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Second Quarter Earnings September 3, 2026
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2 +10% Net Sales increase to Q2 2025 Broad-Based Strength Across the business 38.8% Adjusted Gross Profit Rate, 320 bps increase to Q2 2025 and higher than guidance $124M Adjusted Operating Income, higher than guidance of $90M – $100M $0.95 Adjusted EPS, higher than guidance of $0.65 – $0.75 Mid Single-Digit Growth in customer file Q2 2026 Results – Operating Income & EPS Exceed Expectations Refer to Non-GAAP Financial Information table in the Appendix for additional information including a reconciliation to the most directly comparable GAAP financial measure 2
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3 2026 2025 Increase (Decrease) % Increase (Decrease) Net Sales $1,610.7 $1,459.1 $151.6 10% Comparable Store Sales 7% 4% Comparable Sales 9% 4% Gross Profit 625.6 519.4 106.2 20% % of Sales 38.8% 35.6% 320 bps General, Administrative and Store Operating Expenses 501.6 464.3 37.3 8% % of Sales 31.1% 31.8% (70 bps) Operating Income 124.0 55.1 68.9 125% % of Sales 7.7% 3.8% 390 bps Interest Expense and Other 13.4 16.6 (3.2) (19%) Income Before Income Taxes 110.6 38.5 72.1 187% Provision for Income Taxes 25.3 9.8 15.5 158% % of Pre-Tax Income 22.9% 25.4% Net Income 85.3 28.7 56.6 197% % of Sales 5.3% 2.0% 330 bps Less: Net Income Attributable to Noncontrolling Interest 5.1 1.8 3.3 183% Net Income Attributable to Victoria's Secret & Co. $80.2 $26.9 $53.3 198% % of Sales 5.0% 1.8% 320 bps Net Income Per Diluted Share Attributable to Victoria's Secret & Co. $0.95 $0.33 $0.62 188% Weighted Average Shares Outstanding 84.2 82.2 Adjusted1 Consolidated Statements of Income Thirteen Weeks Ended August 1, 2026 & August 2, 2025 (Unaudited – In millions except per share amounts) 1 2026 and 2025 results are on an adjusted basis. Refer to Non-GAAP Financial Information table in the Appendix for additional information including a reconciliation to the most directly comparable GAAP financial measure. 3
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4 2026 2025 Increase (Decrease) % Increase (Decrease) Net Sales $3,170.3 $2,812.1 $358.2 13% Comparable Store Sales 9% 2% Comparable Sales 11% 1% Gross Profit 1,212.5 995.4 217.1 22% % of Sales 38.2% 35.4% 280 bps General, Administrative and Store Operating Expenses 1,008.5 908.6 99.9 11% % of Sales 31.8% 32.3% (50 bps) Operating Income 204.0 86.8 117.2 135% % of Sales 6.4% 3.1% 330 bps Interest Expense and Other 25.1 30.9 (5.8) (19%) Income Before Income Taxes 178.9 55.9 123.0 220% Provision for Income Taxes 33.8 15.6 18.2 117% % of Pre-Tax Income 18.9% 28.0% Net Income 145.1 40.3 104.8 260% % of Sales 4.6% 1.4% 320 bps Less: Net Income Attributable to Noncontrolling Interest 14.3 6.2 8.1 131% Net Income Attributable to Victoria's Secret & Co. $130.8 $34.1 $96.7 284% % of Sales 4.1% 1.2% 290 bps Net Income Per Diluted Share Attributable to Victoria's Secret & Co. $1.55 $0.42 $1.13 269% Weighted Average Shares Outstanding 84.5 82.1 Adjusted1 Consolidated Statements of Income Twenty-Six Weeks Ended August 1, 2026 & August 2, 2025 (Unaudited – In millions except per share amounts) 1 2026 and 2025 results are on an adjusted basis. Refer to Non-GAAP Financial Information table in the Appendix for additional information including a reconciliation to the most directly comparable GAAP financial measure. 4
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5 August 1, 2026 August 2, 2025 ASSETS Current Assets Cash and Cash Equivalents $521,627 $188,232 Accounts Receivable, Net 171,314 165,556 Inventories 1,146,426 1,057,891 Other 122,869 127,802 Total Current Assets 1,962,236 1,539,481 Property and Equipment, Net 759,944 776,687 Operating Lease Assets 1,684,950 1,611,732 Goodwill 366,960 366,960 Trade Names 246,300 278,100 Other Intangible Assets, Net - 84,756 Deferred Income Taxes 52,932 22,242 Other Assets 81,637 74,598 TOTAL ASSETS $5,154,959 $4,754,556 LIABILITIES AND EQUITY Current Liabilities Accounts Payable $489,187 $480,388 Accrued Expenses and Other 613,718 600,318 Current Debt 4,000 4,000 Current Operating Lease Liabilities 282,220 258,110 Income Taxes 53,930 2,665 Total Current Liabilities 1,443,055 1,345,481 Deferred Income Taxes 4,877 14,308 Long-Term Debt 970,652 1,047,442 Long-Term Operating Lease Liabilities 1,642,116 1,563,464 Other Long-Term Liabilities 43,784 73,557 Victoria's Secret & Co. Shareholders' Equity 989,795 680,073 Noncontrolling Interest 60,680 30,231 TOTAL LIABILITIES AND EQUITY $5,154,959 $4,754,556 Consolidated Balance Sheets (Unaudited – In thousands) 5
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6 2026 Outlook (As of September 3, 2026) 1 Full year projections are on an adjusted basis. 2 In the third quarter, forecasted Net Income (Loss) per share is calculated using diluted shares in a Net Income position and basic shares in a Net Loss position. 3 Forecasted free cash flow in 2026 excludes the $148 million cash received related to IEEPA tariff refund recoveries. Refer to Non-GAAP Financial Information table in the Appendix for additional information. 6 Third Quarter Full Year Net Sales Approximately $1.570 billion to $1.600 billion Approximately $7.100 billion to $7.180 billion Gross Margin Rate Approximately 38.0%, compared to 2025 adjusted rate of 36.5% - SG&A Expense Rate Approximately 37.5% compared to 2025 adjusted rate of 36.5% - Operating Income Approximately $10 million to $20 million Approximately $560 million to $590 million1 Net Non-Operating Expense Approximately $13 million Approximately $50 million1 Tax Rate / Tax Expense (before discrete items) Approximately $0 million Approximately 22%1 Weighted Average Shares Outstanding Approximately 80 million basic shares and 85 million diluted shares2 Approximately 85 million diluted shares Net Income (Loss) Per Diluted Share Attributable to VS&Co Approximately ($0.09) to $0.012 Approximately $4.45 to $4.701 Capital Expenditures - Approximately $220 million to $240 million Depreciation & Amortization Expense - Approximately $210 million Free Cash Flow - Approximately $370 million to $400 million3
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7 Beginning of Year New Stores Closures Total Reconstructions and Change in Selling Sq Ft End of Year Company-Operated U.S. Store Count 766 23 (22 to 24) 46 765 to 767 (1) to 1 0% Selling Sq Ft 000's 5,304 128 (112 to 123) (16) 5,293 to 5,304 (11) to 0 0% Canada Store Count 24 2 - 5 26 2 8% Selling Sq Ft 000's 211 10 - 1 222 11 5% Subtotal Company-Operated Store Count 790 25 (22 to 24) 51 791 to 793 1 to 3 0% Selling Sq Ft 000's 5,515 138 (112 to 123) (15) 5,515 to 5,526 0 to 11 0% China Joint Venture Beauty & Accessories Store Count 20 - (7 to 8) - 12 to 13 (8 to 7) (40% to 35%) Full Assortment Store Count 45 15 to 18 (4 to 5) - 55 to 59 10 to 14 22% to 31% Subtotal China Joint Venture Store Count 65 15 to 18 (11 to 13) - 67 to 72 2 to 7 3% to 11% Partner-Operated Beauty & Accessories Store Count 350 31 to 33 (18 to 26) - 355 to 365 5 to 15 1% to 4% Full Assortment Store Count 212 44 to 49 (3) - 253 to 258 41 to 46 19% to 22% Subtotal Partner-Operated Store Count 562 75 to 82 (21 to 29) - 608 to 623 46 to 61 8% to 11% Adore Me Store Count 3 - - - 3 - - Selling Sq Ft 000's 12 - - - 12 - - Total Store Count 1,420 115 to 125 (54 to 66) - 1,469 to 1,491 49 to 71 3% to 5% Increase / (Decrease) Store Count & Selling Sq Ft – 2026 Forecast
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88 APPENDIX
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9 2026 2025 Net Sales $1,610,703 $1,459,137 Costs of Goods Sold, Buying and Occupancy (851,419) (940,121) Gross Profit 759,284 519,016 General, Administrative and Store Operating Expenses (502,654) (478,057) Operating Income 256,630 40,959 Interest Expense (14,670) (17,804) Other Income 5,782 1,121 Income Before Income Taxes 247,742 24,276 Provision for Income Taxes 59,606 6,249 Net Income 188,136 18,027 Less: Net Income Attributable to Noncontrolling Interest 5,088 1,799 Net Income Attributable to Victoria's Secret & Co. $183,048 $16,228 Net Income Per Diluted Share Attributable to Victoria's Secret & Co. $2.18 $0.20 Weighted Average Shares Outstanding 84,152 82,205 Consolidated Statements of Income Thirteen Weeks Ended August 1, 2026 & August 2, 2025 (Unaudited – In thousands, except per share amounts) 9
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10 2026 2025 Net Sales $3,170,294 $2,812,086 Costs of Goods Sold, Buying and Occupancy (1,826,062) (1,818,844) Gross Profit 1,344,232 993,242 General, Administrative and Store Operating Expenses (1,011,280) (932,497) Operating Income 332,952 60,745 Interest Expense (29,602) (34,893) Other Income 8,857 4,078 Income Before Income Taxes 312,207 29,930 Provision for Income Taxes 67,154 9,128 Net Income 245,053 20,802 Less: Net Income Attributable to Noncontrolling Interest 14,314 6,230 Net Income Attributable to Victoria's Secret & Co. $230,739 $14,572 Net Income Per Diluted Share Attributable to Victoria's Secret & Co. $2.73 $0.18 Weighted Average Shares Outstanding 84,501 82,085 Consolidated Statements of Income Twenty-Six Weeks Ended August 1, 2026 & August 2, 2025 (Unaudited – In thousands, except per share amounts) 10
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11 Capital Expenditures 2026 2025 First Quarter $54,120 $42,793 Second Quarter 74,023 68,680 Spring Season $128,143 $111,473 Third Quarter - 51,929 Fourth Quarter - 24,068 Year $128,143 $187,470 Depreciation & Amortization1 2026 2025 First Quarter $54,250 $61,745 Second Quarter 51,028 62,767 Spring Season $105,278 $124,512 Third Quarter - 60,679 Fourth Quarter - 53,007 Year $105,278 $238,198 Selected Data (Unaudited – In thousands) 1 Second quarter and full year 2025 include $6.3 million and $18.9 million, respectively, of amortization expense related to our definite-lived intangible assets. 11
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12 Non-GAAP Financial Information Fifty-Two Weeks Ending January 30, 2027 Forecast & Ended January 31, 2026 (Unaudited – In millions) In addition to our results provided in accordance with GAAP, provided below are non -GAAP financial measures that present operating income, net income attributable to Victoria's Secret & Co. and net income per diluted share attributable to Victori a's Secret & Co. on an adjusted basis for the reported periods provided in this release, which remove certain non -recurring, infrequent or unusual items that we believe are not indicative of the results of our ongoing operations due to their size and nature. The intangible asset amortization excluded in the second quarter and year -to-date 2025 from these non -GAAP financial measures is excluded because the amortization, unlike the related revenue, is not affected by operations of any particular period unless an intangible asset becomes impaired or the estimated useful life of an intangible asset is revised. We use adjusted financial information as key performance measures of our results of operations for the purpose of evaluating performance internally. These non-GAAP measurements are not intended to replace the presentation of our financial results in accordance with GAAP. Instead, we believe that the presentation of adjusted financial information provides additional information to investors to facilitate the comparison of past and present operations. Further, our definition of non -GAAP financial measures may differ from similarly titled measures used by other companies. The tables below reconcile the most directly comparable GAAP financial measure to each non -GAAP financial measure. 1 Free cash flow is defined as operating cash flow less capital expenditures. Adjusted free cash flow in 2026 removes the $148 million cash received related to IEEPA tariff refund recoveries, which includes $4 million of interest. Adjusted free cash flow in 2025 removes the $69 million cash received, net of administration fees, related to the resolution of a credit card interchange fee litigation matters in which we were a plaintiff. Adjusted free cash flow in 2025 also removes cash payments of $5 million, of which $1 million was included in "operating" cash flow and $4 million in "financing" cash flow, related to the Adore Me acquisition that were contingent upon the achievement of specified strategic objectives as defined in the Merger Agreement. For additional information related to contingent payments associated with the acquisition, refer to our 2025 Annual Report on Form 10-K filed with the Securities and Exchange Commission on March 20, 2026. 12 Free Cash Flow 1 2026 (Forecast) 2025 (Actual) Net Cash Provided by Operating Activities $738 to $788 $499 Capital Expenditures ($220 to $240) ($187) Free Cash Flow1 $518 to $548 $312 Tariff Refund Recoveries ($148) - Interchange Fees Net Settlement - ($69) Payments related to Acquisition of Adore Me - $1 Adjusted Free Cash Flow1 $370 to $400 $244
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13 Non-GAAP Financial Information Refer to the following pages for details regarding the certain items excluded in the adjusted results. (Unaudited – In thousands except per share amounts) 13 2026 2025 2026 2025 Reconciliation of Reported to Adjusted Gross Profit Reported Gross Profit - GAAP $759,284 $519,016 $1,344,232 $993,242 % Net Sales 47.1% 35.6% 42.4% 35.3% Tariff Refund Recoveries, Net of Related Costs and Other Items (a) (134,497) - (134,497) - Restructuring and Other One-time Items (b) 733 411 2,730 2,179 Adjusted Gross Profit $625,520 $519,427 $1,212,465 $995,421 % Net Sales 38.8% 35.6% 38.2% 35.4% Reconciliation of Reported to Adjusted General, Administrative and Store Operating Expenses Reported General, Administrative and Store Operating Expenses - GAAP $502,654 $478,057 $1,011,280 $932,497 % Net Sales 31.2% 32.8% 31.9% 33.2% Tariff Refund Recoveries, Net of Related Costs and Other Items (a) 1,347 - 1,347 - Restructuring and Other One-time Items (b) (2,437) (7,470) (4,201) (11,299) Amortization of Intangible Assets (c) - (6,284) - (12,568) Adjusted General, Administrative and Store Operating Expenses $501,564 $464,303 $1,008,426 $908,630 % Net Sales 31.1% 31.8% 31.8% 32.3% Reconciliation of Reported to Adjusted Operating Income Reported Operating Income - GAAP $256,630 $40,959 $332,952 $60,745 % Net Sales 15.9% 2.8% 10.5% 2.2% Tariff Refund Recoveries, Net of Related Costs and Other Items (a) (135,844) - (135,844) - Restructuring and Other One-time Items (b) 3,170 7,881 6,931 13,478 Amortization of Intangible Assets (c) - 6,284 - 12,568 Adjusted Operating Income $123,956 $55,124 $204,039 $86,791 % Net Sales 7.7% 3.8% 6.4% 3.1% Reconciliation of Reported to Adjusted Net Income Attributable to Victoria's Secret & Co. Reported Net Income Attributable to Victoria's Secret & Co. - GAAP $183,048 $16,228 $230,739 $14,572 Tariff Refund Recoveries, Net of Related Costs and Other Items (a) (140,276) - (140,276) - Restructuring and Other One-time Items (b) 3,170 7,881 6,931 13,478 Amortization of Intangible Assets (c) - 6,284 - 12,568 Tax Effect of Adjusted Items 34,303 (3,510) 33,400 (6,521) Adjusted Net Income Attributable to Victoria's Secret & Co. $80,245 $26,883 $130,794 $34,097 Reconciliation of Reported to Adjusted Net Income Per Diluted Share Attributable to Victoria's Secret & Co. Reported Net Income Per Diluted Share Attributable to Victoria's Secret & Co. - GAAP $2.18 $0.20 $2.73 $0.18 Tariff Refund Recoveries, Net of Related Costs and Other Items (a) (1.25) - (1.25) - Restructuring and Other One-time Items (b) 0.03 0.07 0.06 0.12 Amortization of Intangible Assets (c) - 0.06 - 0.11 Adjusted Net Income Per Diluted Share Attributable to Victoria's Secret & Co. $0.95 $0.33 $1.55 $0.42 Second Quarter Year-to-Date
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14 Non-GAAP Forecasted Financial Information Refer to the following pages for details regarding the certain items excluded in the adjusted results. (Unaudited – In millions except per share amounts) 14 Forecasted Full Year Ending January 30, 2027 Reconciliation of Forecasted GAAP to Adjusted Operating Income Forecasted Operating Income - GAAP $ 689 to 719 Tariff Refund Recoveries, Net of Related Costs and Other Items (a) (136) Organizational Restructuring and Other One-time Items (b) 7 Forecasted Adjusted Operating Income $ 560 to 590 Reconciliation of Forecasted GAAP to Adjusted Net Income Attributable to Victoria's Secret & Co. Forecasted Net Income Attributable to Victoria's Secret & Co. - GAAP $ 475 to 495 Tariff Refund Recoveries, Net of Related Costs and Other Items (a) (140) Organizational Restructuring and Other One-time Items (b) 7 Tax Effect of Adjusted Items 33 Forecasted Adjusted Net Income Attributable to Victoria's Secret & Co. $ 375 to 395 Reconciliation of Forecasted GAAP to Adjusted Net Income Per Diluted Share Attributable to Victoria's Secret & Co. Forecasted Net Income Per Diluted Share Attributable to Victoria's Secret & Co. - GAAP $ 5.64 to 5.89 Tariff Refund Recoveries, Net of Related Costs and Other Items (a) (1.25) Organizational Restructuring and Other One-time Items (b) 0.06 Forecasted Adjusted Net Income Per Diluted Share Attributable to Victoria's Secret & Co. $ 4.45 to 4.70
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15 Non-GAAP Financial Information 15 Adjusted results exclude the following items: a) In the second quarter of 2026, we recognized pre-tax income of $140.3 million ($105.3 million net of tax benefit of $35.0 million), $134.5 million included in costs of goods sold, $4.4 million included in other income and $1.4 million included in general, administrative and store operating expense, related to IEEPA tariff refund recoveries, including interest received, net of related costs and other items. b) In the second quarter of 2026 and 2025, we recognized pre-tax net expense of $3.2 million and $7.9 million ($2.5 million and $6.0 million net of tax expense of $0.7 million and $1.9 million, respectively), $2.5 million and $7.5 million included in general, administrative and store operating expense and $0.7 million and $0.4 million included in costs of goods sold, buying and occupancy expense, related to activities to continue to restructure our executive leadership team and organizational structure, as well as other one-time items. Year-to-date 2026 and 2025, we recognized pre-tax net expense of $6.9 million and $13.5 million ($5.3 million and $10.2 million net of tax expense of $1.6 million and $3.3 million, respectively), $4.2 million and $11.3 million included in general, administrative and store operating expense and $2.7 million and $2.2 million included in costs of goods sold, buying and occupancy expense, related to activities to continue to restructure our executive leadership team and organizational structure, as well as other one-time items. c) In the second quarter and year-to-date 2025, we recognized amortization expense of $6.3 million and $12.6 million ($4.7 million and $9.3 million net of tax expense of $1.6 million and $3.3 million, respectively) included in general, administrative and store operating expense, related to our definite-lived intangible assets. “International retail sales” means the sales of merchandise sold through stores and digital channels operated by our partners under franchise, license, wholesale and joint venture arrangements. While international retail sales are not recorded as net sales in our financial statements, management believes the information is important in understanding our financial performance because these sales are the basis on which we calculate and record certain net sales for our International business and are indicative of the financial health of our franchise, license, wholesale and joint venture partners and the prospects for growth of our International business. Market share data referenced throughout the earnings materials is from our third-party U.S. consumer data provider, Circana.
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16 Forward Looking Statements • Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995 • We caution that any forward-looking statements (as such term is defined in the U.S. Private Securities Litigation Reform Act of 1995) contained in this presentation or made by us, our management, or our spokespeople involve risks and uncertainties and are subject to change based on various factors, many of which are beyond our control. Accordingly, our future performance and financial results may differ materially from those expressed or implied in any such forward-looking statements, and any future performance or financial results expressed or implied by such forward-looking statements are not guarantees of future performance. Forward-looking statements include, without limitation, statements regarding our future operating results, the implementation and impact of our strategic plans, and our goals, intentions, beliefs and expectations. Words such as “estimate,” “commit,” “will,” “target,” “forecast,” “goal,” “project,” “plan,” “believe,” “seek,” “strive,” “expect,” “anticipate,” “intend,” “continue,” “potential” or the negative of these words and any similar expressions are intended to identify forward-looking statements. Risks associated with the following factors, among others, could affect our results of operations and financial performance and cause actual results to differ materially from those expressed or implied in any forward-looking statements: • general economic conditions, inflation and changes in consumer confidence and consumer spending patterns; • market disruptions including pandemics or significant health hazards, severe weather conditions, natural disasters, terrorist activities, financial crises, political crises or other major events, or the prospect of these events; • uncertainty in the global trade environment, including the imposition or threatened imposition of tariffs or other trade policies; • our ability to successfully implement our strategic plan; • difficulties arising from changes and turnover in company leadership or other key positions; • our ability to attract, develop and retain qualified associates and manage labor-related costs; • our dependence on traffic to our stores and the availability of suitable store locations on satisfactory terms; • our ability to successfully operate and expand internationally and related risks; • the operations and performance of our franchisees, licensees, wholesalers and joint venture partners; • our ability to successfully operate and grow our direct channel business; • our ability to protect our reputation and the image and value of our brands; • our ability to attract customers with marketing, advertising and promotional programs; • the highly competitive nature of the retail industry and the segments in which we operate; • consumer acceptance of our products and our ability to manage the life cycle of our brands, remain current with fashion trends, and develop and launch new merchandise and product lines successfully; • our ability to integrate acquired businesses and realize the benefits and synergies sought with such acquisitions; • our ability to incorporate artificial intelligence and other emerging technologies into our business operations successfully and ethically while effectively managing the associated risks; • our ability to source materials and produce, distribute and sell merchandise on a global basis, including risks related to: • political instability and geopolitical conflicts; • environmental hazards and natural disasters; • significant health hazards and pandemics; • delays or disruptions in shipping and transportation and related pricing impacts; • foreign currency exchange rate fluctuations; and • disruption due to labor disputes; • our geographic concentration of production and distribution facilities in Southeast Asia and central Ohio; • the ability of our vendors to manufacture and deliver products in a timely manner, meet quality standards and comply with applicable laws and regulations; • fluctuations in freight, product input and energy costs; • our and our third-party service providers’ ability to implement and maintain information technology systems and to protect associated data and system availability; • our ability to maintain the security and privacy of customer, associate, third-party and company information; • stock price volatility; • shareholder activism matters; • our ability to maintain our credit ratings; • our ability to comply with legal and regulatory requirements; and • legal, tax, trade and other regulatory matters. • All forward-looking statements are made only as of the date of this presentation. Except as may be required by law, we assume no obligation and do not intend to make publicly available any update or other revisions to any of the forward-looking statements contained in this presentation to reflect circumstances existing after the date of this presentation or to reflect the occurrence of future events, even if experience or future events make it clear that any expected results expressed or implied by those forward-looking statements will not be realized. Additional information regarding these and other factors can be found in “Item 1A. Risk Factors” in our 2025 Annual Report on Form 10-K filed with the Securities and Exchange Commission on March 20, 2026.
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1717 THANK YOU!