Axalta Coating Systems Ltd. · NYSE:AXTA
Axalta Coating Systems — Q3 2026 Earnings Presentation
20 slides from Axalta Coating Systems's earnings presentation, Oct 29, 2026
Slide 1: Q3 2026 Financial Results
Axalta Coating October 29, 2026 Systems Q3 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: Third Quarter Highlights
Third Quarter Highlights Financial Results Quarterly Business Achievements(1) ▪ Net sales +2% with volume growth in three of four end markets and record quarterly sales in Mobility $1.3B $282M 21.5% ▪ Industrial net sales +1% Net Adjusted Adjusted ▪ Light Vehicle net sales +2% Sales EBITDA EBITDA Ma
Slide 4: Third Quarter 2026 Consolidated Results
Third Quarter 2026 Consolidated Results Financial Results Net Sales Variance ($ in millions) (0.3)% +0.4% +0.8% +0.9% +1.8% ($ in millions, except per share data) Q3 2026 Q3 2025 Change Net Sales $1,311 $1,288 2% $1,311 $1,288 (1) Net Income $95 $110 (14)% Adjusted EBITDA $282 $294 (4)% % margin 21.
Slide 5: Third Quarter 2026 Performance Coatings Results
Third Quarter 2026 Performance Coatings Results Financial Results Net Sales Variance ($ in millions) ($ in millions) Q3 2026 Q3 2025 % Change (3.6)% +1.1% +1.3% 0.1% (1.1)% Refinish $504 $517 (2)% $828 $818 Industrial $314 $311 1% Net Sales $818 $828 (1)% Adjusted EBITDA $188 $211 (11)% % margin 23.
Slide 6: Third Quarter 2026 Mobility Coatings Results
Third Quarter 2026 Mobility Coatings Results Financial Results Net Sales Variance ($ in millions) ($ in millions) Q3 2026 Q3 2025 % Change +5.5% (0.9)% +2.4% +7.0% Light Vehicle $374 $364 2% $460 $493 Commercial Vehicle $119 $96 24% Net Sales $493 $460 7% Adjusted EBITDA $94 $83 13% Q3 2025 I Volume
Slide 7: Balance Sheet Highlights
Balance Sheet Highlights 2026 YTD Highlights(1) Total Net Leverage Ratio Total Debt ($ in millions) ▪ Lowest total debt balance in Axalta’s history ▪ Gross debt reduction of $211M $3,525 2.7x $3,402 2.5x ▪ Reduced interest expense by $22M $2,995 2.1x ▪ Cash from operating activities +16% ▪ Invested
Slide 8: Q4 and FY 2026 Guidance
Q4 and FY 2026 Guidance Fiscal Year Q4 2026 Prior Current Net Sales LSD% LSD% ~FLAT (chg YoY) Adjusted EBITDA $254 - $264 $1,140 - $1,170 $1,100 - $1,110 (in millions) Adjusted Diluted EPS ~$0.55 $2.55 - $2.70 ~$2.45 ($ per Share) Free Cash Flow >$500 ~$450(1) (in millions) (1) Includes ~$80M cash o
Slide 9: Merger: Timeline and Milestones
Merger: Timeline and Milestones ✓ ✓ ✓ SHAREHOLDER VOTES MERGER F-4 EFFECTIVE / REGULATORY ANNOUNCED PROXY FILED August 5, 2026 CLEARANCE ESTIMATED November 18, 2025 June 24, 2026 Overwhelmingly Approved Progressing COMPLETION: Early 2027 Contingent upon regulatory processes AREAS OF FOCUS SUBSTANTIA
Slide 10: Two legacies. One company. A shared ambition.
Two legacies. One company. NYSE: AXZ* A shared ambition. Honoring our heritage Axanzo unites the legacies of AkzoNobel and Axalta in a new name for the combined company. Creating a global coatings leader A diversified portfolio of trusted brands, with the scale, strength and reach to accelerate sust
Slide 11: Appendix
Appendix 11
Slide 12: Solicitation Notices
Solicitation Notices General Restrictions This communication is not for release, publication, or distribution, in whole or in part, in or into, directly or indirectly, any jurisdiction in which such release, publication, or distribution would be unlawful. This communication is not a prospectus and t
Slide 13: Full Year Modeling Assumptions
Full Year Modeling Assumptions Axalta does not provide a reconciliation for non-GAAP estimates for tax rate, as adjusted, on a forward-looking basis because the information necessary to calculate a meaningful or accurate estimation of reconciling items is not available without unreasonable effort. S
Slide 14: Adjusted EBITDA Reconciliation
Adjusted EBITDA Reconciliation LTM ($ in millions) 9/30/2026 Q3 2026 Q2 2026 Q1 2026 Q3 2025 Q2 2025 Q1 2025 FY 2025 Net income $ 335 $ 95 $ 89 $ 91 $ 110 $ 110 $ 99 $ 379 Interest expense, net 154 37 37 38 45 45 44 176 Provision for income taxes 151 33 45 14 45 33 30 167 Depreciation and amortizati
Slide 15: Adjusted Net Income Reconciliation
Adjusted Net Income Reconciliation (in millions, except per share data) Q3 2026 Q3 2025 Net income $ 95 $ 110 Less: Net income attributable to noncontrolling interests — — Net income attributable to common shareholders $ 95 $ 110 A Termination benefits and other employee-related costs 5 2 B Merger a
Slide 16: Free Cash Flow Reconciliation
Free Cash Flow Reconciliation ($ in millions) Q3 2026 Q2 2026 Q1 2026 YTD 2026 Q3 2025 Q2 2025 Q1 2025 YTD 2025 Cash provided by operating activities $ 135 $ 152 $ 68 $ 355 $ 137 $ 142 $ 26 $ 305 Purchase of property, plant and equipment (46) (48) (50) (144) (50) (45) (43) (138) Interest proceeds on
Slide 17: Adjusted EBIT Reconciliation
Adjusted EBIT Reconciliation LTM ($ in millions) 9/30/2026 Q3 2026 Q2 2026 Q1 2026 Q3 2025 Q2 2025 Q1 2025 FY 2025 Income from operations $ 640 $ 165 $ 167 $ 146 $ 204 $ 193 $ 176 $ 735 Other (income) expense, net — — (4) 3 4 5 3 13 Total $ 640 $ 165 $ 171 $ 143 $ 200 $ 188 $ 173 $ 722 A Termination
Slide 18: Return on Invested Capital
Return on Invested Capital ($ in millions) LTM 9/30/2026 2025 LTM 9/30/2025 Adjusted EBIT $ 858 $ 882 $ 889 Tax Rate, As Adjusted (1) 23.6 % 23.4 % 23.0 % NOPAT (2) $ 656 $ 676 $ 685 Total debt, opening balance $ 3,402 $ 3,421 $ 3,525 Axalta’s shareholders’ equity, opening balance 2,279 1,912 1,905
Slide 19: Capitalization Table
Capitalization Table ($ in millions) Interest @ 9/30/2026 Maturity Cash and Cash Equivalents $ 650 Debt: Revolver ($800 million capacity) Variable — 2029 First Lien Term Loan (USD) Variable 1,257 2029 Total Senior Secured Debt $ 1,257 Senior Unsecured Notes (USD) Fixed 499 2027 Senior Unsecured Note
Slide 20: Thank you!
Thank you! Investor Relations Contact Colleen.Lubic@axalta.com 20
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