Axalta Coating Systems Ltd. (NYSE: AXTA) (“Axalta”), a leading global coatings company, announced its financial results for the second quarter ended June 30, 2024.

Second Quarter 2024 Highlights:

• Net sales increased 4.4% year over year to $1.35 billion
• Net income increased $52 million year over year to $113 million
• Adjusted EBITDA increased $64 million year over year to $291 million with Adjusted EBITDA margin improving 400 basis points year over year to 21.5%
• Diluted EPS increased 89% year over year to $0.51 and Adjusted Diluted EPS increased 63% year over year to $0.57

Second quarter 2024 cash provided by operating activities was $114 million versus $131 million in the same period last year. Cash and cash equivalents at quarter end were $840 million and total liquidity was over $1.4 billion. The sequential improvement in cash includes a $185 million draw on Axalta’s revolving credit facility to finance the previously announced acquisition of CoverFlexx, which closed in early July. Axalta’s net debt to trailing twelve month (“LTM”) Adjusted EBITDA ratio (total net leverage ratio or net leverage ratio) was 2.6x at quarter-end versus 3.6x as of June 30, 2023. Axalta repurchased over 1.4 million common shares for total consideration of $50 million.