Slides
Page 1
Investor Presentation JANUARY 2026
Page 2
Forward-Looking Statements 2 Historical financial and operating data in this presentation reflect the consolidated results of WD-40 Company and its subsidiaries (collectively, the “Company”). The Company markets maintenance products (“MP”) under the WD-40®, 3-IN-ONE® and GT85® brand names. The WD-40 brand portfolio also includes the WD-40® Multi-Use Product, the WD-40 Specialist® and WD-40 BIKE® product lines. The Company markets the homecare and cleaning products (”HCCP”) under the following brands: X-14® and 2000 Flushes® automatic toilet bowl cleaners, Carpet Fresh® and no vac® rug and room deodorizers, Spot Shot® aerosol and liquid carpet stain removers, and Lava® and Solvol® heavy-duty hand cleaners. Except for the historical information contained herein, this presentation contains “forward-looking statements” within the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Our forward-looking statements are generally identified with words such as “believe,” “expect,” “intend,” “plan,” “project,” “could,” “may,” “aim,” “anticipate,” “target,” “estimate” and similar expressions. Such statements reflect the Company’s current expectations with respect to currently available operating, financial and economic information. These forward-looking statements are subject to certain risks, uncertainties and assumptions that could cause actual results to differ materially from those anticipated in or implied by the forward-looking statements. These forward-looking statements include, but are not limited to, discussions about future financial and operating results, including: expected benefits from any divestiture transaction; disruption to the parties’ business as a result of the announcement or completion of any divestiture transaction; the Company's ability to successfully complete any planned divestiture; expected timing for the closing of any divestitures; expected proceeds from any divestiture; the intended use of proceeds by the Company from any divestiture transaction; impact of any divestiture transaction on the Company's stock price or EPS; growth expectations for maintenance products; expected levels of promotional and advertising spending; anticipated input costs for manufacturing and the costs associated with distribution of our products; plans for and success of product innovation, the impact of new product introductions on the growth of sales; anticipated results from product line extension sales; expected tax rates and the impact of tax legislation and regulatory action; changes in the political conditions or relations between the United States and other nations; changes in trade policies and tariffs and the impact therefrom; the impacts from inflationary trends; the impacts from supply chain constraints and supply chain disruptions; changes in interest rates; and forecasted foreign currency exchange rates and commodity prices. We undertake no obligation to revise or update any forward-looking statements. These forward-looking statements are generally identified with words such as “believe,” “expect,” “intend,” “plan,” “project,” “could,” “may,” “aim,” “anticipate,” “target,” “estimate” and similar expressions. We undertake no obligation to revise or update any forward-looking statements. The Company’s expectations, beliefs and forecasts are expressed in good faith and are believed by the Company to have a reasonable basis, but there can be no assurance that the Company’s expectations, beliefs or forecasts will be achieved or accomplished. Actual events or results may materially differ from those projected in forward-looking statements due to various factors, including, but not limited to, those identified in Part I—Item 1A, “Risk Factors,” in the Company’s Annual Report on Form 10-K for the fiscal year ended August 31, 2025 which the Company filed with the SEC on October 27, 2025, and in the Company’s Quarterly Report on Form 10-Q for the period ended November 30, 2025, which the Company expects to file with the SEC on January 8, 2026. All forward-looking statements included in this presentation should be considered in the context of these risks. These statements reflect the Company’s expectations as of January 8, 2026, and the Company undertakes no obligation to update or revise any such statements, whether as a result of new information, future events or otherwise. Investors and prospective investors are cautioned not to place undue reliance on these forward-looking statements. Due to rounding, numbers presented throughout this presentation may not add up precisely to the totals provided and percentages may not precisely reflect the absolute figures.
Page 3
Who We Are
Page 4
A Compelling Investment Opportunity 4 1 Sustainable competitive advantages underpin our consistent, proven business model Iconic global brand and category leadership provides foundation for our resilient and dependable earnings growth Significant cash flow generation, asset-light strategy, and strong balance sheet maximize stockholder returns Highly engaged culture with deep organizational talent enables significant growth opportunities 2 3 4
Page 5
WD-40 Company’s Origins 5 WD-40® Multi-Use Product is used by aerospace industry and on the SM-65 Atlas missile 1953 Rocket Chemical Company Incorporated 1958 WD-40® Multi-Use Product makes appearance on store shelves in San Diego 1973 WD-40 Company goes public on the NASDAQ International sales exceed domestic sales for the first time WD-40 Specialist ® product line successfully transitioned to new brand architecture The name WD-40 Company is adopted Garry Ridge named president and CEO 2005 WD-40 Smart Straw® successfully launched 2015 WD-40 EZ-REACH® successfully launched 1953 - 1958 2008 20211970 1997 2022 Steve Brass named president, CEO and director; WD-40 Smart Straw® Next Generation successfully launched In the 1950s, a chemist in San Diego set out to create a compound that would prevent rust and corrosion. It took him 40 attempts to get the water displacing formula right, but the result became the original secret formula for WD-40 ® Multi-Use Product. WD-40® Multi-Use Product more popular than ever, available in 176+ countries and territories worldwide 2025
Page 6
Strong Foundation and Gaining Momentum 66 In 2026 and Beyond • Leverage Four-by-Four Strategic Framework to accelerate revenue growth • Continue to strengthen the culture and brand • Deliver strong through-cycle stockholder returns …To Drive Continued Growth and Profitability • Consistent growth over time • Resilient business with strong stockholder returns • One of the world’s most iconic and widely distributed brands Building On A Foundation Of Success… 6
Page 7
WD-40 Company’s Purpose, Mission, Values 7 Creating positive lasting memories in everything we do, solving problems, making things work smoothly, and creating opportunities PURPOSE Cultivating a culture of learning and teaching for highly engaged workforce who live our values every day HOW WE DO IT Delivering unique, high value, and easy- to-use solutions for a wide variety of maintenance needs across multiple trade channels globally MISSION Our Values Doing the Right Thing Creating Positive Lasting Memories in All Our Relationships Making it Better Than It is Today Succeeding Together While Excelling as Individuals Sustaining the WD-40 Company Economy Owning It and Passionately Acting On It
Page 8
1. As of FY25, ended 8/31/25. 2. The Company sold its homecare and cleaning product brands in the EIMEA segment during the fourth quarter of fiscal year 2025. These brands generated $6.2 million in net sales for FY25, representing approximately 1% of total global net sales. They are included in the fiscal 2025 financial results but will not be reflected in fiscal 2026 results. World Class, Global Brand Provides Foundation for Value Creation 8 81% 14% 5% WD-40 Multi-Use Product WD-40 Specialist Other Maintenance Products FY25 Maintenance Products Net Sales • Currently make up ~95% of net sales • Core strategic focus and primary growth engine Maintenance Products 95% 5% • Only available in niche segments and geographies • Currently exploring options to divest of Americas homecare and cleaning product portfolios Homecare & Cleaning Products $591M
Page 9
Products for a Wide Range of Applications 9 WD-40® Multi-Use Product All-Purpose Tool WD-40 Specialist® For Specialty Applications
Page 10
Energized Team with a Track Record of Strong Execution 10 Experienced leadership with 200+ years of WD-40 Company experience Alina Darragh Global Environmental Programs Director 2011 Wendy Kelley VP, Stakeholder & Investor Engagement 2014 Steve Brass President & CEO Joined: 1991 Claudia Fenske VP, Global Brand & Innovation 2012 Preston Ley Managing Director, Asia-Pacific 1998 Sara Hyzer VP, Finance & CFO 2021 Patricia Olsem Division President, Americas 2005 Nick Green VP, Global Supply Chain Strategy 2019 Meghan Lieb, Ph.D. VP, Global Research & Development 2011 Phenix Kiamilev VP, General Counsel & Chief Compliance Officer 2021 Christophe Cloëz Managing Director, EIMEA 1996 Roxanne Johnson VP, Global Organizational Learning 2005 Jeff Lindeman Chief People, Culture & Capability Officer 2016 Doug Cyphers VP, Global Information & Technology 2017 Executive Officers indicated in blue Laura Meikle VP, Global Quality Strategy & EIMEA Technical 2016
Page 11
Engaged and Diversified Board of Directors 11 President & CEO WD-40 Company Joined: 2022 Steve Brass Former SVP Manitowoc Company, Inc. 2016 Eric Etchart Former President US nakedwines.com 2019 Anne Saunders Former SVP & Chief People and Culture Officer Genentech, Inc. 2022 Cynthia Burks Former President Orchard Supply Hardware 2020 Lara Lee Former President & CEO Lala U.S., Inc. 2020 Graciela Monteagudo Former EVP & CFO BevMo! Inc. 2016 Daniel Carter VP Strategic Operations Belmont University 2022 Edward Magee, Jr. Former CAO, Global General Counsel & Secretary ResMed Inc. 2017 David Pendarvis SKILLS MATRIX 80% 40% 40% 40%Marketing International Business Finance Operations BOARD ATTRIBUTES ~30% Ethnic Diversity ~90% Independent Directors ~63 Years Average Age ~40% Gender Diversity
Page 12
Sustainable Competitive Advantages
Page 13
Characteristics Supporting Our Right To Win 13 Accelerated by scale, learning velocity, and long-term horizon Global Infrastructure Multi-Channel Distribution Values-Driven Culture Best-in-Class End User Loyalty World Class Brand
Page 14
Iconic Brand Provides a Foundation of Strength 14 WD-40® Multi-Use Product has more than 2,000 documented uses – the ubiquitous nature of the product uniquely positions the brand Brand is memorable, easily recognizable, and well known for its superior performance and exceptional value Like Coca-Cola, Kentucky Fried Chicken, and Google, the original formula for WD-40 ® Multi-Use Product is a protected trade secret
Page 15
Commanding Top-tier End User Loyalty in Leading Markets 15 ~70% of product volumes are used by professionals in workshops and factories Market share data based on Ipsos Brand Value Creator model. BVC looks at the ability to create strong brand resonance with target audience and how well market effects are managed to translate into actual purchase. These factors translate into a proxy for market share. Based on multi-purpose lubricant market data in Australia in 2023. 72% 2% 26% WD-40 All Other Brands Combined 82% 5% 13% WD-40 All Other Brands Combined CONSTRUCTION & SKILLED TRADES MAINTENANCE, REPAIR, & OVERHAUL AT HOME NON-ENTHUSIAST PASSIONATE HOBBYIST Market Share Of Work User In Australia Market Share Of Home User In Australia
Page 16
Values-Driven Culture 16 “Remain an employer of choice, with high performing, resilient, and highly engaged employees who perform meaningful work with a sense of belonging Industry Leading Employee Engagement • Employees making ongoing, discretionary contributions in their role, beyond what is expected of them Employee Retention • Creating a place where people love to work Better Together Score • Individuals responding positively to diversity, equity, inclusion, and belonging How We Measure Cultural Success In the ever-evolving landscape of our global organization, we purposefully cultivate our culture. We flourish by harnessing the power of our diverse perspectives, maintaining strategic alignment, and continuously challenging ourselves to foster innovation and adaptability. Tricia Tanton Director, Global Culture Engagement & Analytics
Page 17
21% 20% 13% 12% 34% DIY / Big Box Hardware Automotive Industrial Other (Includes E-Commerce) Differentiated Multi-Channel Distribution Offers Unique Competitive Advantage 17 Diversified distribution makes products easy to FIND and easy to BUY Global Sales by Direct Channel1 Key Highlights Strong diversification by geography, market, and trade channel reduces risk Outsourced manufacturing adds efficiency, flexibility, and enhances scale Balanced omni-channel platform to meet shifting consumer demands Highly focused SKU strategy - take a few products many places Diversified Distribution Powerful Brands Multiple Trade Channels Global Reach 1. Global sales by distribution channel for FY2025. Market distributor channels not included.
Page 18
Broad Global Infrastructure 18 Expanded distribution opportunities in both developed and emerging markets 176 Countries and Territories | 62 Unique Trade Channels | Global Diversification APAC EIMEA Americas
Page 19
Growth Aspirations
Page 20
Consistent Historical Growth with Long Runway Ahead 20 562 327 346 364 387 374 437 480 515 591 Maintenance Products 10-year Net Sales CAGR 7.8% 6.6% 6.0% 1. FY25 maintenance product net sales presented as reported; all prior years adjusted for currency using FY25 foreign currency exch ange rates. See appendix for descriptions and reconciliations of this non-GAAP measure. Maintenance product net sales compound annual growt h rate (CAGR) targets calculated from FY15 baseline maintenance product sales, adjusted for currency using FY25 foreign currency exchange rates, of $308M. EIMEA APAC AMERICAS
Page 21
Long-Term Growth Targets for Maintenance Products Non-GAAP Currency Adjusted 21 Long-Term Growth Ambition By Segment APAC 15% of global net sales* CAGR Target 10-13% EIMEA 38% of global net sales* CAGR Target 8-11% Total Company CAGR Target mid-to-high single digits Americas 47% of global net sales* CAGR Target 5-8% * Percentage of total net sales for FY25, which ended August 31, 2025. See appendix for descriptions and reconciliations of this non-GAAP measure. Note: Compound annual growth rate (CAGR) targets associated with our trade blocs are on a non- GAAP currency adjusted basis and reflect our long-term growth expectations, which may not always align with short-term trends and results.
Page 22
Our Four-by-Four Strategic Framework 22 Four Must-Win Battles 01 Lead Geographic Expansion 02 Accelerate Premiumization 03 Drive WD-40 Specialist® Growth 04 Turbo-Charge Digital Commerce Four Strategic Enablers Ensure a People-First Mindset Build a Sustainable Business For the Future Drive Productivity Through Enhanced Systems Achieve Operational Excellence in Supply Chain 01 04 03 02
Page 23
01 | Lead Geographic Expansion Growth Opportunity – WD-40 Multi-Use Product 23 $1.9B 25% $478M ~$1.4B Benchmarked Sales Opportunity Growth Opportunity FY25 MUP net salesof our benchmarked opportunity 1. Based on Industrial Value Added (IVA) / Purchase Price Parity (PPP) benchmarking. WD -40 Company’s estimated IVA/PPP figure is calculated using country GDP (PPP) data, which is a country's GDP converted into ‘international dollars’ using the PPP index, then multiplied by the count ry's IVA (% GDP) figure.
Page 24
Indonesia $100 China India Germany Brazil Saudi ArabiaJapan Market Development South Korea Italy Egypt Turkey Vietnam Malaysia $10 Opportunity (in millions) Americas EIMEA Asia-Pacific Nigeria Mexico Bangladesh We estimate the long-term global growth opportunity for WD-40 Multi-Use Product to be ~$1.4B1 01 | Lead Geographic Expansion Utilize Proven Playbook to Extend Market Position Across Regions Thailand Iraq Norway Americas • United States, Mexico, Brazil Top Market Opportunities by Trade Bloc EIMEA • India, Germany, Saudi Arabia Asia-Pacific • China, Japan, Indonesia 24 1. Based on Industrial Value Added (IVA) / Purchase Price Parity (PPP) benchmarking. WD -40 Company’s estimated IVA/PPP figure is calculated using country GDP (PPP) data, which is a country's GDP converted into ‘international dollars’ using the PPP index, then multiplied by the count ry's IVA (% GDP) figure. United States Canada
Page 25
Spotlighting Market Performance *WD-40 Company began selling direct in Mexico in 2020 and Brazil in 2024. Getting More Cans in More Hands 01 | Lead Geographic Expansion China 5-year Net Sales CAGR 16% India 5-year Net Sales CAGR 35% Indonesia 5-year Net Sales CAGR 29% Mexico 5-year Net Sales CAGR* 51% Grew net sales from $2M to $15M in 2-years by shifting to a direct market model*
Page 26
02 | Accelerate Premiumization Improve End User Experience, Drive Sales Growth, Expand Margins 26 Targeting a compound annual growth rate for net sales of premiumized products of >10% Expand manufacturing Accelerate growth in priority growth markets Boost growth in developing market distributor markets Create global value proposition to better communicate end user benefit Optimize product sizes to maximize premium pricing strategy EZ-Reach® Flexible Straw Next Generation Smart Straw® Classic Can Premiumized Products 5-year Net Sales CAGR1 9.4% 1. Premiumized products are defined as WD-40 Multi-Use Product products with Smart Straw, Next Generation Smart Straw, or EZ -REACH Flexible Straw delivery systems installed on them. Premiumized products 5-year CAGR calculated from FY20 baseline premiumized product sales of $163M and FY25 premiumized product sales of $256M. Premiumized product net sales in reported currency.
Page 27
03 | Drive WD-40 Specialist® Growth Attain Leading Global Position Among Multi-Purpose Maintenance Products 27 • WD-40 Specialist® is geared towards one use rather than multi-use, and is incremental to revenue • Allows for additional market share capture • Modernizes and refreshes the brand Category Leadership by Leveraging the Core through Range Extension = = 1. WD-40 Specialist net sales 5-year CAGR calculated from FY20 baseline WD-40 Specialist product sales of $42M and FY25 WD -40 Specialist product sales of $82M. WD-40 Specialist net sales in reported currency. WD-40 Specialist ® 5-year Net Sales CAGR1 14.4% Targeting a compound annual growth rate for WD-40 Specialist® of >10%
Page 28
03 | Drive WD-40 Specialist® Growth Development Opportunity – WD-40 Specialist 12% $665M $82M ~$583M Benchmarked Sales Opportunity Growth Opportunity FY25 Net Salesof our benchmarked opportunity 28 1. Based on Industrial Value Added (IVA) / Purchase Price Parity (PPP) benchmarking. WD -40 Company’s estimated IVA/PPP figure is calculated using country GDP (PPP) data, which is a country's GDP converted into ‘international dollars’ using the PPP index, then multiplied by the count ry's IVA (% GDP) figure.
Page 29
04 | Turbo-Charge Digital Commerce Leverage Digital as an Accelerant of All Must-Win Battles 29 Increase brand awareness and engagement online Turbo-Charge Digital Commerce Accelerate Omnichannel Capability Building Grow and Develop Digital Commerce Pureplay Build Our Brand Digitally by Evolving the Consumer Experience Expand digital brand building and maximize global presence, effectively reaching, engaging, and converting existing and new end users at scale
Page 30
Enabler #1 | Ensure a People-First Mindset 30 Be an employer of choice where people feel purpose and belonging Attract, Develop, and Engage Outstanding Talent KEY METRICS By building and nurturing an inclusive and diverse, purpose-driven, learning and teaching organization, we will succeed together while excelling as individuals 1. The common definition of “engagement” is when an employee makes ongoing discretionary contributions in their role, beyond what is expected of them. Employee Engagement1 >90% Employee Retention Rate >89% Average Employee Tenure 8 years
Page 31
Enabler #2 | Build an Enduring Business for the Future 31 Simplifying portfolio innovation with sustainability 1. See our 2024 ESG Report for more information on our environmental impact plan.
Page 32
32 Enabler #2 | Build an Enduring Business for the Future
Page 33
Enabler #3 | Achieve Operational Excellence in Supply Chain 33 • Support volume growth plans with production capacity • Foster culture of operational excellence in global Supply Chain BUILD BALANCED GLOBAL OUTSOURCED SUPPLY CHAIN • Increase forecast accuracy through enhanced global processes • Achieve on-time delivery of >95% • Achieve inventory on hand of <90 days INTEGRATED END-TO-END PLANNING • Support customer experience in different segments through differentiated service offerings • Agile capabilities in developing processes GROW WITH COMMERCIAL INNOVATION • Standardize suite of sustainability and emissions measures • Partner with suppliers on joint sustainability goals PROGRESS ESG IN THE GLOBAL SUPPLY CHAIN People, capacity, and capabilities to drive sustainable profitable growth
Page 34
Enabler #4 | Drive Productivity Through Enhanced Systems 34 Enabling global growth, operational resilience, and intelligent AI-driven solutions Transform business through data & AI-driven business solutions INTELLIGENT IT GLOBAL, RESILIENT & INTELLEGENT IT Optimize IT service delivery & empower our digital workforce SERVICE AND PEOPLE Simple, scalable, agile & resilient global digital infrastructure FOCUS Enhance cyber resilience while navigating regulatory shifts SECURE
Page 35
Financial Performance 35
Page 36
FY25 Results • Net sales of maintenance products were $591 million, up 6% vs. prior year • Translation of the Company’s foreign subsidiaries’ results from their functional currencies to U.S. dollars had an unfavorable impact on net sales of approximately $1.5 million • Excluding currency impacts, net sales were $621.5 million, reflecting an increase of 5% over prior year • Net income was positively impacted by $11.9 million in the second quarter from a one-time tax income adjustment • Excluding this one-time benefit, net income would have increased 12% over prior year • Diluted EPS was positively impacted by $0.87 in the second quarter from a one-time income tax adjustment • Excluding this one-time benefit, adjusted diluted EPS would have increased 14% over prior year 36 ($M except EPS, gross margin and % change) Financial Results FY25 FY24 % Change As reported Net Sales $620.0 $590.6 5% Gross Margin 55.1% 53.4% +170 bps Operating Income $103.8 $96.4 8% Net Income $91.0 $69.6 31% EPS (Diluted) $6.69 $5.11 31%
Page 37
Few Things. Many Places. Bigger Impact. ~ Unlocking Efficiencies Through Leveraging Global Synergies ~
Page 38
1. Free cash flow was negatively impacted in fiscal year 2022 due to investments made in our United States supply chain. Financial Value Drivers and Outcomes 38 We invest in brands and people, not factories and warehouses Financial Value Drivers Outcomes Solid Financial Foundation • Strong balance sheet • Predictable free cash flow1 • Strong liquidity and access to capital Efficient Business Model With Asset-Light Strategy • Average annual CAPEX of 1-2% of net sales • Outsourced manufacturing and distribution • Sales per employee of $0.86M in FY25 Growth Platforms Supported By Strong Brands • High ROIC (target 25%+) • Reduced risk through global diversification • Long runway of growth ahead
Page 39
Our Business Model Enables Long-term Value Creation 39 Generate Mid-to-High-Single Digit Revenue GrowthGDP+ Achieve Gross Margin Target 50→55% Invest in Brands and PeopleLow Capital Requirements Manage Cost Of Doing Business135→30% Drive Adjusted EBITDA Margin120→25% ROIC 25%+ 1. Due to the financial impact of the divestiture of the Company’s homecare and cleaning brands in the U.K. and the potential di vestiture of its homecare and cleaning brands in the Americas, progress on these aspects of the Company’s 55/30/25 business model will be temporarily impacted. See appendix for descriptions and reconciliations of these non-GAAP measures. Annual dividends targeted at >50% of earnings
Page 40
Historical Performance | Business Model 40 $96 $95 $99 $106 $114 20% 18% 18% 18% 18% FY21 FY22 FY23 FY24 FY25 $169 $162 $179 $212 $232 35% 31% 33% 36% 37% FY21 FY22 FY23 FY24 FY25 Cost of Doing Business1 ($M) Gross Margin ($M) Adj. EBITDA2 ($M) $264 $255 $274 $315 $341 54% 49% 51% 53% 55% FY21 FY22 FY23 FY24 FY25 Key Drivers • Solid growth of WD-40® Multi-Use and WD-40 Specialist ® products • Tactical price increases across products and regions partially offset inflationary headwinds • In FY26, gross margin enhancement remains a key priority for senior leaders • Continued investments in people, products, processes, productivity, and planet 1. Total operating expenses less amortization of definite-lived intangible assets, impairment charges related to intangible assets, and depreciation in operating departments. 2. Beginning in fiscal year 2024, the company modified its definition of EBITDA. “Adjusted EBITDA” is defined as net income bef ore interest, income taxes, depreciation, amortization of definite-lived intangible assets, and cloud computing amortization. See appendix for descriptions and reconciliations of these non- GAAP measures.
Page 41
1.5x 1.2x 0.9x 0.8x FY22 FY23 FY24 FY25 Debt To Adjusted EBITDA2 Balance Sheet 41 Strong balance sheet enables flexibility, while returning capital to stockholders Cash & Cash Equivalents $58.1 Total Assets $475.8 Debt1 $87.0 Total Stockholders’ Equity $268.2 Debt to Adjusted EBITDA2 0.8x Available Credit Under Revolving Credit Facility $104.0 Total Available Liquidity $162.1 2.0x 1.0x Long-Term Target Range Capital Summary & Financial Highlights ($M, As of 8/31/2025) 1. Defined as short-term borrowings plus long-term borrowings. 2. Defined as short-term borrowings plus long-term borrowings divided by Adjusted EBITDA. See appendix for descriptions and reconciliations of this non-GAAP measure.
Page 42
Clear Capital Allocation Priorities 42 Strong capital optionality supported by consistent free cash flow generation Long-Term Growth01 • Target revenue and earnings growth in the mid-to-high single digits • CAPEX of 1-2% of net sales per fiscal year1 • Strong balance sheet and available lines of credit • Adequate liquidity to support growth Balance Sheet Optimization02 • Annual dividends targeted at >50% of earnings Consistently Strong Payout Ratio03 Highest Return Alternative04 • Excess capital allocated to organic growth initiatives, acquisitions, and share repurchases • Aim for return on invested capital of 25%+ 55% 29% 16% Dividends Share Repurchases CapEx Historical Capital Allocation (FY16 – FY25) 1. Fiscal years 2017 – 2021 include capital investments above this range due to investments the Company has made in new office faci lities and new manufacturing equipment to increase capacity of and make improvements to its proprietary delivery systems. 1
Page 43
$2.78 $3.06 $3.27 $3.47 $3.70 54% 62% 68% 68% 64% 0% 10% 20% 30% 40% 50% 60% 70% 80% $- $0.50 $1.00 $1.50 $2.00 $2.50 $3.00 $3.50 $4.00 FY21 FY22 FY23 FY24 FY25 FY Dividend per Share Dividend Payout Ratio $29.2 $10.4 $8.1 $12.3 FY21 FY22 FY23 FY24 FY25 Cash Returns to Stockholders 43 Share Repurchases ($M) • Company has paid dividends without interruption for over 40 years • In December 2025, board of directors raised dividend by more than 8% • Annual dividends are targeted at >50% of earnings Dividends • Board approved extension of current share repurchase plan through end of FY26 • $30M remaining under current authorization • Management plans to accelerate buybacks and fully utilize remaining authorization in FY26 $0.0
Page 44
FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 FY 2025 WD-40 Company Russell 2000 Peer Group Baseline *$100 invested on 8/31/20 in stock or index, including reinvestment of dividends. Fiscal year ending August 31.Peers are listed in the 2025 proxy statement. Copyright© 2025 Standard & Poor's, a division of S&P Global. All rights reserved. Copyright© 2025 Russell Investment Group. All rights reserved. 5-Year Comparison of Total Stockholder Return 44 Value of $100 Invested in FY 2020* + 14% WDFC + 62% Russell 2000 - 6% 2025 Peers $100
Page 45
Compelling Investment Opportunity 45 We deliver unique, high value, and easy-to-use solutions for a wide variety of maintenance needs in workshops, factories, and homes Sustainable competitive advantages empower simple and easy to understand business model Iconic brand and category leadership provides foundation for resilient and sustainable profitable growth Significant cash flow generation, asset-light strategy, and strong balance sheet maximize stockholder returns Highly engaged culture with deep organizational talent enables significant growth opportunities Key Financial Benefits Mid- to - High-Single Digit Revenue Growth ROIC of 25%+ Asset Light Strategy Dividend Aristocrat Dividends at >50% of net income
Page 46
Appendix 46
Page 47
What Makes Up the Cost of a Can? 47 Data as of August 2025. Represents average input costs over 8- month period (Jan-Aug/2025) of a typical 12 ounce can of WD -40 Multi-Use Product manufactured in the United States. Current manufacturing fees and input costs typically take approximately 90- 150 days to be reflected in the Company’s consolidated statement of operations due to production and inventory lifecycles. FY25 Corrugate Approximate Cost Breakdown Of A Typical Can Of WD-40® Multi-Use Product Manufactured in the United States Plastic Tin-Plate Can Petroleum-Based Specialty Manufacturing Fees
Page 48
Gross Margin Detail – FY25 Actions to improve gross margin: • Premiumization • Geographic expansion and market mix • Product mix • Cost optimization • Tactical price increases Gross margin increased by 170 basis points over prior year primarily due to the following favorable impacts: Gross Margin Trend Gross Margin Drivers Change vs. Prior Year As reported (basis points) Lower costs of specialty chemicals used in the formulation of our products +80 Lower costs of aerosol cans +60 Increases in average selling prices +50 Higher warehousing, distribution and freight costs, primarily in the Americas segment -50 Gross Margin vs. Prior Year FY25 FY24 55.1% 53.4% 48 Excluding the assets held for sale, gross margin would have been 55.6% in FY2025
Page 49
Sales Impact – Consolidated Net Sales Changes Changes from Prior Year Fiscal Period ($ in millions) 49 1. Management’s estimates of changes in net sales attributable to volumes and the average selling price of our products are impacte d by differences in sales mix related to products, markets and distribution channels from period to period. Price, Volume and FX Impact Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 FY25 Increase (decrease) in average selling price(1) $ 1.2 $ 0.1 $ 4.1 $ 0.2 $ 5.6 Increase in sales volume(1) $ 10.4 $ 11.8 $ (0.7) $ 3.7 $ 25.2 Currency impact on current period – non-GAAP $ 1.5 $ (4.9) $ (1.6) $ 3.6 $ (1.4) Increase in net sales $ 13.1 $ 7.0 $ 1.8 $ 7.5 $ 29.4 • In FY25, 82% of Non-GAAP constant currency net sales growth was driven by an increase in sales volume.
Page 50
Non-GAAP Reconciliation
Page 51
Cost of Doing Business: Total operating ex penses - G AAP $ 237,550 $ 218,876 $ 184,496 $ 167,435 $ 174,898 Am ortization (in operating departm ents) (1,868) (2,327) (1,005) (1,434) (1,449) Depreciation (in operating departm ents) (3,634) (4,112) (4,147) (4,369) (4,311) Cost of doing business - non-G AAP $ 232,048 $ 212,437 $ 179,344 $ 161,632 $ 169,138 Net sales $ 619,985 $ 590,557 $ 537,255 $ 518,820 $ 488,109 Cost of doing business as a percentage of net sales - non-G AAP 37% 36% 33% 31% 35% Adj. EBITDA: Net income - GAAP $ 90,994 $ 69,644 $ 65,993 $ 67,329 $ 70,229 Provision for incom e tax es 10,632 21,864 19,170 16,779 16,270 Interest income (517) (474) (231) (102) (81) Interest ex pense 3,441 4,287 5,614 2,742 2,395 Amortization 2,254 2,327 1,005 1,434 1,449 Depreciation 7,622 8,350 7,146 6,860 5,570 A dj. EBITDA $ 114,426 $ 105,998 $ 98,697 $ 95,042 $ 95,832 Net sales $ 619,985 $ 590,557 $ 537,255 $ 518,820 $ 488,109 Adj. EBITDA as a percentage of net sales - non-G AAP 18% 18% 18% 18% 20% 2023 2023 2022 2022 2021 2021 Fiscal Year E nded August 31, 2025 2024 2025 2024 Fiscal Year E nded August 31, Non-GAAP Reconciliation 51 This presentation contains certain non-GAAP (generally accepted accounting principles in the United States of America) measures, that our management believes provide our stockholders with additional insights into WD-40 Company’s results of operations and how it runs its business. Our management uses these non-GAAP financial measures in order to establish financial goals and to gain an understanding of the comparative performance of the Company from year to year or quarter to quarter. The non-GAAP measures referenced in this presentation, which include EBITDA (earnings before interest, income taxes, depreciation and amortization) the cost of doing business, and constant currency are supplemental in nature and should not be considered in isolation or as alternatives to net sales, net income, income from operations or other financial information prepared in accordance with GAAP as indicators of the Company’s performance or operations. Reconciliations of these non-GAAP financial measures to the WD-40 Company financials as prepared under GAAP are as follows: 1. Includes amortization of definite-lived intangible assets and cloud computing amortization. 2. Includes amortization and depreciation presented in both cost of products sold and operating departments. Note: Percentages may not aggregate to Adj. EBITDA percentage due to rounding and because amounts recorded in other income (expe nse), net on the Company’s consolidated statement of operations are not included as an adjustment to earnings in the Company’s Adj. EBITDA calculation. (1) (1) (2) (2)
Page 52
Non-GAAP Reconciliation 52 U.S GAAP to Currency Adjusted (Non-GAAP) Reconciliation FY25 Weighted Average Foreign Exchange Rates Applied to Prior Year Net Sales (in millions) 1. Changes in foreign currency exchange rates impact year-over-year changes in net sales. FY25 maintenance product ("MP") net sales presented as reported; all years prior to FY25 presented on a currency adjusted basis using weighted average FY25 foreign currency exchange rates to translate such pri or years’ local currency results. In order to show the impact of changes in foreign currency exchange rates on our results of operations, we have included currency adjusted disclosures, where necessary, in this presentation. Currency adjusted disclosures represent the translation of our current fiscal year revenues from the functional currencies of our subsidiaries to U.S. Dollars using the exchange rates in effect for the corresponding period of the prior fiscal year. Results on a currency adjusted basis are not in accordance with accounting principles generally accepted in the United States of America (“non-GAAP”) and should be considered in addition to, not as a substitute for, results prepared in accordance with U.S. GAAP. We use results on a currency adjusted basis as one of the measures to understand our net sales results and evaluate our performance in comparison to prior periods in order to enhance the visibility of the underlying business trends, excluding the impact of translation arising from foreign currency exchange rate fluctuations. Management believes this non-GAAP financial measure provides investors with additional financial information that should be considered when assessing our underlying business performance and trends. However, reference to currency adjusted basis should not be considered in isolation or as a substitute for other financial measures calculated and presented in accordance with U.S. GAAP. FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 MP Net Sales U.S. GAAP $ 333.3 $ 340.0 $ 342.3 $ 372.4 $ 386.6 $ 369.4 $ 448.8 $ 485.3 $ 503.6 $ 558.0 $ 591.0 Favorable (Unfavorable) Impact using FY25 Rates $ (24.9) $ (12.6) $ 4.2 $ (8.4) $ 0.1 $ 4.6 $ (11.9) $ (5.1) $ 11.4 $ 4.0 $ — MP Net Sales – Non-GAAP (using FY25 rates)1 $ 308.4 $ 327.4 $ 346.5 $ 364.0 $ 386.8 $ 374.0 $ 436.9 $ 480.2 $ 514.9 $ 562.0 $ 590.9
Page 53
Non-GAAP Pro Forma Reconciliation 53 This presentation contains certain non-GAAP (generally accepted accounting principles in the United States of America) measures, that management believes provide our stockholders with additional insights into WD-40 Company’s results of operations and how it runs its business. The Company announced in fiscal year 2025 our intent to divest of the U.S. and U.K. homecare and cleaning product portfolios. In the fourth quarter of fiscal year 2025 we successfully divested the U.K. portfolio and the timing of a transaction for the U.S. is currently unknown. As a result, the Company is providing guidance for fiscal year 2026 excluding the financial impact of these brands. To assist with modeling and comparing the business period over period, these Pro Forma results have been prepared for both fiscal year 2025 and 2024 excluding the financial impact of these brands. Reconciliations of these non-GAAP pro forma financial measures to the WD-40 Company financials as prepared under U.S. GAAP are as follows: *Represents the financial results of the U.K. homecare and cleaning brands that we divested of in Q4 FY25 and the Americas homec are and cleaning brands currently held as assets for sale.
Page 54
Non-GAAP Pro Forma Reconciliation 54 This presentation contains certain non-GAAP (generally accepted accounting principles in the United States of America) measures, that management believes provide our stockholders with additional insights into WD-40 Company’s results of operations and how it runs its business. The Company announced in fiscal year 2025 our intent to divest of the U.S. and U.K. homecare and cleaning product portfolios. In the fourth quarter of fiscal year 2025 we successfully divested the U.K. portfolio and the timing of a transaction for the U.S. is currently unknown. As a result, the Company is providing guidance for fiscal year 2026 excluding the financial impact of these brands. To assist with modeling and comparing the business period over period, these Pro Forma results have been prepared for both fiscal year 2025 and 2024 excluding the financial impact of these brands. In addition, management is adjusting out the one-time non-cash tax benefit recorded in the second quarter of fiscal year 2025. Reconciliations of these non-GAAP pro forma financial measures to the WD-40 Company financials as prepared under U.S. GAAP are as follows: *Represents the financial results of the U.K. homecare and cleaning brands that we divested of in Q4 FY25 and the Americas homec are and cleaning brands currently held as assets for sale. **This represents the impact of the release of the one- time toll tax UTP which is deemed unusual and infrequent in nature.