Jotun Q1 Revenue Hits USD 803 Million with 6.4 Percent Growth Amid Global Uncertainty

Jotun Group started 2025 with solid momentum, posting Q1 sales of NOK 8.571 billion (approx. USD 803.6 million), reflecting a 6.4% year-on-year increase. After adjusting for currency effects, revenue was up 6.1%, fueled primarily by volume growth and premium product sales, especially in decorative coatings.

All divisions contributed to the positive performance, with Northeast Asia standing out. Strong newbuild demand in China and South Korea significantly lifted sales in marine coatings. Operating profit reached NOK 1.89 billion, up 3.9%, driven by higher revenue and gross profit, despite a slight drop in margin compared to last year.

Cost pressure remained manageable this quarter, especially compared to 2024 Q1, when currency devaluation in Egypt led to a NOK 252 million loss. Last year’s earnings were also impacted by USD-denominated loans, which had a negative NOK 189 million effect.

Looking ahead, Jotun remains cautiously optimistic. The company expects revenue to maintain its upward trajectory in 2025, though profit margins may tighten due to intensifying price competition. While raw material costs are expected to stay flat in the near term, rising geopolitical and economic uncertainty—especially surrounding U.S. tariff hikes and retaliatory trade measures—poses potential risks to global operations.

So far, the direct impact of American tariffs on Jotun remains limited, with less than 1% of revenue coming from the U.S. Jotun’s localized production model and diversified global footprint, spanning over 100 countries with 67 companies and 40 manufacturing sites, has helped it remain resilient.

Despite market turbulence, Jotun is confident in its long-term strategy, citing its proven crisis-tested business model and broad product portfolio that includes decorative, marine, protective, and powder coatings. With more than 10,600 employees worldwide, the company reported total 2024 sales of NOK 34.2 billion, setting a strong foundation for continued growth.