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Q1 FY26 Earnings Results JANUARY 8, 2026
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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.
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Q1 FY26 Results 3
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Q1 FY26 Results 4 ($M except EPS, gross margin and % change) Financial Results Q1 FY26 Q1 FY25 % Change As reported Net Sales $154.4 $153.5 1% Gross Margin 56.2% 54.8% +140 bps Operating Income $23.3 $25.1 -7% Net Income $17.5 $18.9 -8% EPS (Diluted) $1.28 $1.39 -8% • Net sales of maintenance products were $148.9 million, up 2% vs. prior year • Direct market sales, which represent 83% of global sales, up 8% vs. prior year • Net sales were negatively impacted by $1.6 million due to sale of our EIMEA HCCP business in FY25 • Translation of the Company’s foreign subsidiaries’ results from their functional currencies to U.S. dollars had a favorable impact on net sales of approximately $3.4 million
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Americas Segment 5 Table notes and general definitions 1. Americas segment includes the United States, Latin America and Canada. 2. Net sales total may not aggregate due to rounding. • Total reported segment sales 4% • Segment = 47% of global net sales • WD-40® Multi-Use Product sales 3% • WD-40 Specialist® sales 14% • In constant currency sales 3% • Maintenance product (MP) sales: • U.S. MP sales ▲ 3% • Latin America MP sales ▲ 12% • Canadian MP sales ▲ 4% • Gross margin 53.3% ▲ 290 bps Americas – Q1 FY25 vs. Q1 FY26
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EIMEA Segment 6 Table notes and general definitions 1. EIMEA segment includes Europe, India, the Middle East, and Africa. 2. Net sales total may not aggregate due to rounding. 3. The Company sold its homecare and cleaning product brands in the EIMEA segment during the fourth quarter of fiscal year 2025. These brands are included in fiscal 2025 financial results but will not be included in fiscal 2026 financial results. • Total reported segment sales 2% • Segment = 38% of global net sales • WD-40® Multi-Use Product sales (No Change) • WD-40 Specialist® sales 27% • In constant currency sales 3% • Maintenance product (MP) sales: • EIMEA MP sales 5% • Homecare and cleaning product sales: • Zero revenue due to sale of HCCP business in FY25 • Gross margin 58.7% 90 bps EIMEA – Q1 FY25 vs. Q1 FY26
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Asia-Pacific Segment 7 Table notes and general definitions 1. Asia-Pacific segment includes Australia, China and Asia distributors. 2. Net sales total may not aggregate due to rounding. • Total reported Asia-Pacific sales 10% • Segment = 15% of global net sales • WD-40® Multi-Use Product sales 12% • WD-40 Specialist® sales 2% • In constant currency sales 9% • Maintenance product (MP) sales: • Australia MP sales (No Change) • China MP sales 8% • Asia distributor market MP sales 31% • Gross margin 58.9% 70 bps Asia-Pacific – Q1 FY25 vs. Q1 FY26
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Growth Aspirations 8
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Consistent Historical Growth with Long Runway Ahead 9 562 327 346 364 387 374 437 480 515 591 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
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Long-Term Growth Targets for Maintenance Products Non-GAAP Constant Currency 10 * 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 constant currency basis and r eflect our long-term growth expectations, which may not always align with short-term trends and results. 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%
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Our Four-by-Four Strategic Framework 11 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 an Enduring Business For the Future Drive Productivity Through Enhanced Systems Achieve Operational Excellence in Supply Chain 01 04 03 02
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Must-Win Battles – Results and Targets 12 Must-Win Battles YTD Results 02 Accelerate Premiumization 03 Drive WD-40 Specialist Growth 04 Turbo-Charge Digital Commerce Estimated long- term growth opportunity ~$1.4B(1) 1. Based on Industrial Value Added (IVA) / Purchase Price Parity (PPP) third- party 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 c ountry's IVA (% GDP) figure. Targeting CAGR of >10% Targeting CAGR of >10% • WD-40 Smart Straw and EZ Reach products ▲ 4% • WD-40 Specialist 18% • Americas 14% • EIMEA 27% • APAC 2% • E-commerce sales ▲ 22% Must-Win Battles Long-term Targets • WD-40 Multi-Use Product 1% • Americas 3% • EIMEA (No Change) • APAC 12% Lead Geographic Expansion 01 Increase brand awareness and engagement online
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2H 2025 % FAV: 95% 1H 2025 % FAV: 94% 13 95%Employee Engagement: High Employee Engagement Continues as a Key Source of Competitive Advantage Employee Engagement1 >90% Employee Retention Rate >89% Average Employee Tenure 8 years KEY METRICS -The common definition of “engagement” is when an employee makes ongoing discretionary contributions in their role, beyond what is expected of them.
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Business Model 14
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Our Business Model Enables Long-term Value Creation 15 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 Business35→30% Drive Adjusted EBITDA Margin20→25% ROIC 25%+ See appendix for descriptions and reconciliations of these non-GAAP measures. Annual dividends targeted at >50% of earnings 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 impac ted. 1
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Gross Margin Detail – Q1 FY26 Actions to improve gross margin: • Premiumization • Geographic expansion and market mix • Product mix • Cost optimization • Tactical price increases Gross margin improved by 140 basis points over prior year period primarily due to the following 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 and costs of aerosol cans +110 Increases in average selling prices +60 Higher filling fees paid to our third-party contract manufacturers, primarily in the EIMEA segment -50 Gross Margin vs. Prior Year Q1 FY26 Q1 FY25 56.2% 54.8% 16
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FY 2026 Guidance 17
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Reaffirmed Fiscal Year 2026 Guidance - Pro Forma Pro forma, excluding the full fiscal year financial impact of the homecare and cleaning products classified as assets held for sale. 18 As of January 8, 2026. This guidance is expressed in good faith and is based on management’s current view of anticipated results on a pro forma basis. Unanticipated inflationary headwinds and other unforeseen events may further affect the Company’s financial results. Net sales guidance presented on a currency adjusted basis use weighted average FY25 foreign currency exchange rates. Net sales adjusted on a currency adjusted basis is a financial measure calculated not in acc ordance with generally accepted accounting principles in the U. S. (“non-GAAP”) and should be considered in addition to, not as a substitute for, results prepared in accordance with U.S . GAAP. In the event the Company is unsuccessful in the divestiture of its homecare and cleaning brands in the Americas, its guidance would be positively impacted by approximately $12.5 in net sales, approximately $3.6 million in operating income, and approximately $0.20 in diluted EPS. Diluted EPS Provision For Income Tax Operating Income A&P Investment Gross Margin Net Sales (Adjusted for estimated translation impact of foreign currency) Sales Growth (Adjusted for estimated translation impact of foreign currency) Between 5% and 9% Over 2025 pro forma results Between $630 and $655 million Between 55.5% and 56.5% Around 6% of net sales Between $103 and $110 million Between 5% to 12% over 2025 pro forma results Between 22.5% and 23.5% Between $5.75 and $6.15 based on 13.4 million shares outstanding Between 5% to 12% over 2025 pro forma results
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Non-GAAP Q1 FY26 Results – Pro Forma Pro forma, excluding the year to date financial impact of certain of the homecare and cleaning products divested, and those classified as assets held for sale. 19 ($M except EPS, gross margin and % change) Financial Results Pro Forma Q1 FY26 Q1 FY25 % Change Net Sales (Pro Forma) $151.1 $147.9 2% Net Sales (Constant Currency) $147.7 $147.9 —% Gross Margin 56.7% 55.4% 130bps Operating Income $21.9 $22.8 -4% Net Income $16.9 $17.8 -5% EPS (Diluted) $1.24 $1.31 -5% • During the fourth quarter of FY25, the Company completed the sale of our homecare and cleaning brands in the United Kingdom. Given the Company continues to pursue the divestiture ofthe remaining homecare and cleaning brands in the Americas segment, we are providing this pro forma view to assist with modeling and to compare the core business period over period. • SG&A adjustments made in these pro forma results were limited to direct selling activity and direct freight costs. We do not anticipate a decrease in other SG&A costs upon disposition and therefore no other costs were adjusted out. • Please see Appendix for reconciliations of these non-GAAP pro forma measures.
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Appendix 20 Appendix
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Sales Impact – Consolidated Net Sales Changes Changes from Prior Year Fiscal Period ($ in millions) 21 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. 2. The Company sold its homecare and cleaning product brands in the EIMEA segment during the fourth quarter of fiscal year 2025. These brands are included in fiscal 2025 financial results but will not be included in fiscal 2026 financial results. Price, Volume and FX Impact Q1 FY26 Increase in average selling price (1) $ 1.7 Decrease in sales volume due to sale of HCCP (2) (1.6) Decrease in sales volume (1) (2.6) Currency impact on current period 3.4 Increase in net sales $ 0.9
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Foreign Currency Translation Impact or “Constant Currency” – Q1 FY26 22 -FY26 results translated at FY25 foreign currency exchange rates. See appendix for descriptions and reconciliations of these non- GAAP measures. -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. ($ in millions; except EPS, gross margin and % change) Financial Results Q1 FY26 Q1 FY25 % Change As reported Net Sales $154.4 $153.5 1% Operating Income $22.6 $25.1 -7% Net Income $17.5 $18.9 -8% EPS (Diluted) $1.28 $1.39 -8% Financial Results Q1 FY26 Q1 FY25 % Change Non-GAAP: constant currency Net Sales $151.0 $153.5 -2% Operating Income $22.6 $25.1 -10% Net Income $16.9 $18.9 -11% EPS (Diluted) $1.25 $1.39 -10%
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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. Cost of doing business is defined as total operating expenses less amortization of definite-lived intangible assets, impairment charges related to intangible assets, amortization of implementation costs associated with cloud computing arrangements (“cloud computing amortization”) and depreciation in operating departments. Adjusted EBITDA is defined as net income before interest, income taxes, depreciation, amortization of definite-lived intangible assets, and cloud computing amortization. Cloud computing amortization is included in cost of doing business and Adjusted EBITDA calculations. Cloud computing amortization is recognized in selling, general and administrative expenses in the Company’s condensed consolidated statements of operations. Reconciliations of these non-GAAP financial measures to the WD- 40 Company financials as prepared under U.S. GAAP are as follows: 1. Includes amortization of definite-lived intangible assets and cloud computing amortization. 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 cal culation. Non-GAAP Reconciliation 23 Three Months Ended November 30, Cost of doing business: 2025 2024 Total operating expenses – GAAP $ 63,574 $ 58,965 Amortization(1) (462) (464) Depreciation (in operating departments) (962) (957) Cost of doing business – non-GAAP $ 62,150 $ 57,544 Net sales $ 154,423 $ 153,495 Cost of doing business as a percentage of net sales – non-GAAP 40 % 37 % Adjusted EBITDA: Net income – GAAP $ 17,451 $ 18,925 Provision for income taxes 5,141 5,331 Interest income (179) (148) Interest expense 648 873 Amortization(1) 558 464 Depreciation 1,958 2,028 Adjusted EBITDA $ 25,577 $ 27,473 Net sales $ 154,423 $ 153,495 Adjusted EBITDA as a percentage of net sales – non-GAAP 17 % 18 %
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Non-GAAP Reconciliation 24 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 prior 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
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Non-GAAP Reconciliation: Q1 FY25 25 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 Q1 2026 and 2025 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: *This represents the financial results of the homecare and cleaning brands that we are looking to divest.
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Non-GAAP Reconciliation: Q1 FY26 26 *This represents the financial results of the homecare and cleaning brands that we are looking to divest. 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 Q1 2026 and 2025 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: