In 2024, Hempel achieved its strongest bottom-line result ever, in a defining year, which saw it welcome CVC as minority investor and strategic partner, alongside its majority owner, the Hempel Foundation.

Following a year of double-digit growth in 2023, organic revenue growth in 2024 was -1.3%, impacted primarily by a decline in Marine sales, driven by a number of factors, including price adjustments and the postponement of vessel dockings. Hempel’s revenue in 2024 was €2,185 million.

“I am satisfied with Hempel’s 2024 performance, a year in which we delivered the best bottom-line result to date with an adjusted EBITDA of €392 million and improved our free cash flow by over €100 million since 2023, to €139 million,” said Michael Hansen, group president and CEO of Hempel A/S.

“We remain steadfast in our commitment to long-term sustainable growth,” Hansen added. “Our ambition is to run a highly profitable business that enables us to reinvest in Hempel and contribute positively to society through our brands and technologies. We progressed with our strategic ambitions during 2024, executing on the plans we had for the year, and we are deeply committed to the road ahead. I extend my thanks to our dedicated Hempel colleagues around the world for their commitment and efforts during the past year.”

In 2025, Hempel expects to deliver mid-single-digit organic revenue growth and an EBITDA margin above 17%.