Akzo Nobel N.V.

Q3 performance: organic growth + margin expansion (good) - Organic sales +2% YoY driven by pricing +5% offset by volumes -2% (Coatings -2%, Paints -3%). - Adjusted EBITDA: EUR 388m (up EUR +15m at comparable scope/FX; in line with guidance). - Adjusted EBITDA margin 15.3%, +20 bps YoY = 6th consecutive quarter of margin expansion (Paints margin 19.4%, +200 bps YoY—highest outside COVID DIY peak). - FX turned tailwind (+3% in Q3) after prior headwinds; scope changes -5% revenue.

Cash flow / balance sheet: leverage on track, but free cash flow pressured by deal costs (mixed/negative) - Leverage 2.1x at quarter-end, within target ~2x by year-end (helped by operational cash generation). - Free cash flow EUR 119m in Q3; EUR 83m YTD. - YTD transaction costs EUR 69m are a key drag on FCF (explicitly cited as weighing on overall free cash flow). - Return on invested capital increased to 13.7% supported by better working capital and EBITDA.

2026 outlook + Q4 guidance: volumes flat, pricing offsets inflation (good but with volatility) - Full-year 2026 adjusted EBITDA expected ~EUR 1.47bn (management reiterated guidance). - Raw material/logistics inflation “volatile,” but they claim good visibility on input costs until year-end. - Q4 outlook: volumes flat, pricing slightly net positive vs raw material inflation, and OpEx savings delivered as planned. - Implied challenge: they’ll need to continue “going further” on price if required.