Balance sheet remains strong with EUR 300 million debt retired in the quarter and EUR 600 million maturing in Q4.
EUR 300 million of debt was retired during the quarter, with EUR 600 million maturing in Q4.
Industrial Coatings segment sales volumes were flat, showing improvement and initial benefits from share gains.
Industrial Coatings segment sales volumes were flat, showing initial benefits from share gains.
Packaging Coatings organic sales increased by a high single-digit percentage year-over-year.
Performance Coatings segment achieved record net sales and earnings with 6% organic sales growth.
Performance Coatings segment delivered record net sales and earnings with 6% organic sales growth.
PPG delivered net sales of $4.2 billion with 2% organic sales growth in Q2 2025.
Protective & Marine Coatings achieved double-digit organic sales growth for the ninth consecutive quarter.
Protective & Marine Coatings had double-digit organic sales growth for the ninth consecutive quarter.
Quarterly dividend per share was raised by 4%.
Segment EBITDA margin declined in Global Architectural Coatings due to divestiture, lower volumes, and unfavorable currency translation, partially offset by cost controls.
Segment EBITDA margin declined in Packaging Coatings due to divestiture and lower selling prices, partially offset by cost control.
Segment EBITDA margin was 20.3% and adjusted EPS was $2.22.
Segment EBITDA margin was 20.3% for the quarter.
The company repurchased $150 million of stock in Q2, totaling $540 million year-to-date, and raised its quarterly dividend by 4%.
The company repurchased approximately $150 million of stock in Q2, totaling $540 million year-to-date.
Adjusted earnings per share increased 24% to $1.02, supported by strong operating results, a lower tax rate, foreign currency gains, and higher pension income.
Adjusted EBITDA was $146 million, up 16% year-over-year, driven by strong government operations performance.
Commercial Operations adjusted EBITDA was $16 million, down from $23 million last year, with margin pressure due to mix and growth investments.
Commercial Operations revenue increased 24% due to acquisitions and medical growth, but organic revenue declined 3%.
Free cash flow was robust at $126 million, aided by good working capital management.
Government Operations revenue grew 9% with adjusted EBITDA up 23%, yielding a 22.6% margin.
Second quarter 2025 revenue was $764 million, up 12% year-over-year, with organic revenue growth of 4% excluding acquisitions.
Transformation and Margin Expansion in Industrial Segment
The Industrial segment achieved a record adjusted operating margin of 25.1%, up 90 basis points from the previous year, driven by The Win Strategy.
The company expects a 700 basis point margin expansion from FY '19 through FY '26, demonstrating significant margin resilience even during negative organic growth periods.
The portfolio's shift towards longer cycle, secular trend, and aftermarket revenues is a key factor, with 67% now in these categories.
International and diversified industrial businesses are using cost reduction and efficiency tools to sustain margin growth amid market challenges.
The transformation includes acquisitions and international distribution growth, with an aim for 85% of the portfolio to be longer cycle, secular, and aftermarket by FY '29.
Adjusted EBITDA was $49 million, down 24% year-over-year, with a margin of 21.5%, a decrease of approximately 450 basis points due to lower volumes and sales mix.
Adjusted net income was $28.2 million, down 21.9%, with adjusted EPS of $0.20.
Capital expenditures totaled $6.8 million, and net leverage was 2.3x, within the target range.
Cash from operations was $51.4 million and free cash flow was $44.6 million, representing a 211% free cash flow conversion of adjusted net income on a trailing 12-month basis.
Commercial and Other segment revenue grew 6.7%, including contributions from the TMC acquisition and organic growth in rolling steel doors, carports, and sheds.
International segment revenue increased 58% to $28.4 million, driven by recovery from prior recessionary impacts.
Janus International Group reported Q2 2025 revenue of $228.1 million, down 8.2% year-over-year, primarily due to a 14.8% decline in self-storage new construction and R3 sales channels.
Dafinchi