【Jefferies-2025研报】阿克苏诺贝尔（AKZA）：涂料价格分析-五月版.pdfVIP

EUROPE|Chemicals

EquityResearch

AkzoNobelJune10,2025

PaintScraping-MayEditionCOMPANYUPDATE

RATINGHOLD

WemonitoredDuluxspaintpricesacrossarangeofEurobigboxandits

ownonlineportalover~23months(~50,000datapoints).ProductslistedPRICE€58.26^

areflatyoy,withaveragepricesperlitreup~4%.RawmatsaredownyoyPRICETARGET|%TOPT€58.00|-0%

YTD(-9%),qoq(Q2/Q1-7%)andatthelowestlevelsince2020.Whilethe52WHIGH-LOW€64.68-€48.6

proportionofAkzo’sonlinesalesislimited,thissuggestspricevrawsisanFLOAT(%)|ADVMM(USD)100.0%|28.49

increasingsupportintheFY25Fearningsbridge.