Sherwin Williams : Quarterly Reporting Document

1Q 2023 Results

April 25, 2023

Forward-Looking Statements

This presentation contains certain "forward-looking statements," as defined under U.S. federal securities laws. These statements can be identified by the use of forward-looking terminology such as "believe," "expect," "may," "will," "should," "project," "could," "plan," "goal," "target," "potential," "seek," "intend," "aspire," "strive" or "anticipate" or the negative thereof or comparable terminology. These forward-looking statements are based upon current expectations, predictions, estimates, assumptions and beliefs concerning future events and conditions. Readers are cautioned not to place undue reliance on any forward-looking statements. Forward- looking statements are necessarily subject to risks, uncertainties and other factors, many of which are outside the control of the Company that could cause actual results to differ materially from such statements and from the Company's historical performance, results and experience. These risks, uncertainties and other factors include such things as: general business conditions, strengths of retail and manufacturing economies and growth in the coatings industry; changes in general economic conditions; changes in raw material and energy supplies and pricing; disruptions in the supply chain; adverse weather conditions or natural disasters, including those that may be related to climate change or otherwise; losses of or changes in the Company's relationships with customers and suppliers; competitive factors; the Company's ability to successfully integrate past and future acquisitions into its existing operations, as well as the performance of the businesses acquired; the Company's ability to achieve expected benefits of restructuring and productivity initiatives; public health crises; damages to our business, reputation, image or brands due to negative publicity; and other risks, uncertainties and factors described from time to time in the Company's reports filed with the Securities and Exchange Commission. Since it is not possible to predict or identify all of the risks, uncertainties and other factors that may affect future results, the above list should not be considered a complete list. Any forward-looking statement speaks only as of the date on which such statement is made, and the Company undertakes no obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

1

1Q 2023 Financial Performance Highlights

($ in millions,			1Q 2023	1Q 2022	% Change
except per share data)
Sales			$5,442.4	$4,998.7	8.9%
Gross Profit		$2,420.9	$2,052.9	17.9%
Gross Margin		44.5%	41.1%	+340 bps
Reported EPS		$1.84	$1.41	30.5%
Adjusted EPS (1)		$2.04	$1.61	26.7%
EBITDA (1)		$878.2	$693.0	26.7%
% of Sales		16.1%	13.9%	+220 bps
Net Operating Cash		$88.2	$26.3	235.4%
1Q 2023 Results (April 25, 2023)		Note: All comparisons are to the first quarter of the prior year, unless otherwise noted
	(1) Reconciliation from reported EPS to adjusted EPS and Net Income to EBITDA provided in Appendix

• Sales increased 8.9% including effective pricing and a low-single-digit contribution from acquisitions, partially offset by a low-single-digit volume decline and a low- single-digit FX headwind
• • North American professional architectural end markets sales increased by a mid-teens percentage including high-single- digit volume growth
  • Industrial sales increased in all regions except Asia Pacific
• Sequential and year-over-year gross margin expansion, driven by Paint Stores Group volume and effective pricing
• • Inflation in wages and other categories were partially offset by a slight decrease in year-over-year raw material costs
• Sequential and year-over-year segment margin expansion in all three segments
• Strong double-digit percentage growth in Adjusted EPS and EBITDA

2

Paint Stores Group (PSG)

• Sales increased 14.8% driven by high-single-digit volume growth
• Double-digitpercentage growth in all end markets
• • Growth led by Protective & Marine, Property Maintenance, Commercial and Residential Repaint
• Segment margin increased 120 basis points to 18.4% of sales driven by strong volume
• Continued SG&A investments in stores and reps to drive long-term growth

($ in millions)	1Q 2023	1Q 2022	% Change
Sales	$2,859.1	$2,491.3	14.8%
Segment Profit	$526.7	$428.8	22.8%
Segment Margin	18.4%	17.2%	+120 bps

+DD	+DD	+DD	+DD	+DD	+DD
Res Repaint	New	Commercial	Property	DIY	Protective &
Residential	Maintenance	Marine

1Q-23 sales vs. 1Q-22 sales (HSD/MSD/LSD = high, mid or low single digit %. DD = double digit %)

1Q 2023 Results (April 25, 2023)

Note: The Americas Group became Paint Stores Group effective January 1, 2023 to reflect realignment of management and reporting of Latin America architectural business to Consumer Brands Group.	3
1Q Paint Stores Group results reflect this change in both years.
Note: All comparisons are to the first quarter of the prior year, unless otherwise noted

Consumer Brands Group (CBG)

• Sales increased 2.4% with effective pricing, partially offset by a mid-single-digit volume decline and a low-single-digit headwind from FX
• • Strong growth in North America Pros Who Paint category offset by softer DIY demand
  • Strong double-digit growth in Latin America including strong pricing
  • Europe and Asia Pacific demand remains soft
• Adjusted segment margin improved 120 bps year-over-year to 13.0% driven by sales growth and good cost control
• In April, completed divestiture of a non-core aerosol business and finalized agreement to divest the China architectural business

($ in millions)	1Q 2023	1Q 2022	% Change
Sales	$872.7	$852.2	2.4%
Reported Segment Profit	$93.8	$81.5	15.1%
Reported Segment Margin	10.7%	9.6%	+110 bps
Adjusted Segment Profit (1)	$113.8	$100.9	12.8%
Adjusted Segment Margin	13.0%	11.8%	+120 bps

-LSD	+DD	-LSD	-DD
NORTH AMERICA	LATIN AMERICA	EMEAI	ASIA

1Q-23 sales vs. 1Q-22 sales (HSD/MSD/LSD = high, mid or low single digit %. DD = double digit %)

1Q 2023 Results (April 25, 2023)

Note: Consumer Brands Group 1Q results in both years reflect the inclusion of the Latin America architectural business, which was previously reported in The Americas Group (now known as Paint Stores Group)
Note: All comparisons are to the first quarter of the prior year, unless otherwise noted	4
(1) Adjusted segment profit equals Segment profit excluding the impact of restructuring costs and acquisition-related amortization expense; reconciliation from segment profit to adjusted segment profit provided in

Appendix