Akzo Nobel NV

Latest Results (28.08.2026):

Akzo Nobel N.V. Q2 2026: AkzoNobel reported a strong Q2 2026 with organic sales up 2% (pricing-driven, volumes stable) while reported revenue fell 1% versus Q2 2025. Operating income rose to €251 million and organic adjusted EBITDA grew by €18 million, lifting the adjusted EBITDA margin to 15.4%. Net cash from operating activities was €170 million for the quarter. Management says the business is on track for full‑year targets and continues to progress the proposed Axalta merger.

Sales & revenue

Q2 2026 organic sales growth +2% (driven by pricing; volumes stable). Reported revenue down 1% year‑on‑year (currency headwinds noted). For the half‑year, organic sales were flat and revenue was down ~5% on adverse currencies.

Profitability & margins

Operating income Q2 2026: €251m (Q2 2025: €214m). Organic adjusted EBITDA increased by €18m in the quarter, lifting the adjusted EBITDA margin to 15.4% (Q2 2025: 15.0%) — a 40 basis‑point improvement and the fifth consecutive quarter of margin expansion.

Cash flow

Net cash from operating activities Q2 2026: €170m (Q2 2025: €234m). For the half‑year, operating cash was €84m (H1 2025: €122m).

Half‑year snapshot

H1 2026 operating income €428m (H1 2025: €406m). Organic adjusted EBITDA growth for the half-year was €39m and the adjusted EBITDA margin increased to 14.9% (H1 2025: 14.3%).

Outlook & capital structure

AkzoNobel expects a €100m adjusted EBITDA improvement in constant currencies and full‑year 2026 adjusted EBITDA at or above €1.47bn (based on end‑2025 FX and excluding the India divestment). Mid‑term targets: adjusted EBITDA margin >16%, return on investment 16–19%, and leverage around 2x net debt/adjusted EBITDA while maintaining investment‑grade rating.

M&A & sustainability

The proposed merger with Axalta is progressing: shareholder vote slated for 5 August and closing expected late 2026 or early 2027 (subject to approvals). AkzoNobel also reports it reduced operational carbon emissions by 50%, four years ahead of its 2030 target.