Refinish Business Review

Q4 Performance Coatings Results Financial Performance Q4 ($ in million) Refinish 2022 2021 Incl. FX Excl. FX 492 471 4.5 % Industrial 326 333 (2.0%) 10.5 % 3.2 % Net Sales 819 804 1.8 % 7.5 % Adjusted EBIT 107 100 7.0 % % margin 13.0 % 12.4 % $804 Net Sales Variance (4.3%) 11.8% (5.7%) % Change 1.8% $819 Commentary Modest net sales growth driven by double-digit price-mix realization in both end-markets offset by FX headwinds and lower Industrial volume • ■ Refinish volumes slightly lower as share gains were offset by Russia-Ukraine conflict impacts in EMEA and headwinds from China lockdowns Industrial volume decline driven by softer demand across most product categories FX headwind driven by the Euro, Chinese Renminbi and British Pound Adjusted EBIT grew modestly year-over-year; positive Refinish contribution was partly offset by headwinds in Industrial ■ Strong pricing from both Refinish and Industrial fully offset year-over-year raw material inflation Cumulative price-cost gap remains in Industrial Higher SG&A expense year-over-year due to labor inflation, investments in business and sales support Q4 2021 Volume Price-Mix FX Q4 2022 12 AXALTA

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