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Copyright © 2025 Kansai Paint Co.,Ltd. All rights reserved. Kansai Paint Co., Ltd. India strategy briefing (Kansai Nerolac Paints Ltd.) 26th February, 2026 Page 2 of 28 KANSAI PAINT
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/ 2 2. Macro trend & Our position 5. Progress of Business Strategies by Segment 6. Q&A 4. Progress of Business Transformation Drivers 3. Recap of Key Highlights From Last Meeting Today’s Agenda 1. Value of India for Kansai Paint Page 3 of 28 [( KANSAI PAINT Enrich 'ves with Happiness
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/ 3 Segment YoY Growth vs Total — India Coatings Demand Kansai Nerolac Revenue vs India Real GDP (FY2014=100) (Index)(Index) 100 120 140 160 180 200 220 240 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 KNPL Revenue India Real GDP Growing Together with India Our winning strategy in India GDP Growth -20 -15 -10 -5 0 5 10 15 20 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Automotive Industrial Decorative Total Source: ORR & BOSS, company analysis Source: IMF, World Economic Outlook ✓ Our mission is to contribute to India’s development ✓ We have very balanced portfolio catering to, Automotive, Industrial, andConstruction sectors ✓ Operating across these three segments enables us to achieve growth, stability, and long-term sustainability Page 4 of 28 [( KANSAI PAIN:r
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/ 4 2. Macro trend & Our position 5. Progress of Business Strategies by Segment 6. Q&A 4. Progress of Business Transformation Drivers 3. Recap of Key Highlights From Last Meeting Today’s Agenda 1. Value of India for Kansai Paint Page 5 of 28 [( KANSAI PAINT Enrich 'ves with Happiness
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/ 5 Our position Kansai Nerolac #3 Comp-A Comp-B Comp-C Comp-D Comp-E Comp-F Comp-G Auto Auto #1 *Joint venture *Joint venture *Joint venture *Joint venture Auto refinish #4 *Joint venture Industrial General Industrial #3 High performance coating #3 Powder #1 Deco Deco #3 Segment-wide penetration driven by In-House innovation and market share leadership Page 6 of 28 ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ KANSAI PAINT
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/ 6 GDP Growth Macro trend Macro Economic Trend GDP Growth Infrastructure GST Real GDP growth estimated at ~7–8% in 2025, accelerating toward becoming the world’s 3rd- largest economy “China+1” Government-led infrastructure capex continues at scale (Large investments in roads, ports, and railways) Favorable changes in GST rates (Automotive, electrics) leads to increase of real income Multinationals relocate production to India across electronics, autos, and precision machinery Impact on Our Company (by segment) Auto Industrial Deco We are in the best position to enjoy the favorable external macro environment changes Page 7 of 28 [( KANSAI PAINT
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/ 7 - 100 200 300 400 500 600 700 800 900 0 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000 FY2014 FY2015 FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 Revenue OP The Financials Last 10 Years Revenue/OP History (Revenue in Cr. INR) (OP in Cr. INR) Covid ↓ COVID-19 impact was transitory; long-term growth dynamics remain firmly in place Delivering consistent healthy growth Page 8 of 28 - - [( KANSAI PAINT
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/ 8 2. Macro trend & Our position 5. Progress of Business Strategies by Segment 6. Q&A 4. Progress of Business Transformation Drivers 3. Recap of Key Highlights From Last Meeting Today’s Agenda 1. Value of India for Kansai Paint Page 9 of 28 [( KANSAI PAINT Enrich 'ves with Happiness
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/ 9 Deco Deco Auto Auto Industrial Industrial MTP(*) vision Growth Innovation Stability FY2023 MTP(*) ambition Non-deco Deco Non-deco Deco Strategic direction *Abbreviation MTP… Mid Term Plan Building a resilient business model by balancing stability, growth, and innovation across our 3 strategic pillars Portfolio management Reposted from April 18, 2025 India Strategy Briefing Page 10 of 28 --------------♦ -------------------------------------------- --------------------------------------------- [( KANSAI PAINT
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/ 10 Business transformation Growth Drivers Operational Improvement Leveraging past M&A Strategic resources allocation Asset Utilizations /Global purchases Agility/ Swiftness to market needs CCC as a key performance driver One-KansaiPortfolio management Business driver levers Business enabler levers Portfolio management Reposted from April 18, 2025 India Strategy Briefing Strategy vision: Not a “brand-new” strategy, it’s a “Business transformation” Page 11 of 28 [( KANSAI PAINT
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/ 11 2. Macro trend & Our position 5. Progress of Business Strategies by Segment 6. Q&A 4. Progress of Business Transformation Drivers 3. Recap of Key Highlights From Last Meeting Today’s Agenda 1. Value of India for Kansai Paint Page 12 of 28 [( KANSAI PAINT Enrich 'ves with Happiness
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/ 12 Portfolio management Growth Drivers Operational Improvement Portfolio management Leveraging past M&A One-Kansai Asset Utilization/ Global purchases Agility/ Swiftness to market needs CCC as a key performance driver Business transformation Strategic resources allocation Domains of CollaborationsProgress On the way to strengthen Fully utilizing global assets Started leveraging, to begin with Nerofix Shifting towards “where we are strong” Shifting towards “where we are strong” More rooms to properly cope with competitive environment in Decorative Delivering positive results On Track Making Progress Progress at a glance: Mostly progressing as per planned, still some rooms to improve Page 13 of 28 [( KANSAI PAINT • •
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/ 13 向こう５年成長率見込み vs 相対市場シェア 5-Year Growth Outlook vs. M/S Portfolio Management Deco Industrial Auto＋ARF 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 0.0% 10.0% 20.0% 30.0% 40.0% 50.0% 60.0% 70.0% 80.0% Growth estimate (%) M/S (%) Decorative Paints: State-Level Market MappingM/S (%) Market Size (Cr.) Accelerate Growth Enhance Customer Offering Clear directions and resources allocations on Growth Growth Drivers Optimization Protect Mapping Bubble size = State-wise sales ●North ●East ●West ●South ～～ 1.0% 6.0% 11.0% 16.0% 21.0% Consolidate Selective Page 14 of 28 •
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/ 14 One-Kansai Domains of Collaborations Contents KNP to provide technical support of Construction Chemicals to help Plascon to capture new markets ACE, Railway Automotive/Industrial/Talent Construction Chemicals KHEC to provide technical assistance for our business development • KPJ to provide comprehensive support for Automotive/Industrial • Both of KPJ and KNP to dispatch talent for development Actively leveraging global assets for the benefits of KNP and an entire group Sales revenue Growth path Growth Drivers Page 15 of 28 • • KANSAI • • HELIOS KANSAI PAINT [( KANSAI PAINT • - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - r- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - • - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - r- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - '
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/ 15 Nerofix: Structural reforms accelerating growth Leveraging past M&A Nerofix Sales Trend Index 0.0 1.0 2.0 3.0 4.0 5.0 6.0 7.0 8.0 9.0 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025 (Index) Refoundation period Record-high sales progress in this FY Before After *post official approval KNP Nerofix KNP • Inefficiency • Duplication • Limited synergies • More collaborations • Simplification • Efficient structure Amalgamation of Nerofix Organizational Amalgamation to Accelerate Growth Paint Business Nerofix Business One Business One Support Function Sales revenue Growth path Growth Drivers Page 16 of 28 V KANSAI ~ PAINT NERO FIX ®
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/ 16 CCC as a key performance driver 94 days 82 days 76 78 80 82 84 86 88 90 92 94 96 0 500 1,000 1,500 2,000 2,500 CCC and Net Working Capital (NWC in Cr. INR) (CCC in Days) 31/Dec/2024 31/Dec/2025 Sales revenue Growth path Working capital efficiency continues to improve Operational Improvement Page 17 of 28 [( KANSAI PAINT
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/ 17 2. Macro trend & Our position 5. Progress of Business Strategies by Segment 6. Q&A 4. Progress of Business Transformation Drivers 3. Recap of Key Highlights From Last Meeting Today’s Agenda 1. Value of India for Kansai Paint Page 18 of 28 [( KANSAI PAINT Enrich 'ves with Happiness
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/ 18 Production 5,000 10,000 15,000 20,000 25,000 30,000 35,000 FY2022 FY2023 FY2024 FY2025 2+3 W 4W CV Tractor Production Units By Category (units) Source: SIAM and internal assumptions Gaining market share in an expanding market *Abbreviation 2W… 2 wheelers, 3W… 3 wheelers, 4W… 4 wheelers, CV… Commercial Vehicle Our Market Share Continuously improving our market share by outpacing market growth 58.1% 58.8% 61.0% 55.0% 56.0% 57.0% 58.0% 59.0% 60.0% 61.0% 62.0% FY2022 FY2023 FY2024 (MS %) Exports rise & GST cuts fuel production growth (*FY2025 is an image based on internal assumption) Auto Page 19 of 28 ■ ■ ■ [( KANSAI PAINT
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/ 19 Production Auto (Units ‘000) 2/3W Production Volume By Country Our Market Share By Major 2/3W Customers 76% 61% 74% 81% 76% 68% 76% 0% 20% 40% 60% 80% 100% Customer-G Customer-F Customer-E Customer-D Customer-C Customer-B Customer-A KNP Others Building an unbeatable position in all the major customers, totaling 70%+ share India is the world’s largest production hub Dominant share in India, the world’s largest 2/3W production hub 0 2,000 4,000 6,000 8,000 10,000 12,000 14,000 16,000 18,000 20,000 India China Vietnam Thailand Pakistan Source: Japan Automobile Manufacturers Association and internal assumptions 2/3W #1 #2 #3 #4 #5 Page 20 of 28 - ll ■
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/ 20 1.0 1.5 1.9 2.4 0.0 0.5 1.0 1.5 2.0 2.5 3.0 FY2021 FY2024 FY2025 ('E) FY2027 系列1 系列2 Sales revenue Growth path Powder Major Growth Segment White goods Coil coating Agricultural equipment Construction equipment Industrial GI+HPC(*) Pre-Engineered Building Furniture Railway Segment-wise Sale and Growth Rate YTD TY(*) 1.0 1.4 1.8 2.1 0.0 0.5 1.0 1.5 2.0 2.5 FY2021 FY2024 FY2025 ('E) FY2027 系列1 系列2 (Index) (Index) Our growth Source: Based on internal assumptions Estimated market growth Our growth Estimated market growth *Abbreviation GI…General industrial HPC…High Performance Coatings Focused segments are driving the growth Page 21 of 28 -- -- _,,-/ -- ---- - - -- ---- - -
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/ 21 Theme Descriptions Voice from customers Strengths Functionality Brand • KNP is broadly comparable • In GI, KNP is price competitive • In powder, KNP maintains a clear edge versus peers • KNP is trusted as a Japanese-origin company • Especially in powder coatings, KNP is recognized as a market leader. “Among KNP , Asian, and Berger, there is KNP has product strength” “KNP combines top-tier brand strength and trust as a Japanese company.” Industrial Strength-driven growth, proven in the market GDP Growth Page 22 of 28[( KANSAI PAINT Network expansion Constantly increasiiing # of dealllers 2,000+ Premiumization Saliency of premium products improving up to, 20%
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/ 22 Decorative Decorative Sales Power Shift FY2021 FY2024 Market size #1 in Deco #2 in Deco Kansai Nerolac #4 in Deco New Player Source: Internal assumptions Sustaining #3 position regardless of hyper competitions Page 23 of 28 [( KANSAI PAINT
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/ 23 Sales revenue Growth path • Complete Product Portfolio range • Distribution expansion • Architect & Interior Designer program Decorative Growth Drivers Progress YTD TY (*) Region Wood Finish Premium Aligned with market growth *Abbreviation: TY…This Year Segment Focused markets Approach • Numeric Reach Expansion • Weighted Reach in White Spaces • Extractions Source: Based on internal assumptions Added 3,500+ dealers Growth drivers are being executed as expected • Complete Product Portfolio range • Distribution expansion • Architect & Interior Designer program Construction Chemicals • Increase Geographical Reach • Build pipeline of Project Sites • Separate range of Products Project 10%+ growth *Estimated market growth: 7-8％ 15%+ growth *Estimated market growth: 8-10％ Page 24 of 28
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/ 24 Segment YoY Growth vs Total — India Coatings Demand Kansai Nerolac Revenue vs India Real GDP (FY2014=100) (Index)(Index) 100 120 140 160 180 200 220 240 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 KNPL Revenue India Real GDP Growing Together with India Our winning strategy in India GDP Growth -20 -15 -10 -5 0 5 10 15 20 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Automotive Industrial Decorative Total Source: ORR & BOSS, company analysis Source: IMF, World Economic Outlook ✓ Our mission is to contribute to India’s development ✓ We have very balanced portfolio catering to, Automotive, Industrial, andConstruction sectors ✓ Operating across these three segments enables us to achieve growth, stability, and long-term sustainability Page 25 of 28 [( KANSAI PAINT
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/ 25 2. Macro trend & Our position 5. Progress of Business Strategies by Segment 6. Q&A 4. Progress of Business Transformation Drivers 3. Recap of Key Highlights From Last Meeting Today’s Agenda 1. Value of India for Kansai Paint Page 26 of 28 [( KANSAI PAINT Enrich 'ves with Happiness
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/ 26 THANK YOU & Page 27 of 28 Q [( KANSAI PAINT Enrich 'ves with Happiness
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/ 27 Disclaimer Page 28 of 28 This presentation may contain statements which reflect management's current views and estimates and could be construed as forward making statements. The future involves c,ertain risks and uncertainties that could cause actual results to differ materially from the current views being expressed. Potential risks and uncertainties include such factors as general economic conditions, foreign exchang ,e fluctuations, competitive product and pricing pressures and regulatory developments [( KANSAI PAINT Enrich 'ves with Happiness