Media release

AkzoNobel rebound continues in the third quarter with solid profit growth and robust cash generation

October 25, 2023

Akzo Nobel N.V. (AKZA; AKZOY) publishes results for Q3 2023

Highlights Q3 2023 (compared with Q3 2022) 

  • Revenue in constant currencies up 5% on pricing, despite flat volumes; reported revenue 4% down on unfavorable exchange rates  
  • Operating income improved to €354 million (2022: €168 million) 
  • Adjusted operating income at €324 million (2022: €184 million); ROS 11.8% (2022: 6.4%) 
  • Net cash from operating activities positive €297 million (2022: €126 million) 
  • Net debt to EBITDA leverage ratio improved sequentially to 3.2x  


AkzoNobel CEO, Greg Poux-Guillaume, commented: 

“Our third quarter results show a solid rebound in profit and continued improvement of our margins, despite an adverse currency impact. While volumes were flat, we are increasingly benefitting from the easing of raw material costs. Higher profits and improving working capital management both contributed to a leverage ratio of 3.2, which keeps us on track to meet our year-end guidance.”  

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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 partly mitigate higher than expected inflationary pressure on 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 around €1.45 billion adjusted EBITDA.  

Leverage guidance remains unchanged at less than 3 times net debt/EBITDA by the end of 2023, excluding the Kansai Paint Africa acquisition which is not expected to close before year end. 

*Outlook is based on organic volumes and constant currencies, and assumes no significant market disruptions. 


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 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.  

The report for the third quarter can be viewed and downloaded here: 

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. 

Constant currencies calculations exclude the impact of changes in foreign exchange rates by retranslating the prior year local currency amounts into euro at the current year’s foreign exchange rates. 

Adjusted operating income = operating income excluding identified items. 

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


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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