Nippon Paint Holdings Co., Ltd. · TSE:4612
Nippon Paint — Nippon Paint Hldgs — Q4 2025 Earnings Presentation
47 slides from Nippon Paint's earnings presentation, Feb 13, 2026
Slide 1: FY2025 4Q Financial Results Presentation Material
February 13, 2026 FY2025 4Q Financial Results Presentation Material Historical Performance Summary P.3 FY2025 4Q Summary/Topics P.5 Supplemental Material P.14 1. FY2025 4Q Results: Highlights P.15 2. FY2025 4Q Results: By Segment P.18 3. FY2025 Results P.28 (Appendix) Reference Data
Slide 2: Supplementary Information
Supplementary Information Operating Results Analysis 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 pro
Slide 3: 4Q Historical Performance Summary
1. 4Q Historical Performance Summary (Billion yen) FY2018-FY2025 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025 4Q 4Q 4Q 4Q 4Q 4Q 4Q 4Q 4Q CAGR (%) Revenue 153.2 196.9 216.0 262.0 329.1 356.7 416.0 455.9 16.9% Gross profit 57.4 79.8 89.5 97.4 126.4 144.9 166.7 195.6 19.1% Consolidated P/L G
Slide 4: Full-Year Historical Performance Summary
1. Full-Year Historical Performance Summary (Billion yen) FY2018-FY2025 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025 CAGR (%) Revenue 627.7 692.0 772.6 998.3 1,309.0 1,442.6 1,638.7 1,774.2 16.0% Gross profit 242.2 275.6 321.2 378.3 487.5 576.1 657.4 750.2 17.5% Consolidated P/L Gross pro
Slide 5: FY2025 4Q Results: Record-Breaking Revenue and Operating Profit
2. FY2025 4Q Results: Record-Breaking Revenue and Operating Profit • Revenue grew +13.6%* on a comparable basis, supported by M&A FY2024 FY2025 contributions (notably AOC), volume growth, and adjacencies expansion (Billion yen) YoY 4Q 4Q +9.6% Revenue 416.0 455.9 (+13.6%)* • Adjusted operating profi
Slide 6: FY2025 Results: Record-High Revenue and Operating Profit
3. FY2025 Results: Record-High Revenue and Operating Profit • Revenue grew +11.4%* on a comparable basis, reflecting strong M&A (Billion yen) FY2024 FY2025 YoY contributions (notably AOC), volume growth, and adjacencies expansion +8.3% Revenue 1,638.7 1,774.2 (+11.4%)* • Adjusted operating profit su
Slide 7: FY2026 Guidance: On Track for Record-High Revenue and Operating Profit
4. FY2026 Guidance: On Track for Record-High Revenue and Operating Profit • Revenue is forecast to grow c.+8%, leveraging competitive advantages across regions and businesses despite a soft market outlook FY2025 FY2026 (Billion yen) YoY Results Forecast • Adjusted operating profit is expected to exp
Slide 8: Assumptions for FY2026 Forecast (1)
5. Assumptions for FY2026 Forecast (1) (Billion yen) Revenue Adj operating profit Adj OP margin Overview FY2025 results FY2026 forecast FY2025 results FY2026 forecast FY2025 results FY2026 forecast (bn yen) (In LCY) (bn yen) (In LCY) (%) (In LCY)*1 Segment total 205.4 +LSD 22.0 +LSD 10.7% → Automoti
Slide 9: Assumptions for FY2026 Forecast (2)
5. Assumptions for FY2026 Forecast (2) (Billion yen) Revenue Adj operating profit Adj OP margin Overview FY2025 results FY2026 forecast FY2025 results FY2026 forecast FY2025 results FY2026 forecast (bn yen) (In LCY) (bn yen) (In LCY) (%) (In LCY)*1 Segment total 416.8 +HSD 81.8 Flat 19.6% Malaysia G
Slide 10: Market & Business Environment
6. Market & Business Environment DGL DGL Japan NIPSEA China Americas AOC (Pacific) (Europe) Automotive (Adjacencies) FY2025 4Q Decorative TUC TUB FY2026 Automotive 1Q (Adjacencies) (outlook) Decorative TUC TUB Automotive FY2026 (Adjacencies) (outlook) Decorative TUC TUB ■ Market (YoY) ■Business (vs.
Slide 11: Summary of Operating Results in Major Segments
7. Summary of Operating Results in Major Segments (Billion yen) FY2024 FY2025 YoY Overview 4Q 4Q Higher revenue, driven by industrial segment growth from price pass-through, offsetting softness in automotive and Revenue 53.5 54.0 +1.0% decorative segments Japan*1 Adj OP 6.0 7.1 +18.1% Higher profit,
Slide 12: Major Topics (1)
8. Major Topics (1) “IR DAY 2025” (held on November 26, 2025) • Our second IR DAY (briefing for institutional investors) Program Speaker Opening Remarks Yuichiro Wakatsuki, Director, Representative Executive Officer & Co-President Joe Salley, AOC Chief Executive Officer AOC’s Competitive Advantage a
Slide 13: Major Topics (2)
8. Major Topics (2) Notice Regarding the Status of Acquisition of Treasury Stock (published on February 12, 2026) • Progress of treasury stock buyback: 72.98％ (share basis), 85.69％ (value basis) Class of shares to (1) Shares of common stock be acquired: Up to 35,000,000 shares Total number of shares
Slide 14: Supplemental Material
Supplemental Material 1. FY2025 4Q Results: Highlights … P.15 2. FY2025 4Q Results: By Segment … P.18 3. FY2025 Results … P.28 (Appendix) Reference Data
Slide 15: FY2025 4Q Results: Highlights
1. FY2025 4Q Results: Highlights 15
Slide 16: Highlights (Consolidated)
1-1. Highlights (Consolidated) (Billion yen) FY2024 vs FY2025 FY2022-FY2025 Revenue (Billion yen) FY2022 FY2023 FY2024 FY2025 4Q 4Q Paint and Coatings 4Q 4Q 4Q 4Q YoY CAGR Business (％) (％) (c.-1%)*2 Revenue 329.1 356.7 416.0 455.9 9.6% 11.5% Adj operating profit 35.9 42.0 48.0 73.9 54.0% 27.2% *3 Ad
Slide 17: Highlights (by Segment)
1-2. Highlights (by Segment) (Billion yen) FY2024 vs FY2025 FY2022-FY2025 FY2022 FY2023 FY2024 FY2025 4Q 4Q 4Q 4Q 4Q 4Q YoY CAGR (%) (%) Revenue 51.3 54.5 53.5 54.0 1.0% 1.7% Japan Adj operating profit 3.3 6.9 6.0 7.1 18.1% 29.4% -7.2% 8.5% Revenue 169.6 179.7 233.3 216.5 NIPSEA (-1.0%)*1 (+9.5%)*2
Slide 18: FY2025 4Q Results: By Segment
2. FY2025 4Q Results: By Segment 18
Slide 19: Japan
2-1. Japan*1 (Billion yen) FY2024 vs FY2025 FY2022-FY2025 FY2022 FY2023 FY2024 FY2025 4Q 4Q 4Q 4Q 4Q 4Q YoY CAGR (%) (%) Automotive coatings 10.0 11.2 10.5 10.2 -2.2% 0.7% Decorative paints 12.7 12.7 12.9 12.2 -5.5% -1.5% Industrial coatings 10.5 10.5 10.3 10.6 2.2% 0.4% Revenue Fine chemicals 2.1 2
Slide 20: NIPSEA China
2-2. NIPSEA China (Billion yen) FY2024 vs FY2025 FY2022-FY2025 FY2022 FY2023 FY2024 FY2025 4Q 4Q 4Q 4Q 4Q 4Q YoY CAGR (%) (%) Automotive coatings 17.3 14.9 17.4 17.5 0.6% 0.5% -21.8% -0.8% Decorative paints 78.1 88.8 97.5 76.3 (-8.0%)*2 (+1.3%)*3 Revenue Industrial coatings 6.3 5.5 6.9 6.1 -11.5% -0
Slide 21: NIPSEA Except China
2-3. NIPSEA Except China*1 (Billion yen) FY2024 vs FY2025 FY2022-FY2025 FY2022 FY2023 FY2024 FY2025 4Q 4Q 4Q 4Q 4Q 4Q YoY CAGR Paint and Coatings (%) (%) FX Revenue 67.4 70.0 111.1 116.3 4.7% 19.9% Volumes Price/Mix *3 Adj operating profit *2 14.8 14.7 20.8 27.2 30.6% 22.4% +DD -DD c.-8% Adj OP marg
Slide 22: PT Nipsea (Indonesia) & Betek Boya (Türkiye)
2-4. PT Nipsea (Indonesia) & Betek Boya (Tϋrkiye) (Billion yen) FY2024 vs FY2025 FY2022-FY2025 FY2022 FY2023 FY2024 FY2025 4Q 4Q 4Q 4Q 4Q 4Q YoY CAGR Paint and coatings (%) (%) FX Revenue 13.7 16.1 18.2 19.9 9.4% 13.2% Volumes Price/Mix PT Nipsea Adj operating profit 5.3 5.6 6.8 7.3 7.6% 11.3% (Indo
Slide 23: DGL (Pacific)
2-5. DGL (Pacific) (Billion yen) FY2024 vs FY2025 FY2022-FY2025 FY2022 FY2023 FY2024 FY2025 4Q 4Q 4Q 4Q 4Q 4Q YoY CAGR (%) (%) Decorative paints 29.1 31.1 35.1 37.8 7.7% 9.1% Industrial coatings 2.4 2.6 2.6 3.0 17.7% 7.7% Revenue Paint and Coatings Adjacencies business 24.1 26.5 27.9 32.3 15.7% 10.3
Slide 24: DGL (Europe)
2-6. DGL (Europe)* (Billion yen) FY2024 vs FY2025 FY2022-FY2025 FY2022 FY2023 FY2024 FY2025 4Q 4Q 4Q 4Q 4Q 4Q YoY CAGR (%) (%) Decorative paints 23.5 26.9 27.4 31.4 14.7% 10.2% Paint and Coatings Revenue Adjacencies business 4.2 7.1 6.7 6.8 1.5% 16.8% FX Total 27.7 34.0 34.0 38.2 12.1% 11.3% Volumes
Slide 25: Americas
2-7. Americas (Billion yen) FY2024 vs FY2025 FY2022-FY2025 FY2022 FY2023 FY2024 FY2025 4Q 4Q 4Q 4Q 4Q 4Q YoY CAGR (%) (%) Automotive coatings 8.6 11.4 11.1 10.9 -1.3% 8.4% Decorative paints 15.8 16.5 17.9 17.0 -5.5% 2.4% Revenue Paint and coatings Fine chemicals 0.5 0.5 0.5 0.5 1.4% 2.7% FX Total 24
Slide 26: AOC
2-8. AOC* (Billion yen) FY2024 vs FY2025 FY2022-FY2025 FY2022 FY2023 FY2024 FY2025 4Q 4Q 4Q 4Q 4Q 4Q YoY CAGR Paint and coatings (%) (%) FX Revenue - - - 45.6 - - Volumes Price/Mix Adj operating profit - - - 14.0 - - - - - Adj OP margin - - - 30.7% - - Major reasons for changes (For reference: Reven
Slide 27: Quarterly Financial Performance Trends in Major Segments
2-10. Quarterly Financial Performance Trends in Major Segments (For reference) Seasonality overview *Market-based High Low demand demand Demand tends to be lower in 1Q due to the deepening cold and in 3Q due to more intensely hot days that Japan Decorative 4Q > 2Q > 3Q > 1Q will slow construction pr
Slide 28: FY2025 Results
((@)» NIPPON PAINT HOLDINGS CO, LTD. 3. FY2025 Results
Slide 29: Highlights (Consolidated)
3-1. Highlights (Consolidated) (Billion yen) FY2024 vs FY2025 FY2022-FY2025 Revenue (Billion yen) FY2022 FY2023 FY2024 FY2025 Paint and Coatings YoY CAGR Business (％) (％) (c.0%)*2 Revenue 1,309.0 1,442.6 1,638.7 1,774.2 8.3% 10.7% Adj operating profit 140.8 181.5 199.6 274.9 37.8% 25.0% *3 Adj OP ma
Slide 30: Highlights (by Segment)
3-2. Highlights (by Segment) (Billion yen) FY2024 vs FY2025 FY2022-FY2025 FY2022 FY2023 FY2024 FY2025 YoY CAGR (%) (%) Revenue 186.1 201.5 203.1 205.4 1.1% 3.3% Japan Adj operating profit 8.2 19.4 20.0 22.0 9.7% 39.0% -2.9% 7.8% Revenue 708.5 771.5 914.4 887.5 NIPSEA (+2.2%)*1 (+8.9%)*2 Adj operatin
Slide 31: Japan & NIPSEA China
3-3. Japan & NIPSEA China (Billion yen) FY2024 vs FY2025 FY2022-FY2025 FY2022 FY2023 FY2024 FY2025 YoY CAGR (%) (%) Automotive coatings 35.1 42.1 39.2 39.7 1.2% 4.2% Decorative paints 47.8 48.5 48.4 46.9 -3.1% -0.7% Japan*1 Industrial coatings 40.0 39.7 39.5 40.1 1.5% 0.1% Revenue Fine chemicals 8.6
Slide 32: NIPSEA Except China & PT Nipsea & Betek Boya
3-4. NIPSEA Except China & PT Nipsea (Indonesia) & Betek Boya (Türkiye) (Billion yen) FY2024 vs FY2025 FY2022-FY2025 FY2022 FY2023 FY2024 FY2025 YoY CAGR NIPSEA *1 (%) (%) Except China Revenue Adj operating profit 257.8 45.0 288.8 56.2 369.2 67.5 *2 416.8 81.8 12.9% 21.1% 17.4% 22.0% *Including earn
Slide 33: DGL (Pacific) & DGL (Europe)
3-5. DGL (Pacific) & DGL (Europe) (Billion yen) FY2024 vs FY2025 FY2022-FY2025 FY2022 FY2023 FY2024 FY2025 YoY CAGR (%) (%) DGL Decorative paints 104.6 113.4 129.5 130.4 0.7% 7.6% (Pacific) Revenue Industrial coatings Adjacencies business 9.1 89.9 9.6 99.5 10.7 108.5 11.1 109.7 3.9% 1.1% 6.9% 6.9% T
Slide 34: Americas & AOC
3-6. Americas & AOC (Billion yen) FY2024 vs FY2025 FY2022-FY2025 FY2022 FY2023 FY2024 FY2025 YoY CAGR (%) (%) Automotive coatings 32.3 40.9 45.5 44.5 -2.1% 11.3% Americas Revenue Decorative paints 65.7 66.4 75.0 72.3 -3.7% 3.2% Fine chemicals 1.5 1.8 2.2 2.2 -1.7% 12.0% Total 99.5 109.2 122.7 119.0
Slide 35: Investor Relations
NIPPON PAINT HOLDINGS CO., LTD. Investor Relations Email: ir_kouhou@nipponpaint.jp 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 Pai
Slide 36: FY2025 4Q Financial Results Presentation Material Reference Data
FY2025 4Q Financial Results Presentation Material Reference Data February 13, 2026 Nippon Paint Holdings Co., Ltd. ーContentsー 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 & Ope
Slide 37: Historical Performance Trends
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 Revenue 627.7 692.0 772.6 998.3 1,309.0 1,442.6 1,638
Slide 38: Historical Performance Trends: NIPSEA and DuluxGroup
1. Historical Performance Trends (Billion yen) ■NIPSEA Segment 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% NIPSEA Adj operating profit 51.3 61.7 63.3 69.2 10.5% China Adj OP margin 11.4% 12.8% 11.6% 14.7% - Revenue 2
Slide 39: Trends in Consolidated Financial Results and Key Financial Data
2. Trends in Consolidated Financial Results and Key Financial Data <Consolidated earnings> (Billion yen) FY2022*1 FY2023 FY2024*2 FY2025 1Q 2Q 3Q 4Q FY 1Q 2Q 3Q 4Q FY 1Q 2Q 3Q 4Q FY 1Q 2Q 3Q 4Q FY Revenue 285.1 337.0 357.9 329.1 1,309.0 330.2 362.7 393.0 356.7 1,442.6 384.3 432.8 405.6 416.0 1,638.7
Slide 40: Revenue & Operating Profit Transition by Segment
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) FY2022*1 FY2023 FY2024 FY2025 1Q 2
Slide 41: Breakdown of NIPSEA
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) FY2022 FY2023 FY2024*4 FY2025 1Q 2
Slide 42: Revenue & Operating Profit Transition by Segment
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) FY2022*1 FY2023 FY2024*2 FY2025 1Q
Slide 43: Contribution from DuluxGroup and Others
4. Revenue & Operating Profit Contribution from DuluxGroup, Betek Boya, PT Nipsea, Alina, NPI, BNPA and AOC (Billion yen) FY2022*1 FY2023*1 FY2024*1 FY2025*1 1Q 2Q 3Q 4Q FY 1Q 2Q 3Q 4Q FY 1Q 2Q 3Q 4Q FY 1Q 2Q 3Q 4Q FY Revenue 68.0 79.1 84.5 83.3 314.9 81.7 89.0 95.5 94.2 360.4 93.1 105.4 100.4 99.7
Slide 44: Contribution from Betek Boya, PT Nipsea and Others
4. Revenue & Operating Profit Contribution from DuluxGroup, Betek Boya, PT Nipsea, Alina, NPI, BNPA and AOC (Billion yen) FY2022*1 FY2023*1 FY2024*1 FY2025*1 1Q 2Q 3Q 4Q FY 1Q 2Q 3Q 4Q FY 1Q 2Q 3Q 4Q FY 1Q 2Q 3Q 4Q FY Revenue 13.6 19.9 20.0 16.8 70.3 16.9 16.5 29.5 12.2 75.1 22.8 26.8 13.7 31.7 95.0
Slide 45: Summary of Historical Adjustments
5. Summary of Historical Adjustments (Billion yen) FY2022 FY2023 FY2024 FY2025 1Q 2Q 3Q 4Q FY 1Q 2Q 3Q 4Q FY 1Q 2Q 3Q 4Q FY 1Q 2Q 3Q 4Q FY OP margin 0.3 2.2 1.8 1.0 5.3 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 M&A-related expenses - - - - - - - - - - - - - - - - - - - - PPA-re
Slide 46: Summary of Historical Adjustments
5. Summary of Historical Adjustments (Billion yen) FY2022 FY2023 FY2024 FY2025 1Q 2Q 3Q 4Q F/Y 1Q 2Q 3Q 4Q FY 1Q 2Q 3Q 4Q FY 1Q 2Q 3Q 4Q FY OP margin 16.5 5.9 27.7 22.6 72.7 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 M&A-related expenses - - - - - - - - - - - - - -
Slide 47: Summary of Historical Adjustments
5. Summary of Historical Adjustments (Billion yen) FY2022 FY2023 FY2024 FY2025 1Q 2Q 3Q 4Q FY 1Q 2Q 3Q 4Q FY 1Q 2Q 3Q 4Q FY 1Q 2Q 3Q 4Q FY OP margin -1.0 -0.8 -1.2 -0.8 -3.9 -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 M&A-related expenses - - - - - - - - - - - - - -0.9