Akzo Nobel (AKUP) Q3 2026 Earnings Report
DE:AKUP Q3 2026 EPS Results
- Actual EPS
- EUR 0.33
- Consensus EPS
- EUR 0.40
- Beat/Miss
- Missed by -EUR 0.06
- One Year Ago EPS
- EUR 0.35
DE:AKUP Q3 2026 Revenue Results
- Actual Revenue
- EUR 2.61B
- Expected Revenue
- EUR 2.64B
- Beat/Miss
- Missed by -EUR 32.43M
- YoY Revenue Growth
- -1.90%
Earnings Announcement Details
- Quarter
- Q3 2026
- Date
- 10/21/2026
- Time
- Before Open
- Conference Call
- Wednesday, October 21, 2026
DE:AKUP Upcoming Earnings
Akzo Nobel's next earnings date is estimated for February 10, 2027, based on past reporting schedules.
Q3 2026 Earnings Call Audio
DE:AKUP Q3 2026 Earnings Call
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Q3 2026 Earnings Slide Deck
Q3 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call was predominantly positive. AkzoNobel reported organic sales growth, continued pricing execution, six consecutive quarters of margin expansion, improved working capital, lower leverage, strong value realization from portfolio disposals, and maintained its 2026 EBITDA outlook. These achievements were partly offset by lower volumes, challenging automotive, construction and China markets, high single-digit raw material inflation, transaction-related cash outflows, and pending regulatory clearances for the Axanzo merger.
Company Guidance
AkzoNobel continues to expect 2026 adjusted EBITDA of around EUR 1.47 billion; for Q4, volumes are forecasted to be flat, pricing is expected to be a slight net positive against raw material inflation, and OpEx savings will be delivered as per plan. Pricing will continue to fully offset the inflation currently seen and go further if required, including into next year; raw material inflation was high single digits up in Q3, with a similar trend expected in Q4. The Axanzo value case remains $600 million of cost synergies, around 90% within 3 years of closing, and 100 to 200 basis points of revenue synergy uplift, with closing remaining on track for early 2027.
- Organic Sales Growth and Margin ExpansionQ3 organic sales increased 2%, supported by strong pricing of plus 5%, while adjusted EBITDA rose EUR 15 million to EUR 388 million at comparable scope and constant currencies. The adjusted EBITDA margin increased 20 basis points year-on-year to 15.3%, marking the sixth consecutive quarter of margin expansion.
- Pricing Successfully Offset InflationBoth Coatings and Paints executed pricing measures as planned to offset raw material inflation. Pricing will continue to fully offset the inflation currently seen, with further increases planned if required, including into next year.
- Coatings Organic Sales GrowthCoatings delivered organic sales growth of 3%, with 5% pricing more than offsetting 2% lower volumes; mix was flat.
- Paints Margin Reached a Record Level Outside COVIDPaints adjusted EBITDA margin increased 200 basis points to 19.4%, a level described as never attained outside the event-inflated COVID DIY boom in Europe.
- Improved Working Capital and Return on Invested CapitalTrade working capital improved by 130 basis points year-on-year to 15.7% of revenue. Return on invested capital increased to 13.7%, supported by higher EBITDA and continued working capital discipline.
- Leverage Within Target RangeLeverage was sequentially reduced to 2.1x at quarter-end, placing the company within its target range of around 2x by year-end, before proceeds from the Southeast Asia transaction.
- Industrial Excellence Program Nears CompletionThe company closed four sites during the year, has two additional sites to close before year-end, and expects the industrial excellence program to be completed by year-end with significant carryover savings into 2027.
- Strong Value Realization From Southeast Asia Deco SaleAkzoNobel signed an agreement to sell its Decorative businesses in Southeast Asia to Nippon Paint for an enterprise value of EUR 1.2 billion, representing 21x 2025 EBITDA. The transaction is expected to generate around EUR 900 million of net cash proceeds after minorities and taxes, with Indonesia expected to contribute around EUR 200 million in December and the remaining EUR 700 million following in mid-2027.
- Deco Portfolio Review CompletedThe Southeast Asia transaction completed the review of AkzoNobel's Deco positions in Asia. Together with India and Pakistan, the review realized more than EUR 2.6 billion of enterprise value at a blended multiple of 23x EBITDA.
- Strong Aerospace and Selected Coatings MarketsAutomotive and Specialty Coatings volumes were slightly up, with Aerospace delivering double-digit growth on a strong order book. Powder was flat overall, with strong growth in North America, and Refinish in Europe improved in Q3.
- Resilience in China and Southeast Asia DecoAkzoNobel stated that its Deco business in China continued to outperform in a depressed market, while Southeast Asia had a good quarter led by strong performance in Vietnam.
- Q4 EBITDA Outlook MaintainedThe company continued to expect 2026 adjusted EBITDA of around EUR 1.47 billion. Q4 assumptions include flat volumes, pricing slightly net positive against raw material inflation, and OpEx savings delivered as planned.
- Strong Underlying Cash GenerationHigher EBITDA and working capital discipline supported resilient underlying cash generation in Q3. Free cash flow was EUR 119 million in Q3 and EUR 83 million year-to-date.
- Axanzo Merger Remains on TrackThe merger with Axalta remains on track to close in early 2027. Shareholders overwhelmingly approved the combination in August, two-thirds of regulatory approvals have been secured, and the remaining clearances include final-stage processes in the U.S. and EU.
- Merger Synergy Target MaintainedThe value case remains unchanged despite the proposed remedies, including $600 million of cost synergies, around 90% expected within three years of closing, and 100 to 200 basis points of revenue synergy uplift.
- Integration Planning ProgressingThe Axanzo Executive Committee has been announced, the operating model is being refined, and teams are focused on day 1 readiness and accelerating synergies. Procurement and SG&A synergies, representing approximately two-thirds of the synergies, are being front-loaded into years 1 and 2.
- Remedy Divestitures IdentifiedThe planned regulatory remedies are the divestiture of AkzoNobel's European vehicle Refinish business and Axalta's North American Wood business. The combined businesses represent less than EUR 500 million of revenue, and management stated that the $600 million cost synergy commitment remains protected.
- Normal Capital Allocation Remains an ObjectiveManagement said Southeast Asia disposal proceeds will support faster deleveraging and a faster return to normal capital allocation, including the potential to initiate share buybacks when the company is in a position to do so.
- Clearer New Corporate IdentityThe combined company has been named Axanzo and is planned to bring together around 100 brands across paints and coatings in more than 160 countries.
DE:AKUP Earnings History
| Report Date | Fiscal Quarter | Forecast / EPS | Last Year's EPS | EPS YoY Change | Press Release |
|---|---|---|---|---|---|
| Feb 10, 2027 | 2026 (Q4) | 0.28- | 0.2 | ― | ― |
| Oct 21, 2026 | 2026 (Q3) | 0.400.33 | 0.35 | -4.35% (-0.02) | |
| Jul 22, 2026 | 2026 (Q2) | 0.410.36 | 0.39 | -7.92% (-0.03) | |
| Apr 22, 2026 | 2026 (Q1) | 0.300.31 | 0.32 | -2.25% (-0.01) | |
| Feb 03, 2026 | 2025 (Q4) | 0.280.20 | 0.17 | 12.82% (+0.02) | |
| Oct 22, 2025 | 2025 (Q3) | 0.380.35 | 0.37 | -4.40% (-0.02) | |
| Jul 22, 2025 | 2025 (Q2) | 0.410.39 | 0.35 | 14.21% (+0.05) | |
| Apr 23, 2025 | 2025 (Q1) | 0.310.32 | 0.36 | -10.78% (-0.04) | |
| Jan 29, 2025 | 2024 (Q4) | 0.230.17 | 0.13 | 29.14% (+0.04) | |
| Oct 23, 2024 | 2024 (Q3) | 0.370.37 | 0.31 | 17.19% (+0.05) |
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat Missed
