International. In 2024, after a year of double-digit growth in 2023, organic revenue growth in 2024 was -1.3%, mainly affected by a decline in marina sales, driven by various factors, such as price adjustments and the postponement of ship berths. Hempel's revenue in 2024 amounted to €2,185 million.
"I am pleased with Hempel's performance in 2024, a year in which we delivered the best net result to date with adjusted EBITDA of €392 million, and improved our free cash flow by more than €100 million since 2023, to reach €139 million," says Michael Hansen, Group President and CEO of Hempel A/S. "We remain committed to long-term sustainable growth. Our ambition is to manage a highly profitable business that allows us to reinvest in Hempel and contribute positively to society through our brands and technologies. We advanced our strategic ambitions during 2024, executing on the plans we had for the year, and we are deeply committed to the future. I thank our dedicated Hempel colleagues around the world for their dedication and effort over the past year."
In 2025, Hempel forecasts mid-single-digit organic revenue growth and an EBITDA margin of more than 17%.
Cutting-edge sustainable innovation
"Future success in the paints and coatings industry will be defined by revolutionary technologies and innovation," says Michael Hansen. "To advance this path, we have established a new Technology function that encompasses Research and Development, Procurement and Sustainability. This ensures an even closer connection between our customers' needs, sustainability and product development."
In the maritime sector, Hempel launched Hempaguard Ultima, a new silicone coating system to improve the performance of ships' hulls. Hempel works tirelessly to accelerate the decarbonisation of shipping, and its range of Hempaguard solutions is key to this goal. The industry-wide transition to silicone technologies helped Hempel record a year in sales volume for its Hempaguard solutions. In 2024, sales in the maritime sector decreased by 5.8% organically, due to various factors, such as the postponement of ship berths, mainly related to the Red Sea crisis. Revenue for the year reached €709 million, the second-highest figure recorded to date for the sector, only surpassed by record sales in 2023.
In the energy and infrastructure segment, Hempel's solutions extend the life of critical assets, reducing costs and emissions for its customers. In 2024, Hempel launched the new Avantguard solution for infrastructure assets that require long-term protection in high-corrosive environments. Sales in Energy & Infrastructure grew by 0.1% organically during the year, reaching €823 million. Growth in Energy was driven by the oil and gas sector and the strong overall performance in the Middle East. Despite difficult market conditions in the renewable energy sector in Europe, Hempel maintained its strong leadership position in wind tower coatings. Sales in Infrastructure decreased, mainly due to global macroeconomic instability.
In decoration, sales grew by 2.4% organically, reaching 653 million euros. This was achieved primarily through increased market share in the face of moderating construction activity and lower consumer demand due to the rising cost of living, highlighting the strength of Hempel's brand portfolio. Following the divestment of two of its white-label businesses, JW Ostendorf and Renaulac, Hempel focused its strategy on growing its full-service brand businesses with Crown Paints, Wattyl, Hempel and Farrow & Ball.
