PPG工业 2025年度报告

investor.ppg.cominvestor.ppg.cominvestor.ppg.cominvestor.ppg.cominvestor.ppg.cominvestor.ppg.com Our Valued Shareholders, As we reflect on 2025, I am proudof the global PPG team thatdemonstrated resilience, disciplineand a commitment to delivering valuefor our customers and shareholders.Building on a strong foundation, wenavigated opportunities and challengeswhile continuing to strengthen ourposition as a global leader in coatings,specialty products and productivitysolutions for our customers. Our legacy of strong cash generationcontinued, enabling us to maintaina disciplined approach to capitalallocation. In 2025, PPG returned$1.4 billion to shareholders, includingapproximately $630 million individends and $790 million in sharerepurchases. We also extended ourrecord of paying uninterrupted annualdividends for 126 years and increasingdividends for 54 consecutive years. Our community investmentstotaled$18.1 million, supporting hundreds ofcommunity organizations worldwide.As part of this, our COLORFULCOMMUNITIES®program broughttogether PPG volunteers andcustomers, PPG products and financialsupport to rejuvenate communityspaces. In 2025, we celebrated the10-year milestone of the globalprogram, completing 43 projects in23 countries. We also extended theColorful Communitiesprogram for anadditional 10 years, committing $15million to celebrate the next decadeof the program. Our digital transformation continuedto be a major enabler of internaloperational efficiency and anenhanced customer experience.This transformation created newpathways for growth in 2025, includingthe expansion of global ecommerceplatforms and the increased useof AI in manufacturing and productdevelopment. From AI-designedcoatings like PPG DELTRON®NXTPremium Glamour Speed Clearcoat, toour Color Visualizer, our teams at PPGare using contemporary digital tools toshorten development cycles, reducewaste and improve productivity. Following our strategic divestitures in2024, we strengthened our financialprofile and further sharpened thefocus on driving our enterprise growthstrategy. This allowed us to deliverstronger commercial and innovationexecution, resulting in positivemomentum throughout 2025 andinto 2026. Looking ahead, we are focused onaccelerating our momentum, and weremain committed to our purpose:WE PROTECT AND BEAUTIFY THEWORLD®, which marks its 10th yearin 2026. We are confident that oursharpened portfolio, ongoing financialdiscipline, and innovation capabilitieswill continue to position us as ourcustomers’ first choice partner. In 2025, PPG’s $15.9 billion in net salesincluded a 2% increase in organicsales due to higher sales volumesand selling prices. This above-marketperformance was led by sales volumegrowth in the Performance Coatingssegment in the aerospace coatings,protective and marine coatings, andtraffic solutions businesses, andshare gains in the Industrial Coatingssegment in automotive originalequipment manufacturer (OEM)coatings, industrial coatings andpackaging coatings. Thank you for your continuedtrust and confidence in PPG. Sustainability has remained animportant focus area that will continueto influence technology developmentbased on evolving customer needs.Sustainably advantaged productsaccounted for 43% of PPG’s 2025sales, reflecting our continued focuson technologies that use less waterand energy and reduce emissionsacross the value chain. Sincerely, Tim Knavish PPG Chairman and Chief Executive Officer UNITED STATESSECURITIES AND EXCHANGE COMMISSIONWASHINGTON, D.C. 20549FORM 10-K ☒ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934For the fiscal year ended December 31, 2025or☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934For the transition period from _______ to _______Commission File Number 1-1687 25-0730780 Securities Registered Pursuant to Section 12(g) of the Act: None Indicate by check mark if the Registrant is a well-known seasoned issuer as defined in Rule 405 of the Securities Act. Yes☒No☐ Indicate by check mark if the Registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes☐No☒ Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934during the preceding 12 months, and (2) has been subject to such filing requirements for the past 90 days. Yes☒No☐ Indicate by checkmark whether the registrant has submitted electronically every Interactive Date File required to be submitted pursuant to Rule 405 ofRegulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit suchfiles). Yes☒No☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or anemerging growth company. See the definitions of “large accelerated filer