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News articleSeeking Alpha· February 10, 2026

Axalta targets $1.14B–$1.17B adjusted EBITDA in 2026 as merger with AkzoNobel advances

View original at seekingalpha.com
Axalta targets $1.14B–$1.17B adjusted EBITDA in 2026 as merger with AkzoNobel advances Earnings Call Insights: Axalta Coating Systems Ltd…
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  • Axalta achieved 2% pricing in Refinish in 2025 and targets to stay consistent at 2% net for 2026

    80% confidence
  • Asia Pacific showed strength with 5% net sales growth in Industrial segment while North America and Europe remain sluggish

    80% confidence
  • Free cash flow came in at $466 million in 2025, an increase of over $300 million compared to 2022

    80% confidence
  • Refinish volumes are expected to be flat to slightly up for 2026

    80% confidence
  • Interest expense declined 11%, SG&A expenses were down 8%, and other fixed operating costs were down 4% compared to Q4 2024

    80% confidence
  • Axalta achieved record annual financial performance with adjusted EBITDA margins expanding over 500 basis points to 22% and adjusted diluted EPS up about 55% since 2022

    80% confidence
  • 2026 price-mix is expected to be up low single digits with flattish volumes

    80% confidence
  • The combined Axalta-AkzoNobel entity will be the largest global performance coatings company and second largest paints and coatings company

    80% confidence
  • Axalta grew 400 body shops in North America in 2025 despite market challenges

    80% confidence
  • Destocking was worse than expected but is expected to abate in Q2 2026

    80% confidence
  • Q4 2025 marks the seventh consecutive quarter at or above the A Plan margin target of 21%

    80% confidence
  • Q4 net sales declined 4% year-over-year due to lower volumes in North America across all businesses

    80% confidence
  • In Refinish, Axalta is stronger in premium while AkzoNobel is stronger in economy, creating complementary capabilities

    80% confidence
  • The merger with AkzoNobel is an extraordinary value creation opportunity that will create a global leader with phenomenal scale, significant free cash flow, EBITDA margins approaching 20%, investment-grade rating, and $600 million in synergies

    80% confidence
  • Axalta delivered another period of strong operational execution, solid margin performance and record cash generation in Q4 2025

    80% confidence
  • 2026 will start off slower in Q1 with recovery beginning in Q2 and building momentum into the second half

    80% confidence

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ING Group
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