Axalta Coating Systems Ltd. · NYSE:AXTA
Axalta Coating Systems — Q3 2025 Earnings Presentation
18 slides from Axalta Coating Systems's earnings presentation, Oct 28, 2025
Slide 1: Q3 2025 Financial Results
Axalta Coating October 28, 2025 Systems Q3 2025 Financial Results Sensitivity: Business Internal 1
Slide 2: Legal Notices
Legal Notices Forward-Looking Statements This presentation and the oral remarks made in connection herewith may contain certain forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 regarding Axalta and its subsidiaries including, but not limited
Slide 3: Third Quarter 2025 Highlights
Third Quarter 2025 Highlights Quarterly Business Achievements $294M 22.8% • Net sales outperformed industry trends $1.3B Adjusted Adjusted Net Sales • Record quarter for Adjusted EBITDA EBITDA EBITDA Margin • Twelve consecutive quarters of growth YoY • 22.8% margin, +70 bps YoY Adjusted Diluted EPS
Slide 4: Accelerating Growth and Margin Expansion
Accelerating Growth and Margin Expansion Adjusted EBITDA Margins (1) 2025 YTD Highlights (2) ~$90M Refinish growth from ~$60M benefit from new new wins, accessory Mobility business growth, CoverFlexx and pricing Industrial profitability 15% reduction in interest exceeding A Plan targets expense 2024
Slide 5: Third Quarter 2025 Consolidated Results
Third Quarter 2025 Consolidated Results Financial Results Net Sales Variance ($ in millions, except per share data) Q3 2025 Q3 2024 % Change ($ in millions) (4.2)% (0.3%) 2.1% (2.4)% Net Sales $1,288 $1,320 (2)% $1,320 $1,288 Net Income $110 $102 8% Adjusted EBITDA $294 $291 1% % Margin 22.8% 22.1%
Slide 6: Third Quarter 2025 Performance Coatings Results
Third Quarter 2025 Performance Coatings Results Financial Results Net Sales Variance ($ in millions) Q3 2025 Q3 2024 % Change ($ in millions) (5.7)% (2.4)% 2.5% (5.6)% Refinish $517 $554 (7)% Industrial $311 $323 (4)% $877 $828 Net Sales $828 $877 (6)% Organic Net Sales Adjusted EBITDA $211 $221 (5)
Slide 7: Third Quarter 2025 Mobility Coatings Results
Third Quarter 2025 Mobility Coatings Results Financial Results Net Sales Variance ($ in millions) Q3 2025 Q3 2024 % Change ($ in millions) (1.2)% 3.7% 1.5% 4.0% Light Vehicle $364 $340 7% Commercial Vehicle $96 $103 (7)% $460 $443 Net Sales $460 $443 4% Organic Net Sales Adjusted EBITDA $83 $70 20%
Slide 8: Capital Allocation
Capital Allocation Q3 Highlights Shares Outstanding Capital Allocation • Reduced interest expense 17% YoY Reduced share count by 3% since 2023 2% 8% • $100M in share repurchases 220 218 $334M 213 49% • Total liquidity of $1.4B YTD Cash Deployed 41% • Diluted EPS increase of 55% and adjusted diluted
Slide 9: 2025 Financial Guidance and 2026 Expectations
2025 Financial Guidance and 2026 Expectations Q4 and FY 2025 Guidance 2026 Considerations External Environment Full Year 2025 Q4 2025 ($ in millions, except per share amounts) Prior Current Outlook • Normalizing Refinish claims environment in North America Net Sales (MSD)% $5,200 - $5,275 >$5,100 •
Slide 10: Appendix
Appendix 10
Slide 11: Full Year 2025 Modeling Assumptions
Full Year 2025 Modeling Assumptions (in millions, except %’s) Projection Depreciation & Amortization ~$295 Tax Rate, As Adjusted ~24% Diluted Shares Outstanding ~216 Interest Expense ~$180 Capex ~$180 2025 Drivers remain unchanged with increased volatility around the Macro Axalta does not provide a
Slide 12: Adjusted EBITDA Reconciliation
Adjusted EBITDA Reconciliation LTM ($ in millions) 9/30/2025 Q3 2025 Q2 2025 Q1 2025 Q3 2024 Q2 2024 Q1 2024 FY 2024 Net income $ 456 $ 110 $ 110 $ 99 $ 102 $ 113 $ 39 $ 391 Interest expense, net 181 45 45 44 54 50 54 205 Provision for income taxes 110 45 33 30 40 43 20 105 Depreciation and amortiza
Slide 13: Adjusted Net Income Reconciliation
Adjusted Net Income Reconciliation (in millions, except per share data) Q3 2025 Q3 2024 Net income $ 110 $ 102 Less: Net income attributable to noncontrolling interests — 1 Net income attributable to common shareholders $ 110 $ 101 A Termination benefits and other employee-related costs 2 11 B Acqui
Slide 14: Free Cash Flow Reconciliation
Free Cash Flow Reconciliation ($ in millions) Q3 2025 Q2 2025 Q1 2025 YTD 2025 Q3 2024 Q2 2024 Q1 2024 YTD 2024 Cash provided by operating activities $ 137 $ 142 $ 26 $ 305 $ 194 $ 114 $ 34 $ 342 Purchase of property, plant and equipment (50) (45) (43) (138) (33) (23) (22) (78) Interest proceeds on
Slide 15: Adjusted EBIT Reconciliation
Adjusted EBIT Reconciliation LTM ($ in millions) 9/30/2025 Q3 2025 Q2 2025 Q1 2025 Q3 2024 Q2 2024 Q1 2024 FY 2024 Income from operations $ 760 $ 204 $ 193 $ 176 $ 193 $ 205 $ 121 $ 706 Other expense (income), net 13 4 5 3 (3) (1) 8 5 Total $ 747 $ 200 $ 188 $ 173 $ 196 $ 206 $ 113 $ 701 A Debt exti
Slide 16: Return on Invested Capital
Return on Invested Capital ($ in millions) LTM Q3 2025 2024 LTM Q3 2024 Adjusted EBIT $ 889 $ 883 $ 859 Tax Rate, As Adjusted (1) 23.0 % 23.5 % 24.3 % NOPAT (2) $ 685 $ 675 $ 650 Total debt, opening balance $ 3,525 $ 3,504 $ 3,543 Axalta’s shareholders’ equity, opening balance 1,905 1,727 1,604 Less
Slide 17: Capitalization Table
Capitalization Table ($ in millions) Interest @ 9/30/2025 Maturity Cash and Cash Equivalents $ 606 Debt: Revolver ($800 million capacity) Variable — 2029 First Lien Term Loan (USD) Variable 1,663 2029 Total Senior Secured Debt $ 1,663 Senior Unsecured Notes (USD) Fixed 498 2027 Senior Unsecured Note
Slide 18: Thank you!
Thank you! Investor Relations Contact Colleen.Lubic@axalta.com Sensitivity: Business Internal 18
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