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    Chris Parkinson • Wolfe Research, LLC

    Chris Parkinson's questions to PPG Industries Inc (PPG) leadership

    Chris Parkinson's questions to PPG Industries Inc (PPG) leadership • Q2 2025

    Question

    Chris Parkinson of Wolfe Research asked where management has the highest degree of confidence in their ability to significantly outgrow markets over the next 18 months or longer.

    Answer

    Chairman & CEO Timothy Knavish provided a comprehensive list of high-confidence areas, including Aerospace, Protective & Marine, and Traffic Solutions, driven by technology and infrastructure spending. He also highlighted Automotive Refinish (through digital tools), Packaging (due to regulations), and Industrial Coatings (share gains). He framed these as key components of PPG's long-term algorithm to deliver 2-4% organic growth and 8-10% annual EPS growth.

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    Chris Parkinson's questions to PPG Industries Inc (PPG) leadership • Q2 2025

    Question

    Chris Parkinson of Wolfe Research asked where management has the highest conviction in their ability to significantly outgrow markets over the next 18 months.

    Answer

    CEO Timothy Knavish provided a broad overview of high-confidence areas, including Aerospace, Protective & Marine, and Traffic Solutions. He also highlighted outperformance in Refinish (driven by digital tools), Packaging (due to new regulations), and Industrial Coatings (share gains). He concluded by reaffirming the company's long-term algorithm for delivering 2-4% organic growth and 8-10% EPS growth.

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    Chris Parkinson's questions to Axalta Coating Systems Ltd (AXTA) leadership

    Chris Parkinson's questions to Axalta Coating Systems Ltd (AXTA) leadership • Q2 2025

    Question

    Chris Parkinson of Wolfe Research inquired about the current state of the U.S. Refinish market, the divergence between collision rates and claims, and the outlook for 2026. He also asked for an update on Axalta's cost improvement and margin expansion story.

    Answer

    President and CEO Chris Villavarayan explained that while collision rates are down only slightly, claims have fallen due to high repair and insurance costs, a trend he sees stabilizing. He anticipates a market recovery in 2026 as cost pressures abate and distributor inventories normalize. On costs, Villavarayan stated Axalta is only two years into its 'A Plan' and has already achieved significant savings, with more opportunities in operational excellence, material performance, and technology-driven efficiencies, suggesting further margin upside.

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    Chris Parkinson's questions to Ecolab Inc (ECL) leadership

    Chris Parkinson's questions to Ecolab Inc (ECL) leadership • Q2 2025

    Question

    Chris Parkinson from Wolfe Research asked what the strong Q2 margin performance in Institutional and Life Sciences, despite a sluggish macro environment, implies about the company's long-term opportunities.

    Answer

    Christophe Beck, Chairman & CEO, responded that the results validate Ecolab's strategy, with the Institutional & Specialty segment achieving its highest margin in history. He credited this success to a focus on labor automation solutions, digital technology adoption, and market share gains, which have more than offset the drag from exiting low-margin businesses.

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    Chris Parkinson's questions to Sherwin-Williams Co (SHW) leadership

    Chris Parkinson's questions to Sherwin-Williams Co (SHW) leadership • Q2 2025

    Question

    Chris Parkinson of Wolfe Research inquired if recent competitor actions, such as layoffs, have altered Sherwin-Williams' approach to allocating growth spending between its Paint Stores and Consumer Brands segments.

    Answer

    Chair, President & CEO Heidi Petz confirmed the company will be "extremely aggressive" in customer acquisition where competitors are retrenching. CFO Al Mestyshin added that while they are managing expenses in Consumer Brands due to its softer outlook, they are not cutting in a way that would harm long-term growth and are maintaining focus on new account activity in Performance Coatings.

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    Chris Parkinson's questions to Sherwin-Williams Co (SHW) leadership • Q2 2025

    Question

    Chris Parkinson of Wolfe Research asked if recent competitor actions, such as layoffs, have altered Sherwin-Williams' strategy for allocating growth spending between its Paint Stores and Consumer Brands segments.

    Answer

    CEO Heidi Petz confirmed the company will be "extremely aggressive" in customer acquisition in the current environment. CFO Allen Mistysyn added that while they will manage expenses in Consumer Brands according to its softer outlook, they will not cut spending in a way that hurts long-term growth, and he praised the Performance Coatings Group for its cost control.

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    Chris Parkinson's questions to Crown Holdings Inc (CCK) leadership

    Chris Parkinson's questions to Crown Holdings Inc (CCK) leadership • Q2 2025

    Question

    Chris Parkinson asked about customer conversations regarding market tightness, particularly in Europe, and how this impacts Crown's intermediate to long-term outlook. He also requested color on the performance drivers for the Americas Beverage Can business in Q2 and the growth outlook for the second half.

    Answer

    President & CEO Timothy Donahue stated that European customers remain bullish on their long-term need for more cans, driven by business growth and a shift towards sustainable packaging. He noted that while there may be soft spots, the overall outlook is strong, with compounding growth leading to high utilization. For the Americas in H2, he indicated that guidance bakes in 0-1% growth in North America and flattish volumes in Brazil, with some expected softness in Mexico due to economic and tariff concerns.

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