Financial report

In a year that was still full of unexpected events, changes and uncertainties, the Mapei Group remained steadfast to the values that have guided it since 1937, maintaining consistency in its strategy. Solidity, not immobility. By adapting to ever-changing scenarios and responding to market demands, we have once again continued on our path of growth. We closed 2024 with consolidated financial statements of around €4.4 billion, a 4.7% improvement on the 2023 results. Without the penalising effect of exchange rates, real growth at constant exchange rates would have exceeded 8%. Performance was positive in nearly all the geographical areas in which we operate with a slight decline in Africa balanced by triple-digit results in the Middle East, and double-digit growth in Latin America. Behind these figures lies great teamwork: today, we can count on over 13,000 employees worldwide, who represent our greatest strength. We dedicate training programmes, professional development opportunities, and welfare initiatives to them, promoting a fair, inclusive, and merit-based work environment. Our team was further strengthened in 2024 thanks to global investments that will allow us to consolidate our presence in the countries where we already operate, expand into new areas and broaden our offering.

But strength starts from within, which is why we have continued to invest in our companies, factories and offices, acquiring over €213 million worth of tangible assets. Today, we are present in 57 countries, with 94 subsidiaries and 102 production plants, each equipped with a quality control laboratory, and 39 research centres. Because innovation is in our DNA. By combining global vision and local expertise, we continue to offer highquality, durable products and systems that are aware of environmental concerns, striving to meet all the needs of modern construction. In particular, we have expanded the Zero Line, reaching 230 products, whose residual CO₂ emissions, accounting to a total of 300,000 tonnes, have been fully offset by purchasing certified environmental credits, supporting reforestation and biodiversity conservation projects. But no one grows alone. With the same passion and dedication, we collaborate with the communities and people in the areas where we operate, supporting social development projects, as well as sports and cultural initiatives, because this, too, is sustainability.
A vision of responsible growth, aimed at innovating, creating value, and building the future together.

The Board of Directors
Mapei Spa