PPG's revenue declined to RMB 57.2 billion in the first half of the year, with net profit down by 11%; multiple business segments posted strong growth.

On July 29, PPG announced its Q2 2025 operating results. In the first half of 2025, the company achieved net sales of USD 7.879 billion (approximately RMB 57.2 billion), a 2.54% decline year-on-year; operating profit totaled USD 838 million, down 8.52% year-on-year; and net income attributable to shareholders amounted to USD 823 million (approximately RMB 6 billion), a 11.31% decrease year-on-year. As of the end of Q2, cash and short-term investments totaled USD 1.6 billion, while net debt stood at USD 5.7 billion—up approximately USD 480 million year-on-year. Cash flow from operating activities for the first six months of 2025 was USD 369 million, an improvement of USD 64 million compared to the prior-year period. According to the earnings report, PPG’s Q2 net sales reached USD 4.195 billion, down 1% year-on-year. Organic sales rose 2% year-on-year, driven by higher volumes and selling prices, while asset divestitures reduced sales by 3% for the quarter. Organic sales growth of 2% was primarily attributable to outstanding performance in the Performance Coatings segment. Overall selling prices increased 1% year-on-year, as structural price increases were partially offset by price reductions under certain index-based customer contracts. Overall volume increased 1% year-on-year versus the prior-year quarter. The company stated that robust growth was driven by double-digit organic growth in Protective & Marine Coatings, and high single-digit percentage growth in Aerospace and Packaging Coatings. The Performance Coatings segment achieved record quarterly sales and earnings, with organic sales up 6%, fueled by strong customer demand for technologically differentiated products and services. This was partially offset by soft demand in Architectural Coatings, as consumer confidence in Europe remains tepid, although project-related spending improved slightly on a sequential basis; meanwhile, spending in Mexico declined year-on-year. In the Industrial Coatings segment, volumes were flat—outperforming industry demand—as the company began realizing early benefits from market share gains. By region, organic sales in the U.S. and Canada grew at a mid-single-digit percentage rate—the second consecutive quarter of year-on-year growth; Latin America also posted year-on-year organic growth, while Asia Pacific and Europe saw slight declines. Additionally, PPG’s consolidated operating EBITDA margin stood at 20.3%, 120 basis points lower than in Q2 last year; reported diluted EPS was USD 1.98, and adjusted EPS was USD 2.22. Tim Knavish, PPG Chairman and CEO, commented: “I am pleased with our growth momentum, as we delivered 2% organic sales growth—with equal contributions from volume and selling price. This organic growth reflects the strength of PPG’s product portfolio and the benefits of our commercial execution across global operations amid an increasingly dynamic macro environment. Strong customer demand for our technologically differentiated products and services drove the Performance Coatings segment to record quarterly sales and earnings, with organic sales up 6%. In the Industrial Coatings segment, sales were flat—following several quarters of contraction—as we began reaping early benefits from market share gains.” In Q2 2025, the Global Architectural Coatings segment recorded net sales of USD 1.018 billion, down 5% year-on-year.

The 2026 Global Top Ten Marine Coatings Brands List is unveiled: collectively commanding 90% of the global market share.

Jotun stated in its latest annual report that, looking ahead to 2026, newbuilding shipyard activity remains at peak levels, with major shipyards operating near full capacity. Benefiting from continued expansion of Chinese shipyard capacity, sales in Jotun’s marine coatings business segment are expected to remain elevated in 2026. Dry-docking activity is projected to grow modestly, with docking volumes anticipated to increase in 2026. Price pressure will persist across newbuilding, dry-docking, and offshore engineering sectors. As more shipowners and fleet managers commit to reducing fuel consumption and associated emissions, demand for Jotun’s premium antifouling products and solutions is expected to sustain robust growth in the dry-docking market over the coming years. Kansai Paint reported sales of JPY 37.802 billion for the first fiscal quarter of FY2027, up 16.0% year-on-year; marine coatings sales totaled JPY 32.555 billion, up 13.92% year-on-year. Sales in Japan, China, Korea, Southeast Asia, and Europe & the Americas rose by 32.0%, 34.0%, −13.5%, 16.2%, and −3.7%, respectively. Kansai Paint noted that, within its core marine coatings business, newbuilding shipments showed steady growth, supported by rising shipbuilding output in China. In the Japanese market, amid heightened uncertainty in raw material procurement and sustained raw material price increases triggered by Middle East tensions, the company implemented pricing adjustments to ensure stable raw material supply and fulfill its supply commitments—driving substantial sales growth. In the vessel repair segment, demand for high-performance hull antifouling coatings continues to rise, driven by IMO energy efficiency regulations and the global trend toward reducing vessel CO₂ emissions. CMP Group not only actively promoted sales of high-value-added products but also adopted rational pricing strategies aligned with raw material costs, achieving overall sales growth. Sherwin-Williams’ Paint Stores Group reported Q2 2026 net sales of USD 3.89 billion, up 5.1% year-on-year—primarily driven by higher selling prices and modest volume growth. Net sales increased across all professional customer end markets, with double-digit percentage growth in the Protective & Marine Coatings market. PPG’s Performance Coatings segment posted 3% organic sales growth in Q2 2026, benefiting from strong demand for aerospace, protective, and marine coatings; organic sales in Protective & Marine Coatings rose double-digits year-on-year, marking the 13th consecutive quarter of volume growth—including above-market marine coatings volume growth in Asia Pacific and Europe. Nippon Paint’s Other Coatings business achieved sales of JPY 57.595 billion in H1 2026, up 13.31% year-on-year, with particularly strong growth in marine coatings. Performance data from multiple industry leaders mutually corroborate that the marine coatings market is currently in an upward cycle characterized by robust demand. However, not all companies are benefiting equally—market divergence is already evident. According to financial reports, AkzoNobel’s Marine & Protective Coatings business recorded Q2 2026 sales of EUR 385 million, down 7% year-on-year; organic sales declined 2%, primarily due to lower volumes—marine coatings volumes fell sharply year-on-year. For H1 2026, sales totaled EUR 727 million, down 11% year-on-year.

PPG Industries Reports USD 4.5 Billion Q2 Sales

Sep 25, 2026

PPG Industries reported Q2 2026 net sales of USD 4.5 billion, a 7% year-over-year increase, with adjusted EPS at USD 2.23. The company maintained its full-year guidance despite mixed segment profitability across Architectural and Performance Coatings.

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