Highlights Q3 2025 (Compared with Q3 2024)

• Organic sales up 1% driven by price/mix; revenue down 5% on adverse currencies
• Adjusted EBITDA at €385 million, including €26 million adverse currency impact (2024: €394 million)
• Adjusted EBITDA margin expansion 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 with all regulatory approvals granted

AkzoNobel CEO Greg Poux-Guillaume commented: “We’ve had a resilient third quarter, with profitability up to 15.1% on disciplined pricing and continued benefits from our SG&A and industrial excellence programs. Despite continued macro-economic softness and the translation effect of a strong euro, we’ve delivered on consensus. We’re progressing on our strategic roadmap as our teams continue to execute with agility and focus.

“The sale of Akzo Nobel India Ltd. is on track to close in December 2025 as all regulatory approvals have been granted. We remain committed to our strategy of unlocking value and are positioning the company for more profitable growth.”

AkzoNobel

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 midterm, AkzoNobel aims to expand profitability to deliver an adjusted EBITDA margin 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 midterm, AkzoNobel aims to maintain leverage around 2 times while remaining committed to a strong investment-grade credit rating.

Provision Project Ichthys

In Q3 2025, AkzoNobel has recognized a provision of €300 million (*€275 million in operating income) in respect to an Australian project from 2013–15 (Ichthys). This provision relates to the elements in the claims for which the IAS 37 recognition criteria are met at Sept. 30, 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.

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.