Media release

AkzoNobel’s first quarter volumes above expectation with robust pricing; Europe resilient and China rebounding

April 25, 2023

Akzo Nobel N.V. (AKZA; AKZOY) publishes results for Q1 2023 

Highlights Q1 2023 (compared with Q1 2022) 

  • Revenue up 5% and up 8% in constant currencies1
  • Pricing up 7%, more than offsetting increase of raw material and freight costs
  • Volumes 3% lower; Europe showing resilience, China rebounding
  • Operating income at €182 million (2022: €232 million); adjusted operating income2 at €218 million (2022: €230 million); ROS3 at 8.2% (2022: 9.1%)
  • Net cash from operating activities negative €50 million (2022: negative €102 million)
  • Intended acquisition of Chinese Decorative Paints business from Sherwin-Williams announced in April 2023; completion expected in the second half of 2023 


AkzoNobel CEO, Greg Poux-Guillaume, commented: 

“In the first quarter of 2023, our key markets proved to be resilient despite unfavorable macroeconomic conditions. We delivered higher volumes than expected with healthy pricing dynamics, leading to further margin expansion.  

“We were able to achieve a strong sequential improvement in profitability based on solid margin management, better than anticipated volumes in Europe and rebound in China, benefiting both Paints and Coatings. We also announced our intention to acquire a small but complementary decorative paints business in China, which will further strengthen our number two retail position in this important and profitable market.” 

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Recent highlights

Colorful project lights up Rotterdam’s Euromast

The Euromast in Rotterdam, the Netherlands, was recently at the center of a special art installation – with help from AkzoNobel. The structure, which already features our Sikkens and International products, became a towering backdrop for Jacco Olivier’s animation Perpetuum – part of the AkzoNobel Art Foundation collection. The projection was staged during Rotterdam Art Week 2023.

Taking aircraft maintenance to new heights of efficiency 

Airlines and operators now have the opportunity to optimize the paint maintenance schedules for their entire fleets thanks to the Aerofleet Coatings Management system developed by our Aerospace Coatings business. The data-driven service helps to ensure that aircraft are only repainted when needed, resulting in cost savings for airlines and less waste.

Atlantis the Royal hotel opened in Dubai

Dubai’s newest luxury resort hotel – Atlantis the Royal – opened its doors recently after being coated with products supplied by our Powder Coatings business. The impressive hotel features our Interpon D2525 range, which gives a stunning natural glow to the aluminum girders without the weight, cost and installation difficulties that come from using traditional core materials, such as natural stone and glass reinforced concrete. 


2023 Outlook*

AkzoNobel expects the ongoing macro-economic uncertainties to continue and weigh on organic volume growth. The company will focus on margin management, cost reduction, working capital normalization and de-leveraging. 

Cost reduction programs are expected to mitigate the ongoing pressure from inflation in operating expenses for 2023. AkzoNobel expects declining raw material costs to have a favorable impact on profitability. 

Based on current market conditions, AkzoNobel targets to deliver €1.2 to €1.5 billion adjusted EBITDA.  

The company aims to lower its leverage ratio to less than 3.4 times net debt/EBITDA, including the impact of the Kansai Paint Africa acquisition, by the end of 2023 and return to around 2 times post-2023. 

*Targets are based on organic volumes and constant currencies, and assume no significant market disruptions 


The report for the first quarter can be viewed and downloaded:

1 Constant currencies calculations exclude the impact of changes in foreign exchange rates 

2 Adjusted operating income = operating income excluding identified items

3 Return on sales (ROS) is adjusted operating income as percentage of revenue 


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 condensed consolidated financial statements. ROS, adjusted OPI, adjusted EPS, EBITDA and Adjusted EBITDA 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.

All figures in the media release and in the AkzoNobel quarterly report are unaudited. 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.

This is a public announcement by Akzo Nobel N.V. pursuant to section 17 paragraph 1 of the European Market Abuse Regulation (596/2014). 


About AkzoNobel

We supply the sustainable and innovative paints and coatings that our customers, communities – and the environment – are increasingly relying on. Our world class portfolio of brands – including Dulux, International, Sikkens and Interpon – is trusted by customers around the globe. We’re active in more than 150 countries and have set our sights on becoming the global industry leader. It’s what you’d expect from a pioneering paints company that’s committed to science-based targets and is taking genuine action to address globally relevant challenges and protect future generations.

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