Akzo Nobel 2Q26 - Holding steady, reiterate Market-Perform

研报英文原文证据摘录

Akzo Nobel 2Q26 - Holding steady, reiterate Market-Perform

23 July 2026

James Hooper

+44 20 7676 6995

European Chemicals james.hooper@bernsteinsg.com

Sebastien AfoyAkzo Nobel NV +44 207 762 1032

Rating sebastien.afoy@bernsteinsg.com

Market-Perform Specialist Sales

James Brady

Price Target +44 20 7762 5272

james.brady@bernsteinsg.com

AKZA.NA 60.00 EUR

We consider Akzo’s 2Q results steady progress in a difficult environment (see report Quick

Close Date 22 Jul 2026

Take: Akzo Nobel 2Q26 - Underrated pricing power). The business appears to have improved

AKZA.NA Close Price (EUR) 58.14

its pricing muscle and margins also appear structurally higher. We therefore expect 2026

Price Target (EUR) 60.00

Adj. EBITDA consensus to move up towards guidance and us (€1.47bn+). Although we see

Upside/(Downside) 3%

2026 guidance as credible assuming no intensification of hostilities in the Middle East, to get

52-Week Range 67.64/46.18

more positive on Akzo we need to see a path to profit upgrades beyond the c. €110m cost

EDME 1,605.29

savings that forms the backbone of our expected standalone EBITDA growth in 2027. And in

FYE Dec

the current volume environment, we remain neutral here.

Div Yield 3.4%

We think the unchanged full year guide is credible, even acknowledging the Market Cap (EUR) (M) 9,947

implied 4Q hockey stick. Akzo have started to pull the pricing lever, with pricing already EV (EUR) (M) 13,197

implemented by June offsetting raw material inflation. We believe evidence of this is in Performance YTD 1M 6M 12M

2026 YTD margins the highest since the 2021-22 peak. We expect volume resilience Absolute (%) (1.8) (4.2) (3.0) 1.4

unless fighting in the Middle East intensifies, through easing comps in Coatings and an EDME (%) 9.2 1.8 6.4 17.9