SEC Form 11-K filed by PPG Industries Inc.

6/22/26 10:49:39 AM ET

$PPG

Paints/Coatings

Consumer Discretionary

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ppg-20260622

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

________________________________________

FORM 11-K

––––––––––––––––––––––––––––––––––––––––


ý			ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the year ended: December 31, 2025


¨			TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _______ to _______

Commission file number 1-1687


A.			Full title of the plan and address of the plan, if different from that of the issuer named below:

PPG Industries Employee Savings Plan


B.			Name of the issuer of the securities held pursuant to the plan and the address of its principal executive office:

PPG Industries, Inc.

One PPG Place, Pittsburgh, Pennsylvania 15272

PPG Industries Employee Savings Plan

Table of Contents


			Page
Report of Independent Registered Public Accounting Firm			1
Financial Statements:
Statements of Net Assets Available for Benefits as of December 31, 2025 and 2024			2
Statement of Changes in Net Assets Available for Benefits for the Year Ended December 31, 2025			3
Notes to the Financial Statements as of and for the Year Ended December 31, 2025			4-9
Form 5500, Schedule H, Part IV, Line 4i — Schedule of Assets (Held at End of Year) as of December 31, 2025			10-15
Exhibit Index			16

NOTE: All other schedules required by Section 2520.103-10 of the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974 have been omitted because they are not applicable.

Report of Independent Registered Public Accounting Firm

To the Administrator and Plan Participants of

PPG Industries Employee Savings Plan

Opinion on the Financial Statements

We have audited the accompanying statements of net assets available for benefits of PPG Industries Employee Savings Plan (the “Plan”) as of December 31, 2025 and 2024 and the related statement of changes in net assets available for benefits for the year ended December 31, 2025, including the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the net assets available for benefits of the Plan as of December 31, 2025 and 2024, and the changes in net assets available for benefits for the year ended December 31, 2025 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Plan’s management. Our responsibility is to express an opinion on the Plan’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Plan in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

Supplemental Information

The supplemental schedule of Form 5500, Schedule H, Part IV, Line 4i – Schedule of Assets (Held at End of Year) as of December 31, 2025 ("supplemental schedule") has been subjected to audit procedures performed in conjunction with the audit of the Plan’s financial statements. The supplemental schedule is the responsibility of the Plan’s management. Our audit procedures included determining whether the supplemental schedule reconciles to the financial statements or the underlying accounting and other records, as applicable, and performing procedures to test the completeness and accuracy of the information presented in the supplemental schedule. In forming our opinion on the supplemental schedule, we evaluated whether the supplemental schedule, including its form and content, is presented in conformity with the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. In our opinion, the supplemental schedule is fairly stated, in all material respects, in relation to the financial statements as a whole.

/s/ PricewaterhouseCoopers LLP

Pittsburgh, Pennsylvania

June 22, 2026

We have served as the Plan’s auditor since 2013.


PPG Industries Employee Savings Plan

Statements of Net Assets Available for Benefits
As of December 31, 2025 and 2024
($ in millions)	2025		2024
Net Assets:
Investments at fair value	$	3,723	$	3,801




Investments at contract value	410		451
Total investments	$	4,133	$	4,252
Receivables:


Notes receivable from participants	46		54

Net Assets Available for Benefits	$	4,179	$	4,306


The accompanying notes to the financial statements are an integral part of these statements.


PPG Industries Employee Savings Plan

Statement of Changes in Net Assets Available for Benefits
For the Year Ended December 31, 2025
($ in millions)	2025
Additions:
Net appreciation in fair value of investments	$	498
Interest and dividend income	18
Interest income on notes receivable from participants	4
Total net investment income	$	520
Contributions:
Employee	95
Employer	83
Total contributions	$	178

Total additions	$	698

Deductions:


Withdrawals	822
Administration expenses	3

Total deductions	$	825

Net decrease in net assets available for benefits	$	(127)

Net Assets Available for Benefits:
Beginning of year	$	4,306
End of year	$	4,179


The accompanying notes to the financial statements are an integral part of this statement.

PPG Industries Employee Savings Plan

Notes to the Financial Statements

As of and for the Year Ended December 31, 2025

1. Description of the Plan

The PPG Industries Employee Savings Plan (the "Plan") is a defined contribution plan subject to the provisions of the Employee Retirement Income Security Act of 1974, as amended ("ERISA"). The Plan was established in 1965 for employees residing in the United States. Eligible participants include employees of PPG Industries, Inc. (the "Company" or "PPG") and certain of its subsidiaries and collective bargaining units.

The named fiduciary for the operation and administration of the Plan (the “Plan Administrator”) is the PPG Global Benefits Leader. The named fiduciary with respect to control and management of the assets of the Plan is the PPG Executive Committee and the PPG Benefits Investment Committee. Their responsibilities include, but are not limited to, approval of trustees, recordkeepers, investment options, and investment managers and establishing performance benchmarks. The PPG Employee Benefits Committee also has responsibility for establishing, maintaining, and amending the Plan.

Trustee of the Plan Assets - Fidelity Management Trust Company ("FMTC") was the trustee of the Plan assets for the years ended December 31, 2025 and 2024.

Recordkeeper of the Plan - Fidelity Investments Institutional Operations Company LLC was the recordkeeper of the Plan for the years ended December 31, 2025 and 2024.

Administrative Expenses - The Plan pays all reasonable and necessary costs to manage and operate the Plan as determined by the Plan Administrator. These expenses, including recordkeeping fees, administrative charges, professional costs, and trustee costs, are paid from Plan assets. The Plan has adopted uniform and nondiscriminatory procedures to allocate these expenses to participant accounts.

Eligibility to Participate in the Plan - The Plan is available to most U.S. salaried and hourly employees of PPG and its wholly owned subsidiaries who are not covered by a collective bargaining agreement and hourly employees whose employment is covered by a collective bargaining agreement where the collective bargaining agreement provides for participation. An eligible employee may become a participant in the Plan as soon as administratively possible after enrollment.

Investment Options - Participants of the Plan are eligible to invest in certain mutual funds, PPG Industries, Inc. common stock, the Stable Value Fund, and certain common-collective trusts. If participants transfer funds out of the Fidelity Contrafund Commingled Pool or the Fidelity Growth Company Commingled Pool, participants cannot transfer funds back into these investment options for 60 calendar days. If participants transfer funds out of the BNY Mellon SL ACWI ex-U.S. Fund, the JP Morgan Equity Income Fund or the Allspring Special Small Cap Value Fund, participants cannot transfer funds back into these investment options for 30 calendar days.

Contributions - Contributions under the Plan are made by the participants and, for certain participants, by the Company. Eligible employees are automatically enrolled in the Plan, unless they elect to not participate, with before-tax contributions equal to 4% of eligible earnings. If the participant does not select an investment option, these before-tax contributions are invested in the Plan’s default investment option.

Employee

The participants’ maximum contribution rate for the years ended December 31, 2025 and 2024 was 50% of eligible participant compensation, up to $23,500 and $23,000, respectively. Participants can contribute on a before-tax basis, an after-tax basis, and on a Roth 401(k) after-tax contribution basis. Catch-up contributions, including Roth 401(k) catch-up contributions, are permitted for eligible participants (catch-up contributions are not eligible for the Company match) and were limited to $7,500 in 2025 and 2024. Employee contributions also include rollovers from other qualified plans. The amount of individual rollovers from other plans totaled $10 million and $21 million in 2025 and 2024, respectively.

Employer

For most participants not covered by a collective bargaining agreement which provides otherwise, the Company will match the participant contribution, up to the first 6% of the participant's eligible compensation. Each contribution will be multiplied by the Company match rate in effect to determine the amount of the Company matching contribution. The Company match rate is established each year at the discretion of the Company. The Company matching contribution rate was 100% during 2025 and 2024. For those participants whose employment is covered by a

collective bargaining agreement, the level of Company matching contributions, if any, is determined by the relevant collective bargaining agreement.

Employer contributions also include "Employer Additional Contributions" where the Company deposits additional retirement plan monies into eligible participant accounts. These contributions are between 2% and 5% of the eligible participant's eligible Plan compensation. The applicable contribution percentage is based on a combination of the participant's age and years of service. Employer Additional Contributions were $34 million and $44 million in 2025 and 2024, respectively.

Participant Accounts - Individual accounts are maintained for each Plan participant. Each participant's account is credited with the participant's contribution, the Company's matching contribution, the Employer Additional Contribution, if applicable, and allocations of fund earnings and is charged with an allocation of fund losses and administrative expenses. Allocations are based on participant account balances, as defined by the Plan. Participants direct the investment of their contributions and Company matching contributions into various investment options offered by the Plan.

If the Company declares a dividend on PPG Industries, Inc. common stock, each participant will share in that dividend if any portion of the participant's account is invested in the PPG Stock Fund on the ex-dividend date. Each participant may elect to reinvest 100% of the dividend or to have 100% of the dividend paid in cash. If no election is made by the participant, PPG Stock Fund dividends are automatically reinvested into participant accounts to purchase additional shares of PPG Industries, Inc. common stock.

Vesting - All participant contributions and Company matching contributions and their related earnings vest immediately. The Employer Additional Contributions generally vest over a three-year service period.

Forfeitures - Forfeited balances of terminated participants’ unvested accounts are used to reduce future contributions by PPG. As of both December 31, 2025 and 2024, forfeited balances were $1 million. Forfeited balances are included in Investments at fair value on the Statements of Net Assets Available for Benefits.

Payment of Benefits - Upon termination from service as a result of a voluntary or involuntary separation, retirement, or receiving approval to participate in a Company sponsored long-term disability program, a participant may elect to receive payment of his or her account from several options, including a total distribution, a partial lump-sum distribution, or recurring payments. Those participants with vested balances of less than $5,000 will receive a taxable cash distribution as soon as administratively possible unless instructions are provided by the participant. Those participants with vested balances of greater than $5,000 may defer the distribution of their account. Those participants must begin receiving a required minimum distribution by April 1 of the year following termination from PPG, and each year thereafter. Required minimum distributions may not be rolled over to another retirement plan, IRA, or Roth IRA.

Payments to designated beneficiaries upon the death of the participant are made as a lump-sum distribution as soon as administratively possible from the date such payments are requested by the designated beneficiary or beneficiaries.

Notes Receivable from Participants - All Plan participants, excluding (a) those with a vested account balance less than $2,000, (b) those who have two existing loans, (c) those who have defaulted on an existing loan within the past 36 months, (d) those who have paid off a loan in the past 30 calendar days, (e) those who are not receiving payroll payments, and (f) those who are suspended from making contributions due to an in-service or hardship withdrawal, may borrow, for either general purposes or for a primary residence, from their account a minimum of $1,000, up to a maximum equal to the lesser of $50,000 or 50% of their vested account balance, reduced by the highest outstanding participant loan balance over the past 12 months. General purpose loans have a loan term of 12 to 60 months. Primary residence loans have a loan term of 61 to 360 months. The loans are collateralized by the participants' account balance and bear an interest rate determined by the Plan Administrator based on the prevailing interest rates for loans which would be made under similar circumstances. Principal and interest payments are generally repaid by payroll deductions. Company contributions, based on age and years of service, are not available for loans.

Transfers - Transfers in primarily occur when PPG acquires a new business, and the existing plan(s) of the acquired company are legally moved into the Plan. Transfers out primarily occur when PPG divests part or all of one of its strategic business units, and portions of the Plan related to the divested business are legally moved out of the Plan. There were no transfers in or out during the year ended December 31, 2025.

The above brief description of the Plan is provided for general information purposes only. Participants should refer to the Summary Plan Description for a complete description of the Plan, which is available from the Plan Administrator.

2.Summary of Significant Accounting Policies and Related Matters

Basis of Accounting - The financial statements of the Plan are prepared on the accrual basis of accounting, except for amounts due to participants who had requested withdrawals, which are not recorded as a liability of the Plan as of December 31, 2025 and 2024 and are recorded upon distribution, in accordance with the American Institute of Certified Public Accountants Audit and Accounting Guide, Audits of Employee Benefit Plans.

Purchases and sales of securities are recorded on a trade-date basis. Interest income is recorded on the accrual basis. Dividends on PPG Industries, Inc. common stock are recorded as investment income on the ex-dividend date.

Use of Estimates - The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (GAAP) requires Plan management to make estimates and assumptions that affect the reported amounts of assets and liabilities and changes therein. Actual results could differ from those estimates.

Benefit Payments - Benefits are recorded when paid.

Risk and Uncertainties - The Plan invests in various investment securities. Investment securities, in general, are exposed to various risks, such as interest rate risk, credit risk, and overall market volatility. Due to the level of risk associated with certain investment securities, it is reasonably possible that changes in the values of investment securities will occur in the near term and that such changes could be material in relation to the amounts reported in the financial statements.

Investment Valuation - Investments are generally stated at fair value. Investments in securities traded on securities exchanges are valued at the closing sales price on the last business day of the Plan year. Listed securities for which no sale was reported on that date are valued at bid quotations. The Plan presents in the Statement of Changes in Net Assets Available for Benefits the net appreciation/depreciation in the fair value of its investments which consists of the realized gains or losses and the unrealized appreciation/depreciation on those investments. See Note 3 for further information regarding fair value measurement.

The Stable Value Fund is a separate account with FMTC as the investment manager which invests in a diversified portfolio of fixed income securities, such as U.S. government obligations, mortgage-related and asset-backed securities, and corporate bonds. The Stable Value Fund is measured at contract value. See Note 4 for further information regarding the Stable Value Fund.

Notes Receivable from Participants - Notes receivable from participants are measured at their unpaid principal balance plus any accrued but unpaid interest. Delinquent participant loans are recorded as withdrawals based on the terms of the Plan document.

3.Fair Value Measurement

Accounting guidance on fair value measurements establishes a hierarchy of inputs employed to determine fair value measurements, which has three levels.

Level 1 inputs are quoted prices in active markets for identical assets and liabilities. Level 1 inputs are considered to be the most reliable evidence of fair value as they are based on unadjusted quoted market prices from various financial information service providers and securities exchanges.

Level 2 inputs are directly or indirectly observable prices that are not quoted on active exchanges, which include quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability and inputs that are derived principally from or corroborated by observable market data by correlation or other means.

Level 3 inputs are unobservable inputs employed for measuring the fair value of assets or liabilities.

The availability of observable market data is monitored to assess the appropriate classification of financial instruments within the fair value hierarchy. Changes in economic conditions or model-based valuation techniques may require the transfer of financial instruments from one fair value level to another. In such instances, the transfer is reported at the beginning of the reporting period. PPG evaluates the significance of transfers between levels based upon the nature of the financial instrument and size of the transfer relative to total net assets available for benefits. For the years ended December 31, 2025 and 2024, there were no transfers between levels.

The financial assets that are reported at fair value on a recurring basis as of December 31, 2025 and 2024, were as follows:


	December 31, 2025
($ in millions)	Level 1		Level 2		Level 3		Total
Investments in the fair value hierarchy:
PPG Industries, Inc. common stock (a)	$	334	$	—	$	—	$	334
Mutual funds (b)	129		—		—		129
Money market funds	7		—		—		7
Total assets in the fair value hierarchy	$	470	$	—	$	—	$	470
Common-collective trusts (c)	—		—		—		3,253
Total Investments at fair value	$	470	$	—	$	—	$	3,723


	December 31, 2024
($ in millions)	Level 1		Level 2		Level 3		Total
Investments in the fair value hierarchy:
PPG Industries, Inc. common stock (a)	$	469	$	—	$	—	$	469
Mutual funds (b)	95		—		—		95
Money market funds	9		—		—		9
Total assets in the fair value hierarchy	$	573	$	—	$	—	$	573
Common-collective trusts (c)	—		—		—		3,228
Total Investments at fair value	$	573	$	—	$	—	$	3,801

(a)The fair value of PPG Industries, Inc. common stock is valued at the closing price reported on the active market on which the individual securities are traded.

(b)The fair value of mutual funds is valued at the daily closing price as reported by the fund.

(c)Certain investments that are measured at net asset value per share (or its equivalent) are not required to be classified in the fair value hierarchy.

Common-Collective Trusts

The investment in Common-Collective Trusts is comprised of investments in the BlackRock Institutional Trust Company (“BlackRock”) Equity Index Fund, the Artisan Small Cap Growth Trust Fund, the BNY Mellon SL ACWI ex-U.S. Fund, BlackRock LifePath Index Funds, the BNY Mellon Aggregate Bond Index Fund, the BNY Mellon Capital Small Cap Index Stock Fund, the MFS International Equity Fund, the Fidelity Contrafund Commingled Pool, the Fidelity Growth Company Commingled Pool, the BlackRock Total Return Bond Fund, the BlackRock Treasury Inflation Protected Securities (TIPS) Index Fund and the Allspring Special Small Cap Value Fund. The BlackRock Equity Index Fund's objective is to provide a total return that closely corresponds to the investment performance of the S&P 500 with dividends reinvested and is only available to qualified institutional investors. The Artisan Small Cap Growth Trust Fund's objective is to seek long term capital growth by investing primarily in US small-cap growth companies. The BNY Mellon SL ACWI ex-U.S. Fund's objective is to track the performance of the MSCI All Country World Index (ACWI) ex-U.S. and is available only to qualified institutional investors. The objective of the BlackRock LifePath Index Funds is to maximize total return while maintaining an investment mix of stocks and fixed income instruments relative to a participant’s retirement time frame. The BNY Mellon Aggregate Bond Index Fund’s objective is to provide a total return that closely corresponds to the investment performance of the Barclays U.S. Aggregate Index. The BNY Mellon Capital Small Cap Stock Index Fund's objective is to provide a total return that seeks to match the investment performance of the Russell 2000 Index. The Fidelity Contrafund Commingled Pool's objective is to provide capital appreciation over a market cycle relative to the S&P 500 Index. The MFS International Equity Fund's objective is to provide capital appreciation over a market cycle relative to the MSCI EAFE (Europe, Australasia, and the Far East) Index. The Fidelity Growth Company Commingled Pool's objective is to provide capital appreciation over a market cycle relative to the Russell 3000 Index. The BlackRock Total Return Bond Fund's objective is to provide a total return through fixed income investments. The BlackRock TIPS Index Fund’s objective is to provide a total return that seeks to match the investment performance of the TIPS Index. The Allspring Special Small Cap Value Fund's objective is to seek long-term capital appreciation by principally investing in small-capitalization companies.

The Fidelity Contrafund Commingled Pool and the Fidelity Growth Company Commingled Pool are not mutual funds and are only available to qualified institutional investors. The fair value of investments in common-collective trusts is based upon the net asset value of the underlying investments held by each of the funds. These investments are valued at their respective net asset value per share or unit on the valuation date.

4.Stable Value Fund

The objective of the Stable Value Fund is to preserve the invested principal and accumulated interest, while earning a competitive level of income over time. The Stable Value Fund is a separate account managed by FMTC. The Stable Value Fund is fully benefit-responsive and consists of synthetic guaranteed investment contracts.

The Stable Value Fund invests in a diversified portfolio of short-term bonds and other fixed income securities, such as U.S. Treasury bonds, government agency securities, corporate bonds, mortgage-backed securities, commercial mortgage-backed securities, and asset-backed securities. The Stable Value Fund also invests in money market funds to provide daily liquidity and purchases third party wrap contracts that are designed to permit the Fund to use contract value accounting to provide for the payment of participant directed withdrawals and exchanges at contract value under most circumstances. Interest is credited to the Stable Value Fund under the wrap contracts. There is no immediate recognition of gains and losses on the fixed income securities. Instead, gains or losses are recognized over time by adjusting the interest rate credited to the Stable Value Fund.

The wrap contracts have been issued by American General Life, Citibank, J.P. Morgan Chase, Massachusetts Mutual, Metropolitan Life Insurance Company, Nationwide Life Insurance Company, Pacific Life Insurance Company, Prudential Insurance Company of America, State Street Bank and Transamerica Premier Life. The S&P credit rating at December 31, 2025 of the issuing financial institutions is A+, A+, AA-, AA+, AA-, A+, AA-, AA-, AA-, and A+, respectively. The underlying investments of the Stable Value Fund are stated at contract value.

The third party wrap contracts provide that participant fund transactions are executed at contract value. Contract value represents contributions made to the fund, plus net investment income, less participant withdrawals. The interest crediting rates are reset quarterly based upon market rates of similar investments, the current yield of the underlying investments, and the spread between market value and contract value, but the rate cannot be less than 0%.

Certain events, such as a Plan termination or a Plan merger initiated by the Plan Administrator may limit the ability of the Plan to transact at contract value or may allow for the termination of the wrap contract at less than contract value. The Plan Administrator does not believe that any events that may limit the ability of the Plan to transact at contract value are probable.

5.Related-Party Transactions

FMTC manages the Stable Value Fund, the Fidelity Contrafund Commingled Pool and the Fidelity Growth Company Commingled Pool. As of December 31, 2025 and 2024, the Plan also held cash and cash equivalents in money market funds managed by FMTC. These transactions are considered exempt party-in-interest transactions. Eligible participants may borrow from their individual account balance in the Plan as discussed in Note 1, and these transactions are considered exempt party-in-interest transactions.

At December 31, 2025 and 2024, respectively, the Plan held 3,253,922 and 3,924,604 shares of PPG Industries, Inc. common stock, the Plan Sponsor. During the year ended December 31, 2025, the Plan's investment in the Company’s common stock included purchases and sales of approximately $87 million and $175 million, respectively. These transactions are considered exempt party-in-interest transactions. Dividends earned on PPG Industries, Inc. common stock were $9 million in 2025.

6.Plan Termination

Although it has not expressed any intent to do so, the Company has the right under the Plan to terminate the Plan, subject to the provisions of ERISA. In the event the Plan is terminated, Plan participants will receive all amounts credited to their accounts.

7.Federal Income Tax Status

The Internal Revenue Service (the "IRS") has determined and informed the Company by a letter dated April 28, 2017 that the Plan is qualified and the trust established under the Plan is tax-exempt under the appropriate sections of the Internal Revenue Code (the "Code"). Subsequent to this determination by the IRS, the Plan was amended. The Plan Administrator believes the Plan, as amended, is being operated in compliance with the applicable requirements of the Code and, therefore, believes the Plan is qualified and the trust established under the Plan is

tax-exempt under the appropriate sections of the Code. Therefore, no provision for income taxes has been included in the Plan's financial statements.

Plan management evaluates tax positions taken by the Plan and recognizes a tax liability if the Plan has taken an uncertain position that more likely than not would not be sustained upon examination by the IRS. The Plan Administrator has analyzed the tax positions taken by the Plan and has concluded that as of December 31, 2025, there are no uncertain tax positions taken or expected to be taken that would require recognition of a liability or disclosure in the financial statements. The Plan Administrator believes it is no longer subject to income tax examinations by the IRS for U.S. federal income tax returns filed for years through 2021.

Participants in the Plan are not liable for federal income tax on amounts allocated to their accounts resulting from their before-tax deferrals, employer contributions, or investment income until such time as amounts are withdrawn from the participant's account.

8. Reconciliation of Financial Statements to Form 5500

A reconciliation of net assets available for benefits per the financial statements to the total net assets per the Form 5500 as of December 31, 2025 and 2024, and the change in net assets per the financial statements to the net income per the Form 5500 for the years ended December 31, 2025 and 2024, is as follows:


($ in millions)	2025		2024
Net assets available for benefits per the financial statements	$	4,179	$	4,306
Adjustment from contract value to fair value for fully benefit-responsive investment contracts	(7)		(20)
Total net assets per the Form 5500	$	4,172	$	4,286

Net increase in net assets per the financial statements	(127)		173
Change in the adjustment from contract value to fair value for fully benefit-responsive investment contracts	13		5
Net income per the Form 5500	$	(114)	$	178

PPG Industries Employee Savings Plan

Supplemental Schedule

Form 5500, Schedule H, Part IV, Line 4i - Schedule of Assets (Held at End of Year)

As of December 31, 2025

($ in millions)

(a)

(b)
Identity of Issue, Borrower, Lessor or Similar Party

(e)
Current Value

Mutual funds — at fair value:

Baillie Gifford Emerging Markets Fund

Mutual Fund

JP Morgan Equity Income Fund

Mutual Fund

Investment in PPG Industries, Inc. common stock — at fair value

Common Stock

334

Money market funds — at fair value:

Fidelity Government Cash Reserves

Cash equivalent

Fidelity Government Portfolio

Cash equivalent

Common-collective trusts — at fair value:

Allspring Special Small Cap Value Fund

Common-collective trust

Artisan Small Cap Growth Trust

Common-collective trust

BlackRock Equity Index Fund

Common-collective trust

701

BlackRock Lifepath Index 2030 Fund

Common-collective trust

164

BlackRock Lifepath Index 2035 Fund

Common-collective trust

146

BlackRock Lifepath Index 2040 Fund

Common-collective trust

135

BlackRock Lifepath Index 2045 Fund

Common-collective trust

102

BlackRock Lifepath Index 2050 Fund

Common-collective trust

113

BlackRock Lifepath Index 2055 Fund

Common-collective trust

BlackRock Lifepath Index 2060 Fund

Common-collective trust

BlackRock Lifepath Index 2065 Fund

Common-collective trust

BlackRock Lifepath Index Retirement Fund

Common-collective trust

194

BlackRock TIPS Index Fund

Common-collective trust

BlackRock Total Return Bond Fund

Common-collective trust

BNY Mellon Aggregate Bond Index Fund

Common-collective trust

122

BNY Mellon Capital Small Cap Stock Index Fund

Common-collective trust

124

BNY Mellon SL ACWI ex-U.S.Fund

Common-collective trust

197

Fidelity Contrafund Commingled Pool

Common-collective trust

385

Fidelity Growth Company Commingled Pool

Common-collective trust

532

MFS International Equity Fund

Common-collective trust

Stable value fund - at market value:

U.S. Government Obligations - at market value:

US Treasury Note 3.50% 11/15/2028

U.S. Government Obligation

US Treasury Note 3.63% 08/31/2027

U.S. Government Obligation

US Treasury Note 3.63% 08/31/2029

U.S. Government Obligation

US Treasury Note 3.625% 08/31/2030

U.S. Government Obligation

US Treasury Note 3.625% 10/31/2030

U.S. Government Obligation

US Treasury Note 3.625% 12/31/2030

U.S. Government Obligation

US Treasury Note 3.75% 12/31/2028

U.S. Government Obligation

US Treasury Note 4% 01/31/2029

U.S. Government Obligation

US Treasury Note 4% 03/31/2030

U.S. Government Obligation

US Treasury Note 4% 05/31/2030

U.S. Government Obligation

US Treasury Note 4% 06/30/2028

U.S. Government Obligation

US Treasury Note 4.125% 07/31/2028

U.S. Government Obligation

US Treasury Note 4.125% 11/30/2029

U.S. Government Obligation

US Treasury Note 4.375% 12/31/2029

U.S. Government Obligation

Total U.S. Government Obligations

234

Corporate Debt - at market value:

ALPHABET INC 3.875% 11/15/2028

Corporate Debt

ALPHABET INC 4.1% 11/15/2030

Corporate Debt

AMERICAN EXPRESS CO 5.098%/VAR 02/16/2028

Corporate Debt

ASTRAZENECA FINANCE LLC 4.8% 02/26/2027

Corporate Debt

ATHENE GLOBAL FUNDING 5.339% 01/15/2027 144A

Corporate Debt

ATHENE GLOBAL FUNDING 5.516% 03/25/2027 144A

Corporate Debt

BANCO SANTANDER SA 1.722%/VAR 09/14/2027

Corporate Debt

BANK OF AMERICA CORPORATION 2.551%/VAR 02/04/2028

Corporate Debt

BANK OF AMERICA CORPORATION 4.623%/VAR 05/09/2029

Corporate Debt

BANK OF AMERICA CORPORATION 4.948%/VAR 07/22/2028

Corporate Debt

BANK OF MONTREAL QUE 5.37% 06/04/2027

Corporate Debt

BANK OF NEW YORK MELLON 4.729%/VAR 04/20/2029

Corporate Debt

BANK OF NOVA SCOTIA 5.4% 06/04/2027

Corporate Debt

BANQUE FED CRED MUTUEL PARIS 5.088% 01/23/2027 144A

Corporate Debt

BANQUE FED CRED MUTUEL PARIS 5.194% 02/16/2028 144A

Corporate Debt

BROADCOM INC 4.2% 10/15/2030

Corporate Debt

CANADIAN IMPERIAL BK OF COMM 5.237% 06/28/2027

Corporate Debt

CIGNA GROUP (THE) 3.4% 03/01/2027

Corporate Debt

CISCO SYSTEMS INC 4.8% 02/26/2027

Corporate Debt

CITIBANK NA 4.576% 05/29/2027

Corporate Debt

CITIGROUP INC 3.07%/VAR 02/24/2028

Corporate Debt

COOPERATIEVE RABOBANK UA 1.98%/VAR 12/15/2027 144A144A

Corporate Debt

COREBRIDGE GBL FUNDING 4.65% 08/20/2027 144A

Corporate Debt

COREBRIDGE GBL FUNDING 4.85% 06/06/2030 144A

Corporate Debt

COREBRIDGE GBL FUNDING 4.9% 01/07/2028 144A

Corporate Debt

DAIMLER TRUCKS FINANCE NORTH AMERICA LLC 2% 12/14/2026 144A

Corporate Debt

DEUTSCHE BANK AG NEW YORK BNCH 4.469%/VAR 12/10/2031

Corporate Debt

DNB BANK ASA 1.535%/VAR 05/25/2027 144A

Corporate Debt

DNB BANK ASA 1.605%/VAR 03/30/2028 144A

Corporate Debt

DNB BANK ASA 4.384%/VAR 11/04/2031 144A

Corporate Debt

DUKE ENERGY CAROLINAS LLC 4.85% 03/15/2030

Corporate Debt

DUKE ENERGY FLORIDA LLC 4.2% 12/01/2030

Corporate Debt

EQUITABLE AMERICA GLOBAL FUNDING 4.65% 06/09/2028144A

Corporate Debt

EQUITABLE AMERICA GLOBAL FUNDING 4.95% 06/09/2030144A

Corporate Debt

EQUITABLE FINANCIAL LIFE GLOBAL FUNDING 1.3% 07/12/2026 144A

Corporate Debt

EQUITABLE FINANCIAL LIFE GLOBAL FUNDING 4.6% 04/01/2027 144A

Corporate Debt

EQUITABLE FINANCIAL LIFE GLOBAL FUNDING 5% 03/27/2030 144A

Corporate Debt

GOLDMAN SACHS GROUP INC (THE) 2.64%/VAR 02/24/2028

Corporate Debt

GOLDMAN SACHS GROUP INC (THE) 4.482%/VAR 08/23/2028

Corporate Debt

GOLDMAN SACHS GROUP INC (THE) 4.937%/VAR 04/23/2028

Corporate Debt

GUARDIAN LIFE GLOBAL FUNDING 1.4% 07/06/2027 144A

Corporate Debt

HSBC HOLDINGS PLC 4.619%/VAR 11/06/2031

Corporate Debt

HSBC HOLDINGS PLC 4.899%/VAR 03/03/2029

Corporate Debt

HSBC HOLDINGS PLC 5.21%/VAR 08/11/2028

Corporate Debt

HUNTINGTON NATL BK COLUMBUS OH 4.552%/VAR 05/17/2028

Corporate Debt

HYUNDAI CAP AMER 4.3% 09/24/2027 144A

Corporate Debt

ING GROEP NV 5.335%/VAR 03/19/2030

Corporate Debt

INTERCONTINENTAL EXCHANGE INC 4% 09/15/2027

Corporate Debt

JACKSON NATL LIFE GLOBAL FDG 4.6% 10/01/2029 144A

Corporate Debt

JACKSON NATL LIFE GLOBAL FDG 4.7% 06/05/2028 144A

Corporate Debt

JACKSON NATL LIFE GLOBAL FDG 5.35% 01/13/2030 144A

Corporate Debt

JAPAN TOBACCO INC 4.85% 05/15/2028 144A

Corporate Debt

JERSEY CENTRAL POWR & LIGHT CO 4.4% 01/15/2031 144A

Corporate Debt

JPMORGAN CHASE & CO 2.947%/VAR 02/24/2028

Corporate Debt

JPMORGAN CHASE & CO 4.255%/VAR 10/22/2031

Corporate Debt

JPMORGAN CHASE & CO 4.851%/VAR 07/25/2028

Corporate Debt

JPMORGAN CHASE & CO 5.571%/VAR 04/22/2028

Corporate Debt

LLOYDS BANKING GROUP PLC 4.375% 03/22/2028

Corporate Debt

LLOYDS BANKING GROUP PLC 4.818%/VAR 06/13/2029

Corporate Debt

MARS INC 4.6% 03/01/2028 144A

Corporate Debt

MASSMUTUAL GLOBAL FDG II 4.85% 01/17/2029 144A

Corporate Debt

MERCEDES-BENZ FINANCE NORTH AMERICA LLC 4.8% 08/01/2029 144A

Corporate Debt

MET TOWER GLOBAL FUNDING 4% 10/01/2027 144A

Corporate Debt

MET TOWER GLOBAL FUNDING 4.2% 09/16/2030 144A

Corporate Debt

META PLATFORMS INC 4.2% 11/15/2030

Corporate Debt

MIZUHO FINL GROUP INC 4.711%/VAR 07/08/2031

Corporate Debt

MORGAN STANLEY 1.512%/VAR 07/20/2027

Corporate Debt

MORGAN STANLEY 4.133%/VAR 10/18/2029

Corporate Debt

MORGAN STANLEY 5.042%/VAR 07/19/2030

Corporate Debt

MORGAN STANLEY BK NA SALT LAKE 5.016%/VAR 01/12/2029

Corporate Debt

MORGAN STANLEY PRIVATE BANK NA 4.465%/VAR 11/19/2031

Corporate Debt

NATIONAL BANK OF CANADA 4.5% 10/10/2029

Corporate Debt

NATWEST GROUP PLC 5.115%/VAR 05/23/2031

Corporate Debt

NATWEST MARKETS PLC 5.416% 05/17/2027 144A

Corporate Debt

NORDEA BANK ABP 4.375% 09/10/2029 144A

Corporate Debt

PACIFIC LIFE GF II 4.5% 08/28/2029 144A

Corporate Debt

PNC FINANCIAL SERVICES GRP INC 5.354%/VAR 12/02/2028

Corporate Debt

PRICOA GLOBAL FDG I 4.7% 05/28/2030 144A

Corporate Debt

RGA GLOBAL FUNDING 4.35% 08/25/2028 144A

Corporate Debt

RGA GLOBAL FUNDING 5.448% 05/24/2029 144A

Corporate Debt

SAMMONS FINANCIAL GROUP GLOBAL FUNDING 5.05% 01/10/2028 144A

Corporate Debt

SAMMONS FINANCIAL GROUP GLOBAL FUNDING 5.1% 12/10/2029 144A

Corporate Debt

SIMON PROPERTY GROUP LP 4.375% 10/01/2030

Corporate Debt

STATE STREET CORP 2.203%/VAR 02/07/2028

Corporate Debt

STATE STREET CORP 4.53%/VAR 02/20/2029

Corporate Debt

TORONTO DOMINION BANK 4.783% 12/17/2029

Corporate Debt

TRUIST FINANCIAL CORP 5.071%/VAR 05/20/2031

Corporate Debt

US BANCORP DEL 2.215%/VAR 01/27/2028

Corporate Debt

VIRGINIA ELECTRIC AND POWER CO 3.75% 05/15/2027

Corporate Debt

VOLKSWAGEN GROUP AMER FIN LLC 3.2% 09/26/2026 144A

Corporate Debt

VOLKSWAGEN GROUP AMER FIN LLC 4.35% 06/08/2027 144A

Corporate Debt

WELLS FARGO & CO NEW 3.526%/VAR 03/24/2028

Corporate Debt

WELLS FARGO & CO NEW 4.808%/VAR 07/25/2028

Corporate Debt

WELLS FARGO & CO NEW 4.97%/VAR 04/23/2029

Corporate Debt

WELLS FARGO & CO NEW 5.244%/VAR 01/24/2031

Corporate Debt

WESTERN-SOUTHERN GLOBAL FUNDING 4.5% 07/16/2028 144A

Corporate Debt

Total Corporate Debt

109

Mortgage-Backed Securities - at market value:

BX COML MTG TR 2024-GPA3 A TSFR1M+149.25 12/15/2029 144A

Mortgage-Backed Security

FEDERAL NAT MTG ASN GTD REM 2011-26 PA 4.5% 04/25/2041

Mortgage-Backed Security

FEDERAL NAT MTG ASN GTD REM 2017-97 P 3% 01/25/2047

Mortgage-Backed Security

FHLG 15YR 2.5% 12/01/2031#SB0093

Mortgage-Backed Security

FHLG 20YR 3% 11/01/2033#G30872

Mortgage-Backed Security

FHLG 5.50% 3/34 #G01665

Mortgage-Backed Security

FNMA 6.50% 7/35 #745092

Mortgage-Backed Security

FNMA 15YR 2.5% 01/01/2028#FS3867

Mortgage-Backed Security

FNMA 15YR 2.5% 01/01/2029#

Mortgage-Backed Security

FNMA 15YR 2.5% 10/01/2031#AS8010

Mortgage-Backed Security

FNMA 20YR 4.5% 06/01/2039#FM1045

Mortgage-Backed Security

FNMA 20YR 4.5% 08/01/2039#FM1353

Mortgage-Backed Security

FNMA 6.50% 8/36 #888034

Mortgage-Backed Security

FNMA 6.50% 8/36 #888544

Mortgage-Backed Security

FNR 2017-20 AP 3.5% 03/25/2045

Mortgage-Backed Security

LIFE FINANCIAL SERVICES TRUST 2022 TSFR1M+129.52405/15/2039 144A

Mortgage-Backed Security

SREIT TR 2021-MFP TSFR1M+84.528 08 11/15/2038 144A

Mortgage-Backed Security

Total Mortgage-Backed Securities

Asset-Backed Securities - at market value

AMERICAN EXPRESS CR ACC MST TR 5.23% 04/15/20292029

Asset-Backed Security

BA CR CARD TR 4.31% 05/15/2030

Asset-Backed Security

BMW VEHICLE LEASE TRUST 2025-1 4.43% 06/26/2028

Asset-Backed Security

CAPITAL ONE PRIME AUTO RECEIVABLES TR 2024-1 4.62%16-Jul-2029

Asset-Backed Security

CAPITAL ONE PRIME AUTO RECEIVABLES TRUST 2023-2 5.82% 06/15/2028

Asset-Backed Security

CARMAX AUTO OWNER TRUST 2024-1 4.92% 10/16/2028

Asset-Backed Security

CARVANA AUTO RECEIVABLES TR 2025-P3 A3 4.04% 11/11/2030

Asset-Backed Security

CARVANA AUTO RECEIVABLES TRUST 2025-P2 4.55% 08/12/2030

Asset-Backed Security

CHASE AUTO OWNER TRUST 5.22% 07/25/2029 144A

Asset-Backed Security

CHASE ISSUANCE TR 4.16% 07/15/2030

Asset-Backed Security

CHASE ISSUANCE TR 5.08% 09/15/2030

Asset-Backed Security

CITIBANK CR CARD ISSUANCE TR 4.3% 06/21/2030

Asset-Backed Security

CITIZENS AUTO RECEIVABLES TRUST 2024-1 5.11% 04/17/2028 144A

Asset-Backed Security

DAIMLER TRUCKS RETAIL TRUST 2024-1 5.49% 12/15/2027

Asset-Backed Security

DLLMT 2024-1 LLC 4.84% 08/21/2028 144A

Asset-Backed Security

FORD CR FLOORPLN MAST OWN TR A 5.29% 04/15/2029 144A

Asset-Backed Security

FORD CREDIT AUTO OWNER TRUST 2024-D 4.84% 08/15/2029

Asset-Backed Security

FORDF 2025-1 A1 4.63% 04/15/2030

Asset-Backed Security

HUNTINGTON AUTO TR 2024-1 5.23% 01/16/2029 144A

Asset-Backed Security

HYUNDAI AUTO RECEIVABLES TRUST 25-B 4.36% 12/17/2029

Asset-Backed Security

MERCEDES-BENZ AUTO LEASE TRUST 2025-A 4.61% 04/16/2029

Asset-Backed Security

NISSAN MASTER OWNER TR RECEIVABLE 5.05% 02/15/2029144A

Asset-Backed Security

TESLA ELEC VEH TR 2023-1 5.38% 06/20/2028 144A

Asset-Backed Security

T-MOBILE US TRUST 2025-2 4.34% 04/22/2030 144A

Asset-Backed Security

VERIZON MASTER TRUST 4.62% 11/20/2030

Asset-Backed Security

VOLKSWAGEN AUTO LOAN ENHANCED TRUST 2023-2 5.48% 12/20/2028

Asset-Backed Security

VOLKSWAGEN AUTO LOAN ENHANCED TRUST 2024-1 4.63% 07/20/2029

Asset-Backed Security

WELLS FARGO CARD ISSUANCE TRUST 4.34% 05/15/2030

Asset-Backed Security

WHEELS FLEET LEASE FUNDING 1 LLC 25-3A A1 0% 09/18/2040 144A

Asset-Backed Security

WHEELS FLEET LEASE FUNDING 1 LLC 4.41% 05/18/2040144A

Asset-Backed Security

WORLD OMNI AUTO RECEIVABLES TR 2023-D 5.79% 02/15/2029

Asset-Backed Security

WORLD OMNI AUTO RECEIVABLES TR 2024-A 4.86% 03/15/2029

Asset-Backed Security

WORLD OMNI AUTO RECEIVABLES TR 2024-B 5.27% 09/17/2029

Asset-Backed Security

Total Asset-Backed Securities

Fidelity Investments Money Market Government Portfolio - Institutional Class

Cash and cash equivalent

Total Stable Value Fund at market value

403

Loans to participants with interest rates ranging from 3.25% to 10.50% and maturity dates through November 2055*

Total

4,172

(d) Cost information is omitted as all investments are participant-directed

* Party-in-interest

PPG Industries Employee Savings Plan

Index to Exhibits

The following exhibit is filed as part of this Form 11-K.


Exhibit Number						Exhibit Description
23.1						Consent of PricewaterhouseCoopers LLP.

Signature

Pursuant to the requirements of the Securities Exchange Act of 1934, the Global Benefits Leader of PPG Industries, Inc., and Administrator of the Plan, has duly caused this annual report to be signed on its behalf by the undersigned hereunto duly authorized.


		PPG Industries Employee Savings Plan
		(Name of Plan)

Date:	June 22, 2026	/s/ Dina M. Glance
		Dina M. Glance
		Global Benefits Leader of PPG Industries, Inc. and Administrator of the Plan

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Date	Price Target	Rating	Analyst
4/1/2026	$113.00	Buy → Neutral	Citigroup
10/16/2025	$112.00	Neutral → Overweight	Analyst
4/15/2025	$126.00	Buy → Neutral	BofA Securities
3/10/2025		Buy → Hold	Argus
3/5/2025		Buy → Neutral	Seaport Research Partners
2/12/2025	$145.00 → $115.00	Overweight → Neutral	Analyst
4/22/2024		Neutral → Buy	Seaport Research Partners
4/22/2024	$152.00	Outperform → In-line	Evercore ISI

SEC Form 11-K filed by PPG Industries Inc.

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