Axalta Coating Systems Ltd.

Thank you.

I'm Colleen Lubick, Vice President of Investor Relations. With me today are Chris Villavarayan, our CEO and President, and Carl Anderson, our Chief Financial Officer. We posted our fourth quarter and full year 2025 financial results this morning. You can find today's presentation and supporting materials on the Investor Relations section of our website at Exalta.com, which we will be referring to on this call. Our remarks today and the slide presentation may include forward-looking statements, reflecting our current views of future events and their potential impact on Exalta's performance with respect to the proposed merger of equals between Exalta and AxoNovell. These statements involve risks and uncertainties, and actual results and outcomes may differ materially. We are under no obligation to update these statements. Our remarks in this slide presentation also contain various non-GAAP financial measures. We included reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures. Refer to our filings with the SEC for more information. With that, I'll turn the call over to Chris.

Thank you, Colleen, and good morning, everyone. In the fourth quarter, Exalta delivered another period of strong operational execution, solid margin performance, and record cash generation. We generated net sales of approximately $1.3 billion, despite ongoing macro headwinds in North America with year-over-year growth in three of our four regions. Adjusted EBITDA was $272 million, with a margin remaining strong at 21.5% and improvement of 50 basis points versus last year. This marks our seventh consecutive quarter at or above our A-Plan margin target of 21%, underscoring the strength of our commercial discipline, pricing actions, and cost management. Adjusted diluted EPS was 59 cents, roughly flat year over year. In mobility coatings, we delivered a record fourth quarter performance in net sales in adjusted EBITDA, supported by new business wins and steady global production. Performance coating sales and mix fell short of our expectations in Q4. The fourth quarter marked a record for cash generation, both in terms of operating and free cash flow. Overall, the quarter caps a year of significant progress at Exalta. Let's turn to slide four. Looking at 2025, we delivered record financial results this year, and I'm extremely proud of what the team accomplished. Adjusted EBITDA was $1.13 billion, representing a $317 million growth since 2022, with margins expanding over 500 basis points to 22%. Adjusted diluted EPS increased approximately 55% over the same period, reaching another all-time high. And free cash flow came in at $466 million, an increase of over $300 million compared to 2022. These are exceptional results that highlight our strongest financial performance on record. The discipline, ownership, and drive that was required to achieve these financial results speak to the strength of the Exalta team, especially considering it was accomplished in a challenging market backdrop with significantly lower demand. Our team has consistently raised the bar, reinforcing the foundation of a well-performing and resilient company. Let's move to slide five. Let me briefly highlight the meaningful operational and commercial progress we delivered in 2025. progress that is strengthening our cost structure, improving service, and delivering a creative growth. Operational excellence is a core driver of our performance. As always, safety is our top priority. We reduced injuries by 40% since 2024, achieving a TRIR of 0.18, far outperforming the industry average. We won't stop until we achieve a zero incident environment and will remain steadfast in driving safe behaviors and best practices around the world. We delivered more than $300 million in variable cost reductions through our procurement and material productivity programs and lowered fixed expenses by over 6% on a constant currency basis in 2025. This was supported by $100 million in incremental structural benefits from our transformation initiatives, We invested a record $196 million in CapEx to support productivity and reduced our footprint by optimizing multiple sites over the past two years. We also improved service levels to our customers with a 10% improvement in on-time delivery. These actions support our strong 22% EBITDA margin for the year. Commercially, we're building top-line momentum. In refinish, we added over 2,800 net new body shops and grew adjacencies by 25 million. In mobility coatings, we secured 60 million in net new wins with standout growth in Latin America and China. And in industrial, our Asia-packed team delivered 5% net sales growth despite a weaker macro. These operational and commercial accomplishments are sustainable enhancements that are driving our financial performance. On slide six, I want to highlight what our underlying performance demonstrates against a backdrop where demand significantly declined in most end markets due to the macro headwinds. Starting with refinish, global activity is running mid-signal digits below our expectations. This shortfall is compounded by distributor consolidation in North America. which has created near-term volume pressure as the channel rationalizes inventory. In industrial, demand across North America and Europe is significantly weaker than we all anticipated. Light vehicle is performing comparatively better. Revenue is tracking close to our expectations, although global auto production is running about 1% below the levels we assumed. And in commercial vehicles, conditions are certainly challenging. Class 8 builds in North America are down roughly 30% versus our assumptions, reflecting a broader slowdown in fleet refresh activity and softer freight demand. But the story I want to emphasize is not the macro. The real story is what we have been able to do despite the weakness. The actions we have taken across procurement, fixed operating costs, network optimization, and productivity have fundamentally strengthened the business and protected margins to prepare for the upside. The chart on the right shows that when markets normalize, we're positioned to deliver margins well north of 21% and generate adjusted EBITDA above the $1.2 billion in the A-Plan target. We have built the foundation, which will further be strengthened with the AXO combination, and we will be ready when the macro recovers. With that, I'll turn the call over to Carl to walk through our results on slide 7 and our outlook for 2026.