Slide 1: Investor Update
Investor Update February 3, 2026 1
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: Q4 and FY 2025 Highlights
Q4 and FY 2025 Highlights A year of strong execution in soft market conditions Q4 2025 YoY FY 2025 YoY • Organic sales -1%; volumes -2%, price/mix +1% • Organic sales flat; volumes -2%, price/mix +2% • Adj. EBITDA €309m • Net OPEX savings of €98m, €28m above target €343m excluding FX & scope (+7%) •
Slide 4: Volume development
Volume development Q4 impacted by pullback in North America; market stabilization expected in H2‘26 Q4’25 FY’26 Deco EMEA UK, Turkey & MEA up; France down Flat Stable ~Flat Deco LATAM Argentina up; Brazil stabilizing -LSD% Brazil normalized +LSD% Deco China Premium outperformance in weak market +LSD
Slide 5: Delivering on strategic commitments
Delivering on strategic commitments India successfully divested; efficiency programs overdelivering India sale closed SG&A program completed Industrial program on track • Transaction multiple 25x • Overall headcount -12% • 2025 saving: €70m EV / ’25 EBITDA(1) • Total benefit of €200m, • 12 sites clo
Slide 6: Efficiency programs overview
Efficiency programs overview 2026: net benefit €90m, SG&A offsets inflation, all actions completed year end Industrial (€m) 2024 2025 2026 2027 TOTAL Original plan Benefit 30 70 90 110 300 250 Restructuring cost 30 100 90 220 Restructuring cash out 15 50 90 30 185 130-150 CAPEX 50 50 50 150 SG&A (€m
Slide 7: 2022–25 performance improvement
2022–25 performance improvement Pricing and efficiency programs delivering clear value 2022 2025 ∆ Adj. EBITDA at cc €1,157m €1,622m +€465m / +40% Reported €1,157m €1,444m +€287m / +25% Adj. EBITDA % 10.7% 14.2% +350bps Paints 12.6% 15.8% +320bps Coatings 10.3% 13.9% +360bps Trade WC 16.9% 14.7% (22
Slide 8: Q4 business performance
Q4 business performance Material FX headwinds; self-help lifts Deco profits; NAM volumes weigh on Coatings AkzoNobel Deco Coatings Q4 revenue development % YoY Q4 revenue development % YoY Q4 revenue development % YoY Organic sales: Organic sales: Organic sales: -1% -1% -2% - (2) 1 (1) (1) (1) (6) (
Slide 9: Q4 business performance
Q4 business performance Working capital improvement and strong cash generation Return Operating on investment working capital (%) Trade WC1 (% rev) FCF (€m) 606 15.7% 14.7% 13.5% 362 367 13.3% 284 FY 24 FY 25 Q4‘24 Q4’25 Q4‘24 Q4’25 FY 24 FY 25 9 Investor update | Q4 2025 1. Q4’25 excludes the impac
Slide 10: 2026 outlook
2026 outlook €100m EBITDA step-up in 2026 through efficiency programs Adj. EBITDA: ≥€1.47bn • Volumes: Flat • Net industrial program benefit: €90m ≥€1.47bn (SG&A reduction to offset inflation) €1.44bn • Identified items cash out: €170m (€40m) (€35m) €100m • CAPEX: €350m • Leverage: ~2x 2025 scope(1)
Slide 11: AkzoNobel + Axalta: a compelling value creation opportunity
AkzoNobel + Axalta: a compelling value creation opportunity Creating a premier global Coatings company; closing expected late ’26 – early ‘27 Outstanding value creation Strong governance $17bn Pro-forma ‘24 Revenue One-tier board ~20% Pro-forma ‘24 EBITDA Stichting to be eliminated Cost synergies Ex
Slide 12: AkzoNobel Media Relations
AkzoNobel Media Relations Upcoming events 2026 T +31 (0)88 - 969 7833 Contact: Joost Ruempol Publication of annual report 2025 February 24 media.relations@akzonobel.com AkzoNobel Investor Relations T +31 (0)88 - 969 1411 Contact: Jan Willem Enhus investor.relations@akzonobel.com Alternative performa
Slide 13: 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 14: 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 15: 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 16: Price/mix and volumes
Price/mix and volumes AkzoNobel Deco Coatings price/mix (% YoY) 16 16 19 19 13 13 12 11 11 11 14 14 8 7 5 5 5 3 4 3 3 2 0 1 0 1 2 1 1 1 2 2 0 1 2 2 1 1 - 2 0 2 0 1 2 2 1 1 2022 2023 2024 2025 2022 2023 2024 2025 2022 2023 2024 2025 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
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 Q4’24 Q4’25 € million 2024 2025 Q4’24 Q4’25 € million 2024 2025 221 885 EBITDA 1,288 1,542 127 787 Operating income 917 1,164 — 1 Impairment losses — 9 (36) (43) Financing income and expenses (1
Slide 19: Alternative performance measures
Alternative performance measures Δ% Operating income Adjusted EBITDA (€m) Q4’24 Q4’25 (€m) 2024 2025 Δ% Q4’24 Q4’25 Adjusted earnings per share 2024 2025 from continuing operations (€m) January 2024 - December 2024/January 2025 - December 2025 41 74 80% Decorative Paints 405 401 -1% 36 606 Profit fr