Dulux paint maker AkzoNobel has today slightly trimmed its forecast for 2026 core earnings, based on end-2025 currency exchange rates, falling short of market expectations that stood above the earlier target.
Shares of the Dutch paints and coatings supplier fell 3% and were at the bottom of Amsterdam's blue-chip index in early trading.
"Looking ahead, based on current market visibility, we don't anticipate a material recovery across our end markets in 2026," CEO Greg Poux-Guillaume said in a press release. "We expect a weak first half, with the second half helped by easier comparisons."
The Dutch paints and coatings maker forecast adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) of at least €1.47 billion this year, compared with €1.44 billion in 2025. It had previously guided for 2026 earnings of around €1.48 billion.
Last year's earnings broadly met market estimates, but the new guidance was below their average forecast of €1.53 billion, a consensus provided by Akzo showed.
"Management are evidently improving the business, with cost-saving plan targets upgraded and corporate costs far below expectations," analysts from Bernstein said in a note to investors, but added the downbeat outlook comments would weigh on the shares.
The group had also trimmed its 2025 guidance in October, citing uncertain market conditions, and as converting foreign currencies to euros became more expensive.
It said at the time it was planning more asset sales in Asia, specifically in units where it does not have a leadership position, after completing the sale of its Indian unit in December.
Poux-Guillaume told Reuters today that the sale of the group's Pakistan unit was under discussion with a listed company in the region.
AkzoNobel said it would propose an annual dividend of €1.54 per share, unchanged from last year.
