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Tikkurila’s profitability clearly improved in Q2/2020

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Tikkurila’s profitability clearly improved in Q2/2020

Tikkurila Oyj, Insider information, 9 July 2020, at 13.35 (EEST)

Tikkurila withdrew its financial guidance for 2020 on March 27, 2020 due to weakened visibility caused by the Covid-19 pandemic. In the absence of guidance, Tikkurila exceptionally shares the advance information on Tikkurila Group’s revenue and operating profit during Q2/2020 and H1/2020.

Due to the pandemic, demand has fluctuated rapidly and significantly in Tikkurila’s core markets.

During the second quarter, the positive development with revenue and profitability was supported by the exceptionally good performance in the consumer driven DIY business in all Tikkurila’s core markets, especially towards the end of the quarter. However, as expected, professional and industry businesses were negatively impacted by Covid-19 during the quarter. Profitability improvement was additionally driven by continued efficiency improvements and temporary short-term savings.

Key figures according to preliminary calculations (unaudited):

Q2/2020

  • Revenue increased by 1% to approximately EUR 171.8 million (169.7)
  • Operating profit increased by 54% to approximately EUR 32.5 million (21.2)
  • Adjusted operating profit increased by 47% to approximately EUR 34.1 million (23.2)

H1/2020

  • Revenue increased by 2% to approximately EUR 304.8 million (298.8)
  • Operating profit increased by 41% to approximately EUR 41.1 million (29.1)
  • Adjusted operating profit increased by 36% to approximately EUR 42.6 million (31.4)

Tikkurila will publish its Half year financial report on July 24, 2020.

Contact information:

Before 24 July 2020, the company will not comment further on the results due to the ongoing silent period. On the result publication day, Tikkurila will hold a webcast in which it is possible to ask questions.

Tapio Pesola, Director, IR & Communications

ir@tikkurila.com

m. +358 44 373 4693

Sustainable Nordicness
Tikkurila is a leading Nordic paint company with expertise that spans decades. We develop premium products and services that provide our customers with quality that will stand the test of time and weather. We operate in seven countries and our 2,700 dedicated professionals share the joy of building a vivid future through surfaces that make a difference. In 2018, our revenue totaled EUR 562 million. The company is listed on Nasdaq Helsinki. Nordic quality from start to finish since 1862.

www.tikkurilagroup.com

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