of 31 December 2023. The increase in net interest-bearing debt is driven by reduced cash balance which is attributable to build-up of working capital and dividends paid to Jotun A/S shareholders. Despite an increase in netinterest bearing debt, the Group has a solid financial position with a net interest-bearing debt to EBITDA ratio of 0.02.