AkzoNobel Q3: Flat Revenue, €73M Operating Loss on Russia/Pakistan Charges, FY EBITDA Guided to ~€1.47B
AKZOF sits 18% above its 52-week low of $53.63 on elevated volume (4.3× avg).
Summary
Russia deconsolidation and Pakistan divestment charges drove a €73M operating loss in Q3, even as revenue held flat at €2.54B and adjusted EBITDA reached €388M. Full-year adjusted EBITDA is guided to about €1.47B, and the Axalta merger is still expected to close in early 2027.
Key Events · Earnings and Guidance · AKZOF
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Q3 Revenue Flat, Margin Edges Up
Revenue of €2,538M was flat year over year as 5% pricing offset lower volumes; adjusted EBITDA rose to €388M and the margin improved to 15.3% from 15.1%.
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Russia and Pakistan Charges Drive Operating Loss
Operating income was negative €73M, reflecting a €230M loss on deconsolidating the Russian entities and a €46M loss on the Pakistan divestment; net income attributable to shareholders was still €54M (EPS €0.32).
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Cash Flow Weakens, Leverage at 2.1x
Net cash from operating activities fell to €187M from €331M on working capital, free cash flow dropped to €119M from €265M, and net debt rose to €3,090M for a 2.1x leverage ratio.
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Full-Year EBITDA Guided to ~€1.47B
Management expects about €100M of constant-currency adjusted EBITDA improvement, putting full-year 2026 at roughly €1.47B, with a mid-term margin target above 16%.
Analysis · AKZOF · Industrial Applications And Services
The headline loss is accounting-driven, not operational: a €230M hit from losing control of the Russian entities (placed under state external administration in July) and a €46M loss on the Pakistan sale pushed operating income to negative €73M, while net income stayed positive at €54M. Revenue was flat at €2.54B as 5% pricing offset lower volumes, and adjusted EBITDA edged up to €388M with the margin at 15.3%. Cash generation weakened — operating cash flow fell to €187M from €331M on working capital — and leverage ticked up to 2.1x. Management reaffirmed full-year adjusted EBITDA of about €1.47B and a mid-term margin above 16%. The other item to note is Project Ichthys: INPEX has raised its claim to AUD 4.8B (€2.9B) against a €300M provision and €500M of insurance, with a judgment not expected before 2027 — a tail risk that sits alongside the pending Axalta merger, still expected to close in early 2027.
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At the time of this filing, AKZOF was trading at $63.25 on OTC in the Industrial Applications And Services sector, with a market capitalization of approximately $10.8B. The 52-week trading range was $53.63 to $131.37. This filing was assessed with neutral market sentiment and an importance score of 7 out of 10.