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August 7, 2026 FY2026 2Q Financial Results Presentation Material Historical Performance Summary P.3 FY2026 2Q Summary/Topics P.4 Supplemental Material P.13 1. FY2026 2Q Results: Highlights P.14 2. FY2026 2Q Results: By Segment P.17 3. FY2026 1H Results P.27 (Appendix) Reference Data
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2 P/L: average rate*3 F/P: closing rate (For reference) Estimates of FX sensitivity FY2025 FY2026 FY2026 FY2025 FY2026 Impact per 1 yen change (FY2025 full-year impact) 1Q 2Q 3Q 4Q FY 1Q 2Q 3Q 4Q FY Guidance As of Dec. 31 As of June 30 Revenue Operating profit JPY/USD 151.2 143.7 148.4 155.8 149.8 156.4 160.7 - - - 156.8 156.5 162.4 USD c. ¥2.0 bn c. ¥0.4 bn JPY/RMB 20.8 19.9 20.8 22.1 20.9 22.6 23.6 - - - 23.1 22.4 23.9 RMB c. ¥25.5 bn c. ¥3.6 bn JPY/AUD 94.3 92.6 96.7 102.7 96.6 109.3 113.3 - - - 108.7 104.8 111.5 AUD c. ¥4.2 bn c. ¥0.4 bn JPY/EUR 159.3 165.1 172.2 181.4 169.5 183.4 186.1 - - - 180.8 184.3 185.3 JPY/TRY*4 4.0 3.6 3.6 3.7 3.7 3.6 3.5 - - - 3.4 3.7 3.5 JPY/IDR 0.0092 0.0088 0.0090 0.0093 0.0091 0.0093 0.0091 - - - 0.0090 0.0093 0.0091 Supplementary Information Operating Results Analysis Terminology ・RMCC ： Raw Material Cost Contribution ・CC ： Construction Chemicals ・CCM ： Computerized Color Matching ・NPCS ： Nippon Paint Corporate Solutions ・ETICS ： External Thermal Insulation Composite System ・c. ： Circa (approximately) ・SAF ： Sealants, Adhesives & Fillers ・Adj : Adjusted ・LSD: Low single-digit percentage; MSD: Mid single-digit percentage; HSD: High single-digit percentage; DD: Double-digit percentage; LDD: Low double-digit; Flat: ±0% FX rates used This report primarily uses “Adjusted Profit” to explain operating results and trend analysis. ・ Adjusted Profit: Profit from consolidated financial statements excluding one-off or non-recurring items; subsidies, etc. are included ・ This metric provides a clearer view of the Group’s core profitability and sustainable growth, capturing the impact of exchange rate movements and M&A contributions *1 Starting from FY2026 2Q, depreciation of property, plant, and equipment associated with PPA has been included as an adjustment item. Prior-year figures have also been retrospectively revised to reflect this change *2 Revenue is presented after applying hyperinflationary accounting and has not been adjusted *3 The yen-converted amount for each individual quarter is derived by subtracting the yen-converted amount for the prior cumulative period from that of the current cumulative period. Accordingly, the exchange rate for the standalone quarter is not used in calculating the quarterly yen-converted amount *4 Closing rates are used following the application of hyperinflationary accounting Reported basis (Tanshin) Adjusted Profit FX impact Included Included M&A contributions Included Included One-off and non-recurring items (e.g., M&A-related expenses, PPA-related expenses*1, impairment losses, non-recurring provision for credit losses, gain (loss) on sale of fixed assets) Included Excluded Hyperinflationary accounting*2 Included Excluded 2
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3 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025 FY2026 2Q 2Q 2Q 2Q 2Q 2Q 2Q 2Q 2Q Adj operating profit 24.5 24.1 21.1 26.6 35.5 50.8 54.4 72.8 94.9 - Adj organic operating profit 24.5 24.1 15.5 23.1 32.0 50.4 53.2 55.0 94.9 - Adj operating profit from M&A*2 - - 5.5 3.5 3.5 0.4 1.2 17.8 - - Adj growth rate - -1.9% -12.4% 26.1% 33.6% 42.9% 7.2% 33.8% 30.4% 20.0% Adj organic operating profit contribution - -1.9% -35.4% 9.7% 20.3% 41.7% 4.9% 1.1% 30.4% 8.9% Adj operating profit contribution from M&A - - 23.0% 16.4% 13.3% 1.2% 2.3% 32.7% - 11.1% FY2018-FY2026 2Q Average (%) FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025 FY2026 2Q 2Q 2Q 2Q 2Q 2Q 2Q 2Q 2Q Revenue 164.0 165.1 181.8 259.1 337.0 362.7 432.8 446.7 533.4 15.9% Gross profit 64.4 65.7 74.5 97.3 121.6 145.2 173.8 184.2 228.2 17.1% Gross profit margin 39.3% 39.8% 41.0% 37.6% 36.1% 40.0% 40.2% 41.2% 42.8% - Adj operating profit 24.5 24.1 21.1 26.6 35.5 50.8 54.4 72.8 94.9 18.4% Adj OP margin 14.9% 14.6% 11.6% 10.3% 10.5% 14.0% 12.6% 16.3% 17.8% - Adj profit*1 12.9 11.8 10.6 19.2 26.7 37.3 39.8 52.5 68.3 23.2% Adj EPS (yen) 8.0 7.4 6.6 8.1 11.4 15.9 16.9 22.4 29.4 17.6% EPS (yen) 7.6 6.4 6.2 7.4 5.9 15.1 15.2 20.8 23.1 15.0% FY2018-FY2026 2Q CAGR (%) 1. 2Q Historical Performance Summary Other *1 Adjusted profit attributable to owners of parent *2 Profit from businesses acquired and consolidated within the last 12 months (Billion yen) Consolidated P/L Organic/Inorganic Growth 3
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4 2. FY2026 2Q Results: Record-High Revenue and Operating Profit Other (Billion yen) FY2025 1Q FY2026 1Q YoY Revenue 405.7 490.3 +20.8% Gross profit 172.6 215.0 +24.6% Gross profit margin 42.5% 43.9% +130 bps Adj operating profit 55.4 76.4 +37.9% Adj OP margin 13.6% 15.6% +190 bps Adj EPS (yen) 18.5 24.2 +30.4% EPS (yen) 15.2 22.2 +46.0% • Revenue: +19.4%, driven by higher sales volume, an improved product mix, and favorable FX effects • Adjusted operating profit: +30.4% (organic: +30.4%, inorganic: no contribution), supported by strong revenue growth and an improved RMCC ratio; adjusted OP margin improved +150 bps to 17.8% • AOC: Higher revenue and higher operating profit, with the market showing signs of bottoming out, driven by price revisions in response to rising raw material cost and volume growth • Japan, NIPSEA Except China, and DGL (Pacific): Also higher revenue and higher operating profit, driven by volume growth and price revisions • NIPSEA China: Delivered a solid operating profit margin through effective cost management, despite ongoing market softness and an increase in RMCC ratio • Raw material costs: The impact of Middle East-related cost increases varied by region and business but was offset in 2Q by price pass-through and cost reductions (Billion yen) FY2025 2Q FY2026 2Q YoY Revenue 446.7 533.4 +19.4% Gross profit 184.2 228.2 +23.9% Gross profit margin 41.2% 42.8% +150 bps Adj operating profit 72.8 94.9 +30.4% Adj OP margin 16.3% 17.8% +150 bps Adj EPS (yen) 22.4 29.4 +31.7% EPS (yen) 20.8 23.1 +11.2% To NIPSEA ①Please review the commentary for the executive summary page. 4
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5 3. Revised FY2026 Guidance: Record-High Revenue and Operating Profit Expected *Profit attributable to owners of parent Other • Revenue: Despite continued uncertainty including the situation in the Middle East, business performance was largely in line with the February forecast, supported by effective pricing and successful marketing initiatives; Revenue forecast raised by 80 bn yen, representing a YoY growth of +12.7%, driven mainly by favorable FX movements • Operating profit (reported basis): Expected to remain in line with the February 2026 forecast, supported by favorable FX movements despite M&A-related expenses and transformation costs at DGL (Europe) • EPS (reported basis): Revised slightly downward to reflect one-off items and higher tax rates; annual dividend forecast unchanged FY2026 Forecast (Billion yen) Feb 2026 forecast Revised forecast Revised Forecast (YoY) Revenue 1,920.0 2,000.0 +12.7% Adj operating profit - 316.0 +13.6% Adj OP margin - 15.8% +10 bps Adj EPS (yen) - 95.7 +10.0% (Reported basis) Operating profit 283.0 283.0 +10.1% OP margin 14.7% 14.2% -30 bps Profit* 198.0 189.0 +5.1% EPS (yen) 85.3 81.5 +6.3% Annual dividend (yen) 17 17 +1 • Adjusted operating profit: Unchanged from the February forecast, with the more pronounced impact of higher raw material costs in 2H expected to be offset by price pass-through, cost reductions, and other measures: YoY growth of +13.6% is projected • Adjusted EPS: Expected to increase +10.0% YoY despite a slightly higher- than-assumed effective tax rate and other factors To NIPSEA ① Please review the commentary for the executive summary page. 5 To DGL Please review the commentary for the consolidated earnings revision and executive summary page.
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6 Revenue Adj operating profit Adj OP margin YoY Revenue YoY Adj operating profit YoY *1 Adj OP margin YoY Adj operating profit YoY *1 Adj OP margin YoY Adj OP margin vs Feb. forecast 205.4 22.0 10.7% +LSD +LSD → +HSD +HSD → Slightly above Automotive 39.7 Flat Flat Decorative 46.9 +MSD +DD Industrial 40.1 Flat Flat 470.7 69.2 14.7% +HSD +HSD → Flat -MSD → Slightly below Decorative (TUC) +HSD -LSD Decorative (TUB) +LSD -MSD Automotive 58.4 +DD +DD Japan Segment total NIPSEA China Segment total 386.7 FY2025 results FY2026 forecast (In local currency) (bn yen) Feb. forecast Latest forecast YoY Revenue (Billion yen) *1 ↑：≧+2%、 ：+1%～2%、→：-1%～+1%、 ：-1%～ｰ2%、↓：≦-2% *2 Including “Other” 4. Assumptions for FY2026 Forecast (1) 6 *2
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7 Revenue Adj operating profit Adj OP margin YoY Revenue YoY Adj operating profit YoY *1 Adj OP margin YoY Adj operating profit YoY *1 Adj OP margin YoY Adj OP margin vs Feb. forecast 416.8 82.1 19.7% +HSD Flat ↘ +DD +HSD → Slightly above Malaysia Grp. Singapore Grp. Thailand Grp. +MSD ↘ +MSD ↘ Slightly above PT Nipsea (Indonesia) 65.9 22.2 33.7% +HSD +HSD → +HSD +DD → Inline Betek Boya (Türkiye) 94.8 16.2 17.1% +DD -MSD ↓ +DD +DD ↗ Above 405.2 45.3 11.2% +MSD +MSD → +MSD +HSD → Slightly above DGL (Pacific) 251.2 35.5 14.1% +MSD +LSD → +MSD +MSD → Slightly above DGL (Europe) 153.9 9.8 6.4% +MSD +DD → +LSD +DD → Inline 119.0 7.0 5.9% +MSD +HSD → +LSD -LSD → Slightly below Automotive 44.5 +LSD Flat Decorative 72.3 +MSD +LSD AOC 157.3 55.8 35.5% +LSD +MSD → +LSD +MSD → FlatSegment total FY2026 forecast (In local currency) (bn yen) Americas Segment total FY2025 results Feb. forecast Latest forecast YoY Revenue DuluxGroup Segment total NIPSEA Except China Segment total (Billion yen) *1 ↑：≧+2%、 ：+1%～2%、→：-1%～+1%、 ：-1%～ｰ2%、↓：≦-2% *2 The 2025 results reflect 10-month earnings *3 Following the finalization of PPA, retrospective adjustments have been made (unaudited pro forma figures) 4. Assumptions for FY2026 Forecast (2) To AOC ① Our February forecast was “+MSD.” Can we keep the “+MSD” outlook unchanged? 7 *3*2 *3
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8 5. Market & Business Environment Strong Weak Japan NIPSEA China DGL (Pacific) DGL (Europe) Americas AOC FY2026 2Q Automotive (Adjacencies) Decorative TUC TUB ■ Market (YoY) ■Business (vs. Market)* Outperform Inline Underperform *Internal estimates FY2026 3Q (outlook) Automotive (Adjacencies) Decorative TUC TUB FY2026 (outlook) Automotive (Adjacencies) Decorative TUC TUB To NIPSEA ①Could you share your market growth rate forecast for 1Q, 2Q, and FY2026 full-year? To DGL ①Could you share your market growth rate forecast for 1Q, 2Q, and FY2026 full-year? To DE ①Could you check market color for 1Q, 2Q, and FY2026 full-year? ②Could you share your market growth rate forecast for 1Q, 2Q, and FY2026 full-year? ③For 1Q, please review the market share arrow based on the comparison between market growth and Dunn- Edwards’s growth (+5.5%). TO NIPSEA ①The FY2026 2Q auto market growth was -3% and the color was changed to green accordingly.
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9 FY2025 2Q FY2026 2Q YoY Overview Japan Revenue 52.3 61.6 +17.9% Higher revenue, driven by decorative segment growth from higher sales of high-durability architectural and structural products, along with higher sales in the industrial and automotive segments driven by volume growth Adj OP 5.4 8.9 +65.0% Higher profit on higher revenue, supported by improved RMCC ratio and SG&A cost control NIPSEA China Revenue 117.7 129.1 +9.7% Higher revenue with favorable FX more than offsetting the impact of continued weakness in China‘s property market and subdued consumer and market sentiment Adj OP 18.7 18.7 -0.1% Profit was unchanged, with cost efficiencies from an improved SG&A ratio offset by higher RMCC ratio NIPSEA Except China Revenue 98.8 124.9 +26.4% Revenue is up, supported by growth from Malaysia Group, Singapore Group, Thailand Group, Betek Boya, PT Nipsea, and India Adj OP*1 17.9 27.4 +53.1% Profit is higher due to higher revenue and a better RMCC ratio and ongoing streamlining efforts DGL (Pacific) Revenue 57.1 73.7 +29.2% Higher revenue in a challenging market environment, with share gains in specialty coatings and a favorable FX impact Adj OP 7.5 10.7 +42.9% Profit higher driven by increased revenue and a favorable FX impact DGL (Europe)*2 Revenue 41.7 50.1 +19.9% Revenue higher due to slightly stronger markets and share gains in Central and Southern Europe, with France market relatively flat Adj OP 4.6 5.0 +9.6% Profit higher driven by revenue growth in Southern and Central Europe and favorable FX impact Americas Revenue 31.1 34.9 +12.2% Revenue was higher despite the impact of market conditions, driven by market share gains resulting from new account acquisitions in the automotive business and favorable FX movements Adj OP 3.0 3.2 +8.5% Profit was higher due to higher revenue and improved RMCC ratio AOC Revenue 48.0 59.1 +23.0% Revenue increased significantly, despite continued challenging macro economic environment, driven primarily by favorable impact of foreign currency translation, higher pricing in response to higher input costs, and an increase in sales volume Adj OP 17.1*3 21.5 +26.0% Operating profit increased due to revenue growth, improvement in RMCC ratio and favorable regional mix 6. Summary of Operating Results in Major Segments (Billion yen) *1 Excludes adjustments for unrealized profit on inventory from intersegment transactions or similar items. The total for the NIPSEA segment does not equal the combined totals of NIPSEA China and NIPSEA Except China *2 Business transformation costs of ¥7.0 bn was recorded for the Cromology Group; not included in the calculation of adjusted operating profit *3 Retrospective adjustments have been made following the finalization of PPA TO NIPSEA ① Overall revenue in NIPSEA China increased. I have revised the commentary, so please check it. ② I revised the commentary on adjusted operating profit by adding “ P rofit is flat , ” so please check it. TO NIPSEA ①Regarding NIPSEA Except China, Alina’s growth was minus in foreign currency basis. Therefore, we removed Alina and instead included Malaysia. Please review. To DGL Business transformation cost in the note has been revised to ¥7.0 bn. Please review.
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7. Major Topics (1) Buyback of European Automotive Business from WuthelamGroup (Announced August 7) Overview ▶ Buyback of the European automotive coatings business, whose transfer to Wuthelam Group was both announced and executed in August 2021 ▶ As a result of this buyback, Wuthelam Group no longer directly holds any Nippon Paint Group businesses ▶ Acquisition price: c. EUR 47 million (c. JPY 8.5 billion) ▶ Closing: October 2026 (scheduled) ▶ Established a special committee consisting of three Independent Directors and reviewed the transaction from the perspective of protection of minority shareholders’ interests and MSV ▶ A third-party valuation firm was commissioned to assess the equity value of the Target Company Group, and the acquisition price was determined based on their valuation ▶ Chairman Goh did not participate in the Board’s deliberation and resolution for this transaction ▶ For the initial year, earnings for the three-month period from October to December 2026 are expected to be consolidated ▶ Projected performance for the initial year (for three months): Revenue of c. JPY 4.0 billion, After-tax profit of c. JPY 12 million Acquisition price and schedule Reviewing process Financial impact Background ▶ As a result of restructuring initiatives including reorganization conducted under Wuthelam Group, performance of the business has recovered to a certain level since the time of the equity transfer ▶ The decision to repurchase at this time was deemed optimal from the perspective of MSV, in order to accelerate the Group’s global initiatives in the automotive coatings business * EUR/JPY=181.4
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11 Integrated Report 2026 (https://www.nipponpaint-holdings.com/en/ir/library/annual_report/) Presentation Material for the Integrated Report 2026 Briefing (held on July 16) (https://www.nipponpaint-holdings.com/en/ir/library/materials/20260716_file/) 7. Major Topics (2) Integrated Report 2026 (Released June 30) • The Report was planned, structured, and edited around the key questions most frequently raised by investors to present more clearly where the MSV Journey stands today and the key discussion points going forward • Throughout each section, we set out our perspective on these questions together with their initiatives we are undertaking to address them • On July 16, we held our fourth Integrated Report Briefing, highlighting key sections that we particularly encourage investors to read
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12 The Award for Distinguished Service/Encouragement at the 42nd Corporate Public Relations Awards (Announced July 30) • Received the Award for Distinguished Service and Encouragement in Corporate Public Relations at the 42nd Corporate Public Relations Award, organized by the Japan Institute of Social and Economic Affairs (JISEA) • This award honors PR professionals and teams that have made a significant contribution to the development of corporate public relations or have demonstrated originality in their corporate communications activities • Through public relations activities, we will continue to strengthen trust with stakeholders, while fostering employees’ understanding of and pride in the Company, and thereby further enhancing engagement For further details, please refer to the press release (https://www.nipponpaint-holdings.com/en/news_release/20260730_01/) 7. Major Topics (3) Reorganization of Japan Group consolidated subsidiaries (Announced July 23) • Nippon Paint Surf Chemicals’ (NPSU) operations will be split and integrated into Nippon Paint Automotive Coatings (NPAC) and Nippon Paint Industrial Coatings (NPIU) • Transition to a structure that enables the Group to provide surface treatment and coating products through an integrated framework • The aim is to strengthen the Group’s product development and technical service capabilities while enhancing competitiveness and customer satisfaction Outline of the Reorganization (1) Effective date January 1, 2027 (2) Overview NPSU will transfer its automotive surface treatment agent functions, excluding production, to NPAC, and merge its general industrial surface treatment agent business and all production functions into NPIU, after which NPSU will be dissolved
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Supplemental Material 1. FY2026 2Q Results: Highlights … P.14 2. FY2026 2Q Results: By Segment … P.17 3. FY2026 1H Results … P.27 (Appendix) Reference Data
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14 1. FY2026 2Q Results: Highlights
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15 FY2022 FY2023 FY2024 FY2025 FY2026 2Q 2Q 2Q 2Q 2Q Revenue 337.0 362.7 432.8 446.7 533.4 19.4% 12.2% Adj operating profit 35.5 50.8 54.4 72.8 94.9 30.4% 27.8% Adj OP margin 10.5% 14.0% 12.6% 16.3% 17.8% 150bps - Adj profit*1 26.7 37.3 39.8 52.5 68.3 30.1% 26.5% FY2025 vs FY2026 2Q YoY (%) FY2022-FY2026 2Q CAGR (%) 1-1. Highlights (Consolidated) (Billion yen) *1 Adjusted profit attributable to owners of parent *2 Products within the Paint and Coatings Business that have significantly different unit prices and volumes compared to paint products, such as semi-finished products and fine chemicals, are disclosed separately from volume and price/mix data in the above graph to provide more accurate information <Revenue> ◼ Revenue increased by +19.4%, driven by sales volume growth, an improved product/mix, and favorable FX movements ◼ Higher revenue in Japan and NIPSEA Except China, supported by volume growth and price revisions ◼ Automotive revenue increased in NIPSEA China, the Americas, and other regions, outpacing market growth in each region <Adjusted operating profit> Adjusted operating profit increased sharply by 30.4%, driven by higher revenue and improved RMCC ratio Major reasons for changes Paint and Coatings Business *2 +19.4% (+86.7) Adjusted OP change +30.4% (+22.1) Operating Profit Revenue (Billion yen) (Billion yen)
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16 FY2022 FY2023 FY2024 FY2025 FY2026 2Q 2Q 2Q 2Q 2Q Revenue 45.7 50.3 50.8 52.3 61.6 17.9% 7.8% Adj operating profit 2.3 5.3 5.4 5.4 8.9 65.0% 40.6% Revenue 186.5 194.9 242.0 216.5 254.0 17.3% 8.0% Adj operating profit 21.7 31.0 33.4 36.3 46.1 26.8% 20.7% Revenue 79.1 89.0 105.4 98.8 123.8 25.3% 11.8% Adj operating profit 9.9 12.3 12.6 12.1 15.8 30.2% 12.3% Revenue 25.7 28.5 34.6 31.1 34.9 12.2% 7.9% Adj operating profit 2.5 2.8 3.8 3.0 3.2 8.5% 6.8% Revenue - - - 48.0 59.1 23.0% - Adj operating profit - - - 17.1 21.5 26.0% - Revenue - - - - - - - Adj operating profit -0.8 -0.7 -0.8 -1.1 -0.6 - - Revenue 337.0 362.7 432.8 446.7 533.4 19.4% 12.2% Adj operating profit 35.5 50.8 54.4 72.8 94.9 30.4% 27.8% Japan FY2025 vs FY2026 2Q YoY (%) FY2022-FY2026 2Q CAGR (%) NIPSEA Americas AOC Total DuluxGroup Adjustments 1-2. Highlights (by Segment) (Billion yen) 16
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17 2. FY2026 2Q Results: By Segment
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18 FY2022 FY2023 FY2024 FY2025 FY2026 2Q 2Q 2Q 2Q 2Q Automotive coatings 7.4 10.0 9.2 9.3 10.1 7.9% 8.1% Decorative paints 12.8 12.7 13.0 12.3 15.6 26.3% 5.1% Industrial coatings 10.2 9.8 10.0 9.8 11.9 22.3% 3.9% Fine chemicals 2.3 2.2 2.3 2.0 2.2 8.0% -1.0% Others*1 13.0 15.6 16.4 18.8 21.8 16.1% 13.8% Total 45.7 50.3 50.8 52.3 61.6 17.9% 7.8% Adj operating profit 2.3 5.3 5.4 5.4 8.9 65.0% 40.6% 5.0% 10.6% 10.6% 10.4% 14.5% 410bps - FY2025 vs FY2026 2Q YoY (%) Adj OP margin Revenue FY2022-FY2026 2Q CAGR (%) 2-1. Japan *1 The “Others” business includes marine business (including overseas business), auto refinish business, etc. *2 IHS Markit (Billion yen) ＜Revenue＞ ◼ Automotive: Revenue increased, driven by higher sales, supported by higher auto production (+3%*2YoY), along with product price increases and sales price revisions in response to higher procurement costs related to the Middle East situation ◼ Decorative: Revenue increased, supported by advance demand arising from Middle East-related supply concerns and stronger sales of highly durable architectural and structural products ◼ Industrial: Revenue increased, driven by higher sales volumes amid favorable market conditions ＜Adjusted operating profit＞ Higher profit on higher revenue, supported by improved RMCC and SG&A ratios Major reasons for changes Paint and Coatings FX Volumes Price/Mix +DD +LSD c.+2%
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19 FY2022 FY2023 FY2024 FY2025 FY2026 2Q 2Q 2Q 2Q 2Q Automotive coatings 10.0 12.8 14.0 14.6 18.4 26.5% 16.6% Decorative paints 104.9 109.5 128.3 96.8 103.0 6.3% -0.5% Industrial coatings 6.2 5.8 7.6 6.1 7.4 22.5% 4.6% Others*1 0.5 0.6 0.4 0.2 0.3 27.0% -13.7% Total 121.6 128.7 150.4 117.7 129.1 9.7% 1.5% Adj operating profit 11.8 16.9 18.7 18.7 18.7 -0.1% 12.1% Adj OP margin 9.7% 13.1% 12.4% 15.9% 14.5% -140bps - Revenue FY2025 vs FY2026 2Q YoY (%) FY2022-FY2026 2Q CAGR (%) 2-2. NIPSEA China ＜Revenue＞ ■ Automotive: Revenue increase due to stronger sales to Chinese automakers amid a lower automobile production (-3%*2 YoY) in China as well as favorable FX ■ Decorative: TUC revenue decline -14% on a local currency basis despite continued sales volume growth in the non-paint segments. This is due to the prolonged weakness in China's property market and subdued consumer and market sentiment. Against this challenging backdrop, TUC maintain channel discipline and refrain from inventory loading to protect dealers’ health and focusing on brand strength, and long-term business quality TUB revenue decline -9% on a local currency basis, reflecting the persistent ongoing weakness in the segment and the cautious market sentiment, which continued to weigh on customer demand ■ Industrial: Revenue was higher, driven by slightly stronger demand in the coil and general industrial coatings segment, further supported by favorable FX ＜Adjusted operating profit＞ Profit was unchanged, with cost efficiencies from an improved SG&A ratio offset by higher RMCC ratio Major reasons for changes *1 The “Others” business includes auto refinish business, etc. *2 IHS Markit Paint and Coatings FX Volumes Price/Mix -LSD (TUC: -HSD) -MSD (TUC: -HSD) c.+17% (Billion yen) TO NIPSEA ① Automotive sales increased significantly by 26.5%, but is this mainly due to strong sales by Chinese automakers? I also added favorable FX—please check it. ② Industrial sales also increased significantly by 22.5%, but was the weak market offset by favorable FX? I revised the wording—please check it. ③ I revised the commentary on adjusted operating profit by adding “ profit is flat , ” so please check it.
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20 FY2022 FY2023 FY2024 FY2025 FY2026 2Q 2Q 2Q 2Q 2Q Revenue 64.8 66.2 91.7 98.8 124.9 26.4% 17.8% Adj operating profit 9.6 14.2 14.9 17.9 27.4 53.1% 29.9% Adj OP margin 14.8% 21.4% 16.2% 18.1% 22.0% 380bps - FY2025 vs FY2026 2Q YoY (%) FY2022-FY2026 2Q CAGR (%) ＜Revenue＞ ◼ Malaysia Grp.: Revenue is higher due to growth across Malaysia, Pakistan, Bangladesh, Thailand Deco and CMI and QCP (adjacencies businesses) ◼ Singapore Grp.: Overall revenue is up due to the stronger performance in Vietnam and Myanmar ◼ Thailand Grp.: Revenue is higher with the better performance in Auto Refinish coating business segment and Automotive segment despite the decrease in the automobile production (-16%*3 YoY), and lower revenue in General Industrial Use and Coil coating business segments ◼ PT Nipsea (Indonesia)/Betek Boya (Türkiye): Please see the next page for detailed analysis ＜Adjusted operating profit＞ Profit is higher due to higher revenue and a better RMCC ratio and ongoing streamlining efforts 2-3. NIPSEA Except China*1 *1 Including earnings of PT Nipsea (Indonesia), Betek Boya (Tϋrkiye), Alina (Kazakhstan) and NPI・BNPA (India) *2 Excludes adjustments for unrealized profit on inventory from intersegment transactions or similar items. The total for the NIPSEA segment does not equal the combined totals of NIPSEA China and NIPSEA Except China *3 IHS Markit Major reasons for changes Paint and Coatings FX Volumes Price/Mix +LSD +DD c.+8% (Billion yen) *2
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21 FY2022 FY2023 FY2024 FY2025 FY2026 2Q 2Q 2Q 2Q 2Q Revenue 19.9 16.5 26.8 24.4 34.6 41.3% 14.8% Adj revenue*2 17.9 21.7 23.1 25.4 33.6 32.4% 17.1% Adj operating profit 3.0 4.9 3.5 4.6 8.7 91.1% 31.0% Adj OP margin 14.9% 29.7% 12.9% 18.6% 25.2% 660bps - Adj OP margin*3 16.6% 22.6% 15.0% 17.9% 25.9% 790bps - Betek Boya (Türkiye)*1 FY2025 vs FY2026 2Q YoY (%) FY2022-FY2026 2Q CAGR (%) FY2022 FY2023 FY2024 FY2025 FY2026 2Q 2Q 2Q 2Q 2Q Revenue 11.9 13.8 14.5 13.4 18.4 36.9% 11.4% Adj operating profit 3.1 4.4 4.6 4.1 6.0 48.1% 18.0% Adj OP margin 26.1% 32.0% 32.0% 30.4% 32.9% 250bps - PT Nipsea (Indonesia)*1 FY2025 vs FY2026 2Q YoY (%) FY2022-FY2026 2Q CAGR (%) 2-4. PT Nipsea (Indonesia) & Betek Boya (Tϋrkiye) ＜Revenue＞ ◼ PT Nipsea (Indonesia): Higher revenue from the volume growth, supported by successful marketing initiatives, and the expansion of distribution network ◼ Betek Boya (Tϋrkiye): Revenue was higher, driven by pricing adjustment flow through and higher sales of adjacencies products (ETICS) ＜Adjusted operating profit＞ ◼ PT Nipsea (Indonesia): Higher profit supported by higher revenue and an improved SG&A ratio ◼ Betek Boya (Tϋrkiye): Higher profit, due to higher revenue and improved RMCC ratio Major reasons for changes Impact of hyperinflationary accounting (Billion yen) FY2025 1Q 2Q 3Q 4Q FY Revenue c.-0.4 c.-1.0 c.+2.7 c.+4.8 c.+6.1 Operating profit c.-1.2 c.-1.5 c.-0.4 c.-0.9 c.-4.0 FY2026 1Q 2Q 3Q 4Q FY Revenue c.+0.6 c. +0.9 - - - Operating profit c.-2.0 c. -0.6 - - - Paint and coatings FX Volumes Price/Mix +DD +DD c.+4% Paint and coatings FX Volumes Price/Mix Flat +DD c.-1% *1 Elimination of intersegment transactions and similar adjustments is not applied *2 Hyperinflationary accounting are not applied *3 Calculated based on adjusted revenue (Billion yen) TO NIPSEA ①Regarding Indonesia, given the sharp increase in sales volumes and reflecting the information in the price list, the commentary has been revised to “the volume growth supported by successful marketing initiatives.” Please review. ②Regarding Türkiye, the commentary has been revised as follows: ・There was little FX impact, so the mention about it was removed. ・Based on the price list, sales campaign has been conducted but the volume was flat. So the mention is removed (do you expect the impact to arise in 3Q?) ・Sales of adjacencies products increased (Is this sales growth attributed to ETICS?), so the commentary was revised to reflect it.
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22 ＜Revenue＞ ◼ Decorative: Higher revenue in a challenging market environment, with share gains in specialty coatings and a favorable FX impact ◼ Adjacencies business: Higher revenue in a flat market environment, with growth from small scale acquisitions, price/mix benefits (offsetting input cost inflation) and a favorable FX impact ＜Adjusted operating profit＞ Profit higher driven by increased revenue and a favorable FX impact 2-5. DGL (Pacific) Major reasons for changes Paint and Coatings FX Volumes Price/Mix +LSD Flat c.+23% (Billion yen) FY2022 FY2023 FY2024 FY2025 FY2026 2Q 2Q 2Q 2Q 2Q Decorative paints 24.5 26.5 32.6 29.5 37.6 27.6% 11.3% Industrial coatings 2.3 2.4 2.8 2.7 3.7 38.9% 12.5% Adjacencies business 21.5 23.6 26.7 24.9 32.4 30.0% 10.8% Total 48.3 52.5 62.1 57.1 73.7 29.2% 11.1% 6.6 8.3 8.1 7.5 10.7 42.9% 13.0% 13.6% 15.8% 13.0% 13.1% 14.5% 140bps - Revenue Adj OP margin FY2022-FY2026 2Q CAGR (%) Adj operating profit FY2025 vs FY2026 2Q YoY (%)
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23 2-6. DGL (Europe)* ＜Revenue＞ ◼ Decorative: Revenue higher due to slightly stronger markets and share gains in Central and Southern Europe, with France market relativelyflat ◼ Adjacencies business: Revenue higher due stronger markets in Central and Southern Europe ＜Adjusted operating profit＞ Profit higher driven by revenue growth in Southern and Central Europe and favorable FX impact Major reasons for changes Paint and Coatings FX Volumes Price/Mix +MSD Flat c.+11% (Billion yen) FY2022 FY2023 FY2024 FY2025 FY2026 2Q 2Q 2Q 2Q 2Q Decorative paints 27.1 30.8 35.3 34.4 41.3 20.1% 11.0% Adjacencies business 3.6 5.6 8.0 7.4 8.8 19.3% 25.0% Total 30.7 36.5 43.2 41.7 50.1 19.9% 13.0% 3.3 4.0 4.5 4.6 5.0 9.6% 11.0% 10.8% 11.0% 10.5% 11.0% 10.1% -90bps - Revenue FY2025 vs FY2026 2Q YoY (%) FY2022-FY2026 2Q CAGR (%) Adj operating profit Adj OP margin To DGL The volume growth range has been revised. Please review along with the qualitative commentary. *Business transformation cost of ¥7.0 bn was recorded for the Cromology Group; not included in the calculation of adjusted operating profit To DGL Business transformation cost in the note has been revised to ¥7.0 bn. Please review.
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24 FY2022 FY2023 FY2024 FY2025 FY2026 2Q 2Q 2Q 2Q 2Q Automotive coatings 7.6 9.9 12.2 11.1 13.1 18.1% 14.4% Decorative paints 17.8 18.2 21.8 19.5 21.2 8.6% 4.4% Fine chemicals 0.3 0.4 0.6 0.6 0.7 20.4% 20.8% Total 25.7 28.5 34.6 31.1 34.9 12.2% 7.9% Adj operating profit 2.5 2.8 3.8 3.0 3.2 8.5% 6.8% 9.7% 10.0% 11.0% 9.6% 9.3% -30bps - Revenue FY2025 vs FY2026 2Q YoY (%) FY2022-FY2026 2Q CAGR (%) Adj OP margin 2-7. Americas *IHS Markit ＜Revenue＞ ◼ Automotive: Revenue was higher despite a decrease in auto production in the overall Americas (-1%* YoY), due to market share expansion through new account acquisitions ◼ Decorative: Revenue was higher, due to a combination of the pass-through of price increases and favorable FX impact, despite the continued demand impact from economic uncertainty and sluggishness in the housing market ＜Adjusted operating profit＞ Higher profit due to higher revenue and improved RMCC ratio Major reasons for changes Paint and coatings FX Volumes Price/Mix Flat Flat c.+12% (Billion yen) TO DE ①Thank you for your review. We added “favorable FX impact” to the commentary. Please review.
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25 FY2022 FY2023 FY2024 FY2025 FY2026 2Q 2Q 2Q 2Q 2Q Revenue - - - 48.0 59.1 23.0% - - - - 17.1 21.5 26.0% - Adj OP margin - - - 35.5% 36.4% 90bps - FY2025 vs FY2026 2Q YoY (%) FY2022-FY2026 2Q CAGR (%) Adj operating profit Paint and coatings FX Volumes Price/Mix - - c.+12% 2-8. AOC ＜Revenue＞ Revenue increased significantly, despite continued challenging macro economic environment, driven primarily by favorable impact of foreign currency translation, higher pricing in response to higher input costs, and an increase in sales volume. Geopolitical uncertainty and the resulting commodity inflation, as well as certain other constraints on raw material availability in the Americas, resulted in higher raw material input costs, which drove pricing increases during the quarter. Although end-market conditions remained challenging, AOC benefited from maintaining continuous supply through the quarter ＜Adjusted operating profit＞ Operating profit increased due to revenue growth and an improvement in RMCC ratio. Further, volume growth in the Americas and Europe performed better than Asia Pacific and this resulted in a favorable regional mix dynamic Major reasons for changes (Billion yen) *Retrospective adjustments have been made following the finalization of PPA * To AOC Please describe the reasons and background for the significant year- on-year increase in revenue and adjusted operating profit, addressing factors such as market conditions, sales volume, and pricing.
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26 2-9. Quarterly Financial Performance Trends in Major Segments (For reference) Seasonality overview *Market-based Quarterly financial performance trend/QoQ analysis *Please refer to the (Appendix) Reference Data for the revenue and adjusted OP trend by segment FY2025 1Q FY2026 1Q FY2025 2Q FY2026 2Q Major reasons for changes (vs. previous quarter) (Billion yen) Revenue Adj OP Revenue Adj OP Revenue Adj OP Revenue Adj OP Japan 48.4 4.5 52.4 6.5 52.3 5.4 61.6 8.9 Higher profit despite a higher RMCC ratio, supported by higher sales and an improved SG&A ratio NIPSEA China 127.6 19.9 139.7 24.6 117.7 18.7 129.1 18.7 Lower profit despite an improved SG&A ratio, due to lower revenue and a higher RMCC ratio NIPSEA Except China 94.3 17.0 110.4 19.9 98.8 17.9 124.9 27.4 Higher profit primarily due to higher revenue and lower RMCC ratio PT Nipsea (Indonesia) 16.8 6.0 17.8 6.3 13.4 4.1 18.4 6.0 Lower profit despite higher revenue, due to higher RMCC and SG&A ratios Betek Boya (Tϋrkiye) 17.0 2.3 23.3 3.6 24.4 4.6 34.6 8.7 Higher profit due to higher revenue, coupled with improved RMCC and SG&A ratios DGL (Pacific) 56.0 7.7 68.5 10.0 57.1 7.5 73.7 10.7 Higher profit primarily due to higher revenue DGL (Europe) 33.8 0.6 40.1 0.6 41.7 4.6 50.1 5.0 Higher profit due to seasonally higher sales volumes Americas 28.9 1.2 30.6 1.3 31.1 3.0 34.9 3.2 Higher profit due to higher revenue and improved SG&A ratio AOC 16.8*1 6.0*1 48.5 16.1 48.0 17.1*2 59.1 21.5 Higher profit due to higher revenue and improved SG&A ratio High demand Low demand Japan Decorative 4Q > 2Q > 3Q > 1Q Demand tends to be lower in 1Q due to the deepening cold and in 3Q due to more intensely hot days that will slow construction projects NIPSEA China TUC 3Q > 2Q > 1Q > 4Q Demand tends to be lower in 1Q (due to CNY festive holidays) and 4Q (colder weather in winter) TUB 3Q ≒ 2Q > 4Q > 1Q Demand tends to be lower in 1Q (due to CNY festive holidays) and 4Q (colder weather in winter) NIPSEA Except China PT Nipsea (Indonesia) 1Q > 4Q > 3Q > 2Q Demand tends to be lower in 2Q due to Hari Raya Idul Fitri, a national holiday, creating some demand surge in 1Q Betek Boya (Tϋrkiye) 3Q > 2Q > 4Q > 1Q Demand tends to be higher in 2Q and 3Q due to favorable weather NPI (India) 2Q ≒ 4Q > 3Q > 1Q Demand tends to be higher in 2Q due to favorable weather (summer) and 4Q due to Diwali festive season DGL (Pacific) Decorative 3Q ≒ 4Q > 1Q ≒ 2Q Demand tends to be higher in 3Q and 4Q due to spring/summer season DGL (Europe) Decorative 2Q > 3Q > 1Q > 4Q Demand tends to be lower in 1Q and 4Q due to winter season Americas Decorative 2Q > 3Q > 4Q or 1Q Demand is highest in 2Q and 3Q due to favorable weather. 4Q and 1Q often have the most rain impact AOC Adjacencies 2Q > 3Q > 1Q > 4Q Demand tends to be lowest in 4Q due to Americas and Europe holidays; 1Q impacted by CNY festive holidays *1 FY2025 1Q figures reflect 10-month earnings *2 Reflects retrospective adjustments following the finalization of PPA To DE ①Profit was higher QonQ. Please kindly add a commentary to explain factors for profit growth. TO DE ①This page is for QonQ analysis. Could you review the commentary focusing on adjusted operating profit?
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27 3. FY2026 1H Results
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28 FY2022 FY2023 FY2024 FY2025 FY2026 1H 1H 1H 1H 1H Revenue 622.0 692.9 817.1 852.4 1,023.7 20.1% 13.3% Adj operating profit 63.1 88.7 101.1 128.7 172.4 34.0% 28.6% Adj OP margin 10.1% 12.8% 12.4% 15.1% 16.8% 170bps - Adj profit*1 47.5 66.4 74.9 96.5 125.3 29.9% 27.5% FY2022-FY2026 1H CAGR (%) FY2025 vs FY2026 1H YoY (%) 3-1. Highlights (Consolidated) (Billion yen) *1 Adjusted profit attributable to owners of parent *2 Products within the Paint and Coatings Business that have significantly different unit prices and volumes compared to paint products, such as semi- finished products and fine chemicals, are disclosed separately from volume and price/mix data in the above graph to provide more accurate information Paint and Coatings Business *2 +20.1% (+171.3) Adjusted OP change +30.4% (+43.7) Operating Profit Revenue (Billion yen) (Billion yen)
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29 FY2022 FY2023 FY2024 FY2025 FY2026 1H 1H 1H 1H 1H Revenue 87.5 97.3 97.3 100.6 114.1 13.3% 6.9% Adj operating profit 3.1 8.0 9.2 9.9 15.4 55.4% 49.3% Revenue 340.1 372.9 458.3 438.4 504.2 15.0% 10.3% Adj operating profit 40.6 57.8 67.6 73.2 90.6 23.7% 22.2% Revenue 147.1 170.7 198.5 188.6 232.4 23.2% 12.1% Adj operating profit 17.8 20.5 20.9 20.4 26.4 29.2% 10.4% Revenue 47.4 52.0 63.1 60.0 65.5 9.1% 8.4% Adj operating profit 3.5 3.7 5.2 4.2 4.5 7.3% 6.6% Revenue - - - 64.8 107.6 66.2% - Adj operating profit - - - 23.0 37.6 63.1% - Revenue - - - - - - - Adj operating profit -1.9 -1.3 -1.7 -2.1 -2.0 - - Revenue 622.0 692.9 817.1 852.4 1,023.7 20.1% 13.3% Adj operating profit 63.1 88.7 101.1 128.7 172.4 34.0% 28.6% NIPSEA FY2025 vs FY2026 1H YoY (%) Japan FY2022-FY2026 1H CAGR (%) DuluxGroup Americas AOC Total Adjustments 3-2. Highlights (by Segment) 29 (Billion yen) *The 2025 1H results reflect 4-month earnings *
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30 FY2022 FY2023 FY2024 FY2025 FY2026 1H 1H 1H 1H 1H Automotive coatings 21.0 22.4 26.1 26.8 35.0 30.5% 13.6% Decorative paints 184.2 202.7 240.6 206.1 219.7 6.6% 4.5% Industrial coatings 11.6 11.0 13.0 11.8 13.6 14.9% 4.1% Others*2 1.2 1.0 0.9 0.5 0.5 2.2% -17.5% Total 217.9 237.2 280.6 245.3 268.8 9.6% 5.4% Adj operating profit 20.7 31.7 36.6 38.6 43.3 12.3% 20.2% Adj OP margin 9.5% 13.4% 13.0% 15.7% 16.1% 40bps - Revenue FY2025 vs FY2026 1H YoY (%) FY2022-FY2026 1H CAGR (%) FY2022 FY2023 FY2024 FY2025 FY2026 1H 1H 1H 1H 1H Automotive coatings 16.0 20.4 18.5 19.7 20.2 2.4% 5.9% Decorative paints 23.2 23.8 23.7 23.1 27.8 20.0% 4.6% Industrial coatings 19.3 19.1 19.3 19.5 22.2 13.7% 3.5% Fine chemicals 4.2 4.2 4.4 4.1 4.3 3.7% 0.1% Others*1 24.7 29.8 31.4 34.2 39.7 16.1% 12.6% Total 87.5 97.3 97.3 100.6 114.1 13.3% 6.9% Adj operating profit 3.1 8.0 9.2 9.9 15.4 55.4% 49.3% 3.5% 8.2% 9.4% 9.8% 13.5% 370bps -Adj OP margin Revenue FY2025 vs FY2026 1H YoY (%) FY2022-FY2026 1H CAGR (%) 3-3. Japan & NIPSEA China *1 The “Others” business includes marine business (including overseas business), auto refinish business, etc. *2 The “Others” business includes auto refinish business, etc. (Billion yen) Japan NIPSEA China
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31 FY2022 FY2023 FY2024 FY2025 FY2026 1H 1H 1H 1H 1H Revenue 33.5 33.4 49.6 41.4 57.8 39.7% 14.6% Adj revenue*4 30.4 38.4 45.7 42.7 56.3 31.7% 16.6% Adj operating profit 4.9 6.5 7.2 6.9 12.3 79.6% 26.1% Adj OP margin 14.6% 19.4% 14.6% 16.6% 21.3% 470bps - Adj OP margin*5 16.0% 16.9% 15.8% 16.1% 21.9% 580bps - FY2022-FY2026 1H CAGR (%) FY2025 vs FY2026 1H YoY (%) FY2022 FY2023 FY2024 FY2025 FY2026 1H 1H 1H 1H 1H Revenue 122.2 135.7 177.6 193.1 235.4 21.9% 17.8% Adj operating profit 19.7 26.1 31.1 34.9 47.3 35.4% 24.5% Adj OP margin 16.1% 19.2% 17.5% 18.1% 20.1% 200bps - FY2025 vs FY2026 1H YoY (%) FY2022-FY2026 1H CAGR (%) FY2022 FY2023 FY2024 FY2025 FY2026 1H 1H 1H 1H 1H Revenue 25.1 30.1 31.1 30.2 36.1 19.5% 9.6% Adj operating profit 7.2 9.9 10.2 10.1 12.3 22.2% 14.4% Adj OP margin 28.6% 32.9% 32.9% 33.3% 34.0% 80bps - FY2022-FY2026 1H CAGR (%) FY2025 vs FY2026 1H YoY (%) 3-4. NIPSEA Except China & PT Nipsea (Indonesia) & Betek Boya (Türkiye) *1 Excludes adjustments for unrealized profit on inventory from intersegment transactions or similar items. The total for the NIPSEA segment does not equal the combined totals of NIPSEA China and NIPSEA Except China *2 Elimination of intersegment transactions and related items has not been applied *3 Impact of hyperinflationary accounting (FY2025 1H: Revenue c. -¥1.3 bn, Operating profit c. -¥2.8 bn; FY2026 1H: Revenue c.+¥1.5 bn, Operating profit c.-¥2.6 bn) *4 Hyperinflationary accounting has not been applied *5 Calculated based on adjusted revenue Betek Boya (Türkiye) PT Nipsea (Indonesia) NIPSEA Except China *Including earnings of PT Nipsea (Indonesia), Betek Boya (Türkiye), Alina (Kazakhstan) and NPI・BNPA (India) (Billion yen) *1 *2 *2 *3
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32 3-5. DGL (Pacific) & DGL (Europe) DGL (Europe) DGL (Pacific) (Billion yen) *Business transformation costs of ¥7.3 bn was recorded for the 1H (cumulative) for the Cromology Group; not included in the calculation of adjusted operating profit * FY2022 FY2023 FY2024 FY2025 FY2026 1H 1H 1H 1H 1H Decorative paints 47.8 57.2 64.1 62.3 74.9 20.1% 11.9% Adjacencies business 6.3 10.3 15.0 13.2 15.2 15.3% 24.7% Total 54.1 67.5 79.1 75.6 90.1 19.3% 13.6% 4.6 5.5 5.7 5.2 5.7 9.1% 5.5% 8.5% 8.1% 7.3% 6.9% 6.3% -60bps - Adj operating profit Revenue FY2025 vs FY2026 1H YoY (%) FY2022-FY2026 1H CAGR (%) Adj OP margin FY2022 FY2023 FY2024 FY2025 FY2026 1H 1H 1H 1H 1H Decorative paints 48.2 53.3 62.7 59.7 73.8 23.7% 11.3% Industrial coatings 4.2 4.4 5.3 5.0 6.8 35.3% 12.5% Adjacencies business 40.6 45.5 51.4 48.4 61.7 27.4% 11.0% Total 93.0 103.2 119.4 113.1 142.2 25.8% 11.2% 13.2 15.0 15.1 15.2 20.7 36.1% 11.9% 14.2% 14.5% 12.7% 13.5% 14.6% 110bps -Adj OP margin Adj operating profit Revenue FY2025 vs FY2026 1H YoY (%) FY2022-FY2026 1H CAGR (%) To DGL Business transformation cost for 1H (cumulative) in the note has been revised to ¥7.3 bn. Please review
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33 FY2022 FY2023 FY2024 FY2025 FY2026 1H 1H 1H 1H 1H Revenue - - - 64.8 107.6 66.2% - - - - 23.0 37.6 63.1% - Adj OP margin - - - 35.6% 34.9% -70bps - FY2022-FY2025 1H CAGR (%) Adj operating profit FY2025 vs FY2026 1H YoY (%) FY2022 FY2023 FY2024 FY2025 FY2026 1H 1H 1H 1H 1H Automotive coatings 14.6 19.1 23.9 22.5 25.2 11.8% 14.6% Decorative paints 32.1 32.1 37.9 36.4 39.0 7.1% 5.0% Fine chemicals 0.7 0.8 1.2 1.1 1.3 16.9% 17.2% Total 47.4 52.0 63.1 60.0 65.5 9.1% 8.4% Adj operating profit 3.5 3.7 5.2 4.2 4.5 7.3% 6.6% 7.4% 7.2% 8.2% 7.0% 6.9% -10bps - Revenue FY2025 vs FY2026 1H YoY (%) FY2022-FY2026 1H CAGR (%) Adj OP margin 3-6. Americas & AOC Americas AOC (Billion yen) *1 *1 The 2025 results reflect four-month earnings *2 Retrospective adjustments have been made following the finalization of PPA *2
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34 The forward-looking statements in this document are based on information available at the time of preparation and involve inherent risks and uncertainties. Accordingly, the actual results and performance of Nippon Paint Holdings Co., Ltd. and the Nippon Paint Holdings Group may differ significantly from the forward-looking statements. Please be advised that Nippon Paint Holdings Co., Ltd. and information providers shall not be responsible for any damage suffered by any person relying on any information of statements contained herein. NIPPON PAINT HOLDINGS CO., LTD. Investor Relations Email: ir_kouhou@nipponpaint.jp *DuluxGroup Limited owns the Dulux trade mark in Australia, New Zealand, Papua New Guinea, Samoa and Fiji only, and the Cabot’s trade mark in Australia, New Zealand, Papua New Guinea and Fiji only. DuluxGroup is not associated with, and has no connection to, the owners of the Dulux and Cabot’s trade marks in any other countries, nor does it sell Dulux and Cabot’s products in any other countries. 34
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FY2026 2Q Financial Results Presentation Material Reference Data August 7, 2026 Nippon Paint Holdings Co., Ltd. 1. Historical Performance Trends 2 2. Trends in Consolidated Financial Results and Key Financial Data 4 3. Revenue & Operating Profit Transition by Segment 5 4. Revenue & Operating Profit Contribution from DuluxGroup, Betek Boya, PT Nipsea, Alina, NPI, BNPA and AOC 7 5. Summary of Historical Adjustments 9 *For the market data of each region, please see the "Global Market Data" page on our IR website. ▶Global Market Data https://www.nipponpaint-holdings.com/en/ir/results/market/region ーContentsー 1 FY2026 2Q Financial Results Presentation Material Reference Data
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1. Historical Performance Trends 【Historical Consolidated Profit & Loss Data】 (Billion yen) FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025 FY2018-FY2025 Full Year Full Year Full Year Full Year Full Year Full Year Full Year Full Year CAGR 627.7 692.0 772.6 998.3 1,309.0 1,442.6 1,638.7 1,774.2 16.0% 242.2 275.6 321.2 378.3 487.5 576.1 657.4 750.2 17.5% 38.6% 39.8% 41.6% 37.9% 37.2% 39.9% 40.1% 42.3% - 86.6 96.2 92.8 101.7 141.5 182.2 200.7 278.1 18.1% 13.8% 13.9% 12.0% 10.2% 10.8% 12.6% 12.2% 15.7% - 45.0 49.1 48.9 79.7 107.0 135.8 142.7 204.1 24.1% 28.1 30.6 30.5 34.7 45.6 57.8 60.7 87.0 17.5% 28.3 22.9 28.5 29.0 33.8 50.4 53.6 76.7 15.3% 【Historical Organic and Inorganic Growth Data】 (Billion yen) FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025 FY2018-FY2025 Full Year Full Year Full Year Full Year Full Year Full Year Full Year Full Year Average 86.6 96.2 92.8 101.7 141.5 182.2 200.7 278.1 - 86.6 87.6 79.2 87.6 133.1 180.9 194.0 220.0 - - 8.6 13.6 14.0 8.4 1.3 6.7 58.2 - - 11.1% -3.5% 9.5% 39.1% 28.8% 10.1% 38.6% 19.1% - 1.1% -17.7% -5.6% 30.9% 27.9% 6.4% 9.6% 7.5% - 10.0% 14.2% 15.1% 8.2% 0.9% 3.7% 29.0% 11.6% 【Historical Profit & Loss Data by Segment】 (Billion yen) FY2022 FY2023 FY2024 FY2025 FY2022-FY2025 Full Year Full Year Full Year Full Year CAGR Revenue 186.1 201.5 203.1 205.4 3.3% Adj operating profit 8.2 19.4 20.0 22.0 39.0% Adj OP margin 4.4% 9.7% 9.9% 10.7% - Revenue 708.5 771.5 914.4 887.5 7.8% Adj operating profit 96.2 117.7 131.1 151.5 16.3% Adj OP margin 13.6% 15.3% 14.3% 17.1% - *1 Adjusted profit attributable to owners of parent *2 Profit from businesses acquired and consolidated within the last 12 months Adj operating profit Adj OP margin Adj profit※1 Adj EPS (yen) EPS (yen) Revenue Gross profit Gross profit margin NIPSEA*3 Adj operating profit Total adj growth rate Adj organic operating profit Adj organic operating profit contribution Adj operating profit from M&A*2 Adj operating profit contribution from M&A Japan *3 Hyperinflationary accounting has been applied to Turkish subsidiaries since FY2022 2Q. Figures from FY2022 onward reflect this application. Following the finalization of PPA on NPI and BNPA, the earnings in each quarter of FY2024 have been adjusted retrospectively 2 FY2026 2Q Financial Results Presentation Material Reference Data
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1. Historical Performance Trends (Billion yen) FY2022*3 FY2023 FY2024*4 FY2025 FY2022-FY2025 Full Year Full Year Full Year Full Year CAGR Revenue 450.7 482.7 545.2 470.7 1.5% Adj operating profit 51.3 61.7 63.3 69.2 10.5% Adj OP margin 11.4% 12.8% 11.6% 14.7% - Revenue 257.8 288.8 369.2 416.8 17.4% Adj operating profit 45.0 56.2 67.9 82.1 22.2% Adj OP margin 17.5% 19.4% 18.4% 19.7% - Revenue 70.3 75.1 95.0 94.8 10.5% Adj operating profit 11.6 12.9 14.1 16.2 11.8% Adj OP margin 16.5% 17.2% 14.9% 17.1% - Revenue 52.3 60.9 65.0 65.9 8.0% Adj operating profit 16.3 20.2 21.8 22.2 10.9% Adj OP margin 31.1% 33.2% 33.6% 33.7% - Revenue - - 25.8 24.3 - Adj operating profit - - 5.0 4.9 - Adj OP margin - - 19.5% 20.2% - Revenue - - 9.0 49.4 - Adj operating profit - - 1.2 3.1 - Adj OP margin - - 13.8% 6.2% - Revenue 314.9 360.4 398.5 405.2 8.8% Adj operating profit 34.4 40.2 44.3 45.3 9.6% Adj OP margin 10.9% 11.2% 11.1% 11.2% - Revenue 203.6 222.5 248.8 251.2 7.3% Adj operating profit 27.3 31.1 34.9 35.5 9.2% Adj OP margin 13.4% 14.0% 14.0% 14.1% - Revenue 111.3 137.9 149.8 153.9 11.4% Adj operating profit 7.1 9.1 9.4 9.8 11.1% Adj OP margin 6.4% 6.6% 6.3% 6.4% - Revenue 99.5 109.2 122.7 119.0 6.1% Adj operating profit 6.5 7.7 8.4 7.0 2.7% Adj OP margin 6.5% 7.1% 6.8% 5.9% - Revenue - - - 157.3 - Adj operating profit - - - 55.8 - Adj OP margin - - - 35.5% - Revenue 1,309.0 1,442.6 1,638.7 1,774.2 10.7% Adj operating profit 141.5 182.2 200.7 278.1 25.3% Adj OP margin 10.8% 12.6% 12.2% 15.7% - NIPSEA Except China*1 *2 Betek Boya (Türkiye)*1 *5 PT Nipsea (Indonesia)*5 DGL (Europe) Americas DGL (Pacific) ■NIPSEA Segment NIPSEA China AOC *1 Figures from 2022 onwards are presented after applying hyperinflation accounting *2 Excludes adjustments for unrealized profit on inventory from intersegment transactions or similar items. The total for the NIPSEA segment does not equal the combined totals of NIPSEA China and NIPSEA Except China *3 Following the finalization of PPA for Cromology and JUB, retrospective adjustments have been made to earnings for each quarter of FY2022 *4 Following the finalization of PPA on NPI and BNPA, the earnings in each quarter of FY2024 have been adjusted retrospectively *5 Elimination of intersegment transactions and similar adjustments is not applied Alina (Kazakhstan)*5 DuluxGroup NPI・BNPA (India)*5 ■DuluxGroup Breakdown Total 3 FY2026 2Q Financial Results Presentation Material Reference Data
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2. Trends in Consolidated Financial Results and Key Financial Data <Consolidated earnings> (Billion yen) 1Q 2Q 3Q 4Q FY 1Q 2Q 3Q 4Q FY 1Q 2Q 3Q 4Q FY 1Q 2Q 330.2 362.7 393.0 356.7 1,442.6 384.3 432.8 405.6 416.0 1,638.7 405.7 446.7 465.9 455.9 1,774.2 490.3 533.4 129.9 145.2 156.1 144.9 576.1 155.3 173.8 161.6 166.7 657.4 172.6 184.2 194.4 199.1 750.2 215.0 228.2 39.3% 40.0% 39.7% 40.6% 39.9% 40.4% 40.2% 39.8% 40.1% 40.1% 42.5% 41.2% 41.7% 43.7% 42.3% 43.9% 42.8% 34.9 48.8 47.9 37.1 168.7 41.2 51.2 47.2 46.5 186.2 49.7 67.6 67.8 72.0 257.1 70.9 81.4 10.6% 13.5% 12.2% 10.4% 11.7% 10.7% 11.8% 11.6% 11.2% 11.4% 12.3% 15.1% 14.5% 15.8% 14.5% 14.5% 15.3% 37.9 50.8 51.4 42.1 182.2 46.6 54.4 51.3 48.3 200.7 55.9 72.8 73.1 76.4 278.1 77.5 94.9 11.5% 14.0% 13.1% 11.8% 12.6% 12.1% 12.6% 12.7% 11.6% 12.2% 13.8% 16.3% 15.7% 16.8% 15.7% 15.8% 17.8% 25.3 35.6 32.5 25.0 118.5 29.4 35.6 31.9 29.0 125.9 35.7 48.8 45.6 49.7 179.8 51.5 53.6 29.1 37.3 39.2 30.2 135.8 35.2 39.8 35.7 32.1 142.7 44.0 52.5 50.3 57.3 204.1 57.0 68.3 <Per share information, Major indicators> As of Mar. 31 As of June 30 As of Sep. 30 As of Dec. 31 As of Mar. 31 As of June 30 As of Sep. 30 As of Dec. 31 As of Mar. 31 As of June 30 As of Sep. 30 As of Dec. 31 As of Mar. 31 As of June 30 10.8 25.9 39.8 50.4 12.5 27.7 41.3 53.6 15.2 36.0 55.4 76.7 22.2 45.3 - 6.0 - 8.0 - 7.0 - 8.0 - 8.0 - 8.0 - 8.0 48.2 50.1 50.3 50.1 49.7 51.6 50.1 51.8 40.3 40.7 42.0 44.9 45.9 46.7 598.6 549.1 536.5 484.4 554.7 572.7 574.1 471.0 1,158.0 1,124.2 1,090.1 981.5 984.8 924.2 <Capital Expenditure, Depreciation, R&D Expenses> (Billion yen) 1Q 2Q 3Q 4Q FY 1Q 2Q 3Q 4Q FY 1Q 2Q 3Q 4Q FY 1Q 2Q Property, plant and equipment 7.8 11.4 8.1 20.1 47.4 20.2 22.1 13.4 18.0 73.7 10.7 18.0 12.4 19.4 60.5 13.5 15.4 Intangible assets 1.4 0.2 0.2 0.7 2.5 0.3 0.5 0.7 0.6 2.0 0.5 0.5 0.7 0.8 2.4 0.5 0.7 Total 9.2 11.5 8.4 20.8 49.9 20.5 22.6 14.1 18.6 75.8 11.2 18.5 13.1 20.2 63.0 14.0 16.1 Property, plant and equipment 9.3 9.9 11.3 10.7 41.2 11.6 12.3 14.0 13.7 51.6 12.1 14.8 14.5 15.2 56.7 17.8 15.7 Intangible assets 2.7 2.8 2.4 3.2 11.1 2.9 3.0 2.9 3.3 12.1 3.1 2.8 3.6 3.9 13.4 3.6 3.6 Total 12.0 12.7 13.7 13.8 52.3 14.5 15.4 16.9 17.0 63.7 15.2 17.6 18.1 19.1 70.1 21.4 19.3 6.9 7.3 7.8 8.0 30.0 7.8 8.6 8.1 8.4 32.9 8.4 8.9 9.6 10.2 37.0 9.4 11.1 FY2026 FY2026 FY2026 *5 Net debt = Bonds and borrowings (current and non-current) + Other financial liabilities (current and non-current) - Cash and cash equivalents - Other financial assets (current) *2 Following the finalization of PPA on AOC, the earnings in each quarter of FY2025 have been adjusted retrospectively (the earnings for FY2025 3Q-4Q are pro forma figures) FY2025*2 FY2025*2 FY2025*2 FY2024*1 FY2024*1 FY2024*1 Capital expenditure Depreciation *3 Profit attributable to owners of parent *4 Adjusted profit attributable to owners of parent OP margin FY2023 Revenue Operating profit Gross profit Gross profit margin Adj operating profit Adj OP margin Adj profit*4 *1 Following the finalization of PPA on Alina , NPI and BNPA, the earnings in each quarter of FY2024 have been adjusted retrospectively R&D expenses Profit*3 FY2023 EPS (yen) FY2023 Dividends per share (yen) Equity attributable to owners of parent to total assets (%) Net debt (billion yen)*5 4 FY2026 2Q Financial Results Presentation Material Reference Data
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3. Revenue & Operating Profit Transition by Segment *For the trends in earnings under the former reportable segments, please see the "Data by Segment" page of our IR website. ▶Data by Segment https://www.nipponpaint-holdings.com/en/ir/results/segment/ (Billion yen) 1Q 2Q 3Q 4Q FY 1Q 2Q 3Q 4Q FY 1Q 2Q 3Q 4Q FY 1Q 2Q Automotive 10.4 10.0 10.5 11.2 42.1 9.3 9.2 10.3 10.5 39.2 10.4 9.3 9.7 10.2 39.7 10.1 10.1 Decorative 11.1 12.7 12.0 12.7 48.5 10.7 13.0 11.8 12.9 48.4 10.8 12.3 11.6 12.2 46.9 12.2 15.6 Industrial 9.3 9.8 10.1 10.5 39.7 9.2 10.0 9.9 10.3 39.5 9.8 9.8 10.0 10.6 40.1 10.3 11.9 Fine chemicals 2.0 2.2 2.4 2.3 8.9 2.1 2.3 2.3 2.4 9.1 2.1 2.0 2.0 2.1 8.3 2.1 2.2 Others*1 14.1 15.6 14.6 17.8 62.2 15.1 16.4 18.1 17.4 66.9 15.4 18.8 17.3 18.9 70.4 17.8 21.8 Revenue 47.0 50.3 49.7 54.5 201.5 46.4 50.8 52.4 53.5 203.1 48.4 52.3 50.7 54.0 205.4 52.4 61.6 Operating profit 2.6 5.3 4.5 6.7 19.2 3.7 5.3 4.9 5.5 19.4 4.4 5.5 4.4 13.8 28.1 6.0 8.4 OP margin 5.6% 10.6% 9.1% 12.2% 9.5% 8.0% 10.5% 9.3% 10.4% 9.6% 9.1% 10.5% 8.7% 25.6% 13.7% 11.5% 13.6% Adj operating profit 2.7 5.3 4.6 6.9 19.4 3.8 5.4 4.9 6.0 20.0 4.5 5.4 5.0 7.1 22.0 6.5 8.9 Adj OP margin 5.7% 10.6% 9.2% 12.6% 9.7% 8.1% 10.6% 9.3% 11.2% 9.9% 9.3% 10.4% 9.9% 13.1% 10.7% 12.3% 14.5% Decorative 53.1 57.4 57.9 58.0 226.3 58.9 67.9 62.2 62.5 251.5 58.1 63.9 66.5 69.6 258.0 69.8 78.9 Industrial 2.0 2.4 2.6 2.6 9.6 2.4 2.8 2.9 2.6 10.7 2.3 2.7 3.1 3.0 11.1 3.1 3.7 Adjacencies business 26.6 29.2 35.1 33.6 124.5 31.8 34.6 35.3 34.6 136.3 29.3 32.3 35.6 38.8 136.0 35.7 41.2 Revenue 81.7 89.0 95.5 94.2 360.4 93.1 105.4 100.4 99.7 398.5 89.8 98.8 105.2 111.3 405.2 108.6 123.8 Operating profit 7.3 11.2 9.8 6.3 34.6 7.2 11.4 11.1 10.7 40.4 7.3 11.1 10.8 5.7 34.9 9.0 7.5 OP margin 8.9% 12.6% 10.3% 6.7% 9.6% 7.7% 10.8% 11.0% 10.8% 10.1% 8.1% 11.2% 10.3% 5.2% 8.6% 8.3% 6.1% Adj operating profit 8.2 12.3 10.9 8.8 40.2 8.2 12.6 12.2 11.3 44.3 8.3 12.1 12.4 12.5 45.3 10.6 15.8 Adj OP margin 10.0% 13.8% 11.4% 9.3% 11.2% 8.8% 12.0% 12.1% 11.3% 11.1% 9.3% 12.2% 11.8% 11.2% 11.2% 9.8% 12.7% ■Breakdown of DuluxGroup*2 Decorative 26.7 26.5 29.1 31.1 113.4 30.0 32.6 31.7 35.1 129.5 30.2 29.5 32.9 37.8 130.4 36.2 37.6 Industrial 2.0 2.4 2.6 2.6 9.6 2.4 2.8 2.9 2.6 10.7 2.3 2.7 3.1 3.0 11.1 3.1 3.7 Adjacencies business 21.9 23.6 27.5 26.5 99.5 24.8 26.7 29.2 27.9 108.5 23.5 24.9 29.0 32.3 109.7 29.3 32.4 Revenue 50.7 52.5 59.2 60.2 222.5 57.3 62.1 63.8 65.6 248.8 56.0 57.1 65.0 73.2 251.2 68.5 73.7 Operating profit 6.3 7.8 7.3 7.1 28.5 6.6 7.5 8.7 10.1 33.0 7.3 7.1 7.8 11.1 33.2 9.3 10.1 OP margin 12.4% 14.9% 12.3% 11.8% 12.8% 11.6% 12.1% 13.7% 15.5% 13.3% 13.0% 12.4% 11.9% 15.2% 13.2% 13.6% 13.7% Adj operating profit 6.7 8.3 7.7 8.4 31.1 7.0 8.1 9.2 10.6 34.9 7.7 7.5 8.7 11.6 35.5 10.0 10.7 Adj OP margin 13.3% 15.8% 13.0% 13.9% 14.0% 12.3% 13.0% 14.5% 16.1% 14.0% 13.8% 13.1% 13.3% 15.9% 14.1% 14.6% 14.5% Decorative 26.4 30.8 28.8 26.9 112.9 28.9 35.3 30.5 27.4 122.0 28.0 34.4 33.5 31.4 127.3 33.6 41.3 Adjacencies business 4.7 5.6 7.6 7.1 25.0 7.0 8.0 6.1 6.7 27.7 5.8 7.4 6.7 6.8 26.6 6.4 8.8 Revenue 31.1 36.5 36.3 34.0 137.9 35.9 43.2 36.6 34.0 149.8 33.8 41.7 40.2 38.2 153.9 40.1 50.1 Operating profit 1.0 3.4 2.6 -0.8 6.1 0.6 3.9 2.3 0.6 7.4 0.0 4.0 3.1 -5.4 1.7 -0.3 -2.6 OP margin 3.2% 9.2% 7.1% -2.4% 4.4% 1.6% 9.0% 6.4% 1.7% 4.9% 0.1% 9.5% 7.7% -14.1% 1.1% -0.8% -5.2% Adj operating profit 1.5 4.0 3.3 0.4 9.1 1.2 4.5 3.0 0.7 9.4 0.6 4.6 3.8 0.8 9.8 0.6 5.0 Adj OP margin 4.8% 11.0% 8.9% 1.1% 6.6% 3.3% 10.5% 8.1% 2.1% 6.3% 1.8% 11.0% 9.3% 2.2% 6.4% 1.6% 10.1% FY2026FY2025 *1 Includes marine business (including overseas business), auto refinish business, etc. FY2024FY2023 Japan DuluxGroup DGL (Europe) DGL (Pacific) *2 Following the change in segmentation of DuluxGroup to DGL (Pacific) and DGL (Europe) beginning with FY2023 3Q, the figures for FY2023 1Q-2Q have been revised retrospectively. DGL (Europe) includes Cromology, JUB and NPT, as well as the Craig&Rose and Maison Deco businesses 5 FY2026 2Q Financial Results Presentation Material Reference Data
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3. Revenue & Operating Profit Transition by Segment *For the trends in earnings under the former reportable segments, please see the "Data by Segment" page of our IR website. ▶Data by Segment https://www.nipponpaint-holdings.com/en/ir/results/segment/ (Billion yen) 1Q 2Q 3Q 4Q FY 1Q 2Q 3Q 4Q FY 1Q 2Q 3Q 4Q FY 1Q 2Q Automotive 21.8 24.0 25.5 28.0 99.3 23.7 25.9 26.2 32.3 108.0 26.4 28.9 29.5 34.3 119.0 32.3 36.4 Decorative 132.3 146.4 162.5 127.2 568.4 164.5 183.4 168.5 162.3 678.7 165.1 154.8 167.5 144.1 631.5 183.2 176.8 Industrial 9.7 10.1 11.3 9.9 40.9 10.1 12.7 11.8 14.7 49.3 12.2 12.7 13.6 14.2 52.8 14.1 16.1 Fine chemicals 2.1 2.3 2.6 2.5 9.5 2.5 2.7 2.5 2.7 10.3 2.5 2.6 2.5 2.5 10.0 2.2 2.5 Others*1 3.7 5.1 4.9 5.1 18.8 6.4 6.6 6.4 9.7 29.1 8.0 8.1 8.3 9.3 33.6 8.5 9.4 Adjacencies business 8.4 6.9 12.3 7.0 34.6 9.0 10.7 7.4 11.6 38.8 7.7 9.4 11.2 12.1 40.5 9.8 12.9 Revenue 178.0 194.9 219.0 179.7 771.5 216.3 242.0 222.8 233.3 914.4 221.9 216.5 232.6 216.5 887.5 250.1 254.0 Operating profit 24.6 30.3 32.2 23.3 110.4 30.0 31.7 30.0 31.1 122.8 34.8 34.4 36.3 38.6 144.0 41.8 44.7 OP margin 13.8% 15.6% 14.7% 13.0% 14.3% 13.9% 13.1% 13.5% 13.3% 13.4% 15.7% 15.9% 15.6% 17.8% 16.2% 16.7% 17.6% Adj operating profit 26.8 31.0 34.5 25.5 117.7 34.2 33.4 32.8 30.8 131.1 36.9 36.3 37.6 40.7 151.5 44.5 46.1 Adj OP margin 15.0% 15.9% 15.7% 14.2% 15.3% 15.8% 13.8% 14.7% 13.2% 14.3% 16.6% 16.8% 16.2% 18.8% 17.1% 17.8% 18.1% ■Breakdown of NIPSEA Automotive 9.6 12.8 13.1 14.9 50.4 12.1 14.0 13.1 17.4 56.6 12.3 14.6 14.1 17.5 58.4 16.6 18.4 Decorative 93.2 109.5 116.6 88.8 408.2 112.3 128.3 121.5 97.5 459.7 109.3 96.8 104.3 76.3 386.7 116.8 103.0 Industrial 5.2 5.8 5.7 5.5 22.2 5.4 7.6 7.4 6.9 27.4 5.7 6.1 6.6 6.1 24.5 6.1 7.4 Others*1 0.5 0.6 0.5 0.5 2.0 0.4 0.4 0.3 0.3 1.5 0.3 0.2 0.3 0.2 1.1 0.2 0.3 Revenue 108.5 128.7 135.8 109.7 482.7 130.3 150.4 142.4 122.2 545.2 127.6 117.7 125.3 100.2 470.7 139.7 129.1 Operating profit 14.2 17.6 18.5 9.8 60.2 17.2 18.0 16.1 9.4 60.6 19.3 18.5 17.0 12.1 67.0 24.2 18.2 OP margin 13.1% 13.7% 13.6% 8.9% 12.5% 13.2% 12.0% 11.3% 7.7% 11.1% 15.1% 15.7% 13.6% 12.1% 14.2% 17.4% 14.1% Adj operating profit 14.9 16.9 19.2 10.7 61.7 17.9 18.7 16.8 9.8 63.3 19.9 18.7 17.7 12.9 69.2 24.6 18.7 Adj OP margin 13.7% 13.1% 14.1% 9.8% 12.8% 13.7% 12.4% 11.8% 8.0% 11.6% 15.6% 15.9% 14.1% 12.9% 14.7% 17.6% 14.5% Subsidy 0.3 4.3 0.6 2.1 7.2 0.5 0.6 3.7 1.5 6.3 0.4 2.1 1.0 2.8 6.3 0.3 1.2 Revenue 69.5 66.2 83.1 70.0 288.8 86.0 91.7 80.4 111.1 369.2 94.3 98.8 107.3 116.3 416.8 110.4 124.9 Operating profit 10.4 12.7 13.8 13.4 50.3 12.8 13.9 13.8 21.7 62.2 15.4 16.1 19.3 25.9 76.8 17.6 26.5 OP margin 15.0% 19.2% 16.6% 19.2% 17.4% 14.9% 15.2% 17.2% 19.5% 16.8% 16.4% 16.3% 18.0% 22.3% 18.4% 15.9% 21.2% Adj operating profit 12.0 14.2 15.4 14.7 56.2 16.2 14.9 15.9 20.9 67.9 17.0 17.9 19.9 27.3 82.1 19.9 27.4 Adj OP margin 17.2% 21.4% 18.5% 21.0% 19.4% 18.8% 16.2% 19.8% 18.8% 18.4% 18.0% 18.1% 18.5% 23.4% 19.7% 18.0% 22.0% Automotive 9.2 9.9 10.5 11.4 40.9 11.8 12.2 10.5 11.1 45.5 11.5 11.1 11.1 10.9 44.5 12.1 13.1 Decorative 13.8 18.2 17.9 16.5 66.4 16.1 21.8 19.2 17.9 75.0 16.9 19.5 18.9 17.0 72.3 17.8 21.2 Fine chemicals 0.4 0.4 0.4 0.5 1.8 0.6 0.6 0.5 0.5 2.2 0.5 0.6 0.5 0.5 2.2 0.6 0.7 Revenue 23.4 28.5 28.8 28.4 109.2 28.5 34.6 30.1 29.5 122.7 28.9 31.1 30.5 28.4 119.0 30.6 34.9 Operating profit 0.7 2.7 2.1 1.6 7.1 1.2 3.6 2.1 0.8 7.8 1.1 2.8 1.8 0.7 6.4 1.1 3.1 OP margin 3.2% 9.5% 7.2% 5.7% 6.5% 4.2% 10.5% 7.1% 2.7% 6.3% 3.7% 9.1% 5.9% 2.4% 5.4% 3.7% 8.9% Adj operating profit 0.9 2.8 2.2 1.8 7.7 1.3 3.8 2.3 1.0 8.4 1.2 3.0 2.0 0.9 7.0 1.3 3.2 Adj OP margin 3.7% 10.0% 7.6% 6.3% 7.1% 4.7% 11.0% 7.6% 3.2% 6.8% 4.2% 9.6% 6.4% 3.0% 5.9% 4.2% 9.3% Revenue 16.8 48.0 46.9 45.6 157.3 48.5 59.1 Operating profit 4.3 14.9 15.0 14.4 48.6 14.3 19.7 OP margin 25.4% 31.0% 32.1% 31.5% 30.9% 29.5% 33.4% Adj operating profit 6.0 17.1 16.7 16.1 55.8 16.1 21.5 Adj OP margin 35.6% 35.5% 35.6% 35.4% 35.5% 33.1% 36.4% Revenue - - - - - - - - - - - - - - - - - Operating profit -0.3 -0.7 -0.8 -0.8 -2.6 -0.9 -0.8 -0.8 -1.7 -4.2 -2.1 -1.1 -0.6 -1.2 -5.0 -1.4 -2.0 Adj operating profit -0.6 -0.7 -0.8 -0.8 -2.9 -0.9 -0.8 -0.8 -0.7 -3.2 -1.0 -1.1 -0.6 -0.9 -3.6 -1.4 -0.6 Revenue 330.2 362.7 393.0 356.7 1,442.6 384.3 432.8 405.6 416.0 1,638.7 405.7 446.7 465.9 455.9 1,774.2 490.3 533.4 Operating profit 34.9 48.8 47.9 37.1 168.7 41.2 51.2 47.2 46.5 186.2 49.7 67.6 67.8 72.0 257.1 70.9 81.4 OP margin 10.6% 13.5% 12.2% 10.4% 11.7% 10.7% 11.8% 11.6% 11.2% 11.4% 12.3% 15.1% 14.5% 15.8% 14.5% 14.5% 15.3% Adj operating profit 37.9 50.8 51.4 42.1 182.2 46.6 54.4 51.3 48.3 200.7 55.9 72.8 73.1 76.4 278.1 77.5 94.9 Adj OP margin 11.5% 14.0% 13.1% 11.8% 12.6% 12.1% 12.6% 12.7% 11.6% 12.2% 13.8% 16.3% 15.7% 16.8% 15.7% 15.8% 17.8% *5 Following the finalization of PPA on AOC, the figures for each quarter of FY2025 have been adjusted retrospectively (the figures for FY2025 3Q-4Q are pro forma figures) Adjustments Total *3 Excludes adjustments for unrealized profit on inventory from intersegment transactions or similar items. The total for the NIPSEA segment does not equal the combined totals of NIPSEA China and NIPSEA Except China FY2026 AOC NIPSEA Except China*2*3 Before consolidation Americas FY2023 FY2024*4 FY2025*5 NIPSEA NIPSEA China *4 Following the finalization of PPA on Alina, NPI and BNPA, the figures in each quarter of FY2024 have been adjusted retrospectively *1 Includes auto refinish business, etc. *2 Hyperinflation accounting has been applied for Turkish subsidiaries since FY2022 2Q. Figures from FY2022 onwards reflect the application of hyperinflationary accounting 6 FY2026 2Q Financial Results Presentation Material Reference Data
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4. Revenue & Operating Profit Contribution from DuluxGroup, Betek Boya, PT Nipsea, Alina, NPI, BNPA and AOC (Billion yen) 1Q 2Q 3Q 4Q FY 1Q 2Q 3Q 4Q FY 1Q 2Q 3Q 4Q FY 1Q 2Q Revenue 81.7 89.0 95.5 94.2 360.4 93.1 105.4 100.4 99.7 398.5 89.8 98.8 105.2 111.3 405.2 108.6 123.8 Operating profit 7.3 11.2 9.8 6.3 34.6 7.2 11.4 11.1 10.7 40.4 7.3 11.1 10.8 5.7 34.9 9.0 7.5 OP margin 8.9% 12.6% 10.3% 6.7% 9.6% 7.7% 10.8% 11.0% 10.8% 10.1% 8.1% 11.2% 10.3% 5.2% 8.6% 8.3% 6.1% Adj operating profit 8.2 12.3 10.9 8.8 40.2 8.2 12.6 12.2 11.3 44.3 8.3 12.1 12.4 12.5 45.3 10.6 15.8 Adj OP margin 10.0% 13.8% 11.4% 9.3% 11.2% 8.8% 12.0% 12.1% 11.3% 11.1% 9.3% 12.2% 11.8% 11.2% 11.2% 9.8% 12.7% ■Breakdown of DuluxGroup*2 Revenue 50.7 52.5 59.2 60.2 222.5 57.3 62.1 63.8 65.6 248.8 56.0 57.1 65.0 73.2 251.2 68.5 73.7 Operating profit 6.3 7.8 7.3 7.1 28.5 6.6 7.5 8.7 10.1 33.0 7.3 7.1 7.8 11.1 33.2 9.3 10.1 OP margin 12.4% 14.9% 12.3% 11.8% 12.8% 11.6% 12.1% 13.7% 15.5% 13.3% 13.0% 12.4% 11.9% 15.2% 13.2% 13.6% 13.7% Adj operating profit 6.7 8.3 7.7 8.4 31.1 7.0 8.1 9.2 10.6 34.9 7.7 7.5 8.7 11.6 35.5 10.0 10.7 Adj OP margin 13.3% 15.8% 13.0% 13.9% 14.0% 12.3% 13.0% 14.5% 16.1% 14.0% 13.8% 13.1% 13.3% 15.9% 14.1% 14.6% 14.5% Revenue 31.1 36.5 36.3 34.0 137.9 35.9 43.2 36.6 34.0 149.8 33.8 41.7 40.2 38.2 153.9 40.1 50.1 Operating profit 1.0 3.4 2.6 -0.8 6.1 0.6 3.9 2.3 0.6 7.4 0.0 4.0 3.1 -5.4 1.7 -0.3 -2.6 OP margin 3.2% 9.2% 7.1% -2.4% 4.4% 1.6% 9.0% 6.4% 1.7% 4.9% 0.1% 9.5% 7.7% -14.1% 1.1% -0.8% -5.2% Adj operating profit 1.5 4.0 3.3 0.4 9.1 1.2 4.5 3.0 0.7 9.4 0.6 4.6 3.8 0.8 9.8 0.6 5.0 Adj OP margin 4.8% 11.0% 8.9% 1.1% 6.6% 3.3% 10.5% 8.1% 2.1% 6.3% 1.8% 11.0% 9.3% 2.2% 6.4% 1.6% 10.1% FY2026*1 *1 The earnings of the above companies are on a segment basis (after elimination of intersegment transactions and after PPA). DuluxGroup was included in our consolidated earnings from September 2019, Cromology from January 2022, JUB from June 2022, NPT from July 2023 DuluxGroup DGL (Pacific) DGL (Europe) FY2025*1 *2 Following the change in segmentation of DuluxGroup to DGL (Pacific) and DGL (Europe) beginning with FY2023 3Q, the figures for FY2023 1Q-2Q have been revised retrospectively. DGL (Europe) includes Cromology, JUB and NPT, as well as the Craig&Rose and Maison Deco businesses FY2023*1 FY2024*1 7 FY2026 2Q Financial Results Presentation Material Reference Data
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4. Revenue & Operating Profit Contribution from DuluxGroup, Betek Boya, PT Nipsea, Alina, NPI, BNPA and AOC (Billion yen) 1Q 2Q 3Q 4Q FY 1Q 2Q 3Q 4Q FY 1Q 2Q 3Q 4Q FY 1Q 2Q Revenue 16.9 16.5 29.5 12.2 75.1 22.8 26.8 13.7 31.7 95.0 17.0 24.4 26.9 26.5 94.8 23.3 34.6 Operating profit 0.2 3.7 3.1 0.9 7.8 2.0 2.8 0.7 5.5 11.0 1.0 3.1 3.9 4.3 12.3 1.6 8.1 OP margin 1.2% 22.2% 10.6% 7.1% 10.4% 8.7% 10.4% 5.2% 17.4% 11.6% 6.2% 12.6% 14.5% 16.1% 13.0% 6.9% 23.4% Adj operating profit 1.6 4.9 4.5 1.9 12.9 3.8 3.5 2.4 4.5 14.1 2.3 4.6 4.3 5.1 16.2 3.6 8.7 Adj OP margin 9.2% 29.7% 15.2% 15.8% 17.2% 16.6% 12.9% 17.9% 14.1% 14.9% 13.7% 18.6% 15.9% 19.2% 17.1% 15.6% 25.2% Revenue 16.3 13.8 14.7 16.1 60.9 16.6 14.5 15.7 18.2 65.0 16.8 13.4 15.8 19.9 65.9 17.8 18.4 Operating profit 5.4 4.4 4.7 5.5 19.9 5.5 4.6 4.8 6.7 21.5 5.9 4.0 4.8 7.3 22.0 6.2 6.0 OP margin 33.3% 31.5% 31.9% 34.1% 32.8% 33.3% 31.5% 30.3% 36.8% 33.2% 35.2% 29.9% 30.6% 36.5% 33.4% 34.8% 32.5% Adj operating profit 5.5 4.4 4.8 5.6 20.2 5.6 4.6 4.8 6.8 21.8 6.0 4.1 4.9 7.3 22.2 6.3 6.0 Adj OP margin 33.7% 32.0% 32.3% 34.5% 33.2% 33.7% 32.0% 30.7% 37.2% 33.6% 35.6% 30.4% 31.0% 36.6% 33.7% 35.2% 32.9% Revenue 4.7 7.5 8.4 5.3 25.8 4.7 6.1 7.4 6.0 24.3 5.5 7.1 Operating profit -0.9 0.9 2.4 1.0 3.4 0.6 1.3 1.8 0.4 4.1 0.4 0.8 OP margin -18.2% 12.0% 28.2% 19.1% 13.2% 12.9% 21.3% 24.5% 6.7% 17.0% 8.0% 11.1% Adj operating profit 0.6 1.0 2.4 1.1 5.0 0.7 1.5 1.9 0.8 4.9 0.5 0.9 Adj OP margin 12.0% 13.4% 28.7% 20.1% 19.5% 14.7% 24.2% 25.4% 13.9% 20.2% 8.9% 12.3% Revenue 9.0 9.0 11.7 12.4 12.0 13.4 49.4 13.5 14.6 Operating profit 1.3 1.3 0.6 0.8 0.6 1.1 3.1 0.8 0.9 OP margin 14.1% 14.1% 5.4% 6.3% 5.0% 8.1% 6.2% 6.1% 6.2% Adj operating profit 1.2 1.2 0.6 0.7 0.6 1.1 3.1 0.8 0.9 Adj OP margin 13.8% 13.8% 5.4% 6.0% 4.8% 8.5% 6.2% 6.1% 6.2% Revenue 16.8 48.0 46.9 45.6 157.3 48.5 59.1 Operating profit 4.3 14.9 15.0 14.4 48.6 14.3 19.7 OP margin 25.4% 31.0% 32.1% 31.5% 30.9% 29.5% 33.4% Adj operating profit 6.0 17.1 16.7 16.1 55.8 16.1 21.5 Adj OP margin 35.6% 35.5% 35.6% 35.4% 35.5% 33.1% 36.4% 1Q 2Q 3Q FY 1Q 2Q 3Q FY 1Q 2Q 3Q FY 1Q 2Q JPY/USD 133.4 136.5 139.6 141.2 149.9 154.1 151.6 152.2 151.2 147.5 147.8 149.8 156.4 158.6 JPY/RMB 19.4 19.6 19.7 19.9 20.8 21.3 21.1 21.1 20.8 20.3 20.5 20.9 22.6 23.1 JPY/AUD 91.2 91.6 92.7 93.6 97.8 101.2 100.5 100.1 94.3 93.5 94.5 96.6 109.3 111.3 JPY/EUR 144.0 147.9 151.2 153.2 162.2 166.1 164.6 164.4 159.3 162.2 165.5 169.5 183.4 184.8 JPY/TRY*6 7.0 5.6 5.5 4.8 4.7 4.9 4.2 4.5 4.0 3.6 3.6 3.7 3.6 3.5 JPY/IDR 0.0089 0.0091 0.0092 0.0093 0.0095 0.0096 0.0095 0.0096 0.0092 0.0090 0.0090 0.0091 0.0093 0.0092 *5 Following the finalization of PPA on AOC, the figures for each quarter of FY2025 have been adjusted retrospectively (the figures for FY2025 3Q-4Q are pro forma) FY2026*1FY2023*1 FY2024*1 FY2025*1 *1 Betek Boya was included in our consolidated earnings from July 2019, PT Nipsea from January 2021, Alina from January 2024, NPI/BNPA from November 2024, AOC from March 2025 *6 The closing exchange rates have been used from FY2022 as a result of the application of hyperinflationary accounting in T ϋrkiye Exchange rate (average rate) *3 Applied hyperinflationary accounting for Turkish subsidiaries beginning with FY2022 2Q. Figures from FY2022 onwards reflect the application of hyperinflationary accounting *4 Following the finalization of PPA, the figures for each quarter of FY2024 have been adjusted retrospectively Before consolidation Before consolidation Alina (Kazakhstan)*2*4 Before consolidation *2 Elimination of intersegment transactions and similar adjustments is not applied AOC*5 Betek Boya (Tϋrkiye)*2*3 PT Nipsea (Indonesia)*2 NPI・BNPA (India)*2*4 8 FY2026 2Q Financial Results Presentation Material Reference Data
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5. Summary of Historical Adjustments (Billion yen) 1Q 2Q 3Q 4Q FY 1Q 2Q 3Q 4Q FY 1Q 2Q 3Q 4Q FY 1Q 2Q Operating profit 2.6 5.3 4.5 6.7 19.2 3.7 5.3 4.9 5.5 19.4 4.4 5.5 4.4 13.8 28.1 6.0 8.4 M&A-related expenses - - - - - - - - - - - - - - - - - PPA-related expenses - - - - - - - - - - - - - - - - - Impairment losses - - - -0.1 -0.1 - - - -0.0 -0.0 - - - -0.3 -0.3 - - Non-recurring provision for credit losses - - - - - - - - - - - - - - - - - Other* -0.0 -0.0 -0.0 -0.0 -0.1 -0.0 -0.1 -0.0 -0.4 -0.6 -0.1 0.1 -0.6 7.1 6.5 -0.4 -0.6 Hyperinflationary accounting - - - - - - - - - - - - - - - - - Adj operating profit 2.7 5.3 4.6 6.9 19.4 3.8 5.4 4.9 6.0 20.0 4.5 5.4 5.0 7.1 22.0 6.5 8.9 Operating profit 7.3 11.2 9.8 6.3 34.6 7.2 11.4 11.1 10.7 40.4 7.3 11.1 10.8 5.7 34.9 9.0 7.5 M&A-related expenses -0.0 -0.1 -0.0 -0.6 -0.7 -0.0 -0.0 -0.0 0.0 -0.0 -0.0 0.0 -0.1 -0.0 -0.1 - - PPA-related expenses -0.9 -0.9 -1.1 -1.0 -3.9 -1.1 -1.1 -1.1 -1.1 -4.3 -1.0 -1.0 -1.1 -1.1 -4.3 -1.2 -1.2 Impairment losses - -0.1 -0.0 -0.5 -0.6 - - -0.0 - - - - -5.5 -5.5 - -0.3 Non-recurring provision for credit losses - - - - - - - - - - - - - - - - - Other* -0.0 -0.0 0.0 -0.4 -0.4 -0.0 -0.1 -0.0 0.5 0.3 0.0 -0.0 -0.4 -0.1 -0.5 -0.4 -6.7 Hyperinflationary accounting - - - - - - - - - - - - - - - - - Adj operating profit 8.2 12.3 10.9 8.8 40.2 8.2 12.6 12.2 11.3 44.3 8.3 12.1 12.4 12.5 45.3 10.6 15.8 Operating profit 6.3 7.8 7.3 7.1 28.5 6.6 7.5 8.7 10.1 33.0 7.3 7.1 7.8 11.1 33.2 9.3 10.1 M&A-related expenses -0.0 -0.1 -0.0 -0.5 -0.5 -0.0 -0.0 -0.0 0.0 -0.0 -0.0 0.0 -0.1 -0.0 -0.1 - - PPA-related expenses -0.4 -0.4 -0.4 -0.4 -1.6 -0.4 -0.5 -0.4 -0.4 -1.7 -0.4 -0.4 -0.4 -0.4 -1.7 -0.5 -0.5 Impairment losses - - - - - - - - -0.0 -0.0 -0.0 0.0 -0.0 0.0 - - - Non-recurring provision for credit losses - - - - - - - - - - - - - - - - - Other* -0.0 -0.0 -0.0 -0.4 -0.4 -0.0 -0.1 -0.0 -0.0 -0.2 -0.0 -0.0 -0.4 -0.1 -0.5 -0.2 -0.1 Hyperinflationary accounting - - - - - - - - - - - - - - - - - Adj operating profit 6.7 8.3 7.7 8.4 31.1 7.0 8.1 9.2 10.6 34.9 7.7 7.5 8.7 11.6 35.5 10.0 10.7 Operating profit 1.0 3.4 2.6 -0.8 6.1 0.6 3.9 2.3 0.6 7.4 0.0 4.0 3.1 -5.4 1.7 -0.3 -2.6 M&A-related expenses - -0.0 -0.0 -0.1 -0.2 - - - - - -0.0 0.0 -0.0 -0.0 -0.0 - - PPA-related expenses -0.5 -0.5 -0.7 -0.6 -2.3 -0.6 -0.7 -0.6 -0.6 -2.6 -0.6 -0.6 -0.7 -0.7 -2.6 -0.7 -0.7 Impairment losses - -0.1 -0.0 -0.5 -0.6 - - -0.0 0.0 0.0 0.0 -0.0 -0.0 -5.5 -5.5 - -0.3 Non-recurring provision for credit losses - - - - - - - - - - - - - - - - - Other* 0.0 -0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.5 0.5 0.0 0.0 -0.0 -0.0 0.0 -0.2 -6.6 Hyperinflationary accounting - - - - - - - - - - - - - - - - - Adj operating profit 1.5 4.0 3.3 0.4 9.1 1.2 4.5 3.0 0.7 9.4 0.6 4.6 3.8 0.8 9.8 0.6 5.0 *Other includes gain (loss) on sale of fixed assets, settlement income, business transformation costs, etc. FY2026 ■Breakdown of DuluxGroup DGL (Pacific) DGL (Europe) DuluxGroup FY2023 FY2024 FY2025 Japan 9 FY2026 2Q Financial Results Presentation Material Reference Data
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5. Summary of Historical Adjustments (Billion yen) 1Q 2Q 3Q 4Q FY 1Q 2Q 3Q 4Q FY 1Q 2Q 3Q 4Q FY 1Q 2Q Operating profit 24.6 30.3 32.2 23.3 110.4 30.0 31.7 30.0 31.1 122.8 34.8 34.4 36.3 38.6 144.0 41.8 44.7 M&A-related expenses - - - - - - - - - - - - - - - - - PPA-related expenses -0.8 -0.8 -0.9 -0.9 -3.5 -2.3 -1.1 -0.9 -1.0 -5.4 -0.7 -0.6 -0.7 -0.8 -2.8 -0.7 -0.7 Impairment losses - - - -0.2 -0.2 - - -0.1 -0.5 -0.6 -0.8 0.0 -0.0 -0.2 -1.0 - -0.0 Non-recurring provision for credit losses - - - - - - - - - - - - - - - - - Other*1 -0.0 1.6 -0.0 -0.0 1.5 -0.1 0.0 -0.0 0.7 0.7 0.7 0.1 -0.3 -0.2 0.3 0.0 -0.1 Hyperinflationary accounting -1.3 -1.4 -1.3 -1.0 -5.2 -1.8 -0.7 -1.7 1.1 -3.1 -1.2 -1.5 -0.4 -0.9 -4.0 -2.0 -0.6 Adj operating profit 26.8 31.0 34.5 25.5 117.7 34.2 33.4 32.8 30.8 131.1 36.9 36.3 37.6 40.7 151.5 44.5 46.1 Operating profit 14.2 17.6 18.5 9.8 60.2 17.2 18.0 16.1 9.4 60.6 19.3 18.5 17.0 12.1 67.0 24.2 18.2 M&A-related expenses - - - - - - - - - - - - - - - - - PPA-related expenses -0.6 -0.6 -0.7 -0.7 -2.6 -0.7 -0.7 -0.7 -0.7 -2.8 -0.4 -0.4 -0.4 -0.4 -1.6 -0.4 -0.4 Impairment losses - - - -0.2 -0.2 - - - -0.5 -0.5 -0.8 0.0 -0.0 -0.2 -1.0 - -0.0 Non-recurring provision for credit losses - - - - - - - - - - - - - - - - - Other*1 -0.0 1.4 -0.0 -0.0 1.3 -0.1 -0.0 -0.0 0.7 0.6 0.6 0.2 -0.3 -0.1 0.4 0.0 -0.1 Hyperinflationary accounting - - - - - - - - - - - - - - - - - Adj operating profit 14.9 16.9 19.2 10.7 61.7 17.9 18.7 16.8 9.8 63.3 19.9 18.7 17.7 12.9 69.2 24.6 18.7 Operating profit 10.4 12.7 13.8 13.4 50.3 12.8 13.9 13.8 21.7 62.2 15.4 16.1 19.3 25.9 76.8 17.6 26.5 M&A-related expenses - - - - - - - - - - - - - - - - - PPA-related expenses -0.2 -0.2 -0.2 -0.2 -0.9 -1.6 -0.4 -0.3 -0.3 -2.6 -0.3 -0.2 -0.3 -0.4 -1.2 -0.3 -0.3 Impairment losses - - - -0.0 -0.0 - - -0.1 -0.0 -0.1 - - - - - - - Non-recurring provision for credit losses - - - - - - - - - - - - - - - - - Other*1 -0.0 0.2 -0.0 0.0 0.2 0.0 0.1 0.0 0.0 0.1 0.0 -0.1 0.1 -0.0 -0.1 0.0 -0.0 Hyperinflationary accounting -1.3 -1.4 -1.3 -1.0 -5.2 -1.8 -0.7 -1.7 1.1 -3.1 -1.2 -1.5 -0.4 -0.9 -4.0 -2.0 -0.6 Adj operating profit 12.0 14.2 15.4 14.7 56.2 16.2 14.9 15.9 20.9 67.9 17.0 17.9 19.9 27.3 82.1 19.9 27.4 Operating profit 0.7 2.7 2.1 1.6 7.1 1.2 3.6 2.1 0.8 7.8 1.1 2.8 1.8 0.7 6.4 1.1 3.1 M&A-related expenses - - - - - - - - - - - - - - - - - PPA-related expenses -0.1 -0.1 -0.1 -0.1 -0.6 -0.2 -0.2 -0.1 -0.2 -0.6 -0.1 -0.1 -0.1 -0.2 -0.6 -0.1 -0.1 Impairment losses - - - - - - - - - - - - - - - - - Non-recurring provision for credit losses - - - - - - - - - - - - - - - - - Other*1 0.0 -0.0 0.0 -0.0 0.0 -0.0 -0.0 -0.0 -0.0 -0.0 -0.0 -0.0 -0.0 -0.0 -0.0 -0.0 -0.0 Hyperinflationary accounting - - - - - - - - - - - - - - - - - Adj operating profit 0.9 2.8 2.2 1.8 7.7 1.3 3.8 2.3 1.0 8.4 1.2 3.0 2.0 0.9 7.0 1.3 3.2 Operating profit 4.3 14.9 15.0 14.4 48.6 14.3 19.7 M&A-related expenses - - - - - - - PPA-related expenses -1.7 -2.2 -1.6 -1.7 -7.2 -1.7 -1.8 Impairment losses - - - - - - - Non-recurring provision for credit losses - - - - - - - Other*1 -0.0 0.0 -0.0 -0.0 -0.0 0.0 -0.0 Hyperinflationary accounting - - - - - - - Adj operating profit 6.0 17.1 16.7 16.1 55.8 16.1 21.5 *1 Other includes gain (loss) on sale of fixed assets, settlement income, business transformation costs, etc. FY2026 *2 Excludes adjustments for unrealized profit on inventory from intersegment transactions or similar items. The total for the NIPSEA segment does not equal the combined totals of NIPSEA China and NIPSEA Except China NIPSEA ■Breakdown of NIPSEA NIPSEA China NIPSEA Except China*2 Americas FY2023 AOC Before consolidation FY2024 FY2025 10 FY2026 2Q Financial Results Presentation Material Reference Data
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5. Summary of Historical Adjustments (Billion yen) 1Q 2Q 3Q 4Q FY 1Q 2Q 3Q 4Q FY 1Q 2Q 3Q 4Q FY 1Q 2Q Operating profit -0.3 -0.7 -0.8 -0.8 -2.6 -0.9 -0.8 -0.8 -1.7 -4.2 -2.1 -1.1 -0.6 -1.2 -5.0 -1.4 -2.0 M&A-related expenses - - - - - - - - -0.9 -0.9 -1.1 0.0 - - -1.1 - -1.4 PPA-related expenses - - - - - - - - - - - - - - - - - Impairment losses - - - - - - - - - - - - - - - - - Non-recurring provision for credit losses - - - - - - - - - - - - - - - - - Other* 0.3 - - - 0.3 - - -0.0 -0.0 -0.0 - - - -0.3 -0.3 -0.0 - Hyperinflationary accounting - - - - - - - - - - - - - - - - - Adj operating profit -0.6 -0.7 -0.8 -0.8 -2.9 -0.9 -0.8 -0.8 -0.7 -3.2 -1.0 -1.1 -0.6 -0.9 -3.6 -1.4 -0.6 Operating profit 34.9 48.8 47.9 37.1 168.7 41.2 51.2 47.2 46.5 186.2 49.7 67.6 67.8 72.0 257.1 70.9 81.4 M&A-related expenses -0.0 -0.1 -0.0 -0.6 -0.7 -0.0 -0.0 -0.0 -0.9 -1.0 -1.1 0.0 -0.1 -0.0 -1.2 - -1.4 PPA-related expenses -1.9 -1.9 -2.1 -2.1 -8.0 -3.5 -2.4 -2.2 -2.2 -10.3 -3.6 -3.9 -3.5 -3.8 -14.9 -3.8 -3.8 Impairment losses - -0.1 -0.0 -0.9 -1.0 - - -0.1 -0.5 -0.6 -0.8 0.0 -0.0 -6.0 -6.9 - -0.3 Non-recurring provision for credit losses - - - - - - - - - - - - - - - - - Other* 0.2 1.6 -0.0 -0.4 1.3 -0.1 -0.2 -0.1 0.7 0.4 0.6 0.1 -1.3 6.4 5.9 -0.8 -7.4 Hyperinflationary accounting -1.3 -1.4 -1.3 -1.0 -5.2 -1.8 -0.7 -1.7 1.1 -3.1 -1.2 -1.5 -0.4 -0.9 -4.0 -2.0 -0.6 Adj operating profit 37.9 50.8 51.4 42.1 182.2 46.6 54.4 51.3 48.3 200.7 55.9 72.8 73.1 76.4 278.1 77.5 94.9 *Other includes gain (loss) on sale of fixed assets, settlement income, business transformation costs, etc. FY2026 Adjustments FY2025 Total FY2023 FY2024 11 FY2026 2Q Financial Results Presentation Material Reference Data