Slide 1: Q4 & FY 2022 Financial Results
Exhibit 99.2 Q4 & FY 2022 Financial Results January 25, 2023 1 Sensitivity: Business Internal
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 our outlook and/o
Slide 3: Introducing Axalta's CEO and President
Introducing Axalta's CEO and President Previous Industry Experience 22 Years at Meritor: a leading global supplier of drivetrain, mobility, electric powertrain and other solutions for commercial vehicle and industrial markets CEO and President, member of Board of Directors COO, overseeing Global Tru
Slide 4: Q4 2022 Key Messages
Q4 2022 Key Messages Earnings near top of guidance range driven by pricing momentum and volume growth with 1 notable margin recovery from Mobility Coatings 2% volume growth YoY as market recovery in Mobility Coatings more than offset pockets of 2 softer Industrial demand and slower China recovery in
Slide 5: Execution is Fundamental to Achieving our Goals
Execution is Fundamental to Achieving our Goals Key Enablers Raw People and Culture Price-Cost Recovery Materials & Productivity Innovation & Technology Primary Focus Operational Excellence Operational & Improve Free Cash Supply Chain Flow and Excellence Deleveraging IT & Digital 5
Slide 6: Q4 Volume Trends
Q4 Volume Trends(1) PERFORMANCE COATINGS Europe, AP ex. Greater Americas Middle East Greater China(4) & Africa(3) China(4) Refinish Industrial REFINISH 2% (1.4)% (15.7)% 8.9% $3.3B in Net Sales(2) INDUSTRIAL (6)% (16.4)% (1.6)% X MOBILITY COATINGS LIGHT VEHICLE 11% 23.7% 36.3% X COMMERCIAL VEHICLE 1
Slide 7: Refinish Business Review
Refinish Business Review GLOBAL LEADER IN AFTERMARKET AUTO COATINGS AND ACCESSORIES ▪ Realized 12% year-over-year and 3% sequential price-mix growth ▪ Q4 volumes stable year-over-year as stronger North America activity was offset by modestly weaker EMEA, given Russia-Ukraine impacts and significant
Slide 8: Industrial Business Review
Industrial Business Review EXPANDING SALES PIPELINE ACROSS DIVERSIFIED GROWTH PLATFORM ▪ Achieved 12% year-over-year and 2% sequential price-mix growth ▪ Profitability recovery remains among our highest priorities ▪ Volume decreased 9% year-over-year driven by weaker North America activity and conti
Slide 9: Mobility Business Review
Mobility Business Review MARGIN IMPROVEMENT SUPPORTED BY PENT UP DEMAND AND MARKET RECOVERY LIGHT VEHICLE 2016-2025 GLOBAL LV BUILDS(1) ▪ 11% price-mix growth year-over-year; 5% (Builds in millions) sequential growth 95 ▪ Volume growth of 20% surpassing improvement in 90 global auto production of ~2
Slide 10: Prioritizing Margin Recovery
Prioritizing Margin Recovery ($ in millions) Cumulative Price-Cost(1) Accelerating Price to Offset Cost Price Cost ▪ 12% year-over-year and 3% sequential price-mix included strong contributions from Performance every end-market Coatings Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022
Slide 11: Q4 Consolidated Results
Q4 Consolidated Results Financial Performance Commentary ($ in million), except Q4 % Change per share data 2022 2021 Incl. FX Excl. FX Net sales growth from price realization and market Performance Coatings 819 804 1.8 % 7.5 % recovery Mobility Coatings 418 333 25.5 % 30.2 % ▪ 12% price-mix growth d
Slide 12: Q4 Performance Coatings Results
Q4 Performance Coatings Results Financial Performance Commentary Q4 % Change ($ in million) 2022 2021 Incl. FX Excl. FX Modest net sales growth driven by double-digit price-mix realization in both end-markets offset by FX headwinds Refinish 492 471 4.5 % 10.5 % and lower Industrial volume Industrial
Slide 13: Q4 Mobility Coatings Results
Q4 Mobility Coatings Results Financial Performance Commentary Q4 % Change ($ in million) 2022 2021 Incl. FX Excl. FX Net sales growth from above-market volume growth and double-digit price-mix in both end-markets Light Vehicle 320 255 25.4 % 30.7 % ▪ Light Vehicle growth supported by improvement in
Slide 14: Full Year 2022 Consolidated Results
Full Year 2022 Consolidated Results Financial Performance Commentary ($ in million), except FY % Change per share data 2022 2021 Incl. FX Excl. FX Net sales increase of 16% ex-FX reflects strong pricing Performance Coatings 3,327 3,096 7.4 % 12.9 % realization, volume growth and acquisition contribu
Slide 15: Debt and Liquidity Summary
Debt and Liquidity Summary Capitalization Commentary ($ in millions) Interest @ 12/31/2022 Maturity ▪ Total liquidity remains strong Cash and Cash Equivalents 645 Revolver ($550 million capacity) Variable — 2026 ▪ Nearly $1.2 billion available at December 31, 2022 First Lien Term Loan (USD) Variable
Slide 16: Financial Guidance & Market Commentary
Financial Guidance & Market Commentary Axalta does not provide a reconciliation for non-GAAP estimates for constant currency net sales growth, Adjusted EBIT, Adjusted EBITDA, Adjusted Diluted EPS and income tax rate, as adjusted, on a forward-looking basis because the information necessary to calcul
Slide 17: Appendix
Appendix 17 Sensitivity: Business Internal
Slide 18: Q1 and Full Year 2023 Macroeconomic Assumptions
Q1 and Full Year 2023 Macroeconomic Assumptions Macroeconomic Assumptions Q1 2023 Currency Assumptions ▪ Global GDP growth ~1.4% for Q1 2023 and Q1 2022 % Axalta Q1 2022 Q1 2023 USD % Impact of ~1.3% for FY 2023 Currency Average Rate Net Sales Average Rate FX Rate Change Assumption ▪ Global industri
Slide 19: Adjusted EBIT Reconciliation
Adjusted EBIT Reconciliation ($ in millions) FY 2022 FY 2021 Q4 2022 Q4 2021 Income from operations $ 423.2 $ 462.4 $ 109.8 $ 94.7 Other expense (income), net 26.1 (12.3) 13.7 (1.4) Total $ 397.1 $ 474.7 $ 96.1 $ 96.1 A Debt extinguishment and refinancing-related costs 14.7 0.2 15.3 — B Termination
Slide 20: Adjusted EBIT Reconciliation (cont'd)
Adjusted EBIT 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 esti
Slide 21: Adjusted Net Income Reconciliation
Adjusted Net Income Reconciliation ($ in millions) FY 2022 FY 2021 Q4 2022 Q4 2021 Net income $ 192.2 $ 264.4 $ 43.9 $ 53.4 Less: Net income attributable to noncontrolling interests 0.6 0.5 0.3 0.2 Net income attributable to controlling interests 191.6 263.9 43.6 53.2 A Debt extinguishment and refin
Slide 22: 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 t
Slide 23: Free Cash Flow Reconciliation
Free Cash Flow Reconciliation ($ in millions) Q4 2022 Q3 2022 Q2 2022 Q1 2022 FY 2022 Q4 2021 Q3 2021 Q2 2021 Q1 2021 YTD 2021 Cash provided by (used for) operating activities $ 245.6 $ 79.9 $ 12.2 $ (43.9) $ 293.8 $ 268.6 $ 142.9 $ 107.5 $ 39.6 $ 558.6 Purchase of property, plant and equipment (43.
Slide 24: Adjusted EBITDA Reconciliation
Adjusted EBITDA Reconciliation ($ in millions) FY 2022 FY 2021 Q4 2022 Q4 2021 Net income $ 192.2 $ 264.4 $ 43.9 $ 53.4 Interest expense, net 139.8 134.2 38.7 33.5 Provision for income taxes 65.1 76.1 13.5 9.2 Depreciation and amortization 303.1 316.5 73.6 81.8 Reported EBITDA $ 700.2 $ 791.2 $ 169.
Slide 25: 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 es
Slide 26: Thank You
Thank You Investor Relations Contact: Chris Evans Christopher.Evans@axalta.com 484-724-4099 26 Sensitivity: Business Internal