Akzo Nobel N.v. · EURONEXT:AKZA
Akzo Nobel — Q3 2025 Earnings Presentation
16 slides from Akzo Nobel's earnings presentation, Oct 23, 2025
Slide 1: Investor Update
Investor Update October 22, 2025 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: Q3 2025 Highlights
Q3 2025 Highlights Q3 adj. EBITDA in line with consensus; savings ahead of plan Q3 2025 YoY YTD 2025 YoY • Organic sales +1% • Net OPEX savings of €63m • Volumes -1%, price/mix +1% • Adj. EBITDA at €1,135m €1,192m excluding FX translation • Adj. EBITDA at €385m €411m excluding FX translation • Stron
Slide 4: Delivering on strategic commitments
Delivering on strategic commitments SG&A program delivering ahead of plan; India disposal on track for December closing SG&A program complete Industrial program progressing • Program fully implemented • Annualized savings at >€175m • 6 closures announced YTD (1 in Q3) 35,700 - 4 sites in EMEA 35,400
Slide 5: Q3 volume development
Q3 volume development Deco growing +1%, Coatings performance -2% dampened by NAM market Q3 2025 Deco EMEA Mixed market conditions, France & Turkey weak Flattish Deco LATAM Growth driven by Brazil +LSD% ] Deco China Premium outperformance in weak market +MSD% Deco SE Asia Strong growth in Vietnam; we
Slide 6: Q3 business performance
Q3 business performance Deco slightly up, Coatings slightly down; Overall +30bps margin; FX translation -5% AkzoNobel Deco Coatings Q3 revenue development % YoY Q3 revenue development % YoY Q3 revenue development % YoY Organic sales: Organic sales: Organic sales: +1% +2% -1% 1 (4) 1 - 1 - - - (1) (3
Slide 7: Operating results for Q3 2025
Operating results for Q3 2025 Working capital unwind supports strong FCF Return Operating on investment working capital (%) Trade WC1 (% rev) FCF (€m) 17.7% 265 13.4% 13.3% 16.7% 244 217 83 YTD’24 YTD’25 Q3‘24 Q3’25 Q3‘24 Q3’25 YTD‘24 YTD’25 7 Investor update | Q3 2025 1. Trade working capital was 1
Slide 8: Project Ichthys
Project Ichthys €300m provision taken in Q3 Claim • Relates to coating degradation on pipework at the Ichthys LNG project in Darwin, Australia • Coatings applied 2013-2015, main plaintiff INPEX initiated legal proceedings in 2021 • Claimants seek damages from AkzoNobel under Australian Consumer Law
Slide 9: Outlook
Outlook Guidance intact; structural savings offsetting macro headwinds FY2025 Outlook Adj. EBITDA • Gross savings: >€170m around €1.48bn • Identified items cash out: €220m (at end of Sep FX) • CAPEX: €320m Volumes • Net Debt/adj. EBITDA: slightly above 2x slightly down • Stable dividend Outlook repr
Slide 10: Upcoming events and contacts
AkzoNobel Media Relations Upcoming events T +31 (0)88 - 969 7833 Contact: Joost Ruempol Ex-dividend date of 2025 interim dividend October 27, 2025 media.relations@akzonobel.com Record date of 2025 interim dividend October 28, 2025 Payment date of 2025 interim dividend November 6, 2025 Q4/FY 2025 res
Slide 11: 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 2 2 0 1 2 2 1 1 2 0 2 0 1 2 2 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 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
Slide 12: 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 13: Planning assumptions
Planning assumptions 2025 Mid-term Adj. EBITDA around €1.48bn at end of Sep FX CAGR ‘23-’27: >6%; Margin: >16% Organic volumes Slightly down +LSD% Gross savings >€170m >€475m (vs 2023) Industrial transformation €70m Industrial transformation €300m SG&A actions >€100m SG&A actions >€175m Identified i
Slide 14: 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 15: Additional financial information
Additional financial information Consolidated statement of free cash flows Operating income to net income Q3’24 Q3’25 € million YTD’24 YTD’25 Q3’24 Q3’25 € million YTD’24 YTD’25 355 65 EBITDA 1,067 657 259 (29) Operating income 790 377 — 1 Impairment losses — 8 (19) (76) Financing income and expense
Slide 16: Alternative performance measures
Alternative performance measures Q3’24 Q3’25 Δ% Operating income (€m) YTD’24 YTD’25 Δ% Adjusted earnings per share Adjusted EBITDA (€m) Q3’24 Q3’25 YTD’24 YTD’25 Q3’24 Q3’25 127 149 17% Decorative Paints 364 327 (10%) from continuing operations (€m) Oct'23 – Sep'24/Oct'24 – Sep'25 171 (138) Performa