Highlights Q2 2026 (compared with Q2 2025)
• Organic sales growth up 2% on pricing, stable volumes; revenue down 1%
• Operating income increased to €251 million (2025: €214 million)
• Organic adjusted EBITDA growth1 €18 million, driven by pricing
• Adjusted EBITDA margin increased to 15.4% (2025: 15.0%)
• Net cash from operating activities positive €170 million (2025: €234 million)
Highlights half-year 2026 (compared with half-year 2025)
• Organic sales growth flat; revenue down 5% on adverse currencies
• Operating income increased to €428 million (2025: €406 million)
• Organic adjusted EBITDA growth1 €39 million, driven by pricing
• Adjusted EBITDA margin increased to 14.9% (2025: 14.3%)
• Net cash from operating activities positive €84 million (2025: €122 million)
AkzoNobel CEO Greg Poux-Guillaume commented:
"AkzoNobel had another strong quarter, with organic sales, operating income and adjusted EBITDA all increasing. Adjusted EBITDA margin was up by 40 base points, which marks the fifth consecutive quarter of increase. This demonstrates that our plan is delivering value regardless of market conditions. Robust pricing and a relentless focus on cost efficiency continue to support our performance.
"We're delivering today while laying the foundations for a brighter tomorrow. We achieved our ambition of reducing carbon emissions from our operations by 50%, four years ahead of our 2030 target. Our merger with Axalta is progressing as planned, with the shareholder vote on August 5 and an expected closing at the end of 2026 or early 2027. And we remain on track to achieve our full-year targets."
Outlook²
Based on current market visibility, including current geopolitical developments, and at prevailing trading conditions, the company expects to deliver €100 million of adjusted EBITDA improvement in constant currencies. As a result, adjusted EBITDA for the full-year 2026 is expected to be at or above €1.47 billion, based on year-end 2025 exchange rates and adjusted for the India divestment.
For the mid-term, AkzoNobel aims to expand profitability to deliver an adjusted EBITDA margin of above 16% and a return on investment between 16% and 19%, underpinned by organic growth and industrial excellence.
The company expects leverage to be around 2 times net debt/adjusted EBITDA by the end of 2026. In the mid-term, AkzoNobel aims to maintain leverage around 2 times, while remaining committed to an investment grade credit rating.
Closing of the Axalta merger, which is subject to shareholder and regulatory approvals, is expected in late 2026 or early 2027.
1 Organic growth metrics are Alternative Performance Measures (APMs) and exclude the impact of changes in consolidation (including the divestment of our liquid coating businesses in India), the impact of changes in foreign exchange rates and the impact of hyperinflation accounting. 2 Outlook represents current company expectations based on organic volumes adjusted for the divestment of our liquid coatings businesses in India, is subject to ongoing market uncertainties and at exchange rates as of the end of 2025. Outlook is on a standalone basis and excludes any effects from the proposed merger with Axalta.
About this media release
This media release covers the highlights for the quarter. We recommend reading the media release in combination with the full quarterly report. The quarterly report provides additional information, including the IAS34 interim condensed consolidated financial statements. The interim condensed consolidated financial statements were discussed and approved by the Board of Management and the Supervisory Board. These condensed financial statements have been authorized for issue. All figures in this media release and in the AkzoNobel quarterly report are unaudited.
Forward-looking statements are based on organic volumes and constant currencies, and assume no significant market disruptions. Please read the Safe Harbor Statement in the full quarterly report.
The report for this quarter can be viewed and downloaded here https://akzo.no/Q2-2026-results
Organic sales growth, Adjusted EBITDA and Adjusted EBITDA margin (%) and leverage are alternative performance measures (APM's). AkzoNobel uses APM adjustments to the IFRS measures to provide supplementary information on the reporting of the underlying developments of the business. A reconciliation of the alternative performance measures to the most directly comparable IFRS measures can be found in the AkzoNobel quarterly report.
This is a public announcement by Akzo Nobel N.V. pursuant to section 17 paragraph 1 of the European Market Abuse Regulation (596/2014).
• Organic sales growth up 2% on pricing, stable volumes; revenue down 1%
• Operating income increased to €251 million (2025: €214 million)
• Organic adjusted EBITDA growth1 €18 million, driven by pricing
• Adjusted EBITDA margin increased to 15.4% (2025: 15.0%)
• Net cash from operating activities positive €170 million (2025: €234 million)
Highlights half-year 2026 (compared with half-year 2025)
• Organic sales growth flat; revenue down 5% on adverse currencies
• Operating income increased to €428 million (2025: €406 million)
• Organic adjusted EBITDA growth1 €39 million, driven by pricing
• Adjusted EBITDA margin increased to 14.9% (2025: 14.3%)
• Net cash from operating activities positive €84 million (2025: €122 million)
AkzoNobel CEO Greg Poux-Guillaume commented:
"AkzoNobel had another strong quarter, with organic sales, operating income and adjusted EBITDA all increasing. Adjusted EBITDA margin was up by 40 base points, which marks the fifth consecutive quarter of increase. This demonstrates that our plan is delivering value regardless of market conditions. Robust pricing and a relentless focus on cost efficiency continue to support our performance.
"We're delivering today while laying the foundations for a brighter tomorrow. We achieved our ambition of reducing carbon emissions from our operations by 50%, four years ahead of our 2030 target. Our merger with Axalta is progressing as planned, with the shareholder vote on August 5 and an expected closing at the end of 2026 or early 2027. And we remain on track to achieve our full-year targets."
Outlook²
Based on current market visibility, including current geopolitical developments, and at prevailing trading conditions, the company expects to deliver €100 million of adjusted EBITDA improvement in constant currencies. As a result, adjusted EBITDA for the full-year 2026 is expected to be at or above €1.47 billion, based on year-end 2025 exchange rates and adjusted for the India divestment.
For the mid-term, AkzoNobel aims to expand profitability to deliver an adjusted EBITDA margin of above 16% and a return on investment between 16% and 19%, underpinned by organic growth and industrial excellence.
The company expects leverage to be around 2 times net debt/adjusted EBITDA by the end of 2026. In the mid-term, AkzoNobel aims to maintain leverage around 2 times, while remaining committed to an investment grade credit rating.
Closing of the Axalta merger, which is subject to shareholder and regulatory approvals, is expected in late 2026 or early 2027.
1 Organic growth metrics are Alternative Performance Measures (APMs) and exclude the impact of changes in consolidation (including the divestment of our liquid coating businesses in India), the impact of changes in foreign exchange rates and the impact of hyperinflation accounting. 2 Outlook represents current company expectations based on organic volumes adjusted for the divestment of our liquid coatings businesses in India, is subject to ongoing market uncertainties and at exchange rates as of the end of 2025. Outlook is on a standalone basis and excludes any effects from the proposed merger with Axalta.
About this media release
This media release covers the highlights for the quarter. We recommend reading the media release in combination with the full quarterly report. The quarterly report provides additional information, including the IAS34 interim condensed consolidated financial statements. The interim condensed consolidated financial statements were discussed and approved by the Board of Management and the Supervisory Board. These condensed financial statements have been authorized for issue. All figures in this media release and in the AkzoNobel quarterly report are unaudited.
Forward-looking statements are based on organic volumes and constant currencies, and assume no significant market disruptions. Please read the Safe Harbor Statement in the full quarterly report.
The report for this quarter can be viewed and downloaded here https://akzo.no/Q2-2026-results
Organic sales growth, Adjusted EBITDA and Adjusted EBITDA margin (%) and leverage are alternative performance measures (APM's). AkzoNobel uses APM adjustments to the IFRS measures to provide supplementary information on the reporting of the underlying developments of the business. A reconciliation of the alternative performance measures to the most directly comparable IFRS measures can be found in the AkzoNobel quarterly report.
This is a public announcement by Akzo Nobel N.V. pursuant to section 17 paragraph 1 of the European Market Abuse Regulation (596/2014).
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