Slide 1: Q4 and Full Year 2025 Financial Results
February 10, 2026 Axalta Coating Systems Q4 and Full Year 2025 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: Solid Margin Performance and Record Cash Flow in Q4
Solid Margin Performance and Record Cash Flow in Q4 Quarterly Business Achievements $1,262M $272M 21.5% $1.3B ▪ Net sales growth YoY in three out of four regions; Net Sales Adjusted Adjusted Adjusted Net Sales EBITDA EBITDA Margin macro headwinds in North America EBITDA ▪ Adjusted EBITDA margin of 2
Slide 4: Record Earnings Performance
Record Earnings Performance Adjusted EBITDA and Net Sales Adjusted EBITDA Margin Adjusted Diluted EPS Free Cash Flow ($ in millions) ($ in millions) ($ per share) ($ in millions) +5% +39% +56% +186% $5,117 $4,884 $1,128 $2.49 $466 22.0% $811 $1.60 16.6% $163 FY 22 FY 25 FY 22 FY 25 FY 22 FY 25 FY 22
Slide 5: 2025 Highlights Accelerating Performance
2025 Highlights Accelerating Performance Operational Excellence Highlights(1) Business Highlights(2) >$300M >$150M 2,800+ $25M Cumulative variable cost Improvement in operating savings ’23-’25 expenses, lower 6% YoY(3) Net body shop gains Growth in adjacencies in Refinish business in Refinish busine
Slide 6: Underlying Performance Driving Exceptional Earnings Power
Underlying Performance Driving Exceptional Earnings Power Macro Indices vs 2026 A Plan(1) Adjusted EBITDA and Adjusted EBITDA Margins Refinish (MSD)% ~$1,300 Collision Claim activity $1,155 $1,200 Industrial (MSD)% Economic activity in ~22% >21% >22% North America and Europe (1)% LV Global auto prod
Slide 7: Fourth Quarter Consolidated Results
Fourth Quarter Consolidated Results Financial Results Net Sales Variance ($ in millions) ($ in millions, except per share data) Q4 2025 Q4 2024 Change (7.1)% (0.4)% 3.8% (3.7)% Net Sales $1,262 $1,311 (4)% Net Income $60 $137 (56)% Adjusted EBITDA $272 $275 (1)% % Margin 21.5% 21.0% 50 bps Diluted E
Slide 8: Fourth Quarter 2025 Performance Coatings Results
Fourth Quarter 2025 Performance Coatings Results Financial Results Net Sales Variance ($ in millions) ($ in millions) Q4 2025 Q4 2024 % Change (7.9)% (2.3)% 3.9% (6.2)% Refinish $509 $545 (7)% Industrial $282 $298 (5)% Net Sales $791 $843 (6)% Organic Net Sales Refinish: (DD)% Adjusted EBITDA $180 $
Slide 9: Fourth Quarter 2025 Mobility Coatings Results
Fourth Quarter 2025 Mobility Coatings Results Financial Results Net Sales Variance ($ in millions) ($ in millions) Q4 2025 Q4 2024 % Change (5.8)% 3.0% 3.5% 0.7% Light Vehicle $372 $369 1% Commercial Vehicle $99 $99 —% Net Sales $471 $468 1% Organic Net Sales LV: (LSD)% Adjusted EBITDA $92 $77 20% C
Slide 10: Full Year Consolidated Results
Full Year Consolidated Results Financial Results Net Sales Variance ($ in millions) ($ in millions, except per share data) FY 2025 FY 2024 Change (4.6)% —% 1.1% 0.5% (3.0)% Net Sales $5,117 $5,276 (3)% Net Income $379 $391 (3)% Adjusted EBITDA $1,128 $1,116 1% % Margin 22.0% 21.2% 80 bps Diluted EPS
Slide 11: Improving Balance Sheet and Growing Free Cash Flow
Improving Balance Sheet and Growing Free Cash Flow Full Year Highlights Total Net Leverage Ratio Free Cash Flow ($ in millions) ▪ Reduced Interest expense by $29M YoY Lowest in company history >$1.35B cumulative FCF since 2023 $466 ▪ Capital expenditures of $196M, an $447 $451 increase of $56M YoY 3
Slide 12: 2026 Guidance
2026 Guidance Macro Indices Underlying 2026 Guide 2026 Financial Metrics Refinish Auto Insurance Premiums Used Car Prices 25% (US Monthly YoY CPI Change) (US Manheim Used Vehicle Index YoY) Net Sales Adjusted EBITDA 40% (change YoY) (in millions) 20% 30% 20% 15% 10% 10% 0% Q1 2026 FY 2026 Q1 2026 FY
Slide 13: Axalta + AkzoNobel: A Compelling Value Creation Opportunity
Axalta + AkzoNobel: A Compelling Value Creation Opportunity Global Leader in Coatings Shareholder Value Creation Sales by End Market(1) 1 Highly achievable expected cost synergies of approximately $600M underpin 18% 10% significant EPS accretion for Axalta shareholders Marine & Refinish Protective 2
Slide 14: Appendix
Appendix 14
Slide 15: Solicitation Notices
Solicitation Notices General Restrictions This communication is not for release, publication, or distribution, in whole or in part, in or into, directly or indirectly, any jurisdiction in which such release, publication, or distribution would be unlawful. This communication is not a prospectus and t
Slide 16: Full Year Modeling Assumptions
Full Year Modeling Assumptions Axalta does not provide a reconciliation for non-GAAP estimates for tax rate, as adjusted, on a forward-looking basis because the information necessary to calculate a meaningful or accurate estimation of reconciling items is not available without unreasonable effort. S
Slide 17: Adjusted EBITDA Reconciliation
Adjusted EBITDA Reconciliation ($ in millions) FY 2025 FY 2024 FY 2022 Q4 2025 Q4 2024 Net income $ 379 $ 391 $ 192 $ 60 $ 137 Interest expense, net 176 205 140 42 47 Provision for income taxes 167 105 65 59 2 Depreciation and amortization 295 280 303 77 73 EBITDA $ 1,017 $ 981 $ 700 $ 238 $ 259 A D
Slide 18: Adjusted EBITDA Reconciliation (cont'd)
Adjusted EBITDA Reconciliation (cont’d) A Represents expenses and associated changes to estimates related to the prepayment, restructuring, and refinancing of our indebtedness, which are not considered indicative of our ongoing operating performance. B Represents expenses and associated changes to e
Slide 19: Adjusted Net Income Reconciliation
Adjusted Net Income Reconciliation ($ in millions) FY 2025 FY 2024 FY 2022 Q4 2025 Q4 2024 Net income $ 379 $ 391 $ 192 $ 60 $ 137 Less: Net income attributable to noncontrolling interests 1 — — — — Net income attributable to controlling interests 378 391 192 60 137 A Debt extinguishment and refinan
Slide 20: Adjusted Net Income Reconciliation (cont'd)
Adjusted Net Income Reconciliation (cont’d) A Represents expenses and associated changes to estimates related to the prepayment, restructuring, and refinancing of our indebtedness, which are not considered indicative of our ongoing operating performance. B Represents expenses and associated changes
Slide 21: Free Cash Flow Reconciliation
Free Cash Flow Reconciliation ($ in millions) Q4 2025 Q3 2025 Q2 2025 Q1 2025 FY 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024 FY 2024 FY 2022 Cash provided by operating activities $ 344 $ 137 $ 142 $ 26 $ 649 $ 234 $ 194 $ 114 $ 34 $ 576 $ 294 Purchase of property, plant and equipment (58) (50) (45) (43) (1
Slide 22: Adjusted EBIT Reconciliation
Adjusted EBIT Reconciliation FY 2025 FY 2024 Q4 2025 Q4 2024 Income from operations $ 735 $ 706 $ 162 $ 187 Other expense, net 13 5 1 1 Total $ 722 $ 701 $ 161 $ 186 A Debt extinguishment and refinancing-related costs 2 5 2 2 B Termination benefits and other employee-related costs 23 67 1 — C Merger
Slide 23: Capitalization Table
Capitalization Table ($ in millions) Interest @ 12/31/2025 Maturity Cash and Cash Equivalents $ 657 Debt: Revolver ($800 million capacity) Variable — 2029 First Lien Term Loan (USD) Variable 1,461 2029 Total Senior Secured Debt $ 1,461 Senior Unsecured Notes (USD) Fixed 498 2027 Senior Unsecured Not
Slide 24: Return on Invested Capital
Return on Invested Capital ($ in millions) 2025 2024 Adjusted EBIT 882 883 Adjusted Tax Rate (1) 23.4 % 23.5 % NOPAT (2) 676 675 Total debt, opening balance 3,421 3,504 Axalta’s shareholders’ equity, opening balance 1,912 1,727 Less: Cash and Cash Equivalents, opening balance 593 700 Invested capita
Slide 25: Thank you!
Thank you! Investor Relations Contact Colleen.Lubic@axalta.com 25