#1RPM Investor Presentation January 11, 2024 RPM LISTED NYSE#2Forward-Looking Statements & Regulation G This presentation contains "forward-looking statements" relating to our business. These forward-looking statements, or other statements made by us, are made based on our expectations and beliefs concerning future events impacting us and are subject to uncertainties and factors (including those specified below), which are difficult to predict and, in many instances, are beyond our control. As a result, our actual results could differ materially from those expressed in or implied by any such forward-looking statements. These uncertainties and factors include (a) global markets and general economic conditions, including uncertainties surrounding the volatility in financial markets, the availability of capital, and the viability of banks and other financial institutions; (b) the prices, supply and availability of raw materials, including assorted pigments, resins, solvents, and other natural gas- and oil-based materials; packaging, including plastic and metal containers; and transportation services, including fuel surcharges; (c) continued growth in demand for our products; (d) legal, environmental and litigation risks inherent in our businesses and risks related to the adequacy of our insurance coverage for such matters; (e) the effect of changes in interest rates; (f) the effect of fluctuations in currency exchange rates upon our foreign operations; (g) the effect of non-currency risks of investing in and conducting operations in foreign countries, including those relating to domestic and international political, social, economic and regulatory factors; (h) risks and uncertainties associated with our ongoing acquisition and divestiture activities; (i) the timing of and the realization of anticipated cost savings from restructuring initiatives and the ability to identify additional cost savings opportunities; (j) risks related to the adequacy of our contingent liability reserves; (k) risks relating to a public health crisis similar to the Covid pandemic; (1) risks related to acts of war similar to the Russian invasion of Ukraine; (m) risks related to the transition or physical impacts of climate change and other natural disasters or meeting sustainability-related voluntary goals or regulatory requirements; (n) risks related to our use of technology, artificial intelligence, data breaches and data privacy violations; and (o) other risks detailed in our filings with the Securities and Exchange Commission, including the risk factors set forth in our Form 10-K for the year ended May 31, 2023, as the same may be updated from time to time. We do not undertake any obligation to publicly update or revise any forward-looking statements to reflect future events, information or circumstances that arise after the filing date of this presentation. This presentation includes certain company data that do not directly conform to generally accepted accounting principles, or GAAP, and certain company data that has been restated for improved clarity, understanding and comparability, or pro forma. All non-GAAP data in this presentation are indicated by footnote. Tables reconciling such data with GAAP measures are available through our website, www.rpminc.com under Investor Information/Presentations. RPM Investor Presentation | Jan. 11, 2024 2#3RPM At a Glance RPM Products and Services: • Extend asset life ● Enable sustainability Enhance appearances RUST-OLEUM GLOSS PROTECTIVE ENAMEL TURBU X FASTER CERAMIC PROTECTION STOLEUM ZINSSERO Bulls Eye 123 & Exterier PRIMER FOR ALL SURFACES carboline Hosonghe Restore Coatings Linings Fireproofing Varathane Intumastic ADL Dex 8X CISD illbruck SPRAY MATE AST DRY WORLD dryvit TREMCO BLACKFRIAR ALL-PURPOSE PRIMER AMPED TESTOS SPRAYINAME RUSTOLEUM mim Decorative Bear Vandex CRACKLE 359 SUPER LATEX PAINT The Sild Chemical Company SUPER DIAMOND CLEAR Stick Furniture Transformations Furniture Cooling System ALEX PLUS RUSTOLEUM DAP ROCKSOLID METALLIC Compr KRUD KUTTER LEANER DEGREASER Viafix PARA ARGALASSAS E CRAPS Viapol RUSTOLEUM RUSTOLEU HOPWATCO GLOSS ROTECTIV TEAK OIL SHIELDHO ENAMEL FABRIC G VULKEM 45 SSL Flowcrete RUSTOLEUM UNIVERSAL METALLIC for the world at your feet Dymonic 100 A world leader in specialty coatings, sealants, building materials and related services. MANUFACTURING FACILITIES IN 26 COUNTRIES FOUNDED: QUICK FACTS HEADQUARTERS: 1947 Medina, OH NYSE STOCK LISTING: (Symbol: RPM) FISCAL 2023 SALES: $7.3 Billion SALES LOCATIONS: 164 countries and territories EMPLOYEES: 17,300 RPM DAP LTRA 50 consecutive years of dividend increases $4.3 bb returned to shareholders through cash dividends and share / convertible debt repurchases Investor Presentation | Jan. 11, 2024#4Compelling Investment Profile DIVERSIFIED MULTIPLE FOCUS ON BUSINESS MODEL REVENUE DRIVERS MARGIN ACHIEVEMENT BUILDING A BETTER WORLD TRACK RECORD OF SHAREHOLDER RETURNS Strategic balance Repair & maintenance focus Strong organic growth opportunities, including secular drivers Innovative products Robust M&A pipeline • CPG PCG MAP 2025 initiatives Manufacturing (MS-168) Procurement Commercial (CS-168) Sustainability integrated across organization ESG trends expected to drive growth Good progress toward 2025 goals 50 consecutive years of dividend increases $708 million of share repurchases¹ since fiscal 2019 RPM CONSUMER SPG RPM $ MAP 2025 Margin Achievement Plan BUILDING A BETTER WORLD 1 Includes $205M in convertible debt repurchases Investor Presentation | Jan. 11, 2024#5Operating Groups Drive Growth & Efficiency Through Four Reportable Segments 36% FY23 Sales $2.6 bb RPM CONSTRUCTION PRODUCTS GROUP Create and drive unique systems for the construction, restoration and maintenance of the building envelope and infrastructure TREMCO Dryvit Nudura NewBrick illbruck EUCLID CHEMICAL Flowcrete Nullifire Vandex Viapol WTI CONSUMER GROUP Create, innovate and lead consumer product category platforms RPM FY23 SALES: $7.3 BILLION PERFORMANCE COATINGS GROUP Protecting, enhancing and extending the useful life of concrete, steel and structural alternatives STONHARD carboline Fibergrate Structures, PRIMERESINS STRATHMORE KEMTILEGT INFRASTRUCTURE LF FIBREGRID ан N Dudick HMMERVOLL amt. BISON Innovative Products ARNETTE POLYMERS, LLC Division af Gorkel b COMPOSITES PLASITE api SPC TO STARTINGU GRUPO FIRE PROTECTION SYSTEMS PV SPECIALTY PRODUCTS GROUP Best home for entrepreneurial companies and incubator of new market platforms 18% FY23 Sales $1.3 bb RUST-OLEUM DAP FY23 Sales $2.5 bb Varathane ZINSSERⒸ LEGEND BRANDS DayGlo Mantrose-Haeuser Co., Inc. RPM Coatings Group Industrial பே RUST-OLEUM' STOPS RUST TESTORS Kwik Seal ALEX GATOR XIM WATCO® profile food KOPCOAT. TCI TOR INGREDIENTS FINISHWORKS FINISHES RPM WOOD FY23 Sales 11% $0.8 bb Group 35% TOUCH'N FOAM DRYDEX PROFESSIONAL KRUD RUTTER Paints Waterproofing MATHYS MIM Weldwood MODERN MASTERS. MIRACLE SEALANTS morrells PROCHEM. PETTIT MOHAWK Radiant RUSTOLEUM RUSTOLEUM PAINTERS TOUCH ROCKSOLID RUSTOLEUM Plastic EPOXYSHIELD Wood TREMCLAD DYNAFLEX DRIEAZ kirker Nature Seal MR VALVTECT TICHREL THE POWER OF RPM Entrepreneurial Approach to Customers with Leading Brands Driving Innovation and Growth Center-Led in Operations and Administration, Driving Efficiency and Continuous Improvement Value of 168: Transparency, Trust & Respect + Connections Creating Value Investor Presentation | Jan. 11, 2024 LO 5#6Global Sales by Region | Fiscal 2023 RPM NORTH AMERICA $5.7 billion - 79% EUROPE $1.0 billion - LATIN AMERICA $292 million - 4% 14% AFRICA/MIDDLE EAST/ OTHER FOREIGN $90 million - 1% ASIA PACIFIC $174 million 2% Investor Presentation | Jan. 11, 2024 6#7Strategic Balance: Repair & Maintenance vs. New Construction* RPM CONSTRUCTION PRODUCTS GROUP 40% 60% CONSUMER GROUP 85% 15% PERFORMANCE COATINGS GROUP ~5% ~30% 50% 50% RPM ~65% Repair & Maintenance New Construction Specialty OEM *Current estimates, which are subject to change based on actual operating mix. SPECIALTY PRODUCTS GROUP 40% 50% 10% Investor Presentation | Jan. 11, 2024 7#8Positioned to Benefit from Stimulus Pipeline Significant government stimulus expected to contribute to growth in construction, infrastructure and reshoring projects $2.2 Trillion CARES Act March 2020 $1.9 Trillion American Rescue Plan March 2021 $1.2 Trillion Infrastructure Investment and Jobs Act November 2021 $53 Billion CHIPS Act August 2022 $390 Billion Inflation Reduction Act August 2022 $340 bb State / Local Government Funding $350 bb State/Local Gov. Funding $130 bb K-12 Schools $550 bb Incremental Infrastructure Spending $39 bb Incentives for Reshoring of Manufacturing Up to $7,500 EV Credit For Cars with North American-made Batteries RPM Investor Presentation | Jan. 11, 2024 8#9Transformational Forces Driving Opportunities Infrastructure Investments Protective coatings Specified fireproofing Concrete admixtures FRP grating High-performance construction products RPM • High-Performance Buildings High-performance construction products High-efficiency restoration systems Concrete admixtures . . • . Reshoring EV Capital Investments Engineered flooring systems Specified fireproofing High-performance construction products Concrete admixtures Specified fireproofing Engineered flooring systems Protective coatings Concrete admixtures Investor Presentation | Jan. 11, 2024 9#10Multiple Solutions to Serve Global Infrastructure Market Hydroelectric Plant Fire Protection Manitoba, Canada carboline Hartsfield Airport Wall System Georgia, USA TREMCO™ Gare du Nord Station Floor System Paris, France Flowcrete Tacoma Narrows Bridge Protective FRP Washington, USA Fibergrate Structure: Water Treatment Plant Concrete Admixtures & Sealants Antioquia, Colombia EVCLIP CHEMICAL TREMCO™ UHE Tibagi Dam Concrete Admixtures & Waterproofing Parana, Brazil Viapol RPM Maharashtra Tunnel Fire Protection Maharashtra, India carboline Sydney Harbor Bridge Concrete Repair & Waterproofing Sydney, Australia TREMCO™ Investor Presentation | Jan. 11, 2024 10#11Engineered Solutions to Serve Growing EV and Battery Capital Projects CPG: High Range Water Reducer • Reduces water consumption by up to 30% •Requires less Portland cement EUCLID CHEMICAL CPG: Tuf-Strand Macrofibers •Replacement for steel reinforcement • Enhanced 3-D protection against cracking • Improved safety and construction times EUCLID CHEMICAL RPM DDDDDD PCG: Thermo-Sorb VOC . • Up to 3 hours of passive fire protection . • Low outgassing for clean rooms • Fast application uboline carboline PCG: Stonclad GS • Abrasion and impact resistant epoxy mortar system • Controls static and resistant to chemicals • Installed by Stonhard STONHARD Investor Presentation | Jan. 11, 2024 11#12Examples of Organic Growth Investments carboline CARBOLINE END MARKET DIVERSIFICATION TREMCO Construction Products Group wti PUREAIR CONTROL SERVICES Hinges, los CPG ENHANCED BUILDING EFFICIENCY T RPM RPM INNOVATION CENTER OF EXCELLENCE RPM Investor Presentation | Jan. 11, 2024 12#13Innovative New Products Drive Organic Growth Stonres RTZ-2 Nudura Insulated Concrete Forms Construct stronger, highly energy efficient concrete structures capable of withstanding hurricanes. Nudura's new XR35 form significantly increases insulation performance. Seamless urethane floor system that is durable, easy to maintain and noise reducing. Ideal for high-traffic public spaces. Sent 120 AM HEPA ON FILTER HEALTH GOOD 0 LEGEND BRANDS Dri-Eaz Air Scrubber STONHARD Quiet and powerful HEPA 700 air scrubber with Bluetooth and Wi-Fi capabilities onboard its Command Hub display to offer professionals remote air filtration monitoring and control. Custom Spray 5-in-1 Patent-pending technology provides 5 spray patterns in a single can, resulting in increased precision, minimized drops and reduced waste. 30% greater color retention and corrosion resistance compared to original Stops Rust formula. RPM RUSTOLEUM Investor Presentation | Jan. 11, 2024 13#14Acquisition Program Targets Niche Businesses with Leading Brands RPM GATOR FINISHING PRODUCTS BISON Innovative Products Dudick inc. S wti PUREAIR *arg Con CONTROL SERVICES Broadened focus beyond coatings and sealants to adjacent product categories. CRITERIA Successful, niche businesses with leading brands ✓ Above average gross profit margins ✓ 70% product line integrations ✓ 30% stand-alone with entrepreneurial leadership that stays BENEFITS ★ Achieve revenue synergies New channels ★ New geographies New technologies ★ Great home for entrepreneurs Investor Presentation | Jan. 11, 2024 14#15MAP 2025 Overview RPM MAP Margin Achievement Plan 2025 MAP 2025 is designed to amplify the strengths of RPM's growth-oriented, entrepreneurial culture, while leveraging the success of the 2020 MAP to Growth initiative to continue transforming RPM into a more collaborative, data-driven and efficient company GOALS 1 By May 31, 2025, RPM is targeting improvements to: $8.5B Revenue 42% Gross Margin 16% Adjusted EBIT Margin 1 - Projected goals are on an annualized run-rate basis to be fully realized in FY26 Investor Presentation | Jan. 11, 2024 15#16MAP 2025 Focus Areas Built on Prior Successes Manufacturing (MS-168) Procurement MAP 2020 successes Implemented MS-168 at over 40 larger facilities . Created center-led manufacturing • Purchased Corsicana, TX facility • Created center-led procurement . • Consolidated spend and developed strategic supplier relationships Value engineering focused on cost reduction activities MAP 2025 focus Expand MS-168 to additional facilities • Continue to optimize footprint . Execute new approaches to plant efficiency Grow strategic supplier relationships • Expand categories of centralized procurement • Commodity cycle recovery Sales force effectiveness Commercial (CS-168) • Established commercial system process • . Implemented tools needed for data capture Expanded data analysis capabilities ☐ Value added selling Improve margin management through mix and innovation $465 M in Total Targeted Annualized Savings by May 31, 2025 RPM Investor Presentation | Jan. 11, 2024 16#17RPM MAP 2025 | $465M in Forecasted Benefits In millions $500 $400 $300 $200 $100 $0 Annualized $120 M EBIT Wave Plan Annualized $185 M EBIT Total Annualized $465 M EBIT Annualized $160 M EBIT WAVE 1 May 2023 Manufacturing MS-168 Procurement Commercial CS-168 WAVE 2 May 2024 WAVE 3 May 2025 MS-168 expansion, continue to optimize footprint, new approaches to plant efficiency Grow strategic supplier relationships, expand categories, commodity cycle recovery Enhance data gathering and analysis, salesforce effectiveness, value selling Investor Presentation | Jan. 11, 2024 17#18MAP 2025 Financial Goals RPM FY22 Target Improvement CAGR 1 Dollars in millions Actuals FY25 Total Revenue $6,708 +$1,792 $8,500 6.1% Gross Profit $2,433 +$1,137 $3,570 10.0% % margin 36.3% +570 bps 42.0% SG&A $1,788 -$422 $2,210 2 5.4% % of sales 26.7% +70 bps 26.0% Adjusted EBIT % margin $708 3 10.6% 3 +$652 $1,360 17.7% +540 bps 16.0% 1 - CAGR calculated through FY26 as projected target is expected to be fully realized in FY26 2- Excludes charges related to MAP that are non-recurring in nature 3- Non-GAAP measure. Please visit appendix for reconciliation to nearest GAAP measure. Investor Presentation | Jan. 11, 2024 18#19Sustainability = Building a Better World PRIMER Building a Better World is about engaging associates throughout RPM in our ongoing commitment to create a sustainable future using our values of transparency, trust and respect. These values fuel our continued focus on solutions that grow our business, drive innovative product development, prioritize the people important to our success, and honor the planet we call home. OUR PRODUCTS M 195 nCoat TUF-STRAND SF OUR PE OUR PEOPLE TCI RPM GOVERNANCE 168 . OHIO 70. OUR PROCESSES Calend Investor Presentation | Jan. 11, 2024 19#202025 Sustainability Goals And Our Progress Updated New 2025 SUSTAINABILITY GOALS Reduce Scope 1 and Scope 2 greenhouse gas (GHG) emissions from our facilities by 20% per ton production. Reduce energy consumed in our facilities by 10% per ton of production. Reduce waste to landfill from our facilities by 10% per ton production. Increase recycling at our facilities by 20% per ton of production. Identify and implement additional opportunities for water reuse and conservation and actively evaluate and invest in the replacement of single- pass water discharge systems. Mitigate or eliminate more than 20 chemical compounds from our product formulations by the end of 2030 - under a new Product Stewardship initiative. 2022 PROGRESS Reduced GHG by approximately 16% per ton of production. Reduced energy by approximately 19% per ton of production. RPM Investor Presentation | Jan. 11, 2024 20 20#21Delivering Value to Shareholders Only 41 publicly traded U.S. companies have an equal or better record* $2.00 $3.3 Billion Paid $1.75 $1.50 $1.25 $1.00 $0.75 50 Consecutive Years of Dividend Increases $0.00 74 176 '78 '80 '82 '84 186 '88 '90 '92 '94 '96 '98 '00 '02 '04 '06 '08 '10 '12 '14 '16 '18 '20 122 $0.50 $0.25 24 24 Investor Presentation | Jan. 11, 2024 October 2023: RPM increases annual cash dividend by 10% to $1.84 per share *Source: Dividend Radar RPM 21 24#22RPM Total Return Performance $220 $200 $180 $160 $140 $120 $100 $80 5/18 Comparison of Cumulative Total Return vs. S&P 500 and a Customized Peer Group RPM OUTPERFORMED: S&P 500 by 5.7% Peers by 17.8% 5/19 5/20 5/21 Since Start of MAP to Growth Program: FY19 - FY23 5/22 5/23 RPM S&P 500 Peer Group The graphs above compare the cumulative four- and ten-year total return provided to stockholders on RPM International Inc.'s common stock relative to the cumulative total returns of the S&P 500 Index and a customized peer group. An investment of $100 (with reinvestment of all dividends) is assumed to have been made in RPM common stock, the peer group, and the index on 5/31/2018 and their relative performance is tracked through 5/31/2023. Peer Group companies include: Akzo Nobel N.V., Axalta Coating Systems Ltd., Carlisle Companies Inc., H.B. Fuller Company, Masco Corporation, PPG Industries, Inc., The Sherwin-Williams Company and Sika AG. RPM Investor Presentation | Jan. 11, 2024 22#23RPM Segment Overviews#24Construction Products Group $2.6 billon Fiscal 2023 Sales TREMCO Dryvit Nudura Willseal Prebuck Pacific Ave. Roofing Systems & Sealants NewBrick Exterior Insulated Finishing Systems wti Lightweight Insulated Bricks FI WEATERPROOTING TECHNOLOGIES CANADA Insulated Concrete Forms EUCLID CHEMICAL Expansion Joints & Sealants Engineered Framing Systems Flowcrete illbruck General Contracting (U.S.) General Contracting (Canada) Concrete Admixtures Nullifire Vandex Viapol KR KEY RESIN COMPANY High-Performance Sealants Resin Flooring Systems (Europe) PUREAIR CONTROL SERVICES INC Heathy Buldogs, Healthy People Intumescent Coatings Waterproofing Systems Construction Products (Brazil) Terrazzo Flooring Systems (U.S.) Indoor Air Quality Services RPM Investor Presentation | Jan. 11, 2024 24#25Construction Products Group Target Markets Coal Roof Systems Insulated Concrete Furms Glazing and Transition Systems Systems for the Control of Interior Air Movement Fluid Applied Roof Systems Renewable Energy Systems Air Barrier Systems Sealant Systems Waterproofing and Drainage Systems 6 sides of the Building + Floor (seamless) + Fire protection + Concrete Deck Coatings and Membranes Insulated Exterior Claddings RPM BUILDING ENVELOPE Air | Moisture | Thermal Bridge Rail Transit Highway Tunnel Water Power INFRASTRUCTURE Concrete | Concrete Protection Investor Presentation | Jan. 11, 2024 25#26Performance Coatings Group $1.3 billon Fiscal 2023 Sales RPM COATINGS PROTECTIVE COATINGS FLOOR SYSTEMS 目 STRUCTURES SEAMLESS INDUSTRIAL FLOORING FRP GRATINGS & RAILINGS carboline STONHARD Fibergrate Composite Structures FIREPROOFING SYSTEMS FLOORS FOR COMMERCIAL OUTDOOR ENVIRONMENTS SPACES Investor Presentation | Jan. 11, 2024 26#27Performance Coatings Group Target Markets • Customer Targets: End Users, Contractors, Architects & Engineers • Solving clients' largest and most complex problems differentiates our products and services Installation services encompass 40-50% of demand, complemented by niche technologies and know-how RPM Manufacturing Metals & Mining Pulp & Paper Technology Bridge & Highway Water Wastewater Transportation Marine Food & Beverage Pharma/Healthcare Semiconductors Commercial Spaces Outdoor Living Oil & Gas Petrochemical Power Renewable Energy High-performance solutions for industrial and commercial applications Investor Presentation | Jan. 11, 2024 27#28Consumer Group $2.5 billon Fiscal 2023 Sales HRUSTOLEUM RUST-OLF NINTERS 2X ULTRA COVER PAINT-PRIME #1 Supplier in the Small Project Paint Category Worldwide RPM DAP ALEX PLUS Varathane PREMIUM WOOD STAIN CONOR IN 1 COAT SUT 3X FASTER THOUR #1 Caulk & Sealant Supplier in North America AGED BARREL JC SP429 ZINSSERO BIN ADVANCED Synthetic Shellac PRIMER ULTIMATE STAIN B STICKS TO ALL SURFACES RES IN AS MINUTES Varathane WOOD'S FIRST CHOICE" ZINSSER QUALLY SINCE 1849 DAP DAP Fastest Growing Supplier of Wood Finishes in North America #1 Primer Brand in Customer Satisfaction among Professionals in North America #1 Brand of Wall Repair and Spackle in North America Investor Presentation | Jan. 11, 2024 28#29Consumer Group Target Markets RPM User Targets: DIY/Makers, Professionals, Industrial Understanding market needs drives innovation DIY UST Chalked matte paint ENITY FAST DRY NOVUM SPACKLING 22 Plaster MAKERS Varathane TAIN | Shd XETY C 104 106 108 PROFESSIONALS INDUSTRIAL Investor Presentation | Jan. 11, 2024 29#30Specialty Products Group $0.8 billon Fiscal 2023 Sales RPM DayGlo GR 6000 DEHUMID LEGEND BRANDS VIL MOHAWK Finishing Products Touch-Up & Repair Kit Ultra Mark MOHAWK M290-SAMPLES Fil-Stik® way to fill nail holes. repair scratches and hide minor imperfec- tions in wood NatureSeal For Guacamole & Avocado Ithibite browning and maintains freshness Blend of vitamins.mrerals and organk ads S.Hte free cluten-free GMO-free CRAS Ingredients herbs Pro-Mark® Ultra@Mark A comp revita dam MOHAWK Mantrose-Haeuser Co., Inc. #1 Supplier of Daylight Fluorescent Colorants Worldwide A Leading Manufacturer of Professional Restoration and Cleaning Solutions #1 in North America for Professional Touch-up and Repair Products for Furniture and Cabinetry A Leading Manufacturer of Superior Edible Coatings and Specialty Solutions Investor Presentation | Jan. 11, 2024 30#31Specialty Products Group Target Markets RPM Food, Pharma, Cosmetics Packaging, Safety Equipment, Apparel Agriculture, Forestry, Lumber Dri-Pod OEM Appliance, Auto, Marine Pleasure Marine, Fuel, Outdoor Recreation Restoration & Cleaning Equipment & Chemicals Furniture, Cabinetry, Construction Investor Presentation | Jan. 11, 2024 31#32RPD Financial Results#33Fiscal 2024 Second-Quarter Financial Results | Consolidated Record Q2 sales and adjusted EBIT ($ in millions, except per share amounts) Q2 2024 Q2 2023 % Change Sales EBIT¹ $1,792 $1,792 Up slightly $221 $196 +12.6% $237 $215 +10.4% Adjusted EBIT¹ Adjusted EBIT Margin¹ 13.2% 12.0% +120 bps Net Income Diluted EPS Adjusted Diluted EPS1 $146 $131 +10.8% $1.13 $1.02 +10.8% $1.22 $1.10 +10.9% (1) EBIT, Adjusted EBIT, Adjusted EBIT Margin and Adjusted Diluted EPS are non-GAAP financial measures. Refer to Appendix for reconciliations between GAAP and non-GAAP measures. RPM KEY POINTS Record Q2 sales with volume growth in CPG & PCG and positive pricing in all segments Sales include a -0.3% organic decline, +0.5% from F/X and -0.2% from divestitures / acquisitions SG&A increase driven by incentives to sell higher margin products, investments in long-term growth initiatives and inflation, partially offset by expense reduction actions taken in Q4-23 Record Q2 adjusted EBIT included 320 bp gross margin improvement, driven by MAP 2025, including the commodity cycle, positive mix and fixed-cost leverage at CPG / PCG $592.4 million debt paydown over last 12 months helped limit impact of higher interest rates Investor Presentation | Jan. 11, 2024 33#34Fiscal 2024 Second-Quarter Financial Results CPG generates record sales and adjusted EBIT CONSTRUCTION PRODUCTS GROUP TREMCO Dryvit NewBrick Dryvit Nudura EUCLID CHEMICAL illbruck Q2 Q2 ($ in millions, except margins) 2024 2023 % Change Sales Components Sales $661.8 $612.4 +8.1% Organic +6.1% EBIT¹ $99.0 $77.8 +27.1% Acquisitions/ Divestitures +0.6% Adjusted EBIT¹ Adjusted EBIT Margin¹ $99.6 $79.0 +26.0% 15.1% 12.9% +220 bps F/X +1.4% RPM Flowcrete or the work or your les Nullifire Víapol Vandex KEY RESIN COMPANY • Record Q2 sales led by growth in concrete admixtures, which benefited from increased demand from infrastructure and reshoring projects and market share gains • Strength in high-performance building construction and renovation • Growth in Europe, driven by new management team with more focused sales strategy Record Q2 adjusted EBIT from MAP 2025 benefits, favorable mix and improved fixed-cost leverage Variable compensation increased due to improved financial performance, partially offset by expense reduction actions implemented at the end of FY23 (1) EBIT, Adjusted EBIT, and Adjusted EBIT Margin are non-GAAP financial measures. Refer to Appendix for reconciliations between GAAP and non-GAAP measures. Investor Presentation | Jan. 11, 2024 34#35Fiscal 2024 Second-Quarter Financial Results Record Q2 results driven by strong demand for engineered solutions and MAP 2025 benefits PERFORMANCE COATINGS GROUP Sales Q2 ($ in millions, except margins) 2024 Q2 2023 % Change Sales Components $374.9 $356.8 +5.1% Organic +5.6% EBIT¹ $60.1 $46.4 +29.5% STONHARD carboline Fibergrate Structures, Costines-Linings-Fireproofing Acquisitions/ Divestitures -0.5% Adjusted EBIT¹ $60.9 $47.6 +28.0% (PR, PRIME RESINS STRATHMORE KEMTILE Pesma: reading о HUMMERVOLL JPG INFRASTRUCTURE GFIBREGRID Dudick INDUSTRIBELEGG ARNETTE POLYMERS, LLC A Division of Carboline amt. Adjusted EBIT Margin¹ 16.2% 13.3% +290 bps F/X 0.0% BISON Innovative Products COMPOSITES PLASITE boliroline Carboline Coatings-Linings-Fireproofing DANGE RPM api SPC SPECIALTY POLYMER COATINGS GRUPO PV FIRE PROTECTION SYSTEMS Record Q2 sales driven by growth in engineered turnkey flooring systems serving reshoring projects and market share gains Strong growth in Asia/Pacific and Africa/Middle East, which all recently aligned under PCG All-time record adjusted EBIT driven by sales growth, favorable mix and improved fixed-cost leverage, which was enhanced by MAP 2025 • Growth in addition to strong prior-year results (1) EBIT, Adjusted EBIT, and Adjusted EBIT Margin are non-GAAP financial measures. Refer to Appendix for reconciliations between GAAP and non-GAAP measures. Investor Presentation | Jan. 11, 2024 35#36Fiscal 2024 Second-Quarter Financial Results Challenging market conditions in specialty OEM end markets SPECIALTY PRODUCTS GROUP Sales Q2 Q2 ($ in millions, except margins) 2024 2023 % Change Sales Components $177.0 $212.1 -16.6% Organic -14.6% $10.0 $27.4 -63.4% Acquisitions/ Divestitures -2.7% $16.9 $30.0 -43.5% LEGEND BRANDS DayGlo Mantrose-Haeuser Co., Inc. RPM Coatings Group Industrial EBIT¹ RPM profile food • КОРСОАТ. TCI FINISHWORKS WHERE YOUR INGREDIENTS WOOD FINISHES Group Adjusted EBIT¹ PETTIT morrells PROCHEM. Radiant MOHAWK Adjusted EBIT Margin¹ DRIEAZ kírker RPM NatureSeal WELD PRO MODERN RECREATIONAL MR VALVTECT TECHNOLOGIES 9.6% 14.1% -450 bps F/X +0.7% NatureSeal For Guacamole & Avocado Habite browning and maintains freshness Blend of vitamins, minerals and organic acid Suffte free, gluten-free, GMO-free GRAS Ingredients New1.25 lbs.d . Weak demand in specialty OEM end markets, particularly those with residential exposure Non-core furniture warranty business divestiture in Q3-23 reduced sales and adjusted EBIT Challenging comparisons for disaster restoration business due to elevated hurricane response activity in Q2-23, which did not repeat Adjusted EBIT decline driven by the sales decline and unfavorable deleveraging, partially offset by expense reduction actions taken in Q4-23 Investments in long-term growth initiatives weighed on EBIT margins Adjusted EBIT excluded a $4.0 million expense related to an adverse legal ruling for a divested business (1) EBIT, Adjusted EBIT, and Adjusted EBIT Margin are non-GAAP financial measures. Refer to Appendix for reconciliations between GAAP and non-GAAP measures. Investor Presentation | Jan. 11, 2024 36#37Fiscal 2024 Second-Quarter Financial Results Soft DIY demand pressured sales; MAP 2025 drove adjusted EBIT growth CONSUMER GROUP Sales Q2 ($ in millions, except margins) 2024 Q2 2023 % Change Sales Components $578.7 $610.4 -5.2% Organic -5.1% *TRUSTED QUALITY SINCE 1921+ RUST-OLEUM® STOPS RUST TOUCH'N FOAM. PROFESSIONAL RUST-OLEUM DAP Varathane ZINSSECRETION_N TESTORS Kwik Seal' ALEX GATOR XIM DRYDEX BRY TIME INDICATOR KRUD KUTTER Paints Waterproofing EBIT¹ $97.2 $93.9 +3.5% Acquisitions/ Divestitures 0.0% WATCO® TOR Mo Adjusted EBIT¹ $96.4 $94.2 +2.3% MATHYS MM Weldwood MIRACLE Adjusted EBIT Margin¹ 16.7% 15.4% +130 bps F/X -0.1% MODERN MASTERS. SEALANTS RUST-OLEUM PAINTER'S TOUCH RUST-OLEUM ROCKSOLID Plastic RUSTOLEUM EPOXYSHIELD Wood TREMCLAD DYNAFLEX THE VOILD'S TOUGHEST COLTIN BE CATOR 220 FINISH CUSTOM SPRAY VEDETE GENTICAL INSPE RPM TRUSTED QUALITY SINCE 1921+ RUST-OLEUM STOPS RUST GLOSS PROTECTIVE ENAMEL TOUCH NE UNFORS Negative sales driven by reduced DIY takeaway at retail stores, as housing turnover hit multi-year lows, and retailers reducing inventories, partially offset by market share gains, strength in international markets, and increased pricing to catch up with inflation Record Q2 adjusted EBIT driven by MAP 2025 benefits and strength in international markets Q2-24 results are in addition to strong prior-year results, when sales and adjusted EBIT increased by 15.3% and 180.3%, respectively (1) EBIT, Adjusted EBIT, and Adjusted EBIT Margin are non-GAAP financial measures. Refer to Appendix for reconciliations between GAAP and non-GAAP measures. Investor Presentation | Jan. 11, 2024 37#38In millions Working Capital Management Results in All-Time Record Cash Flow from Operations $1,500 $1,400 $1,300 $1,200 $1,100 $1,000 $900 $800 RPM Q2-23 Inventories $287M Improvement YoY Q2-24 Q2-24 Update • Reduced inventories by $286.8 million from Q2-23 • Record Q2-24 cash flow from operations +$408.6 million compared to +$167.4 million in Q2-23 • 1H-24 cash flow from operations +$767.8 million, surpassing previous 12-month fiscal year record ● Paid $113.3 million in dividends YTD • Achieved 50th year of consecutive dividend increases • Repurchased $25.0 million of shares YTD • $592.4 million total debt reduction since Q2-23 Investor Presentation | Jan. 11, 2024 38#39RPM Appendix Reconciliation of Non- GAAP to GAAP Measures#40Consolidated Statements of Income: Three Months ($ in thousands, except per share and percent data) (Unaudited) Three Months Ended Net Sales Cost of Sales Gross Profit SG&A Restructuring Expense $ November 30, 2023 1,792,275 % November 30, 2022 % % Change $ 1,791,708 0.0 1,044,047 58.3 1,101,317 61.5 748,228 41.7 690,391 38.5 523,289 29.2 490,607 27.3 1,239 0.1 1,272 0.1 Other Expense, Net 2,817 0.1 2,310 0.1 EBIT** (non-GAAP measure) 220,883 12.3 196,202 11.0 12.6 Interest Expense 30,348 1.7 27,918 1.6 Investment (Income), Net (5,289) (0.3) (6,851) (0.4) Income Before Taxes 195,824 10.9 175,135 9.8 Provision for Income Taxes 50,009 2.8 43,593 2.5 Net Income 145,815 8.1 131,542 7.3 10.9 Less: Net Income Attributable to Noncontrolling Interests 310 0.0 198 0.0 Net Income Attributable to RPM Stockholders $ 145,505 8.1 $ 131,344 7.3 10.8 Diluted EPS $ 1.13 $ 1.02 10.8 RPM NOTE - Refer to "Non-GAAP Financial Measures" slide for definition of EBIT. Investor Presentation | Jan. 11, 2024 40#41Non-GAAP Financial Measures RPM The following are the non-GAAP financial measures used in this presentation: *Interest (Income) Expense, Net includes the combination of interest (income) expense and investment (income) expense, net. **EBIT is defined as earnings (loss) before interest and taxes. Management uses EBIT, as defined, as a measure of operating performance, since interest (income) expense, net, essentially relates to corporate functions, as opposed to segment operations. *** *Adjusted EBIT is defined as earnings (loss) before interest and taxes, adjusted for items that management does not consider to be indicative of ongoing operations. Management uses Adjusted EBIT, as defined, as a measure of operating performance, since interest (income) expense, net, essentially relates to corporate functions, as opposed to segment operations. Tables reconciling this non-GAAP data with GAAP measures are available in the appendix of this presentation. Investor Presentation | Jan. 11, 2024 41#42Adjustments Detail a) b) c) d) Charges recorded in Cost of Goods Sold related to inventory write-offs in connection with restructuring activities at our Construction Products, Performance Coatings and Specialty Products segments. Reflects restructuring charges, including headcount reductions, impairments, closures of facilities and related costs, all in relation to our Margin Acceleration Plan ("MAP to Growth") and our Margin Achievement Plan ("MAP 2025"), together MAP initiatives. This includes the current year loss on sale in connection with the divestiture of Universal Sealant's Bridgecare services division, a non-core business. Accelerated costs, including depreciation and amortization expense related to the shortened useful lives of facilities, equipment, ERP systems, and other intangible assets that are currently in use, but are in the process of being retired associated with various MAP initiatives including facility closures, ERP consolidation, and SKU rationalization. Reflects the increase in our allowance for doubtful accounts as a result of the divestiture of the non-core Universal Sealant's Bridgecare service business within our PCG segment. Includes implementation costs associated with our ERP consolidation plan and other decision support tools. e) f) Comprises professional fees incurred in connection with our MAP initiatives. g) h) i) j) k) Sale of inventory that had previously been reserved for as a result of prior product line rationalization initiatives at PCG partially offset by inventory write-offs related to the discontinuation of certain product lines within our SPG segment. These amounts resulted from ongoing product line rationalization efforts in connection with our MAP initiatives. Reflects the gain associated with post-closing adjustments for the sale of the non-core furniture warranty business in the SPG segment in fiscal 2023. Business interruption insurance recovery at our Consumer segment related to lost sales and incremental costs incurred during fiscal 2021 and 2022 as a result of an explosion at the plant of a significant alkyd resin supplier. Represents incremental expense related to an adverse legal ruling from a case associated with a business that was divested in the prior year. We strongly disagree with the legal ruling and have filed an appeal Investment returns include realized net gains and losses on sales of investments and unrealized net gains and losses on equity securities, which are adjusted due to their inherent volatility. Management does not consider these gains and losses, which cannot be predicted with any level of certainty, to be reflective of the company's core business operations. RPM Investor Presentation | Jan. 11, 2024 42#43Reconciliation of "Reported" to "Adjusted" EPS: Three Months RPM (Unaudited) Reconciliation of Reported Earnings per Diluted Share to Adjusted Earnings per Diluted Share (All amounts presented after-tax): Three Months Ended November 30, 2023 November 30, 2022 Reported Earnings per Diluted Share $ 1.13 $ Restructuring expense (b) 0.01 ERP consolidation plan (e) 0.02 Professional fees (f) 0.04 1.02 0.01 0.01 0.09 Legal contingency adjustment on a divested business (j) 0.02 Investment returns (k) Adjusted Earnings per Diluted Share**** $ (0.03) 1.22 $ 1.10 **** **Adjusted EPS is provided for the purpose of adjusting diluted earnings per share for items impacting earnings that are not considered by management to be indicative of ongoing operations. NOTE: Refer to "Adjustments detail" slide for further information on adjustments outlined above Investor Presentation | Jan. 11, 2024 43#44EBIT** (Non-GAAP Measure): RPM Consolidated: Three Months RPM ($ in thousands, except percent data) (Unaudited) Net Income Provision for Income Taxes Income Before Income Taxes Interest Expense Investment (Income), Net EBIT** (non-GAAP measure) Inventory-related charges (a) Restructuring expense (b) Accelerated expense - other (c) ERP consolidation plan (e) Professional fees (f) Three Months Ended November 30, 2023 $ November 30, 2022 145,815 $ 131,542 50,009 43,593 195,824 175,135 30,348 27,918 (5,289) (6,851) 220,883 196,202 214 336 1,270 748 1,591 171 3,418 1,048 7,538 15,325 Discontinued product line (g) (295) Business interruption insurance recovery (i) (836) Legal contingency adjustment on a divested business (j) 3,953 Adjusted EBIT*** (non-GAAP measure) $ 236,893 $ 214,673 Net Sales $ 1,792,275 $ 1,791,708 Adj EBIT*** as a % of Net Sales (non-GAAP measure) 13.2% 12.0% NOTE - Refer to "Non-GAAP Financial Measures" slide for definitions of non-GAAP measures identified (*) in the table above and "Adjustments Detail" slide for further information on adjustments outlined above. Investor Presentation | Jan. 11, 2024 44#45EBIT** (Non-GAAP Measure): Construction Products Segment: Three Months RPM ($ in thousands, except percent data) (Unaudited) Income Before Income Taxes Add: Interest Expense, Net* EBIT** (non-GAAP measure) Restructuring expense (b) Accelerated expense - other (c) ERP consolidation plan (e) Professional fees (f) Adjusted EBIT*** (non-GAAP measure) Net Sales Adj EBIT*** as a % of Net Sales (non-GAAP measure) Three Months Ended November 30, 2023 November 30, 2022 $ 98,398 $ 74,038 555 98,953 3,796 77,834 388 67 40 272 554 547 $ 99,613 $ 79,042 $ 661,750 $ 612,443 15.1% 12.9% NOTE - Refer to "Non-GAAP Financial Measures" slide for definitions of non-GAAP measures identified (*) in the table above and "Adjustments Detail" slide for further information on adjustments outlined above. Investor Presentation | Jan. 11, 2024 45#46EBIT** (Non-GAAP Measure): Performance Coatings Segment: Three Months RPM ($ in thousands, except percent data) (Unaudited) Income Before Income Taxes Add: Interest (Income), Net* EBIT** (non-GAAP measure) Restructuring expense (b) ERP consolidation plan (e) Professional fees (f) Discontinued product line (g) Adjusted EBIT*** (non-GAAP measure) Net Sales Adj EBIT*** as a % of Net Sales (non-GAAP measure) Three Months Ended November 30, 2023 November 30, 2022 $ 61,502 $ (1,425) 60,077 337 571 180 46,709 (332) 46,377 126 340 725 (295) $ 60,870 $ 47,568 $ 374,856 $ 356,822 16.2% 13.3% NOTE - Refer to "Non-GAAP Financial Measures" slide for definitions of non-GAAP measures identified (*) in the table above and "Adjustments Detail" slide for further information on adjustments outlined above. Investor Presentation | Jan. 11, 2024 46#47EBIT** (Non-GAAP Measure): Specialty Products Segment: Three Months RPM ($ in thousands, except percent data) (Unaudited) Income Before Income Taxes Add: Interest (Income) Expense, Net* EBIT** (non-GAAP measure) Inventory-related charges (a) Restructuring expense (b) Three Months Ended November 30, 2023 November 30, 2022 $ 10,145 $ 27,431 (104) 7 10,041 27,438 214 336 511 1,056 Accelerated expense - other (c) 748 131 ERP consolidation plan (e) 872 154 Professional fees (f) 581 838 Legal contingency adjustment on a divested business (j) Adjusted EBIT*** (non-GAAP measure) 3,953 $ 16,920 $ 29,953 Net Sales $ 176,982 $ 212,084 Adj EBIT*** as a % of Net Sales (non-GAAP measure) 9.6% 14.1% NOTE - Refer to "Non-GAAP Financial Measures" slide for definitions of non-GAAP measures identified (*) in the table above and "Adjustments Detail” slide for further information on adjustments outlined above. Investor Presentation | Jan. 11, 2024 47#48EBIT** (Non-GAAP Measure): Consumer Segment: Three Months RPM ($ in thousands, except percent data) (Unaudited) Income Before Income Taxes Add: Interest (Income), Net* EBIT** (non-GAAP measure) Restructuring expense (b) Business interruption insurance recovery (i) Adjusted EBIT*** (non-GAAP measure) Net Sales Adj EBIT*** as a % of Net Sales (non-GAAP measure) Three Months Ended November 30, 2023 November 30, 2022 $ 98,066 $ 93,873 (869) (1) 97,197 93,872 34 342 (836) $ 96,395 $ 94,214 $ 578,687 $ 610,359 16.7% 15.4% NOTE - Refer to "Non-GAAP Financial Measures" slide for definitions of non-GAAP measures identified (*) in the table above and "Adjustments Detail" slide for further information on adjustments outlined above. Investor Presentation | Jan. 11, 2024 48#49Adjustments Detail FY23 a) Charges recorded in Cost of Goods Sold related to inventory write-offs in connection with restructuring activities at our Consumer, Construction Products and Specialty Products segments, partially offset by subsequent recoveries and revisions of accrual estimates. b) Reflects restructuring charges, including headcount reductions, impairments, closures of facilities and related costs, all in relation to our Margin Acceleration Plan ("MAP to Growth") and our Margin Achievement Plan ("MAP 2025"), together MAP initiatives. These charges were partially offset by the gain on the sale of one of our closed facilities in the Specialty Products Segment in Q4 of fiscal 2023. c) Goodwill impairment charge related to the Universal Sealants reporting unit. d) Accelerated costs, including depreciation and amortization expense related to the shortened useful lives of facilities, equipment, ERP systems, and other intangible assets that are currently in use, but are in the process of being retired associated with various MAP initiatives including facility closures, ERP consolidation, and SKU rationalization. e) Reflects subsequent collections of amounts previously written off to our allowance for doubtful accounts as a result of a change in market and leadership strategy. f) Includes implementation costs associated with our ERP consolidation plan and other decision support tools. g) Comprises professional fees incurred in connection with our MAP initiatives. h) Acquisition costs reflect amounts included in gross profit for inventory step-ups and reserve adjustments associated with completed acquisitions and third-party consulting fees incurred in evaluating potential acquisition targets. i) Accrual adjustment related to unusual compensation costs that resulted from executive departures related to our MAP to Growth. j) Reflects unusual compensation costs that resulted from executive departures unrelated to our MAP to Growth. k) The current year balance reflects the gains associated with the sale of the furniture warranty business and the sale and leaseback of a facility in the SPG segment. The prior year balance reflects the net gain associated with the sale and leaseback of certain real property assets within our CPG and SPG segments. I) Business interruption insurance recovery at our Consumer segment related to lost sales and incremental costs incurred during fiscal 2021 and 2022 as a result of an explosion at the plant of a significant alkyd resin supplier. m) Reflects prepaid asset and inventory write-offs related to the discontinuation of certain product lines within our Consumer, PCG and SPG segments. This resulted from ongoing product line rationalization efforts in connection with our MAP initiatives. n) Foreign exchange loss on early payment of the $100 million term loan in Q4 of fiscal 2022 RPM Investor Presentation | Jan. 11, 2024 49#50EBIT** (Non-GAAP Measure): RPM Consolidated: Fiscal Year RPM ($ in thousands, except percent data) (Unaudited) Net Income Provision for Income Taxes Income Before Income Taxes Interest Expense Investment Expense (Income), Net EBIT** (non-GAAP measure) Inventory-related charges (a) Restructuring expense (b) Goodwill impairment (c) Accelerated expense - other (d) Receivable (recoveries) (e) Fiscal Year Ended May 31, 2023 2022 $ 479,731 $ 492,466 169,651 114,333 649,382 606,799 119,015 87,928 (9,748) 7,595 758,649 702,322 912 43 13,063 5,863 36,745 1,598 1,209 (227) ERP consolidation plan (f) 7,021 3,873 Professional fees (g) 61,201 34,244 Acquisition-related costs (h) 2,776 Unusual (credits) triggered by executive departures (i) (8) Unusual executive costs (j) 5,590 (Gain) on sales of assets and business, net (k) (25,774) (49,163) Business interruption insurance recovery (I) (20,000) Discontinued product line (m) 8,217 558 Foreign exchange loss on settlement of debt (n) 1,357 Adjusted EBIT*** (non-GAAP measure) Net Sales $ 841,632 $ 708,437 $ 7,256,414 $ 6,707,728 Adj EBIT*** as a % of Net Sales (non-GAAP measure) 11.6% 10.6% NOTE - Refer to "Non-GAAP Financial Measures" slide for definitions of non-GAAP measures identified (*) in the table above and "Adjustments Detail" slide for further information on adjustments outlined above. Investor Presentation | Jan. 11, 2024 50