Akzo Nobel N.v. · EURONEXT:AKZA
Akzo Nobel — Q1 2026 Earnings Presentation
17 slides from Akzo Nobel's earnings presentation, Apr 22, 2026
Slide 1: Investor Update
Investor Update April 22, 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: Q1 2026 Highlights
Q1 2026 Highlights Consensus beat, margin expansion on pricing and cost actions Q1 2026 YoY Highlights • Org. Sales -1%; Revenue –9% including India • Industrial program on track to be completed by disposal (-3%) and FX (-5%) year end: 3 sites closed in Q1 • Price +1%, mix -1%, volumes -1% • Deco As
Slide 4: Volume development
Volume development Growth in Asia and South America, NAM and Europe still slow Q1’26 Powder Coatings Continued growth in Asia; higher Architectural and Auto +LSD% Marine & Protective Protective strong in Asia; Marine lower on high comps -LSD% Automotive & Specialty Aero continues outperformance; NAM
Slide 5: Q1 business performance
Q1 business performance Deco performing well, Coatings impacted by geopolitical instability AkzoNobel Coatings Deco Q1 revenue development % YoY Q1 revenue development % YoY Q1 revenue development % YoY Organic sales: Organic sales: Organic sales: -1% -3% +2% - 2 - (3) (5) (1) (2) (7) (9) (1) (10) (
Slide 6: Q1 business performance
Q1 business performance Significant FCF improvement; adjusted leverage at 2.1x Return Operating on investment working capital (%) Trade WC (% rev) FCF (€m) 18.0% 16.8% 13.6% (144) 13.1% (183) Q1’25 Q1’26 Q1‘25 Q1’26 Q1‘25 Q1’26 6 Investor update | Q1 2026
Slide 7: Middle East impact - raw material inflation vs. pricing
Middle East impact - raw material inflation vs. pricing Price increases announced to fully offset ME impact; strong recent track record Raw Material (RM) basket: Proven track record: Current cycle: 50% oil-linked inflation fully offset in ’21/’22 pricing offset underway (€m) Oil-linked 400 Total pri
Slide 8: 2026 outlook
2026 outlook Q2 adj. EBITDA expected around €400m 2026 outlook: • Volumes: Flat Adj. EBITDA: ≥€1.47bn • Pricing to fully offset raw material and ≥€1.47bn logistics inflation €1.44bn scope(1) • Net industrial program benefit: €90m FX(2) step-up (SG&A reduction to offset inflation) (€40m) (€35m) €100m
Slide 9: AkzoNobel + Axalta
AkzoNobel + Axalta Merger preparations progressing as planned Merger Key Regulatory EGM Closing expected: announced workstreams clearances End of 2026 – Early 2027 launched early July (November 18) (ongoing) (ongoing) Three critical workstreams INTEGRATION PLAN EGM REGULATORY CLEARANCE • Integration
Slide 10: AkzoNobel Media Relations
AkzoNobel Media Relations Upcoming events 2026 T +31 (0)88 - 969 7833 Contact: Joost Ruempol Annual General Meeting of shareholders April 23 media.relations@akzonobel.com Ex-dividend date of 2025 final dividend April 27 Record date of 2025 final dividend April 28 Payment date of 2025 final dividend
Slide 11: 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 12: Planning assumptions
Planning assumptions 2026 Mid-term Adj. EBITDA At or above €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 infl
Slide 13: Mid-term ambitions
Mid-term ambitions Expanding profitability underpinned by growth and operational efficiencies Strategic priorities Targets Sustainability-driven Adj. EBITDA margin ROI innovation Growth in focus >16% 16-19% segments and markets Adj. EBITDA growth Industrial transformation benefit Industrial excellen
Slide 14: Price/mix and volumes
Price/mix and volumes AkzoNobel Coatings Deco price/mix (% YoY) 8 7 5 4 5 5 3 3 3 2 2 1 1 1 2 2 2 2 2 0 1 0 1 0 0 0 1 1 1 -1 2 0 1 2 2 1 1 - 2 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 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q1 Q2 Q3 Q4 Q1 Q2 Q
Slide 15: 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 16: Additional financial information
Additional financial information Consolidated statement of free cash flows Operating income to net income € million Q1’25 Q1’26 € million Q1’25 Q1’26 EBITDA 286 270 Operating income 192 177 Impairment losses 3 3 Financing income and expenses (30) (37) Pre-tax results on acquisitions and divestments
Slide 17: Alternative performance measures
Alternative performance measures Operating income (€m) Q1’25 Q1’26 Δ% Adjusted earnings per share Adjusted EBITDA (€m) Q1’25 Q1’26 from continuing operations (€m) April 2024 - March 2025/April 2025 - March 2026 Performance Coatings 171 140 -18% Profit from continuing operations 121 101 Operating inc