Kansai Paint : Consolidated Financial Results for the Nine Months Ended December 31, 2025(Under Japanese GAAP)

February 9, 2026

Company name: Kansai Paint Co., Ltd.

Listing: Tokyo Stock Exchange

Securities code: 4613

URL: https://www.kansai.co.jp/

Representative: MORI Kunishi, Representative Director of the Board, President

Inquiries: TOMIOKA Takashi, Director of the Board, Managing Executive Officer, Chief Financial Officer

Telephone: +81-6-7178-5531

Scheduled date to commence dividend payments: －

Preparation of supplementary material on financial results: None Holding of financial results briefing: None

(Yen amounts are rounded down to millions.)

1. Consolidated financial results for the nine months ended December 31, 2025 (from April 1, 2025 to December 31, 2025)
   1. Consolidated operating results (cumulative) (Percentages indicate year-on-year changes.)

      	Net sales		Operating profit		Ordinary profit		Profit attributable to owners of parent
      Nine months ended	Millions of yen	%	Millions of yen	%	Millions of yen	%	Millions of yen	%
      December 31, 2025	442,418	(0.5)	39,021	(0.6)	45,387	8.6	29,982	(8.9)
      December 31, 2024	444,752	5.3	39,247	(5.2)	41,795	(5.4)	32,917	(39.0)

      Note: Comprehensive income	For the nine months ended December 31, 2025:	¥	31,229 million	[	(26.8) %]
      	For the nine months ended December 31, 2024:	¥	42,656 million	[	(31.6) %]

      	Basic earnings per share	Diluted earnings per share
      Nine months ended	Yen	Yen
      December 31, 2025	170.21	140.75
      December 31, 2024	170.13	143.03

   2. Consolidated financial position

   	Total assets	Net assets	Equity-to-asset ratio
   As of	Millions of yen	Millions of yen	%
   December 31, 2025	786,321	364,614	36.4
   March 31, 2025	750,699	350,009	35.9

   Reference: Equity

   As of December 31, 2025:	¥	285,846 million
   As of March 31, 2025:	¥	269,189 million

2. Cash dividends

   	Annual dividends per share
   	First quarter-end	Second quarter-end	Third quarter-end	Fiscal year-end	Total
   	Yen	Yen	Yen	Yen	Yen
   Fiscal year ended	—	22.00	—	28.00	50.00
   March 31, 2025
   Fiscal year ending	—	55.00	—
   March 31, 2026
   Fiscal year ending March 31, 2026 (Forecast)				55.00	110.00

   Note: Revisions to the forecast of cash dividends most recently announced: None

3. Consolidated financial result forecasts for the fiscal year ending March 31, 2026 (from April 1, 2025 to March 31, 2026)

(Percentages indicate year-on-year changes.)

Note: Revisions to the financial result forecast most recently announced: None

1. Significant changes in the scope of consolidation during the period: None

2. Adoption of accounting treatment specific to the preparation of quarterly consolidated financial statements: Yes

3. Changes in accounting policies, changes in accounting estimates, and restatement

   1. Changes in accounting policies due to revisions to accounting standards and other regulations: None

   2. Changes in accounting policies due to other reasons: None

   3. Changes in accounting estimates: None

   4. Restatement: None

4. Number of issued shares (common shares)

   1. Total number of issued shares at the end of the period (including treasury shares)

      As of December 31, 2025	177,976,280	shares
      As of March 31, 2025	177,976,280	shares

   2. Number of treasury shares at the end of the period

      As of December 31, 2025	1,909,147	shares
      As of March 31, 2025	1,753,087	shares

   3. Average number of shares outstanding during the period (cumulative from the beginning of the fiscal year)

• Quarterly financial results are exempt from review conducted by certified public accountants or an audit firm.

• Proper use of earnings forecasts, and other special matters

The forward-looking statements such as operational forecasts contained in this document are based on information currently

available to the Company and certain assumptions which are regarded as legitimate. However, it does not mean that we guarantee its achievement. Actual results may differ from such forward-looking statements for a variety of reasons.

Overview of financial results

In the fiscal year under review, despite a gradual recovery trend, the outlook for the global economy remained uncertain due to heightened geopolitical risks and U.S. trade policies. Under these circumstances, the overall Japanese economy continued to recover moderately, reflecting signs of a pick-up in personal consumption and capital investment. In India, the economy was supported by both fiscal and monetary policies, and domestic demand-led steady growth, centered on personal consumption and capital investment, continued. In Europe, the economy maintained its resilience, mainly in personal consumption, but exports slowed due to the effects of tariff policies with the U.S. and production activities were pushed down. In China, the economy was stagnant due to trade problems between the U.S. and China and the stagnant real estate market.

The Group's net sales for the third quarter of the current fiscal year were 442,418 million yen (down 0.5% year on year). Operating profit was 39,021 million yen (down 0.6% year on year) mainly due to increased fixed costs, despite the promotion of measures to improve selling prices and reduce costs. Ordinary profit was 45,387 million yen (up 8.6% year on year) mainly due to the increase in foreign exchange gains. Profit attributable to owners of parent was 29,982 million yen (down 8.9% year on year) reflecting the absence of the impact of one-time extraordinary gains recorded in the previous year.

Segment overviews are as follows.

In the automotive coatings sector, although the number of automobiles manufactured fell below compared to the previous year, net sales increased from the previous year due to efforts to improve selling prices. Also, in the industrial coatings sector, net sales increased from the previous year due to the success of sales promotion activities. Meanwhile, in the decorative coatings and protective coatings sector, net sales fell below the previous year due to sluggish market conditions. In the marine sector, although overall performance remained steady, net sales fell below the previous year’s levels due to a recent decline in demand. Segment profit decreased from the previous year, mainly due to higher profit in the automotive coatings and industrial coatings sector and lower profit in the decorative coatings and marine sector.

As a result of those factors, the segment’s net sales and segment profit were 121,876 million yen (down 2.0% year on year) and 17,210 million yen (down 1.0% year on year), respectively.

In the decorative coatings sector, net sales fell below the previous year due to sluggish overall market demand and the shift to lower-priced products. In the automotive coatings sector, net sales were higher than the previous year due to an increase in the number of automobiles manufactured, partly driven by tax cuts. However, overall net sales in India fell below the previous year due to the impact of foreign currency translation caused by the appreciation of the yen. Segment profit decreased from the previous year due to a decrease in sales and an increase in personnel expenses.

As a result of those factors, the segment’s net sales and segment profit were 104,654 million yen (down 4.8% year on year) and 10,743 million yen (down 7.5% year on year), respectively.

In Turkey, net sales fell below the previous year due to the impact of foreign currency translation caused by the depreciation of the Turkish lira, despite an increase in the number of automobiles manufactured by major customers compared to the previous year. In other European countries, net sales increased from the previous year, partly due to the contribution of bolt-on M&A conducted in the previous year. As a

result, overall net sales in Europe increased from the previous year. Segment profit increased from the previous year due to stable raw material prices and an improvement in share of loss of entities accounted for using equity method.

As a result of those factors, the segment’s net sales and segment profit were 122,376 million yen (up 3.5% year on year) and 1,314 million yen (97 million yen in the same period of the previous fiscal year), respectively.

In China, the number of automobiles manufactured increased from the previous year, and net sales increased from the previous year. Meanwhile, in Thailand, Malaysia, and Indonesia, the number of automobiles manufactured declined. As a result, overall net sales in Asia fell below the previous year. Segment profit increased from the previous year due to improved profitability resulting from efforts to reduce total costs.

As a result of those factors, the segment’s net sales and segment profit were 50,343 million yen (down 1.1% year on year) and 8,126 million yen (up 7.2% year on year), respectively.

In South Africa and neighboring countries, net sales increased from the previous year, partly due to the contribution from the acquisition of new customers in the decorative coatings sector, despite the continued political instability. In East Africa, net sales were firm in the industrial coatings sector as well as in the mainstay decorative coatings sector. Segment profit increased from the previous year due to the expansion of the decorative coatings sector business and progress in structural reforms.

As a result of those factors, the segment’s net sales and segment profit were 36,354 million yen (up 8.3% year on year) and 4,048 million yen (up 43.9% year on year), respectively.

In North America, the number of automobiles manufactured was lower than the previous year, and net sales fell below the previous year. Segment profit decreased from the previous year due to the impact of lower sales and a decrease in share of profit of entities accounted for using equity method.

As a result of those factors, the segment’s net sales and segment profit were 6,813 million yen (down 13.2% year on year) and 1,493 million yen (down 46.9% year on year).

Quarterly Consolidated Financial Statements

1. Quarterly Consolidated Balance Sheet

   (Millions of yen) As of March 31, 2025 As of December 31, 2025

   Assets
   Current assets
   Cash and deposits	76,656	70,523
   Notes and accounts receivable - trade, and contract assets	120,858	143,682
   Securities	32,489	37,422
   Merchandise and finished goods	59,053	58,011
   Work in process	8,642	8,653
   Raw materials and supplies	44,233	43,338
   Other	19,588	20,714
   Allowance for doubtful accounts	(5,992)	(5,909)
   Total current assets	355,530	376,435
   Non-current assets
   Property, plant and equipment
   Buildings and structures, net	76,498	80,782
   Other, net	107,300	113,888
   Total property, plant and equipment	183,798	194,670
   Intangible assets
   Goodwill	35,711	33,200
   Other	44,811	46,722
   Total intangible assets	80,522	79,922
   Investments and other assets
   Investment securities	57,907	60,738
   Other	78,207	79,986
   Allowance for doubtful accounts	(5,267)	(5,433)
   Total investments and other assets	130,847	135,292
   Total non-current assets	395,168	409,885
   Total assets	750,699	786,321

   (Millions of yen) As of March 31, 2025 As of December 31, 2025

   Liabilities
   Current liabilities
   Notes and accounts payable - trade	85,218	86,502
   Short-term borrowings	11,895	17,681
   Short-term bonds payable	31,985	34,972
   Income taxes payable	5,348	6,143
   Provision for bonuses	5,932	4,491
   Other	36,668	49,434
   Total current liabilities	177,049	199,227
   Non-current liabilities
   Bonds payable	60,000	60,000
   Convertible-bond-type bonds with share acquisition rights	100,472	100,382
   Retirement benefit liability	7,331	8,526
   Other	55,835	53,570
   Total non-current liabilities	223,639	222,479
   Total liabilities	400,689	421,707
   Net assets
   Shareholders' equity
   Share capital	25,658	25,658
   Capital surplus	18,343	18,378
   Retained earnings	186,659	203,136
   Treasury shares	(2,101)	(2,535)
   Total shareholders' equity	228,560	244,637
   Accumulated other comprehensive income
   Valuation difference on available-for-sale securities	12,451	17,641
   Deferred gains or losses on hedges	(0)	(1)
   Foreign currency translation adjustment	19,615	15,769
   Remeasurements of defined benefit plans	8,562	7,799
   Total accumulated other comprehensive income	40,628	41,208
   Share acquisition rights	224	266
   Non-controlling interests	80,595	78,501
   Total net assets	350,009	364,614
   Total liabilities and net assets	750,699	786,321

2. Quarterly Consolidated Statements of Income and Comprehensive Income Quarterly Consolidated Statement of Income

Quarterly Consolidated Statement of Comprehensive Income For the Nine-Month Period

(Millions of yen)

Share of other comprehensive income of entities accounted for using equity method

1,106

1,920

For the nine months ended December 31, 2024

For the nine months ended December 31, 2025

Other comprehensive income

Deferred gains or losses on hedges

(2)

(1)

Remeasurements of defined benefit plans, net of tax

(706)

(762)

Total other comprehensive income

3,362

(1,126)

Comprehensive income attributable to

Comprehensive income attributable to owners of parent 35,405 30,562

Comprehensive income 42,656 31,229

Foreign currency translation adjustment 5,585 (3,919)

Valuation difference on available-for-sale securities (2,620) 1,636

Profit 39,294 32,356

Comprehensive income attributable to non-controlling interests 7,250 666

Segment information

(Millions of yen)

(Millions of yen)