1. The 3M of high-performance coatings, sealants, and building materials.

2. Rust-Oleum and DAP's parent company, also a diversified industrial coatings and building materials supplier, like a broader Sherwin-Williams.

3. A diversified coatings and sealants giant for both industrial and consumer markets, akin to a PPG Industries that owns Rust-Oleum and DAP.

• Consumer DIY Products: Adhesives, sealants, caulks, repair products, rust-preventative paints, wood finishes, and specialty coatings for home improvement projects.
• Construction Building Materials: Roofing systems, sealants, waterproofing, insulation, and building envelope solutions for commercial and residential construction.
• Industrial Performance Coatings: Protective coatings, flooring systems, fireproofing, and corrosion control solutions for industrial, infrastructure, and commercial applications.

For RPM International (NYSE: RPM), the company primarily sells to other companies (B2B) across its various segments, including consumer, construction, performance coatings, and specialty products.

Based on their latest financial reports, RPM's two most significant direct customers, primarily for its Consumer Group products, are:

• The Home Depot Inc. (NYSE: HD)
• Lowe's Companies, Inc. (NYSE: LOW)

Beyond these two major retailers, RPM serves a diverse base of other business customers across its various segments. These categories of customers include:

• Retailers and Mass Merchandisers: For its extensive portfolio of consumer brands (e.g., Rust-Oleum, DAP, Zinsser), selling to a wide array of home centers, hardware stores, paint stores, and automotive aftermarket retailers.
• Contractors and Building Material Suppliers: For its construction products, including roofing systems, sealants, wall systems, concrete and masonry systems, and specialty chemicals, serving both commercial and residential construction, renovation, and maintenance markets.
• Industrial and Commercial Clients: Such as manufacturers, facility owners and managers, and institutional accounts (e.g., schools, hospitals) that utilize RPM's high-performance coatings, linings, and flooring systems for protection, maintenance, and specialized applications.
• Distributors and Wholesalers: Who facilitate the distribution of RPM's specialty chemicals, coatings, and building materials to a broad network of smaller contractors, industrial users, and professional tradespeople.

Frank C. Sullivan, Chairman & Chief Executive Officer

Mr. Sullivan has served as Chairman and Chief Executive Officer of RPM International Inc. since October 2008. He began his career with RPM in 1987 as regional sales manager for its joint venture AGR Company. He held various leadership positions within RPM, including director of corporate development, vice president, chief financial officer, executive vice president, president, and chief operating officer, before becoming President and CEO in 2002. Prior to joining RPM, from 1983 to 1987, he held positions in commercial lending and corporate finance at Harris Bank and First Union National Bank. Mr. Sullivan is the grandson of RPM's founder, Frank C. Sullivan, and the son of former Chairman and CEO, Thomas C. Sullivan. Information regarding founding or selling other companies, or a pattern of managing private equity-backed companies, is not available in the provided sources.

Russell L. Gordon, Vice President & Chief Financial Officer

Mr. Gordon has served as Vice President and Chief Financial Officer of RPM International Inc. since 2012. His previous roles at RPM include Vice President for Corporate Planning from 2007 to 2012 and Director of Corporate Development. Before his time at RPM, Mr. Gordon held various financial positions in the Corporate Treasury and Control, and the Specialty Chemicals Division of Goodrich Corporation. Information regarding founding or selling other companies, or a pattern of managing private equity-backed companies, is not available in the provided sources.

Timothy R. Kinser, Vice President, Operations

Mr. Kinser was appointed Vice President of Operations in October 2021 (or June 2018 depending on the source). In this role, he leads RPM's manufacturing, supply chain, and environmental, health and safety functions across all business segments. He previously served as Executive Vice President of Operations at DAP Products Inc., an RPM operating company. Prior to joining DAP in 2007, he was executive director of manufacturing at a leading North American roofing manufacturer and also spent more than a decade in various manufacturing and operations positions at Florida Power & Light. Information regarding founding or selling other companies, or a pattern of managing private equity-backed companies, is not available in the provided sources.

Matthew T. Ratajczak, Vice President of Global Tax and Treasurer

Mr. Ratajczak was elected Vice President of Global Tax and Treasurer in April 2012, overseeing RPM's global tax and treasury functions, including cash, credit, and debt management. He joined RPM in 2004 as director of tax and was elected vice president of global tax in 2005. Before RPM, he began his career at Ernst & Young LLP in 1990 and later served three years as director of global tax for Noveon, Inc. Information regarding founding or selling other companies, or a pattern of managing private equity-backed companies, is not available in the provided sources.

Randell McShepard, Vice President, Public Affairs & Chief Talent Officer

Mr. McShepard serves as Vice President, Public Affairs & Chief Talent Officer for RPM International Inc. No detailed background information, including founding or managing other companies, selling companies, or a pattern of managing private equity-backed companies, is available in the provided sources.

The key risks to RPM International (symbol: RPM) include:

1. Raw Material Price Volatility and Supply Chain Disruptions: RPM International is significantly exposed to fluctuations in the prices and availability of raw materials, including petroleum-based derivatives, minerals, and metals, as well as packaging and transportation costs. These volatilities can negatively impact the company's financial results and profit margins. The company faces ongoing challenges with raw material costs, which have seen mid-single-digit percentage increases and can be compounded by tariff-related expenses.
2. Economic Conditions and End-Market Cyclicality: RPM operates in diverse end-markets, including industrial, construction, and consumer sectors, making it vulnerable to global and regional economic conditions and market declines. Weak end-market growth and the cyclical nature of these markets can challenge RPM's revenue growth. Economic uncertainty and shifts in market dynamics, such as the potential impact of online shopping and remote work on construction markets, could decrease product demand.
3. Execution Risks of Strategic Initiatives (MAP 2025) and Operational Inefficiencies: The company's Margin Achievement Plan (MAP 2025) is a critical strategic initiative aimed at driving efficiency and growth, including plant consolidations and disciplined inventory management. However, the successful execution of this program is not guaranteed, and underperformance could pose a significant risk. Operational inefficiencies and transitional costs from consolidating plants have already caused negative fixed-cost absorption and pressured margins in the past.

RPM International Inc. operates in various markets through its core product categories, primarily specialty coatings, sealants and adhesives, and building materials (construction chemicals). The addressable market sizes for these key product areas are as follows:

• Adhesives and Sealants: The global adhesives and sealants market was valued at approximately USD 69.4 billion in 2024 and is projected to reach USD 101.2 billion by 2033, demonstrating a compound annual growth rate (CAGR) of 4.3% from 2025 to 2033. Other estimates place the global market at USD 72.76 billion in 2024, projected to grow to USD 123.20 billion by 2033 with a CAGR of 6.0%. In Europe, the adhesives and sealants market was valued at USD 18.25 billion in 2024 and is anticipated to reach USD 30.06 billion by 2033, with a CAGR of 5.7% from 2025 to 2033.
• Specialty Coatings: The global specialty coatings market was valued at USD 3.9 billion in 2023 and is expected to grow to USD 5.55 billion by 2032, at a CAGR of 4.0% during the forecast period (2025-2032). Another report indicates the global market size was USD 3.4 billion in 2023 and is estimated to reach USD 4.7 billion in 2031, growing at a CAGR of 4.0% from 2024 to 2031. North America held a significant share, approximately 29.4%, of the global specialty coatings market in 2022.
• Construction Chemicals: The global construction chemicals market size was valued at USD 49.29 billion in 2023 and is projected to grow at a CAGR of 3.5% from 2024 to 2030. Other sources report the market at USD 51.19 billion in 2024, expected to reach around USD 72.7 billion by 2034 with a CAGR of 3.57% between 2025 and 2034. The Asia Pacific region holds a substantial portion of this market, with a valuation of USD 39.2 billion. This region held the largest market revenue share of 52.1% in 2023. The Asia-Pacific construction chemicals market is expected to reach USD 33.77 billion in 2025 and grow at a CAGR of 7.48% to reach USD 48.43 billion by 2030.

Expected Drivers of Future Revenue Growth for RPM International (RPM)

Over the next 2-3 years, RPM International's revenue growth is expected to be driven by several key factors:

1. Strategic Investments in High-Growth End Markets: RPM is actively pivoting towards and investing in high-growth segments, including data center construction, infrastructure projects, and high-performance buildings. This strategic focus is expected to leverage the company's range of specialized products and services in these demanding sectors. The Construction Products Group, in particular, is anticipated to see growth driven by high-performance roofing and wall systems for both new construction and restoration projects, as well as infrastructure-related projects.
2. MAP 2025 Initiatives and Operational Efficiencies: The ongoing execution of RPM's MAP 2025 initiatives is central to enhancing operational efficiencies, improving margins, and generating strong cash flow, which in turn supports growth investments. These initiatives include structural improvements and streamlining SG&A, which are expected to contribute to profitability and provide capital for growth.
3. Strategic Acquisitions and New Product Expansion: Acquisitions have played a meaningful role in RPM's growth, contributing to increased sales and the successful integration of new businesses, such as "the pink stuff" and "ready sale" in the Consumer Group. The company also emphasizes innovation and expansion into new product categories as a contributor to strong financial performance.
4. Organic Growth in Key Segments: RPM anticipates continued organic growth, particularly within its Construction Products Group and Performance Coatings Group. This growth is supported by a focus on repair and maintenance solutions, turnkey flooring solutions, protective coatings, and specialty OEM coatings.
5. Market Share Gains and International Expansion in Consumer Group: Despite a softer DIY market, the Consumer Group is expected to partially offset sales declines through market share gains and growth initiatives in international markets. The rationalization of lower-margin products within this segment is also intended to benefit margins.

Share Repurchases

• In January 2021, RPM's Board of Directors authorized the resumption of its stock repurchase program, with $469.7 million remaining available for repurchase. The program was extended beyond its original May 31, 2021, expiration date until the remaining amount is returned to stockholders.
• RPM repurchased approximately $50.0 million in fiscal year 2021, $52.5 million in fiscal year 2022, and $50.0 million in fiscal year 2023.
• In fiscal year 2024, RPM returned $286.9 million to stockholders through cash dividends and share repurchases, and in fiscal year 2025, this combined figure was $325.6 million.

Share Issuance

• Under the 2024 Omnibus Plan, up to 5,000,000 shares of common stock may be issued with respect to awards, with no more than 2,500,000 shares subject to "full-value" awards.

Outbound Investments

• Acquisitions are a core element of RPM's growth strategy, with over 50 transactions completed in the last decade, focusing on entrepreneurial companies and product lines that complement its businesses.
• Fiscal year 2025 was RPM's largest M&A year, with acquisitions of businesses, net of cash acquired, totaling $595.770 million. Notable acquisitions include Ready Seal Inc. (exterior wood stains) and Starbrands Group (hair care products).
• In fiscal year 2024, RPM acquired TMP Convert SAS, a French manufacturer of outdoor design and landscape products, which had annual net sales of approximately €35 million, with total acquisitions net of cash acquired of $15.549 million.

Capital Expenditures

• Capital expenditures totaled $254.435 million in fiscal year 2023, $214.0 million in fiscal year 2024, and $229.9 million in fiscal year 2025.
• The increase in capital expenditures in fiscal year 2025 was driven by investments in shared RPM facilities, including a Resin Center of Excellence, a new distribution center in Belgium, and new production facilities in Malaysia and India, alongside MAP 2025-enabled plant consolidations.
• For the first quarter of fiscal year 2026, capital expenditures were $62.5 million, an increase from $50.7 million in the prior-year period, primarily due to growth investments, including the purchase of a newly constructed Malaysian plant.