Axalta Coating Systems Ltd. · NYSE:AXTA
Axalta Coating Systems — Q1 2026 Earnings Presentation
21 slides from Axalta Coating Systems's earnings presentation, Apr 30, 2026
Slide 1: Q1 2026 Financial Results
Axalta Coating April 30, 2026 Systems Q1 2026 Financial Results 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: First Quarter Highlights
First Quarter Highlights Financial Results Quarterly Business Achievements ▪ Adjusted Diluted EPS 12% above expectations $1.25B $259M $0.56 ▪ 12th consecutive quarter of YoY improved profitability in Industrial Coatings Net Adjusted Adjusted Sales EBITDA Diluted EPS ▪ Record quarterly net sales in M
Slide 4: Well-Positioned to Offset Inflation and Manage Volatility
Well-Positioned to Offset Inflation and Manage Volatility Controlling the Controllables Supply and Cost Structure Snapshot ▪ Twelve quarters of improved variable cost YoY Purchasing ▪ ~60% of our direct buy on contract versus spot Excellence ▪ Strategic supplier agreements tied to indexing 90% ~60%
Slide 5: Commercial Momentum Driving Net Sales Growth
Commercial Momentum Driving Net Sales Growth REFINISH INDUSTRIAL MOBILITY • Record quarter of net body shops wins • Five consecutive quarters of net sales • Record first quarter net sales of $452M • Net sales growth in 3 of 4 regions growth YoY in Asia • Net sales growth in 3 of 4 regions in • Expan
Slide 6: First Quarter 2026 Consolidated Results
First Quarter 2026 Consolidated Results Financial Results Net Sales Variance ($ in millions) (6.2)% (1.1)% +1.0% +5.7% (0.6)% ($ in millions, except per share data) Q1 2026 Q1 2025 Change 1,262 1,254 Net Sales $1,254 $1,262 (1)% Net Income $91 $99 (8)% Adjusted EBITDA $259 $270 (4)% % margin 20.6% 2
Slide 7: First Quarter 2026 Performance Coatings Results
First Quarter 2026 Performance Coatings Results Financial Results Net Sales Variance ($ in millions) ($ in millions) Q1 2026 Q1 2025 % Change (7.9)% (1.8)% +1.6% +5.7% (2.4)% Refinish $498 $511 (3)% 822 802 Industrial $304 $311 (2)% Net Sales $802 $822 (2)% Adjusted EBITDA $180 $197 (9)% % margin 22
Slide 8: First Quarter 2026 Mobility Coatings Results
First Quarter 2026 Mobility Coatings Results Financial Results Net Sales Variance ($ in millions) ($ in millions) Q1 2026 Q1 2025 % Change (3.1)% +0.1% +5.8% +2.8% Light Vehicle $349 $340 3% 440 452 Commercial Vehicle $103 $100 3% Net Sales $452 $440 3% Adjusted EBITDA $79 $73 9% I I I I I % margin
Slide 9: Balance Sheet Highlights
Balance Sheet Highlights Q1 Highlights Total Net Leverage Ratio Annual Interest Expense ($ in millions) 205 ▪ Reduced interest expense by 14% YoY 2.8x 176 2.5x ▪ Gross debt reduction of $54M in Q1 2.3x 150 ▪ FY 2026 interest expense expected to be 15% lower YoY ▪ Cash flow from operating activities
Slide 10: Maintaining FY 2026 Outlook
Maintaining FY 2026 Outlook Macro Indices 2026 Financial Guidance Refinish Auto Insurance Premiums Used Car Prices Miles Driven (US Monthly YoY CPI Change) 25% Net Sales Adjusted EBITDA 20% +6.2% YoY +2.6% YoY (change YoY) (in millions) 15% 10% US Manheim Used US Federal Highway Vehicle Index Admini
Slide 11: Axalta + AkzoNobel: Timeline and Milestones
Axalta + AkzoNobel: Timeline and Milestones MERGER KEY SHAREHOLDER REGULATORY ANNOUNCED WORKSTREAMS VOTE CLEARANCE ESTIMATED COMPLETION: (November 2025) (ongoing) (early July) (ongoing) Late 2026 – Early 2027 Contingent upon regulatory approvals THREE THREESTRATEGIC KEY WORKSTREAMS PRIORITIES REGULA
Slide 12: Appendix
Appendix 12
Slide 13: Solicitation Notices
Solicitation Notices General Restrictions This communication is not for release, publication, or distribution, in whole or in part, in or into, directly or indirectly, any jurisdiction in which such release, publication, or distribution would be unlawful. This communication is not a prospectus and t
Slide 14: Full Year Modeling Assumptions
Full Year Modeling Assumptions Axalta does not provide a reconciliation for non-GAAP estimates for tax rate, as adjusted, on a forward-looking basis because the information necessary to calculate a meaningful or accurate estimation of reconciling items is not available without unreasonable effort. S
Slide 15: Adjusted EBITDA Reconciliation
Adjusted EBITDA Reconciliation LTM ($ in millions) 3/31/2026 Q1 2026 Q1 2025 FY 2025 Net income $ 371 $ 91 $ 99 $ 379 Interest expense, net 170 38 44 176 Provision for income taxes 151 14 30 167 Depreciation and amortization 301 76 70 295 EBITDA $ 993 $ 219 $ 243 $ 1,017 A Debt extinguishment and re
Slide 16: Adjusted Net Income Reconciliation
Adjusted Net Income Reconciliation (in millions, except per share data) Q1 2026 Q1 2025 Net income $ 91 $ 99 Less: Net income attributable to noncontrolling interests 1 — Net income attributable to common shareholders $ 90 $ 99 A Termination benefits and other employee-related costs 4 11 B Merger an
Slide 17: Free Cash Flow Reconciliation
Free Cash Flow Reconciliation ($ in millions) Q1 2026 Q1 2025 Cash provided by operating activities $ 68 $ 26 Purchase of property, plant and equipment (50) (43) Interest proceeds on swaps designated as net investment hedges 3 3 Free cash flow $ 21 $ (14) 17
Slide 18: Adjusted EBIT Reconciliation
Adjusted EBIT Reconciliation LTM ($ in millions) 3/31/2026 Q1 2026 Q1 2025 FY 2025 Income from operations $ 705 $ 146 $ 176 $ 735 Other expense, net 13 3 3 13 Total $ 692 $ 143 $ 173 $ 722 A Debt extinguishment and refinancing-related costs 2 — — 2 B Termination benefits and other employee-related c
Slide 19: Return on Invested Capital
Return on Invested Capital ($ in millions) LTM 3/31/2026 2025 Adjusted EBIT $ 864 $ 882 Tax Rate, As Adjusted (1) 23.4 % 23.4 % NOPAT (2) $ 662 $ 676 Total debt, opening balance $ 3,418 $ 3,421 Axalta’s shareholders’ equity, opening balance 2,076 1,912 Less: Cash and Cash Equivalents, opening balanc
Slide 20: Capitalization Table
Capitalization Table ($ in millions) Interest @ 3/31/2026 Maturity Cash and Cash Equivalents $ 608 Debt: Revolver ($800 million capacity) Variable — 2029 First Lien Term Loan (USD) Variable 1,408 2029 Total Senior Secured Debt $ 1,408 Senior Unsecured Notes (USD) Fixed 498 2027 Senior Unsecured Note
Slide 21: Thank you!
Thank you! Investor Relations Contact Colleen.Lubic@axalta.com 21
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