Financial report

2023 proved to be, once again, a year characterised by unexpected events that continued to create an air of uncertainty and modify economic and political balances all around the world. And yet, in spite of this complex situation, Mapei remained steadfast on the road to growth. We closed 2023 with a consolidated turnover of 4.2 billion euro, a 5.2% improvement on our performance in 2022. If we hadn’t been penalised by unfavourable exchange rates real growth at constant exchange rates would have been higher than 11%. A result achieved thanks to the passion and professionalism of our great Mapei family which continues to expand and attract new talents, reaching a figure of around 12,500 people all around the world. With the conviction that the best investments are those targeting our companies, subsidiaries and people, in 2023 we again continued to invest to become stronger in those countries where we operate and to cover new areas. In order to commission new production plants and expand or upgrade Mapei production lines and those of other companies within the Group, we acquired fixed assets for a value of more than 182 million euro, an increase of 20% on the figure of 2022. And the results proved us right: every geographic area where Mapei operates witnessed growth. We strengthened our position in Europe and North America, which is worth one third of our global turnover, and we also opened the business to new markets with confidence, recording double-digit growth in Asia, Oceania, the Middle East and Africa.

With a global outlook yet attention to local conditions, we operate in 57 countries through 96 subsidiaries, 93 manufacturing facilities, each one equipped with its own quality control lab, and 36 research centres. Innovation is our strong point. It enables us to meet all the needs of the construction sector with a complete portfolio of quality, durable products and systems that also consider environmental problems. To steer the market towards more ethical and conscious decisions, this year we proposed the new Zero Line of products whose CO₂ emissions are fully offset through the acquisition of certified environmental credits to promote and encourage reforestation projects and safeguard biodiversity. But we are certainly not stopping here. We have a wider and more inclusive approach to sustainability which extends to the world of culture, sport and social commitment, contributing, in so doing, to the development of the communities where we operate. With a constant view to the future and new generations, we will continue on this journey to healthy, balanced growth, firm in our conviction that profits must be in step with ethics, respect for people and the creation of value for the territory.

The Board of Directors
Mapei Spa