Axalta Coating Systems Ltd. · NYSE:AXTA
Axalta Coating Systems — Merger or Acquisition (November 2025)
19 slides from Axalta Coating Systems's merger presentation, November 2025
Slide 1: A Global Coatings Leader
A Global Coatings Leader November 2025
Slide 2: Important Disclosures
Important Disclosures 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
Slide 3: Important Disclosures (Cont'd)
Important Disclosures (Cont’d) Market data Information provided herein as it relates to the market environment in which each of AkzoNobel and Axalta operate or any market developments or trends is based on data and reports prepared by third parties and/or AkzoNobel or Axalta based on internal inform
Slide 4: Today's Presenters
Today’s Presenters Greg Poux-Guillaume Chris Villavarayan Chief Executive Officer Chief Executive Officer 4
Slide 5: Creating a Premier Global Coatings Company
Creating a Premier Global Coatings Company Outstanding Value Creation through actionable well-defined cost and operational synergies of ~$600mm Top-Tier Portfolio with leading positions across key end-markets and globally recognized brands Compelling ~$25bn Combination Extensive Scale bringing globa
Slide 6: Transaction Overview
Transaction Overview ▪ AkzoNobel and Axalta to combine in all-stock merger of equals ▪ Axalta shareholders to receive 0.6539 shares of AkzoNobel common shares for each Axalta common share owned ▪ Prior to the completion, AkzoNobel expects to pay a special cash dividend to AkzoNobel shareholders equa
Slide 7: Two Iconic Industry Leaders Coming Together
Two Iconic Industry Leaders Coming Together Established Established 1792 1866 $11.6bn $1.6bn 33,200 130 70 $5.3bn $1.1bn 13,000+ 43 21 Revenue Adj. EBITDA Employees Manufacturing R&D Facilities Revenue Adj. EBITDA Employees Manufacturing R&D Facilities Sites Sites + • Strong reputation in Powder, In
Slide 8: A Global Leader in Coatings
A Global Leader in Coatings FY24A Revenue ($bn) Decorative Paints & Other Coatings Performance Coatings $23.1 $16.9 $15.8 $11.6 $10.8 $7.3 $5.3 $4.6 $3.9 $3.5 $3.0 Coatings DAP #2 #3 #6 Source: Company Information Note: Combined financial figures do not include adjustments necessary to align to a co
Slide 9: Diversified and Leading Brands
Diversified and Leading Brands Split of Combined Revenue by End Market Refinish Marine & Protective • A leading Refinish player globally • Significant scale across segments • Industry leadership across the 18% with sustainable products North American and European markets 10% • A leader in Yacht Coat
Slide 10: Bringing Global Capabilities to Local Customers
Bringing Global Capabilities to Local Customers Broad global reach for local customers EMEA NORTH AMERICA 70 Manufacturing Sites 30 Manufacturing Sites 31 R&D / Tech Facilities Global manufacturing and technology 16 R&D / Tech Facilities APAC service network 46 Manufacturing Sites 34 R&D / Tech Faci
Slide 11: Accelerating Growth With Leading & Sustainable Technologies
Accelerating Growth With Leading & Sustainable Technologies Accelerated Innovation Platform… …Underpinning Industry-leading Technologies Selected Innovation Case Studies for AkzoNobel and Axalta ~2.5% of Sales Lower Curing Temperature Powder Coatings ~$400mm Combined Annual R&D Spend ✓ First archite
Slide 12: Compelling Synergy Potential for Shareholders
Compelling Synergy Potential for Shareholders ~$600mm of Identified and Actionable Synergies… …With a Fast Path to Realization $mm Supply Chain ~10% ~$600 Procurement Footprint ~28% Optimization ~17% ~$600mm Year 1 Year 2 Year 3 Run-rate Clear pathway to near-term realization with 90% of SG&A synerg
Slide 13: Significant Cash Generation Supports Strong Financial Profile
Significant Cash Generation Supports Strong Financial Profile Adj. EBITDA (Incl. Synergies) Adj. Free Cash Flow (Incl. Synergies) $bn $bn Adj. EBITDA Margin 15.6% 15.3% 18.1% ~19.5% 19.4% ~$0.4 $1.5 $4.5 $0.5 $3.3 Tax adjusted $2.9 $0.6 $1.7 $1.1 Run-Rate Synergies Pro-Forma Source: Company Informat
Slide 14: Financial Priorities for Superior Value Creation
Financial Priorities for Superior Value Creation Commitment to Investment Grade Credit Rating Target Net Leverage Ratio of 2.0-2.5x Ensuring Strong Shareholder Returns Including an Attractive Dividend Payout Strong Cash Generation Supporting Strategic and Capital Allocation Priorities 14
Slide 15: Enhanced Combined Financial Profile for Value Creation
Enhanced Combined Financial Profile for Value Creation Combined Company Revenue $11.6bn $5.3bn $16.9bn Adj. EBITDA $1.6bn $1.1bn $3.3bn % margin 13.8% 21.2% ~19.5% Adj. Free Cash Flow $0.6bn $0.5bn $1.5bn Net Leverage Ratio 2.6x 2.5x 2.0 - 2.5x Target Credit Rating Baa2 / BBB Ba3 / BB Commitment to
Slide 16: Disciplined Governance Driving Execution and Value Creation
Disciplined Governance Driving Execution and Value Creation Chair of the Board Vice Chair of the Board Single-Tier Board Structure 4/4 Rakesh Sachdev Ben Noteboom Current Board Chair of Current Chairman of the Axalta Supervisory Board of AkzoNobel Directors to be nominated by AkzoNobel / Axalta, res
Slide 17: Creating Value for All Stakeholders
Creating Value for All Stakeholders Accelerating Shareholder Value Creation Compelling Proposition for Employees • Significant actionable cost synergies of ~$600mm • Global network of high-performing, culture-driven professionals, with enhanced opportunities for • Attractive financial profile and to
Slide 18: Q&A
STRICTLY PRIVATE AND CONFIDENTIAL Q&A
Slide 19: Investor Contacts
STRICTLY PRIVATE AND CONFIDENTIAL AkzoNobel Investor Contact Axalta Investor Contact Kenny Chae Colleen Lubic Kenny.Chae@AkzoNobel.com Colleen.Lubic@Axalta.com
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