Akzo Nobel N.v. · EURONEXT:AKZA
Akzo Nobel — Q2 2026 Earnings Presentation
17 slides from Akzo Nobel's earnings presentation, Jul 22, 2026
Slide 1: Investor Update
Investor Update July 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: Q2 2026 Highlights
Q2 2026 Highlights Revenue growth and continuing margin expansion Q2 2026 YoY H1 2026 YoY • Organic Sales +2% • Organic Sales flat • Price +3%, mix -1%, volumes stable • Adj. EBITDA €743m, +6% at comparable scope (-€25m) and FX* (-€22m) YoY • Adj. Gross margin 42.7%, +70bps • €750m bond issued in Ju
Slide 4: Volume development
Volume development Coatings returns to growth, SESA up double digits; NAM improves sequentially Q2’26 Powder Coatings Double digit growth in Asia; Architectural up in all regions +MSD% Marine & Protective Protective up in Asia, ME lower on project delays; Marine lower on high comps -LSD% Automotive
Slide 5: Q2 business performance
Q2 business performance Margin expansion continues, pricing robust AkzoNobel Coatings Deco Q2 revenue development % YoY Q2 revenue development % YoY Q2 revenue development % YoY Organic sales: Organic sales: Organic sales: +2% +2% +1% (1) 2 (2) 3 (3) 2 (2) - - 2 (4) - (3) - - (1) (4) 3 Volumes Price
Slide 6: Q2 business performance
Q2 business performance EBITDA growth and working capital efficiency support resilient underlying FCF Adj. Operating return on working avg. IC capital * (%) Trade WC (% rev) FCF (€m) 17.0% 15.6% 162 13.2% 13.8% 108 (21) (36) Q2’25 Q2’26 Q2‘25 Q2’26 Q2‘25 Q2’26 H1‘25 H1’26 6 Investor update | Q2 2026
Slide 7: 2026 outlook
2026 outlook FY Guidance unchanged; Q3 adj. EBITDA expected around €390m 2026 outlook: • Volumes: Flat Adj. EBITDA: ≥€1.47bn • Pricing to fully offset raw material and logistics ≥€1.47bn inflation €1.44bn scope(1) • Net industrial program benefit: €90m FX(2) step-up (SG&A reduction to offset inflati
Slide 8: AkzoNobel + Axalta
AkzoNobel + Axalta Merger preparations progressing as planned Merger F4 effective Regulatory EGM Closing expected: announced Proxy filed clearances End of 2026 – Early 2027 November 18 June 24 August 5 ongoing Substantial opportunity driving value creation Post vote roadmap $600M ~90% • Finalize int
Slide 9: AkzoNobel Media Relations
AkzoNobel Media Relations Upcoming events 2026 T +31 (0)88 - 969 7833 Contact: Joost Ruempol EGM August 5, 2026 media.relations@akzonobel.com Q3 results October 21, 2026 AkzoNobel Investor Relations T +31 (0)88 - 969 1411 Contact: Jan Willem Enhus investor.relations@akzonobel.com Alternative perform
Slide 10: 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 11: 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 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 inf
Slide 13: 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 14: Price/mix and volumes
Price/mix and volumes AkzoNobel Coatings Deco price/mix (% YoY) 8 7 5 4 5 5 5 3 2 3 3 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 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 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 Q2’25 Q2’26 € million YTD’25 YTD’26 Q2’25 Q2’26 € million YTD’25 YTD’26 306 343 EBITDA 592 613 214 251 Operating income 406 428 4 1 Impairment losses 7 4 (50) (46) Financing income and expenses
Slide 17: Alternative performance measures
Alternative performance measures Q2’25 Q2’26 Δ% Operating income (€m) YTD’25 YTD’26 Δ% Q2’25 Q2’26 Adjusted earnings per share YTD’25 YTD’26 Adjusted EBITDA (€m) from continuing operations (€m) July 2024 - June 2025/July 2025 - June 2026 150 161 7% Performance Coatings 321 301 56% 135 149 Profit fro