AkzoNobel’s Marine and Protective Coatings business reported third-quarter revenue of €385m in 2026, up 1 per cent from €381m a year earlier, as higher prices offset lower overall volumes.
Marine coatings volumes grew, particularly in Europe and China, though this was more than offset by a decline in protective coatings. Organic sales, which exclude currency effects and changes in the scope of consolidation, rose 2 per cent.
For the first nine months of 2026, revenue in Marine and Protective Coatings fell 7 per cent to €1.112bn, with organic sales down 2 per cent.
Across the group, third-quarter revenue remained broadly flat at €2.538bn, compared with €2.547bn a year earlier. A 5 per cent increase in pricing outweighed lower volumes and an unfavourable change in the mix of products sold, resulting in organic sales growth of 2 per cent.
The sale of AkzoNobel’s liquid coatings business in India and the removal of its Russian entities from its consolidated accounts reduced group revenue by 5 per cent. Currency movements and other effects added 3 per cent.
The news comes as AkzoNobel and Axalta Coating Systems revealed they have chosen Axanzo as the name of their combined company following a planned merger in 2027.
Adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) rose 1 per cent to €388m, with the adjusted EBITDA margin increasing from 15.1 per cent to 15.3 per cent.
The group’s operating loss widened to €73m from €29m a year earlier. Results were affected by the removal of the Russian entities from its consolidated accounts and the sale of its Pakistan business, along with costs incurred ahead of the merger with Axalta.
A year earlier, results included a €275m addition to the provision for Australian litigation relating to allegedly unsuitable protective coating used on pipework on the $45bn Ichthys natural gas project.
AkzoNobel’s Russian entities were placed under temporary external administration by presidential decree on 13 July 2026. The company still owns the shares but no longer controls the businesses, resulting in a €230m charge.
In the wider Performance Coatings division, which includes Marine and Protective Coatings, revenue rose 1 per cent to €1.510bn. Adjusted EBITDA fell from €209m to €201m, bringing the margin down from 14 per cent to 13.3 per cent. Higher prices supported organic sales growth, but volumes declined, mainly because of lower volumes in Industrial Coatings.
Decorative Paints revenue fell 3 per cent to €1.028bn, while adjusted EBITDA increased 8 per cent to €199m. The division’s adjusted EBITDA margin rose from 17.4 per cent to 19.4 per cent.
Group operating cash inflow fell from €331m to €187m, mainly because of working capital movements. Free cash flow declined from €265m to €119m.
AkzoNobel has signed binding agreements to sell its Decorative Paints businesses in South East Asia. It also completed the sale of Akzo Nobel Pakistan Limited to IGI Investments, part of Packages Group, on 30 September 2026.
For the full year, the company expects adjusted EBITDA of around €1.47bn, based on year-end 2025 exchange rates and adjusted for the divestment of its liquid coatings businesses in Asia. The forecast excludes any effects from the proposed Axalta merger and remains subject to market uncertainties.
Shareholders of both companies approved the merger resolutions on 5 August 2026. The deal is expected to close in early 2027, subject to regulatory approvals and other closing conditions.
The full report is available on the AkzoNobel website.
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