Monitor the August 5 EGM for the Axalta merger vote and any updates on regulatory approvals. The Russian deconsolidation (net asset value EUR 214M) will create a non-cash charge in Q3 but does not affect adjusted EBITDA. Watch for the Ichthys court ruling, which could result in a material cash outflow if AkzoNobel loses.
Price Chart
Executive Summary
AkzoNobel reported Q2 2026 results with total revenue down 1% YoY to EUR 2,589 million, but organic sales grew 2% driven by pricing. Adjusted EBITDA rose slightly to EUR 398 million (Q2 2025: EUR 393 million). The company is progressing toward its all-stock merger with Axalta, with an EGM scheduled for August 5, 2026. A subsequent event—Russian entities placed under temporary external administration—will result in deconsolidation and a non-cash charge, but the business represents less than 2% of revenue. Overall, the quarter showed stable underlying performance with pricing gains offsetting volume weakness and divestment headwinds, while the merger timeline and Russian exposure add uncertainty.
Key Facts
- Q2 2026 revenue was EUR 2,589 million, down 1% YoY (organic sales +2%)
- Adjusted EBITDA was EUR 398 million, up from EUR 393 million in Q2 2025
- Half-year 2026 revenue was EUR 4,975 million, down 5% YoY; adjusted EBITDA was EUR 743 million vs EUR 750 million
- Net income attributable to shareholders was EUR 232 million (H1 2026), flat vs EUR 231 million (H1 2025)
- Adjusted EPS from continuing operations was EUR 1.96 (H1 2026) vs EUR 2.07 (H1 2025)
- Net debt was EUR 3,127 million at June 30, 2026, up from EUR 2,942 million at year-end 2025; leverage ratio was 2.2x
- The all-stock merger with Axalta is proceeding; EGM on August 5, 2026; special dividend of EUR 2.5 billion conditional on closing
- Russian entities placed under temporary external administration on July 13, 2026; net asset value of EUR 214 million to be deconsolidated
- Project Ichthys litigation continues; INPEX seeks AUD 4.8 billion in damages; AkzoNobel has a EUR 300 million provision and EUR 500 million insurance coverage
Financial Impact
Q2 revenue EUR 2,589M (-1% YoY); adjusted EBITDA EUR 398M (+1%); H1 adjusted EPS EUR 1.96 (-5% YoY)
Risk Factors
- Adverse ruling in Project Ichthys litigation with potential damages up to AUD 4.8 billion
- Deconsolidation of Russian entities may lead to impairment or write-down of EUR 214 million net asset value
- Merger with Axalta may be delayed or terminated, triggering a EUR 150 million termination fee
- Raw material price inflation and geopolitical instability could pressure margins
Market Snapshot
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001193125-26-311872 |
| Document: d10293d6k.htm | 0001193125-26-311872 |
| Document: 0001193125-26-311872-index-headers.html | 0001193125-26-311872 |
| Document: 0001193125-26-311872-index.html | 0001193125-26-311872 |
| Document: 0001193125-26-311872.txt | 0001193125-26-311872 |
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%) |
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