Improving ProfitabilityMargins have expanded across the income statement and Q1 delivered an EBITDA beat, indicating durable improvement in pricing, cost control and mix. Higher structural margins increase free-cash-flow potential, improve resilience through cycles, and provide capacity to fund transformation and merger integration.
Industrial Transformation & Cost SavingsA multi-site industrial transformation is materially lowering the cost base via site closures and process efficiency, with ~EUR90m net savings driving the stated EBITDA target. Structural cost reduction raises operating leverage, supports margin sustainability and reduces break-even risk across cycles.
Portfolio Optimization & Deco StrengthDecorative paints (Deco) is delivering structural margin gains and regional growth, while selective disposals (e.g., Pakistan sale at ~14x EBITDA) show portfolio pruning that crystallizes value. Strong Deco performance and active optimization improve mix, returns and strategic focus long-term.