Monitor regulatory approvals for the Axalta merger (expected close early 2027) and the Deco South East Asia sale to Nippon Paint (mid-2027). The €2.5B special dividend is contingent on merger completion. Watch for the Federal Court of Australia's ruling on the Ichthys litigation, where INPEX seeks AUD 4.8B in damages — a verdict could come in 2027.
Price Chart
Executive Summary
AkzoNobel reported Q3 2026 results with flat revenue year-over-year (organic sales +2%), adjusted EBITDA slightly up to €388M from €385M, and net income attributable to shareholders of €54M (vs €37M in Q3 2025). The quarter was heavily impacted by a €230M charge from the deconsolidation of Russian entities and a €46M loss on the Pakistan divestment, while the pending all-stock merger with Axalta and the announced sale of Deco South East Asia to Nippon Paint for ~$1.35B enterprise value are the key strategic catalysts.
Key Facts
- Q3 2026 revenue flat vs Q3 2025 at €2,538M; organic sales growth of 2% driven by 5% pricing, partially offset by negative mix and lower volumes
- Adjusted EBITDA increased to €388M (Q3 2025: €385M), with organic growth of €15M offset by €21M negative scope changes
- Operating income was -€73M (Q3 2025: -€29M), impacted by €230M Russia deconsolidation charge and €46M Pakistan divestment loss
- Net income attributable to shareholders was €54M (YTD 2025: €37M); adjusted EPS from continuing operations was €2.96 (YTD 2025: €3.07)
- On October 5, 2026, signed agreement to sell Deco South East Asia to Nippon Paint for ~$1.35B enterprise value; completion expected mid-2027
- All-share merger with Axalta approved by both sets of shareholders on August 5, 2026; expected to close early 2027
- Net debt at €3,090M (Dec 2025: €2,942M); leverage ratio 2.1x (Dec 2025: 2.0x)
- Interim dividend of €0.44 per share declared
Financial Impact
Q3 revenue flat at €2,538M; adjusted EBITDA €388M; net income €54M; adjusted EPS €2.96; special dividend of €2.5B planned upon Axalta merger close
Risk Factors
- Project Ichthys litigation: INPEX seeking AUD 4.8B (€2.9B) in damages; AkzoNobel has a €300M provision and €500M insurance coverage; verdict not expected before 2027
- Axalta merger regulatory approvals and closing conditions; termination fee of €150M if either party walks away
- Raw material price inflation from Middle East conflict; management expects inflation to sustain through the year
- Russia deconsolidation resulted in €230M charge; retained interest valued at €60M classified as held for sale
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0000950103-26-015939 |
| Document: dp255328_6k-2.htm | 0000950103-26-015939 |
| Document: 0000950103-26-015939-index-headers.html | 0000950103-26-015939 |
| Document: 0000950103-26-015939-index.html | 0000950103-26-015939 |
| Document: 0000950103-26-015939.txt | 0000950103-26-015939 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 21, 2026 6d ago | 6-K | $22.83 | awaiting T+5 | — | $22.05 (−3.42%) |
Oct 21, 2026 6d ago | 6-K | $22.83 | awaiting T+5 | — | $22.05 (−3.42%) |
Oct 21, 2026 6d ago | 6-K | $22.83 | awaiting T+5 | — | $22.05 (−3.42%) |
Oct 16, 2026 11d ago | 6-K | $22.03 $21.94 | ▼ −0.41% | ▼ −0.50% | $22.05 (+0.09%) |
Oct 15, 2026 12d ago | 6-K | $22.03 $21.94 | ▼ −0.41% | ▼ −0.50% | $22.05 (+0.09%) |
Oct 5, 2026 22d ago | 6-K | $21.53 $21.59 | ▲ +0.28% | ▼ −0.14% | $22.05 (+2.42%) |
Aug 31, 2026 8w ago | 6-K | $23.91 $23.61 | ▼ −1.25% | ▼ −1.11% | $22.05 (−7.78%) |
Jul 23, 2026 13w ago | 6-K | $21.28 $23.56 | ▲ +10.71% | ▲ +10.24% | $22.05 (+3.62%) |
Jul 22, 2026 13w ago | 6-K | $22.10 $23.23 | ▲ +5.11% | ▲ +7.51% | $22.05 (−0.23%) |
Jul 22, 2026 13w ago | 6-K | $22.10 $23.23 | ▲ +5.11% | ▲ +7.51% | $22.05 (−0.23%) |
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.
Create a free account Live analysis, Telegram alerts, watchlists and the MCP server for subscribers