MAT Q2 2025 Earnings Presentation

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Second Quarter 2025 Earnings (Unaudited Results) July 23, 2025

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©2025 Mattel, Inc. All Rights Reserved. 2 Mattel cautions the viewer that this presentation contains a number of forward-looking statements, which are statements that relate to the future and are, by their nature, uncertain. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts and include statements regarding Mattel’s guidance and goals for future periods and other future events. The use of words such as “anticipates,” “expects,” “intends,” “plans,” “projects,” “look forward,” “confident that,” “believes,” and "targeted," among others, generally identify forward-looking statements. These forward-looking statements are based on currently available operating, financial, economic, and other information and assumptions, and are subject to a number of significant risks and uncertainties. A variety of factors, many of which are beyond Mattel's control, could cause actual future results to differ materially from those projected in the forward-looking statements. Specific factors that might cause such a difference include, but are not limited to: (i) Mattel’s ability to design, develop, produce, manufacture, source, ship, and distribute products on a timely and cost-effective basis; (ii) sufficient interest in and demand for the products and entertainment Mattel offers by retail customers and consumers to profitably recover Mattel’s costs; (iii) downturns in economic conditions affecting Mattel’s markets which can negatively impact retail customers and consumers, and which can result in lower employment levels and lower consumer disposable income and spending, including lower spending on purchases of Mattel’s products; (iv) other factors which can lower discretionary consumer spending, such as higher costs for fuel and food, drops in the value of homes or other consumer assets, and high levels of consumer debt; (v) potential difficulties or delays Mattel may experience in implementing cost savings and efficiency enhancing initiatives; (vi) other economic and public health conditions or regulatory changes in the markets in which Mattel and its customers and suppliers operate, which could create delays or increase Mattel’s costs, such as higher commodity prices, labor costs or transportation costs, or outbreaks of disease; (vii) the effect of inflation on Mattel’s business, including cost inflation in supply chain inputs and increased labor costs, as well as pricing actions taken in an effort to mitigate the effects of inflation; (viii) currency fluctuations, including movements in foreign exchange rates, which can lower Mattel’s net revenues and earnings, and significantly impact Mattel’s costs; (ix) the concentration of Mattel’s customers, potentially increasing the negative impact to Mattel of difficulties experienced by any of Mattel’s customers, such as bankruptcies or liquidations or a general lack of success, or changes in their purchasing or selling patterns; (x) the inventory policies of Mattel’s retail customers, as well as the concentration of Mattel’s revenues in the second half of the year, which coupled with reliance by retailers on quick response inventory management techniques, increases the risk of underproduction, overproduction, and shipping delays; (xi) legal, reputational, and financial risks related to security breaches or cyberattacks; (xii) work disruptions, including as a result of supply chain disruption such as plant or port closures, which may impact Mattel’s ability to manufacture or deliver product in a timely and cost-effective manner; (xiii) the impact of competition on revenues, margins, and other aspects of Mattel’s business, including the ability to offer products that consumers choose to buy instead of competitive products, the ability to secure, maintain, and renew popular licenses from licensors of entertainment properties, and the ability to attract and retain talented employees and adapt to evolving workplace models; (xiv) the risk of product recalls or product liability suits and costs associated with product safety regulations; (xv) tariffs, trade restrictions, or trade barriers, which depending on the effective date and duration of such measures, changes in the amount, scope, and nature of such measures in the future, any countermeasures that the target countries may take, and any mitigating actions that may become available, could increase Mattel’s product costs and other costs of doing business, and other changes in laws or regulations in the United States and/or in other major markets, such as China, in which Mattel operates, including, without limitation, with respect to taxes, trade policies, product safety, or sustainability, which may also increase Mattel’s product costs and other costs of doing business, and in each case reduce Mattel’s earnings and liquidity; (xvi) business disruptions or other unforeseen impacts due to economic instability, political instability, civil unrest, armed hostilities (including the impact of the Russia-Ukraine war and geopolitical developments in the Middle East), natural and manmade disasters, pandemics or other public health crises, or other catastrophic events; (xvii) failure to realize the planned benefits from any investments or acquisitions made by Mattel; (xviii) the impact of other market conditions or third party actions or approvals, including those that result in any significant failure, inadequacy, or interruption from vendors or outsourcers, which could reduce demand for Mattel’s products, delay or increase the cost of implementation of Mattel’s programs, or alter Mattel’s actions and reduce actual results; (xix) changes in financing markets or the inability of Mattel to obtain financing on attractive terms; (xx) the impact of litigation, arbitration, or regulatory decisions or settlement actions; (xxi) Mattel’s ability to navigate regulatory frameworks in connection with new areas of investment, product development, or other business activities, such as artificial intelligence, non-fungible tokens, and cryptocurrency; (xxii) an inability to remediate the material weakness in Mattel's internal control over financial reporting, or additional material weaknesses or other deficiencies in the future or the failure to maintain an effective system of internal control; and (xxiii) other risks and uncertainties as may be described in Mattel’s filings with the Securities and Exchange Commission, including the “Risk Factors” section of Mattel’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024 and Quarterly Report on Form 10-Q for the three months ended March 31, 2025, and subsequent periodic filings, as well as in Mattel’s other public statements. Mattel does not update forward-looking statements and expressly disclaims any obligation to do so, except as required by law. The financial results included herein represent the most current information available to management and are preliminary until Mattel’s Form 10-Q is filed with the SEC. Actual results may differ from these preliminary results. To supplement our financial results presented in accordance with generally accepted accounting principles in the United States (“GAAP”), Mattel presents certain non-GAAP financial measures within the meaning of Regulation G promulgated by the Securities and Exchange Commission. The non-GAAP financial measures that Mattel uses in this presentation may include Adjusted Gross Profit, Adjusted Gross Margin, Adjusted Other Selling and Administrative Expenses, Adjusted Operating Income, Adjusted Operating Income Margin, Adjusted Earnings Per Share, earnings before interest expense, taxes, depreciation and amortization (“EBITDA”), Adjusted EBITDA, Free Cash Flow, Free Cash Flow Conversion (Free Cash Flow/Adjusted EBITDA), Leverage Ratio (Total Debt/Adjusted EBITDA), Net Debt, Adjusted Tax Rate, and constant currency. Mattel uses these measures to analyze its continuing operations and to monitor, assess and identify meaningful trends in its operating and financial performance, and each is discussed below. Mattel believes that the disclosure of non-GAAP financial measures provides useful supplemental information to investors to be able to better evaluate ongoing business performance and certain components of Mattel’s results. These measures are not, and should not be viewed as, substitutes for GAAP financial measures and may not be comparable to similarly-titled measures used by other companies. Reconciliations of the non-GAAP financial measures to the most directly comparable GAAP financial measures are attached to this presentation as an appendix. In addition, Mattel presents changes in gross billings, a key performance indicator, as a metric for comparing its aggregate, categorical, brand, and geographic results to highlight significant trends in Mattel's business. Changes in gross billings are discussed because, while Mattel records the details of sales adjustments in its financial accounting systems at the time of sale, such sales adjustments are generally not associated with categories, brands, and individual products. Cautionary Note Regarding Forward-Looking Statements / Presentation Information

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©2025 Mattel, Inc. All Rights Reserved. 3 Mattel is a leading global toy and family entertainment company and owner of one of the most iconic brand portfolios in the world. We engage consumers and fans through our franchise brands, including Barbie, Hot Wheels, Fisher-Price, American Girl, Thomas & Friends, UNO, Masters of the Universe, Matchbox, Monster High, Polly Pocket, and Barney, as well as other popular properties that we own or license in partnership with global entertainment companies. Our offerings include toys, content, consumer products, digital and live experiences. Our products are sold in collaboration with the world’s leading retail and ecommerce companies. Since its founding in 1945, Mattel is proud to be a trusted partner in empowering generations to explore the wonder of childhood and reach their full potential. Visit us at mattel.com. Who We Are We empower generations to explore the wonder of childhood and reach their full potential. Our Purpose We create innovative products and experiences that inspire fans, entertain audiences, and develop children through play. Our Mission Mattel, Inc.

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©2025 Mattel, Inc. All Rights Reserved. 4 Mattel’s Strategy Grow IP-Driven Toy Business and Expand Entertainment Offering Our mission is to create innovative products and experiences that inspire fans, entertain audiences, and develop children through play SCALE PORTFOLIO OPTIMIZE OPERATIONS EVOLVE DEMAND CREATION TOYS ENTERTAINMENT GROW PROFITABLY CAPTURE FULL VALUE OF IP ACCELERATE CONTENT, CONSUMER PRODUCTS, DIGITAL AND LIVE EXPERIENCES GROW FRANCHISE BRANDS

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©2025 Mattel, Inc. All Rights Reserved. 5 Q2 2025 Performance Net Sales declined 6% as reported and in constant currency1 Adjusted Gross Margin1 increased 200 bps Adjusted Earnings Per Share1 unchanged at $0.19 Strengthened balance sheet and bought back more shares Mattel’s POS up in all regions in Q2 and first half of year Resuming guidance and providing a revised outlook for 2025 Global toy industry grew YTD through June per Circana 2; we expect this trend to continue Demonstrated operational excellence; strong international growth and adjusted gross margin1 expansion; US business impacted by global trade dynamics Confident in the appeal of our brands and ability to manage through the current macroeconomic period while strengthening Mattel's long-term competitive position (1) Please see Appendix – Reconciliation of Non-GAAP Financial Measures and Glossary of Non-GAAP Financial Measures & Key Performance Indicator (2) Source: Circana, LLC, Retail Tracking Service, G10 (US, CA, BR, MX, AU, DE, FR, IT, SP, UK), Total Toys, Projected USD Adjusted, Jan – Jun 2025 vs. YA

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©2025 Mattel, Inc. All Rights Reserved. 6 Category Updates Our mission is to create innovative products and experiences that inspire fans, entertain audiences, and develop children through play Portfolio is well positioned across a range of price points and play patterns Action Figures: Strong growth driver; tentpole movie properties and evergreen strength Vehicles: Double-digit growth; outstanding performance from Hot Wheels Games: UNO grew and is more culturally relevant than ever Dolls: Fewer new Barbie product launches; Mix shift from direct import to domestic shipping in US; American Girl grew Infant, Toddler and Preschool: Fisher-Price US business impacted by global trade dynamics; exiting certain Baby Gear lines and Power Wheels Leveraging new technologies to reimagine new forms of play and create AI-powered products and experiences based on Mattel brands

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©2025 Mattel, Inc. All Rights Reserved. 7 Entertainment Update Progressing across multiple verticals to capture the full value of our IP Advancing our strategy Masters of the Universe: Release in June 2026 Matchbox: Release in Fall 2026 Film On track to release first self-published title in 2026 Digital Games Expanded partnership with Netflix into digital games Chris Meledandri’s Illumination will develop the Barbie animated film Hot Wheels live action movie will be directed by Jon M. Chu and produced by JJ Abrams’ Bad Robot Whac-a-Mole feature film will be developed by Mattel and TriStar Pictures Monster High live action film will be directed by Gerard Johnstone

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©2025 Mattel, Inc. All Rights Reserved. 8 Continued operational excellence despite uncertain trade environment P&L Highlights (1) Please see Appendix – Reconciliation of Non-GAAP Financial Measures and Glossary of Non-GAAP Financial Measures & Key Performance Indicator Expanded Adjusted Gross Margin1 and no change to Adjusted EPS1 (in millions, except EPS, percentages, and bps) Q2 2025 YOY Change Net Sales Constant Currency1 $1,019 -6% -6% Adjusted Gross Margin1 51.2% +200 bps Adjusted Operating Income1 $88 -$8 Adjusted EPS1 $0.19 No change

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©2025 Mattel, Inc. All Rights Reserved. 9 $227 $264 Q2 '24 Q2 '25 $370 $407 Q2 '24 Q2 '25 $414 $335 Q2 '24 Q2 '25 $190 $143 Q2 '24 Q2 '25 Vehicles POS increased low-single digits QTD and YTD Q2 2025 Gross Billings by Category1 (1) Figures presented in bars are as reported; Percentages shown are in constant currency. Please see Appendix – Reconciliation of Non-GAAP Financial Measures and Glossary of Non-GAAP Financial Measures & Key Performance Indicator. Gross Billings decreased 4% Dolls Infant, Toddler, and Preschool Action Figures, Building Sets, Games, and Other +16% CC -19% CC -25% CC +10% CC (Bars as reported, in $M; % change in constant currency)

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©2025 Mattel, Inc. All Rights Reserved. 10 $157 $152 Q2 '24 Q2 '25 $296 $334 Q2 '24 Q2 '25 $647 $548 Q2 '24 Q2 '25 EMEA +8% CC Retail inventories are slightly up, overall appropriate levels and good quality Q2 2025 Gross Billings by Region1 (1) Figures presented in bars are as reported; Percentages shown are in constant currency. Please see Appendix – Reconciliation of Non-GAAP Financial Measures and Glossary of Non-GAAP Financial Measures & Key Performance Indicator. Growth in 3 of 4 regions; international up 9% North America Latin America -15% CC +5% CC $101 $117 Q2 '24 Q2 '25 Asia Pacific +16% CC (Bars as reported, in $M; % change in constant currency)

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©2025 Mattel, Inc. All Rights Reserved. 11 1.2% 0.6% 0.6% 0.5% 1.1% 49.2% 51.2% +200bps Q2 2025 Adjusted Gross Margin Comparison1 Expansion driven by several factors, partially offset by inflation (1) Amounts may not sum due to rounding. Please see Appendix – Reconciliation of Non-GAAP Financial Measures and Glossary of Non-GAAP Financial Measures & Key Performance Indicator Disciplined cost management and operational excellence

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©2025 Mattel, Inc. All Rights Reserved. 12 $361 $354 Q2 '24 Q2 '25 $74 $79 Q2 '24 Q2 '25 Continuing to effectively manage cost structure Q2 2025 Advertising and Adjusted SG&A1 Advertising increase reflects Easter timing shift; Adjusted SG&A1 benefits from OPG2 savings (1) At actual. Please see Appendix – Reconciliation of Non-GAAP Financial Measures and Glossary of Non-GAAP Financial Measures & Key Performance Indicator (2) OPG refers to the ‘Optimizing for Profitable Growth’ program launched in 2024 Advertising (in $M) Adj. SG&A (in $M) +$5 -$7

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©2025 Mattel, Inc. All Rights Reserved. 13 $0.19 $0.19 Q2 '24 Q2 '25 $171 $170 Q2 '24 Q2 '25 $96 $88 Q2 '24 Q2 '25 Resilience despite topline pressure Q2 2025 Adjusted Profit Metrics1 Adjusted EPS unchanged despite uncertain trade environment in the US (1) At actual. Please see Appendix – Reconciliation of Non-GAAP Financial Measures and Glossary of Non-GAAP Financial Measures & Key Performance Indicator -$8 -$1 No change Adj. Operating Income Adj. EBITDA Adj. EPS (in $M)

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©2025 Mattel, Inc. All Rights Reserved. 14 Q2 2025 YTD and TTM Cash Flow1 TTM Free Cash Flow of $530M (1) Amounts may not sum due to rounding. Please see Appendix – Reconciliation of Non-GAAP Financial Measures and Glossary of Non-GAAP Financial Measures & Key Performance Indicator Repurchased $50M of shares in second quarter and $210M YTD (in millions)1 YTD 2025 YTD 2024 Cash from Operations ($275) ($217) Capital Expenditures ($76) ($65) Free Cash Flow ($351) ($283) TTM 2025 TTM 2024 Cash from Operations $743 $978 Capital Expenditures ($213) ($152) Free Cash Flow $530 $826

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©2025 Mattel, Inc. All Rights Reserved. 15 Balance Sheet Highlights Increased cash balance, strong balance sheet and healthy leverage profile Debt portfolio well positioned; $600M maturity in April 2026 (1) Debt, including Current Portion (2) Includes Short-Term Borrowings and Long-Term Debt, including Current Portion. Please see Appendix – Reconciliation of Non-GAAP Financial Measures and Glossary of Non-GAAP Financial Measures & Key Performance Indicator (in millions) Q2 2025 Q2 2024 Cash $870 $722 Inventory $868 $777 Debt1 $2,337 $2,332 Leverage Ratio (Total Debt2 / Adj. EBITDA) 2.2x 2.3x

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©2025 Mattel, Inc. All Rights Reserved. 16 Optimizing for Profitable Growth (OPG) $126M of savings achieved since launching program in 2024 $23M of savings achieved in Q2, $42M YTD Target 3-year program savings of $200M by 2026 On track to achieve target of $80M cost savings in 2025 (1) In Millions. S&A ~40% $83 $200 2024 2025 2026 $200 2024 COGS ~60% 2026$80 2025 Target Cumulative Savings1 Target Allocation1

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©2025 Mattel, Inc. All Rights Reserved. 17 $ in millions, except EPS and percentages2 Updated FY2025 Guidance Prior FY2025 Guidance FY2024 Actual Net Sales +1% to 3%³ +2% to 3%³ $5,380 Adjusted Gross Margin Approx. 50% Comparable 50.9% Adjusted Operating Income $700 - $750 $740 - $765 $738 Adjusted Tax Rate 23% - 24% 23% - 24% 21% Adjusted EPS $1.54 - $1.66 $1.66 - $1.72 $1.62 Free Cash Flow Approx. $500 Approx. $600 $598 2025 Guidance1 (1) Includes the anticipated impact of tariffs announced to date (2) Please see Appendix – Reconciliation of Non-GAAP Financial Measures and Glossary of Non-GAAP Financial Measures & Key Performance Indicator (3) In Constant Currency Maintaining $600M share repurchase target in 2025 Resuming guidance with updated 2025 outlook

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©2025 Mattel, Inc. All Rights Reserved. 18 Closing “Our second quarter performance reflects operational excellence in the current macroeconomic environment as we continue to execute our strategy to grow Mattel’s IP-driven toy business and expand our entertainment offering. We achieved meaningful gross margin expansion, grew internationally, and further progressed our entertainment slate. We are embracing technology and collaborating with world-class partners to bring our iconic brands to life in new ways to position Mattel for long-term success.” - Ynon Kreiz, Chairman & CEO

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©2025 Mattel, Inc. All Rights Reserved. 33 Glossary of Non-GAAP Financial Measures & Key Performance Indicator NON-GAAP FINANCIAL MEASURES To supplement our financial results presented in accordance with generally accepted accounting principles in the United States (“GAAP”), Mattel presents certain non-GAAP financial measures within the meaning of Regulation G promulgated by the Securities and Exchange Commission. The non-GAAP financial measures that Mattel uses in this earnings release include Adjusted Gross Profit, Adjusted Gross Margin, Adjusted Other Selling and Administrative Expenses, Adjusted Operating Income, Adjusted Operating Income Margin, Adjusted Earnings Per Share, earnings before interest expense, taxes, depreciation and amortization (“EBITDA”), Adjusted EBITDA, Free Cash Flow, Free Cash Flow Conversion (Free Cash Flow / Adjusted EBITDA), Leverage Ratio (Total Debt / Adjusted EBITDA), Net Debt, Adjusted Tax Rate, and constant currency. Mattel uses these measures to analyze its continuing operations and to monitor, assess, and identify meaningful trends in its operating and financial performance, and each is discussed below. Mattel believes that the disclosure of non-GAAP financial measures provides useful supplemental information to investors to be able to better evaluate ongoing business performance and certain components of Mattel’s results. These measures are not, and should not be viewed as, substitutes for GAAP financial measures and may not be comparable to similarly titled measures used by other companies. Adjusted Gross Profit and Adjusted Gross Margin Adjusted Gross Profit and Adjusted Gross Margin represent reported Gross Profit and reported Gross Margin, respectively, adjusted to exclude severance and restructuring expenses. Adjusted Gross Margin represents Mattel’s Adjusted Gross Profit, as a percentage of Net Sales. Adjusted Gross Profit and Adjusted Gross Margin are presented to provide additional perspective on underlying trends in Mattel’s core Gross Profit and Gross Margin, which Mattel believes is useful supplemental information for investors to be able to gauge and compare Mattel’s current business performance from one period to another. Adjusted Other Selling and Administrative Expenses Adjusted Other Selling and Administrative Expenses represents Mattel’s reported Other Selling and Administrative Expenses, adjusted to exclude severance and restructuring expenses and the impact of the inclined sleeper product recalls, which are not part of Mattel’s core business. Adjusted Other Selling and Administrative Expenses is presented to provide additional perspective on underlying trends in Mattel’s core other selling and administrative expenses, which Mattel believes is useful supplemental information for investors to be able to gauge and compare Mattel’s current business performance from one period to another. Adjusted Operating Income and Adjusted Operating Income Margin Adjusted Operating Income and Adjusted Operating Income Margin represent reported Operating Income and reported Operating Income Margin, respectively, adjusted to exclude severance and restructuring expenses and the impact of the inclined sleeper product recalls, which are not part of Mattel’s core business. Adjusted Operating Income Margin represents Mattel’s Adjusted Operating Income, as a percentage of Net Sales. Adjusted Operating Income and Adjusted Operating Income Margin are presented to provide additional perspective on underlying trends in Mattel’s core operating results, which Mattel believes is useful supplemental information for investors to be able to gauge and compare Mattel’s current business performance from one period to another. Adjusted Earnings Per Share Adjusted Earnings Per Share represents Mattel’s reported Diluted Earnings Per Common Share, adjusted to exclude severance and restructuring expenses and the impact of the inclined sleeper product recalls, which are not part of Mattel’s core business. The aggregate tax effect of the adjustments was determined using the effective tax rates on a jurisdictional basis of the respective adjustments and dividing by the reported weighted-average number of common shares. Adjusted Earnings Per Share is presented to provide additional perspective on underlying trends in Mattel’s core business. Mattel believes it is useful supplemental information for investors to gauge and compare Mattel’s current earnings results from one period to another. Adjusted Earnings Per Share is a performance measure and should not be used as a measure of liquidity. EBITDA and Adjusted EBITDA EBITDA represents Mattel’s Net Income, adjusted to exclude the impact of interest expense, taxes, depreciation, and amortization. Adjusted EBITDA represents EBITDA adjusted to exclude share-based compensation, severance and restructuring expenses and the impact of the inclined sleeper product recalls, which are not part of Mattel’s core business. Mattel believes EBITDA and Adjusted EBITDA are useful supplemental information for investors to gauge and compare Mattel’s business performance to other companies in its industry with similar capital structures. The presentation of Adjusted EBITDA differs from how Mattel calculates EBITDA for purposes of covenant compliance under the indentures governing its high yield senior notes and the revolving credit agreement governing its revolving credit facility. Because of these limitations, EBITDA and Adjusted EBITDA should not be considered as measures of discretionary cash available to invest in the growth of Mattel’s business. As a result, Mattel relies primarily on its GAAP results and uses EBITDA and Adjusted EBITDA only supplementally.

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©2025 Mattel, Inc. All Rights Reserved. 34 NON-GAAP FINANCIAL MEASURES Free Cash Flow and Free Cash Flow Conversion Free Cash Flow represents Mattel’s net cash flows from operating activities less capital expenditures. Free Cash Flow Conversion represents Mattel’s free cash flow divided by Adjusted EBITDA. Mattel believes Free Cash Flow and Free Cash Flow Conversion are useful supplemental information for investors to gauge Mattel’s liquidity and performance and to compare Mattel’s business performance to other companies in our industry. Free Cash Flow does not represent cash available to Mattel for discretionary expenditures. Leverage Ratio (Total Debt / Adjusted EBITDA) The leverage ratio is calculated by dividing Total Debt by Adjusted EBITDA. Total Debt represents the aggregate of Mattel’s current portion of long-term debt, short-term borrowings, and long-term debt, excluding the impact of debt issuance costs and debt discount. Mattel believes the leverage ratio is useful supplemental information for investors to gauge trends in Mattel’s business and to compare Mattel’s business performance to other companies in its industry. Net Debt Net Debt represents the aggregate of Mattel’s current portion of long-term debt, short-term borrowings, and long-term debt, less cash and equivalents. Mattel believes Net Debt is useful supplemental information for investors to monitor Mattel’s liquidity and evaluate its balance sheet. Adjusted Tax Rate The Adjusted Tax Rate is calculated by dividing Adjusted Provision for Income Taxes by Adjusted Income Before Income Taxes. Adjusted Income Before Income Taxes represents reported Income Before Income Taxes, adjusted to exclude severance and restructuring expenses and the impact of inclined sleeper product recalls. The Adjusted Provision for Income Taxes represents reported Provision for Income Taxes, adjusted to exclude the aggregate tax effect of adjustments. Mattel believes the adjusted tax rate provides useful supplemental information for investors to gauge and compare the impact of tax expense on Mattel's earnings results from one period to another. Constant Currency Percentage changes in results expressed in constant currency are presented excluding the impact from changes in currency exchange rates. To present this information, Mattel calculates constant currency information by translating current period and prior period results for entities reporting in currencies other than the US dollar using consistent exchange rates. The constant currency exchange rates are determined by Mattel at the beginning of each year and are applied consistently during the year. They are generally different from the actual exchange rates in effect during the current or prior period due to volatility in actual foreign exchange rates. Mattel considers whether any changes to the constant currency rates are appropriate at the beginning of each year. The exchange rates used for these constant currency calculations are generally based on prior year actual exchange rates. The difference between the current period and prior period results using the consistent exchange rates reflects the changes in the underlying performance results, excluding the impact from changes in currency exchange rates. Mattel analyzes constant currency results to provide additional perspective on changes in underlying trends in Mattel’s operating performance. Mattel believes that the disclosure of the percentage change in constant currency is useful supplemental information for investors to be able to gauge Mattel’s current business performance and the longer-term strength of its overall business since foreign currency changes could potentially mask underlying sales trends. The disclosure of the percentage change in constant currency enhances investor’s ability to compare financial results from one period to another. 2025 Guidance A reconciliation of Mattel’s non-GAAP financial measures on a forward-looking basis, including Net Sales on a constant currency basis, Adjusted Gross Margin, Adjusted Operating Income, Adjusted Tax Rate, Adjusted EPS, and Free Cash Flow is not available without unreasonable effort. Mattel is unable to predict with sufficient certainty items that would be excluded from the corresponding GAAP measures, including the effect of foreign currency exchange rate fluctuations, unusual gains and losses or charges, and severance and restructuring charges, due to the unpredictable nature of such items, which may have a significant impact on Mattel’s GAAP measures. KEY PERFORMANCE INDICATOR Gross Billings Gross Billings represent amounts invoiced to customers. It does not include the impact of sales adjustments, such as trade discounts and other allowances. Mattel presents changes in gross billings as a metric for comparing its aggregate, categorical, brand, and geographic results to highlight significant trends in Mattel’s business. Changes in Gross Billings are discussed because, while Mattel records the details of sales adjustments in its financial accounting systems at the time of sale, such sales adjustments are generally not associated with categories, brands, and individual products. Glossary of Non-GAAP Financial Measures & Key Performance Indicator

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