Akzo Nobel N.V.

Q3 performance: modest top-line growth + clear margin expansion (good) - Organic sales +2% YoY: pricing +5% largely offset volumes -2% (Coatings -2%, Paints -3%) and mix -1%. - Adjusted EBITDA EUR 388m, +EUR 15m (constant currency/comparable scope); margin 15.3% (+20 bps YoY) = 6th consecutive quarter of margin expansion. - Paints margin +200 bps to 19.4% (at a level only previously reached during COVID DIY boom) due to industrial excellence cost take-out.

Guidance / outlook: earnings support visible but volumes remain pressured (good + cautious) - 2026 adjusted EBITDA guidance ~EUR 1.47bn unchanged; expectation of continued pricing offset of raw material/logistics inflation. - Q4 outlook: volumes flat, pricing slightly net positive vs raw material inflation, and OpEx savings delivered as planned. - Raw materials visibility improves into year-end (“good visibility … until year-end”), but inflation remains volatile.

Cash flow + leverage: progressing to target, but merger transaction costs are a drag (mixed/negative) - Trade working capital improved to 15.7% of revenue (-130 bps YoY); ROIC up to 13.7%. - Free cash flow weaker than underlying earnings: Q3 FCF EUR 119m, YTD EUR 83m; main headwind is transaction costs YTD EUR 69m. - Leverage reduced to 2.1x, within target ~2x by year-end (supported by underlying cash generation and expected proceeds from Asia Deco disposal).