Akzo Nobel (AKZO.AS): Notes from the Road: Constructive outlook commentary follows up solid 2Q26 delivery

Research evidence excerpt

Akzo Nobel (AKZO.AS): Notes from the Road: Constructive outlook commentary follows up solid 2Q26 delivery

Equity Research

24 July 2026 | 9:54PM GST

Akzo Nobel (AKZO.AS): Notes from the Road: Constructive outlook

commentary follows up solid 2Q26 delivery

We recently hosted Akzo Nobel’s CEO (Greg Poux-Guillaume), CFO (Maarten de Vries) Georgina Fraser, Ph.D.

+44(20)7552-5984 |

and IR team for the company’s 2Q26 results roadshow in London. With this note, we georgina.fraser@gs.com

Goldman Sachs International

provide our key takeaways.

Marcus von Scheele

+44(20)7774-7676 |

Management struck a positive tone, highlighting potential for sequentially better marcus.vonscheele@gs.com

trends in EU Deco and Auto Refinish. Pricing is also expected to fully offset raw

Thomas Wardmaterial and freight inflation (Asia raws now seen moderating to low-teens) in 2H26. +44(20)7051-2527 |

Regarding the proposed merger with Axalta, the announced $600mn merger synergy thomas.ward@gs.comGoldman Sachs International

target was once again framed as a floor by the management team. Investor feedback Gabriel Simoes

demonstrated to us that conviction in the synergy target continues to build, and that +44(20)7051-6922gabriel.simoes@gs.com|

the SEA Deco divestment optionality is seen as supporting a path to deleverage to 2x Goldman Sachs International

ND/EBITDA in the mid-term even if management sees pro-forma leverage settling

around 3x at the deal’s expected close. The Akzo team’s constructive commentary

on the growth opportunities in Powder and assurance of a rebound in Packaging

market share during 2027 rounded out a generally constructive roadshow.

10 Key Takeaways

n Merger synergies conservatively underwritten. Management sees $600mn in