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Sherwin-Williams — 2026 Investor Overview (company IR deck)
Sherwin-Williams (SHW) · 73 slides · Filed Oct 27, 2026
Every slide of this earnings presentation, with the text as published. Open the original deck ↗ · All SHW deck slides
Slide 1 — Financial Community
Financial Community Presentation September 24, 2026
Slide 2 — CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION
Certain statements contained in this presentation constitute “forward-looking statements” within the meaning of federal securities laws. These forward-looking statements are based upon management’s current expectations, predictions, estimates, assumptions and beliefs concerning future events and conditions and may relate to, among other things, anticipated future performance (including sales and earnings), expected growth, and future business plans. Any statement that is not historical in nature is a forward-looking statement and may be identified by the use of words and phrases such as “anticipate,” “aspire,” “believe,” “could,” “estimate,” “expect,” “goal,” “intend,” “may,” “plan,” “potential,” “project,” “seek,” “should,” “strive,” “target,” “will,” or “would” or the negative thereof or comparable terminology. Readers are cautioned not to place undue reliance on any forward-looking statements. Forward-looking statements are necessarily subject to risks, uncertainties and other factors, many of which are outside our control, that could cause actual results to differ materially from such statements and from our historical results, performance and experience. These risks, uncertainties and other factors include such things as: general business and economic conditions in the United States and worldwide; inflation rates, interest rates, unemployment rates, labor costs, healthcare costs, recessionary conditions, geopolitical conditions, terrorist activity, armed conflicts and wars, public health crises, pandemics, outbreaks of disease and supply chain disruptions; shifts in consumer behavior driven by economic downturns in cyclical segments of the economy; shortages and increases in the cost of raw materials and energy; catastrophic events, adverse weather conditions and natural disasters (including those that may be related to climate change); disruptions to our information technology systems, including due to digitization efforts or cybersecurity incidents; our ability to attract, retain, develop and progress a qualified global workforce; the loss of any of our largest customers; increased competition or failure to keep pace with developments in key competitive areas of our business; our ability to successfully integrate past and future acquisitions into our existing operations; risks and uncertainties associated with our expansion into and our operations in South America, Asia, Europe and other foreign markets; policy changes affecting international trade, including import/export restrictions and tariffs; our ability to achieve our strategies or expectations relating to sustainability considerations, including as a result of evolving legal, regulatory and other standards, processes and assumptions, the pace of scientific and technological developments, increased costs, the availability of requisite suppliers, energy sources, or financing and changes in carbon markets and carbon accounting rules; damage to our business, reputation, image or brands due to negative publicity; the infringement or loss of our intellectual property rights or the theft or unauthorized use of our trade secrets or other confidential business information; a weakening of global credit markets or changes to our credit ratings; our ability to generate cash to service our indebtedness; fluctuations in foreign currency exchange rates and changing monetary policies; our ability to comply with a variety of complex U.S. and non-U.S. laws, rules and regulations; increases in tax rates, or changes in tax laws or regulations; our ability to comply with numerous, complex and increasingly stringent domestic and foreign health, safety and environmental laws, regulations and requirements; our liability related to environmental investigation and remediation activities at some of our currently- and formerly-owned sites; the nature, cost, quantity and outcome of pending and future litigation, including lead pigment and lead-based paint litigation; and the other risk factors discussed in Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2025 and our other reports filed with the SEC. Readers are cautioned that it is not possible to predict or identify all of the risks, uncertainties and other factors that may affect future results and that the above list should not be considered a complete list. Any forward-looking statement speaks only as of the date on which such statement is made, and we undertake no obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except as otherwise required by law. INDUSTRY DATA: This presentation also contains estimates and other statistical data made by independent parties and by the Company relating to market size and growth and other data about the Company’s industry and estimated total and addressable markets. This data involves a number of assumptions and limitations, and you are cautioned not to give undue weight to such estimates. We have not independently verified this market data. While we are not aware of any misstatements regarding any industry or similar data presented herein, such data involve risks and uncertainties and are subject to change based on various factors, including those described in Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2025 and our other reports filed with the SEC. In addition, projections, assumptions and estimates of the Company’s future performance and the future performance of the markets in which the Company operates are necessarily subject to a high degree of uncertainty and risk. CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION
Slide 3 — Safety Grabber
LATAM Room P02.120 WE ARE HERE Fire & Emergency Evacuation Our building provides a state-of-the-art fire detection, alarm and suppression system. Should the fire alarm be activated, immediately leave the area by using the nearest stairwell to exit the building. Do not use the elevators. Follow the instructions of Security or Facilities teams. Safety Grabber
Slide 4 — Share-Gaining
A Well-Positioned Share-Gaining Compounder
Slide 5 — A Deep and Experienced Leadership Team
Ben Meisenzahl SVP, Finance & Chief Financial Officer 23 Years of Service A Deep and Experienced Leadership Team Heidi Petz Chair, President & Chief Executive Officer 13 Years of Service Justin Binns President, Global Architectural 29 Years of Service Karl Jorgenrud President, Global Industrial 32 Years of Service Colin Davie President & General Manager, Global Supply Chain Division 14 Years of Service Todd Rea President, Consumer Brands Group 33 Years of Service Bryan Young SVP, Corporate Strategy & Development 10 Years of Service Marlena Boyce SVP, Chief Human Resources Officer 18 Years of Service Jim Jaye SVP, Investor Relations & Corporate Comms 9 Years of Service Mary Garceau SVP, Chief Legal Officer and Secretary 12 Years of Service
Slide 6 — $23.6B
The Premier Global Paint & Coatings Company 160 years of inspiring and improving the world by coloring and protecting what matters $23.6B 2025 Net Sales 64,000+ Global Employees 120+ Countries 300+ Auto Refinish Branches & Blending Facilities 1866 Year Founded 5,400+ Stores & Branches 130+ Manufacturing & Distribution Facilities
Slide 7 — Top Global Manufacturers
Top Global Manufacturers A growing & expanding global industry Global Paint & Coatings Industry ~$195 BILLION in 2025 Source: Orr & Boss June 2026 Market Research Reports/PCI Magazine Coatings Industry 2025
Slide 8 — The timing is variable, but the recovery is inevitable
SUBSTANTIAL PENT-UP DEMAND Demographics Housing Deficit Delayed CAPEX Homeowner Equity Industrial Cycles Infrastructure Buildout The timing is variable, but the recovery is inevitable Deferred Maintenance Reshoring
Slide 9 — Improvement Forecasted in All Regions
Improvement Forecasted in All Regions -2.0% -1.0% 0.0% 1.0% 2.0% 3.0% 4.0% 2019-25 2027-30E Source: Orr & Boss, includes architectural and industrial coatings. Volume CAGR 2027-30 Coatings Industry Volume CAGR GLOBAL NA EMEA ASIA LATAM
Slide 10 — 19%*
U.S. Demographics Provide Opportunities for Long-Term Household Formation, New Single & Multi-Family Housing, Repaint, Remodel & Maintenance 78-95 Years Old (As of 2025) * Of U.S. Population Source: U.S. Census Bureau, Visualcapitalist.com Silent 1928-1945 ▪ Transitioning to Senior Living Facilities 61-79 Years Old (As of 2025) Baby Boomers 1946-1964 ▪ Aging in place drives remodeling ▪ Downsizing creates opportunity ▪ Frequently relocate to active adult facilities 45-60 Years Old (As of 2025) Gen X 1965-1980 ▪ Move up creates churn and drives remodeling ▪ Most likely to hire contractors 29-44 Years Old (As of 2025) Millennials 1981-1996 ▪ Forming households ▪ First time homebuyers ▪ Entry level home demand ▪ Multifamily and rental demand 11-26 Years Old (As of 2025) Gen Z 1997-2012 ▪ Will further extend household formation 19%* 22%* 21%* 19%* 4%*
Slide 11 — 2M - 4M
Structural Housing Undersupply Persists While Easing Mortgage Lock-In Supports Increased Market Activity The U.S. Has Underbuilt Over the Last Decade The Mortgage Rate Lock-In Effect Continues to Ease 16.5M HOUSEHOLD FORMATIONS ~ 14.5M HOUSING STARTS ~ 2M - 4M HOME GAP ~ = vs DEMOLITIONS Source: U.S. Census Bureau, FRED St. Louis Fed, Wolfe Research % of Outstanding Mortgages Below 6% Source: FHFA National Mortgage Database, Redfin, Realtor.com less
Slide 12 — $36 TRILLION
Normalizing Home Sales and Record Homeowner Equity Position Homeowners to Reinvest in Their Homes Historically Low Existing Home Sales Should Eventually Recover Source: U.S. Census Bureau Source: https://fred.stlouisfed.org/series/OEHRENWBSHNO 3,400 3,800 4,200 4,600 5,000 5,400 5,800 6,200 6,600 7,000 Existing Home Sales 2000-2026 Existing Home Sales In ‘000s Record Homeowner Equity Has Nearly Doubled Since 2019 $36 TRILLION $- $10,000,000 $20,000,000 $30,000,000 $40,000,000 Homeowner Equity 2010-2026
Slide 13 — -11.2%
U.S. Architectural Paint Gallon Estimate -11.2% U.S. Non-Residential & Residential Square Footage +8.3% 180 210 240 270 300 2020 2021 2022 2023 2024 2025 400 500 600 700 800 900 2020 2021 2022* 2023* 2024* 2025* Maintenance Cannot Be Delayed Indefinitely Sources: American Coatings Association, Department of Commerce, Dodge Data & Analytics & Company Estimates, Dodge Data & Analytics U.S. Building Stock Data, ATTOM Data Solutions Millions of Gallons US Sq Ft in Billions *2022 industry impacted by continued raw material/supply chain challenges and soft DIY. 2023-2025 industry demand impacted by high mortgage rates and broad macro inflation. Continued Growth in Square Footage Creates Growing Residential Repaint, DIY and Property Maintenance Opportunities
Slide 14 — Choppy Industrial Macro Environment by End Market & Region
45 50 55 60 USA Eurozone Brazil China ASEAN Expansion Contraction Source: S&P Global. The PMI is a weighted average of the following five indices: New Orders (30%), Output (25%), Employment (20%), Suppliers’ Delivery Times (15%) and Stocks of Purchases (10%) Choppy Industrial Macro Environment by End Market & Region January 2025- August 2026 S&P Global PMI – Manufacturing
Slide 15 — Why Sherwin-Williams?
DIFFERENTIATED STRATEGY STRENGTHENING OUR ADVANTAGE BETTER POSITIONED TO WIN CATALYZING ABOVE-MARKET GROWTH FINANCIAL STRENGTH & OPTIONALITY Why Sherwin-Williams? Why Now?
Slide 16 — Customer-Centric Strategy
IMPROVING CUSTOMER PRODUCTIVITY INDUSTRY LEADING INNOVATION DIFFERENTIATED DISTRIBUTION SOLUTION DRIVEN SERVICE Customer-Centric Strategy We Provide Differentiated Solutions to Help Our Customers Be More Productive & Profitable
Slide 17 — Our Advantage
Strengthening Our Advantage
Slide 18 — Strengthening Our Advantage - 2018-2025
Strengthening Our Advantage - 2018-2025 ~675 Architectural Sales Reps ~500 Net New Stores ~250 Industrial Technical Reps 16 Acquisitions Expanding Portfolios With New Innovative Products & Digital Tools DISTRIBUTION PRICING DATA PORTFOLIO PEOPLE 3 Divestitures World’s Largest Database of Painting Contractors Strategic Investments That Expand Our Advantage and Drive Above-Market Growth
Slide 19 — Positioned
Better Positioned to Win
Slide 20 — Paint Stores Group
Paint Stores Group Controlled distribution and service model drives productivity for the professional painting contractor 2025 Net Sales by End Market New Residential Property Maintenance Protective & Marine Residential Repaint DIY Commercial Key Customers Trusted Industry Leader WHO WE ARE Priority Segments WHERE WE FOCUS Key Differentiators HOW WE SUCCEED $13.6 B 2025 Net Sales 3,300+ Delivery Vehicles 4,800+ Stores across the US, Canada and Caribbean ~1,700 Management trainees hired in 2025 Professional Painting Contractors National Accounts Premium Accounts 3,100+ Drivers Industry-leading Brand Customer Relationships Trademark Service Innovative Products Industry Expertise Controlled Distribution Color Leadership Digital Experience
Slide 21 — Decades of Growth Opportunity Ahead
Decades of Growth Opportunity Ahead Sources: Company estimates, Morgan Stanley 6/2/2025, Guggenheim 8/3/2026 EXTENSIVE JOB SITES SERVED BY STORE OR VIA DELIVERY DENSIFICATION OF KEY METRO AREAS ENHANCED SERVICE DESIGNED TO DRIVE GROWTH +80-100 NET NEW STORES ANNUAL TARGET NEXT MILESTONE 6,000 SHW = ~4,800 stores ~12,000 specialty paint distribution points across USA/Canada, excluding Big Box retailers MISSION-FOCUSED SEGMENTED STORES RESIDENTIAL, COMMERCIAL, LIGHT INDUSTRIAL, FLOORCOVERING, MULTI-LINGUAL
Slide 22 — Driving Paint Stores Productivity
Driving Paint Stores Productivity Pre-Pandemic through 2025 4,354 4,853 2018 2025 1.6% 7 Year CAGR ~500 Net New Stores 2018 2025 $9.0B $13.6B 6.0% 7 Year CAGR Increased PBT per Store 2018 2025 $1.9B $3.1B 7.1% 7 Year CAGR +$1.2B in Segment PBT and Margin Expansion 21.0% SEGMENT MARGIN 22.5% SEGMENT MARGIN # OF STORES SALES SEGMENT PBT $2.07M SALES PER STORE $2.80M SALES PER STORE 4.4% 7 Year CAGR 5.5% 7 Year CAGR 25.5% Flow-Thru $0.43M PBT PER STORE $0.63M PBT PER STORE
Slide 23 — Consumer Brands Group
Priority Segments Trusted Industry Leader WHO WE ARE $3.2 Billion 2025 Net Sales Trusted and Recognized Brands Premier Strategic Channel Partners WHERE WE FOCUS Key Differentiators HOW WE SUCCEED Consumer Brands Group Provides differentiated solutions to premier retail partners to serve the DIY and “Pro Who Paints” customer 2025 Net Sales by Geography Key Customers Pro Who Paints Strategic Channel Partners DIYers Europe North America Latin America Hero Brands Premier Strategic Channel Partners Category Expertise Training and Field Support Digital Leadership Tech-Driven Innovative Products
Slide 24 — Optimizing and Investing for Success
Optimizing and Investing for Success Innovative Products Targeted Sales Reps Non-Core Divestitures Suvinil Acquisition
Slide 25 — Performance Coatings Group
Performance Coatings Group Provides value-added solutions to customers in premium industrial end markets worldwide Priority Segments Trusted Industry Leader WHO WE ARE WHERE WE FOCUS Key Differentiators HOW WE SUCCEED 2025 Net Sales by Division Targeted Premier Industrial End Markets & Customers $6.8 Billion 2025 Net Sales ~1,550 Segment Specific Technical Reps 120+ Countries 300+ Auto Refinish Branches & Blending Facilities Local Service Model Highly Specified Coatings Global Expertise Product Innovation Color & Design Solutions Sustainability Focused Customer Focused Targeted Acquisition Strategy
Slide 26 — Unique Asset Configuration
Unique Asset Configuration Auto Refinish Branches & Blending Facilities are a Competitive Advantage Provides access to highly profitable opportunities with thousands of smaller manufacturers Strategically Located Small Batch Capability Quick Turnaround Reduces Customer Working Capital & Obsolescence
Slide 27 — Driving Performance Coatings Results
Driving Performance Coatings Results Pre-Pandemic through 2025 2018 2025 3.9% 7 Year CAGR +$1.6B in Sales 2018 2025 8.4% 7 Year CAGR +$506.8M in Adjusted PBT* 2018 2025 +440 BPS 31.1% Flow-through 12.9% ADJUSTED SEGMENT MARGIN* 17.3% ADJUSTED SEGMENT MARGIN* $5.2B $6.8B $667.9M $1.2B *This is a non-GAAP measure. Reconciliation of adjusted profit before tax from its corresponding GAAP measure is provided in the appendix.
Slide 28 — Our Global Supply Chain is a Competitive Advantage
Our Global Supply Chain is a Competitive Advantage Enabling sustainable growth through agility, reliability, and operational excellence Research & Development Global Procurement Supply Chain Planning Manufacturing Distribution Transportation Customer
Slide 29 — Leveraging the Enterprise
Operationally Advantaged to Win Leveraging the Enterprise Integrated Manufacturing Procurement Synergies R&D Logistics & Fleet Talent
Slide 30 — Catalyzing
Catalyzing Above-Market Growth
Slide 31 — Executing on Our Enterprise Priorities
DIGITIZATION SUPPLY CHAIN RESPONSIVENESS SIMPLIFICATION SUSTAINABILITY TALENT Executing on Our Enterprise Priorities Above-Market Growth
Slide 32 — New Accounts & Share of Wallet
PROTECTIVE & MARINE PACKAGING AUTOMOTIVE REFINISH COMMERCIAL RESIDENTIAL REPAINT +MSD in 9 of the last 10 quarters in a flat to down market +MSD to +HSD in 3 of the last 4 quarters in a flat to down market +HSD minimum for 8 consecutive quarters +MSD to +LDD for 8 consecutive quarters +MSD to +LDD for 4 consecutive quarters in soft claims environment ENTERPRISE PRIORITY: Above-Market Growth New Accounts & Share of Wallet Gains Becoming More Evident LSD, MSD, HSD, DD = low, mid, high single digits and double digits, respectively
Slide 33 — Annuities
NEW PROJECT New Residential Commercial Protective & Marine MAINTENANCE Residential Repaint Property Maintenance Protective & Marine ENTERPRISE PRIORITY: Above-Market Growth Annuities Significant Recurring Revenue Opportunities
Slide 34 — Industry Leading Innovations
Forte Urethanized Acrylic Coating Emerald® Symmetry Interior Acrylic Purdy® Spirex Heat-Flex® AEB Minwax® Fast-Drying Polyurethane H&C® Heavy Shield® Plus HGTV HOME® Interior & Exterior Door & Trim Sherplate® 600 ENTERPRISE PRIORITY: Above-Market Growth Industry Leading Innovations Drive Customer Success
Slide 35 — AI & Technology is Enhancing Processes
Customer Engagement Enhancing customer-facing experience and purchase journey Operations Optimizing our plants, facilities, stores, logistics & R&D Data Cleaning, managing, connecting, actioning Sales Enablement Preparing front line employees for customer interactions Customer Centric Value ENTERPRISE PRIORITY: Digitization AI & Technology is Enhancing Processes Across Our Business
Slide 36 — “Ask Henry” is Enhancing
What It Is AI assistant embedded in Insight and sales platforms How it Works GPT-5 + Sherwin-Williams knowledge base Why It Matters Delivers trusted recommendations, product guidance, and faster answers Henry Sherwin Founder & First CEO of Sherwin-Williams ENTERPRISE PRIORITY: Digitization “Ask Henry” is Enhancing How Sales Provide Answers
Slide 37 — Digital Innovations Drive Productivity
Meeting customers' evolving needs with intuitive digital experiences that fuel revenue growth, increase customer productivity, and create lasting relationships. ENTERPRISE PRIORITY: Digitization Digital Innovations Drive Productivity
Slide 38 — New Capacity & Distribution
36,000-sq-ft Expansion 800,000-sq-ft Distribution & Fleet Transportation Center 4 New Rail Spurs 200,000 sq. ft Future Expansion ENTERPRISE PRIORITY: Supply Chain Responsiveness New Capacity & Distribution Statesville, NC
Slide 39 — Asset Optimization Delivers
5 Site Closures Completed in the Past Two Years Disciplined Process Growth & Profitability Capability & Capacity Geographic Attractiveness ENTERPRISE PRIORITY: Simplification Asset Optimization Delivers Premier Service at the Right Cost
Slide 40 — Sustainability Solutions Support Growth
Building on the Good ~30% of Sales from products with third-party, sustainability-related certification or declarations Sher-Loxane® 800 P544 Prime Heat-Flex® AEB Care Ultra Emerald® Symmetry Accelera® One valPURE® V70 ENTERPRISE PRIORITY: Sustainability Sustainability Solutions Support Growth
Slide 41 — 64K+
EMPLOYEES ALIGNED ON THE MISSION 64K+ ENTERPRISE PRIORITY: Talent Talent & Culture Underpin Our Success
Slide 42 — One Partner. Every Spec of the Way.
One Partner. Every Spec of the Way. aint tores roup with ecades of rowth head
Slide 43 — One Partner. Every Spec of the Way.
One Partner. Every Spec of the Way. Leveraging Our Architectural & Industrial Portfolios Together High Rise Airports Stadiums Manufacturing Healthcare AI Infrastructure ICONIC SPACES. LASTING PROTECTION. PEOPLE IN MOTION. PLACES THAT LAST. EXPERIENCES THAT ENDURE. BUILT FOR A HIGHER STANDARD. HEALTHIER SPACES. BRIGHTER TOMORROWS. POWERING WHAT'S NEXT.
Slide 44 — Commercial High Rise
Commercial High Rise CLEVELAND, OHIO + ARCHITECTURAL EXTERIOR APPLICATIONS PASSIVE FIRE PROTECTION ARCHITECTURAL INTERIOR APPLICATIONS RESINOUS FLOORING SIGNAGE COATINGS CORROSION PROTECTION FOR STRUCTURAL STEEL INSULATED METAL PANELS ROOF DECKING Enterprise Solutions Across Architectural & Industrial Portfolios
Slide 45 — Sports & Entertainment Facilities
Sports & Entertainment Facilities NASHVILLE, TENNESSEE SIGNAGE COATINGS CORROSION PROTECTION FOR STRUCTURAL STEEL ARCHITECTURAL EXTERIOR APPLICATIONS ARCHITECTURAL INTERIOR APPLICATIONS FAÇADE METAL/WOOD METAL ROOF METAL PANELS CONCRETE FLOOR Enterprise Solutions Across Architectural & Industrial Portfolios
Slide 46 — Data Center
Data Center FAIRFAX, IOWA TRANSFORMERS, ELECTRICAL SWITCHGEAR & BACKUP GENERATORS ARCHITECTURAL EXTERIOR APPLICATIONS CORROSION PROTECTION FOR STRUCTURAL STEEL PASSIVE FIRE PROTECTION ENERGY STORAGE SYSTEMS & SERVER RACKS ARCHITECTURAL INTERIOR APPLICATIONS RESINOUS FLOORING INSULATED METAL PANELS & ROOF DECKING HVAC Enterprise Solutions Across Architectural & Industrial Portfolios
Slide 47 — AI Infrastructure
Power Grid Transformers ∙ witchgear OEM Equipment Water Infrastructure Treatment ∙ torage ∙ Linings Semiconductor Fabs tructural teel ∙ Linings ∙ Containment ∙ OEM Equipment Data Centers tructural teel ∙ Floors ∙ Racking rchitectural Coatings ∙ IM s WHAT YOU HEAR ABOUT THE MAJORITY OF VOLUME POTENTIAL AI Infrastructure Data Centers Are One Small Piece of a Larger AI Infrastructure Buildout
Slide 48 — Why Sherwin-Williams?
DIFFERENTIATED STRATEGY STRENGTHENING OUR ADVANTAGE BETTER POSITIONED TO WIN CATALYZING ABOVE-MARKET GROWTH FINANCIAL STRENGTH & OPTIONALITY Why Sherwin-Williams? Why Now?
Slide 49 — Financial Strength
Financial Strength & Optionality
Slide 50 — Where We Focus Helps Translate Strategy Into Value
MARKET SHARE GROWTH ROS IMPROVEMENT DRIVE RONAE DRIVE CASH GENERATION Where We Focus Helps Translate Strategy Into Value Our Financial Strategy to Create Shareholder Value
Slide 51 — Our Track Record Gives Credibility to the Model
$18.4 $19.9 $22.1 $23.1 $23.1 $23.6 20 21 22 23 24 25 Net Sales Adjusted EBITDA* Adjusted EPS* $ in billions $ in billions $ in billions 5-Year CAGR = 5.1% 5-Year CAGR = 6.2% 5-Year CAGR = 6.9% $3.4 $3.3 $3.6 $4.2 $4.5 $4.6 20 21 22 23 24 25 $8.19 $8.15 $8.73 $10.35 $11.33$11.43 20 21 22 23 24 25 $3.4 $2.2 $1.9 $3.5 $3.2 $3.5 20 21 22 23 24 25 5-Year CAGR = 0.3% *This is a non-GAAP measure. Reconciliations of Adjusted EBITDA and Adjusted EPS from their corresponding GAAP measures are provided in the Appendix. All share and per share information in this presentation has been retroactively adjusted to reflect the Company’s 3-for-1 stock split effected March 31, 2021. Net Operating Cash Our Track Record Gives Credibility to the Model
Slide 52 — Consistent Above Market Growth Driven by Controllables
LSD, MSD, HSD, DD = low, mid, high-single digits and double digits, respectively $17.5 $17.9 $18.4 $19.9 $22.1 $23.1 $23.1 $23.6 2018 2019 2020 2021 2022 2023 2024 2025 Future +5.1% CAGR Net Sales First full year of Valspar acquisition +MSD Consistent Above Market Growth Driven by Controllables $ in billions Disciplined Investments Helping to Outgrow the Market Sales Growth Key Drivers: Above-Market Growth & Share Gains Growth Engine Investments Pricing Effectiveness Core Market Volume Growth Strategic M&A
Slide 53 — Clear Path to Continued Gross Margin Expansion
2018 2019 2020 2021 2022 2023 2024 2025 Future 42.3% 44.9% 47.3% 42.8% 42.1% 46.7% 48.5% 48.8% Gross Margin 47%-50% First full year of Valspar acquisition Outsize DIY mix re: COVID +40% raw material inflation War in Ukraine, high interest rates, tariffs Clear Path to Continued Gross Margin Expansion % to Net sales Strong Performance Through Inflation, Supply Disruptions, Higher Rates and Geopolitical Headwinds Gross Margin Key Drivers Volume Growth Pricing Effectiveness Simplification and Cross Segment Collaboration New Product Innovation Premium Mix
Slide 54 — Focused on Long-Term Operating Margin Expansion
2018 2019 2020 2021 2022 2023 2024 2025 Future 14.5% 15.8% 17.4% 14.8% 15.0% 17.2% 17.5% 17.7% Adjusted Operating Margin* First full year of Valspar acquisition Outsize DIY mix re: COVID +40% raw material inflation War in Ukraine, high interest rates, tariffs Focused on Long-Term Operating Margin Expansion % to Net sales Strong Execution in an Unpredictable World Overcoming Headwinds: Higher Interest Rates Supply Chain Disruptions Inflation Geopolitical Headwinds Wars *Adjusted Operating Margin defined as Gross profit less Selling, general and administrative expenses, excluding Valspar acquisition-related amortization (and integration costs in 2018 and 2019 only) and other adjustments. / This is a non–GAAP measure. Reconciliation of adjusted operating margin from its corresponding GAAP measure is provided in the appendix.
Slide 55 — Controllable Drivers of Margin Expansion
Asset Footprint & Manufacturing Optimize our network to improve productivity and lower unit cost Supply Chain & Quality Less waste, rework and freight spend, with higher on-time, in-full delivery Disciplined SG&A Transforming our SG&A support cost structure while surgically investing in sales growth Procurement Advantage Utilize our scale and strategic relationships into a durable raw material cost advantage Simplification Take complexity out of products, processes and systems Controllable Drivers of Margin Expansion Five Self-Help Levers, One Outcome: Durable Margin Expansion
Slide 56 — Disciplined Execution Drives Adjusted EBITDA Expansion
$2.8 $3.1 $3.4 $3.3 $3.6 $4.2 $4.5 $4.6 2022 16.4% 2021 16.3% 2020 18.7% 18.4% 2023 19.4% 2024 19.6% 2025 Future 2019 17.1% 2018 16.1% +6.2% CAGR Adjusted EBITDA* % to Net Sales 20% to 24% Disciplined Execution Drives Adjusted EBITDA Expansion A Modest Demand Recovery Can Have an Outsized Impact on EBITDA Growth $ in billions EBITDA Key Drivers: Volume Growth Operating Margin Expansion Simplification Initiatives Productivity Gains Acquisition Synergy Capture *This is a non–GAAP measure. Reconciliation of adjusted EBITDA from its corresponding GAAP measure is provided in the appendix.
Slide 57 — Strong Returns Reflect the Quality of Our Operating Model
2018 2019 2020 2021 2022 2023 2024 2025 13.1% 15.1% 18.0% 17.6% 18.5% 20.4% 21.3% 20.2% *This is a non–GAAP measure. Reconciliation of adjusted PBT from its corresponding GAAP measure is provided in the appendix. Note: Return on net assets employed (RONAE) is calculated as Profit before tax (PBT) excluding Valspar acquisition-related amortization (and integration costs in 2018 and 2019 only) and other adjustments, divided by average net assets employed. The percentages within this slide are calculated using adjusted PBT. Strong Returns Reflect the Quality of Our Operating Model Return on Net Assets Employed (Adjusted PBT)* Target Mid 20%s Return on Net Assets Employed (Adjusted PBT %)*
Slide 58 — 50.3
Target As % of Net Sales <2.0% Million Shares Repurchased in Last Decade At $244.43 avg price per share 50.3 Consecutive Years of Increases 5-Year CAGR 12% 47 Transactions in Last Decade 16 CAPEX Investment Modest Requirements Dividend Target 30% of PY GAAP Earnings Strategic M&A Premium Assets that Accelerate our Long-Term Strategy Share Repurchase Absent Strategic M&A Note: Share and per share information for years prior to 2021 is adjusted for the 3-for-1 stock split effective March 31, 2021. Executing Our Disciplined Capital Allocation Strategy We Do Not Hold Cash
Slide 59 — Cash Generation is a Core Competency
$1.9 $2.3 $3.4 $2.2 $1.9 $3.5 $3.2 $3.5 11.1% 2018 13.0% 2019 18.6% 2020 11.3% 2021 8.7% 2022 15.3% 2023 13.7% 2024 14.6% 2025 Future Net Operating Cash % to Net Sales Strategic Uses of Cash: Capital Expenditures Dividends Manage Debt Disciplined M&A Opportunistic Share Repurchases 14% to 15% Cash Generation is a Core Competency Strong Cash Generation Funds Both Growth and Shareholder Returns $ in billions
Slide 60 — Strong History of Returning Cash to Shareholders
4.6 5.0 11.7 10.1 3.4 5.6 5.2 4.8 $134.06 $154.99 $209.08 $273.18 $263.64 $255.72 $334.38 $345.09 100 150 200 250 300 350 0 2 4 6 8 10 12 14 2018 2019 2020 2021 2022 2023 2024 2025 Shares (in millions) Avg. Price per Share . Dividends Per Share Share Repurchases ~ 18% of Outstanding Shares Repurchased Over Last 8 Years $1.15 $1.51 $1.79 $2.20 $2.40 $2.42 $2.86 $3.16 2018 2019 2020 2021 2022 2023 2024 2025 2025 Was the 47TH Consecutive Year of Dividend Increases Note: Share and per share information for years prior to 2021 is adjusted for the 3-for-1 stock split effective March 31, 2021. Strong History of Returning Cash to Shareholders
Slide 61 — A Consistent Commitment to Shareholder Returns
A Consistent Commitment to Shareholder Returns $ in billions $0.3 $0.4 $0.5 $0.6 $0.6 $0.6 $0.7 $0.8 $0.6 $0.8 $2.4 $2.8 $0.9 $1.4 $1.7 $1.7 2018 2019 2020 2021 2022 2023 2024 2025 $0.9 $1.2 $2.9 $3.3 $1.5 $2.1 $2.5 $2.4 Note: Total Shareholder Cash is calculated as Treasury stock repurchases plus cash dividends paid. Shares Repurchased Dividends Paid ~ $17B Cumulative Cash Returned to Shareholders 2018-2025
Slide 62 — A Balance Sheet Built to Compound Value
A Balance Sheet Built to Compound Value 2018 2019 2020 2021 2022 2023 2024 2025 Future 3.3x 2.8x 2.4x 2.9x 2.9x 2.3x 2.2x 2.4x Paying down Valspar acquisition debt Weathering supply chain disruptions and 40% raw material inflation Target 2.0x to 2.5x Continue to Target 2.0x to 2.5x Net Debt to Adjusted EBITDA* *This is a non–GAAP measure. Reconciliation of adjusted EBITDA from its corresponding GAAP measure is provided in the appendix.
Slide 63 — Strong Credit Metrics Provide Strategic Optionality
Strong Credit Metrics Provide Strategic Optionality • $3.6B in Liquidity Available at 12/31/2025 • Expect to Maintain Balance Sheet Flexibility to Pursue Growth Opportunities • Annual Cash Generation Comfortably Supports Anticipated Funding Needs • Rating Agencies • Moody’s: Baa2 / P-2 / Stable • S&P: BBB / A-2 / Stable • Fitch: BBB+ / F-1 / Stable As of December 31, 2025 . Cash $207M Debt $10.9B Revolving Credit Facility $2.5B Other Committed Credit Facilities $1.5B Term Loan $0.9B Total Liquidity $4.9B Capital Structure Positioned to Support Growth
Slide 64 — Reaffirming Mid-Term Financial Targets
LSD, MSD, HSD, DD = low, mid, high- single digits and double digits, respectively Leverage Ratio Net Sales Gross Margin EBITDA Margin Working Capital Net Operating Cash Reaffirming Mid-Term Financial Targets +MSD Over Cycle PSG: +MSD to +HSD CBG: +LSD PCG: +MSD 47% to 50% as a % to Net Sales 20% to 24% as a % to Net Sales 11.0% to 11.5% as a % to Net Sales 14% to 15% as a % to Net Sales 2.0x to 2.5x Net Debt to EBITDA Our Barometer: Continued Adjusted Operating Margin* Expansion *Adjusted Operating Margin defined as Gross profit less Selling, general and administrative expenses, excluding Valspar acquisition-related amortization (and integration costs in 2018 and 2019 only) and other adjustments. / This is a non–GAAP measure. Reconciliation of adjusted operating margin from its corresponding GAAP measure is provided in the appendix.
Slide 65 — Converting Performance Into Superior Shareholder Returns
MARKET SHARE GROWTH ROS IMPROVEMENT DRIVE RONAE DRIVE CASH GENERATION Converting Performance Into Superior Shareholder Returns Shareholder value is driven by our focus on market share, ROS, RONAE and cash.
Slide 66 — Why Sherwin-Williams?
DIFFERENTIATED STRATEGY STRENGTHENING OUR ADVANTAGE BETTER POSITIONED TO WIN CATALYZING ABOVE-MARKET GROWTH FINANCIAL STRENGTH & OPTIONALITY Why Sherwin-Williams? Why Now?
Slide 67 — Financial Community
Financial Community Presentation
Slide 68 — Financial Community
Financial Community Presentation APPENDIX
Slide 69 — Reconciliation of Non-GAAP Financial Measures: EBITDA and Adjusted EBITDA
Reconciliation of Non-GAAP Financial Measures: EBITDA and Adjusted EBITDA DRAFT- ATTORNEY-CLIENT PRIVILEGED; PREPARED AT THE REQUEST OF COUNSEL ($ in millions) 2018 2019 2020 2021 2022 2023 2024 2025 Net income $ 1,108.8 $ 1,541.3 $ 2,030.4 $ 1,864.4 $ 2,020.1 $ 2,388.8 $ 2,681.4 $ 2,568.5 Interest expense 366.7 349.3 340.4 334.7 390.8 417.5 415.7 465.0 Income taxes 250.9 440.5 488.8 384.2 553.0 721.1 770.4 769.7 Depreciation 278.2 262.1 268.0 263.1 264.0 292.3 297.4 340.3 Amortization 318.1 312.8 313.4 309.5 317.1 330.2 326.6 336.6 EBITDA $ 2,322.7 $ 2,906.0 $ 3,441.0 $ 3,155.9 $ 3,545.0 $ 4,149.9 $ 4,491.5 $ 4,480.1 Severance and other restructuring expenses _ _ _ _ 47.3 9.6 _ 111.0 Trademark impairment _ 122.1 _ _ 15.5 23.9 _ 17.8 Impairment of assets related to China divestiture _ _ _ _ _ 34.0 _ _ Gain on divestiture of domestic aerosol business _ _ _ - _ (20.1) _ _ Loss on Wattyl divestiture _ _ _ 111.9 _ - _ _ Devaluation of the Argentine peso _ _ _ _ _ 41.8 _ _ Brazil indirect tax credit _ (50.8) _ _ _ _ _ _ California litigation expense (reduction) 136.3 (34.7) _ _ _ _ _ _ Environmental expense provision 167.6 _ _ _ _ _ _ _ Pension plan settlement expense 37.6 32.4 _ _ _ _ _ _ Integration costs(1) 157.7 81.8 _ _ _ _ _ _ Adjusted EBITDA $ 2,821.9 $ 3,056.8 $ 3,441.0 $ 3,267.8 $ 3,607.8 $ 4,239.1 $ 4,491.5 $ 4,608.9 (1) Integration costs related to the Valspar acquisition consist primarily of professional service expenses, salaries and other employee-related expenses dedicated directly to the integration effort, and severance expense. These costs are included in Selling, general and administrative and other expenses and Cost of goods sold.
Slide 70 — Reconciliation of Non-GAAP Financial Measures:
Reconciliation of Non-GAAP Financial Measures: Adjusted EPS ($ in millions, after-tax(1)) 2020 2021 2022 2023 2024 2025 Diluted net income per share $ 7.36 $ 6.98 $ 7.72 $ 9.25 $ 10.55 $ 10.26 Acquisition-related amortization expense(2) .83 .83 .81 .78 .78 .78 Severance and other restructuring expenses _ _ .20 .09 _ .34 Trademark impairment _ _ _ .07 _ .05 Loss on Wattyl divestiture _ .34 _ _ _ _ Devaluation of the Argentine peso _ _ _ .16 _ _ Adjusted diluted net income per share $ 8.19 $ 8.15 $ 8.73 $ 10.35 $ 11.33 $ 11.43 (1) The tax effect is calculated based on the statutory rate and the nature of the item, unless otherwise noted. (2) Valspar acquisition-related amortization expense is excluded from diluted net income per share due to its significance as a result of the purchase price assigned to finite-lived intangible assets at the date of acquisition and the related impact on underlying business performance and trends. While these intangible assets contribute to the Company’s revenue generation, the related revenue is not excluded. Acquisition-related amortization expense, which is included within Selling, general and administrative expenses, consists of the amortization of intangible assets related to the Valspar acquisition. These intangible assets are primarily customer relationships and intellectual property and are being amortized over their remaining useful lives.
Slide 71 — Reconciliation of Non-GAAP Financial Measures: Adjusted
Reconciliation of Non-GAAP Financial Measures: Adjusted Operating Profit and Adjusted Operating Margin ($ in millions) 2018 2019 2020 2021 2022 2023 2024 2025 Operating profit(1) $ 2,066.7 $ 2,448.4 $ 2,891.3 $ 2,660.7 $ 2,993.5 $ 3,692.7 $ 3,773.0 $ 3,820.5 Acquisition-related amortization expense(2) 326.7 307.5 304.5 294.0 276.3 266.1 260.1 258.3 Integration costs(3) 150.6 70.5 _ _ _ _ _ _ Brazil indirect tax credit _ (1.5) _ _ _ _ _ _ Severance and other restructuring expenses _ _ _ _ 46.9 15.3 _ 95.8 Adjusted operating profit $ 2,544.0 $ 2,824.9 $ 3,195.8 $ 2,954.7 $ 3,316.7 $ 3,974.1 $ 4,033.1 $ 4,174.6 Adjusted operating margin 14.5% 15.8% 17.4% 14.8% 15.0% 17.2% 17.5% 17.7% Net sales for adjusted operating margin calculation $ 17,534.5 $ 17,900.8 $ 18,361.7 $ 19,944.6 $ 22,148.9 $ 23,051.9 $ 23,098.5 $ 23,574.3 (1) Operating profit is defined as Gross profit less Selling, general and administrative expenses, excluding amortization expense. (2) Valspar acquisition-related amortization expense is excluded from operating profit due to its significance as a result of the purchase price assigned to finite-lived intangible assets at the date of acquisition and the related impact on underlying business performance and trends. While these intangible assets contribute to the Company’s revenue generation, the related revenue is not excluded. Acquisition-related amortization expense, which is included within Selling, general and administrative expenses, consists of the amortization of intangible assets related to the Valspar acquisition. These intangible assets are primarily customer relationships and intellectual property and are being amortized over their remaining useful lives. (3) Integration costs related to the Valspar acquisition consist primarily of professional service expenses, salaries and other employee-related expenses dedicated directly to the integration effort, and severance expense. These costs are included in Selling, general and administrative and other expenses and Cost of goods sold.
Slide 72 — Reconciliation of Non-GAAP Financial Measures: PCG
Reconciliation of Non-GAAP Financial Measures: PCG Adjusted Segment Profit and Adjusted Segment Margin ($ in millions) 2018 2025 Segment profit(1) $ 452.1 $ 942.7 Acquisition-related amortization expense(2) 215.8 196.3 Severance and other restructuring expenses _ 17.9 Trademark impairment _ 17.8 Adjusted segment profit $ 667.9 $ 1,174.7 Adjusted segment margin 12.9% 17.3% Net sales for adjusted segment margin calculation $ 5,166.4 $ 6,795.2 (1) Segment profit represents the segment’s profit before tax. (2) Valspar acquisition-related amortization expense is excluded from segment profit due to its significance as a result of the purchase price assigned to finite-lived intangible assets at the date of acquisition and the related impact on underlying business performance and trends. While these intangible assets contribute to the Company’s revenue generation, the related revenue is not excluded. Acquisition-related amortization expense, which is included within Selling, general and administrative expenses, consists of the amortization of intangible assets related to the Valspar acquisition. These intangible assets are primarily customer relationships and intellectual property and are being amortized over their remaining useful lives.
Slide 73 — Reconciliation of Non-GAAP Financial Measures: Adjusted Profit Before Tax
Reconciliation of Non-GAAP Financial Measures: Adjusted Profit Before Tax ($ in millions) 2018 2019 2020 2021 2022 2023 2024 2025 Profit before tax $ 1,359.7 $ 1,981.8 $ 2,519.2 $ 2,248.6 $ 2,573.1 $ 3,109.9 $ 3,451.8 $ 3,338.2 Trademark Impairment _ 122.1 _ _ 15.5 23.9 _ 17.8 Acquisition-related amortization expense(1) 326.7 307.5 304.5 294.0 276.3 266.1 260.1 258.3 Severance and other restructuring expenses _ _ _ _ 47.8 15.3 _ 111.0 Impairment of assets related to China divestiture _ _ _ _ _ 34.0 _ _ Gain on divestiture of domestic aerosol business _ _ _ _ _ (20.1) _ _ Devaluation of the Argentine peso _ _ _ _ _ 41.8 _ _ Loss on Wattyl divestiture _ _ _ 111.9 _ _ _ _ Brazil indirect tax credit _ (50.8) _ _ _ _ _ _ California litigation expense (reduction) 136.3 (34.7) _ _ _ _ _ _ Domestic pension plan settlement expense 37.6 32.4 _ _ _ _ _ _ Integration costs(2) 157.7 81.8 _ _ _ _ _ _ Environmental expense provision 167.6 _ _ _ _ _ _ _ Adjusted profit before tax $ 2,185.6 $ 2,440.1 $ 2,823.7 $ 2,654.5 $ 2,912.7 $ 3,470.9 $ 3,711.9 $ 3,725.3 (1) Valspar acquisition-related amortization expense is excluded from profit before tax due to its significance as a result of the purchase price assigned to finite-lived intangible assets at the date of acquisition and the related impact on underlying business performance and trends. While these intangible assets contribute to the Company’s revenue generation, the related revenue is not excluded. Acquisition-related amortization expense, which is included within Selling, general and administrative expenses, consists of the amortization of intangible assets related to the Valspar acquisition. These intangible assets are primarily customer relationships and intellectual property and are being amortized over their remaining useful lives (2) Integration costs related to the Valspar acquisition consist primarily of professional service expenses, salaries and other employee-related expenses dedicated directly to the integration effort, and severance expense. These costs are included in Selling, general and administrative and other expenses and Cost of goods sold.