AkzoNobel Q3 Report 2023

Profit rebound continuing on margin expansion, deleveraging gathering speed

Q3 2023 y-o-y: Revenue growth of 5% in CC. Volumes resilient, flat in the quarter.

YTD 2023 y-o-y: Revenue growth of 5% in CC. Margin1 expansion of €397m. Adj. EBITDA at €1,116m (+19% y-o-y).

Strong margin expansion in both Paints and Coatings, FX headwinds. Price/mix +3%

2023 Priorities: Pricing discipline.

Revenue was 5% higher in constant currencies, reported revenue was 4% lower. Revenue growth in constant currencies was mainly driven by pricing, which was up 3%. Volumes were flat, with higher volumes in Marine and Protective Coatings and Powder Coatings, as well as Decorative Paints Asia, offset by continued soft demand in Industrial Coatings. Other, which mainly relates to the impact of hyperinflation accounting, increased revenue by 1%.