The downturn in the European decorative markets since early 2022 have resulted in shifts in the country positions. Overall, we think that the decorative paint market volume in Germany may be down 25 % since its peak in 2021. Italy: Italy was growing due to government incentives related to exterior façade renovations. Nonetheless, there continues to be some slight growth in Italy decorative market. Given the expected interest rate reductions, we think that the European decorative market will grow by a CAGR of 1.2 % through 2029.