宣伟（Sherwin-Williams）Q3 2026 营收超指引但利润率明显收缩、全年盈利指引仅收窄未上调，盘前一度跌约3.4%

Q3 2026 Results
October 27, 2026
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.


3Q 2026 Results (October 27, 2026) 1
3Q 2026 FINANCIAL OVERVIEW
 Consolidated sales grew at the high end of guidance; all three
($ in millions, except per
share data)
3Q 2026 3Q 2025 Change reportable segments grew at or above guidance
 Price/mix +MSD; acquisitions, volume and FX each +LSD
Net Sales $6,860.0 $6,358.2 7.9%
 Gross margin was impacted by higher raw material and supply chain
Gross Profit $3,277.2 $3,125.5 4.9% related costs, the dilutive impact of the Suvinil acquisition, and higher
Gross Margin 47.8% 49.2% -140 bps growth in lower margin reportable segments
SG&A  Gross margin is flat YTD excluding the dilutive impact of Suvinil
$2,069.1 $1,952.8 6.0%
 SG&A as reported increased +MSD driven by incremental costs
% of Net sales 30.2% 30.7% -50 bps
related to Suvinil and higher employee-related service costs
Reported EPS $3.38 $3.35 0.9%  SG&A decreased as a % of net sales; further efficiencies implemented
Adjusted EPS(1) $3.63 $3.59 1.1%  Adjusted EPS increased 1.1% and Adjusted EBITDA increased 3.3%
EBITDA(1) $1,390.3 $1,344.6 3.4%  Net operating cash decreased in 3Q26 due to lower net income and
% of Net sales 20.3% 21.1% -80 bps higher use of cash for working capital. Net operating cash increased
10% YTD to $2.6 billion
Adjusted EBITDA(1) $1,403.4 $1,359.0 3.3%
% of Net sales 20.5% 21.4% -90 bps
 Returned $749 million in 3Q26 and $3 billion YTD to shareholders
through share repurchases and dividends
Net Operating Cash $1,104.5 $1,307.6 -15.5%
Capital Expenditures $128.7 $196.4 -34.5%
Note: All comparisons are to the third quarter of the prior year, unless otherwise noted.
Note: LSD/MSD/HSD = low, mid or high single digit %. DD = double digit %.
(1) This is a non-GAAP financial measure. Reconciliation from Reported EPS to Adjusted EPS and Net income to EBITDA and Adjusted EBITDA provided in Appendix.
3Q 2026 Results (October 27, 2026) 2
PAINT STORES GROUP (PSG)
 Sales grew 4.7%: price/mix (+MSD) and volume (+LSD)
 Protective & Marine: growth driven by AI infrastructure, energy, water treatment and processing;
9th straight quarter of at least +HSD growth
 Commercial: new business wins driving above-market growth; outperforming soft multi-family completions
 Residential Repaint: growth investments driving returns; 10 of last 11 quarters of at least +MSD growth
 Property Maintenance: apartment turns remain choppy and CapEx projects largely remain delayed
 New Residential: outperformed backdrop of -HSD single-family completions in the quarter
 Segment profit increase driven by higher Net sales, partially offset by higher raw material
and supply chain related costs and investments to support higher sales, including additional
stores and reps.
 Announced 8% price increase effective September 1, 2026



($ in millions) 3Q 2026 3Q 2025 % Change -LSD +Mid
+MSD +LSD +HSD +LSD
Teens
Net Sales $4,015.8 $3,836.8 4.7%
Segment Profit $974.3 $954.3 2.1% New Property Protective &
Res Repaint Commercial DIY
Residential Maintenance Marine
Segment Margin 24.3% 24.9% -60 bps
3Q-26 sales vs. 3Q-25 sales



Note: All comparisons are to the third quarter of the prior year, unless otherwise noted.
Note: LSD/MSD/HSD = low, mid or high single digit %. DD = double digit %.
3Q 2026 Results (October 27, 2026) 3
CONSUMER BRANDS GROUP (CBG)

 Sales grew 21.7%: acquisitions (+low 20s), price/mix (+LSD), FX (+LSD) and volume (-MSD)
 North America: sales growth driven by new product offerings, favorable mix, and Pro-Who-Paints;
DIY demand remains muted
 Europe: sales growth reflects new business gains
 Legacy Latin America business excluding Suvinil up +LSD
 Suvinil acquisition annualized October 1, 2026
 Adjusted segment profit and segment margin decreased primarily due to higher raw material and
supply chain costs, incremental SG&A expenses associated with the Suvinil acquisition, and
unfavorable foreign currency transaction gains and losses, partially offset by higher Net sales.




($ in millions) 3Q 2026 3Q 2025 % Change

Net Sales $937.4 $770.1 21.7%
+LSD +HDD +MSD
Segment Profit $146.2 $157.3 -7.1% +HSD
Segment Margin 15.6% 20.4% -480 bps
(1)
Adjusted Segment Profit $171.4 $179.3 -4.4%
NORTH AMERICA LATIN AMERICA EUROPE
Adjusted Segment Margin 18.3% 23.3% -500 bps
3Q-26 sales vs. 3Q-25 sales
Note: All comparisons are to the third quarter of the prior year, unless otherwise noted.
Note: LSD/MSD/HSD = low, mid or high single digit %. DD = double digit %. 3Q 2026 Results (October 27, 2026) 4
(1) This is a non-GAAP financial measure. Adjusted segment profit equals Segment profit excluding the impact of adjustments management believes
enhances investors’ understanding of operating performance; reconciliation from Segment profit to Adjusted segment profit provided in Appendix.
PERFORMANCE COATINGS GROUP (PCG)
 Sales grew 8.8% and exceeded guidance: price/mix (+MSD), volume (+LSD), and FX (+LSD).
Positive in all divisions & geographies.
 General Industrial: growth includes robust volume led by strength in construction equipment and transportation
 Packaging: growth includes strong volume; 8 of last 9 quarters of at least +HSD sales growth
 Coil: similar volume and price/mix with strength in construction, HVAC, lighting fixtures and roof decking
 Industrial Wood: business wins in building products partially offset by softness in furniture and flooring
 Auto Refinish: higher premiums, softer claims and weak consumer confidence continue pressuring core business
 Sales by geography: +high-teens in Asia, +HSD in North and Latin America, and +MSD in EMEAI

 Segment profit increased primarily as a result of higher Net sales, partially offset by higher raw material
and supply chain related costs and an increase in employee-related costs to support higher sales.


($ in millions) 3Q 2026 3Q 2025 % Change

Net Sales $1,903.3 $1,750.0 8.8% +HSD +DD +Mid
+DD +DD +DD
+LSD +LDD teens +LSD +LDD
Segment Profit $255.2 $240.3 6.2%
Segment Margin 13.4% 13.7% -30 bps
(1)
Adjusted Segment Profit $308.7 $294.9 4.7% GENERAL INDUSTRIAL
AUTO REFINISH COIL PACKAGING
Adjusted Segment Margin 16.2% 16.9% -70 bps INDUSTRIAL WOOD
3Q-26 sales vs. 3Q-25 sales
Note: All comparisons are to the third quarter of the prior year, unless otherwise noted.
Note: LSD/MSD/HSD = low, mid or high single digit %. DD = double digit %. 3Q 2026 Results (October 27, 2026) 5
(1) This is a non-GAAP financial measure. Adjusted segment profit equals Segment profit excluding the impact of adjustments management believes
enhances investors’ understanding of operating performance; reconciliation from Segment profit to Adjusted segment profit provided in Appendix.
STRONG FINANCIAL POSITION
Operating Cash Flow ($ in millions) Near-Term Maturities of Long-Term Debt (1) ($ in millions)

$1,613
$1,307.6


$1,104.5 $1,000
$900
$800




3Q 2025 3Q 2026 2026 2027 2028 2029 2030




Cash & Liquidity Position ($ in millions) Selected Financial Ratios

9/30/2026 9/30/2026
Cash $264.2
Total Debt / TTM EBITDA (2) 2.5x

Liquidity Net Debt (3) / TTM EBITDA (2) 2.4x
Total Credit Facilities $4,863.3
Net Debt (3) / TTM Adjusted EBITDA (2) 2.4x
(Less Amount Utilized) (2,541.3)

Net Credit Available $2,322.0
(1) Full debt maturity schedule provided in Appendix.
(2) This is a non-GAAP financial measure. Reconciliation from Net income to EBITDA and Adjusted EBITDA provided in Appendix. 3Q 2026 Results (October 27, 2026) 6
(3) Net debt equals total debt outstanding, net of Cash and cash equivalents.
GUIDANCE
Fourth Quarter 2026 Updated Full Year 2026
Sales Sales

 Up mid-single digit percentage  Up mid to high-single digit percentage
 Inclusive of a low-single digit percentage from acquisitions
 Segments
 Segments
 PSG: up mid-single digit percentage
 PSG: up mid-single digit percentage
 CBG: up low-single digit percentage
 CBG: up mid-teens percentage
 PCG: up mid to high-single digit percentage
 PCG: up mid to high-single digit percentage


GAAP Earnings Per Share: $10.92-$11.22
 Includes acquisition-related amortization expense of $0.82 per share and severance and other restructuring
expenses of $0.11 per share

 Adjusted earnings per share: $11.85-$12.15

Raw materials: up mid-single digit percentage vs. prior year

Capital expenditures: ~$550 million total

GAAP SG&A expenses: up mid-single digit percentage including a low-single digit contribution from Suvinil

Interest expense: ~$550 million

Depreciation and amortization: ~$400 million and ~$360 million, respectively

Tax rate: low 20s percent (flattish year-over-year)


3Q 2026 Results (October 27, 2026) 7
UPDATED 2026 GUIDANCE
ADDITIONAL DETAILS

4Q 2026 Sales Guidance Updated Full Year 2026 Sales Guidance
Price / Acq. / Total Price / Acq. / Total
Volume FX Volume FX
Mix Div. Sales Mix Div. Sales

Paint Stores Group +LSD +MSD NM NA +MSD Paint Stores Group +LSD +MSD NM NM +MSD

+Mid-
Consumer Brands Group -LSD +LSD +LSD +LSD +LSD Consumer Brands Group -LSD +MSD +LSD +LDD
teens

+MSD to +MSD to
Performance Coatings Group +LSD +MSD +LSD NA Performance Coatings Group +LSD +MSD +LSD NM
+HSD +HSD

+MSD to
Consolidated +LSD +MSD +LSD NM +MSD Consolidated +LSD +MSD +LSD +LSD
+HSD

Note: NM = not meaningful, NA = not applicable Note: NM = not meaningful




3Q 2026 Results (October 27, 2026) 8
APPENDIX

3Q 2026 Results (October 27, 2026) 9
DEBT SUMMARY
AS OF SEPTEMBER 30, 2026
9/30/2026 Near Term Maturities of Long-Term Debt
Balance Int. Rate
Short-Term: $1,613 USD
Domestic 2,353.6 4.34%
Non-Domestic: - 0.00%
EUR
Total Short-Term Borrowings 2,353.6 4.34% $1,250
Long-Term:
Revolving Credit Facility Borrowings - 4.21%
$1,000
Term Loans 113.3 4.00%
Bonds $900
(1) $800
10-year, 3.45% notes due 2027 1,500.0 2.59%
3+-year, 4.55% notes due (1)
2028 400.0 4.27% $650
(1) $550
3-year, 4.30% notes due 2028 500.0 3.47% $500 $500 $500 $500
10-year, 2.95% notes due (1) 2029 800.0 2.02% $450
10-year, 2.30% notes due (1) 2030 500.0 1.93% $300
(1)
5-year, 4.50% notes due 2030 500.0 3.95%
7-year, 4.80% notes due (1) 2031 450.0 3.81%
10-year, 2.20% notes due 2032 500.0 2.20%




2026

2027

2028

2029

2030

2031

2032

2033

2034

2035



2042

2043

2044

2045

2046

2047

2048

2049

2050

2051

2052
…
10-year, 5.15% notes due 2035 500.0 5.15%
30-year, 4.00% notes due 2042 300.0 4.00%
30-year, 4.40% notes due 2045 250.0 4.40%
30-year, 4.55% notes due 2045 400.0 4.55% Fixed vs. Floating Rate Debt
30-year, 4.50% notes due 2047 1,250.0 4.50%
30-year, 3.80% notes due 2049 550.0 3.80%
30-year, 3.30% notes due 2050 500.0 3.30% Fixed
30-year, 2.90% notes due 2052 500.0 2.90%
Floating 21%
Promissory Notes Various 0.0 0.00%
(2)
Other (71.8) 0.00% 79%
Total Long-Term Debt 9,441.5 3.43%
Total Debt 11,795.1 3.61%

(1) Interest rate reflects the impact of a cross-currency swap which pays EUR and receives USD interest at fixed rates.
(2) "Other" long-term debt is comprised of unamortized premiums, discounts and issuance costs.
3Q 2026 Results (October 27, 2026) 10
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
ADJUSTMENTS TO SEGMENT PROFIT


Three Months Ended September 30, 2026 Three Months Ended September 30, 2025
Paint Consumer Performance Paint Consumer Performance
Stores Brands Coatings Stores Brands Coatings
($ in millions) Group Group Group Admin Consolidated Group Group Group Admin Consolidated

Net sales $ 4,015.8 $ 937.4 $ 1,903.3 $ 3.5 $ 6,860.0 $ 3,836.8 $ 770.1 $ 1,750.0 $ 1.3 $ 6,358.2

Segment profit 974.3 146.2 255.2 (312.2) 1,063.5 954.3 157.3 240.3 (291.4) 1,060.5
% of Net sales 24.3% 15.6% 13.4% NM 15.5% 24.9% 20.4% 13.7% NM 16.7%

Severance and other restructuring expenses - 9.7 3.7 - 13.4 - 6.4 5.1 2.9 14.4
(1)
Acquisition-related amortization expense - 15.6 49.8 - 65.3 - 15.6 49.5 - 65.1

Adjusted Segment Profit $ 974.3 $ 171.4 $ 308.7 $ (312.2) $ 1,142.2 $ 954.3 $ 179.3 $ 294.9 $ (288.5) $ 1,140.0
% of Net sales 24.3% 18.3% 16.2% NM 16.7% 24.9% 23.3% 16.9% NM 17.9%




(1) 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. Valspar
acquisition-related amortization expense is adjusted 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. 3Q 2026 Results (October 27, 2026) 11
Note: NM = not meaningful
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
ADJUSTED EPS, FREE CASH FLOW, FREE CASH FLOW CONVERSION, EBITDA & ADJUSTED EBITDA

Three Months Ended Three Months Ended Three Months Ended
September 30, 2026 September 30, 2025 ($ in millions) September 30, 2026
Tax Tax
Pre-Tax Effect (1) After-Tax Pre-Tax Effect (1) After-Tax
Net operating cash $ 1,104.5
Capital expenditures (128.7)
Diluted net income per share $ 3.38 $ 3.35
Free cash flow $ 975.8
Severance and other restructuring expenses $ 0.06 $ 0.02 0.04 $ 0.06 $ 0.02 0.04
Acquisition-related amortization expense (2) 0.27 0.06 0.21 0.26 0.06 0.20 EBITDA $ 1,390.3

Adjusted diluted net income per share $ 3.63 $ 3.59 Free cash flow conversion 70.2%



Three Months Ended Three Months Ended Three Months Ended Three Months Ended Three Months Ended
($ in millions) September 30, 2026 June 30, 2026 March 31, 2026 December 31, 2025 September 30, 2025

Net income $ 821.0 $ 843.6 $ 534.7 $ 476.8 $ 833.1
Interest expense 139.3 135.9 131.6 131.6 117.2
Income taxes 242.5 268.9 145.1 162.2 227.4
Depreciation 99.2 98.5 98.3 98.3 82.8
Amortization 88.3 87.9 88.5 88.1 84.1
EBITDA $ 1,390.3 $ 1,434.8 $ 998.2 $ 957.0 $ 1,344.6

Severance and other restructuring expenses 13.1 24.4 - 18.3 14.4
Depreciation included in Severence and other restructuring expenses - (0.6) - - -
Trademark impairment - - - 17.8 -
Adjusted EBITDA $ 1,403.4 $ 1,458.6 $ 998.2 $ 993.1 $ 1,359.0

% to Net sales:
EBITDA 20.3% 21.1% 17.6% 17.1% 21.1%
Adjusted EBITDA 20.5% 21.5% 17.6% 17.7% 21.4%

Net sales for EBITDA and Adjusted EBITDA % calculation $ 6,860.0 $ 6,789.3 $ 5,666.9 $ 5,595.9 $ 6,358.2




(1) The tax effect is calculated based on the statutory rate and the nature of the item, unless otherwise noted.
(2) 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. Valspar acquisition-related 3Q 2026 Results (October 27, 2026) 12
amortization expense is adjusted 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.