Page 1

TM Valvoline . PRESS RELEASE Valvoline Reports Second - Quarter Results , Raises Fiscal 2021 Guidance • • • • • Reported net income of $ 68 million grew 8 % and earnings per diluted share ( EPS ) of $ 0.37 grew 12 % Adjusted EPS of $ 0.46 grew 18 % and adjusted EBITDA of $ 152 million grew 13 % Excluding unfavorable , non - cash changes in variable compensation and LIFO inventory totaling $ 30 million , adjusted EBITDA grew 38 % and adjusted EPS grew 49 % Sales grew 21 % to $ 701 million driven by International and Quick Lubes ; Quick Lubes ' system - wide same - store sales ( SSS ) grew 20.2 % Quick Lubes represented 52 % of total company adjusted EBITDA for the quarter Returned $ 65 million of cash to shareholders via dividends and share repurchases Raises full - year guidance for adjusted EBITDA to $ 590 million to $ 610 million and adjusted EPS to $ 1.72 to $ 1.82 LEXINGTON , Ky . , April 28 , 2021 - Valvoline Inc. ( NYSE : VVV ) , a leading supplier of premium branded lubricants and automotive services , today reported financial results for its second fiscal quarter ended March 31 , 2021. All comparisons in this press release are made to the same prior - year period unless otherwise noted . " We continue to see healthy demand and loyalty to our brand from consumers and customers , " said Sam Mitchell , CEO . " Quick Lubes had record 20 % system - wide same - store sales growth and improved margins for the quarter , and International saw robust volume , top - line and earnings growth . Core North America generated top - line growth and continued to provide significant operating cash flow . This strong cash generation is a key component of our strategic transformation to a more service - driven company by funding our growth initiatives in Quick Lubes and International . " Based on our strong results and confidence in the business , we are increasing our outlook for the year to $ 590 million to $ 610 million in adjusted EBITDA . " Second - Quarter Results 1