#1A AXALTA Q3 2021 Financial Results October 25, 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, diluted shares outstanding and various assumptions noted in the presentation, the effects of COVID-19 on Axalta's business and financial results, our and our customers' supply chain constraints and our ability to offset the impacts of such constraints and the timing or amount of any future share repurchases. Axalta has identified some of these forward-looking statements with words "believes," "expects," "assumes," "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 Reports on Form 10-Q for the quarters ended March 31, 2021 and June 30, 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 O 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, income 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 adjusted, or 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 Q3 Financial Highlights Third Quarter 2021 Highlights Q3 2021 net sales increased 6.0% year-over-year to $1,089 million with substantial growth from three of four end-markets; Light Vehicle continued to be impacted by auto OEM production constraints ■ ■ ■ ■ ■ Performance Coatings price-mix increased 5.0%, including mid-single digits increase in both Refinish and Industrial Mobility Coatings price-mix improved 3.6% inclusive of indexing benefits within the Light Vehicle business Income from operations of $125 million versus $142 million in Q3 2020; Adjusted EBIT of $146 million compared with $210 million in Q3 2020; Q3 results exceeded July earnings guidance Diluted EPS of $0.30 versus $0.35 in Q3 2020; Adjusted diluted EPS of $0.39 versus $0.59 in Q3 2020 Strong cash flow from operations of $143 million; liquidity of over $1.1 billion - - Repurchased 3.1 million shares of common stock ($90 million spend) at $29.04 average price per share in Q3 2021; $214 million share repurchases year-to-date Closed acquisition of U-POL, a leading manufacturer of automotive repair and refinish products, on September 15, 2021 3 A AXALTA#4Business Conditions and Cost Actions Q3 Business Conditions Summary Continued global recovery in Refinish demand drivers, including traffic and body shop activity following pandemic-driven mobility slowdown; net sales volumes remain mid- single digits below 2019 levels ■ ■ ■ Continued Inflation Response and Cost Structure Actions Raw material inflation intensified in Q3; now expect mid-teens variable cost inflation for the full year ■ Strong continued growth in Industrial, despite headwinds from raw material supply constraints during Q3; overall demand strong across all Industrial end businesses Mobility Coatings seeing strong underlying market demand, but volume has been negatively impacted from ongoing semiconductor shortages ($70 million impact during Q3) ■ Offsets via ongoing and incremental pricing actions taken year-to-date and expected during Q4 Performance Coatings largely offset inflation with price-mix in Q3 YTD; Mobility Coatings price-cost gap opened in Q3 - actions underway to address the gap Focus on implementing structural cost control; anticipate at least $50 million in full- year cost savings from existing restructuring and Axalta Way productivity savings 4 A AXALTA#5Q3 2021 ESG Highlights ■ ■ I Environment Broke ground on construction of state-of-the-art facility in Jilin City, Northern China to support growing Chinese market for sustainable waterborne mobility coatings Began using Axalta's total cost-to- coat and CO₂ modeling tool with Mobility customers to identify cost, emissions, and energy savings in their paint shops Showcased Axalta's coatings solutions for electric vehicle batteries and motors at Novi Battery Show COOCH3 COOCH3 HO H COOC1H7 COOC1H7 HO Social COOCH3 Awarded 19 students studying STEM and vocational fields the first annual Axalta Bright Futures Scholarships Donations to local communities impacted by the COVID-19 pandemic and natural disasters in Brazil, Germany, India and Turkey ■ ■ ■ Governance ESG Steering Committee completed materiality assessment; ESG goal setting nearly complete Annual employee Code of Business Conduct training completed Maintaining excellent ESG scores from MSCI (AA) and ISS: E: 2/S: 3/ G: 1 (best in industry) Axalta's Sustainability Report available at sustainability.axalta.com 1 5 A AXALTA#6Q3 Consolidated Results ($ in millions, except per share data) Performance Coatings Mobility Coatings Net Sales Income (loss) from ops Adjusted EBIT % margin Diluted EPS Adjusted EPS $1,027 Financial Performance Q3 2020 (1.6)% 2021 779 309 1,089 125 146 13.4% Q3 0.30 0.39 683 344 1,027 142 210 20.4 % 0.35 0.59 Net Sales Variance 4.5% 2020 Volume Price/Mix 1.3% FX % Change Incl. F/X 14.1% (10.1)% 6.0 % (12.0)% (30.6)% (14.3)% (33.9)% 1.8% Acq. Excl. F/X 12.9 % (11.6)% 4.7% 6.0% $1,089 Q3 2021 Commentary Net sales increased from price-mix tailwinds and M&A contribution; strong volume outside of Light Vehicle I ■ - ■ ■ Q3 net sales YOY growth across all end-markets except Light Vehicle Three of four end-markets show volume growth; Light Vehicle impacted by supply chain shortages Pricing actions benefited all end-markets Initial M&A contribution from recently closed acquisitions FX tailwind driven by the Renminbi, Euro, and Pound YOY Adjusted EBIT reduction for the third quarter ▪ Headwinds from lower Mobility volumes, raw material inflation, absence of temporary savings, and higher logistics costs, offset partly by pricing actions 6 A AXALTA#7Q3 Performance Coatings Results ($ in millions) Refinish Industrial Net Sales Adjusted EBIT % margin $683 Q3 2020 5.2% Financial Performance Volume 2021 Q3 443 336 779 123 15.8 % 5.0% 2020 Price/Mix 402 281 683 134 19.6 % Net Sales Variance 1.2% FX Incl. F/X % Change 10.4 % 19.5 % 14.1% (8.3)% 2.7% Acq. Excl. F/X 9.1 % 18.3 % 12.9 % 14.1% $779 Q3 2021 Commentary Despite ongoing supply chain constraints, net sales growth driven by volume recovery, pricing realization, M&A and FX tailwinds Increased volumes from both Refinish and Industrial despite moderate supply chain constraints Positive contribution from price-mix across both end- markets as pricing actions continue; mix a modest headwind Initial M&A contribution from recently closed acquisitions ▪ FX tailwind driven by the Renminbi, Mexican Peso, Euro, and Pound ■ Adjusted EBIT saw a YOY reduction from raw material pressure and absence of temporary savings Headwinds from raw material inflation, absence of temporary savings, and higher logistics costs, offset partly by pricing actions and volume recovery 7 A AXALTA#8Performance Coatings Demand Environment Refinish The global refinish market showed modest sequential improvement in Q3 traffic indicators - U.S. miles driven have returned to near normal levels as of September; body shop activity down -12% versus 2019 levels ■ Europe miles driven continued to improve markedly in Q3 with traffic surpassing 2019 levels; body shop activity has recovered to around 7% below 2019 levels at the end of Q3 Latin America Q3 miles driven showed sequential improvement with Brazil well above pre-COVID levels and Mexico recovering to ~4% below pre- COVID levels For Asia, all countries served have substantially recovered from pandemic impacts to miles driven though Thailand and India lag somewhat and Australia slowed mid-summer Industrial Broad-based global industrial demand recovery; continued growth from all end businesses, including Energy Solutions, Building Products, and General Industrial ▪ U.S. housing and remodeling market remains strong Raw material supply constraints hindered further sales upside in Q3 in Building Products and General Industrial 8 A AXALTA#9Q3 Mobility Coatings Results ($ in millions) Light Vehicle Commercial Vehicle Net Sales Adjusted EBIT % margin $344 Financial Performance Q3 2020 (15.2)% 2021 Volume 235 74 309 Q3 (3) (0.9)% 2020 Net Sales Variance 3.6% 276 68 344 49 14.1% Price/Mix % Change Incl. F/X Excl. F/X (16.5)% 8.2 % (14.8)% 9.0 % (11.6)% (10.1)% (105.6)% 1.5% FX (10.1)% $309 Q3 2021 Net sales reduction despite pricing actions as volumes were hindered by supply shortages ■ I Commentary Axalta volumes largely aligned with reductions in Light Vehicle global builds, offset partly by modest increases in Commercial Vehicle volumes ■ Price-mix improvement driven largely by indexing and price increases in Light Vehicle and Commercial Vehicle ▪ FX tailwind driven by the Renminbi, Euro, and Real I Supply shortages and raw material inflation drove YOY reduction in Adjusted EBIT, offset partly by pricing actions Adjusted EBIT reduction from supply shortages, raw material inflation, and absence of temporary savings, offset partly by pricing actions 9 A AXALTA#10Mobility Coatings Demand Environment Light Vehicle The LV market recovery continues to be hindered by the semiconductor chip shortage with an estimated impact of ~11 million deferred builds in 2021 " ■ ■ ■ Global LV production decreased 19.7% YOY in Q3; Axalta expects a 27.4% decline for Q4 and a 2.1% decrease for 2021 (revised down from an original expectation of 13.4% growth in February) ■ Axalta net sales slightly outpaced the market in Q3 driven by specific customer and model exposures in regions served Commercial Vehicle . The global truck market continues to recover with strong order intake in North America and EMEA relative to historic averages Based on semiconductor sector forecasts and customer input, current semiconductor shortage expected to remain challenged through 2022 Global CV production, excluding China, increased 8.0% YOY in Q3; forecasts call for continued recovery with 0.9% and 21.1% increases for Q4 and FY 2021, respectively Supply chain shortages have been more limited within CV versus LV 10 A AXALTA