<div id="readability-page-1"><div>Fitch Ratings-Chicago-21 November 2025:Fitch Ratings has affirmed the ratings of RPM International Inc., including the company's Long-Term Issuer Default Rating (IDR) and senior unsecured debt ratings, at 'BBB'. The Rating Outlook is Stable.RPM's 'BBB' IDR reflects the company's well-balanced portfolio of products, geographic and end-market diversity, strong liquidity position and consistent free cash flow (FCF). Management's disciplined approach to its capital allocation strategy is also factored into the rating. Risks include the cyclicality of the company's end markets and its growth-through-acquisition strategy.The Stable Outlook reflects Fitch's expectation that RPM's credit metrics will continue to be relatively stable and remain within Fitch's sensitivities for the 'BBB' IDR despite subdued demand.Key Rating DriversModest Leverage: RPM's EBITDA leverage was 2.4x for the LTM ending Aug. 31, 2025 and Fitch expects this ratio will settle between 2.2x to 2.5x in FY2026 (ending May 31) and FY2027, well within management's leverage target of below 3.0x. Leverage increased modestly from 2.0x at FYE2024 due to almost $600 million of acquisitions during FY2025, funded in part by incremental debt. (CFO-capex)/debt was 20.5% at FYE2025 and Fitch expects this ratio will remain between 20%-23% in the next few years.This provides RPM with modest rating headroom against the negative sensitivities for the 'BBB' IDR, including EBITDA leverage sustained above 2.8x and (CFO-capex)/debt consistently below 15%.Diversification Tempers Cyclicality: The diversity of RPM's product portfolio, geographic presence and end markets provides some cushion from regional and end-market downturns. Its meaningful exposure to the repair and maintenance sector, which accounts for 65% of sales, is a credit positive. The residential and commercial construction end markets typically have differing cycles, while the repair and maintenance and infrastructure sectors tend to be more stable. About 22% of RPM's sales are outside North America.RPM has a well-balanced portfolio of products, including high-quality specialty paints, protective coatings, roofing and flooring systems, sealants, adhesives and cleaning products.Stable Margins and FCF: Fitch expects EBITDA margin will settle between 14.5%-15.5% in FY2026 and FY2027 compared with 15.4% in FY2025. Fitch expects margins will be impacted by cost inflation from tariffs, temporary inefficiencies from plant consolidations and higher SG&amp;A from increased employee costs and growth investments, offset in part by cost reduction initiatives and price increases. Fitch forecasts FCF margin of 3%-4% of revenue in the coming years, which assumes capital expenditures of about 3% of revenue and modest annual dividend increases.Growth-Through-Acquisition Strategy: Fitch expects RPM will remain acquisitive, targeting bolt-on acquisitions that are extensions to current products and/or geographies. Small acquisitions are likely to be funded with FCF, while larger acquisitions may be funded with incremental debt. RPM employs a disciplined process and acquires businesses with strong margins in familiar markets. Fitch expects RPM will continue promoting its entrepreneurial strategy for these acquired businesses while providing these acquisitions with the benefits of centralized accounting and procurement.Subdued End-Market Demand: Fitch expects residential end markets to remain challenged through at least the beginning of 2026 amid uncertain tariff policies and elevated interest rates. Fitch expects housing starts will be slightly lower this year and improve slightly in 2026. Home improvement spending is forecast to improve by the low single digits in 2026 following flat to slightly lower spending in 2025. Commercial construction and infrastructure spending are forecast to grow modestly in 2026. Fitch expects RPM's revenue will increase in the mid-single digits in FY2026, driven by acquisitions and slight organic growth. Fitch expects revenue will grow organically in the low-single digits in FY2027.Financial Flexibility Supports Capital Allocation: RPM has good financial flexibility to execute on its capital allocation strategy, including internal investments to support growth, targeted acquisitions, and returning capital to shareholders. Fitch's rating case forecast assumes $200 million to $250 million of acquisitions in FY2026 and around $150 million annually thereafter. RPM has been disciplined with its share repurchase program and Fitch expects this to continue, funded primarily with excess FCF. Management is committed to maintaining an investment-grade rating profile and sustaining a strong liquidity position.Peer AnalysisRPM's EBITDA leverage is in line with The Sherwin-Williams Company (BBB+/Stable) and PPG Industries (BBB+/Stable) and is modestly higher than Masco Corporation (BBB/Stable). RPM is comparable in size to Masco but is significantly smaller than Sherwin-Williams and PPG. The company's EBITDA margin is also lower than Masco's, Sherwin-Williams' and PPG's. Masco has higher exposure to the more stable repair and remodel segment, but RPM has a more diversified end-market exposure, including non-residential and infrastructure segments.Key Assumptions-- Revenue grows by the mid-single digits in fiscal 2026 and increases organically by the low single digits in fiscal 2027;-- Fitch-calculated EBITDA margin of 14.5%-15.5% in fiscal 2026 and 2027;-- FCF margin of 3.0%-4.0% in fiscal 2026 and 2027;-- Modest share repurchases in fiscal 2026 and 2027;-- Acquisitions of $200 million to $250 million in fiscal 2026 and $150 million in fiscal 2027;-- EBITDA leverage of 2.0x-2.5x at FYE 2026 and 2027;-- (CFO-capex)/debt of 20%-22% in fiscal 2026 and 2027.RATING SENSITIVITIESFactors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade:-- EBITDA leverage sustained above 2.8x;-- (CFO-capex)/debt consistently below 15%;-- EBITDA margin sustained below 12%.Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade:-- EBITDA leverage sustained below 2.0x and management commitment to operate at or below this level;-- (CFO-capex)/debt consistently above 20%;-- FCF margin sustained above 5%.Liquidity and Debt StructureStrong Liquidity: RPM has a strong liquidity position, with cash of $297.1 million, including $268 million held in foreign subsidiaries, as of Aug. 31, 2025, and $564.1 million of borrowing availability under its $1.35 billion revolving credit facility maturing in August 2027. Additionally, RPM has a $300 million accounts-receivable program that had a $225 million outstanding balance as of Aug. 31, 2025. The facility matures in April 2028.The company's debt maturities are well-laddered, with $400 million of senior unsecured notes maturing in March 2027. The company's revolving credit facility, which had $785 million outstanding as of Aug. 31, 2025, matures in August 2027. Fitch's rating case forecast assumes the note maturity is refinanced and its revolving credit facility's maturity is extended.Issuer ProfileRPM International Inc. manufactures, markets and sells various specialty chemical product lines, including high-quality specialty paints, protective coatings, roofing systems, sealants, adhesives, and cleaning products, focusing on the maintenance and improvement needs of the industrial, specialty and consumer markets.REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF RATING The principal sources of information used in the analysis are described in the Applicable Criteria. MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Click here to access Fitch's latest quarterly Global Corporates Sector Forecasts Monitor data file which aggregates key data points used in our credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. ESG ConsiderationsThe highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. For more information on Fitch's ESG Relevance Scores, visit https://www.fitchratings.com/topics/esg/products#esg-relevance-scores.RPM International Inc.; Long Term Issuer Default Rating; Affirmed; BBB; Rating Outlook Stable----senior unsecured; Long Term Rating; Affirmed; BBBContacts:Primary Rating AnalystRobert Rulla, CPASenior Director+1 312 606 2311robert.rulla@fitchratings.comFitch Ratings, Inc.One North Wacker DriveChicago, IL 60606Secondary Rating AnalystJessin Joseph,Associate Director+1 647 930 8531jessin.joseph@fitchratings.comCommittee ChairpersonMartha Rocha,Managing Director+1 212 908 0591martha.rocha@fitchratings.comMEDIA RELATIONS: Eleis Brennan, New York, Tel: +1 646 582 3666, Email: eleis.brennan@thefitchgroup.comAdditional information is available on www.fitchratings.comApplicable ModelNumbers in parentheses accompanying applicable model(s) contain hyperlinks to criteria providing description of model(s).Corporate Monitoring &amp; Forecasting Model (COMFORT Model), v8.2.0 (1)ADDITIONAL DISCLOSURESDodd-Frank Rating Information Disclosure FormSolicitation StatusAdditional Disclosures For Unsolicited Credit RatingsEndorsement StatusEndorsement PolicyALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. 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Fitch Ratings has affirmed RPM International Inc.'s Long-Term Issuer Default Rating at 'BBB' with a Stable Outlook. The rating reflects RPM's diverse product portfolio, strong liquidity, and disciplined capital allocation. Risks include market cyclicality and acquisition strategy. RPM's EBITDA leverage is expected to remain within target, supported by diversification and stable margins. Revenue growth is forecasted in the mid-single digits for FY2026, driven by acquisitions and organic growth. RPM's financial flexibility supports its capital allocation strategy, including acquisitions and shareholder returns.

Fitch Affirms RPM's IDR at 'BBB'; Outlook Stable