Operating income reached €177 million, compared with €192 million in the prior-year period. On a comparable basis, operating income increased 9%. Adjusted EBITDA totaled €345 million, down from €357 million a year earlier, but rose 7% on a comparable basis.

The company reported an adjusted EBITDA margin of 14.5%, up from 13.7% in the first quarter of 2025. The increase was driven by pricing actions and cost control measures, which supported gross margin expansion.

Net cash from operating activities improved to -€86 million, compared with -€112 million in the prior-year period.

“We delivered a strong quarter of execution in a turbulent market, with adjusted EBITDA up 7% and margin up 80 bps, the fourth consecutive quarter of margin expansion. This was achieved through positive pricing and cost efficiency, both of which will continue to support our performance for the rest of the year. Good working capital management underpinned our solid cash delivery,” said CEO Greg Poux-Guillaume.

He added that geopolitical factors are affecting costs: “While the conflict in the Middle East is impacting our cost of supply, we’re maintaining our guidance for the year. Our already announced price increases are expected to fully compensate anticipated cost impacts based on current assumptions.”

AkzoNobel also confirmed progress on strategic initiatives, including an agreement to sell its Pakistan business to Packages Group, with closing expected in the second half of the year.

The company is continuing preparations related to its planned merger with Axalta Coating Systems, with shareholder approval expected at a mid-year extraordinary general meeting.

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