Akzo Nobel N.v. · EURONEXT:AKZA
Akzo Nobel — Q3 2026 Earnings Presentation
19 slides from Akzo Nobel's earnings presentation, Oct 21, 2026
Slide 1: Investor Update
Investor Update October 21, 2026
Slide 2: Forward-looking statements
Forward-looking statements This presentation1 does not constitute or form a part of any offer to sell, or any invitation or other solicitation of any offer, to buy or subscribe for any securities in the United States or any other jurisdiction. Some statements in this presentation are 'forward-lookin
Slide 3: Q3 2026 Highlights
Q3 2026 Highlights Sixth consecutive quarter of margin expansion Q3 2026 YoY YTD 2026 YoY • Organic sales +2% • Organic sales +1% • Price +5%, mix -1%, volumes -2% • Adj. gross margin 42.2%, +60bps • Adj. EBITDA margin 15.3%, +20bps • Adj. EBITDA €1,131m, +5% at comparable scope and FX • Adj. EBITDA
Slide 4: Volume development
Volume development Market recovery delayed: YTD -1% Q3’26 Powder Coatings Stable across segments, strong growth in NAM Flat Marine & Protective Marine up despite Middle East headwinds; Protective lower -LSD% Automotive & Specialty Double-digit growth in Aero; Refinish up in Asia; Automotive slow Fla
Slide 5: Q3 business performance
Q3 business performance Sustained margin expansion; pricing and cost savings delivered per plan AkzoNobel Coatings Deco Q3 revenue development % YoY Q3 revenue development % YoY Q3 revenue development % YoY Organic sales: Organic sales: Organic sales: +2% +3% +1% 5 (1) (5) 5 (4) 2 5 (1) (7) 3 - - 1
Slide 6: Q3 business performance
Q3 business performance Returns and working capital improving, FCF impacted by €69m transaction costs YTD Adj. Operating return on working avg. IC capital 1 (%) Trade WC2 (% rev) FCF (€m) 17.0% 265 15.7% 244 13.7% 13.2% 119 83 Q3’25 Q3’26 Q3‘25 Q3’26 Q3‘25 Q3’26 YTD‘25 YTD’26 6 Investor update | Q3
Slide 7: 2026 outlook
2026 outlook FY Guidance unchanged 2026 outlook: • Volumes: -1% Adj. EBITDA: around €1.47bn • Pricing to fully offset raw material and logistics ~€1.47bn inflation €1.44bn scope1 • Net industrial program benefit: €90m FX2 step-up (SG&A reduction to offset inflation) (€40m) (€35m) €100m • Identified
Slide 8: Asia portfolio review successfully completed
Asia portfolio review successfully completed Significant value realization, total EV > €2.6bn at 23x EV/EBITDA Sale of Deco SE Asia announced Completed transactions AkzoNobel India2 Dec 2025 €1.2bn 21x ~€0.9bn 25x €1.4bn Enterprise value EV/EBITDA1 Net cash proceeds EV EV/EBITDA Transaction details
Slide 9: Two legacies. One company. A shared ambition.
Two legacies. One company. A shared ambition. NYSE: AXZ* Honoring our heritage Axanzo unites the legacies of AkzoNobel and Axalta in a new name for the combined company. Creating a global coatings leader A diversified portfolio of trusted brands, with the scale, strength and reach to accelerate sust
Slide 10: AkzoNobel + Axalta
AkzoNobel + Axalta Merger preparations progressing as planned Merger F4 Shareholder EGM Regulatory Closing announced effective/filed votes 3 Axanzo director clearances expected: appointments Nov 18 Jun 23 Aug 5 Nov 30 Progressing Early 2027 Focus areas Substantial opportunity driving value creation
Slide 11: AkzoNobel Media Relations
AkzoNobel Media Relations Upcoming events 2026 T +31 (0)88 - 969 7833 Contact: Joost Ruempol Ex-dividend date of 2026 interim dividend October 23 media.relations@akzonobel.com Record date of 2026 interim dividend October 26 Payment date of 2026 interim dividend November 4 EGM to appoint 3 additional
Slide 12: Important Information Regarding the Proposed Axalta Transaction
Important Information Regarding the Proposed Axalta Transaction General restrictions This communication is not for release, publication, or distribution, in whole or in part, in or into, directly or indirectly, any jurisdiction in which such release, publication, or distribution would be unlawful. T
Slide 13: Important Information Regarding the Proposed Axalta Transaction (cont’d)
Important Information Regarding the Proposed Axalta Transaction (cont’d) Participants in the Solicitation This communication is not a solicitation of proxies in connection with the proposed transaction. However, under SEC rules, AkzoNobel, Axalta and certain of their respective directors and executi
Slide 14: Planning assumptions
Planning assumptions 2026 Mid-term Adj. EBITDA around €1.47bn (end of Dec ‘25 FX) CAGR ‘23-’27: >6%; Margin: >16% Organic volumes Flat +LSD% Savings Gross savings €500m (vs 2023) Net industrial program benefit: €90m Industrial transformation ~€300m (SG&A carryover and productivity to offset inflatio
Slide 15: Mid-term ambitions
Mid-term ambitions Expanding profitability underpinned by growth and operational efficiencies Strategic priorities Targets Sustainability-driven Adj. EBITDA margin Adj. return on avg. invested capital innovation Growth in focus >16% 16-19% segments and markets Adj. EBITDA growth Industrial transform
Slide 16: Price/mix and volumes
Price/mix and volumes AkzoNobel Coatings Deco price/mix (% YoY) 8 7 5 4 5 5 5 5 4 4 3 3 3 2 2 2 2 2 2 2 2 2 0 1 0 1 2 1 1 1 0 0 0 1 1 1 -1 0 0 1 2 2 1 1 - 2023 2024 2025 2026 2023 2024 2025 2026 2023 2024 2025 2026 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q
Slide 17: Performance measures
Performance measures Definitions of alternative performance measures • Adjusted earnings per share are the basic earnings per share from continuing operations, excluding Identified items and taxes thereon • Adjusted EBITDA is operating income excluding depreciation, amortization and identified items
Slide 18: Additional financial information
Additional financial information Consolidated statement of free cash flows Operating income to net income Q3’25 Q3’26 € million YTD’25 YTD’26 Q3’25 Q3’26 € million YTD’25 YTD’26 65 25 EBITDA 657 638 (29) (73) Operating income 377 355 1 — Impairment losses 8 4 (76) (31) Financing income and expenses
Slide 19: Alternative performance measures
Alternative performance measures Q3’25 Q3’26 Δ% Operating income (€m) YTD’25 YTD’26 Δ% Adjusted earnings per share Adjusted EBITDA (€m) Q3’25 Q3’26 YTD’25 YTD’26 from continuing operations (€m) October 2024 - September 2025/October 2025 - September 2026 (138) 141 Performance Coatings 183 442 142% (1