Axalta涂层系统 2024年度报告

2024ANNUAL REPORT Your confidence in Axalta’s visionand strategy has been essentialto our success.”“ Dear Shareholder, Strategic Vision Thank you for your continued trust and support.Your confidence in Axalta’s vision andstrategy has been essential to our success. Aswe evolve and sharpen our focus, we have laid asolid foundation to not only navigate futurechallenges, but to thrive beyond them. In May, we introduced Axalta’s ‘A Plan,’ our three-year strategy to unlock shareholder value andfurther solidify our position as an industry leader.Anchored in five pillars - Cultural Transformation,Operational Excellence, Optimized Portfolio GrowthStrategy, Sustainable Innovation, and EffectiveCapital Allocation - the ‘A Plan’ represents anacceleration of our growth, and the impact isalready clear. In 2024, we achieved a company-record Adjusted Diluted EPS1result of $2.35, a 40%increase over 2023. This puts us in a solid positionto deliver the ‘A Plan’ targets in 2026, signalingearly success towards all our financial targets togenerate long-term value for our shareholders. 2024: A Banner Year Axalta achieved record-breaking financial results,delivering net sales of $5.3 billion, net income of$391 million, and adjusted EBITDA1of $1.116 billion- representing year-over-year increases of 2%, 45%,and 17%, respectively. Additionally, we achieved anew company record for total net leverage ratio1at a year end, ending the year at 2.5x, reflectingdisciplined capital management and robust earningsgrowth. I am especially proud that Axalta acceleratedthe achievement of several key targets ahead ofschedule, driven by our resolute team through thePerformance Coatings and Mobility Coatingssegments despite facing a weaker macroeconomicenvironment and unexpected foreign currencyfluctuations. At the core of the ‘A Plan’ is the culturaltransformation of our people. We are unifyingpreviously distinct business units into an alignedenterprise that thinks and operates as ‘ONE Axalta.’The transformation fosters engagement,collaboration, innovation, and operationalefficiency across the organization, making ‘ONEAxalta’ more resilient and agile. We believe thatthis shift enables us to respond quickly anddecisively to unforeseen challenges, includingeconomic uncertainties, demand headwinds, andoperational disruptions. * RECORD HIGH 2025: Meeting the Moment 2024 Achievements This year will not be without its challenges. Ongoingmacroeconomic volatility, including tariffs, inflation,and unforeseen foreign currency fluctuations, is akey risk that reinforces the importance of disciplinedexecution and operational agility. -Cultural transformation driving efficiency-Total recordable incident ratereduced by49%over the last two years-Headquarters consolidated into onelocation in Philadelphia Despite challenges we may face, Axalta will remainfocused on executing our ‘A Plan’ as ‘ONE Axalta’to navigate these uncertainties. The plan is alreadybearing fruit in performance, and we remaincommitted to delivering long-term value for ourshareholders and making bold progress towardsour strategic goals. -Growing adoption of Axalta Irus™Mix-Strategic agreement with Dürr for AxaltaNextJet™development-Won 6 prestigious technologyawards Chris VillavarayanChief Executive Officer and PresidentAxalta Coating Systems -CoverFlexx acquisition providing expansioninto Refinish economy segment-2.5x total net leverage ratio1at year end-Announced $700M share repurchaseprogram with $100M of shares repurchased OCTOBER 30, 2024Axalta Celebratesthe Opening of itsGlobal Headquartersin the PhiladelphiaNavy Yard. prestigious R&D awardssince 202124 ~680active patents Partnering with93,000body Shops 520+trademarks 4major R&D Centers Supply theTop 10OEM Manufacturers 1,300+scientists, engineers &technical experts SEGMENTS& CUSTOMERS WE SERVE PERFORMANCE COATINGS REFINISH -Body Shops-Independent Shops-Multi-Shop Operators-Light Vehicle Dealerships INDUSTRIAL -Building Products-Construction-Battery Solutions-Transportation-General Metal Finishing MOBILITY COATINGS LIGHT VEHICLE -Automotive Original EquipmentManufacturers-Automotive Plastics Suppliers COMMERCIAL VEHICLE -Heavy & Medium Duty Trucks-Bus, Rail & Motorcycles-Marine & Aviation-Trailers-Recreational & Personal Sport Vehicles SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K For the fiscal year ended December 31, 2024or ☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934For the transition period fromto.Commission File Number: 001-36733 AXALTA COATING SYSTEMS LTD. (Exact name of registrant as specified in its charter) (I.R.S. EmployerIdentification No.) 1050 Constitution AvenuePhiladelphia, Pennsylvania 19112(855) 547-1461 (Address, including zip code, and telephone number, including area code, of the registrant’s principal executive offices) Securities registered pursuant to Section 12(b) of the Act: Securities registered pursuant