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ACCELERATING PERFORMANCE 2024 ANNUAL REPORT
Your con dence in Axalta s vision and strategy has been essential to our success. Dear Shareholder, Thank you for your continued trust and support. Your con dence in Axalta s vision and strategy has been essential to our success. As we evolve and sharpen our focus, we have laid a solid foundation to not only navigate future challenges, but to thrive beyond them. 2024: A Banner Year Axalta achieved record-breaking nancial results, delivering net sales of $5.3 billion, net income of $391 million, and adjusted EBITDA1 of $1.116 billion - representing year-over-year increases of 2%, 45%, and 17%, respectively. Additionally, we achieved a new company record for total net leverage ratio1 at a year end, ending the year at 2.5x, re ecting disciplined capital management and robust earnings growth. I am especially proud that Axalta accelerated the achievement of several key targets ahead of schedule, driven by our resolute team through the Performance Coatings and Mobility Coatings segments despite facing a weaker macroeconomic environment and unexpected foreign currency uctuations. Strategic Vision In May, we introduced Axalta s A Plan, our threeyear strategy to unlock shareholder value and further solidify our position as an industry leader. Anchored in ve pillars - Cultural Transformation, Operational Excellence, Optimized Portfolio Growth Strategy, Sustainable Innovation, and Effective Capital Allocation - the A Plan represents an acceleration of our growth, and the impact is already clear. In 2024, we achieved a companyrecord Adjusted Diluted EPS1 result of $2.35, a 40% increase over 2023. This puts us in a solid position to deliver the A Plan targets in 2026, signaling early success towards all our nancial targets to generate long-term value for our shareholders. At the core of the A Plan is the cultural transformation of our people. We are unifying previously distinct business units into an aligned enterprise that thinks and operates as ONE Axalta. The transformation fosters engagement, collaboration, innovation, and operational efficiency across the organization, making ONE Axalta more resilient and agile. We believe that this shift enables us to respond quickly and decisively to unforeseen challenges, including economic uncertainties, demand headwinds, and operational disruptions.
NET SALES ADJUSTED EBITDA1 $5.3B * $1,116M * ADJUSTED EBITDA MARGIN1 21.2% * ADJUSTED DILUTED EPS1 $2.35 * * RECORD HIGH 2026 A PLAN 2025: Meeting the Moment 2024 Achievements This year will not be without its challenges. Ongoing macroeconomic volatility, including tariffs, in ation, and unforeseen foreign currency uctuations, is a key risk that reinforces the importance of disciplined execution and operational agility. - Cultural transformation driving efficiency - Total recordable incident rate reduced by 49% over the last two years - Headquarters consolidated into one location in Philadelphia Despite challenges we may face, Axalta will remain focused on executing our A Plan as ONE Axalta to navigate these uncertainties. The plan is already bearing fruit in performance, and we remain committed to delivering long-term value for our shareholders and making bold progress towards our strategic goals. - 2024 Transformation Initiative yielded savings of $20M - Started consolidating two manufacturing sites - 7% lower variable costs year over year - 5% Light Vehicle net sales growth; won $60-$70M of new business in LATAM - 2,800 net body shop wins in Re nish - $40M of new Industrial business wins at accretive margins - Growing adoption of Axalta Irus Mix - Strategic agreement with D rr for Axalta NextJet development - Won 6 prestigious technology awards Chris Villavarayan Chief Executive Officer and President Axalta Coating Systems - CoverFlexx acquisition providing expansion into Re nish economy segment - 2.5x total net leverage ratio1 at year end - Announced $700M share repurchase program with $100M of shares repurchased Non-GAAP nancial metric. Refer to the end of this Annual Report for more information on these non-GAAP nancial measures, including certain reconciliations to the most directly comparable nancial measures calculated in accordance with GAAP. 1
OCTOBER 30, 2024 Axalta Celebrates the Opening of its Global Headquarters in the Philadelphia Navy Yard.
AXALTA AT A GLANCE Valuing 12,800+ employees Product sold in Earning 140+ $5.3B countries 24 in net sales prestigious R&D awards since 2021 ~680 Partnering with active patents 93,000 body Shops Supply the Top 10 OEM Manufacturers TM 520+ trademarks 4 major R&D Centers 1,300+ scientists, engineers & technical experts
 • shareholder letter icon 4/22/2025 Letter Continued (Full PDF)
 • stockholder letter icon 4/25/2023 AXTA Stockholder Letter
 • stockholder letter icon 4/24/2024 AXTA Stockholder Letter
 • stockholder letter icon More "Construction Materials & Machinery" Category Stockholder Letters
 • Benford's Law Stocks icon AXTA Benford's Law Stock Score = 97


AXTA Shareholder/Stockholder Letter Transcript:

ACCELERATING
PERFORMANCE
2024
ANNUAL REPORT


Your con   dence in Axalta   s vision
and strategy has been essential
to our success.   
Dear Shareholder,
Thank you for your continued trust and support.
Your con   dence in Axalta   s vision and
strategy has been essential to our success. As
we evolve and sharpen our focus, we have laid a
solid foundation to not only navigate future
challenges, but to thrive beyond them.
2024: A Banner Year
Axalta achieved record-breaking    nancial results,
delivering net sales of $5.3 billion, net income of
$391 million, and adjusted EBITDA1 of $1.116 billion
- representing year-over-year increases of 2%, 45%,
and 17%, respectively. Additionally, we achieved a
new company record for total net leverage ratio1
at a year end, ending the year at 2.5x, re   ecting
disciplined capital management and robust earnings
growth. I am especially proud that Axalta accelerated
the achievement of several key targets ahead of
schedule, driven by our resolute team through the
Performance Coatings and Mobility Coatings
segments despite facing a weaker macroeconomic
environment and unexpected foreign currency
   uctuations.
Strategic Vision
In May, we introduced Axalta   s    A Plan,    our threeyear strategy to unlock shareholder value and
further solidify our position as an industry leader.
Anchored in    ve pillars - Cultural Transformation,
Operational Excellence, Optimized Portfolio Growth
Strategy, Sustainable Innovation, and Effective
Capital Allocation - the    A Plan    represents an
acceleration of our growth, and the impact is
already clear. In 2024, we achieved a companyrecord Adjusted Diluted EPS1 result of $2.35, a 40%
increase over 2023. This puts us in a solid position
to deliver the    A Plan    targets in 2026, signaling
early success towards all our    nancial targets to
generate long-term value for our shareholders.
At the core of the    A Plan    is the cultural
transformation of our people. We are unifying
previously distinct business units into an aligned
enterprise that thinks and operates as    ONE Axalta.   
The transformation fosters engagement,
collaboration, innovation, and operational
efficiency across the organization, making    ONE
Axalta    more resilient and agile. We believe that
this shift enables us to respond quickly and
decisively to unforeseen challenges, including
economic uncertainties, demand headwinds, and
operational disruptions.

NET SALES
ADJUSTED EBITDA1
$5.3B *
$1,116M *
ADJUSTED EBITDA MARGIN1
21.2% *
ADJUSTED DILUTED EPS1
$2.35 *
* RECORD HIGH
2026 A PLAN
2025: Meeting the Moment
2024 Achievements
This year will not be without its challenges. Ongoing
macroeconomic volatility, including tariffs, in   ation,
and unforeseen foreign currency    uctuations, is a
key risk that reinforces the importance of disciplined
execution and operational agility.
- Cultural transformation driving efficiency
- Total recordable incident rate reduced by
49% over the last two years
- Headquarters consolidated into one
location in Philadelphia
Despite challenges we may face, Axalta will remain
focused on executing our    A Plan    as    ONE Axalta   
to navigate these uncertainties. The plan is already
bearing fruit in performance, and we remain
committed to delivering long-term value for our
shareholders and making bold progress towards
our strategic goals.
- 2024 Transformation Initiative yielded
savings of $20M
- Started consolidating two manufacturing
sites
- 7% lower variable costs year over year
- 5% Light Vehicle net sales growth; won
$60-$70M of new business in LATAM
- 2,800 net body shop wins in Re   nish
- $40M of new Industrial business wins
at accretive margins
- Growing adoption of Axalta Irus    Mix
- Strategic agreement with D  rr for Axalta
NextJet    development
- Won 6 prestigious technology
awards
Chris Villavarayan
Chief Executive Officer and President
Axalta Coating Systems
- CoverFlexx acquisition providing expansion
into Re   nish economy segment
- 2.5x total net leverage ratio1 at year end
- Announced $700M share repurchase
program with $100M of shares repurchased
Non-GAAP    nancial metric. Refer to the end of this Annual Report for more information on these non-GAAP
   nancial measures, including certain reconciliations to the most directly comparable    nancial measures
calculated in accordance with GAAP.
1

OCTOBER 30, 2024
Axalta Celebrates
the Opening of its
Global Headquarters
in the Philadelphia
Navy Yard.

AXALTA
AT A GLANCE
Valuing
12,800+
employees
Product sold in
Earning
140+
$5.3B
countries
24
in net sales
prestigious R&D awards
since 2021
~680
Partnering with
active patents
93,000
body Shops
Supply the
Top 10
OEM Manufacturers
TM
520+
trademarks
4
major R&D Centers
1,300+
scientists, engineers &
technical experts



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