Akzo Nobel NV

F:AKUP

Growth and margins: AkzoNobel said Q2 delivered 2% organic sales growth, 3% pricing, flat volumes, and another quarter of year-over-year margin expansion.

Profitability: Adjusted EBITDA was EUR 398 million, up 5% at comparable scope, with adjusted EBITDA margin at 15.4% and adjusted gross margin at 42.7%.

Outlook unchanged: Management left its 2026 adjusted EBITDA target at or above EUR 1,470 million and guided Q3 adjusted EBITDA at around EUR 390 million.

Cost actions: The company said pricing is covering current inflation and that industrial savings, including EUR 90 million this year, remain the main driver of the full-year step-up.

Axalta deal: Merger preparations are on track, with the shareholder vote set for August 5 and management still aiming to close by the end of 2026 or early 2027.

Cash flow: Free cash flow was EUR 108 million in Q2, trade working capital improved, and full-year cash flow guidance was unchanged.

Portfolio and Russia: Management said its Deco portfolio strategy is unchanged, Southeast Asia remains under review, and the Russia business is not material to group guidance.