Page 1

News Release Axalta Coating Systems 2001 Market Street Suite 3600 Philadelphia , PA 19103 USA Immediate Release Contact Christopher Mecray D +1 215 255 7970 Christopher.Mecray@axalta.com ● Axalta Releases Second Quarter 2021 Results Continued Strong Demand Recovery and Execution Drive Solid Financial Results Despite Raw Material Inflation and Supply Chain Challenges Second Quarter 2021 Highlights : Exhibit 99 A AXALTAⓇ Q2 2021 net sales increased 72.6 % year - over - year to $ 1,126.8 million with substantial contributions from all end markets versus last year's COVID - 19 - impacted results Income from operations of $ 190.4 million versus a loss of $ 64.5 million in Q2 2020 ; Adjusted EBIT of $ 173.4 million compared with a loss of $ 11.6 million in Q2 2020 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 , 2021 ; strong cash flow from operations of $ 107.5 million On July 7 , 2021 , announced agreement to acquire U - POL , a manufacturer of repair and refinish products PHILADELPHIA , PA , July 26 , 2021 - Axalta Coating Systems Ltd. ( NYSE : AXTA ) ( “ Axalta ” ) , a leading global coatings company , announced its financial results for the second quarter ended June 30 , 2021 . Second Quarter 2021 Consolidated Financial Results Sensitivity : Business Internal Second quarter net sales of $ 1,126.8 million increased 72.6 % year - over - year , including a 5.3 % foreign currency benefit , driven by 56.4 % higher volumes and 9.3 % higher average price and product mix . Volume growth across all end - markets was driven by ongoing recovery from pandemic - related macroeconomic impacts . Both price and product mix were positive in the period within Performance Coatings and included initial pricing offsets to the variable input inflation witnessed in 2021 that intensified during second quarter . Mobility Coatings segment price and product mix was impacted by negative mix effects , offset by stable overall pricing versus the prior year quarter . Performance Coatings recorded a 67.1 % net sales increase , including ongoing strong growth for the Industrial end - market and a continued recovery in Refinish end - market demand conditions . The 88.2 % net sales increase for Mobility Coatings included the rebound from COVID - 19 - related vehicle production shut - downs in the prior year quarter , offset partly by ongoing volume impacts due to semiconductor chip shortages , primarily in Light Vehicle . Income from operations for Q2 2021 totaled $ 190.4 million versus a loss of $ 64.5 million in Q2 2020. Net income to common shareholders was $ 126.4 million for the quarter compared with a loss of $ 82.8 million in Q2 2020 , and diluted earnings per share was $ 0.54 compared with $ ( 0.35 ) in Q2 2020. Results were driven principally by continued net sales volume recovery from COVID - 19 - driven lows during Q2 2020 , combined with substantial progress in achieving price and product mix offsets to the variable cost inflation , which increased substantially during the second quarter . Operating expenses were relatively flat in the period with the loss of temporary cost reductions from Q2 2020 offset by a benefit from ongoing structural savings actions and the absence of COVID - related accounting charges from Q2 2020. The Q2 2021 results also included a benefit of $ 71.8 million recorded in the period related to the operational matter in our North America Mobility Coatings business , related to changes in estimates and inclusive of anticipated insurance recoveries , and $ 22.5 million for additional restructuring expense for incremental cost savings initiatives , mainly in Europe , which we expect to provide annual run - rate savings of approximately $ 15 million . 1