View Q1 results
Media release
AkzoNobel beats consensus: Q1 profitability up 80 bps on pricing and costs
April 22, 2026
Akzo Nobel N.V. (AKZA; AKZOY) publishes results for Q1 2026
Highlights Q1 2026 (compared with Q1 2025)
- Organic sales -1%, revenue -9%, year-on-year on FX translation (-5%) and India divestment (-3%)
- Operating income at €177 mln, up €15 mln YoY excluding FX and India divestment1 (2025: €192 mln)
- Adjusted EBITDA at €345 mln, up €24 mln YoY excluding FX and India divestment2 (2025: €357 mln)
- Adjusted EBITDA margin expansion to 14.5% (2025: 13.7%) driven by gross margin expansion
- Net cash from operating activities -€86 mln, up €26 mln YoY (2025: -€112 mln)
- Agreement signed to sell AkzoNobel Pakistan to Packages Group, expected to close in H2
AkzoNobel CEO Greg Poux-Guillaume commented:
“We delivered a strong quarter of execution in a turbulent market, with adjusted EBITDA up 7% and margin up 80 bps, the fourth consecutive quarter of margin expansion. This was achieved through positive pricing and cost efficiency, both of which will continue to support our performance for the rest of the year. Good working capital management underpinned our solid cash delivery.
“While the conflict in the Middle East is impacting our cost of supply, we’re maintaining our guidance for the year. Our already announced price increases are expected to fully compensate anticipated cost impacts based on current assumptions.
“In parallel, we continue to make good progress towards our planned merger with Axalta, hitting all our filings milestones. We remain on target for a mid-year EGM, when shareholders will vote on the proposed merger.”
Q1 2025
2,613
Q1 2026
2,386
Δ Reported
(9%)
Δ Comparable³
(1%)
Q1 2025
192
Q1 2026
177
Δ Reported
(8%)
Δ Comparable³
+9%
Q1 2025
357
Q1 2026
345
Δ Reported
(3%)
Δ Comparable³
+7%
Q1 2025
13.7%
Q1 2026
14.5%
Δ Reported
+6%
Δ Comparable³
+8%
Outlook4
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 FX of €19 mln and India divestment of €11 mln
2 FX of €23 mln and India divestment of €13 mln
3 Comparable is at constant scope (i.e. adjusted for divested operations in India) and constant currency
4 Outlook represents current company expectations based on organic volumes adjusted for the India divestment, 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/Q1-2026-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).
About AkzoNobel
Since 1792, we’ve been supplying the innovative paints and coatings that help to color people’s lives and protect what matters most. 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 use our expertise to sustain and enhance everyday life. Because we believe every surface is an opportunity. It’s what you’d expect from a pioneering and long-established paints company that’s dedicated to providing more sustainable solutions and preserving the best of what we have today – while creating an even better tomorrow. Let’s paint the future together.
Safe Harbor Statement
This media release contains statements which address such key issues as AkzoNobel’s growth strategy, future financial results, market positions, product development, products in the pipeline and product approvals. Such statements should be carefully considered, and it should be understood that many factors could cause forecast and actual results to differ from these statements. These factors include, but are not limited to, price fluctuations, currency fluctuations, developments in raw material and personnel costs, pensions, physical and environmental risks, legal issues, and legislative, fiscal, and other regulatory measures, as well as significant market disruptions. Stated competitive positions are based on management estimates supported by information provided by specialized external agencies. For a more comprehensive discussion of the risk factors affecting our business, please see our latest annual report.
Important information regarding the proposed Axalta transaction
General restrictions
This communication is not for release, publication, or distribution, in whole or in part, in or into, directly or indirectly, any jurisdiction in which such release, publication, or distribution would be unlawful.
This communication is not a prospectus and the information in this communication is not intended to be complete. This communication is for informational purposes only and is not intended to be and shall not constitute a solicitation of any vote or approval, or an offer to buy or sell, or the solicitation of an offer to buy or sell, any securities, or an invitation or recommendation to subscribe for, acquire or buy securities of AkzoNobel or Axalta or any other financial products or securities, in any place or jurisdiction, nor shall there be any offer, solicitation or sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the U.S. Securities Act of 1933, as amended (the “Securities Act”).
Any decision to purchase, subscribe for, otherwise acquire, sell or otherwise dispose of any securities must be made only on the basis of the information contained in and incorporated by reference into the prospectus with respect to the shares to be allotted by AkzoNobel in the proposed transaction once published. A prospectus in relation to the proposed transaction described in this communication is expected to be published in due course.
The distribution of this communication may, in some countries, be restricted by law or regulation. Accordingly, persons who come into possession of this document should inform themselves of and observe these restrictions. To the fullest extent permitted by applicable law, AkzoNobel and Axalta disclaim any responsibility or liability for the violation of any such restrictions by any person. Neither AkzoNobel, nor Axalta, nor any of their advisors assume any responsibility for any violation by any person of any of these restrictions. Shareholders of AkzoNobel and Axalta, respectively, with any doubt as to their position should consult an appropriate professional advisor without delay.
Additional information and where to find it
In connection with the proposed transaction between AkzoNobel and Axalta, AkzoNobel will file with the U.S. Securities and Exchange Commission (the “SEC”) a registration statement on Form F-4, which will include a proxy statement of Axalta that also constitutes a prospectus with respect to the shares to be offered by AkzoNobel in the proposed transaction. The definitive proxy statement/prospectus will be sent to the shareholders of Axalta. Each of AkzoNobel and Axalta will also file other relevant documents in connection with the proposed transaction. This communication is not a substitute for any registration statement, proxy statement/prospectus or other documents AkzoNobel and/or Axalta may file with the SEC or any other competent regulator in connection with the proposed transaction. This communication does not contain all the information that should be considered concerning the proposed transaction and is not intended to form the basis of any investment decision or any other decision in respect of the proposed transaction. BEFORE MAKING ANY VOTING OR INVESTMENT DECISIONS, INVESTORS, STOCKHOLDERS AND SHAREHOLDERS OF AKZONOBEL AND AXALTA ARE URGED TO READ CAREFULLY AND IN THEIR ENTIRETY THE PROXY STATEMENT/PROSPECTUS, AS APPLICABLE, AND ANY OTHER RELEVANT DOCUMENTS THAT ARE FILED OR WILL BE FILED WITH THE SEC, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THESE DOCUMENTS, IN CONNECTION WITH THE PROPOSED TRANSACTION WHEN THEY BECOME AVAILABLE, AS THEY CONTAIN OR WILL CONTAIN IMPORTANT INFORMATION ABOUT AKZONOBEL, AXALTA, THE PROPOSED TRANSACTION AND RELATED MATTERS. The registration statement and proxy statement/prospectus and other relevant documents filed by AkzoNobel and Axalta with the SEC, when filed, will be available free of charge at the SEC’s website at www.sec.gov. In addition, investors and shareholders will be able to obtain free copies of the proxy statement/prospectus and other documents filed with the SEC from Axalta’s investor relations webpage at https://ir.axalta.com/sec-filings/all-sec-filings or from AkzoNobel’s investor relations webpage at https://www.akzonobel.com/en/investors.
The contents of this communication should not be construed as financial, legal, business, investment, tax or other professional advice. Each recipient should consult with its own professional advisors for any such matter and advice.
