PPG Industries, Inc.

Strong topline and continued organic growth (good/surprising): - PPG delivered 6th consecutive quarter of organic sales growth: +4% organic, with equal contribution from volume and selling price. - Net sales: $4.5B (+7% YoY). - Outperformance vs industry: +300 bps lead; growth in all 3 segments and 8 of 9 businesses. - Supported by “commercial excellence + innovation/productivity solutions” momentum.

Earnings and margin resilience, but uneven by segment (good + mixed): - Adjusted EPS: $2.23 (slightly higher YoY). - Adjusted EBITDA margin: >17%; margin benefit from pricing/share gains, partially offset by portfolio mix. - Inflation coverage: covered about 90% of COGS inflation with pricing in the quarter (goal: complete). - Segment snapshot: - Global Architectural Coatings: net sales $1.1B (+8%), +2% organic; EBITDA margin +100 bps to 19.4% (Europe pricing self-help drove return to expansion). - Industrial Coatings: net sales $1.8B (+7%), organic +5% (share gains benefiting); EBITDA margin -70 bps to 15.9% (inflation). - Performance Coatings: net sales $1.6B (+7%), organic +3% but segment margin down ~300 bps YoY primarily due to Automotive Refinish YoY comp effects.

Key challenge: Automotive Refinish drag appears “cyclical/comp-driven,” not structural (bad but contained): - Performance Coatings’ sequential decline was attributed entirely to Refinish YoY comps, not broad deterioration elsewhere. - Management confidence: Refinish destocking in the U.S. is behind them, and Refinish volumes/mix should improve in Q3 and Q4. - Investors asked about Refinish volume/margins: company indicated volumes up in Q3 and Q4 (incrementally; low-volume business), with no sign of negative mix shift—they emphasize customers value productivity/digital tools even in weaker conditions.