Akzo Nobel FIRST LOOK: 1Q adj EBITDA -3%, FY guidance maintained
1Q adjusted EBITDA decreased by 3% to € 345m which was 6% better than our forecast and 7% above consensus. Akzo still guides for a FY26 adj EBITDA improvement in constant currencies of € 100m . The merger with Axalta is still expected to close in late 2026 or early 2027. Whilst we appreciate the synergies potential from the intended merger, taking into account the volatile track record and low structural growth, we maintain our Hold rating and € 63 TP.Akzo Nobel N.V. is a holding company. Through its subsidiaries, Co. is engaged in the production and marketing of paints, coatings and specialty chemicals. Co. has three segments: Decorative Paints, which supplies products for the professional and do-it-yourself markets, including paints, lacquers and varnishes, as well as products for surface preparation; Performance Coatings, which is divided into the following businesses: Automotive and Aerospace Coatings, Industrial Coatings, Marine and Protective Coatings, and Powder Coatings; and Specialty Chemicals, which are used in products such as ice cream, soups, disinfectants, plastics, soaps, detergents, cosmetics, paper and asphalt.
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