FY2023 1Q Financial Results Nippon Paint

Higher revenue driven by volume growth and pricing flow through mainly in decorative business, new consolidation of JUB,
and FX.

Higher decorative revenue due to volume growth and/or pricing flow through depending on regions, except in the Americas
that was impacted by periods of heavy rainfall.

Continue to pursue margin improvement through pricing flow through and lowering of RMCC ratio.

Gross profit margin expected to improve YoY driven by
pricing flow through and lowering of RMCC ratio.

Japan: Higher revenue due partly to pricing actions, despite impact of cold weather and snowfall that started in mid-January.