Sherwin-Williams — Apr 29, 2025 release

SUMMARY • Consolidated Net sales decreased 1.1% to $5.31 billion in the quarter ◦ Net sales from stores in the Paint Stores Group open more than twelve calendar months increased 1.2% in the quarter • Diluted net income per share increased 1.5% to $2.00 per share in the quarter compared to $1.97 per share in the first quarter of 2024 ◦ Adjusted diluted net income per share increased 3.7% to $2.25 per share in the quarter compared to $2.17 per share in the first quarter of 2024 • Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization (Adjusted EBITDA) in the quarter increased 4.6% to $937.0 million, or 17.7% of Net sales • Reaffirming full year 2025 diluted net income per share guidance in the range of $10.70 to $11.10 per share, including acquisition-related amortization expense of $0.80 per share and severance and other restructuring expenses of $0.15 per share ◦ Reaffirming full year 2025 adjusted diluted net income per share guidance in the range of $11.65 to $12.05 per share CEO REMARKS “In a demand environment that remained choppy as we anticipated, Sherwin-Williams continued to execute our strategy and delivered solid first quarter results driven by gross margin expansion and good cost control,” said Chair, President and Chief Executive Officer, Heidi G. Petz. “Consolidated sales were within our guidance range, led by Paint Stores Group, and we delivered mid-single digit percentage growth in both adjusted diluted net income per share and adjusted EBITDA. We continued to execute our consistent capital allocation strategy and invested $351.7 million in share repurchases and increased our dividend by 10.5% in the quarter. “Paint Stores Group sales were driven by a high-single digit percentage increase in protective and marine. Residential repaint sales grew at a mid-single digit rate as our prior investments continued to deliver a strong return. New residential sales increased with continued above-market growth amidst a soft new housing market. As expected, commercial and property maintenance results were under pressure given weak commercial construction completions and delayed capex spending. Segment margin expanded while we continued to invest in gro