Akzo Nobel N.V. (AKZOF) Q4 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning, everyone, and welcome to Oxinabel's Investor Update for the fourth quarter and full year 2025. I'm Jan-Willem Enhuis, Head of Investor Relations. Today, our CEO, Greg Pouw-Biome, and CFO, Maarten de Vries, will take you through our results. We'll refer to the presentation, which you can follow by webcast or download from our website at oxinabel.com. A replay of the webcast will also be made available following the event. There will be a Q&A session after the presentation. For additional information, please contact our investor relations team. Before we start, a reminder of our forward-looking statements disclaimer on slide two. Please note, this also applies to the conference call and answers to your questions. I will now hand over to Greg, who will start on slide three of the presentation. Thanks, Ian and Willem. Good morning to everyone on the call. In 2025, we made substantive strides towards a stronger Axial Nobel. In tepid markets, our progress was rooted in price discipline and the relentless execution of our efficiency programs, resulting in a full year adjusted EBITDA of $1,444,000,000, adjusted for Forex translation and our Indian divestment. This is within 1% of our initial constant currency guidance of $1,550,000 given at the beginning of the year. And profitability is at 14.2%, which is 40 basis points up versus last year. In Q4, volumes were down 2% year-on-year with a price mix up 1%. Our adjusted EBITDA came in at 309 million or 343 million, excluding Forex translation and the Indian divestment. This is 7% higher than last year on a comparable basis and corresponds to a 13% margin of 70 basis points year-on-year. Operationally, we achieved net OPEC savings of 98 million euros year to date, 28 million euros ahead of plan. Free cash flow ca...