Nippon Paint Holdings Co., Ltd. · TSE:4612
Nippon Paint — Nippon Paint Hldgs — Q3 2025 Earnings Presentation
44 slides from Nippon Paint's earnings presentation, Nov 14, 2025
Slide 1: FY2025 3Q Financial Results Presentation Material
November 14, 2025 FY2025 3Q Financial Results Presentation Material Historical Performance Summary P.3 FY2025 3Q Summary/Topics P.5 Supplemental Material P.11 1. FY2025 3Q Results: Highlights P.12 2. FY2025 3Q Results: By Segment P.15 3. FY2025 9M Results P.25 (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: Historical Consolidated Profit & Loss
1. Historical Consolidated Profit & Loss (Billion yen) FY2018-FY2025 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025 3Q 3Q 3Q 3Q 3Q 3Q 3Q 3Q 3Q CAGR (%) Revenue 161.3 182.7 214.4 254.5 357.9 393.0 405.6 465.9 16.4% Gross profit 61.8 72.3 89.9 92.6 132.4 156.1 161.6 195.1 17.8% Gross profit m
Slide 4: Historical Organic and Inorganic Growth
2. Historical Organic and Inorganic Growth (Billion yen) FY2018-FY2025 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025 3Q 3Q 3Q 3Q 3Q 3Q 3Q 3Q 3Q Average (%) Adj operating profit 21.4 25.6 30.0 21.7 42.1 51.2 51.1 72.8 - Adj organic operating profit 21.4 21.6 26.6 19.6 39.9 51.0 48.7 55.5 -
Slide 5: FY2025 3Q Results: Achieved Record-High Revenue and Operating Profit
1. FY2025 3Q Results: Achieved Record-High Revenue and Operating Profit • Revenue: +14.9%, boosted by M&A contributions (India and AOC) and improved price/mix FY2024 FY2025 (Billion yen) YoY (+19.0% on a comparable basis, assuming the China trading business agent-model shift had 3Q*1 3Q been applied
Slide 6: FY2025 Guidance: Outlook Unchanged; On Track for Record Earnings
2. FY2025 Guidance: Outlook Unchanged; On Track for Record Earnings (Billion yen) (For reference) FY2024 FY2025 FY2024 FY2025 YoY 4Q Apr. (%) 4Q *3 Results Forecast Guidance Results YoY (%) Revenue 1,638.7 1,820.0 11.1% 416.0 c. +10% FY2024 FY2025 FY2025 Operating profit 186.2 244.0 31.0% 46.5 c. +2
Slide 7: Market & Business Environment
3. Market & Business Environment DGL DGL Japan NIPSEA China Americas AOC (Pacific) (Europe) Automotive (Adjacencies) FY2025 3Q Decorative TUC TUB FY2025 Automotive* 4Q (Adjacencies) (outlook) Decorative TUC TUB Automotive* FY2025 (Adjacencies) (outlook) Decorative TUC TUB ■ Market (YoY) ■Business (v
Slide 8: Summary of Operating Results in Major Segments
4. Summary of Operating Results in Major Segments (Billion yen) FY2024 FY2025 YoY Overview 3Q 3Q Lower revenue, with higher industrial revenue driven by flow-through of price increases offset by declines in automotive and Revenue 52.4 50.7 -3.1% decorative segments amid weak market conditions Japan
Slide 9: Major Topics (1)
5. Major Topics (1) The Board’s approval of treasury stock acquisition (at the BoD meeting on October 9) • With a five-year EPS CAGR of 19%, outperforming our competitors*, and strong (1) Class of shares to Shares of common stock be acquired: growth prospects ahead, our shares are currently signific
Slide 10: Major Topics (2)
5. Major Topics (2) “IR DAY 2025” is scheduled for November 26 • Our second “IR DAY” event for institutional investors, following last year’s inaugural session, is scheduled for Wednesday, November 26, from 9:00 to 12:00 (JST) Time (JST) Program Speaker Yuichiro Wakatsuki, 9:00 - 9:05 Opening Remark
Slide 11: Supplemental Material
Supplemental Material 1. FY2025 3Q Results: Highlights … P.12 2. FY2025 3Q Results: By Segment … P.15 3. FY2025 9M Results … P.25 (Appendix) Reference Data
Slide 12: FY2025 3Q Results: Highlights
1. FY2025 3Q Results: Highlights 12
Slide 13: Highlights (Consolidated)
1-1. Highlights (Consolidated) (Billion yen) FY2024 vs FY2025 FY2022-FY2025 Revenue (Billion yen) FY2022 FY2023 FY2024 FY2025 3Q 3Q Paint and Coatings 3Q 3Q 3Q 3Q YoY CAGR Business (％) (%) (c.0%)*2 Revenue 357.9 393.0 405.6 465.9 14.9% 9.2% Adj operating profit 42.1 51.2 51.1 72.8 42.5% 20.0% *3 Adj
Slide 14: Highlights (by Segment)
1-2. Highlights (by Segment) (Billion yen) FY2024 vs FY2025 FY2022-FY2025 FY2022 FY2023 FY2024 FY2025 3Q 3Q 3Q 3Q 3Q 3Q YoY CAGR (％) (%) Revenue 47.2 49.7 52.4 50.7 -3.1% 2.4% Japan Adj operating profit 1.8 4.6 4.9 5.0 2.3% 40.0% Revenue 198.9 219.0 222.8 232.6 4.4% 5.4% NIPSEA Adj operating profit
Slide 15: FY2025 3Q Results: By Segment
2. FY2025 3Q Results: By Segment 15
Slide 16: Japan
2-1. Japan (Billion yen) FY2024 vs FY2025 FY2022-FY2025 FY2022 FY2023 FY2024 FY2025 3Q 3Q 3Q 3Q 3Q 3Q YoY CAGR (％) (％) Automotive coatings 9.1 10.5 10.3 9.7 -5.4% 2.4% Decorative paints 11.9 12.0 11.8 11.6 -1.7% -1.0% Industrial coatings 10.2 10.1 9.9 10.0 1.2% -0.7% Revenue Fine chemicals 2.3 2.4 2
Slide 17: NIPSEA China
2-2. NIPSEA China (Billion yen) FY2024 vs FY2025 FY2024 vs FY2025 FY2022-FY2025 FY2022 FY2023 FY2024 FY2025 3Q 3Q 3Q *2 3Q 3Q 3Q 3Q YoY YoY CAGR (％) (％) (%) Automotive coatings 11.9 13.1 13.1 14.1 7.9% - 5.9% Decorative paints 111.9 116.6 121.5 104.3 -14.2% -2.9% -2.3% Revenue Industrial coatings 6.
Slide 18: NIPSEA Except China
2-3. NIPSEA Except China*1 (Billion yen) FY2024 vs FY2025 FY2022-FY2025 FY2022 FY2023 FY2024 FY2025 3Q 3Q 3Q 3Q 3Q 3Q YoY CAGR Paint and Coatings (％) (%) FX Revenue 68.2 83.1 80.4 107.3 33.5% 16.3% Volumes Price/Mix Adj operating profit *2 10.5 15.4 15.8 *3 19.8 25.2% 23.7% +HSD +LSD c.+4% Adj OP ma
Slide 19: 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 3Q 3Q 3Q 3Q 3Q 3Q YoY CAGR (%) (%) Paint and coatings FX Revenue 13.6 14.7 15.7 15.8 0.3% 5.1% Volumes Price/Mix PT Nipsea Adj operating profit 3.9 4.8 4.8 4.9 1.0% 8.2% (Indone
Slide 20: DGL (Pacific)
2-5. DGL (Pacific) (Billion yen) FY2024 vs FY2025 FY2022-FY2025 FY2022 FY2023 FY2024 FY2025 3Q 3Q 3Q 3Q 3Q 3Q YoY CAGR (％) (%) Decorative paints 27.3 29.1 31.7 32.9 3.9% 6.4% Industrial coatings 2.5 2.6 2.9 3.1 7.7% 7.8% Revenue Adjacencies business 25.2 27.5 29.2 29.0 -0.7% 4.8% Paint and Coatings
Slide 21: DGL (Europe)
2-6. DGL (Europe) (Billion yen) FY2024 vs FY2025 FY2022-FY2025 FY2022 FY2023 FY2024 FY2025 3Q 3Q 3Q 3Q 3Q 3Q YoY CAGR (％) (%) Decorative paints 24.1 28.8 30.5 33.5 9.9% 11.7% Revenue Adjacencies business 5.4 7.6 6.1 6.7 9.5% 7.2% Paint and Coatings Total 29.5 *2 36.3 36.6 40.2 *2 9.8% 10.9% FX Volum
Slide 22: Americas
2-7. Americas (Billion yen) FY2024 vs FY2025 FY2022-FY2025 FY2022 FY2023 FY2024 FY2025 3Q 3Q 3Q 3Q 3Q 3Q YoY CAGR (％) (%) Automotive coatings 9.1 10.5 10.5 11.1 5.8% 6.7% Decorative paints 17.8 17.9 19.2 18.9 -1.4% 2.0% Revenue Fine chemicals 0.4 *1 0.4 0.5 0.5 20.1% 13.0% Paint and coatings FX Tota
Slide 23: AOC
2-8. AOC (Billion yen) FY2024 vs FY2025 FY2022-FY2025 FY2022 FY2023 FY2024 FY2025 3Q 3Q 3Q 3Q 3Q 3Q YoY CAGR Paint and coatings (％) (%) FX Revenue - - - 46.9 - - Volumes Price/Mix Adj operating profit - - *1 - 16.7 - - - - - Adj OP margin - - - 35.6% - - Major reasons for changes (For reference: Rev
Slide 24: 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 25: FY2025 9M Results
((@)» NIPPON PAINT HOLDINGS CO, LTD. 3. FY2025 9M Results
Slide 26: Highlights (Consolidated) 9M
3-1. Highlights (Consolidated) (Billion yen) FY2024 vs FY2025 FY2022-FY2025 Revenue (Billion yen) FY2022 FY2023 FY2024 FY2025 9M 9M Paint and Coatings 9M 9M 9M 9M YoY CAGR Business (％) (％) (c.0%)*2 Revenue 979.9 1,085.9 1,222.7 1,318.4 7.8% 10.4% Adj operating profit 104.9 139.6 151.5 201.0 32.6% 24
Slide 27: Highlights (by Segment) 9M
3-2. Highlights (by Segment) (Billion yen) FY2024 vs FY2025 FY2022-FY2025 FY2022 FY2023 FY2024 FY2025 9M 9M 9M 9M 9M 9M YoY CAGR (％) (%) Revenue 134.7 147.0 149.6 151.4 1.2% 4.0% Japan Adj operating profit 4.9 12.6 14.1 14.9 6.1% 44.7% Revenue 538.9 591.8 681.1 671.0 -1.5% 7.6% NIPSEA Adj operating
Slide 28: Japan & NIPSEA China
3-3. Japan & NIPSEA China (Billion yen) FY2024 vs FY2025 FY2022-FY2025 FY2022 FY2023 FY2024 FY2025 9M 9M 9M 9M 9M 9M YoY CAGR (％) (％) Automotive coatings 25.1 30.9 28.7 29.4 2.4% 5.5% Decorative paints 35.1 35.9 35.5 34.7 -2.2% -0.4% Japan Industrial coatings 29.6 29.2 29.2 29.6 1.2% -0.0% Revenue F
Slide 29: 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 9M NIPSEA *1 FY2022 FY2023 FY2024 FY2025 9M 9M 9M 9M YoY 9M CAGR (％) (%) Except China Revenue 190.4 218.8 258.0 300.5 16.4% 16.4% *Including earnings of PT Nipsea (Indonesia), Betek B
Slide 30: DGL (Pacific) & DGL (Europe)
3-5. DGL (Pacific) & DGL (Europe) (Billion yen) FY2024 vs FY2025 FY2022-FY2025 FY2022 FY2023 FY2024 FY2025 9M 9M 9M 9M 9M 9M YoY CAGR (％) (%) DGL Decorative paints Industrial coatings 75.5 6.7 82.3 7.0 94.3 8.2 92.6 8.1 -1.9% -0.5% 7.0% 6.6% (Pacific) Revenue Adjacencies business 65.8 73.0 80.6 77.4
Slide 31: Americas & AOC
3-6. Americas & AOC (Billion yen) FY2024 vs FY2025 FY2022-FY2025 FY2022 FY2023 FY2024 FY2025 9M 9M 9M 9M 9M 9M YoY CAGR (%) (%) Automotive coatings 23.7 29.6 34.4 33.6 -2.3% 12.3% Americas Revenue Decorative paints 49.9 50.0 57.1 55.3 -3.1% 3.5% Fine chemicals 1.1 1.3 1.7 1.6 -2.7% 15.8% Total 74.7
Slide 32: Nippon Paint Holdings 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 33: Reference Data
FY2025 3Q Financial Results Presentation Material Reference Data November 14, 2025 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 34: Historical Performance Trends
1. Historical Performance Trends 【Historical Consolidated Profit & Loss Data】 (Billion yen) FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2018-FY2024 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 1,638.7 17.3% Gross pr
Slide 35: NIPSEA Segment / DuluxGroup Breakdown
1. Historical Performance Trends (Billion yen) ■NIPSEA Segment FY2022*3 FY2023 FY2024*5 FY2022-FY2024 Full Year Full Year Full Year CAGR Revenue 450.7 482.7 545.2 10.0% NIPSEA Adj operating profit 51.3 61.7 63.3 11.1% China Adj OP margin 11.4% 12.8% 11.6% - Revenue 257.8 288.8 369.2 19.7% NIPSEA Adj
Slide 36: 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 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 1,638.7 405.7
Slide 37: Breakdown of Japan 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 38: 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 39: Americas, AOC and Adjustments
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 40: Breakdown of DuluxGroup
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 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 99.7 398.5
Slide 41: Betek Boya, PT Nipsea and Other Contributions
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 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 17.0
Slide 42: 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 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 M&A-related expenses - - - - - - - - - - - - - - - - - - PPA-related expenses - - -
Slide 43: 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 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 M&A-related expenses - - - - - - - - - - - - - - - - - - PPA-rela
Slide 44: 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 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 M&A-related expenses - - - - - - - - - - - - - -0.9 -0.9 -1.1 0.0 -