AkzoNobel Q3 2026: organic sales +2%, sixth consecutive quarter of margin expansion, Deco Paints SEA sale agreed
- Organic sales growth +2% versus Q3 2025.
- Revenue €2,538m, essentially flat year‑on‑year.
- Adjusted EBITDA €388m (comparable +4%); adjusted EBITDA margin 15.3%.
- Binding agreement to sell Decorative Paints South East Asia for $1.35bn at 21x FY25 EBITDA.
Results at a glance
AkzoNobel reported Q3 2026 organic sales growth of +2% on pricing while reported revenue was €2,538m (flat versus Q3 2025). Adjusted EBITDA was €388m (comparable +4%), with the adjusted EBITDA margin increasing to 15.3% from 15.1%. Organic adjusted EBITDA grew by €15m. Operating income was negative (€73m), impacted by the deconsolidation of Russian entities and the divestment in Pakistan. Net cash from operating activities was €187m (Q3 2025: €331m).
Portfolio moves and strategic milestones
The company signed binding agreements to sell its Decorative Paints business in South East Asia for $1.35bn, at 21x FY25 EBITDA, which the CEO described as unlocking significant value following prior sales such as liquid coatings in India at 25x EBITDA. AkzoNobel said its merger with Axalta is advancing through regulatory approvals with closing expected early 2027.
Outlook and targets
On current visibility and trading conditions the company expects around €100m of adjusted EBITDA improvement in constant currencies, implying full‑year 2026 adjusted EBITDA of about €1.47bn (based on year‑end 2025 FX rates and adjusted for divestments). Mid‑term targets include an adjusted EBITDA margin above 16%, an adjusted return on average invested capital of 16–19%, and leverage around 2x net debt/adjusted EBITDA while remaining committed to an investment grade rating.
Source: AkzoNobel