Axalta Coating Systems Ltd. · NYSE:AXTA
Axalta Coating Systems — Merger or Acquisition (July 2026)
18 slides from Axalta Coating Systems's merger presentation, Jul 8, 2026
Slide 1: Axalta + AkzoNobel: Creating a Premier Global Coatings Company
Axalta + AkzoNobel: Creating a Premier Global Coatings Company July 2026
Slide 2: Important Disclosures
Important Disclosures General restrictions This communication is not for release, publication, or distribution, in whole or in part, in or into, directly or indirectly, any jurisdiction in which such release, publication, or distribution would be unlawful. This communication is not a prospectus and
Slide 3: Important Disclosures (cont'd)
Important Disclosures (cont’d) Market data Information provided herein as it relates to the market environment in which each of AkzoNobel and Axalta operate or any market developments or trends is based on data and reports prepared by third parties and/or AkzoNobel or Axalta based on internal inform
Slide 4: Axalta + AkzoNobel: Creating a Premier Global Coatings Company
Axalta + AkzoNobel: Creating a Premier Global Coatings Company Axalta has built a best-in-class platform and delivered strong operating performance – but lacks scale and diversification Despite top-tier margins and EBITDA growth, Axalta’s multiple has de-rated Merger combines leading franchises with
Slide 5: Axalta Is a Best-In-Class Performer – With Limited Scale Impacting Its Standalone Multiple
Axalta Is a Best-In-Class Performer – With Limited Scale Impacting Its Standalone Multiple 2022A 2025A Key Takeaways $233m 100-200 bps of expected revenue Revenue $4,884m 2% CAGR $5,117m growth from greater diversification and +5% scale through merger $317m EBITDA $811m 12% CAGR $1,128m Best-in-clas
Slide 6: Axalta + AkzoNobel: Two Iconic Industry Leaders Coming Together
Axalta + AkzoNobel: Two Iconic Industry Leaders Coming Together Established in Established in 1792 1866 $11.9B $1.7B 31,500 125 70 $5.1B $1.1B 12,300 42 21 Revenue Adj. EBITDA Employees Manufacturing R&D Revenue Adj. EBITDA Employees Manufacturing R&D Sites Facilities Sites Facilities + Strong reput
Slide 7: Combining Leading Franchises to Create a Stronger Value Creation Platform
Combining Leading Franchises to Create a Stronger Value Creation Platform + Key Takeaways >3x scale with 100-200 bps of Scale ~$12bn ~$5bn ~$17bn above-market revenue growth (Revenue) expected Adj. EBITDA • Complementary and diversified 14.2% 22.0% ~20.1% Margin portfolio of leading brands Adj. Free
Slide 8: Substantial and Actionable Synergy Opportunity Provides Meaningful Upside
Substantial and Actionable Synergy Opportunity Provides Meaningful Upside Targeting and Actionable ~$600m in Synergies Identified The Right Team And Plan To Deliver On Substantial Synergy Opportunity ~10% ~28% • Combined company’s leadership team has strong track SUPPLY CHAIN PROCUREMENT record of c
Slide 9: Significant Cash Generation Supports Strong Financial Profile
Significant Cash Generation Supports Strong Financial Profile Adj. EBITDA (Incl. Synergies) Adj. Free Cash Flow (Incl. Synergies) $bn $bn ~$0.4 $1.6 Adj. EBITDA 14.9% 18.4% 17.3% ~20.1% 19.6% Margin $4.6 $0.5 Tax adjusted $3.4 $2.7 $0.7 $2.2 $1.1 RPM Nippon Paint PPG AKZA/AXTA Sherwin Run-Rate Pro-F
Slide 10: Combined Company Well-Positioned for Multiple Expansion
Combined Company Well-Positioned for Multiple Expansion FV / NTM EBITDA Multiple + Spot 5-Year Average $15.9 $17.0 10.9x 12.2x Equivalent Scale 9.6x 10.5x 8.7x 9.5x (2025A Revenues, $bn) 17.3% 20.1% Higher Adj. EBITDA Margin $1.6 Greater Adj. $1.2 Free Cash Flow Significant +2x Re-Rate Potential (20
Slide 11: Merger Delivers Potential Superior Value for Axalta Shareholders
Merger Delivers Potential Superior Value for Axalta Shareholders +75% potential upside to Axalta Additional shareholders ~$5.70/share for $10 every 1x up-rating (current ~1.3x)3 discount)4 $10 $34 Synergy + Re-rate + Cyclical Capture1 Potential2 Recovery3 Current Share Price Total Value to Axalta Sh
Slide 12: Enhanced Governance Supporting Value Creation
Enhanced Governance Supporting Value Creation Independent, US-Style Board Single-tier Board 9 out of 11 3 out of 11 Elimination of Dutch Stichting Directors will be independent Directors will be new additions Migrating to NYSE Listing as Sole Listing Sole NYSE listing1 S&P 500 potential Dual-headqua
Slide 13: Proven Leadership in Place to Deliver On Combination Potential
Proven Leadership in Place to Deliver On Combination Potential Experienced Leadership… …With a Track Record of Value Creation • Has overseen multiple transformative transactions as Chair of Regal Rakesh Sachdev – Chair of the Board Rexnord, including ~$5bn acquisition of Altra Industrial Motion Curr
Slide 14: Experienced Board With Skills and Expertise to Oversee Execution
Experienced Board With Skills and Expertise to Oversee Execution Board of Directors Designees Right Mix of Skills and Experience Rakesh Sachdev Ben Noteboom Industry Experience 4 Chair of the Board Vice Chair of the Board Executive Leadership 8 Greg Poux-Guillaume Chris Villavarayan1 Public Board Ex
Slide 15: Thorough Process and Negotiations Maximized Value for Shareholders
Thorough Process and Negotiations Maximized Value for Shareholders Process Highlights • Axalta’s Board regularly evaluates strategic alternatives to deliver more value for shareholders • Axalta and AkzoNobel have discussed a potential combination dating back to 2017, given strong strategic logic • M
Slide 16: Industry Experts Support the Axalta + AkzoNobel Merger
Industry Experts Support the Axalta + AkzoNobel Merger “The upcoming merger with AKZA should “We estimate the Akzo deal could be 25% “We suspect there is upside to [the $600MM] provide scale and diversification across accretive to standalone AXTA EPS by 2030 synergy number, and note the combined sev
Slide 17: Axalta + AkzoNobel: Creating a Premier Global Coatings Company
Axalta + AkzoNobel: Creating a Premier Global Coatings Company 1 Axalta has built a best-in-class platform and delivered strong operating performance 2 Merger combines leading franchises with increased scale to create a stronger value creation platform 3 Compelling transaction terms designed to maxi
Slide 18: Axalta
AXALTA
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