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CAGNY February 2026 Chris Peterson President & Chief Executive Officer Mark Erceg Chief Financial Officer
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© Newell Brands 2 Some of the statements in this presentation and its exhibits, particularly those anticipating future financial performance, business prospects, growth, operating strategies, future macroeconomic conditions and similar matters, are forward-looking statements within the meaning of the federal securities laws. These statements generally can be identified by the use of words or phrases, including, but not limited to, "guidance," "outlook," “intend,” “anticipate,” “believe,” “estimate,” “project,” “target,” “plan,” “expect,” “setting up,” "beginning to,” “will,” “should,” “would,” "could," “resume,” “remain confident,” "remain optimistic," "seek to," or similar statements. We caution that forward-looking statements are not guarantees because there are inherent difficulties in predicting future results. Actual results may differ materially from those expressed or implied in the forward-looking statements. Important factors that could cause actual results to differ materially from those suggested by the forward-looking statements include, but are not limited to: • the Company’s ability to optimize costs and cash flow and mitigate the impact of soft global demand and retailers' inventory rebalancing through discretionary and overhead spend management, advertising and promotion expense optimization, demand forecast and supply plan adjustments and actions to improve working capital; • the Company’s dependence on the strength of retail and consumer demand and commercial and industrial sectors of the economy in various countries around the world; • the Company’s ability to improve productivity, reduce complexity and streamline operations; • risks related to the Company’s substantial indebtedness and current leverage profile, ability to refinance upcoming revolver and bond maturities on favorable terms, and potential increases in interest rates or changes in the Company’s credit ratings including the failure to maintain financial covenants which if breached could subject us to cross-default and acceleration provisions in our debt documents; • the impact on the Company’s operations and financial condition resulting from the current global macroeconomic environment, including the impact of tariffs imposed by the U.S. and retaliatory tariffs imposed by foreign countries, and the Company’s ability to effectively execute its mitigation plans; • competition with other manufacturers and distributors of consumer products; • major retailers’ strong bargaining power and consolidation of the Company’s customers; • supply chain and operational disruptions in the markets in which we operate, including as a result of geopolitical and macroeconomic conditions and any global military conflicts including those between Russia and Ukraine and in the Middle East; • changes in the prices and availability of labor, transportation, raw materials and sourced products, including significant inflation, and the Company’s ability to offset cost increases through pricing and productivity in a timely manner; • the Company’s ability to effectively execute its turnaround plan, including the Global Productivity Plan announced in December 2025 and other restructuring and cost saving initiatives; • the Company’s ability to develop innovative new products, to develop, maintain and strengthen end-user brands and to realize the benefits of increased advertising and promotion spend; • the risks inherent to the Company’s foreign operations, including currency fluctuations, exchange controls and pricing restrictions; • future events that could adversely affect the value of the Company’s assets and/or stock price and require additional impairment charges; • unexpected costs or expenses associated with dispositions; • the cost and outcomes of governmental investigations, inspections, lawsuits, legislative requests or other actions by third parties, the potential outcomes of which could exceed policy limits, to the extent insured; • the Company’s ability to maintain effective internal control over financial reporting; • risk associated with the use of artificial intelligence in the Company’s operations and the Company’s ability to properly manage such use; • a failure or breach of one of the Company’s key information technology systems, networks, processes or related controls or those of the Company’s service providers; • the impact of United States and foreign regulations on the Company’s operations, including environmental remediation costs and legislation and regulatory actions related to product safety, data privacy and climate change; • the potential inability to attract, retain and motivate key employees; • changes in tax laws and the resolution of tax contingencies resulting in additional tax liabilities; • product liability, product recalls or related regulatory actions; • the Company’s ability to protect its intellectual property rights; • the impact of climate change and the increased focus of governmental and non-governmental organizations and customers on sustainability issues, as well as external expectations related to environmental, social and governance considerations; • significant increases in the funding obligations related to the Company’s pension plans; and • other factors listed from time to time in our SEC filings, including but not limited to our Annual Report on Form 10-K and Quarterly Reports on Form 10-Q and other filings. The consolidated condensed financial statements are prepared in conformity with accounting principles generally accepted in the United States (“U.S. GAAP”). Management’s application of U.S. GAAP requires the pervasive use of estimates and assumptions in preparing the condensed consolidated financial statements. The company continues to be impacted by inflationary pressures, soft global demand, major retailers' focus on tight control over inventory levels, elevated interest rates and indirect macroeconomic impacts from geopolitical conflicts, which has required greater use of estimates and assumptions in the preparation of our condensed consolidated financial statements. Although we believe we have made our best estimates based upon current information, actual results could differ materially and may require future changes to such estimates and assumptions, including reserves, which may result in future expense or impairment charges. The information contained in this presentation and the tables is as of the date indicated. The Company assumes no obligation to update any forward-looking statements as a result of new information, future events or developments. In addition, there can be no assurance that the Company has correctly identified and assessed all of the factors affecting the Company or that the publicly available and other information the Company receives with respect to these factors is complete or correct. This presentation and the accompanying remarks contain non-GAAP measures. Reconciliations of such non-GAAP measures to the most directly comparable GAAP measures are contained in the Appendix. FORWARD LOOKING STATEMENTS
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Chris Peterson President & Chief Executive Officer
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© Newell Brands 4 NEWELL AT A GLANCE Top 10 Brands Top 10 International Markets UK Canada France Japan Mexico Brazil Germany Australia Spain $882M Normalized1 EBITDA $7.2B Net sales ~22K employees 10 countries ~90% of net sales 39% international sales 25 brands ~90% of net sales All statistics as of 2025 Year-End; unless otherwise noted 1Refer to Appendix for reconciliations to GAAP figures Italy
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© Newell Brands Slide 5 Home & Commercial Solutions 52% Learning & Development 37% Outdoor & Recreation 10% FY 2025 SEGMENT REVENUE A DIVERSE PORTFOLIO WITH GLOBAL REACH United States 61% Canada 4% APAC 7% EMEA 17% LATAM 11% FY 2025 REGIONAL REVENUE Totals may not add due to rounding
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© Newell Brands 6 KEY MESSAGES 1 Newell Brands’ multi-year capability-based turnaround remains on-track 2 Early, broad and deep executive sponsorship of AI (Quantum Leap) is further strengthening NWL’s capabilities and accelerating innovation and distribution wins 3 AI harvested simplification efforts and a strong domestic manufacturing footprint support NWL’s long-term financial algorithm and shareholder value proposition
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© Newell Brands 7 IN 2023, NWL BEGAN A MULTI-YEAR TURNAROUND BASED ON A CAPABILITY ASSESSMENT… CONSUMER & CUSTOMER UNDERSTANDING BRAND BUILDING INNOVATION BRAND COMMUNICATIONS GO-TO-MARKET & RETAIL EXECUTION INTERNATIONAL GO-TO-MARKET PROCUREMENT / STRATEGIC SOURCING END-TO-END SUPPLY CHAIN ENABLING CAPABILITIES HUMAN CAPITAL DATA INTEGRITY, REPORTING & ANALYTICS NWL’S CAPABILITY SET WAS WORST IN CLASS AMONG CONSUMER PRODUCT COMPANIES
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© Newell Brands 8 NWL’S NEW STRATEGY HAS FIVE VERY CLEAR WHERE TO PLAY & HOW TO WIN CHOICES
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© Newell Brands 9 NWL’S CAPABILITY FOCUS & CLEAR STRATEGY CHOICES DROVE A VERY FAST START 9.6% 11.9% FY'23 FY'24 Normalized EBITDA to Net Sales ($M) 1 1. Refer to appendix for reconciliations to GAAP figures $900 $782 6.5x 4.9x Q2'23 FY'24 Net Leverage Ratio 1 -12.1% -3.4% FY'23 FY'24 Core Sales Growth (y/y change) 1 29.5% 34.1% FY'23 FY'24 Normalized Gross Margin 1
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© Newell Brands 10 UNTIL GLOBAL TRADE WAS SWIFTLY REALIGNED TO ENCOURAGE DOMESTIC MANUFACTURING NWL’s US Business is 57% Domestic Manufacturing & 43% Imports 1 1. Domestic Manufacturing includes two USMCA compliant facilities in Mexico
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© Newell Brands 11 TARIFF RESPONSE: PROTECTING STRUCTURAL ECONOMICS & CAPABILITIES TOP 2 PRIORITIES WHAT WE DID: Sourcing Productivity Pricing • Qualified alternate sourcing • Country of origin shifts • Incremental FUEL supply chain savings • OH & discretionary spend control Three rounds executed 1. April 1 2. May 1 3. July 28 WHAT WAS PROTECTED: Normalized Gross Margin 1 +10 bps Normalized Operating Margin 1 +20 bps A&P Investment +50 bps Net Leverage Ratio 1 ~5x WHAT HAPPENED: 2025 Tariff Headwind • $174M cash impact • $114M P&L impact (~$0.23/share) 1. Refer to appendix for reconciliations to GAAP figures
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© Newell Brands 12 BUT THIS CAME AT THE EXPENSE OF TOP LINE SALES AS COMPETITION WAS SLOW TO PRICE MANY OF OUR BRANDS ARE CATEGORY LEADERS IN THE US and Ball®, TM of Ball Corporation, used under license
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© Newell Brands 13 THE NET EFFECT WAS TARIFFS DELAYED NWL’S FINANCIAL PROGRESSION BY A YEAR 11.9% 12.2% FY'24 FY'25 Normalized EBITDA to Net Sales ($M) 1 1. Refer to appendix for reconciliations to GAAP figures $900 $882 4.9x 5.1x FY'24 FY'25 Net Leverage Ratio 1 -3.4% -4.6% FY'24 FY'25 Core Sales Growth (y/y change) 1 34.1% 34.2% FY'24 FY'25 Normalized Gross Margin 1
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© Newell Brands 14 BUT WE SHOULD NOT LOSE SIGHT OF THE FACT THAT VERY STRONG PROGRESS HAS BEEN MADE 9.6% 12.2% FY'23 FY'25 Normalized EBITDA to Net Sales ($M) 1 1. Refer to appendix for reconciliations to GAAP figures $882 $782 6.5x 5.1x Q2'23 FY'25 Net Leverage Ratio 1 -12.1% -4.6% FY'23 FY'25 Core Sales Growth (y/y change) 1 29.5% 34.2% FY'23 FY'25 Normalized Gross Margin 1
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© Newell Brands 15 AND WHILE WE WERE ADJUSTING TO TARIFFS, WORK TO DRAMATICALL Y IMPROVE NWL’S CAPABILITY SET CONTINUED… CONSUMER & CUSTOMER UNDERSTANDING BRAND BUILDING INNOVATION BRAND COMMUNICATIONS GO-TO-MARKET & RETAIL EXECUTION INTERNATIONAL GO-TO-MARKET PROCUREMENT / STRATEGIC SOURCING END-TO-END SUPPLY CHAIN ENABLING CAPABILITIES HUMAN CAPITAL DATA INTEGRITY, REPORTING & ANALYTICS NWL'S KEY CAPABILITIES HAVE IMPROVED RAPIDLY, POSITIONING FOR FUTURE GROWTH
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© Newell Brands 16 KEY MESSAGES 1 Newell Brands’ multi-year capability-based turnaround remains on-track 2 Early, broad and deep executive sponsorship of AI (Quantum Leap) is further strengthening NWL’s capabilities and accelerating innovation and distribution wins 3 AI harvested simplification efforts and a strong domestic manufacturing footprint support NWL’s long-term financial algorithm and shareholder value proposition
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© Newell Brands 17 AI ENABLEMENT : AN OPERATIONAL APPROACH BUILT TO DRIVE SPEED, EFECTIVENESS & EFFICIENCY Build the base for AI adoption and culture change Re-imagine workflows and functions Foundational Functional Enterprise Transform entire value chains at scale FUNCTIONAL LEVEL NAVIGATORS QUANTUM LEAP TEAM EXECUTIVE MEMBER STEERING COMMITTEE
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© Newell Brands 18 GRASSROOTS 2024 STRATEGIC PIVOT Mid 2025 QUANTUM LEAP Ongoing • Core governance Steering Committee • Grassroots, function-led AI experiments • Fast learning • AI requires cultural and operating model transformation • Learnings from scaled operational change programs (OVID, Productivity, PEAK, Automation) • Shift from “use cases” → “how work gets done” • Anchored to NWL strategy, focused on value creation (Sales, Margin, OH, Cash) • Enterprise capability and workflow redesign, not isolated tools or use cases THE QUANTUM LEAP JOURNEY: FROM EXPERIMENTS TO ENTERPRISE OPERATING TRANSFORMATION
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© Newell Brands 19 AI Steering Committee is CEO & executive-sponsored, cross-functional, with top technologists Workflow redesigns are driving productivity, improving outcomes and accelerating cycle time 33 AI Navigators providing embedded, functional AI leadership across the enterprise 2,000+ employees actively enabled as AI is deployed across the enterprise 100+ active use cases deployed across multiple functions AI OPERATIONALIZED ACROSS THE BUSINESS TO ACCELERATE PROFITABLE TOP-LINE GROWTH
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© Newell Brands 20 NWL IS INNOVATING AGAIN… GREATERBREADTH, SPEED & INVESTMENT SUPPORTING GROWTH • AI-enabled ideation, design and prototyping • AI-enabled consumer understanding, co-creation and testing • Faster iteration cycles from concept to launch Innovation, Speed & Capability • Highest A&P investment in company history 1 • Strong retailer activation behind key launches • Improved go-to-market execution Investment & Retail Execution 1. Refers to period following Jarden acquisition in 2016 • AI-enabled digital content creation • AI-enabled marketing activation Marketing Activation
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© Newell Brands 21 INNOVATION… A MULTI-YEAR JOURNEY ACCELERATED BY AI ENABLEMENT • 10K+ margin dilutive SKUs launched • Limited consumer insights • Inconsistent process • Stopped the bleeding • Invested in consumer insights and brand management • Centralized governance and established consistent process • Rebuilt 3-year innovation pipeline • Differentiated benefits with superior claims • Creating front-end innovation capability • AI-enabled launches drive growth and gross margin expansion • Innovation enhances brand equity and grows the category • At least one Tier 1 / Tier 2 innovation for each business unit Lack of Consumer Relevant Innovation Complete Reset Building a Healthy Pipeline Delivering Winning Innovation Tier 1 & Tier2 Launches 1 8 18 25 2023 2024 2025 2026 Year
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© Newell Brands 22 INNOVATION… WRITING
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1. Based on 2024 Baby Gear Brand Health Tracker Data EasyTurn 360 2-in-1 Convertible Car seat Turns to face you for easy in and out Source: Circana YTD thru Nov 2025, Turning Car Seat Market +860bps share 1 Since January 2025 Launch INNOVATION… BABY
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SnugRide® Turn & Slide Infant Car Seat Market Set FEB 2026 Turn. Slide. Smile. Turns and slides to you for easy ins & outs, even in tight parking spaces! Slides to you for seamless ins and outs.
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© Newell Brands 25 INNOVATION… KITCHEN TURBOCHARGED BLENDING LIKE NEVER BEFORE Effortlessly power through ice, frozen fruit and so much more • POWER • QUALITY BLADES • EASY TO CLEAN • MULTI-FUNCTIONAL • DURABLE A unique 10-blade stack features 4 titanium-coated blades to process whole fruits and vegetables in seconds
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© Newell Brands 26 INNOVATION… HOME FRAGRANCE
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© Newell Brands 27 INNOVATION… OUTDOOR & RECREATION
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© Newell Brands 30 DRIVING DISTRIBUTION GAINS THROUGH… DISTRIBUTION MOMENTUM HAS TURNED POSITIVE Improved Go-to-market Capabilities, Stronger Innovation & Tariff Advantaged Manufacturing 1H’25 FY’25 FY’26E
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© Newell Brands 31 EXTENSIVE LINE UP OF BLENDERS LEADING TO INCREASED POINTS OF DISTRIBUTION $22.98 $199.99 Tariff Advantaged Manufacturing
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FROM EXECUTION TO ECONOMICS Translating capabilities and commercial momentum into financial outcomes
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Mark Erceg Chief Financial Officer
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© Newell Brands 34 KEY MESSAGES 1 Newell Brands’ multi-year capability-based turnaround remains on-track 2 Early, broad and deep executive sponsorship of AI (Quantum Leap) is further strengthening NWL’s capabilities and accelerating innovation and distribution wins 3 AI harvested simplification efforts and a strong domestic manufacturing footprint support NWL’s long-term financial algorithm and shareholder value proposition
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© Newell Brands 35 NWL HAS DRIVEN DRAMATIC SIMPLIFICATION OVER THE PAST SEVERAL YEARS 1. Refers to period following Jarden acquisition in 2016 Suppliers SKU Count Brand Reduction OVID (U.S.) 25% reduction in total suppliers since 2022 ~80% SKU Rationalization P5Y ~80 brands in 2023 <55 brands today One Order One Truck One Invoice Supply Chain Global Fill Rate Legal Entities Office Footprint 23 standalone supply chains fully integrated 96% in 2025 highest rate ever achieved 1 212 entities currently, down from ~550 in 2016 Closed 27 locations since 2022 Customer Fines ERP Integration Distributors E&O Inventory Down 50% since 2022 Will be completed by Fall of 2026 Reduced international distributors by >40% Down 50% since 2022
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© Newell Brands 36 ERP INTEGRATION: A HIGHLY FRAGMENTED STARTING POINT APAC 10N. AMERICA LATAM EMEA 22 13 11 2016 Baseline (Post-Jarden Acquisition) • Exceedingly complicated ERP landscape • Multiple local ERPs by country & business unit • Numerous instances within SAP • Core SAP global sales coverage only ~35%
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© Newell Brands 37 ERP INTEGRATION: PLANNED COMPLETION FALL 2026 N. AMERICA LATAM EMEA APAC 1 Enabling scale, speed & facilitating AI deployment across the enterprise One consolidated global IT backbone / ERP system1 with ~95% of the global business on one core instance of SAP 1. Core SAP + Brazil (regulatory) + Turkey (regulatory) + Tech Apparel (business model considerations) End State
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© Newell Brands 38 Simplify the Core Unify Governance & Focus on Data Quality Accelerate the AI Journey ~95% of global business on core instance of SAP Establishes framework for leveraging data effectively Data foundation enables AI Readiness NWL’s digital / simplification transformation is no longer about managing complexity; it is about harnessing high-quality data to drive faster, AI-augmented cycle-times across the global enterprise ERP INTEGRATION: A SIMPLIFIED FOUNDATION FOR AI-POWERED GROWTH
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© Newell Brands 39 SIMPLIFICATION EFFORTS ARE BEING HARVESTED: AI ENABLEMENT PROVIDES SIGNIFICANT RUNWA Y More Efficient Ways of Working Should Enable Faster Growth ✓ In Q3’25, OH declined for the first time in ~3 years ✓ In Q4’25, OH declined for the second time in ~3 years Progress Made 1 25K 24K 22K 2023 2024 2025 NWL Headcount 1. Refer to appendix for reconciliations to GAAP figures. “OH” refers to Normalized Overheads as a % of sales
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© Newell Brands 40 END-TO-END SUPPLY CHAIN & PROCUREMENT / STRATEGIC SOURCING HIGHLIGHTS Invested ~$2B in U.S. manufacturing since 2017 Tax Cuts & Jobs Act Global Fill Rate 96% China to U.S. sourcing reduced from ~35%1 (several years ago) to <10%1 41 plants strategically located around the world 1. As a percentage of total COGS Note: FUEL = Finding Untapped Efficiencies & Leverage Generating significant year-over-year cost savings through FUEL productivity program
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© Newell Brands 41 NORTH AMERICA MANUFACTURING FOOTPRINT Location # of Plants Acuna, MEX 1 Indiana 2 Kansas 3 Massachusetts 1 Mexicali, MEX 1 Missouri 1 North Carolina 1 Ohio 1 Tennessee 4 Virginia 1 Wisconsin 1 Significant domestic manufacturing footprint provides NWL with 19 tariff advantaged categories
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© Newell Brands 42 34.2% 8.4% Normalized GM% Normalized OM% CAPACITY UTILIZATION & MARGIN IMPACT NWL’s highly automated Supply Chain has very favorable marginal economics on incremental sales Incremental sales deliver outsized profitability gains 2025 1 Margin on Incremental Sales ~ Normalized GM% Normalized OM% ~ 1. Refer to appendix for reconciliations to GAAP figures
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© Newell Brands 43 CASE STUDY: SHARPIE MARKER AUTOMATION AFTER 6 workers ~150 units/min 1 operator ~500 units/min BEFORE
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© Newell Brands 44 THE ALGORITHM: HISTORIC ACTUALS VS. TARGETED STRUCTURAL ECONOMICS 2023 2024 2025 2026E 2 Future State 3 Normalized Gross Margin 1 29.5% 34.1% 34.2% About Flat 4 37% to 38% A&P 4.6% 5.5% 6.0% Up slightly 6% to 7% Normalized Overheads 1 18.8% 20.4% 19.8% Down ~80 bps 17% to 18% Normalized Operating Margin 1 6.1% 8.2% 8.4% 8.6% to 9.2% 12% to 15% 1. Refer to appendix for reconciliations to GAAP figures 2. Based on FY 2026 guidance, as of February 6, 2026 3. Not time bound 4. 2026 Gross Margin expected to be negatively impacted by ~$0.07/share of annualized tariff impacts
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© Newell Brands 45 STRONG CASH GENERATION SUPPORTS DELEVERAGING OVER TIME Cash Generation & Capital Discipline • 2026 Operating Cash Flow expected to be up ~+40% vs 2025 1 ✓ Normalized EBITDA growth ✓ Lower cash taxes ✓ Lower cash bonus payout ✓ Shorter cash conversion cycle • CAPEX reduced to ~$200M/year ✓ ERP integration nearing completion ✓ Supply chain network in good regard 6.5x 4.9x 5.1x 2.5x Q2'23 FY'24 FY'25 Long-Term Target Net Leverage Ratio 1 1. Based on midpoint of FY 2026 guidance, as of February 6, 2026
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© Newell Brands 46 ~90% FCF Productivity 50 bps Operating Margin Improvement 1 WE ARE COMMITTED TO PROFITABLE GROWTH AND STRONG CASH FLOW Low Single-Digit Core Sales Growth Long-Term Evergreen Financial Annual Targets De-lever to 2.5x investment grade leverage ratio Capital Allocation Strategy Target 30% to 35% dividend payout ratio Fund high return internal growth opportunities 1. Refers to normalized operating margin; on average and net of capability investments and anticipated higher advertising & promotion (A&P) spending
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© Newell Brands 47 WHY NEWELL BRANDS NOW Capabilities Rebuilt: Simplified, AI-enabled platform with strong domestic manufacturing A stronger, more capable Newell — positioned to grow & create value Commercial Momentum: Innovation at scale, improving distribution, increased A&P support Disciplined Financial Algorithm: Attractive marginal production economics, multi-year OH optimization glidepath Clear Path to Shareholder Value: Top line growth, margin expansion, strong cash flow & balance sheet de-leveraging
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© Newell Brands 49 Appendix
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© Newell Brands 50 This presentation and the accompanying remarks contain non-GAAP financial measures within the meaning of Regulation G promulgated by the U.S. Securities and Exchange Commission (the "SEC") and includes a reconciliation of non-GAAP financial measures to the most directly comparable financial measures calculated in accordance with GAAP. The Company uses certain non-GAAP financial measures that are included in this presentation, the additional financial information and accompanying remarks both to explain its results to stockholders and the investment community and in the internal evaluation and management of its businesses. The Company’s management believes that these non-GAAP financial measures and the information they provide are useful to investors since these measures (a) permit investors to view the Company’s performance and liquidity using the same tools that management uses to evaluate the Company’s past performance, reportable segments, prospects for future performance and liquidity, and (b) determine certain elements of management incentive compensation. The Company’s management believes that core sales provides a more complete understanding of underlying sales trends by providing sales on a consistent basis as it excludes the impacts of acquisitions, divestitures, retail store openings and closings, certain market and category exits, changes in foreign exchange and customer returns due to a product recall from year-over-year comparisons. The effect of changes in foreign exchange on reported sales is calculated by applying the prior year average monthly exchange rates to the current year local currency sales amounts (excluding acquisitions and divestitures), with the difference between the current year reported sales and constant currency sales presented as the foreign exchange impact increase or decrease in core sales. The Company’s management believes that “normalized” gross margin, "normalized" overheads, “normalized” operating income, “normalized” operating margin, "normalized EBITDA", “normalized” net income, “normalized” diluted earnings per share and “normalized” income tax benefit or expense, which exclude restructuring and restructuring-related expenses; impairment charges; amortization of acquisition-related intangible assets; divestiture costs; costs related to the acquisition, integration and financing of acquired businesses; inflationary adjustments and one-time and other events such as expenses related to certain legal proceedings, costs related to the extinguishment of debt; certain tax benefits and charges; pension settlement charges; costs related to a product recall; certain facility fire related costs; write-off of assets not placed into service and certain other items, are useful because they provide investors with a meaningful perspective on the current underlying performance of the Company’s core ongoing operations and liquidity. “Normalized Overhead” refers to SG&A expense excluding normalized expenses and advertising and promotion expense. The Company defines "net debt" as short-term debt, current portion of long-term debt and long-term debt less cash and cash equivalents. “Net leverage ratio" is a liquidity measure calculated as the ratio of net debt to Normalized EBITDA. For all reported periods, SKU count excludes Technical Apparel and third party items sold through the Yankee Candle flagship store. For periods prior to 2021, SKU count also excludes Mapa Professional. “Normalized EBITDA” is an ongoing liquidity measure (that excludes non-cash items) and is calculated as normalized earnings before interest, tax, depreciation, amortization and stock-based compensation expense. The Company uses a "with" and "without" approach to calculate normalized income tax expense or benefit. At an interim period, the Company determines the year-to-date tax effect of the pretax items excluded from normalized results by allocating the difference between the calculated GAAP and calculated normalized tax expense or benefit. The Company has presented forward-looking statements regarding normalized earnings per share, normalized gross margin, normalized operating margin, normalized overheads, normalized EBITDA, free cash flow productivity and net leverage ratio. These non-GAAP financial measures are derived by excluding certain amounts, expenses or income, from the corresponding financial measures determined in accordance with GAAP. The determination of the amounts that are excluded from these non-GAAP financial measures is a matter of management judgement and depends upon, among other factors, the nature of the underlying expense or income amounts recognized in a given period in reliance on the exception provided by Item 10(e)(1)(i)(B) of Regulation S-K. We are unable to present a quantitative reconciliation of such forward-looking normalized measures to their most directly comparable forward- looking GAAP financial measures because such information is not available, and management cannot reliably predict all of the necessary components of such GAAP measures without unreasonable effort or expense. In addition, we believe such reconciliations would imply a degree of precision that would be confusing or misleading to investors. The unavailable information could have a significant impact on the company's future financial results. These non- GAAP financial measures are aspirational goals and are subject to risks and uncertainties, including, among others, changes in connection with quarter-end and year-end adjustments. Any variation between the company's actual results and the forward-looking measures set forth above may be material. Commencing in the third quarter of 2024, the Company changed its normalization practice. Historically, the Company has excluded from normalized results inventory write-downs and accelerated depreciation charges relating to restructuring and exit activities that were reflected within its restructuring-related costs non-GAAP adjustment. Beginning in the third quarter of 2024, the Company no longer excludes these charges from its normalized results. The Company has also ceased to exclude from normalized results prior period adjustments related to a bad debt reserve and subsequent recovery with respect to the bankruptcy of an international customer. We have recast prior periods presented in this presentation to conform to current period presentation. The company will continue to provide normalized measures which exclude the impact of restructuring costs and restructuring-related costs (other than inventory write-downs and accelerated depreciation), acquisition-related amortization expense and impairment charges, pension settlement losses and other items. While the Company believes these non-GAAP financial measures are useful in evaluating the Company’s performance and liquidity, this information should be considered as supplemental in nature and not as a substitute for or superior to the related financial information prepared in accordance with GAAP. Additionally, these non-GAAP financial measures may differ from similar measures presented by other companies. NON-GAAP INFORMATION
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© Newell Brands 51 Reconciliation of GAAP and Non-GAAP Information (Unaudited)
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© Newell Brands 52 Reconciliation of GAAP and Non-GAAP Information (Unaudited)
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© Newell Brands 53 Reconciliation of GAAP and Non-GAAP Information (Unaudited)
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© Newell Brands 54 Reconciliation of GAAP and Non-GAAP Information (Unaudited)
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© Newell Brands 55 Reconciliation of GAAP and Non-GAAP Information (Unaudited)
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© Newell Brands 56 Reconciliation of GAAP and Non-GAAP Information (Unaudited)
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© Newell Brands 57 Reconciliation of GAAP and Non-GAAP Information (Unaudited)
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© Newell Brands 58 Reconciliation of GAAP and Non-GAAP Information (Unaudited)
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© Newell Brands 59