Akzo Nobel N.V.

Earnings Release • Oct 23, 2024

Media release

October 23, 2024

AkzoNobel delivers continued growth with sequential benefits from cost actions

Akzo Nobel N.V. (AKZA; AKZOY) publishes results for Q3 2024

Highlights Q3 2024 (compared with Q3 2023)

• Organic sales up 1% driven by volume growth; revenue down 3%
• Operating income €259 million (2023: €354 million)
• Adjusted EBITDA €394 million (2023: €414 million); Adjusted EBITDA margin 14.8% (2023: 15.1%)
• Net cash from operating activities positive €294 million (2023: positive €297 million)

AkzoNobel CEO Greg Poux-Guillaume commented:

"We continued to demonstrate our ability to grow in flat markets, achieving a fourth consecutive quarter of volume growth. Although operating costs were higher year on year, they're down sequentially, while gross margin expansion continues. We've launched further cost and portfolio initiatives to ensure delivery of our mid-term ambitions. For 2024, we expect to achieve around €1.5 billion adjusted EBITDA."

AkzoNobel in € millions	Q3 2023	Q3 2024	Δ%	Δ% organic
Revenue	2,741	2,668	(3%)	1%
Operating income	354	259	(27%)
Adjusted EBITDA	414	394	(5%)
Adjusted EBITDA margin	15.1%	14.8%

Outlook

Based on current market conditions and constant currencies, AkzoNobel expects to deliver 2024 adjusted EBITDA of around €1.5 billion. The company aims to lower its leverage to around 2.7 times net debt/EBITDA by the end of 2024 and around 2 times in the mid-term, while remaining committed to retaining a strong investment grade credit rating.

Recent highlights

Superdurable powder coatings range strengthens carbon reduction commitment

Architectural customers can now take advantage of a superdurable low-bake powder coating developed by AkzoNobel, which helps to protect building surfaces in more challenging environments. Having launched a standard durability option in 2023, the newly introduced Interpon D2525 Low-E range has been specifically designed to withstand conditions in more extreme locations, such as those exposed to harsh weather.

Helping consumer electronics industry use more recycled plastics

Using recycled plastics to make consumer electronics has been made significantly more reliable and effective thanks to a professional grade series of coatings developed by AkzoNobel. Offering longlasting protection for products such as computers, mobile phones and household appliances, the new coatings have been specifically designed for items made from post-consumer recycled (PCR) plastics.

Color of the Year radiates True Joy

If any color could paint a smile on your face, it's True Joy™, AkzoNobel's Color of the Year for 2025. The sunny yellow shade is on a mission to fill our homes with optimism, pride and a splash of vibrant color. Supported by three complementary color palettes, True Joy is the result of extensive research

Christian Neefestraat 2 T +31 (0)88 969 7833 P.O. Box 75730 www.akzonobel.com 1070 AS Amsterdam Netherlands

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into color, design, cultural, economic and social trends, which identified a desire to make a joyful leap into the unknown, celebrate craftsmanship and embrace who we are.

About this media release

This media release covers the highlights for the quarter. We recommend reading the media release in combination with the full quarterly report. The quarterly report provides additional information, including the IAS34 condensed consolidated financial statements. The interim condensed consolidated financial statements were discussed and approved by the Board of Management and the Supervisory Board. These condensed financial statements have been authorized for issue. All figures in this media release and in the AkzoNobel quarterly report are unaudited.

Forward looking statements are based on organic volumes and constant currencies, and assume no significant market disruptions. Please read the Safe Harbor statement in the full quarterly report.

The report for this quarter can be viewed and downloaded here: https://akzo.no/Q3-2024-results

Organic Sales, Adjusted EBITDA and Adjusted EBITDA margin (%) are Alternative Performance Measures (APM's). AkzoNobel uses APM adjustments to the IFRS measures to provide supplementary information on the reporting of the underlying developments of the business. A reconciliation of the alternative performance measures to the most directly comparable IFRS measures can be found in the AkzoNobel quarterly report.

This is a public announcement by Akzo Nobel N.V. pursuant to section 17 paragraph 1 of the European Market Abuse Regulation (596/2014).

About AkzoNobel

Since 1792, we've been supplying the innovative paints and coatings that help to color people's lives and protect what matters most. Our world class portfolio of brands – including Dulux, International, Sikkens and Interpon – is trusted by customers around the globe. We're active in more than 150 countries and use our expertise to sustain and enhance everyday life. Because we believe every surface is an opportunity. It's what you'd expect from a pioneering and long-established paints company that's dedicated to providing sustainable solutions and preserving the best of what we have today – while creating an even better tomorrow. Let's paint the future together.

Not for publication – for more information

AkzoNobel Media Relations AkzoNobel Investor Relations T +31 (0)88 - 969 7833 Contact: Joost Ruempol Media.relations@akzonobel.com

T +31 (0)88 – 969 0139 Contact: Kenny Chae Investor.relations@akzonobel.com

Safe Harbor Statement

This media release contains statements which address such key issues as AkzoNobel's growth strategy, future financial results, market positions, product development, products in the pipeline and product approvals. Such statements should be carefully considered, and it should be understood that many factors could cause forecast and actual results to differ from these statements. These factors include, but are not limited to, price fluctuations, currency fluctuations, developments in raw material and personnel costs, pensions, physical and environmental risks, legal issues, and legislative, fiscal, and other regulatory measures, as well as significant market disruptions such as the impact of pandemics. Stated competitive positions are based on management estimates supported by information provided by specialized external agencies. For a more comprehensive discussion of the risk factors affecting our business, please see our latest annual report.

Link to this quarter report: https://akzo.no/Q3-2024-results