Dutch coatings group AkzoNobel reported third-quarter adjusted EBITDA of €388 million on October 21, broadly in line with the €387 million analyst consensus as higher selling prices and cost reductions supported profitability. The result compared with €385 million a year earlier, while the company's adjusted EBITDA margin improved for a sixth consecutive quarter despite largely flat reported revenue.
Third-quarter revenue was €2.538 billion, compared with €2.547 billion in the same period last year. Organic sales increased 2%, driven by pricing. Adjusted EBITDA rose approximately 1% on a reported basis, while comparable growth reached 4% after accounting for currency and portfolio changes. The adjusted EBITDA margin increased to 15.3% from 15.1%.
The improvement in adjusted EBITDA came alongside weaker reported operating income. AkzoNobel recorded an operating loss of €73 million, compared with a €29 million loss a year earlier, reflecting the effects of deconsolidating its Russian operations and divesting its Pakistan business. Net cash generated from operating activities fell to €187 million from €331 million.
AkzoNobel maintained its full-year 2026 adjusted EBITDA forecast of approximately €1.47 billion. The outlook uses year-end 2025 exchange rates and incorporates adjustments for the disposal of its liquid coatings businesses in Asia. The company expects around €100 million in adjusted EBITDA improvement at constant currencies, excluding any effects from its proposed merger with Axalta.
CEO Greg Poux-Guillaume cited continued pricing discipline and cost savings as factors supporting margins. AkzoNobel also maintained its target of completing the Axalta merger in early 2027, subject to regulatory approvals and other closing conditions.
