AkzoNobel: Post Results Agenda

Research evidence excerpt

AkzoNobel: Post Results Agenda

Equity Research

European Chemicals & Ingredients

22 July 2026

AkzoNobel

Post Results Agenda

Q&A takeaways: Demand remained mixed, with April pre-

buying reversing in May and no meaningful improvement in

Deco volumes despite the strong Q3 guide. Reiterated AKZO.AS/AKZA NA EQUAL WEIGHT European Chemicals &

Ingredientsconfidence in FY26 guidance, despite Russian de- NEGATIVE

Price Target EUR 57.00

consolidation and strong inflection in Q4 implied. Nippon's Price (21-Jul-26) EUR 57.16

Deco proposal dismissed. Potential Upside/Downside -0.3%

Source: Bloomberg, Barclays Research

•• Akzo benefited from some customer pre-buying activity in late April following announced

price increases, which was subsequently followed by weaker demand in May as these

Katie Richards

purchases unwound. Despite this volatility, management characterised overall volumes as +44 (0)20 3555 0315

resilient, with Group volumes finishing the quarter flat YoY. Performance Coatings returned to kathryn.richards@barclays.com

volume growth, supported by Powder Coatings, Aerospace and Refinish, while Decorative Barclays, UK

Paints remained weaker, reflecting softer DIY demand in Western Europe (particularly the UK)

Anil Shenoy

and ongoing pressure from the Chinese property market. Management commented that it has +91 (0)22 6175 2487

not seen a meaningful change in these volume trends entering Q3. anil.shenoy@barclays.com

Barclays, UK

•• FY26 guidance implies a stronger Q4 and should not be impacted by Russian asset

deconsolidation. When challenged on the implied Q4 step-up required to achieve guidance, Alex Sloane

+44 (0)20 3555 0645 management pointed to easier Q4 comparables due to a weak end to 2025, ongoing delivery

alexander.sloane@barclays.com