Axalta’s first-half revenue declined to RMB 1.87 billion, while its China revenue grew 9% to RMB 2.1 billion.

Chris Villavarayan, Axalta’s Chief Executive Officer and President, stated: “We delivered another outstanding quarter, with record-high adjusted EBITDA and adjusted diluted EPS. Our performance reflects Axalta’s commitment to operational excellence and our dedication to achieving financial goals and creating value through the ‘Excellence Plan.’” According to the financial report, Axalta’s Performance Coatings segment achieved net sales of USD 836 million in Q2 2025, a 6.0% year-on-year decline. Contributions from the CoverFlexx acquisition and favorable foreign exchange impacts partially offset the organic net sales decline. Net sales for automotive refinish coatings declined 6% year-on-year to USD 514 million, primarily driven by organic net sales declines in North America. Net sales for industrial coatings declined 6% year-on-year to USD 322 million, as positive price mix and favorable foreign exchange translation were offset by lower volumes. The Performance Coatings segment’s adjusted EBITDA totaled USD 200 million, down 10.0% year-on-year, reflecting earnings resilience amid weak volume. Although organic net sales softened, the segment maintained a healthy adjusted EBITDA margin of 23.8%, driven by reduced operating and variable expenses compared to the prior year. Axalta’s Mobility Coatings segment achieved net sales of USD 469 million in Q2 2025, up 1% year-on-year. Organic net volume growth across three of four regions drove light vehicle business net sales up 2% year-on-year to USD 362 million—more than offsetting the decline in North America. Commercial vehicle business net sales declined 4% year-on-year to USD 107 million, due to lower volumes from Class 8 vehicles; this was partially mitigated by a favorable price mix and adverse foreign exchange translation effects. The Mobility Coatings segment’s price mix increased 4% year-on-year. The Mobility Coatings segment performed exceptionally well in Q2, generating USD 92 million in adjusted EBITDA—up significantly from USD 68 million in the prior-year quarter. Its adjusted EBITDA margin rose from 14.8% in the prior-year quarter to 19.8%, reflecting benefits from favorable price mix and rigorous cost management. This robust margin expansion underscores Axalta’s ability to drive profitable growth. By region, in the first half of 2025, Axalta’s revenue was USD 919 million in North America (compared to USD 1.009 billion in the prior-year period); USD 915 million in EMEA (compared to USD 921 million); USD 434 million in Asia Pacific (compared to USD 409 million); and USD 299 million in Latin America (compared to USD 306 million). Data shows revenue declines in North America and EMEA, while Asia Pacific and Latin America posted growth—with particularly strong growth in Asia Pacific. According to the financial report, Axalta’s Q2 2024 and Q2 2025 sales were USD 1.351 billion and USD 1.305 billion, respectively; its first-half 2024 and 2025 sales were USD 2.645 billion and USD 2.567 billion, respectively.

What signals do the mid-year reports from PPG, AkzoNobel, Sherwin-Williams, BASF, and Axalta convey?

In Q2, PPG reported net sales of USD 4.2 billion (approx. RMB 2.993 billion), down 1% year-on-year (impacted by business divestitures). Net income was USD 450 million (approx. RMB 3.2 billion), down 9% year-on-year. Adjusted net income was USD 504 million (approx. RMB 3.6 billion), also down 9% year-on-year. Organic sales grew 2% year-on-year, driven by increases in both volume and pricing. Diluted EPS was USD 1.98, and adjusted EPS was USD 2.22. Segment profit margin stood at 17.7%, and segment EBITDA margin at 20.3%. PPG repurchased USD 150 million worth of shares during the quarter, bringing its year-to-date share repurchases to USD 540 million. For the first half of the year, PPG reported net sales of USD 7.89 billion (approx. RMB 5.64 billion), down 2.5% year-on-year. Net income was USD 823 million (approx. RMB 5.88 billion), down 11.3% year-on-year. Specifically, its Global Architectural Coatings segment reported first-half net sales of USD 1.875 billion (approx. RMB 13.4 billion), down 7.9% year-on-year; segment profit was USD 278 million, down 26.3% year-on-year. Its Performance Coatings segment reported first-half net sales of USD 2.777 billion (approx. RMB 19.85 billion), up 6.7% year-on-year; segment profit was USD 630 million, up 9.2% year-on-year. Its Industrial Coatings segment reported first-half net sales of USD 3.227 billion (approx. RMB 23.07 billion), down 6.4% year-on-year; segment profit was USD 442 million, down 13% year-on-year. PPG reaffirmed its full-year 2025 adjusted EPS guidance range of USD 7.75 to USD 8.05. This outlook reflects momentum from market share gains and self-driven improvement initiatives, while also accounting for current global economic activity, foreign exchange rates, and uneven demand across the regions and business segments where PPG operates. Sherwin-Williams’ Mid-Year Financial Report In Q2, Sherwin-Williams reported consolidated net sales of USD 6.31 billion (approx. RMB 4.506 billion), up 0.7% year-on-year—driven primarily by higher sales in its Paint Stores Group, partially offset by lower sales in its Consumer Brands Group. Pre-tax profit declined 16% year-on-year to USD 985 million (approx. RMB 7.03 billion), mainly due to higher employee-related costs and increased expenses associated with the new global headquarters and R&D facility for corporate functions—partially offset by higher net sales. Diluted net income per share declined 14.3% year-on-year to USD 3.00, compared to USD 3.50 in Q2 2024. For the first half of the year, Sherwin-Williams reported net sales of USD 11.62 billion (approx. RMB 8.3 billion), down 0.15% year-on-year; pre-tax profit declined 9.6% year-on-year to USD 1.638 billion; net income declined 9.8% year-on-year to USD 1.26 billion (approx. RMB 9 billion). Among its segments, the Paint Stores Group reported first-half net sales of USD 6.642 billion (approx. RMB 4.743 billion), up 2.3% year-on-year; segment profit rose 4% year-on-year to USD 1.458 billion (approx. RMB 10.4 billion).

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