Investors looking for stocks in the Chemical - Specialty sector might want to consider either Axalta Coating Systems (AXTA - Free Report) or Hawkins (HWKN - Free Report) . But which of these two stocks is more attractive to value investors? We'll need to take a closer look to find out.
The best way to find great value stocks is to pair a strong Zacks Rank with an impressive grade in the Value category of our Style Scores system. The Zacks Rank favors stocks with strong earnings estimate revision trends, and our Style Scores highlight companies with specific traits.
Currently, Axalta Coating Systems has a Zacks Rank of #2 (Buy), while Hawkins has a Zacks Rank of #3 (Hold). This system places an emphasis on companies that have seen positive earnings estimate revisions, so investors should feel comfortable knowing that AXTA is likely seeing its earnings outlook improve to a greater extent. But this is only part of the picture for value investors.
Value investors analyze a variety of traditional, tried-and-true metrics to help find companies that they believe are undervalued at their current share price levels.
The Value category of the Style Scores system identifies undervalued companies by looking at a number of key metrics. These include the long-favored P/E ratio, P/S ratio, earnings yield, cash flow per share, and a variety of other fundamentals that help us determine a company's fair value.
AXTA currently has a forward P/E ratio of 12.64, while HWKN has a forward P/E of 33.55. We also note that AXTA has a PEG ratio of 1.60. This metric is used similarly to the famous P/E ratio, but the PEG ratio also takes into account the stock's expected earnings growth rate. HWKN currently has a PEG ratio of 2.58.
Another notable valuation metric for AXTA is its P/B ratio of 2.85. Investors use the P/B ratio to look at a stock's market value versus its book value, which is defined as total assets minus total liabilities. By comparison, HWKN has a P/B of 5.6.
These metrics, and several others, help AXTA earn a Value grade of B, while HWKN has been given a Value grade of D.
AXTA sticks out from HWKN in both our Zacks Rank and Style Scores models, so value investors will likely feel that AXTA is the better option right now.
AMSTERDAM and PHILADELPHIA, July 23, 2026 (GLOBE NEWSWIRE) -- Akzo Nobel N.V. (“AkzoNobel”) and Axalta Coating Systems Ltd. (“Axalta”) today announced enhancements to the proposed governance arrangements for the combined company following completion of their pending merger of equals.
Since announcing the proposed all-share merger of equals and convening of the AkzoNobel EGM and Axalta SGM, AkzoNobel and Axalta have engaged extensively with shareholders and other stakeholders on the governance of the combined company. That dialogue has led to the following refinements:
Annual re-election of all Directors following the initial three-year period after completion (previously contemplated following a five-year period after completion); andApproval threshold applicable during the initial three-year period after completion of two-thirds of Non-Executive Directors (previously contemplated as 75%) for (i) any proposal to the general meeting regarding the appointment and dismissal of Directors, (ii) the appointment and removal of the CEO, Deputy CEO and CFO, (iii) designation of the Chair and Vice Chair titles and (iv) amendments to the remuneration policy. Rakesh Sachdev, Chair of the Axalta Board of Directors, stated, “We are pleased to announce these governance enhancements following constructive engagement with our shareholders. We believe these changes reinforce our commitment to strong corporate governance and effective Board oversight while further strengthening the governance framework of the combined company. We appreciate the feedback we've received throughout this process and remain confident that this combination will create a premier global coatings company that delivers significant long-term value for all shareholders.”
Ben Noteboom, Chairman of the Supervisory Board of AkzoNobel, said: “We have listened thoughtfully to our shareholders and believe these changes reflect the spirit of partnership and accountability that will define the combined company from day one. We are grateful for the constructive engagement that has shaped these improvements, which further align the governance of the combined company with the interests of all shareholders and other stakeholders.”
These governance enhancements do not require any changes to the proposed Articles of Association of the combined company. As a result, the AkzoNobel EGM and Axalta SGM planned for August 5, 2026 are proceeding as planned, with the existing agenda items unaffected.
This is a public announcement by Akzo Nobel N.V. and Axalta pursuant to section 17 paragraph 1 of the European Market Abuse Regulation (596/2014).
About AkzoNobel
Since 1792, we’ve been supplying the innovative paints and coatings that help to color people’s lives and protect what matters most. Our world class portfolio of brands – including Dulux, International, Sikkens and Interpon – is trusted by customers around the globe. We’re active in more than 150 countries and use our expertise to sustain and enhance everyday life. Because we believe every surface is an opportunity. It’s what you’d expect from a pioneering and long-established paints company that’s dedicated to providing more sustainable solutions and preserving the best of what we have today – while creating an even better tomorrow. Let’s paint the future together.
About Axalta
Axalta is a global leader in the coatings industry, providing customers with innovative, colorful, beautiful and sustainable coatings solutions. From light vehicles, commercial vehicles and refinish applications to electric motors, building facades and other industrial applications, our coatings are designed to prevent corrosion, increase productivity and enhance durability. With more than 150 years of experience in the coatings industry, the global team at Axalta continues to find ways to serve our more than 100,000 customers in over 140 countries better every day with the finest coatings, application systems and technology. For more information visit axalta.com and follow us on LinkedIn.
Not for publication – for more information AkzoNobel Media Relations
This media release contains statements which address such key issues as AkzoNobel’s growth strategy, future financial results, market positions, product development, products in the pipeline and product approvals. Such statements should be carefully considered, and it should be understood that many factors could cause forecast and actual results to differ from these statements. These factors include, but are not limited to, price fluctuations, currency fluctuations, developments in raw material and personnel costs, pensions, physical and environmental risks, legal issues, and legislative, fiscal, and other regulatory measures, as well as significant market disruptions. Stated competitive positions are based on management estimates supported by information provided by specialized external agencies. For a more comprehensive discussion of the risk factors affecting our business, please see our latest annual report.
Important Information Regarding the Proposed Axalta Transaction
General Restrictions
This communication is not for release, publication, or distribution, in whole or in part, in or into, directly or indirectly, any jurisdiction in which such release, publication, or distribution would be unlawful.
This communication is not a prospectus and the information in this communication is not intended to be complete. This communication is for informational purposes only and is not intended to be and shall not constitute a solicitation of any vote or approval, or an offer to buy or sell, or the solicitation of an offer to buy or sell, any securities, or an invitation or recommendation to subscribe for, acquire or buy securities of AkzoNobel or Axalta or any other financial products or securities, in any place or jurisdiction, nor shall there be any offer, solicitation or sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the U.S. Securities Act of 1933, as amended (the “Securities Act”).
Any decision to purchase, subscribe for, otherwise acquire, sell or otherwise dispose of any securities must be made only on the basis of the information contained in and incorporated by reference into the prospectus with respect to the shares to be allotted by AkzoNobel in the proposed transaction, which was published on June 24, 2026.
The distribution of this communication may, in some countries, be restricted by law or regulation. Accordingly, persons who come into possession of this document should inform themselves of and observe these restrictions. To the fullest extent permitted by applicable law, AkzoNobel and Axalta disclaim any responsibility or liability for the violation of any such restrictions by any person. Neither AkzoNobel, nor Axalta, nor any of their advisors assume any responsibility for any violation by any person of any of these restrictions. Shareholders of AkzoNobel and Axalta, respectively, with any doubt as to their position should consult an appropriate professional advisor without delay.
This communication is addressed to and directed only at, persons who are outside the United Kingdom or, in the United Kingdom, at persons who are: (i) persons having professional experience in matters relating to investments falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the “Order”), (ii) persons falling within Article 49(2)(a) to (d) of the Order, or (iii) persons to whom it may otherwise lawfully be communicated pursuant to the Order (all such persons together being referred to as, “Relevant Persons”). This communication is directed only at Relevant Persons. Other persons should not act or rely on this communication or any of its contents. Any investment or investment activity to which this communication relates is available only to Relevant Persons and will be engaged in only with such persons. Solicitations resulting from this communication will only be responded to if the person concerned is a Relevant Person.
Additional Information and Where To Find It
In connection with the proposed transaction between AkzoNobel and Axalta, AkzoNobel filed with the U.S. Securities and Exchange Commission (the “SEC”) a registration statement on Form F-4 on May 27, 2026, as amended on June 18, 2026, which included a proxy statement of Axalta that also constitutes a prospectus with respect to the shares to be offered by AkzoNobel in the proposed transaction. The registration statement was declared effective by the SEC on June 23, 2026. In connection with the proposed transaction, on June 24, 2026, Axalta filed with the SEC a definitive proxy statement and, on or about June 24, 2026, Axalta commenced mailing the definitive proxy statement to its holders of record as of June 11, 2026. Each of AkzoNobel and Axalta will also file other relevant documents in connection with the proposed transaction. This communication is not a substitute for any registration statement, proxy statement/prospectus or other documents AkzoNobel and/or Axalta may file with the SEC or any other competent regulator in connection with the proposed transaction. This communication does not contain all the information that should be considered concerning the proposed transaction and is not intended to form the basis of any investment decision or any other decision in respect of the proposed transaction. BEFORE MAKING ANY VOTING OR INVESTMENT DECISIONS, INVESTORS, STOCKHOLDERS AND SHAREHOLDERS OF AKZONOBEL AND AXALTA ARE URGED TO READ CAREFULLY AND IN THEIR ENTIRETY THE PROXY STATEMENT/PROSPECTUS, AS APPLICABLE, AND ANY OTHER RELEVANT DOCUMENTS THAT ARE FILED OR WILL BE FILED WITH THE SEC, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THESE DOCUMENTS, IN CONNECTION WITH THE PROPOSED TRANSACTION WHEN THEY BECOME AVAILABLE, AS THEY CONTAIN OR WILL CONTAIN IMPORTANT INFORMATION ABOUT AKZONOBEL, AXALTA, THE PROPOSED TRANSACTION AND RELATED MATTERS. The registration statement and proxy statement/prospectus and other relevant documents filed by AkzoNobel and Axalta with the SEC are available free of charge at the SEC’s website at www.sec.gov. In addition, investors and shareholders are able to obtain free copies of the proxy statement/prospectus and other documents filed with the SEC from Axalta’s investor relations webpage at https://ir.axalta.com/sec-filings/all-sec-filings or from AkzoNobel’s investor relations webpage at https://www.akzonobel.com/en/investors/all-sec-filings.
The contents of this communication should not be construed as financial, legal, business, investment, tax or other professional advice. Each recipient should consult with its own professional advisors for any such matter and advice.
Participants in the Solicitation
This communication is not a solicitation of proxies in connection with the proposed transaction. However, under SEC rules, AkzoNobel, Axalta and certain of their respective directors and executive officers and other members of their respective management and employees may be deemed to be participants in the solicitation of proxies in connection with the proposed transaction. Information regarding the persons who may, under the rules of the SEC, be deemed participants in the solicitation of proxies in connection with the proposed transaction, including a description of their direct or indirect interests in the proposed transaction, by security holdings or otherwise, is set forth in the definitive proxy statement/prospectus relating to the proposed transaction, which was filed with the SEC on June 24, 2026. Information about AkzoNobel’s supervisory board members and members of the board of management is set forth in AkzoNobel’s latest annual report, as filed with the AFM, the Dutch trade register and on its website at https://www.akzonobel.com/en/investors/results-center, and as updated from time to time via filings made by AkzoNobel with the AFM. Additional information regarding the interests of persons who may, under the rules of the SEC, be deemed participants in the solicitation of Axalta security holders in connection with the proposed transaction, which may, in some cases, be different than those of Axalta’s shareholders generally, including a description of their direct or indirect interests, by security holdings or otherwise, will be set forth in the proxy statement/prospectus and other relevant materials when they are filed with the SEC. These documents can be obtained free of charge from the sources indicated above.
Cautionary Statement Concerning Forward-Looking Statements
This communication contains forward-looking statements as that term is defined in Section 27A of the Securities Act, and Section 21E of the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995, regarding, among other things, statements about management’s expectations of AkzoNobel’s and Axalta’s future operating and financial performance, product development, market position, and business strategy. Such forward-looking statements can sometimes be identified by the use of forward-looking terms such as “believes,” “expects,” “may,” “will,” “shall,” “should,” “would,” “could,” “potential,” “seeks,” “aims,” “projects,” “predicts,” “is optimistic,” “intends,” “plans,” “estimates,” “targets,” “anticipates,” “continues” or other comparable terms or negatives of these terms, but not all forward-looking statements include such identifying words. You are cautioned not to rely on these forward-looking statements. Forward-looking statements are based upon current plans, estimates and expectations that are subject to risks, uncertainties and assumptions. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated or anticipated by such forward-looking statements. We can give no assurance that such plans, estimates or expectations will be achieved and therefore, actual results may differ materially from any plans, estimates or expectations in such forward-looking statements. Important factors that could cause actual results to differ materially from such plans, estimates or expectations include: a condition to the closing of the proposed transaction may not be satisfied; the occurrence of any event that can give rise to termination of the proposed transaction; a regulatory approval that may be required for the proposed transaction is delayed, is not obtained or is obtained subject to conditions that are not anticipated; AkzoNobel and Axalta are unable to achieve the synergies and value creation contemplated by the proposed transaction; AkzoNobel and Axalta are unable to promptly and effectively integrate their businesses; management’s time and attention is diverted on transaction related issues; the possibility that competing offers or acquisition proposals may be made; disruption from the proposed transaction makes it more difficult to maintain business, contractual and operational relationships; the credit ratings of AkzoNobel or Axalta decline following the proposed transaction; legal proceedings are instituted against AkzoNobel or Axalta, including resulting expense or delay; AkzoNobel or Axalta is unable to retain or hire key personnel; the communication or the consummation of the proposed acquisition has a negative effect on the market price of the capital stock of AkzoNobel or Axalta or on AkzoNobel’s or Axalta’s operating results; evolving legal, regulatory and tax regimes; changes in economic, financial, political and regulatory conditions, in the Netherlands, the United States and elsewhere, and other factors that contribute to uncertainty and volatility, natural and man-made disasters, civil unrest, pandemics (e.g., the coronavirus (COVID-19) pandemic), geopolitical uncertainty, and conditions that may result from legislative, regulatory, trade and policy changes associated with the current or subsequent United States or Netherlands administration; the ability of AkzoNobel or Axalta to successfully recover from a disaster or other business continuity problem due to a hurricane, flood, earthquake, terrorist attack, war, pandemic, security breach, cyber-attack, power loss, telecommunications failure or other natural or man-made event, including the ability to function remotely during long-term disruptions; the impact of public health crises, such as pandemics and epidemics and any related company or governmental policies and actions to protect the health and safety of individuals or governmental policies or actions to maintain the functioning of national or global economies and markets, including any quarantine, “shelter in place,” “stay at home,” workforce reduction, social distancing, shut down or similar actions and policies; actions by third parties, including government agencies; the risk that disruptions from the proposed transaction will harm AkzoNobel’s or Axalta’s business, including current plans and operations and/or divert management’s attention from AkzoNobel’s or Axalta’s ongoing business operations; certain restrictions during the pendency of the acquisition that may impact AkzoNobel’s or Axalta’s ability to pursue certain business opportunities or strategic transactions; AkzoNobel’s or Axalta’s ability to meet expectations regarding the accounting and tax treatments of the proposed transaction; the risks and uncertainties discussed in AkzoNobel’s latest annual report as filed with the AFM, the Dutch trade register and on its website at https://www.akzonobel.com/en/investors/results-center; and the risks and uncertainties discussed in the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections in Axalta’s reports filed with the SEC. These risks, as well as other risks associated with the proposed transaction, are more fully discussed in the proxy statement/prospectus. Unlisted factors may present significant additional obstacles to the realization of forward-looking statements. We caution you not to place undue reliance on any of these forward-looking statements as they are not guarantees of future performance or outcomes and that actual performance and outcomes, including, without limitation, our actual results of operations, financial condition and liquidity, and the development of new markets or market segments in which we operate, may differ materially from those made in or suggested by the forward-looking statements contained in this communication. Except as required by law, neither AkzoNobel nor Axalta assumes any obligation to update or revise the information contained herein, which speaks only as of the date hereof.
NEW YORK CITY & NEW ORLEANS--(BUSINESS WIRE)--Former Attorney General of Louisiana Charles C. Foti, Jr., Esq. and the law firm of Kahn Swick & Foti, LLC (“KSF”) are investigating the proposed sale of Axalta Coating Systems Ltd. (NYSE: AXTA) to Akzo Nobel N.V. Under the terms of the proposed transaction, shareholders of Axalta will receive 0.6539 shares of AkzoNobel for each share of Axalta that they own. KSF is seeking to determine whether this consideration and the process that led to it are adequate, or whether the consideration undervalues the Company.
If you believe that this transaction undervalues the Company and/or if you would like to discuss your legal rights regarding the proposed sale, you may, without obligation or cost to you, e-mail or call KSF Managing Partner Lewis S. Kahn ([email protected]) toll free at any time at 855-768-1857, or visit https://www.ksfcounsel.com/cases/nyse-axta/ to learn more.
To learn more about KSF, whose partners include the Former Louisiana Attorney General, visit www.ksfcounsel.com.
Former Attorney General of Louisiana Charles C. Foti, Jr., Esq. and the law firm of [url="]Kahn Swick and Foti[/url], LLC (âKSFâ) are investigating the propo
Axalta Coating Systems Ltd (AXTA) Stock Down 4.9% -- Now Undervalued? GF Score: 79/100
On July 08, 2026, Axalta Coating Systems Ltd AXTA shares fell 4.9% today, bringing the current price to $32.56. The stock has experienced a 52-week range of $24.94 to $35.72, indicating volatility in its performance over the past year.
GF Value™ verdict: Current price is $32.56, which is 2.3% below the GF Value™ of $33.33.GF Score™ of 79/100 indicates the stock is above average in terms of quality and growth potential.No insider transactions have occurred in the last 3 months, suggesting a neutral sentiment among company insiders. Is AXTA Overvalued or Undervalued? According to the GF Value™, Axalta Coating Systems Ltd is currently undervalued at a price of $32.56, which is 2.3% lower than its estimated intrinsic value of $33.33. This indicates a modest margin of safety for potential investors. The GF Valuation label classifies the stock as fairly valued, suggesting that while there is a slight undervaluation, the risk of further declines cannot be overlooked, especially given the recent downward price movement.
GF Value™ is GuruFocus' proprietary measure of intrinsic value, calculated from historical trading multiples, past business growth, and future performance estimates. Therefore, while there may be an opportunity for growth, investors should proceed with caution and consider the overall market conditions and the company's performance trajectory.
How Does AXTA's Valuation Compare to Its History? Metric Current Historical P/E (TTM) 19.0x 25.6x Forward P/E 12.5x - Axalta's current P/E ratio of 19.0x is significantly below its 5-year median P/E of 25.6x, indicating that the stock is trading at a discount compared to its historical valuation. This P/E analysis agrees with the GF Value™ verdict, reinforcing the notion that AXTA may be undervalued relative to its historical performance.
What Does AXTA's GF Score™ Tell Us? Metric Rating GF Score™ 79/100 Financial Strength 5/10 Profitability 8/10 Growth 5/10 Valuation 7/10 Momentum 7/10 The GF Score™ of 79/100 reflects a strong overall assessment, with standout performance in Profitability (8/10) indicating solid earnings capabilities. However, Financial Strength (5/10) and Growth (5/10) scores suggest areas where the company may need improvement. The Valuation and Momentum scores of 7/10 indicate that while the stock is relatively stable and fairly priced, there are macroeconomic factors at play that could impact future growth.
What Are Insiders Doing with AXTA Stock? There have been no insider transactions in the last three months for Axalta Coating Systems Ltd. This absence of insider buying or selling could suggest that insiders are either confident in the company’s current strategy or are choosing to refrain from making any public moves during this period.
What This Means for Investors Based on the current analysis, Axalta Coating Systems Ltd AXTA appears to be fairly valued, with a slight undervaluation according to the GF Value™. Investors may see potential for upside, but it is essential to remain aware of market volatility and the company's financial health as reflected in its GF Score™.
For the complete analysis, visit the Axalta Coating Systems Ltd AXTA stock page. You can also explore the GF Value™ page for detailed valuation methodology, or use the GuruFocus Stock Screener to find similar opportunities.
Frequently Asked Questions What is AXTA's GF Score™?
AXTA's GF Score™ is 79/100, indicating above-average quality and potential for long-term returns based on historical performance metrics.
Is AXTA overvalued or undervalued?
AXTA is currently undervalued according to its GF Value™, which suggests a slight margin of safety for potential investors.
What is AXTA's P/E ratio?
AXTA's P/E (TTM) ratio is 19.0x, which is 26% below its 5-year median P/E of 25.6x, indicating it is trading at a discount compared to its historical valuation.
This stock alert was generated using automated technology and GuruFocus financial data to provide readers with timely and accurate market reporting. This content was reviewed by GuruFocus editorial team prior to publication. Please send any questions or comments about this story to [email protected].
Disclosures I/We may personally own shares in some of the companies mentioned above. However, those positions are not material to either the company or to my/our portfolios.
Investors looking for stocks in the Chemical - Specialty sector might want to consider either Axalta Coating Systems (AXTA) or RPM International (RPM). But which of these two stocks presents investors with the better value opportunity right now?
PHILADELPHIA, July 06, 2026 (GLOBE NEWSWIRE) -- Axalta Coating Systems (NYSE: AXTA), a leading global coatings company, will release its second quarter 2026 financial results at 6 a.m. ET on Tuesday, July 28, 2026. The release and supporting materials will be posted to Axalta’s Investor Relations site.
In addition, the company will host a conference call at 8 a.m. ET on July 28, 2026. Chris Villavarayan, Chief Executive Officer and President, and Carl Anderson, Senior Vice President and Chief Financial Officer, will review the company's financial performance for the period. A live webcast of the conference call will be available here. A replay of the webcast will be posted shortly after the call and will remain accessible through July 28, 2027.
The dial-in phone number for the conference call is 1-833-419-0865 and the conference ID is AXALTA. For those unable to participate, a replay of the call will be available through August 4, 2026. The replay dial-in number is 1-844-512-2921. The replay passcode is 11162143.
About Axalta
Axalta is a global leader in the coatings industry, providing customers with innovative, colorful, beautiful and sustainable coatings solutions. From light vehicles, commercial vehicles and refinish applications to electric motors, building facades and other industrial applications, our coatings are designed to prevent corrosion, increase productivity and enhance durability. With more than 150 years of experience in the coatings industry, the global team at Axalta continues to find ways to serve our more than 100,000 customers in over 140 countries better every day with the finest coatings, application systems and technology. For more information visit axalta.com and follow us on LinkedIn.
PHILADELPHIA, June 24, 2026 (GLOBE NEWSWIRE) -- Axalta Coating Systems Ltd. (NYSE: AXTA) (“Axalta”) announces that yesterday the U.S. Securities and Exchange Commission declared effective the registration statement on Form F-4 filed by Akzo Nobel N.V. (“AkzoNobel”) in connection with the proposed all-share merger of equals between Axalta and AkzoNobel (the “Merger”).
Axalta has filed a definitive proxy statement and has scheduled a Special Meeting of Stockholders to be held at 9 a.m. EDT on Wednesday, August 5, 2026. The definitive proxy statement contains further details regarding the Merger and the matters to be considered by Axalta stockholders.
Completion of the Merger remains subject to approval by Axalta and AkzoNobel shareholders, receipt of required regulatory approvals and other customary closing conditions. Subject to satisfaction of those conditions, completion of the Merger is expected to occur at the end of 2026 or beginning of 2027.
The definitive proxy statement and other relevant materials are available on Axalta’s investor relations website.
About Axalta
Axalta is a global leader in the coatings industry, providing customers with innovative, colorful, beautiful and sustainable coatings solutions. From light vehicles, commercial vehicles and refinish applications to electric motors, building facades and other industrial applications, our coatings are designed to prevent corrosion, increase productivity and enhance durability. With more than 150 years of experience in the coatings industry, the global team at Axalta continues to find ways to serve our more than 100,000 customers in over 140 countries better every day with the finest coatings, application systems and technology. For more information visit axalta.com and follow us on LinkedIn.
General restrictions
This communication is not for release, publication, or distribution, in whole or in part, in or into, directly or indirectly, any jurisdiction in which such release, publication, or distribution would be unlawful.
This communication is not a prospectus and the information in this communication is not intended to be complete. This communication is for informational purposes only and is not intended to be and shall not constitute a solicitation of any vote or approval, or an offer to buy or sell, or the solicitation of an offer to buy or sell, any securities, or an invitation or recommendation to subscribe for, acquire or buy securities of AkzoNobel or Axalta or any other financial products or securities, in any place or jurisdiction, nor shall there be any offer, solicitation or sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the U.S. Securities Act of 1933, as amended (the “Securities Act”).
Any decision to purchase, subscribe for, otherwise acquire, sell or otherwise dispose of any securities must be made only on the basis of the information contained in and incorporated by reference into the prospectus with respect to the shares to be allotted by AkzoNobel in the proposed transaction, which was published on June 24, 2026.
The distribution of this communication may, in some countries, be restricted by law or regulation. Accordingly, persons who come into possession of this document should inform themselves of and observe these restrictions. To the fullest extent permitted by applicable law, AkzoNobel and Axalta disclaim any responsibility or liability for the violation of any such restrictions by any person. Neither AkzoNobel, nor Axalta, nor any of their advisors assume any responsibility for any violation by any person of any of these restrictions. Shareholders of AkzoNobel and Axalta, respectively, with any doubt as to their position should consult an appropriate professional advisor without delay.
This communication is addressed to and directed only at, persons who are outside the United Kingdom or, in the United Kingdom, at persons who are: (i) persons having professional experience in matters relating to investments falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the “Order”), (ii) persons falling within Article 49(2)(a) to (d) of the Order, or (iii) persons to whom it may otherwise lawfully be communicated pursuant to the Order (all such persons together being referred to as, “Relevant Persons”). This communication is directed only at Relevant Persons. Other persons should not act or rely on this communication or any of its contents. Any investment or investment activity to which this communication relates is available only to Relevant Persons and will be engaged in only with such persons. Solicitations resulting from this communication will only be responded to if the person concerned is a Relevant Person.
Additional Information and Where to Find It
In connection with the proposed transaction between AkzoNobel and Axalta, AkzoNobel filed with the U.S. Securities and Exchange Commission (the “SEC”) a registration statement on Form F-4 on May 27, 2026, as amended on June 18, 2026, which included a proxy statement of Axalta that also constitutes a prospectus with respect to the shares to be offered by AkzoNobel in the proposed transaction. The registration statement was declared effective by the SEC on June 23, 2026. In connection with the proposed transaction, on June 24, 2026, Axalta filed with the SEC a definitive proxy statement and, on or about June 24, 2026, Axalta commenced mailing the definitive proxy statement to its holders of record as of June 11, 2026. Each of AkzoNobel and Axalta will also file other relevant documents in connection with the proposed transaction. This communication is not a substitute for any registration statement, proxy statement/prospectus or other documents AkzoNobel and/or Axalta may file with the SEC or any other competent regulator in connection with the proposed transaction. This communication does not contain all the information that should be considered concerning the proposed transaction and is not intended to form the basis of any investment decision or any other decision in respect of the proposed transaction. BEFORE MAKING ANY VOTING OR INVESTMENT DECISIONS, INVESTORS, STOCKHOLDERS AND SHAREHOLDERS OF AKZONOBEL AND AXALTA ARE URGED TO READ CAREFULLY AND IN THEIR ENTIRETY THE PROXY STATEMENT/PROSPECTUS, AS APPLICABLE, AND ANY OTHER RELEVANT DOCUMENTS THAT ARE FILED OR WILL BE FILED WITH THE SEC, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THESE DOCUMENTS, IN CONNECTION WITH THE PROPOSED TRANSACTION WHEN THEY BECOME AVAILABLE, AS THEY CONTAIN OR WILL CONTAIN IMPORTANT INFORMATION ABOUT AKZONOBEL, AXALTA, THE PROPOSED TRANSACTION AND RELATED MATTERS. The registration statement and proxy statement/prospectus and other relevant documents filed by AkzoNobel and Axalta with the SEC are available free of charge at the SEC’s website at www.sec.gov. In addition, investors and shareholders will be able to obtain free copies of the proxy statement/prospectus and other documents filed with the SEC from Axalta’s investor relations webpage at https://ir.axalta.com/sec-filings/all-sec-filings or from AkzoNobel’s investor relations webpage at https://www.akzonobel.com/en/investors/all-sec-filings.
The contents of this communication should not be construed as financial, legal, business, investment, tax or other professional advice. Each recipient should consult with its own professional advisors for any such matter and advice.
Participants in the Solicitation
This communication is not a solicitation of proxies in connection with the proposed transaction. However, under SEC rules, AkzoNobel, Axalta and certain of their respective directors and executive officers and other members of their respective management and employees may be deemed to be participants in the solicitation of proxies in connection with the proposed transaction. Information regarding the persons who may, under the rules of the SEC, be deemed participants in the solicitation of proxies in connection with the proposed transaction, including a description of their direct or indirect interests in the proposed transaction, by security holdings or otherwise, is set forth in the definitive proxy statement/prospectus relating to the proposed transaction, which was filed with the SEC on June 24, 2026. Information about AkzoNobel’s supervisory board members and members of the board of management is set forth in AkzoNobel’s latest annual report, as filed with the AFM, the Dutch trade register and on its website at https://www.akzonobel.com/en/investors/results-center, and as updated from time to time via filings made by AkzoNobel with the AFM. Additional information regarding the interests of persons who may, under the rules of the SEC, be deemed participants in the solicitation of Axalta security holders in connection with the proposed transaction, which may, in some cases, be different than those of Axalta’s shareholders generally, including a description of their direct or indirect interests, by security holdings or otherwise, will be set forth in the proxy statement/prospectus and other relevant materials when they are filed with the SEC. These documents can be obtained free of charge from the sources indicated above.
Cautionary Statement Concerning Forward-Looking Statements
This communication contains forward-looking statements as that term is defined in Section 27A of the Securities Act, and Section 21E of the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995, regarding, among other things, statements about management’s expectations of AkzoNobel’s and Axalta’s future operating and financial performance, product development, market position, and business strategy. Such forward-looking statements can sometimes be identified by the use of forward-looking terms such as “believes,” “expects,” “may,” “will,” “shall,” “should,” “would,” “could,” “potential,” “seeks,” “aims,” “projects,” “predicts,” “is optimistic,” “intends,” “plans,” “estimates,” “targets,” “anticipates,” “continues” or other comparable terms or negatives of these terms, but not all forward-looking statements include such identifying words. You are cautioned not to rely on these forward-looking statements. Forward-looking statements are based upon current plans, estimates and expectations that are subject to risks, uncertainties and assumptions. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated or anticipated by such forward-looking statements. We can give no assurance that such plans, estimates or expectations will be achieved and therefore, actual results may differ materially from any plans, estimates or expectations in such forward-looking statements. Important factors that could cause actual results to differ materially from such plans, estimates or expectations include: a condition to the closing of the proposed transaction may not be satisfied; the occurrence of any event that can give rise to termination of the proposed transaction; a regulatory approval that may be required for the proposed transaction is delayed, is not obtained or is obtained subject to conditions that are not anticipated; AkzoNobel and Axalta are unable to achieve the synergies and value creation contemplated by the proposed transaction; AkzoNobel and Axalta are unable to promptly and effectively integrate their businesses; management’s time and attention is diverted on transaction related issues; the possibility that competing offers or acquisition proposals may be made; disruption from the proposed transaction makes it more difficult to maintain business, contractual and operational relationships; the credit ratings of AkzoNobel or Axalta decline following the proposed transaction; legal proceedings are instituted against AkzoNobel or Axalta, including resulting expense or delay; AkzoNobel or Axalta is unable to retain or hire key personnel; the communication or the consummation of the proposed acquisition has a negative effect on the market price of the capital stock of AkzoNobel or Axalta or on AkzoNobel’s or Axalta’s operating results; evolving legal, regulatory and tax regimes; changes in economic, financial, political and regulatory conditions, in the Netherlands, the United States and elsewhere, and other factors that contribute to uncertainty and volatility, natural and man-made disasters, civil unrest, pandemics (e.g., the coronavirus (COVID-19) pandemic), geopolitical uncertainty, and conditions that may result from legislative, regulatory, trade and policy changes associated with the current or subsequent United States or Netherlands administration; the ability of AkzoNobel or Axalta to successfully recover from a disaster or other business continuity problem due to a hurricane, flood, earthquake, terrorist attack, war, pandemic, security breach, cyber-attack, power loss, telecommunications failure or other natural or man-made event, including the ability to function remotely during long-term disruptions; the impact of public health crises, such as pandemics and epidemics and any related company or governmental policies and actions to protect the health and safety of individuals or governmental policies or actions to maintain the functioning of national or global economies and markets, including any quarantine, “shelter in place,” “stay at home,” workforce reduction, social distancing, shut down or similar actions and policies; actions by third parties, including government agencies; the risk that disruptions from the proposed transaction will harm AkzoNobel’s or Axalta’s business, including current plans and operations and/or divert management’s attention from AkzoNobel’s or Axalta’s ongoing business operations; certain restrictions during the pendency of the acquisition that may impact AkzoNobel’s or Axalta’s ability to pursue certain business opportunities or strategic transactions; AkzoNobel’s or Axalta’s ability to meet expectations regarding the accounting and tax treatments of the proposed transaction; the risks and uncertainties discussed in AkzoNobel’s latest annual report as filed with the AFM, the Dutch trade register and on its website at https://www.akzonobel.com/en/investors/results-center; and the risks and uncertainties discussed in the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections in Axalta’s reports filed with the SEC. These risks, as well as other risks associated with the proposed transaction, are more fully discussed in the proxy statement/prospectus. Unlisted factors may present significant additional obstacles to the realization of forward-looking statements. We caution you not to place undue reliance on any of these forward-looking statements as they are not guarantees of future performance or outcomes and that actual performance and outcomes, including, without limitation, our actual results of operations, financial condition and liquidity, and the development of new markets or market segments in which we operate, may differ materially from those made in or suggested by the forward-looking statements contained in this communication. Except as required by law, neither AkzoNobel nor Axalta assumes any obligation to update or revise the information contained herein, which speaks only as of the date hereof.
Atlantic Investment Management Inc. purchased a new stake in shares of Axalta Coating Systems Ltd. (NYSE: AXTA) during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 764,000 shares of the specialty chemicals company's stock, valued at approximately $21,866,000. Axalta Coating Systems
Burns Matteson Capital Management LLC bought a new stake in Axalta Coating Systems Ltd. (NYSE:AXTA – Free Report) during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 24,126 shares of the specialty chemicals company’s stock, valued at approximately $780,000.
Several other hedge funds have also added to or reduced their stakes in AXTA. GAMMA Investing LLC boosted its stake in Axalta Coating Systems by 42.9% in the 4th quarter. GAMMA Investing LLC now owns 1,678 shares of the specialty chemicals company’s stock valued at $54,000 after purchasing an additional 504 shares during the period. True Wealth Design LLC increased its position in Axalta Coating Systems by 1,533.6% during the 3rd quarter. True Wealth Design LLC now owns 1,797 shares of the specialty chemicals company’s stock worth $51,000 after buying an additional 1,687 shares during the period. Allworth Financial LP lifted its holdings in shares of Axalta Coating Systems by 339.7% during the third quarter. Allworth Financial LP now owns 2,405 shares of the specialty chemicals company’s stock worth $69,000 after buying an additional 1,858 shares in the last quarter. EverSource Wealth Advisors LLC boosted its position in shares of Axalta Coating Systems by 371.2% in the second quarter. EverSource Wealth Advisors LLC now owns 3,501 shares of the specialty chemicals company’s stock valued at $104,000 after acquiring an additional 2,758 shares during the period. Finally, State of Wyoming boosted its position in shares of Axalta Coating Systems by 28.0% in the third quarter. State of Wyoming now owns 5,360 shares of the specialty chemicals company’s stock valued at $153,000 after acquiring an additional 1,174 shares during the period. 98.28% of the stock is owned by institutional investors and hedge funds.
Analyst Ratings Changes A number of equities analysts recently commented on the stock. BMO Capital Markets reaffirmed a “market perform” rating and set a $35.00 price target on shares of Axalta Coating Systems in a research report on Wednesday, February 11th. Robert W. Baird set a $37.00 target price on shares of Axalta Coating Systems in a research report on Wednesday, February 11th. UBS Group reaffirmed a “neutral” rating and set a $36.00 target price on shares of Axalta Coating Systems in a report on Wednesday, February 11th. Mizuho dropped their price target on shares of Axalta Coating Systems from $39.00 to $32.00 and set an “outperform” rating for the company in a research report on Monday, March 23rd. Finally, Royal Bank Of Canada boosted their price target on Axalta Coating Systems from $33.00 to $35.00 and gave the company a “sector perform” rating in a research note on Thursday, February 12th. Seven analysts have rated the stock with a Buy rating and twelve have given a Hold rating to the stock. Based on data from MarketBeat.com, Axalta Coating Systems currently has a consensus rating of “Hold” and a consensus target price of $36.13.
Read Our Latest Report on AXTA
Axalta Coating Systems Price Performance Shares of AXTA stock opened at $27.72 on Wednesday. The business has a fifty day simple moving average of $31.45 and a 200 day simple moving average of $30.48. The company has a market cap of $5.92 billion, a P/E ratio of 15.93, a P/E/G ratio of 1.17 and a beta of 1.29. The company has a quick ratio of 1.50, a current ratio of 2.06 and a debt-to-equity ratio of 1.33. Axalta Coating Systems Ltd. has a twelve month low of $24.94 and a twelve month high of $35.72.
Axalta Coating Systems (NYSE:AXTA – Get Free Report) last released its earnings results on Tuesday, February 10th. The specialty chemicals company reported $0.59 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.60 by ($0.01). The business had revenue of $1.26 billion during the quarter, compared to the consensus estimate of $1.27 billion. Axalta Coating Systems had a net margin of 7.39% and a return on equity of 23.60%. The business’s revenue was down 3.7% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.60 EPS. Axalta Coating Systems has set its Q1 2026 guidance at 0.500-0.50 EPS. On average, sell-side analysts forecast that Axalta Coating Systems Ltd. will post 2.55 EPS for the current fiscal year.
Axalta Coating Systems Company Profile (Free Report)
Axalta Coating Systems is a global leader in the development, manufacture and sale of liquid and powder coatings. The company’s product portfolio spans refinish coatings for the automotive collision repair market, original equipment manufacturer (OEM) coatings for new vehicle production, and industrial coatings including electrodeposition (E-coat) and powder coatings for a variety of sectors such as architecture, heavy equipment and general industrial applications.
Tracing its roots to the 19th century and rebranded as Axalta following its separation from DuPont Performance Coatings in 2013, the company has built a presence in more than 100 countries.
Featured Stories Five stocks we like better than Axalta Coating Systems
Receive News & Ratings for Axalta Coating Systems Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Axalta Coating Systems and related companies with MarketBeat.com's FREE daily email newsletter.
« PREVIOUS HEADLINEBurns Matteson Capital Management LLC Makes New $768,000 Investment in Molina Healthcare, Inc $MOH
NEXT HEADLINE »40,805 Shares in The AES Corporation $AES Bought by Burns Matteson Capital Management LLC
Capricorn Fund Managers Ltd acquired a new position in shares of Axalta Coating Systems Ltd. (NYSE: AXTA) in the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor acquired 80,000 shares of the specialty chemicals company's stock, valued at approximately $2,585,000. Several other large investors have also
PHILADELPHIA, April 06, 2026 (GLOBE NEWSWIRE) -- Axalta Coating Systems (NYSE: AXTA), a leading global coatings company, will release its first quarter 2026 financial results at 6 a.m. ET on Thursday, April 30, 2026. The release and supporting materials will be posted to Axalta's Investor Relations site .
Ecolab (NYSE: ECL - Get Free Report) and Axalta Coating Systems (NYSE: AXTA - Get Free Report) are both basic materials companies, but which is the superior investment? We will contrast the two companies based on the strength of their profitability, analyst recommendations, earnings, institutional ownership, dividends, valuation and risk. Institutional and Insider Ownership 74.9% of Ecolab
Shares of Axalta Coating Systems Ltd. (NYSE:AXTA – Get Free Report) have been assigned a consensus recommendation of “Hold” from the nineteen ratings firms that are covering the company, Marketbeat reports. Twelve equities research analysts have rated the stock with a hold recommendation and seven have assigned a buy recommendation to the company. The average 12-month target price among brokers that have updated their coverage on the stock in the last year is $36.1250.
Several research firms have recently weighed in on AXTA. BMO Capital Markets reaffirmed a “market perform” rating and issued a $35.00 price target on shares of Axalta Coating Systems in a report on Wednesday, February 11th. Mizuho decreased their price target on shares of Axalta Coating Systems from $39.00 to $32.00 and set an “outperform” rating on the stock in a report on Monday, March 23rd. Robert W. Baird set a $37.00 price target on shares of Axalta Coating Systems in a report on Wednesday, February 11th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Axalta Coating Systems in a report on Wednesday, January 21st. Finally, Vertical Research cut shares of Axalta Coating Systems from a “buy” rating to a “hold” rating in a report on Wednesday, January 7th.
Get Our Latest Stock Report on AXTA
Axalta Coating Systems Trading Down 1.1% Axalta Coating Systems stock opened at $26.10 on Wednesday. The stock has a market cap of $5.57 billion, a P/E ratio of 15.00, a PEG ratio of 1.18 and a beta of 1.33. Axalta Coating Systems has a fifty-two week low of $24.94 and a fifty-two week high of $35.72. The firm’s fifty day moving average price is $30.76 and its 200-day moving average price is $30.34. The company has a debt-to-equity ratio of 1.33, a quick ratio of 1.50 and a current ratio of 2.06.
Axalta Coating Systems (NYSE:AXTA – Get Free Report) last released its quarterly earnings results on Tuesday, February 10th. The specialty chemicals company reported $0.59 earnings per share for the quarter, missing the consensus estimate of $0.60 by ($0.01). The firm had revenue of $1.26 billion during the quarter, compared to the consensus estimate of $1.27 billion. Axalta Coating Systems had a return on equity of 23.60% and a net margin of 7.39%.The company’s revenue for the quarter was down 3.7% compared to the same quarter last year. During the same period in the previous year, the company posted $0.60 EPS. Axalta Coating Systems has set its Q1 2026 guidance at 0.500-0.50 EPS. Equities research analysts forecast that Axalta Coating Systems will post 2.55 earnings per share for the current fiscal year.
Institutional Inflows and Outflows Institutional investors have recently added to or reduced their stakes in the company. Covestor Ltd increased its stake in Axalta Coating Systems by 197.7% in the fourth quarter. Covestor Ltd now owns 908 shares of the specialty chemicals company’s stock valued at $29,000 after acquiring an additional 603 shares during the last quarter. Eagle Bay Advisors LLC bought a new position in Axalta Coating Systems in the fourth quarter valued at $30,000. Summit Securities Group LLC bought a new position in Axalta Coating Systems in the fourth quarter valued at $32,000. Los Angeles Capital Management LLC bought a new position in Axalta Coating Systems in the fourth quarter valued at $35,000. Finally, IFP Advisors Inc increased its stake in Axalta Coating Systems by 65.9% in the fourth quarter. IFP Advisors Inc now owns 1,453 shares of the specialty chemicals company’s stock valued at $47,000 after acquiring an additional 577 shares during the last quarter. Institutional investors own 98.28% of the company’s stock.
Axalta Coating Systems Company Profile (Get Free Report)
Axalta Coating Systems is a global leader in the development, manufacture and sale of liquid and powder coatings. The company’s product portfolio spans refinish coatings for the automotive collision repair market, original equipment manufacturer (OEM) coatings for new vehicle production, and industrial coatings including electrodeposition (E-coat) and powder coatings for a variety of sectors such as architecture, heavy equipment and general industrial applications.
Tracing its roots to the 19th century and rebranded as Axalta following its separation from DuPont Performance Coatings in 2013, the company has built a presence in more than 100 countries.
See Also Five stocks we like better than Axalta Coating Systems
Receive News & Ratings for Axalta Coating Systems Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Axalta Coating Systems and related companies with MarketBeat.com's FREE daily email newsletter.
« PREVIOUS HEADLINEAnalyzing Rekor Systems (NASDAQ:REKR) and Getty Images (NYSE:GETY)
NEXT HEADLINE »Contrasting Boise Cascade (BCC) and Its Competitors
Axalta Coating Systems Ltd. (NYSE: AXTA - Get Free Report) was the recipient of a significant growth in short interest during the month of March. As of March 31st, there was short interest totaling 7,826,959 shares, a growth of 29.4% from the March 15th total of 6,048,490 shares. Approximately 3.7% of the shares of the company
PHILADELPHIA, April 17, 2026 (GLOBE NEWSWIRE) -- Axalta Coating Systems (NYSE: AXTA), a leading global coatings company, today announced it has been honored with three 2026 Edison Awards, among the most prestigious recognitions for innovation worldwide. Axalta received Awards for three distinct technologies: the EcoNextJet™ on-demand vehicle color customization system won Gold; the Alesta® e-PRO FG Black fire-resistant coating for electric vehicle battery safety won Gold; and TintMaster AI, the company’s artificial intelligence platform for manufacturing tints more efficiently and accurately to improve right-the-first-time (RFT) performance won Bronze.
The three Edison Awards recognize Axalta’s innovations that have demonstrated superior function, value, and impact — reflecting Axalta’s strategic commitment to solving the most complex challenges facing its customers.
“Receiving three Edison Awards in a single year reflects the extraordinary breadth and depth of Axalta’s innovation engine,” said Robert Roop, Ph.D., Senior Vice President and Chief Technology Officer at Axalta. “Each of these technologies addresses a critical inflection point in their use, whether that’s enabling OEMs to offer truly personalized vehicles at scale; supporting improved safety in electric vehicle batteries; or using the power of AI to solve the persistent challenge of color variability in paint manufacturing. We are proud that the Edison Awards program has recognized these breakthroughs.”
Named after historic innovator Thomas Edison, the Edison Awards have honored excellence in innovation and creativity since 1987. Recipients are evaluated by a panel of more than 3,000 senior business executives and academics, with awards presented across categories spanning new product and service development, marketing, human-centered design, and sustainability. An Edison Award is among the highest accolades a company can receive for innovation.
EcoNextJet™ Digital Automotive Painting System — Gold Edison Award, Intelligent Painting Systems
Consumer demand for vehicle personalization is intensifying, yet traditional automotive paint processes offer limited flexibility at scale. Axalta’s EcoNextJet is a first-of-its kind breakthrough drop-on-demand vehicle color and design application system. Axalta’s coatings experts developed jettable paints that meet all OEM performance requirements using new polymers, dispersions and rheology concepts. For high precision application on a car body, Axalta partnered with Dürr for their precision robotics positioning and automation systems, and with printhead expert Xaar’s printhead technology to deliver EcoNextJet. The resulting coating and application system enables automotive manufacturers to deliver individualized exterior finishes at production scale — shifting from a fixed palette to virtually unlimited customization without sacrificing coating quality and durability, or production efficiency.
While EVs are statistically far less likely to catch fire than gasoline-powered vehicles, thermal runaway in EV batteries remains a rare yet serious risk that can lead to fires, explosions, and structural failure. When one battery cell overheats, it can trigger a chain reaction, rapidly releasing extreme heat, flames, and smoke at temperatures exceeding 1200°C.
Alesta e-PRO FG Black is a premium powder coating engineered for thermal stability and secondary fire protection in electric vehicle battery systems. This advanced coating is designed to resist ignition, expansion, and smoke generation at extreme temperatures up to 1200°C, helping to delay fire propagation from thermal events. When applied as part of a validated OEM battery system, these new coatings may contribute to improved thermal stability and electrical insulation performance.
TintMaster AI — Bronze Edison Award, Intelligent Painting Systems
TintMaster AI arose from the persistent challenge of color variability in paint manufacturing. Traditional methods rely on manual recipe adjustments, causing delays and waste. Axalta combined decades of color science expertise with advanced AI to create a dynamic batch card system. Using historical data, neural networks, and complementary models, the system predicts outputs and adjusts recipes before production begins. The result is a breakthrough in tint manufacturing that reduces the number of adjustments or “hits per batch” and improves RFT performance by up to 29%, in certain manufacturing scenarios, compared to traditional methods. This innovation translates to shorter cycle times, less material waste, and improved operational efficiency.
About Axalta
Axalta is a global leader in the coatings industry, providing customers with innovative, colorful, beautiful and sustainable coatings solutions. From light vehicles, commercial vehicles and refinish applications to electric motors, building facades and other industrial applications, our coatings are designed to prevent corrosion, increase productivity and enhance durability. With more than 150 years of experience in the coatings industry, the global team at Axalta continues to find ways to serve our more than 100,000 customers in over 140 countries better every day with the finest coatings, application systems and technology. For more information visit axalta.com and follow us on LinkedIn.
This press release contains forward‑looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995, including statements regarding the expected performance, benefits, and applications of Axalta’s technologies. Such statements are based on current expectations and are subject to risks and uncertainties that could cause actual results to differ materially, as described in Axalta’s filings with the U.S. Securities and Exchange Commission. Axalta undertakes no obligation to update or revise any forward‑looking statements, except as required by law.
On April 17, 2026, Axalta Coating Systems Ltd (AXTA) shares rose 4.4% today, bringing the current price to $30.00. The stock has traded between $24.94 and $35.7
PHILADELPHIA, April 20, 2026 (GLOBE NEWSWIRE) -- Axalta Coating Systems (NYSE: AXTA), a leading global coatings company, today announced the launch of Zencore™, a cabinet coating system designed for manufacturers with fast moving production and large inventories in North America.
Built on the proven chemistry of Axalta’s premium Zenamel™ brand, Zencore™ reduces process complexity while improving throughput and cost efficiency for high volume operations. “Zencore™ is designed for manufacturers who demand speed, consistency, and efficiency,” said Chris Bundy, Sales Manager at Axalta. “It delivers trusted Zenamel™ performance in a streamlined system optimized for large production runs.”
Formulated on the same technology platform as Zenamel™, Zencore™ combines primer and enamel functionality into one optimized system, reducing coating steps from three to two without compromising finish quality or durability.
Key benefits include:
• Improved Efficiency: Fewer products and steps reduce SKU complexity, accelerate changeovers, and improve first pass yield.
• Higher Yield, Less Waste: Simplified application reduces defects and rework while maintaining performance standards.
• Easy Defect Correction: Reliable recoat ability helps keep production moving.
• Durable, Consistent Finish: Clearcoat level mar resistance and stable color performance eliminate the need for a clear coat.
Zencore™ is made to stock and readily available in the market today.
About Axalta
Axalta is a global leader in the coatings industry, providing customers with innovative, colorful, beautiful and sustainable coatings solutions. From light vehicles, commercial vehicles and refinish applications to electric motors, building facades and other industrial applications, our coatings are designed to prevent corrosion, increase productivity and enhance durability. With more than 150 years of experience in the coatings industry, the global team at Axalta continues to find ways to serve our more than 100,000 customers in over 140 countries better every day with the finest coatings, application systems and technology. For more information visit axalta.com and follow us on LinkedIn.
This press release contains forward looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995, including statements regarding the expected performance, benefits, and applications of Axalta’s technologies. Such statements are based on current expectations and are subject to risks and uncertainties that could cause actual results to differ materially, as described in Axalta’s filings with the U.S. Securities and Exchange Commission. Axalta undertakes no obligation to update or revise any forward looking statements, except as required by law.
Wall Street expects a year-over-year decline in earnings on lower revenues when Axalta Coating Systems (AXTA - Free Report) reports results for the quarter ended March 2026. While this widely-known consensus outlook is important in gauging the company's earnings picture, a powerful factor that could impact its near-term stock price is how the actual results compare to these estimates.
The earnings report, which is expected to be released on April 30, might help the stock move higher if these key numbers are better than expectations. On the other hand, if they miss, the stock may move lower.
While management's discussion of business conditions on the earnings call will mostly determine the sustainability of the immediate price change and future earnings expectations, it's worth having a handicapping insight into the odds of a positive EPS surprise.
Zacks Consensus EstimateThis high-performance coating system maker is expected to post quarterly earnings of $0.50 per share in its upcoming report, which represents a year-over-year change of -15.3%.
Revenues are expected to be $1.2 billion, down 4.9% from the year-ago quarter.
Estimate Revisions TrendThe consensus EPS estimate for the quarter has been revised 0.3% lower over the last 30 days to the current level. This is essentially a reflection of how the covering analysts have collectively reassessed their initial estimates over this period.
Investors should keep in mind that the direction of estimate revisions by each of the covering analysts may not always get reflected in the aggregate change.
Price, Consensus and EPS Surprise
Earnings WhisperEstimate revisions ahead of a company's earnings release offer clues to the business conditions for the period whose results are coming out. This insight is at the core of our proprietary surprise prediction model -- the Zacks Earnings ESP (Expected Surprise Prediction).
The Zacks Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate for the quarter; the Most Accurate Estimate is a more recent version of the Zacks Consensus EPS estimate. The idea here is that analysts revising their estimates right before an earnings release have the latest information, which could potentially be more accurate than what they and others contributing to the consensus had predicted earlier.
Thus, a positive or negative Earnings ESP reading theoretically indicates the likely deviation of the actual earnings from the consensus estimate. However, the model's predictive power is significant for positive ESP readings only.
A positive Earnings ESP is a strong predictor of an earnings beat, particularly when combined with a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold). Our research shows that stocks with this combination produce a positive surprise nearly 70% of the time, and a solid Zacks Rank actually increases the predictive power of Earnings ESP.
Please note that a negative Earnings ESP reading is not indicative of an earnings miss. Our research shows that it is difficult to predict an earnings beat with any degree of confidence for stocks with negative Earnings ESP readings and/or Zacks Rank of 4 (Sell) or 5 (Strong Sell).
How Have the Numbers Shaped Up for Axalta Coating Systems?For Axalta Coating Systems, the Most Accurate Estimate is lower than the Zacks Consensus Estimate, suggesting that analysts have recently become bearish on the company's earnings prospects. This has resulted in an Earnings ESP of -1.14%.
On the other hand, the stock currently carries a Zacks Rank of #4.
So, this combination makes it difficult to conclusively predict that Axalta Coating Systems will beat the consensus EPS estimate.
Does Earnings Surprise History Hold Any Clue?While calculating estimates for a company's future earnings, analysts often consider to what extent it has been able to match past consensus estimates. So, it's worth taking a look at the surprise history for gauging its influence on the upcoming number.
For the last reported quarter, it was expected that Axalta Coating Systems would post earnings of $0.6 per share when it actually produced earnings of $0.59, delivering a surprise of -1.67%.
Over the last four quarters, the company has beaten consensus EPS estimates three times.
Bottom LineAn earnings beat or miss may not be the sole basis for a stock moving higher or lower. Many stocks end up losing ground despite an earnings beat due to other factors that disappoint investors. Similarly, unforeseen catalysts help a number of stocks gain despite an earnings miss.
That said, betting on stocks that are expected to beat earnings expectations does increase the odds of success. This is why it's worth checking a company's Earnings ESP and Zacks Rank ahead of its quarterly release. Make sure to utilize our Earnings ESP Filter to uncover the best stocks to buy or sell before they've reported.
Axalta Coating Systems doesn't appear a compelling earnings-beat candidate. However, investors should pay attention to other factors too for betting on this stock or staying away from it ahead of its earnings release.
An Industry Player's Expected ResultsAmong the stocks in the Zacks Chemical - Specialty industry, Ashland (ASH - Free Report) , is soon expected to post earnings of $0.98 per share for the quarter ended March 2026. This estimate indicates a year-over-year change of -1%. This quarter's revenue is expected to be $492.31 million, up 2.8% from the year-ago quarter.
The consensus EPS estimate for Ashland has been revised 1.6% lower over the last 30 days to the current level. However, a lower Most Accurate Estimate has resulted in an Earnings ESP of -6.67%.
This Earnings ESP, combined with its Zacks Rank #4 (Sell), makes it difficult to conclusively predict that Ashland will beat the consensus EPS estimate. Over the last four quarters, the company surpassed EPS estimates just once.
Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.
PHILADELPHIA, April 30, 2026 (GLOBE NEWSWIRE) -- Axalta Coating Systems Ltd. (NYSE:AXTA) (“Axalta”), a leading global coatings company, announced its financial results for the first quarter ended March 31, 2026.
First Quarter 2026 Highlights:
Exceeded guidance for first quarter net sales, Adjusted EBITDA and Adjusted Diluted EPSFirst quarter net sales of $1.25 billionNet income of $91 million with a net income margin of 7.3%Adjusted EBITDA of $259 million and Adjusted EBITDA margin of 20.6%Diluted EPS of $0.42 and Adjusted Diluted EPS of $0.56Record first quarter cash provided by operating activities of $68 million, up $42 million year over yearRecord first quarter free cash flow of $21 million, an increase of $35 million year over yearInterest expense declined by 14% “We delivered another quarter of excellent execution surpassing our expectations on revenue, Adjusted EBITDA and Adjusted Diluted EPS, while maintaining strong margins and improved cash flow generation,” said Chris Villavarayan, Chief Executive Officer and President of Axalta. “In the current environment of higher input costs, we are deploying pricing strategies and strong cost discipline to drive sustained financial performance.”
“We are also progressing through various workstreams associated with the proposed merger of equals with AkzoNobel as planned and are on track with the stated timeline. While implementing a disciplined joint integration plan, we are maintaining momentum to deliver our financial and operational priorities.”
First Quarter 2026 Consolidated Financial Results
First quarter 2026 net sales of $1.25 billion decreased $8 million year over year. Favorable foreign currency translation helped to mitigate anticipated declines in volume.
Net income decreased by $8 million year over year to $91 million resulting in a net income margin of 7.3%. The decrease was primarily driven by unfavorable volume and mix along with higher costs associated with the Proposed Merger and acquisitions partially offset by a one-time income tax benefit and lower interest expense. Adjusted net income was $120 million, compared to $129 million in the prior-year period.
Adjusted EBITDA was $259 million, a decrease of $11 million year over year, resulting in an Adjusted EBITDA margin of 20.6%, down from the prior year period but slightly above the Company’s first quarter guidance. Diluted EPS declined to $0.42 from $0.45 in the prior year period, while Adjusted Diluted EPS was $0.56, a decline of $0.03 from last year driven primarily by mix impacts.
Cash provided by operating activities was a first quarter record of $68 million, an increase of $42 million year over year primarily driven by improved working capital and lower interest payments. Free cash flow was also a first quarter record of $21 million, an increase of $35 million year over year, inclusive of higher capital expenditures.
Discussion of Segment Results
Performance Coatings’ net sales totaled $802 million in the first quarter of 2026, down from $822 million in the prior year period. The segment achieved year-over-year net sales growth in every region outside North America, highlighting the strength of the global business. Macroeconomic pressure in North America was partially offset by favorable foreign currency translation and positive contributions from acquisitions. Refinish net sales declined 3% year over year to $498 million, primarily due to lower volumes and unfavorable price mix primarily in North America. Industrial net sales decreased by 2% year over year to $304 million with positive volume growth in Europe and Asia helping to partially mitigate lower volumes in North America.
Performance Coatings Adjusted EBITDA was $180 million, down from $197 million in the prior year period primarily due to lower organic sales partially offset by reduced operating and variable expenses. Adjusted EBITDA margin was 22.4%, reflecting unfavorable mix from lower North America sales year over year.
Mobility Coatings achieved record first quarter net sales of $452 million, an increase of 3% year over year. Light Vehicle net sales increased year over year due to organic net sales growth in three out of four regions and favorable foreign currency. Commercial Vehicle net sales rose 3% year over year, led by positive price mix, volume growth in Europe and Asia and favorable foreign currency which mitigated the impact of lower volumes primarily resulting from a decline in Class 8 truck production.
Mobility Coatings delivered strong first‑quarter profitability, with Adjusted EBITDA of $79 million, an increase of 9% compared to the prior year period. The segment’s Adjusted EBITDA margin improved by 100 basis points to 17.5%, reflecting lower variable costs.
“Axalta’s first quarter results demonstrate our proven ability to navigate a dynamic macroeconomic environment while maintaining stable revenue and operational performance,” said Chris Villavarayan, Chief Executive Officer and President of Axalta. “We remain focused on driving operational efficiencies, executing our strategic initiatives, and positioning the company for success ahead of the proposed merger of equals with AkzoNobel.”
Second Quarter and Updated Full Year 2026 Outlook
(in millions, except %’s and per share data) Projection Item Q2 2026FY 2026 Net Sales (YoY % growth) ~FLATLSD%Adjusted EBITDA $280 - $290$1,140 - $1,170Adjusted Diluted EPS ~$0.65$2.55 - $2.70Free Cash Flow >$500Depreciation and Amortization $305Tax Rate, As Adjusted ~24%Diluted Shares Outstanding ~215Interest Expense ~$150Capital Expenditures $180 - $200 LSD = low single digit percentage
Axalta does not provide a reconciliation for non-GAAP estimates for Adjusted EBITDA, Adjusted Diluted EPS, Free Cash Flow or 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.
Conference Call Information
As previously announced, Axalta will hold a conference call to discuss its first quarter 2026 financial results on Thursday, April 30, 2026, at 8:00 a.m. ET. A live webcast of the conference call will be available online at www.axalta.com/investorcall. A replay of the webcast will be posted shortly after the call and will remain accessible through April 30, 2027. The dial-in phone number for the conference call is 1-800-579-2543 and the conference ID is AXALTA. For those unable to participate, a replay will be available through May 7, 2026. The replay dial-in number is +1-844-512-2921. The replay passcode is 1161377.
This release may contain certain forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 regarding Axalta and its subsidiaries including, but not limited to, our outlook and/or guidance, which includes net sales growth, Adjusted EBITDA, Adjusted Diluted EPS, Free Cash Flow, depreciation and amortization, tax rate, as adjusted, diluted shares outstanding, interest expense and capital expenditures, statements regarding our ability to drive sustained financial performance in the current cost environment, and statements regarding the proposed merger of equals (the “Proposed Merger”) with Akzo Nobel N.V. (“AkzoNobel”) (including our ability to consummate the Proposed Merger and realize the anticipated benefits thereof). Axalta has identified some of these forward-looking statements with words such as “outlook,” “estimates,” “plans,” “strategy,” “on track,” “proposed,” “focused,” “anticipated,” “momentum,” “priorities” and “projections,” and the negative of these words or other comparable or similar terminology. All of these statements are based on management’s expectations as well as estimates and assumptions prepared by management that, although they believe to be reasonable, are inherently uncertain. These statements involve risks and uncertainties, including, but not limited to, economic, competitive, governmental (including related to any new or existing tariffs imposed by the U.S. and any retaliatory actions from other countries), geopolitical (including the current conflict in the Middle East and related effects on commodity prices) and technological factors outside of Axalta’s control, as well as risks related to the execution of, and assumptions underlying, our tariff mitigation strategies, our capital allocation strategy and future share repurchases, the 2024 Transformation Initiative, the 2026 A Plan and the Proposed Merger (including our ability to consummate the Proposed Merger and realize the anticipated benefits thereof) that may cause its business, industry, strategy, financing activities or actual results to differ materially. More information on potential factors that could affect Axalta’s financial results is available in “Forward-Looking Statements,” “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” within Axalta’s most recent Annual Report on Form 10-K and Quarterly Report on Form 10-Q, and in other documents that we have filed with, or furnished to, the U.S. Securities and Exchange Commission (the "SEC"). Axalta undertakes no obligation to update or revise any of the forward-looking statements contained herein, whether as a result of new information, future events or otherwise.
Non-GAAP Financial Measures
This release includes financial information that is not presented in accordance with generally accepted accounting principles in the United States (“GAAP”), including Adjusted EBITDA, Adjusted EBITDA margin, Adjusted Diluted EPS, adjusted net income, Free Cash Flow, tax rate, as adjusted, and Adjusted EBIT. Management uses Adjusted EBITDA, Adjusted EBITDA margin, Adjusted Diluted EPS, adjusted net income, tax rate, as adjusted, and Adjusted EBIT in the analysis of our financial and operating performance because they assist in the evaluation of underlying trends in our business. Management uses Free Cash Flow in the analysis of (1) our liquidity, (2) our ability to incur and service our debt and (3) strategic capital allocation decisions. Adjusted EBITDA, Adjusted Diluted EPS, adjusted net income and Adjusted EBIT consist of EBITDA, Diluted EPS, net income attributable to common shareholders and EBIT, respectively, adjusted for (i) certain non-cash items included within net income, (ii) certain items Axalta does not believe are indicative of ongoing operating performance or (iii) certain nonrecurring, unusual or infrequent items that have not otherwise occurred within the last two years or we believe are not reasonably likely to recur within the next two years. Free Cash Flow consists of cash provided by (used for) operating activities less purchase of property, plant and equipment plus interest proceeds on swaps designated as net investment hedges. We believe that making the foregoing adjustments provides investors meaningful information to understand our operating results and ability to analyze financial and business trends on a period-to-period basis. The non-GAAP financial measures used by Axalta may differ from similarly titled measures reported by other companies. Adjusted EBITDA, Adjusted EBITDA margin, Adjusted Diluted EPS, adjusted net income, Free Cash Flow, tax rate, as adjusted, and Adjusted EBIT should not be considered as alternatives to net sales, net income (loss), income (loss) from operations or any other financial measures derived in accordance with GAAP. These non-GAAP financial measures have important limitations as analytical tools and should be considered in conjunction with, and not as substitutes for, our results as reported under GAAP. This release includes a reconciliation of certain non-GAAP financial measures with the most directly comparable financial measures calculated in accordance with GAAP. Axalta does not provide a reconciliation for Adjusted EBITDA, Adjusted Diluted EPS, tax rate, as adjusted, or Free Cash Flow 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. For example, such reconciling items include the impact of foreign currency exchange gains or losses, gains or losses that are unusual or nonrecurring in nature, as well as discrete taxable events. These items are uncertain, depend on various factors and may have a substantial and unpredictable impact on our GAAP results.
Organic Net Sales
Organic net sales and related growth and decline measures are calculated by excluding (i) the impact of the change in average exchange rates between the current and comparable period by currency denomination exposure of the comparable period amount and (ii) net sales of businesses acquired within the last twelve months. We believe presenting organic net sales and related growth and decline measures assists investors with evaluating our sales performance without the impact of foreign exchange rates and recent acquisitions and divestitures of size, and management also routinely evaluates our sales in this manner.
Segment Financial Measures
The primary measure of segment operating performance is Adjusted EBITDA, which is a key metric that is used by management to evaluate business performance in comparison to budgets, forecasts and prior year financial results and that management believes reflects Axalta’s core operating performance. As we do not measure segment operating performance based on net income, a reconciliation of this non-GAAP financial measure with the most directly comparable financial measure calculated in accordance with GAAP is not available.
Defined Terms
All capitalized terms contained within this release that are not otherwise defined herein have been previously defined in our filings with the SEC.
Rounding
Certain amounts may not foot or crossfoot due to rounding. Additionally, certain percentages may not recalculate due to rounding.
General Restrictions
This communication is not for release, publication, or distribution, in whole or in part, in or into, directly or indirectly, any jurisdiction in which such release, publication, or distribution would be unlawful.
This communication is not a prospectus and the information in this communication is not intended to be complete. This communication is for informational purposes only and is not intended to be and shall not constitute a solicitation of any vote or approval, or an offer to buy or sell, or the solicitation of an offer to buy or sell, any securities, or an invitation or recommendation to subscribe for, acquire or buy securities of Axalta or AkzoNobel or any other financial products or securities, in any place or jurisdiction, nor shall there be any offer, solicitation or sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the U.S. Securities Act of 1933, as amended (the “Securities Act”).
Any decision to purchase, subscribe for, otherwise acquire, sell or otherwise dispose of any securities must be made only on the basis of the information contained in and incorporated by reference into the prospectus with respect to the shares to be allotted by AkzoNobel in the Proposed Merger once published. A prospectus in relation to the Proposed Merger described in this communication is expected to be published in due course.
The distribution of this communication may, in some countries, be restricted by law or regulation. Accordingly, persons who come into possession of this document should inform themselves of and observe these restrictions. To the fullest extent permitted by applicable law, Axalta and AkzoNobel disclaim any responsibility or liability for the violation of any such restrictions by any person. Neither Axalta, nor AkzoNobel, nor any of their advisors assume any responsibility for any violation by any person of any of these restrictions. Shareholders of Axalta and AkzoNobel, respectively, with any doubt as to their position should consult an appropriate professional advisor without delay.
This communication is addressed to and directed only at, persons who are outside the United Kingdom or, in the United Kingdom, at persons who are: (i) persons having professional experience in matters relating to investments falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the “Order”), (ii) persons falling within Article 49(2)(a) to (d) of the Order, or (iii) persons to whom it may otherwise lawfully be communicated pursuant to the Order (all such persons together being referred to as, “Relevant Persons”). This communication is directed only at Relevant Persons. Other persons should not act or rely on this communication or any of its contents. Any investment or investment activity to which this communication relates is available only to Relevant Persons and will be engaged in only with such persons. Solicitations resulting from this communication will only be responded to if the person concerned is a Relevant Person.
Additional Information and Where to Find It
In connection with the Proposed Merger between Axalta and AkzoNobel, AkzoNobel will file with the SEC a registration statement on Form F-4, which will include a proxy statement of Axalta that also constitutes a prospectus with respect to the shares to be offered by AkzoNobel in the Proposed Merger. The definitive proxy statement/prospectus will be sent to the shareholders of Axalta. Each of Axalta and AkzoNobel will also file other relevant documents in connection with the Proposed Merger. This communication is not a substitute for any registration statement, proxy statement/prospectus or other documents Axalta and/or AkzoNobel may file with the SEC or any other competent regulator in connection with the Proposed Merger. This communication does not contain all the information that should be considered concerning the Proposed Merger and is not intended to form the basis of any investment decision or any other decision in respect of the Proposed Merger. BEFORE MAKING ANY VOTING OR INVESTMENT DECISIONS, INVESTORS, STOCKHOLDERS AND SHAREHOLDERS OF AXALTA AND AKZONOBEL ARE URGED TO READ CAREFULLY AND IN THEIR ENTIRETY THE PROXY STATEMENT/PROSPECTUS, AS APPLICABLE, AND ANY OTHER RELEVANT DOCUMENTS THAT ARE FILED OR WILL BE FILED WITH THE SEC, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THESE DOCUMENTS, IN CONNECTION WITH THE PROPOSED TRANSACTION WHEN THEY BECOME AVAILABLE, AS THEY CONTAIN OR WILL CONTAIN IMPORTANT INFORMATION ABOUT AXALTA, AKZONOBEL, THE PROPOSED TRANSACTION AND RELATED MATTERS. The registration statement and proxy statement/prospectus and other relevant documents filed by Axalta and AkzoNobel with the SEC, when filed, will be available free of charge at the SEC’s website at www.sec.gov. In addition, investors and shareholders will be able to obtain free copies of the proxy statement/prospectus and other documents filed with the SEC from Axalta’s investor relations webpage at https://ir.axalta.com/sec-filings/all-sec-filings or from AkzoNobel’s investor relations webpage at https://www.akzonobel.com/en/investors.
The contents of this communication should not be construed as financial, legal, business, investment, tax or other professional advice. Each recipient should consult with its own professional advisors for any such matter and advice.
Participants in the Solicitation
This communication is not a solicitation of proxies in connection with the Proposed Merger. However, under SEC rules, Axalta, AkzoNobel and certain of their respective directors and executive officers and other members of their respective management and employees may be deemed to be participants in the solicitation of proxies in connection with the Proposed Merger. Information regarding the persons who may, under the rules of the SEC, be deemed participants in the solicitation of proxies in connection with the Proposed Merger, including a description of their direct or indirect interests in the Proposed Merger, by security holdings or otherwise, will be set forth in the proxy statement/prospectus and other relevant materials when it is filed with the SEC. Information regarding the directors and executive officers of Axalta is contained in Axalta’s proxy statement for its 2026 annual meeting of stockholders, filed with the SEC on April 21, 2026, its Annual Report on Form 10-K for the fiscal year ended December 31, 2025, filed with the SEC on February 13, 2026, and other filings made from time to time with the SEC. Information about AkzoNobel’s supervisory board members and members of the board of management is set forth in AkzoNobel’s latest annual report, as filed with the AFM, the Dutch trader register and on its website at https://www.akzonobel.com/en/investors/results-center, and as updated from time to time via filings made by AkzoNobel with the AFM. Additional information regarding the interests of persons who may, under the rules of the SEC, be deemed participants in the solicitation of Axalta security holders in connection with the Proposed Merger, which may, in some cases, be different than those of Axalta’s shareholders generally, including a description of their direct or indirect interests, by security holdings or otherwise, will be set forth in the proxy statement/prospectus and other relevant materials when they are filed with the SEC. These documents can be obtained free of charge from the sources indicated above.
About Axalta Coating Systems
Axalta is a global leader in the coatings industry, providing customers with innovative, colorful, beautiful and sustainable coatings solutions. From light vehicles, commercial vehicles and refinish applications to electric motors, building facades and other industrial applications, our coatings are designed to prevent corrosion, increase productivity and enhance durability. With more than 150 years of experience in the coatings industry, the global team at Axalta continues to find ways to serve our more than 100,000 customers in over 140 countries better every day with the finest coatings, application systems and technology. For more information visit axalta.com and follow us @axalta on X.
Financial Statement Tables AXALTA COATING SYSTEMS LTD. Condensed Consolidated Statements of Operations (Unaudited) (In millions, except per share data) Three Months Ended
March 31, 2026
2025
Net sales$1,254 $1,262 Cost of goods sold 838 829 Selling, general and administrative expenses 200 202 Other operating charges 26 14 Research and development expenses 18 17 Amortization of acquired intangibles 26 24 Income from operations 146 176 Interest expense, net 38 44 Other expense, net 3 3 Income before income taxes 105 129 Provision for income taxes 14 30 Net income 91 99 Less: Net income attributable to noncontrolling interests 1 — Net income attributable to common shareholders$90 $99 Basic net income per share$0.42 $0.45 Diluted net income per share$0.42 $0.45 Basic weighted average shares outstanding 213.6 218.3 Diluted weighted average shares outstanding 214.6 219.4 AXALTA COATING SYSTEMS LTD.Condensed Consolidated Balance Sheets (Unaudited)(In millions, except per share data) March 31, 2026 December 31, 2025Assets Current assets: Cash and cash equivalents$608 $657 Restricted cash 3 3 Accounts and notes receivable, net 1,261 1,229 Inventories 770 756 Prepaid expenses and other current assets 185 170 Total current assets 2,827 2,815 Property, plant and equipment, net 1,293 1,299 Goodwill 1,772 1,795 Identifiable intangibles, net 1,114 1,147 Other assets 552 543 Total assets$7,558 $7,599 Liabilities, Shareholders’ Equity Current liabilities: Accounts payable$723 $637 Current portion of borrowings 20 20 Other accrued liabilities 605 712 Total current liabilities 1,348 1,369 Long-term borrowings 3,127 3,179 Accrued pensions 228 238 Deferred income taxes 175 171 Other liabilities 213 249 Total liabilities 5,091 5,206 Shareholders’ equity: Common shares, $1.00 par, 1,000.0 shares authorized, 255.7 and 255.1 shares issued at March 31, 2026 and December 31, 2025, respectively 256 255 Capital in excess of par 1,621 1,621 Retained earnings 2,145 2,055 Treasury shares, at cost, 41.7 shares at March 31, 2026 and December 31, 2025 (1,202) (1,202)Accumulated other comprehensive loss (399) (383)Total Axalta shareholders’ equity 2,421 2,346 Noncontrolling interests 46 47 Total shareholders’ equity 2,467 2,393 Total liabilities and shareholders’ equity$7,558 $7,599 AXALTA COATING SYSTEMS LTD. Condensed Consolidated Statements of Cash Flows (Unaudited) (In millions) Three Months Ended
March 31, 2026 2025Operating activities: Net income$91 $99 Adjustment to reconcile net income to cash provided by operating activities: Depreciation and amortization 76 70 Amortization of deferred financing costs and original issue discount 2 2 Deferred income taxes 11 8 Realized and unrealized foreign exchange (gains) losses, net (4) 8 Stock-based compensation 7 5 Interest income on swaps designated as net investment hedges (3) (3) Other non-cash, net 2 (1) Changes in operating assets and liabilities: Trade accounts and notes receivable (32) (18) Inventories (20) (37) Prepaid expenses and other assets (27) (59) Accounts payable 90 66 Other accrued liabilities (96) (106) Other liabilities (29) (8) Cash provided by operating activities 68 26 Investing activities: Acquisitions, net of cash acquired (8) (6) Purchase of property, plant and equipment (50) (43) Interest proceeds on swaps designated as net investment hedges 3 3 Proceeds received on loans to customers 4 1 Other investing activities, net (2) 1 Cash used for investing activities (53) (44)Financing activities: Payments on long-term borrowings (55) (5) Net cash flows associated with stock-based awards (6) (2) Other financing activities, net — (1) Cash used for financing activities (61) (8) Decrease in cash (46) (26)Effect of exchange rate changes on cash (3) 8 Cash at beginning of period 660 596 Cash at end of period$611 $578 Cash at end of period reconciliation: Cash and cash equivalents$608 $575 Restricted cash 3 3 Cash at end of period$611 $578 The following table reconciles net income to EBITDA, Adjusted EBITDA and segment Adjusted EBITDA for the periods presented (in millions):
Three Months
Ended
March 31, Twelve
Months Ended
March 31,
2026
2026 2025 Year Ended
December 31,
2025
Net income$371 $91 $99 $379 Interest expense, net 170 38 44 176 Provision for income taxes 151 14 30 167 Depreciation and amortization 301 76 70 295 EBITDA 993 219 243 1,017 Debt extinguishment and refinancing-related costs (a) 2 — — 2 Termination benefits and other employee-related costs (b) 16 4 11 23 Merger and acquisition-related costs (c) 52 22 2 32 Site closure costs (d) 3 — 3 6 Foreign exchange remeasurement losses (e) 14 2 3 15 Long-term employee benefit plan adjustments (f) 13 4 3 12 Stock-based compensation (g) 27 7 5 25 Gains on sales of assets (h) (6) — — (6)Environmental charges (i) 2 — — 2 Other adjustments (j) 1 1 — — Adjusted EBITDA$1,117 $259 $270 $1,128 Net sales$5,109 $1,254 $1,262 $5,117 Net income margin 7.3% 7.3% 7.8% 7.4%Adjusted EBITDA margin 21.9% 20.6% 21.4% 22.0% Segment Adjusted EBITDA: Performance Coatings$771 $180 $197 $788 Mobility Coatings 346 79 73 340 Total$1,117 $259 $270 $1,128 (a)Represents expenses and associated changes to estimates related to the prepayment, restructuring, and refinancing of our indebtedness, which are not considered indicative of our ongoing operating performance. (b)Represents expenses and associated changes to estimates related to employee termination benefits, consulting, legal and other employee-related costs associated with restructuring programs and other employee-related costs. We do not consider these amounts indicative of our ongoing operating performance. (c)Represents merger and acquisition-related expenses, including costs related to financial, tax and legal advisory services, associated with both consummated and unconsummated transactions, all of which we do not consider indicative of our ongoing operating performance. (d)Represents costs related to the closure of certain manufacturing sites, which we do not consider indicative of our ongoing operating performance. (e)Represents foreign exchange losses resulting from the remeasurement of assets and liabilities denominated in foreign currencies, net of the impacts of our foreign currency instruments used to hedge our balance sheet exposures. (f)Represents the non-cash, non-service cost components of long-term employee benefit costs. (g)Represents non-cash impacts associated with stock-based compensation. (h)Represents non-recurring income related to the sales of certain fixed assets, which are not considered indicative of our ongoing performance. (i)Represents costs related to certain environmental remediation activities, which are not considered indicative of our ongoing operating performance. (j)Represents costs for certain non-operational or non-cash losses, net, unrelated to our core business and which we do not consider indicative of our ongoing operating performance. The following table reconciles net income to adjusted net income for the periods presented (in millions, except per share data):
Three Months Ended
March 31, 2026
2025Net income$91 $99 Less: Net income attributable to noncontrolling interests 1 — Net income attributable to common shareholders 90 99 Termination benefits and other employee-related costs (a) 4 11 Merger and acquisition-related costs (b) 22 2 Accelerated depreciation and site closure costs (c) — 4 Other adjustments (d) 1 (1)Amortization of acquired intangibles (e) 26 24 Total adjustments 53 40 Income tax provision impacts (f) 23 10 Adjusted net income$120 $129 Adjusted diluted net income per share$0.56 $0.59 Diluted weighted average shares outstanding 214.6 219.4 (a)Represents expenses and associated changes to estimates related to employee termination benefits, consulting, legal and other employee-related costs associated with restructuring programs and other employee-related costs. We do not consider these amounts indicative of our ongoing operating performance. (b)Represents merger and acquisition-related expenses, including costs related to financial, tax and legal advisory services, associated with both consummated and unconsummated transactions, all of which we do not consider indicative of our ongoing operating performance. (c)Represents incremental depreciation expense resulting from truncated useful lives of the assets impacted by our manufacturing footprint assessments and costs related to the closure of certain manufacturing sites, which we do not consider indicative of our ongoing operating performance. (d)Represents costs for certain non-operational or non-cash losses (gains), net, unrelated to our core business and which we do not consider indicative of our ongoing operating performance. (e)Represents non-cash amortization expense for intangible assets acquired through business combinations or asset acquisitions. (f)The income tax impacts are determined using the applicable rates in the taxing jurisdictions in which expense or income occurred and includes both current and deferred income tax expense (benefit) based on the nature of the non-GAAP performance measure. Additionally, the income tax impact includes the removal of discrete income tax impacts within our effective tax rate which were benefits of $15 million and $1 million for the three months ended March 31, 2026 and 2025. The following table reconciles cash provided by operating activities to free cash flow for the periods presented (in millions):
Three Months Ended March 31, 2026 2025Cash provided by operating activities$68 $26 Purchase of property, plant and equipment (50) (43)Interest proceeds on swaps designated as net investment hedges 3 3 Free cash flow$21 $(14) The following table reconciles income from operations to adjusted EBIT for the periods presented (in millions):
Three Months Ended
March 31, 2026
2025Income from operations$146 $176 Other expense, net 3 3 Total 143 173 Termination benefits and other employee-related costs (a) 4 11 Merger and acquisition-related costs (b) 22 2 Accelerated depreciation and site closure costs (c) — 4 Other adjustments (d) — (1)Amortization of acquired intangibles (e) 26 24 Adjusted EBIT$195 $213 (a)Represents expenses and associated changes to estimates related to employee termination benefits, consulting, legal and other employee-related costs associated with restructuring programs and other employee-related costs. We do not consider these amounts indicative of our ongoing operating performance. (b)Represents merger and acquisition-related expenses, including costs related to financial, tax and legal advisory services, associated with both consummated and unconsummated transactions, all of which we do not consider indicative of our ongoing operating performance. (c)Represents incremental depreciation expense resulting from truncated useful lives of the assets impacted by our manufacturing footprint assessments and costs related to the closure of certain manufacturing sites, which we do not consider indicative of our ongoing operating performance. (d)Represents costs for certain non-operational or non-cash gains, net, unrelated to our core business and which we do not consider indicative of our ongoing operating performance. (e)Represents non-cash amortization expense for intangible assets acquired through business combinations or asset acquisitions. Axalta Coating Systems
1050 Constitution Avenue
Philadelphia, PA 19112
USAInvestor Contact
Colleen Lubic
D +1 610-999-9407 [email protected] Contact
Katie McCall
D +1 646-826-9732 [email protected]
Axalta Coating Systems (AXTA - Free Report) came out with quarterly earnings of $0.56 per share, beating the Zacks Consensus Estimate of $0.5 per share. This compares to earnings of $0.59 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an earnings surprise of +12.97%. A quarter ago, it was expected that this high-performance coating system maker would post earnings of $0.6 per share when it actually produced earnings of $0.59, delivering a surprise of -1.67%.
Over the last four quarters, the company has surpassed consensus EPS estimates three times.
Axalta Coating Systems, which belongs to the Zacks Chemical - Specialty industry, posted revenues of $1.25 billion for the quarter ended March 2026, surpassing the Zacks Consensus Estimate by 4.50%. This compares to year-ago revenues of $1.26 billion. The company has topped consensus revenue estimates two times over the last four quarters.
The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.
Axalta Coating Systems shares have lost about 12.7% since the beginning of the year versus the S&P 500's gain of 4.2%.
What's Next for Axalta Coating Systems?While Axalta Coating Systems has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?
There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.
Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.
Ahead of this earnings release, the estimate revisions trend for Axalta Coating Systems was unfavorable. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #4 (Sell) for the stock. So, the shares are expected to underperform the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $0.68 on $1.33 billion in revenues for the coming quarter and $2.60 on $5.2 billion in revenues for the current fiscal year.
Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Chemical - Specialty is currently in the bottom 27% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.
One other stock from the same industry, Flexible Solutions International Inc. (FSI - Free Report) , is yet to report results for the quarter ended March 2026.
This company is expected to post quarterly earnings of $0.01 per share in its upcoming report, which represents a year-over-year change of +150%. The consensus EPS estimate for the quarter has been revised 41.7% lower over the last 30 days to the current level.
Flexible Solutions International Inc.'s revenues are expected to be $9.85 million, up 31.9% from the year-ago quarter.
Axalta Coating Systems (AXTA - Free Report) reported $1.25 billion in revenue for the quarter ended March 2026, representing a year-over-year decline of 0.6%. EPS of $0.56 for the same period compares to $0.59 a year ago.
The reported revenue represents a surprise of +4.5% over the Zacks Consensus Estimate of $1.2 billion. With the consensus EPS estimate being $0.50, the EPS surprise was +12.97%.
While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determine their next move, some key metrics always offer a more accurate picture of a company's financial health.
Since these metrics play a crucial role in driving the top- and bottom-line numbers, comparing them with the year-ago numbers and what analysts estimated about them helps investors better project a stock's price performance.
Here is how Axalta Coating Systems performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:
Sales- Performance Coatings- Refinish: $498 million versus $475.37 million estimated by three analysts on average. Compared to the year-ago quarter, this number represents a -2.5% change.Sales- Performance Coatings- Industrial: $304 million compared to the $294.47 million average estimate based on three analysts. The reported number represents a change of -2.3% year over year.Sales- Mobility Coatings- Total: $452 million versus the three-analyst average estimate of $438.19 million. The reported number represents a year-over-year change of +2.7%.Sales- Mobility Coatings- Commercial vehicle: $103 million compared to the $97.65 million average estimate based on three analysts. The reported number represents a change of +3% year over year.Sales- Performance Coatings- Total: $802 million versus the three-analyst average estimate of $769.84 million. The reported number represents a year-over-year change of -2.4%.Sales- Mobility Coatings- Light vehicle: $349 million versus $340.55 million estimated by three analysts on average. Compared to the year-ago quarter, this number represents a +2.7% change.Adjusted EBIT- Mobility Coatings: $79 million compared to the $75.44 million average estimate based on three analysts.Adjusted EBIT- Performance Coatings: $180 million compared to the $171.4 million average estimate based on three analysts.View all Key Company Metrics for Axalta Coating Systems here>>>
Shares of Axalta Coating Systems have returned +2% over the past month versus the Zacks S&P 500 composite's +12.2% change. The stock currently has a Zacks Rank #4 (Sell), indicating that it could underperform the broader market in the near term.
NEW YORK CITY & NEW ORLEANS--(BUSINESS WIRE)--Former Attorney General of Louisiana Charles C. Foti, Jr., Esq. and the law firm of Kahn Swick & Foti, LLC (“KSF”) are investigating the proposed sale of Axalta Coating Systems Ltd. (NYSE: AXTA) to Akzo Nobel N.V. Under the terms of the proposed transaction, shareholders of Axalta will receive 0.6539 shares of AkzoNobel for each share of Axalta that they own. KSF is seeking to determine whether this consideration and the process that led to it a.
/PRNewswire/ -- Halper Sadeh LLC, an investor rights law firm, is investigating the following companies for potential violations of the federal securities laws
Are AXTA, GBTG, D, EVTV Obtaining Fair Deals for their Shareholders? PR Newswire
NEW YORK, June 9, 2026
Insiders may stand to receive substantial financial benefits not available to ordinary shareholders.
The proposed transactions may contain terms that could limit superior competing offers.
Shareholders are encouraged to contact the firm to discuss their rights and options at no cost or obligation. We would handle any matter on a contingent fee basis, whereby you would not be responsible for out-of-pocket payment of our legal fees or expenses.
, /PRNewswire/ -- Halper Sadeh LLC, an investor rights law firm, is investigating the following companies for potential violations of the federal securities laws and/or breaches of fiduciary duties to shareholders relating to:
Axalta Coating Systems Ltd. (NYSE: AXTA)'s sale to Akzo Nobel N.V. for 0.6539 shares of AkzoNobel stock for each share of Axalta common stock. If you are an Axalta shareholder, click here to learn more about your rights and options.
Global Business Travel Group, Inc. (NYSE: GBTG)'s sale to Long Lake Management for $9.50 per share in cash. If you are a Global Business shareholder, click here to learn more about your rights and options.
Dominion Energy, Inc. (NYSE: D)'s sale to NextEra Energy, Inc. for 0.8138 shares of NextEra for each share of Dominion. If you are a Dominion shareholder, click here to learn more about your legal rights and options.
Envirotech Vehicles, Inc. (NASDAQ: EVTV)'s merger with AZIO AI Corp. If you are an Envirotech shareholder, click here to learn more about your legal rights and options.
On behalf of shareholders, Halper Sadeh LLC may seek increased consideration, additional disclosures and information, or other relief and benefits.
Halper Sadeh LLC represents investors all over the world who have fallen victim to securities fraud and corporate misconduct. Our attorneys have been instrumental in implementing corporate reforms and recovering millions of dollars on behalf of defrauded investors.
Attorney Advertising. Prior results do not guarantee a similar outcome.
Contact Information:
Halper Sadeh LLC
Daniel Sadeh, Esq.
Zachary Halper, Esq.
One World Trade Center
85th Floor
New York, NY 10007
(212) 763-0060 [email protected] [email protected]
https://www.halpersadeh.com
View original content to download multimedia:https://www.prnewswire.com/news-releases/are-axta-gbtg-d-evtv-obtaining-fair-deals-for-their-shareholders-302795497.html
