Monitor Q3 2026 revenue trend for confirmation of organic growth trajectory and watch for Axalta merger milestones (shareholder vote Aug 5, 2026). The improved leverage and margin expansion support the credit profile, but the revenue decline and lower free cash flow warrant caution.
Price Chart
Executive Summary
AkzoNobel reported Q2 2026 revenue of €2,589M (-1% YoY) with operating income up 17% to €251M and adjusted EBITDA margin improving to 15.4%. Organic sales grew 2% on pricing, but revenue was impacted by divestments and FX. The company expects full-year adjusted EBITDA at or above €1.47B and maintains its Axalta merger timeline for late 2026/early 2027. The mixed results show profitability improvement against a backdrop of modest revenue decline.
Key Facts
- Q2 2026 revenue €2,589M, down 1% YoY (H1 down 5% to €4,975M)
- Operating income €251M, up 17% YoY (H1 €428M, up 5%)
- Adjusted EBITDA €398M, up 1% YoY (H1 €743M, down 1%)
- Adjusted EBITDA margin 15.4% vs 15.0% in Q2 2025
- Net income attributable to shareholders €139M vs €124M
- EPS from total operations €0.81 vs €0.73; adjusted EPS from continuing ops €1.07 vs €1.13
- Free cash flow €108M vs €162M in H1 2025
- Leverage ratio improved to 2.2x from 2.9x
- Outlook: full-year adjusted EBITDA at or above €1.47B in constant currencies
- Axalta all-stock merger expected to close late 2026/early 2027; special dividend of €2.5B conditional on completion
Financial Impact
Revenue declined 1% in Q2 and 5% in H1, but operating income grew 17% in Q2 and 5% in H1. Adjusted EBITDA margin expanded 40bps in Q2. Free cash flow declined 33% in H1.
Risk Factors
- Revenue decline from FX headwinds and divestments
- Merger execution risk and regulatory approvals for Axalta deal
- Raw material inflation and geopolitical instability (Middle East, Russia)
- Project Ichthys litigation exposure (AUD 4.8B claim)
Market Snapshot
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001193125-26-311868 |
| Document: d150329d6k.htm | 0001193125-26-311868 |
| Document: 0001193125-26-311868-index-headers.html | 0001193125-26-311868 |
| Document: 0001193125-26-311868-index.html | 0001193125-26-311868 |
| Document: 0001193125-26-311868.txt | 0001193125-26-311868 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Aug 31, 2026 4w ago | 6-K | $23.91 $21.55 | ▼ −9.87% | ▼ −9.93% | $21.28 (−11.00%) |
Jul 23, 2026 10w ago | 6-K | $21.28 $23.30 | ▲ +9.49% | ▲ +6.18% | $21.28 (+0.00%) |
Jul 22, 2026 10w ago | 6-K | $22.10 $23.59 | ▲ +6.74% | ▲ +3.85% | $21.28 (−3.71%) |
Jul 22, 2026 10w ago | 6-K | $22.10 $23.59 | ▲ +6.74% | ▲ +3.85% | $21.28 (−3.71%) |
Jul 13, 2026 11w ago | 6-K | $21.80 $24.08 | ▼ −10.46% | ▼ −7.27% | $21.28 (+2.39%) |
Jun 24, 2026 14w ago | EFFECT | $22.93 $22.13 | ▼ −3.49% | ▼ −5.42% | $21.28 (−7.20%) |
US Market Status
Subscribe to SecBot
Get Real-Time SEC Filing Intelligence
Comprehensive SEC filing analysis delivered the moment filings hit EDGAR. Sentiment scoring, impact analysis, and actionable insights for every material event.
Try SecBot Free Coming soon: SecBot Pro with alerts, watchlists, and API access