#1A AXALTA Q2 2021 Financial Results July 26, 2021 GRE WA AD#2Legal 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, which includes net sales growth, currency effects, acquisition or divestment impacts, Adjusted EBIT, Adjusted diluted EPS, interest expense, income tax rate, as adjusted, free cash flow, capital expenditures, depreciation and amortization and diluted shares outstanding, the timing and expected benefits of our acquisition of U-Pol, including U-Pol's 2021 net sales and Adjusted EBITDA, the effects of COVID-19 on Axalta's business and financial results and the timing or amount of any future share repurchases. Axalta has identified some of these forward-looking statements with words "believes," "expects," "estimates," "is likely," "outlook," "projects," "forecasts," "may," "will," "should," "plans" and "intends" and the negative of these words or other comparable or similar terminology. All of these statements are based on management's expectations as well as estimates and assumptions prepared by management that, although they believe to be reasonable, are inherently uncertain. These statements involve risks and uncertainties, including, but not limited to, economic, competitive, governmental and technological factors outside of Axalta's control, including the effects of COVID-19, that may cause its business, industry, strategy, financing activities or actual results to differ materially. The impact and duration of COVID-19 on our business and operations is uncertain. Factors that will influence the impact on our business and operations include the duration and extent of COVID-19, the extent of imposed or recommended containment and mitigation measures, and the general economic consequences of COVID-19. More information on potential factors that could affect Axalta's financial results is available in "Forward-Looking Statements," "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" within Axalta's most recent Annual Report on Form 10-K, and in other documents that we have filed with, or furnished to, the U.S. Securities and Exchange Commission, including our Quarterly Report on Form 10-Q for the quarter ended March 31, 2021. Axalta undertakes no obligation to update or revise any of the forward-looking statements contained herein, whether as a result of new information, future events or otherwise. Non-GAAP Financial Measures The historical financial information included in this presentation includes financial information that is not presented in accordance with generally accepted accounting principles in the United States ("GAAP"), including constant currency net sales growth, income tax rate, as adjusted, EBIT, Adjusted EBIT, EBITDA, Adjusted EBITDA, Adjusted diluted EPS, free cash flow, net debt, Adjusted net income and Adjusted EBITDA to interest expense coverage ratio. Management uses these non-GAAP financial measures in the analysis of our financial and operating performance because they assist in the evaluation of underlying trends in our business. Adjusted EBITDA, Adjusted EBIT and Adjusted diluted EPS consist of EBITDA, EBIT and Diluted EPS, respectively, adjusted for (i) certain non-cash items included within net income, (ii) certain items Axalta does not believe are indicative of ongoing operating performance or (iii) certain nonrecurring, unusual or infrequent items that have not occurred within the last two years or we believe are not reasonably likely to recur within the next two years. We believe that making such adjustments provides investors meaningful information to understand our operating results and ability to analyze financial and business trends on a period-to-period basis. Adjusted net income shows the adjusted value of net income (loss) attributable to controlling interests after removing the items that are determined by management to be items that we do not consider indicative of our ongoing operating performance or unusual or nonrecurring in nature. Our use of the terms constant currency net sales growth, income tax rate, as adjusted, EBIT, Adjusted EBIT, EBITDA, Adjusted EBITDA, Adjusted diluted EPS, free cash flow, net debt, Adjusted net income and Adjusted EBITDA to interest expense coverage ratio may differ from that of others in our industry. Constant currency net sales growth, income tax rate, as adjusted, EBIT, Adjusted EBIT, EBITDA, Adjusted EBITDA, Adjusted diluted EPS, free cash flow, net debt, Adjusted net income and Adjusted EBITDA to interest expense coverage ratio should not be considered as alternatives to net sales, net income (loss), income (loss) before operations or any other performance measures derived in accordance with GAAP as measures of operating performance or operating cash flows or as measures of liquidity. Constant currency net sales growth, income tax rate, as adjusted, EBIT, Adjusted EBIT, EBITDA, Adjusted EBITDA, Adjusted diluted EPS, free cash flow, net debt, Adjusted net income and Adjusted EBITDA to interest expense coverage ratio have important limitations as analytical tools and should be considered in conjunction with, and not as substitutes for, our results as reported under GAAP. This presentation includes a reconciliation of certain non-GAAP financial measures with the most directly comparable financial measures calculated in accordance with GAAP. Axalta does not provide a reconciliation for non-GAAP estimates for constant currency net sales growth, Adjusted EBIT, Adjusted EBITDA, Adjusted diluted EPS, income tax rate, as ad sted, free cash flow 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. For example, such reconciling items include the impact of foreign currency exchange gains or losses, gains or losses that are unusual or nonrecurring in nature, as well as discrete taxable events. We cannot estimate or project these items and they may have a substantial and unpredictable impact on our US GAAP results. Constant Currency Constant currency or ex-FX percentages are calculated by excluding the impact the change in average exchange rates between the current and comparable period by currency denomination exposure of the comparable period amount. Organic Growth Organic growth or ex-M&A percentages are calculated by excluding the impact of recent acquisitions and divestitures. Segment Financial Measures The primary measure of segment operating performance is Adjusted EBIT, which is a key metric that is used by management to evaluate business performance in comparison to budgets, forecasts and prior year financial results, providing a measure that management believes reflects Axalta's core operating performance. As we do not measure segment operating performance based on net income, a reconciliation of this non-GAAP financial measure with the most directly comparable financial measure calculated in accordance with GAAP is not available. Defined Terms All capitalized terms contained within this presentation have been previously defined in our filings with the United States Securities and Exchange Commission. Rounding Due to rounding the tables presented may not foot. 2 A AXALTA#3Introduction and Q2 Financial Highlights Second Quarter 2021 Highlights Q2 2021 net sales increased 72.6% year-over-year to $1,127 million with substantial contributions from all end-markets versus last year's COVID-19-impacted results ■ ■ ■ ■ ■ ■ Performance Coatings price-mix increased 14.0% including ~20% increase in Refinish and up mid-single digits in Industrial Income from operations of $190 million versus a loss of $65 million in Q2 2020; Adjusted EBIT of $173 million compared with a loss of $12 million in Q2 2020 Adjusted EBITDA of $230 million, with a 20.4% margin; record level LTM Adjusted EBITDA of $992 million Diluted EPS of $0.54 versus $(0.35) in Q2 2020; Adjusted diluted EPS of $0.48 versus $(0.15) in Q2 2020 Net debt to LTM Adjusted EBITDA of 2.6x at June 30; strong cash flow from operations of $108 million Total liquidity of ~$1.7 billion, including $150 million extension of undrawn revolver capacity Repurchased 1.9 million shares of common stock ($60 million spend) at $31.73 average price per share; $124 million year-to-date share repurchases, with program expected to remain active in 2H On July 7, announced agreement to acquire U-POL, a manufacturer of repair and refinish products 3 A AXALTA#4Business Conditions and Cost Actions Q2 Business Conditions Summary Continued recovery in Refinish with net sales 3.5% higher than Q2 2019 levels, though volume remains below 2019 levels by mid-single digits with global recovery from pandemic mobility curtailments ongoing ■ ■ ■ ■ Continued Inflation Response and Cost Structure Actions Raw material inflation intensified in Q2, expected to persist into 2H; now expect mid- teens variable cost inflation at COGS level year-over-year ■ Fourth consecutive quarter of sequential growth in Industrial, despite being hampered by raw material supply constraints during Q2; overall demand strong across Industrial end businesses ■ Mobility seeing strong underlying market demand, but ongoing customer production impact from semiconductor chip shortages; Axalta Q2 volume growth surpassed global industry build rates Offsets via ongoing and incremental pricing actions continue after initial actions taken in 1H; positive mix benefits also contributing Performance Coatings largely offset inflation with price-mix in Q2; Mobility price- cost gap opened in Q2, and we have actions in place to address the gap Focus on implementing structural cost control; $22.5 million restructuring charge taken in Q2 with ~$15 million expected annual savings once implemented 4 A AXALTA#5U-POL Acquisition Offers Strong Strategic Fit Adj. EBITDA 2021E: $38M upol Compelling Strategic Fit Transaction Overview Net Sales 2021E:~$145M (Net Sales and Adjusted EBITDA pre-synergy) ■ ■ ■ ■ ■ ■ ■ Adj. EBITDA Margin: ~26% ■ ■ ■ ■ Leading manufacturer of automotive refinish products and aftermarket protective coatings applications; UK-based Serves growing Mainstream / Economy and DIY segments with global customer base One manufacturing and R&D site in the UK with global distribution sites in the UK, NA, Russia, and South Africa Accelerates growth strategy and builds on Axalta's #1 refinish market position Highly complementary portfolio expands addressable markets Expanded capabilities with Raptor® protective coatings as well as aftermarket accessories Strong margin profile and FCF conversion; immediately accretive to Adjusted EBITDA margin Disciplined bolt-on acquisition with mid-teens IRR £428 million (~$590 million) purchase price Highly synergistic acquisition; annual operating synergies of ~$10 million expected to be realized within 18 to 24 months Meaningful commercial synergies potential over time EV/EBITDA multiple of ~12.5x 2021E Adjusted EBITDA including run-rate operating synergies and efficiencies Anticipated closing in 2H 2021; Net Sales and Adjusted EBITDA contribution from the acquisition in 2H 2021 subject to timing of close 5 A AXALTA#6Q2 2021 ESG Highlights Environment Jiading China coatings plant expansion completed to expand sustainable waterborne coatings production for Mobility and Industrial end-markets ▪ Three Axalta products receive 2021 Edison Awards: Spies Hecker Permahyd 5650 sealer wins bronze in sustainability category COOCH3 COOCH3 HO ■ COOC1H7 COOC1H7 HO Social COUCH3 Continued strong global safety performance - YTD 0.15 total recordable incident rate New and continuing Axalta Bright Futures partnerships with local STEM and vocational education organizations ■ I Governance Tyrone Michael Jordan joins Axalta Board of Directors, bringing deep Mobility expertise ESG Steering Committee completed updated materiality assessment; new set of ESG goals in development Maintaining excellent ESG scores from MSCI (AA) and ISS: E: 1/S: 3/G: 1 (best in industry) Axalta's Sustainability Report available at sustainability.axalta.com 1 VI 6 A AXALTA#7Q2 Consolidated Results ($ in millions, except per share data) Performance Coatings Mobility Coatings Net Sales Income (loss) from ops Adjusted EBIT % margin Diluted EPS Adjusted EPS $653 Financial Performance Q2 2020 56.4% 2021 Q2 806 321 1,127 190 173 15.4 % 0.54 0.48 9.3% 2020 Volume Price/Mix 482 171 653 (0.35) (0.15) Net Sales Variance (65) (12) (1.8)% 5.3% FX % Change Incl. F/X 67.1 % 88.2 % 72.6 % 395.2 % 1,594.8 % 254.3 % 420.0 % 1.6% Acq. Excl. F/X 61.6% 83.3 % 67.3 % 72.6% $1,127 Q2 2021 Commentary Net sales increased YOY from continued volume recovery, price-mix, and M&A ■ ▪ YOY volume growth despite semiconductor chip shortage and other supply constraints ■ Q2 net sales growth YOY across all end-markets, lapping prior year lows ■ ▪ Initial M&A contribution from Anhui Shengran FX tailwinds driven by the Euro and Chinese Renminbi Strong YOY product price-mix benefit driven by Refinish and Industrial; modest mix headwinds within Light Vehicle and Commercial Vehicle ■ Impressive Adjusted EBIT for the second quarter YOY improvement driven by continued volume recovery and strong price-mix tempered by raw material headwinds 7 A AXALTA#8Q2 Performance Coatings Results ($ in millions) Refinish Industrial Net Sales Adjusted EBIT % margin $482 Q2 2020 45.5% Financial Performance Volume 2021 Q2 463 343 806 140 17.3% 14.0% 2020 Net Sales Variance Price/Mix 262 220 482 2 0.3% 5.5% FX % Change Incl. F/X 76.8 % 55.6 % 67.1 % N/M 2.1% Acq. Excl. F/X 70.4 % 51.1 % 61.6% 67.1% $806 Q2 2021 Commentary Net sales growth driven by Refinish recovery, continued Industrial demand strength, and solid segment price movement ▪ Price-mix tailwinds driven largely by pricing actions across both end-markets as well as favorable product mix in Refinish as volumes rebound Initial M&A contribution from Anhui Shengran FX tailwinds driven by the Euro and Chinese Renminbi ■ Continued recovery in Refinish as miles driven improves globally; Industrial delivered strong sales volumes across all businesses, although modestly hindered by supply constraints Improved Adjusted EBIT despite raw material headwinds ■ Continued volume recovery and price-mix benefit drove impressive Adjusted EBIT improvement, partly offset by raw material headwinds 8 A AXALTA#9Performance Coatings Demand Environment Refinish The refinish market showed sequential improvement in Q2 with traffic indicators improving across all regions ■ - I U.S. miles driven have returned to normal levels in Q2 with July expected to be ~5% above 2019 levels; body shop activity down ~10-12% versus 2019 levels - Latin America miles driven showed sequential improvement in Q2 with Brazil up 14% above pre-COVID levels, while Mexico remained weaker, down 7% below pre-COVID levels in Q2 For Asia, COVID related lockdowns impacting miles driven in India in May; China seeing increasing collision claims; Japan (+32%) and Australia (+10%) also strong with traffic growth versus pre-COVID baselines Industrial - Europe miles driven continued to improve markedly in Q2 with June as much as 12% over 2019 levels; body shop activity has recovered to around 10% below 2019 levels in the quarter Broad-based global industrial demand recovery; notable growth from Energy Solutions, Building Products, and General Industrial U.S. housing market remains strong, though growth rates slowing Raw material supply constraints impacted potential further sales upside in Q2 in Americas Building Products and globally across General Industrial 9 A AXALTA#10Q2 Mobility Coatings Results ($ in millions) Light Vehicle Commercial Vehicle Net Sales Adjusted EBIT % margin $171 Financial Performance Q2 2020 87.4% 2021 Volume Q2 126 44 171 (39) (23.0)% Net Sales Variance 244 77 321 6 1.8% 2020 (4.1)% Price/Mix Incl. F/X 4.9% % Change FX 93.1 % 74.0 % 88.2 % 114.5% Excl. F/X 87.7 % 71.0 % 83.3 % 88.2% $321 Q2 2021 Commentary Net sales growth almost double from prior year lows, though hindered by customer supply constraints, largely in semiconductors I ■ ■ Axalta volumes outpacing global production build growth despite semiconductor chip shortage in Light Vehicle as well as parts shortages and customer strike in Commercial Vehicle ■ Negative price-mix contribution across both end- businesses driven by unfavorable customer mix Modest FX tailwinds driven by the Euro and Chinese Renminbi Adjusted EBIT and margin expansion Adjusted EBIT improvement seen across both end- businesses as volumes continue to recover despite some impact from semiconductor chip shortage and modest tailwinds in operating expenses; raw material headwinds impacting profit in period 10 A AXALTA#11Mobility Coatings Demand Environment Light Vehicle LV market recovery continues to be hindered by the semiconductor shortage; estimated impact of ~7 million deferred builds in 2021 I ■ Global LV production increased 48.6% YOY in Q2; forecasts call for a (4.5%) decline for Q3 and a 6.9% increase for FY 2021 (revised down from 11.9% in April) M Axalta Net Sales outpaced the market in Q2 driven by performance in EMEA, Latin America, and China Commercial Vehicle Commercial Vehicle The global truck market continues to recover with strong order intake in North America and EMEA Global CV production, excluding China, increased 72.5% YOY in Q2; forecasts call for continued recovery with 20.1% and 26.4% increases for Q3 and FY 2021, respectively Supply chain shortages have been more limited within CV versus LV, though still impacted moderately 11 A AXALTA#12Debt and Liquidity Summary Capitalization ($ in millions) Cash and Cash Equivalents Debt: Interest Variable Variable Revolver ($550 million capacity) (1) First Lien Term Loan (USD) Total Senior Secured Debt Senior Unsecured Notes (EUR) (3) Senior Unsecured Notes (USD) Senior Unsecured Notes (USD) Finance Leases Other Borrowings Total Debt Total Net Debt (4) LTM Adjusted EBITDA (5) Total Net Leverage Interest Coverage Ratio (6) (1) $516 million available on our undrawn revolver net of letters of credit (2) Maturity will be accelerated to 2024 in certain circumstances as set forth in Amendment No. 10 Fixed Fixed Fixed $ @ 6/30/2021 1,231 LA LA (3) Assumes exchange rate of $1.1906 USD/Euro (4) Total Net Debt = Total Debt minus Cash and Cash Equivalents (5) Total Net Leverage = Total Net Debt / LTM Adjusted EBITDA (6) Interest Coverage Ratio = LTM Adjusted EBITDA / LTM Interest Expense 2,037 2,037 531 493 690 63 40 3,854 2,623 992 2.6x 6.9x Maturity 20262 2024 2025 2027 2029 I I Commentary Net leverage of 2.6x at June 30, 2021 improved from 3.2x at March 31, 2021 Over $1.7 billion in available liquidity at June 30, 2021 Increased revolving credit facility capacity to $550 million from $400 million in May 2021 Weighted average cost of debt of 3.08% at June 30, 2021 12 A AXALTA#13Financial Guidance Update Full Year 2021 Guidance: ■ I Adjusted EBIT: $685-725 million Q3-20% of full year Q4 -30% of full year Adjusted Diluted EPS: $1.85-2.00 ▪ Interest Expense: ~$135 million Tax Rate: ~21-22% ■ ■ Net Sales: ~+20-22%, including ~3% FX and ~1% M&A benefit Diluted Shares: ~234 million ▪ Free Cash Flow: $445-485 million; including $165 million capex H ■ D&A: $318 million; including $106 million step-up D&A Key Assumptions ■ ■ ■ ■ ■ Raw material inflation expected at mid-teens growth YOY versus prior high single digit growth expectation; Q3 inflation at ~23% growth YoY Semiconductors: ~7 million assumed market level production shortfall in guidance construct; ~3 million in 2H driving ~$60 million estimated net sales impact to Mobility versus prior assumption of minimal 2H impact Gradual recovery in Refinish volumes from COVID impacts continues No additional share repurchases assumed FCF still assumes no impact from operational matter U-Pol acquisition, expected to close in 2H, not included in guidance 13 A AXALTA#1415 Appendix h AXALTA COATING SYSTEMS#15Full Year 2021 Assumptions Macroeconomic Assumptions Global GDP growth of ~5.0% for Q3 2021 and ~5.8% for FY 2021 ■ ■ H I Global industrial production growth of -6.3% for Q3 2021 and ~7.1% for FY 2021 . Global truck production increase of -20.1% for Q3 2021 and ~26.4% for FY 2021, excluding China ■ Global auto build change expected to be at ~(4.5%) for Q3 2021 and ~6.9% for FY 2021 Significant raw material inflation since December 2020 as downstream chemicals demand surged with supply imbalances as well as outages from Weather events (Winter Storm Uri) and severe logistical bottlenecks Expect the inflationary raw material trend to persist into 2H before starting to soften first in solvents and monomers Currency US$ per Euro Chinese Yuan per US$ US$ per British Pound Brazilian Real per US$ Mexican Peso per US$ US$ per Canadian Dollar Indian Rupee per US$ Other Currency Assumptions 2020 % Axalta Net Sales -28% ~9% -3% -3% ~2% ~2% ~1% -53% 2020 Average Rate 1.14 6.90 1.28 5.15 21.46 0.75 74.13 ΝΑ 2021 Average Rate Assumption 1.21 6.43 1.40 5.25 20.08 0.81 73.30 ΝΑ USD % Impact of FX Rate Change 6.1% 6.8% 9.4% (1.9%) 6.4% 8.0% 1.1% 0.4% 15 A AXALTA#16Adjusted EBIT Reconciliation ($ in millions) Income (loss) from operations Other income, net Total A Debt extinguishment and refinancing related costs B Termination benefits and other employee related costs C Strategic review and retention costs D Offering and transactional costs E Impairment charges F Pension special events G Accelerated depreciation H Indemnity income I Operational matter J Brazil indirect tax K K Step-up depreciation and amortization Adjusted EBIT Segment Adjusted EBIT: Performance Coatings Mobility Coatings Total Step-up depreciation and amortization Adjusted EBIT GA GA EA Q2 2021 190.4 $ (8.1) 198.5 $ 0.2 22.7 1.4 0.6 (0.1) (71.8) (8.3) 28.0 173.4 $ 139.7 $ 5.7 145.4 $ 28.0 173.4 $ Q2 2020 (64.5) (2.2) (62.3) 15.2 0.1 2.7 (0.6) 0.4 26.2 (11.6) 1.5 (39.3) (37.8) 26.2 (11.6) 16 A AXALTA#17Adjusted 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. Represents expenses and associated changes to estimates related to employee termination benefits and other employee-related costs. Employee termination benefits are primarily associated with Axalta Way initiatives. These amounts are not considered indicative of our ongoing operating performance. B C E F G H I Represents costs for legal, tax and other advisory fees pertaining to our review of strategic alternatives that was concluded in March 2020, as well as retention awards for certain employees which will be earned over a period of 18-24 months, ending September 2021. These amounts are not considered indicative of our ongoing performance. K Represents acquisition and divestiture-related expenses, all of which are not considered indicative of our ongoing operating performance. Represents impairment charges, which are not considered indicative of our ongoing performance. Represents certain defined benefit pension costs associated with special events, including pension curtailments, settlements and special termination benefits, which we do not consider indicative of our ongoing operating performance. Represents indemnity income associated with acquisitions, which we do not consider indicative of our ongoing operating performance. Represents expenses, changes in estimates and insurance recoveries for probable liabilities related to an operational matter in the Mobility Coatings segment, which is not indicative to our ongoing operating performance. J Represents non-recurring income related to a law change with respect to certain Brazilian indirect taxes which was recorded within other income, net. Represents the incremental step-up depreciation and amortization expense associated with the acquisition of DuPont Performance Coatings by Axalta. We believe this will assist investors in performing meaningful comparisons of past, present and future operating results and better highlight the results of our ongoing operating performance. Represents incremental depreciation expense resulting from truncated useful lives of the assets impacted by our manufacturing footprint assessments, which we do not consider indicative of our ongoing operating performance. 17 A AXALTA