Slide 1: Q1 2019 Financial Results
Exhibit 99.2 Q1 2019 Financial Results April 24, 2019
Slide 2: Legal Notices
Legal Notices Forward-Looking Statements This presentation and the oral remarks made in connection herewith may contain “forward-looking statements” within the meaning of the U.S. Private Securities Litigation Reform Act of 1995, including those relating to our 2019 financial projections, which incl
Slide 3: Q1 2019 Highlights
Q1 2019 Highlights ▪ Q1 2019 financial results ▪ Net sales of $1.1 billion down 4.5% year over year including 4.8% negative FX impact ▪ Positive price and product mix recapture in Performance Coatings; continued progress in Light Vehicle pricing ▪ Income from operations of $99 million decreased 18%
Slide 4: Q1 Consolidated Results
Q1 Consolidated Results Financial Performance Commentary ($ in millions, except Q1 % Change Continued strong price and mix per share data) 2019 2018 Incl. F/X Excl. F/X recapture offset by FX impact and Performance 713 731 (2.4)% 2.4 % Transportation 406 441 (7.9)% (3.1)% moderate volume pressure Ne
Slide 5: Q1 Performance Coatings Results
Q1 Performance Coatings Results Financial Performance Commentary Q1 % Change Modest net sales growth ex-FX driven by ($ in million) 2019 2018 Incl. F/X Excl. F/X continued price improvement Refinish 406 414 (2.1)% 3.5% ▪ Continued price contribution across both Industrial 308 317 (2.8)% 1.0% end-mar
Slide 6: Q1 Transportation Coatings Results
Q1 Transportation Coatings Results Financial Performance Commentary Q1 % Change Net sales decline driven by Light Vehicle ($ in million) 2019 2018 Incl. F/X Excl. F/X volume, partially offset by Commercial Light Vehicle 316 353 (10.6)% (5.4)% Vehicle growth Commercial Vehicle 90 88 2.6 % 6.6 % ▪ Lig
Slide 7: Debt and Liquidity Summary
Debt and Liquidity Summary Capitalization Comments ($ in millions) Interest @ 3/31/2019 Maturity ▪ Net leverage slightly higher versus 2018 year end due to: Cash and Cash Equivalents $ 501 ▪ Lower cash position including seasonal Debt: working capital build and share Revolver ($400 million capacity)
Slide 8: Full Year 2019 Guidance
Full Year 2019 Guidance ($ millions, except per share data) Jan. Guide 2019E Comments ▪ Net sales growth largely in Performance Coatings; Net Sales ~1-2% ~0-1% price-mix progress expected from both segments Net Sales, ex FX ~2-3% ~1-2% ▪ Net sales includes anticipated 2Q 2019 sale of joint venture i
Slide 9: Appendix
A AXALTA Appendix AXALTA COATING SYSTEMS
Slide 10: Full Year 2019 Assumptions
Full Year 2019 Assumptions Macroeconomic Assumptions Currency Assumptions ▪ Global GDP growth of 2019 2018 USD % Impact approximately ~2.8% 2018 Average Average Currency % Axalta of FX Rate Rate Rate Net Sales Change Assumption ▪ Global industrial production growth of approximately US$ per Euro ~27%
Slide 11: Adjusted EBIT Reconciliation
Adjusted EBIT Reconciliation ($ in millions) Q1 2019 Q1 2018 Income from operations $ 99 $ 120 Other income, net (1) (2) Total $ 100 $ 122 A Termination benefits and other employee related costs 1 (1) B Offering and transactional costs 1 — C Accelerated depreciation 6 — D Loss on assets held for sal
Slide 12: Adjusted Net Income Reconciliation
Adjusted Net Income Reconciliation (in millions, except per share data) Q1 2019 Q1 2018 Net Income $ 44 $ 71 Less: Net income attributable to noncontrolling interests 1 1 Net income attributable to controlling interests 43 70 A Termination benefits and other employee related costs 1 (1) B Offering a
Slide 13: Adjusted Net Income Reconciliation (cont'd)
Adjusted Net Income Reconciliation (cont’d) A. Represents expenses and associated changes to estimates primarily related to employee termination benefits and other employee-related costs. Employee termination benefits are associated with our Axalta Way initiatives. These amounts are not considered i
Slide 14: Free Cash Flow Reconciliation
Free Cash Flow Reconciliation ($ in millions) Q1 2019 Q1 2018 Cash used for operating activities $ (58) $ (21) Purchase of property, plant and equipment (21) (40) Interest proceeds on swaps designated as net investment hedges 4 — Free cash flow $ (75) $ (61) PROPRIETARY 14
Slide 15: Adjusted EBITDA Reconciliation
Adjusted EBITDA Reconciliation LTM ($ in millions) 3/31/2019 Q1 2019 Q1 2018 FY 2018 Net income $ 186 $ 44 $ 71 $ 213 Interest expense, net 162 41 39 160 Provision for income taxes 57 14 12 54 Depreciation and amortization 369 92 92 369 EBITDA $ 774 $ 191 $ 214 $ 796 A Debt extinguishment and refina
Slide 16: Adjusted EBITDA Reconciliation (cont'd)
Adjusted EBITDA Reconciliation (cont’d) A. During FY 2018 we refinanced our indebtedness, resulting in losses of $10 million. We do not consider these items to be indicative of our ongoing operating performance. B. Eliminates foreign exchange gains and losses resulting from the remeasurement of asse
Slide 17: Thank you
Thank you Investor Relations Contact: Chris Mecray Christopher.Mecray@axalta.com 215-255-7970