(AGENPARL) - Roma, 22 Ottobre 2025 - (AGENPARL) – Wed 22 October 2025 AkzoNobel | Report for the third quarter 2025
Our results at a glance
Highlights Q3 2025 (compared with Q3 2024)
Organic sales up 1% driven by price/mix; revenue down 5% on adverse currencies
Operating income €29 million negative (2024: €259 million positive) due to a €275 million charge
related to recording a provision for the long-running Australian court case
Adjusted EBITDA at €385 million, including €26 million adverse currency impact (2024: €394 million)
Adjusted EBITDA margin increased to 15.1% (2024: 14.8%) driven by efficiency actions
Net cash from operating activities positive €331 million (2024: positive €294 million)
India divestment on track to close in December; all regulatory approvals granted
Summary of financial results
Third quarter
January-September
∆% in € millions/%
2,668
2,547
(5%) Revenue
8,092
7,786
(52%)
(487)
(326)
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.
Following the expected closing of the India disposal, the company expects leverage to be slightly above 2
times net debt/adjusted EBITDA by the end of 2025. In the mid-term, AkzoNobel aims to maintain
leverage around 2 times, while remaining committed to a strong investment grade credit rating.
* Outlook represents current company expectations based on organic volumes, is subject to ongoing market uncertainties and assumes
constant currencies.
Alternative performance measures (APMs)
AkzoNobel uses APM adjustments to 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 Notes to the condensed
consolidated financial statements, paragraph “Alternative performance measures.”
Identified items*
(2%) Adjusted operating income*
(2%) Adjusted EBITDA*
Outlook*
Subject to ongoing market uncertainties and adjusted for exchange rates as of the end of the third
quarter, the company expects to deliver adjusted EBITDA around €1.48 billion for full-year 2025.
(111%) Operating income
1,157
1,135
Adjusted EBITDA margin (%)*
Average invested capital*
8,243
8,187
ROI (%)*
Capital expenditures*
Net debt*
4,069
4,028
Leverage ratio*
Net cash from operating activities
Free cash flow*
Number of employees (FTEs)
35,400
33,200
(194)
Net income attributable to shareholders
170.8
171.0
Weighted average number of shares (in millions)
170.7
171.0
(1.13)
Earnings per share from total operations (in €)
Adjusted earnings per share from continuing operations (in €)*
* Alternative performance measure: For more details on these measures, including reconciliation to the most directly comparable IFRS and
explanation of their use, refer to the Notes to the condensed consolidated financial statements, APM paragraph.
AkzoNobel | Report for the third quarter 2025
Financial highlights
Q3 2025
Revenue
Third quarter
Revenue
Organic sales up 1%, with an increase in price/mix partly offset by
lower volumes. Volumes in Decorative Paints were higher, driven by
growth in Deco LATAM and Deco Asia. In Performance Coatings,
volumes were impacted by macro-economic uncertainties in North
America and, to a lesser extent, Europe. Price/mix was up 1%,
driven by positive pricing in all businesses, except for Deco Asia.
The translation effect due to the strong euro impacted revenue by
5%, resulting in 5% lower revenue.
January-September
nic* in € millions
2% Decorative
Paints
3,284
3,165
—% Performance
Coatings
4,808
4,621
1% Total
8,092
7,786
1,089
1,055
1,579
1,492
2,668
2,547
* Alternative performance measure: For more details on these measures, including explanation
of their use, refer to the Notes to the condensed consolidated financial statements, APM
paragraph.
Revenue development Q3 2025
Year-to-date 2025
Revenue
Organic sales flat, with an increase in price/mix offset by lower
volumes. Price/mix was up 2%, mainly due to positive pricing.
Volumes were 2% lower due to the impact of macro-economic
uncertainties, particularly in North America.
Volume
Price/mix
Organic
sales*
Other
Decorative Paints
Price/ Organic
sales*
Performance Coatings
Total
Other Revenue
Price/ Organic
sales
*Rounding was applied
in % versus year-to-date
Volume
Decorative Paints
Performance Coatings
Total
Other Revenue
Q3 25
Q3 24
Q4 24
Q1 25
Q2 25
Decorative Paints
Performance Coatings
Total
Revenue
Price/mix development per
quarter (year-on-year) in %
*Difference due to rounding
The translation effect due to the strong euro impacted revenue by
4%, resulting in 4% lower revenue.
Volume
Volume development per
quarter (year-on-year) in %
in % versus
Q3 2024
Revenue development year-to-date 2025
Q3 24
Q4 24
Q1 25
Q2 25
Q3 25
Decorative Paints
Performance Coatings
Total
Q3 25
Organic sales development per
quarter (year-on-year) in %
Volume
Price/mix
Organic
sales
Other
Q3 24
Q4 24
Q1 25
Q2 25
Decorative Paints
Performance Coatings
Total
Revenue
Revenue development per
quarter (year-on-year) in %
Q3 24
Q4 24
Q1 25
Q2 25
Q3 25
Decorative Paints
Performance Coatings
Total
AkzoNobel | Report for the third quarter 2025
Financial highlights
Q3 2025
Financing income and expenses
Adjusted EBITDA*
Third quarter
Operating income at €29 million negative (2024: €259 million
positive). Operating income included an (identified) charge of
€275 million, related to the recording of a provision for the longrunning Australian court case (Project Ichthys). Further details on
this can be found on the next page and in the Notes to the
condensed consolidated financial statements.
Financing income and expenses amounted to negative €156
million (2024: negative €66 million), with net interest on net debt
stable at €99 million (2024: €100 million). The €90 million
increase includes an (identified) charge of €25 million related to
recording of the interest portion of the provision for the longrunning Australian court case. The remainder of the increase is
mainly due to hyperinflation accounting and the interest impact
related to the release of a provision for an uncertain tax position
in 2024.
Adjusted EBITDA
Income tax
Adjusted EBITDA at €385 million (2024: €394 million), including
€26 million adverse currency impact. Structural cost measures
and disciplined execution helped offset most of the impact from
lower volumes. Operating expenses were lower year-on-year,
despite wage and general inflation.
The effective tax rate was 73.8% (2024: 25.2%). The tax rate
was impacted by non-deductible costs related to recording a
provision for the long-running Australian court case, and the tax
impact of the internal transfer of the Powder Coatings business
and the International Research Center in India. Excluding these
two effects, the tax rate would have been 29.0%.
Operating income
January-September
∆% in € millions
(2%) Decorative Paints
(7%) Performance Coatings
Other activities
1,157
1,135
(2%) Total
* Alternative performance measure: For more details on these measures, including
reconciliation to the most directly comparable IFRS measures and explanation of their
use, refer to the Notes to the condensed consolidated financial statements, APM
paragraph.
Operating income
Third quarter
January-September
2025 in € millions
149 Decorative Paints
(10%)
(138) Performance Coatings
(65%)
(40) Other activities
(103)
(133)
(29) Total
(52%)
Adjusted EBITDA margin improved to 15.1% (2024: 14.8%).
Year-to-date 2025
Operating income
Operating income at €377 million (2024: €790 million) was
impacted by identified items of negative €487 million (2024:
negative €96 million), mainly related to our restructuring
programs and a charge of €275 million related to the recording
of a provision for the long-running Australian court case.
Net income
Operating income to net income
Net income attributable to shareholders was €37 million (2024:
€521 million). Net income was impacted €487 million of identified
items, which includes an (identified) charge of €300 million,
related to the recording of a provision for the long-running
Australian court case. Earnings per share from total operations
was €0.22 (2024: €3.05). Adjusted earnings per share from
continuing operations was €3.07 (2024:€3.33).
Third quarter
Adjusted EBITDA at €1,135 million (2024: €1,157 million),
including €57 million adverse currency impact. Cost mitigating
measures enabled us to absorb the majority of the impact from
lower volumes and negative currencies; operating expenses
were lower year-on-year, despite wage and general inflation.
Adjusted EBITDA margin improved to 14.6% (2024: 14.3%).
2025 in € millions
(29) Operating income
(76) Financing income and expenses
(156)
(96) Profit before tax
9 Results from associates
(94) Income tax
(187)
(186)
(190) Profit from continuing operations
(1) Profit from discontinued operations
Adjusted EBITDA
JanuarySeptember
(191) Profit for the period
(3) Non-controlling interests
(194) Net income
AkzoNobel | Report for the third quarter 2025
Long-running Australian court case (Project
Ichthys)
AkzoNobel is defending claims brought by INPEX Operations
Australia in 2021 and JKC Australia LNG in 2017, relating to the
specification and use of an AkzoNobel product which was
applied to part of the pipework for the Ichthys Onshore Project in
Darwin, Australia, a large LNG project, between 2013 and 2015.
The claims allege that AkzoNobel is liable for significant damages
(relating to degradation of the coating on extensive parts of the
pipework) and associated remediation costs are sought under
the Australian Consumer Law.
AkzoNobel maintains that it is not liable for any alleged damages
and thus argues its liability towards both INPEX and JKC should
be zero (0). Further, AkzoNobel argues that, even if found liable,
the claimants should not be awarded the amount of damages
they seek. The Federal Court of Australia has yet to decide on
liability and, if AkzoNobel is found liable, on the appropriate
amount of damages that AkzoNobel is liable for (including
whether any liability should be shared with other parties
involved).
In Q3 2025, AkzoNobel has recognized a provision of €300
million in respect of Project Ichthys. This provision relates to the
elements in the claims for which the IAS 37 recognition criteria
are met at 30 September 2025. Other elements not meeting the
requirements are presented as contingent liabilities and remain
unprovided for. AkzoNobel is insured with a maximum coverage
of €500 million for cash outflows, whether presented as a
provision or as a contingent liability.
Damages of €275 million have been recorded through operating
income, whilst €25 million of interest has been recorded in
financing income and expenses. All amounts have been booked
as Identified items; no tax benefit was recorded.
For further details on this matter, refer to the Note Contingent
liabilities in the condensed consolidated financial statements.
Intended divestment Akzo Nobel India Ltd.
The intended divestment of Akzo Nobel India Ltd. is on track. All
regulatory approvals have been granted. The transaction is
expected to be completed in December 2025.
During the third quarter, the Powder Coatings business and
International Research Center in India were transferred from
Akzo Nobel India Ltd. to a wholly owned subsidiary. This
impacted the effective tax rate and, since Akzo Nobel India Ltd.
contains minority shareholders, non-controlling interest in the
company.
In advance of the sale of shares to JSW, AkzoNobel sold 5% of
the share capital of Akzo Nobel India Ltd. through a market block
trade. The result of this sale will be included in the deal result
upon divestment.
AkzoNobel | Report for the third quarter 2025
Decorative Paints
Highlights Q3 2025
Organic sales up 2%, revenue down 3% on adverse currencies
Adjusted EBITDA margin increased to 17.4% (2024: 17.3%)
Q3 2025
Organic sales up 2%, with higher volumes and positive pricing.
Volume growth was driven by Deco Asia and Deco LATAM. Positive
pricing was driven by Deco EMEA and Deco LATAM; mix was
negative.
Operating income at €327 million (2024: €364 million) was impacted
by identified items of negative €88 million (2024: negative €47
million), mainly related to restructuring programs and lower operating
expenses.
Adjusted EBITDA improved to €523 million (2024: €522 million),
despite €27 million adverse currency impact. Adjusted EBITDA
margin expanded to 16.5% (2024: 15.9%).
Revenue development Q3 2025
Operating income increased to €149 million (2024: €127 million),
driven by lower identified items, which were down €22 million
compared with 2024.
Volume
Price/mix
Organic
sales
Other
Revenue
Year-to-date 2025
Price/mix up 2%, driven by positive pricing in Deco EMEA and Deco
LATAM.
Currency translation impacted revenue by 4%, while Other (which
mainly relates to hyperinflation accounting) was down 1%, resulting
in 4% lower revenue.
—% Decorative
Paints EMEA
1,935
1,909
10% Decorative
Paints Latin
America
—% Decorative
Paints Asia
1,089 1,055
2% Total
3,284
3,165
Key financial figures
Third quarter
January-September
∆% in € millions/%
17% Operating income
(10%)
Identified items1
Depreciation and amortization,2
(111)
(108)
(2%) Adjusted EBITDA1
Adjusted EBITDA margin (%)1
Average invested capital1
3,849
3,661
ROI (%)1
1 Alternative performance measure: For more details on these measures, including
Volume
Organic sales up 1%, with an increase in price/mix partly offset by
lower volumes. Volumes were lower in Deco EMEA and Deco
LATAM, while volumes in Deco Asia were up, driven by China
outperforming a weak market.
Price/mix
January-September
nic* in € millions
Revenue development year-to-date 2025
Adjusted EBITDA at €184 million (2024: €188 million), including €12
million adverse currency impact. Adjusted EBITDA margin increased
to 17.4% (2024: 17.3%).
Third quarter
*Alternative performance measure: For more details on these measures, including explanation
of their use, refer to the Notes to the condensed consolidated financial statements, APM
paragraph.
Currency translation impacted revenue by 4%, while Other (which
mainly relates to hyperinflation accounting) was down 1%, resulting
in 3% lower revenue.
Revenue
Organic
sales
Other
Revenue
reconciliation to the most directly comparable IFRS measures and explanation of their use,
refer to the Notes to the condensed consolidated financial statements, APM paragraph.
2 Excluding identified items.
AkzoNobel | Report for the third quarter 2025
Europe, Middle East and Africa
Q3 organic sales flat with positive pricing, revenue down 1%. Volume
growth in Africa and South Eastern Europe, with lower volumes in
Western Europe. Mix was negative.
Latin America
Q3 organic sales were up 10%, revenue down 4% on currency
translation. Pricing was positive, also when excluding inflationary
pricing in Argentina. Higher volumes were driven by Brazil.
Q3 organic sales were flat, revenue down 8% on currency
translation. Higher volumes in China, which continued to grow, offset
by negative mix. In SESA, higher volumes driven by strong growth in
Vietnam were offset by pricing pressure and a weaker Indonesian
market.
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AkzoNobel | Report for the third quarter 2025
Performance Coatings
Highlights Q3 2025
Organic sales flat; revenue down 6% on adverse currencies
Adjusted EBITDA margin at 14.0% (2024: 14.2%)
Operating income at €183 million (2024: €529 million), impacted by
identified items of negative €337 million (2024: negative €22 million),
mainly due to recording a provision for the long-running Australian
court case (€275 million) and restructuring programs (€58 milion).
Q3 2025
Excluding identified items, lower operating expenses and higher
pricing partly offset the impact from lower volumes and raw material
prices.
Organic sales flat, with an increase in price/mix and volume growth in
Asia across all businesses offset by softer volumes in Europe and
North America. Marine and Protective Coatings continued to grow,
especially protective in North America. Pricing continued to be
positive across all businesses.
Adjusted EBITDA at €653 million (2024: €683 million), including €37
million adverse currency impact. Adjusted EBITDA margin at 14.1%
(2024: 14.2%).
Operating income at €138 million negative (2024: €171 million
positive). Operating income included an (identified) charge of €275
million, related to the recording of a provision for the long-running
Australian court case (Project Ichthys).
Adjusted EBITDA at €209 million (2024: €225 million), including €17
million averse currency impact. Lower operating expenses and an
increase in pricing were more than offset by the impact from lower
volumes and the impact from raw material prices.
Adjusted EBITDA margin at 14.0% (2024: 14.2%).
January-September
nic1,2 in € millions
(2%) Powder Coatings
1,027
4% Marine and
Protective
Coatings
1,161
1,197
2% Automotive and
Specialty Coatings
1,082
1,023
(3%) Industrial Coatings
1,538
1,433
1,579
1,492
—% Total
4,808
4,621
of their use, refer to the Notes to the condensed consolidated financial statements, APM
paragraph.
2 Rounding was applied
Key financial figures
Volume
Price/mix
Organic
sales*
Third quarter
Other
Revenue
* Differences due to rounding
Revenue development year-to-date 2025
Year-to-date 2025
Organic sales flat, driven by positive pricing in all businesses, offset
by lower volumes. Strong volume growth in Marine and Protective
Coatings was more than offset by the impact from macro-economic
uncertainties, particularly in North America.
January-September
∆% in € millions / %
(138) (181%) Operating income
(65%)
(303)
Identified items1
(337)
Depreciation and amortization2
(132)
(133)
(7%) Adjusted EBITDA1
Adjusted EBITDA margin (%)1
Average invested capital1
3,765
3,628
ROI (%)1
1 Alternative performance measure: For more details on these measures, including
reconciliation to the most directly comparable IFRS measures and explanation of their use,
refer to the Notes to the condensed consolidated financial statements, APM paragraph.
2 Excluding identified items.
Currency translation impacted revenue by 4%, resulting in revenue
being down 4%.
Third quarter
1 Alternative performance measure: For more details on these measures, including explanation
Revenue development Q3 2025
Currency translation impacted revenue by 5%, resulting in revenue
being down 6%.
Revenue
Volume
Price/mix
Organic
sales
Other
Revenue
AkzoNobel | Report for the third quarter 2025
Powder Coatings
Q3 organic sales down 2%, revenue down 6%. Higher volumes in
automotive and functional, driven by growth in Asia was more than
offset by lower volumes in industrial & consumer, specifically in the
Americas.
Marine and Protective Coatings
Q3 organic sales up 4% and revenue down 2%. Higher volumes in
protective were driven by North America and Asia. Volume growth in
marine, maintenance and repair.
Automotive and Specialty Coatings
Q3 organic sales up 2%, revenue down 3%. Organic sales growth
driven by an increase in price/mix. Volumes overall were down, with
vehicle refinishes stabilizing sequentially in North America and
weakening in Europe. Volumes were higher in aerospace.
Industrial Coatings
Q3 organic sales down 3%, revenue down 9%, driven by lower
volumes. Volume growth in coil, particularly in Asia, was more than
offset by decreased volumes in packaging and wood.
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AkzoNobel | Report for the third quarter 2025
Condensed consolidated financial statements
Condensed consolidated statement of income
Third quarter
Condensed consolidated statement of comprehensive income
January-September
2025 in € millions
Continuing operations
2,668
2,547 Revenue
8,092
7,786
(1,585)
(1,520) Cost of sales
(4,781)
(4,673)
1,083
1,027 Gross profit
3,311
3,113
(819)
(783) SG&A costs
(273) Other results
(2,516)
(2,464)
(272)
(29) Operating income
(76) Financing income and expenses
(156)
(96) Profit before tax
9 Results from associates
(94) Income tax
(187)
(186)
(190) Profit for the period from continuing
operations
Discontinued operations
(1) Profit/(loss) for the period from discontinued
operations
(191) Profit for the period
Attributable to
(194) Shareholders of the company
3 Non-controlling interests
(191) Profit for the period
Third quarter
Condensed consolidated balance sheet
January-September
2025 in € millions
(191) Profit for the period
in € millions
December 31,
September 30,
Assets
Other comprehensive income
Non-current assets
(48) Exchange differences arising on
translation of foreign operations
(418)
Intangible assets
4,049
3,785
12 Cash flow hedges
Property, plant and equipment
2,122
1,989
6 Post-retirement benefits
Right-of-use assets
(2) Tax relating to components of
other comprehensive income
(32) Other comprehensive income for the
period (net of tax)
(440)
(223) Comprehensive income for the period
(375)
(225) Shareholders of the company
(376)
2 Non-controlling interests
(375)
(223) Comprehensive income for the period
Other non-current assets
1,924
1,797
Total non-current assets
8,413
7,855
Inventories
1,721
1,570
Trade and other receivables
2,498
2,657
Current tax assets
Short-term investments
1,302
1,322
Current assets
Comprehensive income for the period attributable to
Cash and cash equivalents
Assets held for sale
Total current assets
5,836
6,042
Total assets
14,249
13,897
4,816
4,145
Provisions and deferred tax liabilities
1,032
1,257
Long-term borrowings
3,671
3,657
Total non-current liabilities
4,703
4,914
Short-term borrowings
1,697
1,695
Trade and other payables
2,740
2,695
Current tax liabilities
Current portion of provisions
Liabilities held for sale
Total current liabilities
4,730
4,838
Total equity and liabilities
14,249
13,897
Equity and liabilities
Group equity
Non-current liabilities
Current liabilities
AkzoNobel | Report for the third quarter 2025
Cash flows
Net cash from investing activities in Q3 was an outflow of €27 million
(2024: outflow of €282 million). Q3 2024 contained a net outflow
from short-term investments of €219 million, while Q3 2025
contained a net inflow of €13 million.
Net cash from financing activities in Q3 was an outflow of €530
million and was impacted by €503 million outflow from borrowings,
due to repayment of commercial paper. In Q3 2024, the inflow of
€824 million included €833 million inflow from borrowings.
Net debt
At September 30, 2025, net debt was €4,028 million (December 31,
2024: €3,901 million). The increase was mainly due to capital
expenditures (€209 million) and dividends paid (€302 million), partly
offset by net cash generated from operating activities for the period
(€453 million). Net cash generated from operating activities
contained outflows related to our restructuring programs. Net debt/
adjusted EBITDA at September 30, 2025, was 2.8 (December 31,
2024: 2.6).
2025 in € millions
1,088
1,553 Net cash and cash equivalents at
beginning of period
1,453
1,273
Short-term investments
(222)
December 31, September 30,
(165)
(190) Profit for the period from continuing operations
94 Amortization and depreciation
1 Impairment losses
76 Financing income and expenses
(9) Results from associates
(5) Pre-tax results on acquisitions and divestments
94 Income tax
138 Changes in working capital
(424)
(172)
263 Changes in other provisions
(48) Interest paid
(145)
(147)
(106)
(84) Income tax paid
(235)
(193)
(7) Changes in post-retirement benefit provisions
331 Net cash generated from/(used for)
operating activities
(66) Capital expenditures
(192)
(209)
— Acquisitions and divestments net of cash
acquired/divested
(219)
— Investments in short-term investments
(219)
13 Repayments of short-term investments
8 Other changes
26 Other changes
(282)
(27) Net cash generated from/(used for)
investing activities
(503) Changes from borrowings
(27) Dividends paid
(286)
(302)
— Non-controlling interests transactions
(530) Net cash generated from/(used for)
financing activities
(378)
(226) Net cash generated from/(used for)
continuing operations
Cash and cash equivalents
(1,958)
(1,302)
(1,322)
Long-term borrowings
3,672
3,671
3,657
Short-term borrowings
2,577
1,697
1,695
Total
4,069
3,901
4,028
The free cash flow in Q3 2025 improved compared with Q3 2024,
mainly due to improvements in changes in working capital.
Consolidated statement of free cash flows
Net debt
September 30,
JanuarySeptember
Third quarter
in € millions
Free cash flow
Consolidated statements of cash flows
Net cash from operating activities in Q3 was an inflow of €331 million
(2024: inflow of €294 million). The increase compared with Q3 2024
is mainly due to improvements in changes in working capital.
— Cash flows from discontinued operations
(226) Net change in cash and cash equivalents
total operations
(3) Effect of exchange rate changes on cash and
cash equivalents
1,903
1,324
1,903
1,324 Net cash and cash equivalents at
September 30
JanuarySeptember
Third quarter
2025 in € millions
65 EBITDA
1,067
1 Impairment losses
(5) Pre-tax results on acquisitions and divestments
(172)
138 Changes in working capital
(424)
(4) Pension top-up payments
260 Changes in provisions
(48) Interest paid
(145)
(147)
(106)
(84) Income tax paid
(235)
(193)
8 Other changes
331 Net cash generated from/(used for)
operating activities
(66) Capital expenditures
(192)
(209)
265 Free cash flow
AkzoNobel | Report for the third quarter 2025
Shareholders’ equity and non-controlling
interests
Development of shareholders’ equity
Shareholders’ equity amounted to €3.9 billion at September 30,
2025, compared with €4.6 billion at year-end 2024. The main
movements in 2025 related to:
• Profit for the period of €37 million
divestment. Refer to the Notes to the condensed consolidated
financial statements for more details.
Outstanding share capital
The outstanding share capital was 171.1 million common shares at
the end of September 2025. The weighted average number of
shares in Q3 2025 was 171.0 million shares.
Consolidated statement of changes in equity
Offset by:
• Negative currency effects of €388 million (net of taxes) driven by
strengthening of the euro versus other currencies, in particular the
US dollar, Chinese yuan, and pound sterling
• Dividend of €263 million
in € millions
Other (legal)
reserves and
undistributed
profit
Cumulative
Cash flow
translation
hedge reserve reserves
Subscribed
share capital
Shareholders’
equity
Noncontrolling
interests
Group equity
Balance at December 31, 2023
(711)
4,948
4,322
4,546
Profit for the period
Other comprehensive income/(expense)
Tax on other comprehensive income
Dividend
Comprehensive income for the period
The dividend policy remains unchanged and is to pay a stable to
rising dividend. An interim dividend of €0.44 per share will be paid. In
2024, an interim dividend of €0.44 per share was also paid.
Dividend
(263)
(263)
(294)
Equity-settled transactions
Acquisitions and divestments
September 30, 2024
(693)
5,185
4,577
4,809
Balance at December 31, 2024
(579)
5,068
4,574
4,816
Profit for the period
Other comprehensive income/(expense)
(391)
(428)
(455)
Acquisitions and divestments
Tax on other comprehensive income
The acquisition and divestments, in both shareholders’ equity and
non-controlling interests, next to regular minority share buyouts,
contain the impact of internal transfers (Powder Coatings and the
International Research Center in India, from Akzo Nobel India Ltd. to
a wholly owned subsidiary) and the sale of 5% of the share capital in
Akzo Nobel India Ltd.
Comprehensive income for the period
(388)
(376)
(375)
Dividend
(263)
(263)
(302)
Equity-settled transactions
Issue of common shares
Acquisitions and divestments
September 30, 2025
(967)
4,800
3,931
4,145
A final 2024 dividend of €1.54 per common share (2023: €1.54) was
approved at the AGM on April 25, 2025, which resulted in a total
2024 dividend of €1.98 per share (2023: €1.98).
The internal transfers increased the non-controlling interest by €20
million and decreased the shareholders’ equity by €20 million, due to
the excess paid over the carrying value of the assets and liabilities
acquired.
The sale of 5% of the share capital of Akzo Nobel India Ltd. through
a market block trade increased non-controlling interest by €9 million.
This transaction was treated as a transaction linked to the
divestment, so the excess consideration received over the book
value will be treated as divestment result upon completion of the
AkzoNobel | Report for the third quarter 2025
Invested capital
Trade working capital
Invested capital1 at September 30, 2025, totaled €7.9 billion, down
€0.4 billion from year-end 2024. This decrease was mainly caused
by negative currency translation and the transfer of invested capital in
Akzo Nobel India Ltd. to held for sale, partly offset by normal
seasonality, resulting in higher trade receivables.
Trade working capital1 was €1.7 billion at September 30, 2025
(September 30, 2024: €1.9 billion). Held for sale accounting
decreased trade working capital by €30 million.
Invested capital
in € millions
Trade receivables
September
30, 2024
2,433
December 31, September 30,
2,144
2,258
Inventories
1,805
1,721
1,570
Trade payables
(2,345)
(2,220)
(2,122)
Trade working capital
1,893
1,645
1,706
Other working capital items
(149)
(137)
(153)
Non-current assets
8,367
8,413
7,855
Less investments in associates
(226)
(227)
(230)
Less pension assets
(1,039)
(929)
(846)
Deferred tax liabilities
(514)
(491)
(460)
Invested capital
8,332
8,274
7,872
Trade working capital as a percentage of revenue was 16.7% in Q3
2025. On a comparable basis (excluding held for sale accounting) it
was 17.0%, which is down 0.7% compared with Q3 2024, primarily
due to lower inventories.
Trade working capital
As % of revenue
Q3 24
Q1 25
Q2 25
Q3 25
Q4 24
1 Alternative performance measures: For more details on these measures, refer to the Notes to
the condensed consolidated financial statements, APM paragraph.
AkzoNobel | Report for the third quarter 2025
Notes to the condensed consolidated financial statements
General information
Akzo Nobel N.V. is a public limited liability company headquartered in
Amsterdam, the Netherlands. The interim condensed consolidated
financial statements include the condensed financial statements of
Akzo Nobel N.V. and its consolidated subsidiaries (in this document
referred to as “AkzoNobel”, “the Group” or “the company”). The
company was incorporated under the laws of the Netherlands and is
listed on Euronext Amsterdam.
These changes have been assessed for their potential impact. It was
concluded that these changes do not have a material effect on
AkzoNobel’s consolidated financial statements.
The interim condensed consolidated financial statements have been
prepared in accordance with, and contain the information required
by IFRS Accounting Standards as issued by the International
Accounting Standards Board as adopted by the European Union
(EU-IFRS), IAS 34 “Interim Financial Reporting”.
Basis of preparation
Seasonality
All figures in this report are unaudited. The interim condensed
consolidated financial statements were discussed and approved by
the Board of Management and the Supervisory Board. These interim
condensed financial statements have been authorized for issue.
Revenue and results in Decorative Paints are impacted by seasonal
influences. Revenue and profitability tend to be higher in the second
and third quarter of the year as weather conditions determine
whether paints and coatings can be applied.
The interim condensed consolidated financial statements should be
read in conjunction with AkzoNobel’s consolidated financial
statements in the 2024 annual report as published on February 26,
2025. The 2024 financial statements were adopted by the Annual
General Meeting of shareholders on April 25, 2025. In accordance
with Article 393 of Book 2 of the Dutch Civil Code,
PricewaterhouseCoopers Accountants N.V. has issued an
unqualified auditor’s opinion on the 2024 financial statements.
In Performance Coatings, revenue and profitability vary, among
others, with building patterns from original equipment manufacturers.
Revenue disaggregation
The table below reflects the disaggregation of revenue. Additional
disaggregation of revenue is included on the respective pages of
Decorative Paints and Performance Coatings.
January-September 2025
in € millions
Decorative Paints
Performance Coatings
Other
1,737
1,784
3,521
North Asia
1,224
South East and South Asia
North America
Latin America
3,165
4,621
7,786
3,118
4,459
7,577
3,165
4,621
7,786
Other EMEA countries
The material accounting policies applied in the interim condensed
consolidated financial statements are consistent with those applied
in AkzoNobel’s consolidated financial statements for the year ended
December 31, 2024, except for IFRS Accounting Standards as
adopted by the European Union becoming effective on January 1,
2025, which for this year relates to amendments to IAS 21 “Lack of
exchangeability”.
In Other activities, we report activities which are not allocated to a
particular segment.
Revenue disaggregation
The Netherlands
Accounting policies
Other activities
Total
Total
Timing of revenue recognition
Goods transferred at a point in time
Services transferred over time
Total
AkzoNobel | Report for the third quarter 2025
Hyperinflation accounting (Türkiye and
Argentina)
For Türkiye and Argentina, hyperinflation accounting is applied. The
impact of the application of hyperinflation accounting, which includes
the use of end of period rates to translate the statement of the
income statement, is shown in the table below.
Hyperinflation accounting
JanuarySeptember
Third quarter
2025 in € millions
1 Revenue
(4) Operating income
Hyperinflation: gain/loss on net monetary
(6) position
1 Other financing income/expenses
(9) Profit before tax
(1) Income tax
(10) Profit for the period
3 Non-controlling interests
(7) Net income
Financial risk management
Contingent liabilities / Project Ichthys update
The consolidated financial statements for the year ended
December 31, 2024, provide a description of the financial risks faced
by the company in its regular operations, as well as the policies and
procedures established to mitigate these risks.
A contingent liability is a liability of uncertain timing or amount.
Contingent liabilities are not recognized in the balance sheet because
they are dependent on the occurrence or non-occurrence of one or
more uncertain future events not wholly within the control of the
entity, or because (i) it is not probable that an outflow of resources
embodying economic benefits will be required to settle the
obligation; or (ii) the amount of the obligation cannot be measured
with sufficient reliability.
The risks, policies and procedures outlined in the consolidated
financial statements are still applicable and relevant.
The carrying amount of the financial assets and current liabilities is a
reasonable approximation of their fair value. The fair value of total
borrowings as at September 30, 2025, was €5,294* million
(December 31, 2024: €5,256 million); the carrying amount measured
at amortized cost was €5,360* million (December 31, 2024: €5,368
million).
During the year there have been no material changes in the fair value
hierarchy.
*Including borrowings held for sale (fair value €8 million; book value €8 million).
Cash flow reconciliation
Hyperinflation impact on adjusted EBITDA year-to-date was €14
million negative (2024: €25 million negative); the impact for Q3 was
€3 million negative (2024: €6 million negative).
At September 30, 2025, the number of employees was 33,200
(September 30, 2024: 35,400).
The company and certain of its (former) group companies are
involved in legal proceedings as well as proceedings by / discussions
with governments, tax, environmental agencies and other authorities.
While it is not feasible to predict or determine the outcome of all
pending and threatening legal proceedings and proceedings by /
discussions with governments, tax, environmental agencies and
other authorities, the company is of the opinion that the case
described below may have a significant impact on the company’s
consolidated financial position, results of operations and cash flows.
In accordance with IAS 37.92, certain information is not disclosed for
legal proceedings for which the company concludes that disclosure
can be expected to seriously prejudice the outcome of the matter.
September 30,
1,958
1,322
Debt to credit institutions
Project Ichthys
Held for sale
1,903
1,324
AkzoNobel is defending claims brought by INPEX Operations
Australia in 2021 and JKC Australia LNG in 2017 relating to the
specification and use of an AkzoNobel product which was applied to
part of the pipework for the Ichthys Onshore Project in Darwin,
Australia, a large LNG project, between 2013 and 2015. The claims
allege that AkzoNobel is liable for significant damages (relating to
degradation of the coating on extensive parts of the pipework) and
associated remediation costs are sought under the Australian
Consumer Law. The vast majority of the damages claimed for
remediation costs have not yet been incurred, rather they relate to
(modelled) future inspection and remediation costs. AkzoNobel
denies liability and contests the quantum of alleged damages.
Total per statement of cash flows
Related parties
Pensions
The net balance sheet position (according to IAS 19) of the pension
plans at the end of Q3 was a surplus of €0.6 billion (year-end 2024:
surplus of €0.6 billion). The development during 2025 was mainly the
offsetting effect of higher discount rates, lower inflation rates and
lower plan asset returns in key countries.
Legal proceedings
September 30,
in € millions
Cash and cash equivalents in the
balance sheet
Workforce
AkzoNobel traded goods and services with various related parties in
which we hold a 50% or less equity interest (associates). We
consider the members of the Executive Committee and the
Supervisory Board to be the key management personnel as defined
in IAS 24 “Related parties”.
In the ordinary course of business, we have transactions with various
organizations with which certain members of the Supervisory Board
and Executive Committee are associated.
In 2024, the case proceeded to trial in the Federal Court of Australia.
As part of the proceedings, the Federal Court of Australia appointed
a Referee for the consideration of the potential quantum should any
AkzoNobel | Report for the third quarter 2025
liability be established. Following issuance of the Referee’s quantum
report, INPEX has sought damages in the amount of AUD 4.8 billion
(€2.7 billion). There are several other scenarios in the Referee’s
quantum report for calculating potential damages with significantly
lower amounts. Following the completion of the main hearing phase
in May 2025, the Federal Court continues to address various
procedural and substantive matters as part of the ongoing
proceedings.
AkzoNobel maintains that it is not liable for any alleged damages and
thus argues its liability towards both INPEX and JKC should be zero
(0). The Federal Court of Australia has yet to decide on liability, and if
AkzoNobel is found liable, on the appropriate amount of damages
that AkzoNobel is liable for (including whether any liability should be
shared with other parties involved).
supports readers’ understanding of, among others, the company’s
sales performance, profitability, financial strength and funding
requirements.
APMs should not be viewed in isolation as alternatives to the
equivalent IFRS measures. Rather, they should be used as
supplementary information in conjunction with the most directly
comparable IFRS measures. APMs do not have a standardized
meaning under IFRS Accounting Standards and therefore may not
be comparable to similar measures presented by other companies.
Explanations and reconciliations of the APMs to the most directly
comparable IFRS measures can be found in this paragraph.
Identified items
In Q3 2025, AkzoNobel has recognized a provision of €300 million in
respect of Project Ichthys. This provision relates to the elements in
the claims for which the IAS 37 recognition criteria are met at 30
September 2025. Other elements not meeting the requirements are
presented as contingent liabilities and remain unprovided for.
AkzoNobel is insured with a maximum coverage of €500 million for
cash outflows, whether presented as a provision or as a contingent
liability. In accordance with IAS 37.92, no further information is
disclosed, as such disclosure might seriously prejudice the outcome
of the matter.
The timing of the Federal Court of Australia’s judgment remains
uncertain, although it is not anticipated before mid-2026. Either party
can appeal the first instance decision to the Full Court of the Federal
Court of Australia. A further appeal can be made to the High Court of
Australia if special leave is granted. Under Australian law, a verdict
would be payable soon after being issued, unless a stay would be
obtained. The amounts in such verdict could be significantly higher
than the amount currently provided for.
Alternative performance measures
In presenting and discussing AkzoNobel’s operating results,
management uses certain alternative performance measures (APMs)
not defined by IFRS Accounting Standards. Management considers
these APMs to be relevant supplementary indicators of the
company’s performance. These or similar measures are widely used
in the industry to assess operational performance, developments and
positions. Management believes that reporting these measures
Identified items are special charges and benefits, (post) acquisition
and divestment related items, major restructuring and impairment
charges, charges and benefits related to major legal, environmental
and tax cases, and hyperinflation accounting adjustments for
inventory positions that exceed normal operational levels.
Identified items are excluded when calculating adjusted operating
income, adjusted EBITDA, adjusted EBITDA margin, return on
investments (ROI) and adjusted earnings per share (EPS).
AkzoNobel | Report for the third quarter 2025
Adjusted EBITDA and Adjusted operating income
Adjusted EBITDA margin
Adjusted EBITDA is operating income excluding depreciation,
amortization and identified items. Adjusted operating income is
operating income excluding identified items. These measures are
used to evaluate the performance of the company and its segments.
By excluding identified items, the comparability of the operational
results increases and financial performance can be evaluated more
effectively.
Adjusted EBITDA margin is an operational profit margin. Adjusted
EBITDA margin is adjusted EBITDA as a percentage of revenue. The
measure provides a clear picture of (the development of) profitability.
Adjusted EBITDA margin
JanuarySeptember
Third quarter
Management views adjusted EBITDA and adjusted operating income
as appropriate measures for (segment) performance.
2025 in %
17.4 Decorative Paints
14.0 Performance Coatings
Other activities*
Operating income to adjusted EBITDA
January – September 2024
Decorative
Paints
Performance
Coatings
Other
activities
Decorative
Paints
Performance
Coatings
Other
activities
Total
(103)
790 Operating income
(133)
(63) Restructuring-related costs incl.
impairments
(16) Acquisition/divestment-related
costs
(151)
(14) Hyperinflation
— Legal and environmental
(275)
(297)
Total in € millions
15.1 Total
January – September 2025
(3) Other
(96) Total identified items
(337)
(487)
886 Adjusted operating income
(111)
(132)
(271) Depreciation and amortization*
(108)
(133)
(271)
1,157 Adjusted EBITDA
1,135
Free cash flow
AkzoNobel reports on free cash flow as management believes it to
be a useful measure to provide additional insight into the cash
generating capability of its operations. A reconciliation of free cash
flow to the most directly comparable IFRS measure is available in the
condensed consolidated financial statements.
Capital expenditures
Capital expenditures is the total of investments in property, plant and
equipment and investments in intangible assets. Reporting on capital
expenditures gives insight into the total allocation of investments.
* Excluding identified items.
Capital expenditures
Operating income to adjusted EBITDA
Third quarter
Third quarter 2024
Decorative
Paints
Performance
Coatings
Other
activities
Total
62 Investments in property, plant and equipment
259 Operating income
(138)
4 Investments in intangible assets
66 Capital expenditures
(28) Restructuring-related costs incl.
impairments
(4) Acquisition/divestment-related
costs
(9) Hyperinflation
— Legal and environmental
(275)
(282)
Decorative
Paints
Performance
Coatings
Other
activities
Total in € millions
(3) Other
(44) Total identified items
(303)
(326)
303 Adjusted operating income
(91) Depreciation and amortization*
394 Adjusted EBITDA
* Excluding identified items
JanuarySeptember
Third quarter 2025
2025 in € millions
AkzoNobel | Report for the third quarter 2025
Organic sales
Adjusted earnings per share
Return on investment (ROI)
Organic sales exclude the impact of changes in consolidation, the
impact of changes in foreign exchange rates and the impact of
hyperinflation accounting.
Adjusted earnings per share is used to provide additional insight into
the underlying profitability per share of the company. It helps with
comparing performance over time, as well as to industry
benchmarks and peers.
ROI is adjusted operating income of the last 12 months as a
percentage of average invested capital. Management uses ROI to
assess the efficiency of investments and make informed decisions on
capital allocation, in order to maximize returns and drive long-term
growth.
The impact of changes in foreign exchange rates is calculated by retranslating the prior year local currency amounts into euros at the
current year’s foreign exchange rates.
Organic sales comparison provides a better understanding of
underlying revenue growth factors. Reconciliation to the
development of revenue is available in the financial highlights (for
consolidated revenues), as well as in the Decorative Paints and
Performance Coatings sections.
Adjusted earnings per share from continuing operations
Third quarter
JanuarySeptember
2025 in € millions
(190) Profit from continuing operations
326 Identified items reported in operating income
24 Identified items reported in interest
15 Identified items reported in income tax
(3) Non-controlling interests
172 Adjusted net income from continuing
operations
Trade working capital
Trade working capital is defined as the sum of inventories, trade
receivables and trade payables. When expressed as a ratio, trade
working capital is measured against four times last quarter revenue.
A reconciliation of trade working capital to the most directly
comparable IFRS measure is available in the condensed
consolidated financial statements.
Management uses trade working capital for cash flow management,
to identify opportunities to improve cash generation and to optimize
our use of cash.
170.8
171.0 Weighted average number of shares (in
millions)
170.7
171.0
1.01 Adjusted earnings per share from
continuing operations
(Average) invested capital
Average invested capital is the average of the quarter-end invested
capital balances for the last four quarters. Invested capital is total
assets (excluding cash and cash equivalents, short-term
investments, investments in associates, pension assets, assets held
for sale) less current tax liabilities, deferred tax liabilities and trade
and other payables.
Return on investment (ROI)
October 2023 – September 2024/October 2024 – September 2025
Decorative Paints
Performance Coatings
Other activities1
Total2
1 ROI for Other activities is not shown, as this is not meaningful.
2 Excluding held for sale accounting, ROI for 2025 is 13.2%.
Adjusted gross margin
Adjusted gross profit is revenue less cost of sales, excluding
identified items. Adjusted gross margin is adjusted gross profit as a
percentage of revenue. This measure provides insight into profit
development excluding SG&A costs.
By excluding identified items, the comparability of the gross margin
development increases and financial performance can be evaluated
more effectively.
Adjusted gross margin
Third quarter
Average invested capital
October 2023 – September 2024/October 2024 – September 2025
in € millions
1,083
1,027 Gross profit
3,311
3,113
(126)
1,055 Adjusted gross profit
3,355
3,239
41.4 Adjusted gross margin
Decorative Paints
3,849
3,661
1,109
Performance Coatings
3,765
3,628
8,243
8,187
Other activities
Total
January-September
Management uses average invested capital to monitor, assess and
optimize the total amount of capital invested.
(28) Identified items
AkzoNobel | Report for the third quarter 2025
Leverage ratio
Consistent with other companies in the industry, management
monitors capital headroom based on the leverage ratio net debt/
adjusted EBITDA. The leverage ratio is calculated based on the net
debt per balance sheet position divided by adjusted EBITDA of the
last 12 months.
Adjusted EBITDA
October 2023 – September 2024/October 2024 – September 2025
in € millions
Operating income
1,004
Depreciation and amortization*
Identified items
1,470
1,456
Adjusted EBITDA
* Excluding identified items.
Leverage ratio
October 2023 – September 2024/October 2024 – September 2025
in € millions
Net debt*
4,069
4,028
Adjusted EBITDA
1,470
1,456
Leverage ratio
* Breakdown of net debt is available in the net debt paragraph in the condensed consolidated
financial statements section.
Intended divestment Akzo Nobel India Ltd.
On June 27, 2025, AkzoNobel announced that a binding agreement
had been signed to sell its controlling shareholding in Akzo Nobel
India Ltd. to the JSW Group. The net cash proceeds are expected to
be approximately €900 million.
The transaction involves the sale of our shares in Akzo Nobel India
Ltd. Regulatory approvals have been obtained. The transaction is
expected to be completed in the fourth quarter of 2025.
The assets and liabilities of Akzo Nobel India Ltd. qualified as held for
sale as per June 30, 2025. The business reported as held for sale
represents approximately 3% of our revenue, of which more than
60% sits within Decorative Paints and the remainder in Performance
Coatings.
No impairment losses have been recorded as a result of this
reclassification. Discontinued operations accounting is not
applicable.
On July 2, 2025, the Powder Coatings and International Research
Center, previously part of ANIL, were transferred to a wholly owned
subsidiary, Akzo Nobel Powder Coatings India Private Ltd. This
transfer was treated as a transaction between shareholders,
reference is made to the Statement of changes in equity for more
details.
The amount of cumulative translation adjustments recorded in equity
related to entities classified as held for sale at September 30, 2025,
amounted to €113 million negative.
On September 23, 2025, AkzoNobel sold 5% of the share capital of
Akzo Nobel India Ltd. through a market block trade. This resulted in
€60 million excess consideration over the book value of the shares.
As this transaction is considered linked to the divestment of Akzo
Nobel India Ltd., this amount will be included in the deal result once
control of Akzo Nobel India Ltd. is lost.
Assets and liabilities held for sale
September 30, 2025
in € millions
Intangible assets
Property, plant and equipment
Other non-current assets
Inventories
Receivables
Other current assets
Assets held for sale
Non-current liabilities
Current liabilities
Liabilities held for sale
Outlook*
Subject to ongoing market uncertainties and adjusted for exchange
rates as of the end of the third quarter, the company expects to
deliver adjusted EBITDA around €1.48 billion for full-year 2025.
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.
Following the expected closing of the India disposal, the company
expects leverage slightly above 2 times net debt/adjusted EBITDA by
the end of 2025. In the mid-term, AkzoNobel aims to maintain
leverage around 2 times, while remaining committed to a strong
investment grade credit rating.
*Outlook represents current company expectations based on organic volumes, subject to
ongoing market uncertainties and assuming constant currencies.
Amsterdam, October 21, 2025
The Board of Management
Greg Poux-Guillaume
Maarten de Vries
AkzoNobel | Report for the third quarter 2025
Quarterly statistics
1,056
1,139
1,089
1,017
1,584
1,645
1,579
1,602
2,640
2,784
2,668
2,619
Full-year in € millions
Year-to-date
4,301 Decorative Paints
1,030
1,080
1,055
3,165
6,410 Performance Coatings
1,583
1,546
1,492
4,621
10,711 Total
2,613
2,626
2,547
7,786
556 Decorative Paints
862 Performance Coatings
(130) Other activities
(103)
1,288 Total
Revenue
EBITDA*
Adjusted EBITDA (excluding Identified items)*
635 Decorative Paints
913 Performance Coatings
(70) Other activities
1,478 Total
1,135
13.8 Adjusted EBITDA margin (in %)
Depreciation and amortization
(151) Decorative Paints
(114)
(183) Performance Coatings
(136)
(37) Other activities
(371) Total
(280)
Depreciation and amortization (excluding Identified items)
(150) Decorative Paints
(108)
(178) Performance Coatings
(133)
(37) Other activities
(365) Total
(271)
* Alternative performance measures: For more details on these measures, including reconciliations to the most directly comparable IFRS measures and explanation of their use, refer to the Notes
to the condensed consolidated financial statements, APM paragraph.
AkzoNobel | Report for the third quarter 2025
Quarterly statistics
Full-year in € millions
Year-to-date
405 Decorative Paints
679 Performance Coatings
(138)
(167) Other activities
(133)
917 Total
Operating income
Identified items included in operating income
(80) Decorative Paints
(56) Performance Coatings
(303)
(337)
(60) Other activities
(100)
(196) Total
(326)
(487)
Adjusted operating income (excluding Identified items)*
485 Decorative Paints
735 Performance Coatings
(107) Other activities
1,113 Total
Reconciliation financing income and expenses
61 Financing income
(187) Financing expenses
(135)
(126) Net interest on net debt
Other interest
27 Financing income related to post-retirement benefits
(3) Interest on provisions
— Other items
24 Net other financing charges
(102) Financing income and expenses
(156)
* Alternative performance measures: For more details on these measures, including reconciliations to the most directly comparable IFRS measures and explanation of their use,
refer to the Notes to the condensed consolidated financial statements, APM paragraph.
AkzoNobel | Report for the third quarter 2025
Quarterly statistics
Full-year
Year-to-date
Quarterly net income analysis (in € millions)
23 Results from associates
838 Profit before tax
(186)
(246) Income tax
592 Profit for the period from continuing operations
(190)
29 Effective tax rate (in %)
Earnings per share from continuing operations (in €)
3.17 Basic
(1.13)
3.16 Diluted
(1.12)
Earnings per share from discontinued operations (in €)
(0.01)
— Basic
(0.01)
(0.01)
(0.01)
— Diluted
(0.01)
(0.01)
Earnings per share from total operations (in €)
3.17 Basic
(1.13)
3.16 Diluted
(1.13)
Number of shares (in millions)
170.6
170.7
170.8
170.8
170.7 Weighted average number of shares1
170.8
171.0
171.0
171.0
170.6
170.8
170.8
170.8
170.8 Number of shares at end of quarter1
170.9
171.0
171.1
171.1
Adjusted earnings from continuing operations (in € millions)*
592 Profit from continuing operations
(190)
196 Identified items reported in operating income
(21) Identified items reported in interest
(54) Identified items reported in income tax
(50) Non-controlling interests
663 Adjusted net income from continuing operations
3.88 Adjusted earnings per share from continuing
operations (in €)
* Alternative performance measure: For more details on this measure, including reconciliations and explanation of its use,
refer to the Notes to the consolidated financial statements, APM paragraph.
AkzoNobel | Report for the third quarter 2025
Glossary
Adjusted earnings per share from continuing operations are
the basic earnings per share from continuing operations, excluding
Identified items and taxes thereon.
Invested capital is total assets (excluding cash and cash
equivalents, short-term investments, investments in associates,
pension assets, assets held for sale) less current tax liabilities,
deferred tax liabilities and trade and other payables. Invested capital
balances on business area level contain intercompany positions,
which eliminate on consolidated level.
SG&A costs include selling and distribution expenses, general and
administrative expenses, and research, development and innovation
expenses.
Average invested capital is the average of the quarter-end
invested capital balances for the last four quarters.
Safe harbor statement
Adjusted EBITDA is operating income excluding depreciation,
amortization and Identified items.
Latin America excludes Mexico.
Adjusted EBITDA margin is adjusted EBITDA as percentage of
revenue.
Leverage ratio is calculated as net debt divided by adjusted
EBITDA for the last 12 months.
Adjusted operating income is operating income excluding
Identified items.
Net debt is defined as long-term borrowings plus short-term
borrowings, less cash and cash equivalents and short-term
investments.
Capital expenditures is the total of investments in property, plant
and equipment and investments in intangible assets.
North America includes Mexico.
Comprehensive income is the change in equity during a period
resulting from transactions and other events other than those
changes resulting from transactions with shareholders in their
capacity as shareholders.
Constant currencies calculations exclude the impact of changes in
foreign exchange rates by re-translating the prior year local currency
amounts into euros at the current year’s foreign exchange rates.
EBITDA is operating income excluding depreciation and
amortization.
EBITDA margin is EBITDA as a percentage of revenue.
EMEA is Europe, Middle East and Africa.
Free cash flow is net cash generated from/(used for) operating
activities minus capital expenditures.
Identified items are special charges and benefits, (post) acquisition
and divestment related items, major restructuring and impairment
charges, charges and benefits related to major legal, environmental
and tax cases, and hyperinflation accounting adjustments for
inventory positions that exceed normal operational levels.
North Asia includes, among others, China, Japan and South Korea.
Operating income is defined as income excluding net financing
expenses, results from associates, income tax and profit/loss from
discontinued operations. Operating income includes the share of
non-controlling interests. Operating income includes Identified items
to the extent these relate to lines included in operating income.
Trade working capital is defined as the sum of inventories, trade
receivables and trade payables. When expressed as a ratio, trade
working capital is measured against four times last quarter revenue.
Organic sales compares sales between periods, excluding the
impact of changes in consolidation, the impact of changes in foreign
exchange rates and the impact of hyperinflation accounting. Refer to
“Constant currencies” for details on the calculation of the foreign
exchange rate impact.
Other working capital is defined as other receivables, plus current
tax assets, less other payables and current tax liabilities.
ROI is adjusted operating income of the last 12 months as a
percentage of average invested capital.
SESA is South East and South Asia and includes the Pacific.
This report 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.
Brand and trademarks
In this report, reference is made to brands and trademarks owned
by, or licensed to, AkzoNobel. Unauthorized use of these is strictly
prohibited.
AkzoNobel | Report for the third quarter 2025
Akzo Nobel N.V.
Christian Neefestraat 2
P.O. Box 75730
1070 AS Amsterdam, the Netherlands
www.akzonobel.com
For more information:
The explanatory sheets used during the press conference can be
viewed on AkzoNobel’s corporate website: www.akzonobel.com
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.
For more information, please visit www.akzonobel.com.
© 2025 Akzo Nobel N.V. All rights reserved.
AkzoNobel Global Communications
AkzoNobel Investor Relations
Financial calendar
Ex-dividend date of 2025 interim dividend
Record date of 2025 interim dividend
Payment of 2025 interim dividend
Report for the full-year and the fourth
quarter 2025
October 27, 2025
October 28, 2025
November 6, 2025
February 3, 2025