Refinish Business Review

Financial Guidance & Market Commentary Axalta does not provide a reconciliation for non-GAAP estimates for constant currency net sales growth, Adjusted EBIT, Adjusted EBITDA, Adjusted Diluted EPS and income 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. See "Non-GAAP Financial Measures" for more information. (in millions, except per share data & %s) Q1 2023 Outlook FY 2023 Assumptions Projection (in millions, except per share data & %s) Projection 5% -9% 83.0 -84.0 $190 Net Sales growth versus Q1 2022 FX impact on Sales Adjusted EBIT (Adjusted EBITDA) Adjusted Diluted EPS D&A (step-up D&A) Tax Rate, As Adjusted Diluted Shares Interest Expense (2% -3%) $126 $146 ($185 - $205) $0.26 - $0.33 $70 ($16) ~ 25% ~222 $50 Global LV Builds Capex D&A (step-up D&A) Tax Rate, As Adjusted Diluted Shares Interest Expense $280 ($50) ~ 25% ~ 222 $215 - $225 Q1 2023 Commentary Performance Coatings: Anticipate typical seasonal Refinish volume decline to result in lower Performance Coatings EBIT QoQ despite better Industrial contribution Mobility Coatings: Expect sequential EBIT improvement given continued outpacing of market builds and margin recovery Raw Materials: Stabilizing raw material environment with pressure anticipated to continue in specialties, labor and energy; expect high-single-digit % YoY raw material headwind in Q1 2023 ◉ FY 2023 Commentary Performance Coatings: Expect momentum to continue in Refinish after record 2022 profitability; potentially softer Industrial markets to be balanced by contribution from price-cost normalization and share gains Mobility Coatings: Anticipate steady progress throughout 2023 vs. Q4 EBIT run-rate Raw Materials: Expect modest deflation in elevated upstream commodities to help offset persistent headwinds from labor and energy inflation Overall Profitability & FCF: Expect meaningful YoY growth given carry over pricing, Refinish and Mobility market recovery, and stabilizing cost environment 16 AXALTA

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