SG&A Reductions Ahead of Schedule
Over 70% of the targeted 2,200 SG&A reductions are already effective, with further reductions planned by mid-year. This has helped offset wage and cost inflation, contributing to stable OpEx year-on-year.
Successful Bond Issuance
Successfully issued a EUR 500 million 10-year bond at 4% in March, securing long-term funding at attractive terms ahead of market volatility.
Marine and Protective Coatings Growth
Marine and Protective segments delivered double-digit volume growth, with continued momentum in marine new build and protective coatings.
Resilience in China Market
China's performance was better than expected with a solid improvement, counter to anticipated double-digit declines.