Jotun Reports Improved Sales and Earnings Despite Geopolitical Challenges

Building on its strong performance in 2025, Jotun entered its 100th anniversary year with robust business momentum. However, the escalation of the conflict in the Middle East prompted an immediate shift in the company’s priorities. Jotun temporarily suspended operations at all facilities in the affected countries, with employee safety and well-being remaining its highest priority. Operations resumed within two days, demonstrating the company’s resilience while maintaining a strong commitment to workforce security.

“Our 1,933 employees in affected countries have been through difficult times. They have frequently been forced to take shelter, with alarms going off 24/7. Thankfully, there have been no injuries or damages, and our Middle East team has done a fantastic job," says President and CEO Morten Fon. 

Ongoing Growth Momentum

According to the financial results released today, Jotun delivered stronger-than-expected performance during the first four months of 2026. Operating revenue rose by 1% year-on-year to NOK 11.5 billion, while operating profit increased by 7.5% to NOK 2.6 billion. Adjusted for currency effects, sales grew by 10% and operating profit climbed by 18%, highlighting the company’s strong underlying business performance and continued growth momentum.

“Despite the challenges, we deliver another strong period with increasing volumes and profitability. All product segments and geographical regions contributed positively. However, this changed towards the end of the period, with lower demand and weaker sales in the affected markets," says Fon.

Future Outlook

Jotun’s near-term outlook remains uncertain, largely due to the ongoing conflict in the Middle East. While the most immediate impacts are being felt within the region, the company anticipates broader challenges across its global operations, including rising raw material prices, supply chain disruptions, and increased logistics costs. We expect these factors to shape business conditions across all regions and market segments in the coming months.

“We see challenges ahead. The biggest one will be the availability of raw materials, due to the supply chain disruptions. Depending on how long the conflict will last, this will have effects”, says Fon.

Supported by a diversified product portfolio, a strong corporate culture, and an extensive global presence, Jotun is well-equipped to navigate current market challenges. The company remains confident in its long-term prospects and continues to execute its growth strategy despite the uncertain business environment.

Key Financial Highlights

(NOK mill)	Jan-Apr/2026	Jan-Apr/2025	Change
Operating revenue	11 496	11 376	1 %
Operating profit	2 625	2 442	7.5 %
Profit before tax	2 473	2 444	1 %

Source: Jotun