Akzo Nobel N.V. Q3 2026 Earnings Recap

The stock rose 2.7%, a roughly flat reaction, as AkzoNobel held its 2026 adjusted EBITDA outlook at around EUR 1.47 billion and reported margin expansion. The quarter was mixed: pricing supported growth and profitability, while volumes fell and free cash flow remained constrained by transaction costs.

Key Takeaways

• Organic sales increased 2%, with 5% pricing offset partly by 2% lower volumes and a 1% negative mix impact; total revenue was flat.
• Adjusted EBITDA was EUR 388 million, up EUR 15 million at comparable scope and constant currencies. The adjusted EBITDA margin rose 20 basis points to 15.3%.
• Q3 volumes declined 2% year on year, including declines of 2% in Coatings and 3% in Paints. Packaging underperformed, and U.S. Refinish had not rebounded.
• Free cash flow was EUR 119 million in Q3 and EUR 83 million year to date; year-to-date transaction costs of EUR 69 million weighed on the total. Leverage ended the quarter at 2.1x.
• Management maintained its 2026 adjusted EBITDA outlook of around EUR 1.47 billion and expects flat volumes in Q4. The Southeast Asia Deco sale was agreed at an enterprise value of EUR 1.2 billion, with proceeds intended for deleveraging.