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Whirlpool Corporation Confidential Second-Quarter 2026 Earnings Review Tuesday, August 4, 2026 Whirlpool Corporation Confidential
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Whirlpool Corporation Confidential 2 Second-Quarter 2026 Earnings Review Roxanne Warner EXECUTIVE VICE PRESIDENT AND CHIEF FINANCIAL OFFICER Marc Bitzer CHAIRMAN AND CHIEF EXECUTIVE OFFICER Juan Carlos Puente EXECUTIVE PRESIDENT, NORTH AMERICA AND GLOBAL STRATEGIC SOURCING Ludovic Beaufils EXECUTIVE PRESIDENT, KITCHENAID SMALL APPLIANCES AND LATIN AMERICA
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Whirlpool Corporation Confidential Cautionary Statement 3 This document contains forward-looking statements about Whirlpool Corporation and its consolidated subsidiaries ("Whirlpool") that speak only as of this date. Whirlpool disclaims any obligation to update these statements. Forward-looking statements in this document may include, but are not limited to, statements regarding future financial results, long-term value creation goals, restructuring expectations, productivity, raw material prices and related costs, supply chain, portfolio transformation expectations, India transaction expectations, housing market expectations, asset impairment, new product introduction benefits, trade and tariff benefits, litigation, ESG efforts, debt repayment and dividend expectations, share position, and the impact of the global economy and geopolitical events on our operations and financial results. Many risks, contingencies and uncertainties could cause actual results to differ materially from Whirlpool's forward-looking statements. Among these factors are: (1) intense competition in the home appliance industry, and the impact of the changing retail environment, including direct-to-consumer sales; (2) Whirlpool's ability to maintain or increase sales to significant trade customers and builders; (3) Whirlpool's ability to maintain its reputation and brand image; (4) Whirlpool's ability to achieve its business objectives and successfully manage its strategic portfolio transformation and outsourced business unit service model; (5) Whirlpool’s ability to understand consumer preferences and successfully develop new products; (6) Whirlpool's ability to obtain and protect intellectual property rights; (7) acquisition, divestiture, and investment-related risks, including risks associated with our past transactions; (8) the ability of suppliers of critical parts, components and manufacturing equipment to deliver sufficient quantities to Whirlpool in a timely and cost-effective manner; (9) risks related to Whirlpool's international operations; (10) Whirlpool's ability to respond to unanticipated social, political and/or economic events, including epidemics/pandemics; (11) information technology system and cloud failures, data security breaches, data privacy compliance, network disruptions, and cybersecurity attacks; (12) product liability and product recall costs; (13) Whirlpool's ability to attract, develop and retain executives and other qualified employees; (14) the impact of labor relations; (15) fluctuations in the cost of key materials (including steel, resins, and base metals) and components and the ability of Whirlpool to offset cost increases; (16) Whirlpool's ability to manage foreign currency fluctuations; (17) impacts from goodwill, intangible asset and/or inventory impairment charges; (18) health care cost trends, regulatory changes and variations between results and estimates that could increase future funding obligations for pension and postretirement benefit plans; (19) impacts from credit rating agency downgrades; (20) litigation, tax, and legal compliance risk and costs; (21) the effects and costs of governmental investigations or related actions by third parties; (22) changes in the legal and regulatory environment including environmental, health and safety regulations, data privacy, taxes and AI; (23) the impacts of changes in foreign trade policies, including tariffs; (24) Whirlpool's ability to respond to the impact of climate change and climate change or other environmental regulation; (25) the uncertain global economy and changes in economic conditions; (26) financing and liquidity uncertainty including payment of dividends on our Mandatory Convertible Preferred Stock; (27) the dilutive effect of conversion and potential dividend payments in common stock for our Mandatory Convertible Preferred Stock; (28) the liquidation preference of our Mandatory Convertible Preferred Stock above our common stock; (29) reduced operational flexibility under our Senior Secured Second Lien Notes due 2031 and 2034; and (30) reduced operational flexibility and liquidity availability under our Asset-Based loan facility. Additional information concerning these and other factors can be found in "Risk Factors" in Item 1A of Whirlpool’s 2025 Form 10-K report as updated in subsequent Form 10-Q reports. We undertake no obligation to update any forward-looking statement, and investors are advised to review disclosures in our filings with the SEC. It is not possible to foresee or identify all factors that could cause actual results to differ from expected or historic results. Therefore, investors should not consider the foregoing factors to be an exhaustive statement of all risks, uncertainties, or factors that could potentially cause actual results to differ from forward-looking statements.
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Whirlpool Corporation Confidential Non-GAAP Measures 4 This presentation includes certain non-GAAP financial measures. We supplement the reporting of our financial information determined under U.S. Generally Accepted Accounting Principles (GAAP) with certain non-GAAP financial measures, some of which we refer to as "ongoing" measures, including: earnings before interest and taxes (EBIT), EBIT margin, ongoing EBIT, ongoing EBIT margin, ongoing earnings per diluted share and ongoing EBITDA. Other non-GAAP financial measures that may be included in this presentation are free cash flow, free cash flow as a percentage of sales, adjusted effective tax rate, organic net sales, net debt leverage and return on invested capital (ROIC). Organic net sales: Sales excluding the impact of certain acquisitions or divestitures, and foreign currency. Management believes that organic net sales provides stockholders with a clearer basis to assess our results over time, excluding the impact of exchange rate fluctuations and certain acquisitions and/or divestitures. Slide 26 excludes 2025 net sales from the divested India business and foreign currency impact. Slide(s): 8, 26 Ongoing EBIT margin: Ongoing EBIT divided by net sales. Ongoing measures exclude items that may not be indicative of, or are unrelated to, results from our ongoing operations and provide a better baseline for analyzing trends in our underlying businesses. Slide(s): 8, 9, 26, 29, 33 Segment EBIT: Consolidated EBIT broken down by the Company's reportable segments and are metrics used by the chief operating decision maker in accordance with ASC 280. Consolidated EBIT also includes corporate "Other" of $39 million and $(36) million for the second quarters of 2026 and 2025, respectively. Management believes segment EBIT provides stockholders with a clearer basis to assess our results over time for each segment. Slide(s): 11, 18, 20, 30 Ongoing earnings per diluted share: Diluted net earnings per share from continuing operations, adjusted to exclude items that may not be indicative of, or are unrelated to, results from our ongoing operations. Ongoing measures provide a better baseline for analyzing trends in our underlying businesses. Slide(s): 8, 26, 32, 34 Free cash flow: Cash provided by (used in) operating activities less capital expenditures. Management believes that free cash flow and free cash flow as a percentage of sales provide stockholders with a relevant measure of liquidity and a useful basis for assessing Whirlpool's ability to fund its activities and obligations. Slide(s): 8, 26, 31 Adjusted effective tax rate: Effective tax rate, excluding pre-tax income and tax effect of certain unique items. Management believes that adjusted tax rate provides stockholders with a meaningful, consistent comparison of the Company's effective tax rate, excluding the pre-tax income and tax effect of certain unique items. Slide(s): 26, 34 Please refer to the supplemental information pack located in the events section of our Investor Relations website at investors.whirlpoolcorp.com for a reconciliation of these non-GAAP financial measures to the most directly comparable GAAP financial measures. Whirlpool does not provide a Non-GAAP reconciliation for its forward-looking long-term value creation goals, such as organic net sales, ongoing EBIT, free cash flow as percentage of net sales, ROIC and net debt leverage, as these long-term management goals are not annual guidance, and the reconciliation of these long-term measures would rely on market factors and certain other conditions and assumptions that are outside of the Company’s control.
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Whirlpool Corporation Confidential 1 2 Segment Performance and Actions to Drive Margin Expansion Agenda 5 Second-Quarter Results 3 Balance Sheet and Capital Allocation Priorities
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Whirlpool Corporation Confidential Our Q2 performance was in line with our expectations, despite the persistent macroeconomic challenges 6 We expect sequential improvement throughout 2026 We continue to take decisive actions to better position our business today and when the housing market rebounds 2 Whirlpool Key Messages 1 3
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Whirlpool Corporation Confidential We Continue to Take Decisive Actions to Better Position Our Business Today and When the Housing Market Rebounds 7 Accelerated the cadence of new product launches and they are performing well Executed previously announced price increases in NAR and announced new actions in LAR Accelerated structural cost actions, creating meaningful carryover benefits into 2027 Bolstered our balance sheet and created financial flexibility via recapitalization and liquidity actions 7
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Whirlpool Corporation Confidential 2026 Second-Quarter Results PROFITABLE GROWTH Net Sales YoY Change MARGIN EXPANSION CASH CONVERSION Ongoing EBIT Margin YoY Change (3.5) pts 1.8% Free Cash Flow FCF as % of Net Sales $3.5B (6.8)% (1.7)% organic $(1.1)B (31.5)% 8 ● Organic Net Sales impacted by softer industry demand in North America and promotional intensity in Latin America ● EBIT margin sequentially improved 50 basis points to 1.8% and resulted in ongoing EPS of $(0.21) ● Successfully sold our minority stake in Beko Europe BV for ~$128M, ~$84M of net cash consideration ● Free cash flow of $(1.1)B driven by lower earnings and seasonal working capital
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Whirlpool Corporation Confidential Ongoing EBIT Margin Drivers (Approximate impact) Q1’26 vs Q2’26 Q2’25 vs Q2’26 Ongoing EBIT Margin 1.3% 5.3% Price/Mix +2.25 -0.75 Net Cost* +1.00 -1.50 Raw Material Inflation -0.50 -0.75 Net Tariff Impact -2.00 -1.00 Marketing & Technology Investments -0.25 +0.25 Currency -0.25 +0.25 Transaction Impacts +0.25 nm 2026 Ongoing EBIT Margin 1.8% 1.8% 9*Inclusive of Fixed Cost Take Out, Ongoing Cost Productivity (Including Conversion and Freight & Warehousing), Volume Leveraging, and Restructuring Benefits.
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Whirlpool Corporation Confidential 1 2 Segment Performance and Actions to Drive Margin Expansion Agenda 10 Second-Quarter Results 3 Balance Sheet and Capital Allocation Priorities
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Whirlpool Corporation Confidential MDA NAR Second-Quarter Results 11 NET SALES ($B) EBIT ($M) EBIT MARGIN 2.4ptsnm ● Strong execution of previously announced pricing actions supporting 240 bps of sequential margin expansion ● Structural cost take-out actions underway, partially offsetting raw material and fuel cost inflation ● As expected, U.S. industry remains depressed, with Q2 demand down 3.4% year-over-year 8% Q2 2025Q2 2026Q1 2026 Q2 2025Q2 2026 Q1 2026 Q2 2025Q2 2026 Q1 2026 -55%-2% -3.2pts
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Whirlpool Corporation Confidential Recall: Announced Largest Price Increase in More Than a Decade 12 DRIVE PREMIUM MIX REDUCED PROMOTIONS AND PRICING ACTIONS PROMOTIONAL PRICE - Announced and effective in April 2026 - 10%+ increase - Shortened promotional windows and discontinued support of house promotions DELIVER PRODUCT INNOVATION LIST PRICE - Announced in April, effective in July 2026 - ~4% increase - In addition to promotional price adjustments
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Whirlpool Corporation Confidential Successful U.S. Price Increase Realization 13 Source: Publicly available sell-out data Industry Pricing in the U.S. Competitor Average U.S. Appliance Industry Pricing (vs Jan ‘25)
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Whirlpool Corporation Confidential Premium Growth: KitchenAid Porcelain White Suite 14
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Whirlpool Corporation Confidential KITCHENAID NEW KITCHEN SUITE Product Innovation Supporting Growth 15 Launched Q3 2025 MAYTAG TOP LOAD WASHERS WHIRLPOOL UV LAUNDRY TOWER ~1 pt Laundry share growth ~20% Brand share growth Y^Y ~10 pts Laundry Tower share growth Launched Q3 2025 Launched Q1 2026 Source: AHAM YTD Unit share through week 27
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Whirlpool Corporation Confidential $150M+ cost take out expected in 2026, supported by ongoing Design to Value New Phase 2 accelerating Accelerating Cost Take Out Initiatives to Bring Business Back on Track 16 Automate to improve productivity, agility and safety Vertically integrate to improve quality, speed of innovation and supply chain resilience Optimize footprint in manufacturing and logistics Renew strategic sourcing focused on delivering the best solution Corporate Center fixed cost actions ~$20M~$60M ($15M incremental) ~$15M
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Whirlpool Corporation Confidential MANUFACTURING Footprint Actions to Strengthen Operations Benefits starting in Q4’26; Main impact realized in 2027 and 2028 17 U.S. LOGISTICS ~$60M annualized EBIT benefit ~$230M annualized EBIT benefit AMANA Multi-year modernization and optimization PERRYSBURG Unlocking greater efficiency through vertical integration SUPSA & RAMOS Refrigeration production shift to leverage scale and drive cost efficiency 25% REDUCTION In local distribution center count CONSOLIDATION Of regional distribution and return centers SUSTAINED RELIABILITY 97% of customers within 100 miles of a distribution center
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Whirlpool Corporation Confidential MDA LAR Second-Quarter Results 18 NET SALES ($B) EBIT ($M) EBIT MARGIN -3.0pts-44%12% -46%8% -3.0pts ● Excluding currency, net sales decreased 2% year-over-year due to negative price/mix partially offset by higher volume ● EBIT margin impacted by unfavorable price/mix, partially supported by favorable Brazil tax-related gain ● Announced price increase and structural cost actions to restore margins in Brazil Q2 2025Q2 2026 Q1 2026 Q2 2025Q2 2026 Q1 2026 Q2 2025Q2 2026 Q1 2026
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Whirlpool Corporation Confidential COST TAKEOUT ACTIONS Execute aggressive fixed and variable cost take out initiatives LAR Mitigating Actions Underway 19 PRICING ACTIONS Implement previously communicated pricing actions in Brazil ~5% increase MIX ACTIONS Drive mix through product innovation and the direct-to-consumer channel
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Whirlpool Corporation Confidential SDA Global Second-Quarter Results 20 ● Net sales supported by solid performance in international business units; Excluding currency, net sales decreased 1% driven by retailer inventory burn in North America ● Underlying demand is positive, with strong sell-out and share gains globally, supported by new product launches and D2C expansion ● H1 profitability in line with expectations; achieved ~12% EBIT margin in Q2 while funding our planned marketing investments NET SALES ($B) EBIT ($M) EBIT MARGIN -9.1pts-49%-9% -31%1% -5.4pts Q2 2025Q2 2026 Q1 2026 Q2 2025Q2 2026 Q1 2026 Q2 2025Q2 2026 Q1 2026
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Whirlpool Corporation Confidential FULLY AUTOMATIC ESPRESSO MACHINE KitchenAid SDA Innovation Supporting Growth 21 Launched Q1 2026 ARTISAN PLUS STAND MIXER PURE POWER BLENDER ~1 pt Stand Mixer share growth in the U.S. 25%+ Espresso Maker industry growth in the U.S. ~10 pts Blender share growth in Canada ® Launched Q2 2026 Launched Q2 2025 Source: Circana May YTD industry and share data
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Whirlpool Corporation Confidential 1 2 Segment Performance and Actions to Drive Margin Expansion Agenda 22 Second-Quarter Results 3 Balance Sheet and Capital Allocation Priorities
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Whirlpool Corporation Confidential $1.1B Equity Offering Removes near-term refinancing risk by addressing 2026 & 2027 maturities Asset-based lending (ABL) provides financial flexibility Maximizes cash preservation Optimizes the balance sheet $2B Secured Bonds $2B Credit Facility $200M* Suspended common dividend Significant Measures Have Been Taken to Bolster Our Balance Sheet and Lock in Liquidity 23 *Annualized impact based H2’25 post-reset dividend rate
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Whirlpool Corporation Confidential Committed to improving net debt and exiting 2026 below $5B Improved Liquidity With Significant Financial Runway 24 Cash1 $1.0B ABL $2.0B Long Term Debt1 $6.8B Net Debt $5.8B Liquidity $3.0B+ Debt Maturities2 ¹Cash and long term debt as of 7/1/2026 ²Debt Maturities chart as of 7/1/2026. It does not include maturities beyond 2034 of $1.3B Note: Figures are representative of long term debt before amortization and will not tie to the balance sheet
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Whirlpool Corporation Confidential 25 1 2 3 4 • Invest ~$400M in Capex • ~100 new products launching in 2026 Fund Organic Growth • Not a priority in 2026Share Buy Back or Value Creating M&A Fund Dividend Debt Paydown Capital Allocation Priorities • Prudent action to suspend common dividend in uncertain environment • Increase in gross debt with new bonds, improving near-term liquidity; net debt outlook unchanged • ~2x long-term net debt leverage target Note: Board of Directors reviews and sets dividend quarterly
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Whirlpool Corporation Confidential Ongoing EBIT Margin 2026 Full-Year Guidance In line with prior operational outlook, interest expense has been revised Full-year ongoing EPS $2.50-$3.00 with adjusted effective tax rate of ~25% LONG-TERM TARGETS (MID-CYCLE) 2026 GUIDANCE PROFITABLE GROWTH ~$16.3B ANNUAL ORGANIC NET SALES excludes India Net Sales YoY Change ~9.0% ONGOING EARNINGS BEFORE INTEREST AND TAX, % OF NET SALES YoY Change ~7.0% FREE CASH FLOW AS % OF NET SALES FCF as % of Net Sales Free Cash Flow MARGIN EXPANSION CASH CONVERSION ~$15.0B ~1.5% ~4.0% (70) bps ~2%$300M+ 2025 LIKE-FOR-LIKE excludes India Jan - Nov ~$14.7B ~4.7% ~$81M(1.4)% (115)bps 0.5% 26
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Whirlpool Corporation Confidential ● We expect to see continued margin expansion in the second half of 2026, driven by: ○ Sustained momentum from our new product launches ○ Compounding benefits from announced pricing actions ○ Structural cost-reduction actions that are fully underway ● We are taking decisive actions to create shareholder value now and in the future ○ Investments in our U.S. domestic footprint are strengthening our competitive advantage ○ Our portfolio of iconic brands and leading position in the builder channel will catalyze the tailwinds from the eventual U.S. housing recovery Closing Summary 27
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Whirlpool Corporation Confidential Q&A and Closing Remarks 28
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Whirlpool Corporation Confidential Ongoing EBIT Margin Guidance - Unchanged 29 (Approximate impact) Current Comments 2025 Ongoing EBIT Margin 4.7% Price/Mix +1.50 •Announced pricing actions in April Net Cost* +1.00 •Cost actions expected to deliver $150M+ Raw Material Inflation -0.75 •Steel contracts at cap; oil/resin inflation anticipated Net Tariff Impact -1.75 •Incremental tariffs and recovery actions Marketing & Technology Investments -0.50 •Increased brand and new product investments Currency nm Transaction Impacts nm 2026 Ongoing EBIT Margin ~4.0% *Inclusive of Fixed Cost Take Out, Ongoing Cost Productivity (Including Conversion and Freight & Warehousing), Volume Leveraging, and Restructuring Benefits.
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Whirlpool Corporation Confidential Industry MDA North America MDA Latin America EBIT % ~4.0% ~7.0% ~(5%) 0 - 3% SDA Global ~15.5%~Flat 2026 Segment Guidance - Unchanged 30
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Whirlpool Corporation Confidential 2026 Free Cash Flow Guidance - Unchanged 31 (Approximate impact in millions) 2025 2026 Comments Cash Earnings and Other Operating Items $657 ~$600 Capital Expenditures $(389) ~$(400) •Investments in innovation, digital transformation and cost efficiency Working Capital $(158) ~$150 •Inventory optimization Restructuring Cash Outlays $(29) ~($50) •Manufacturing and footprint optimization Free Cash Flow $81M $300M+
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Whirlpool Corporation Confidential 2026 Guidance EPS Calculation Methods 32 Basic Method: (in millions) Net Earnings Available to Whirlpool ~$200 - $230 Preferred Dividends ~$40 Net Earnings Available to Whirlpool Common Shareholders ~$160 - $190 Diluted Shares (Excluding MCP Shares) 64.2 EPS $2.50 - $3.00 If-Converted Method: (in millions) Net Earnings Available to Whirlpool ~$200 - $230 Diluted Shares (Including MCP Shares) 71.2 EPS $2.75 - $3.25 Note: With the issuance of mandatory convertible preferred shares, EPS must be calculated using both the Basic and If-Converted methods. The more dilutive method is the reported EPS value.
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Whirlpool Corporation Confidential 2026 Guidance Comparison to 2025 33 2025 As Reported MDA India* 2025 Like- for-Like 2026 Guidance Net Sales (in billions) $15.5 $0.8 ~$14.7 ~$15.0 Ongoing EBIT (in millions) $729 $41 ~$688 ~$630 Ongoing EBIT Margin 4.7% 5.0% ~4.7% ~4.0% *2025 India financial data (unaudited). Note: Numbers may not reconcile due to rounding.
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Whirlpool Corporation Confidential Key Assumptions - Guidance 34 Income Statement FY2025 FY2026E Raw Material (Inflation) / Deflation nm ~$(100M) Restructuring Costs* $63M ~$175M Interest Expense $341M ~$350M Corporate Center** $198M ~$200M Weighted-Average Diluted Shares Outstanding 56.2M 64.2M*** GAAP Earnings per Diluted Share $5.66 $2.25 - $2.75 Ongoing Earnings per Diluted Share $6.23 $2.50 - $3.00 GAAP Tax Rate 27.5% ~20% Adjusted (non-GAAP) Tax Rate 3.5% ~25% Cash Flow Statement FY2025 FY2026E Capital Expenditures $389M ~$400M Dividends Paid $299M ~$95M Amount of Stock Repurchased - nm Restructuring Cash Outlays $29M ~$50M Cash Tax Rate 29% 30 - 35% *Restructuring expense will not be included in Company’s guidance and will not be removed from ongoing earnings if the Company forecasts less than $50M in annual restructuring expense. **Inclusive of Beko Europe B.V. equity in affiliates ***Estimated full-year weighted-average diluted shares outstanding based on estimates as of 6/30/2026.
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Whirlpool Corporation Confidential Interest and Sundry (Income) Expense and Ongoing Equity Method Investment Income (Loss) 35 (Approximate impact in millions) Q2 Comments2025 2026 Net Foreign Exchange $2 $10 • Includes foreign exchange and hedge (gain)/loss Interest (Income) Expense/Other (5) (5) • 2025 & 2026 interest income Interest and Sundry (Income) Expense $(4) $5 Note: Numbers may not reconcile due to rounding. Please see supplemental information pack for reconciliations for the two measures above. (Approximate impact in millions) Q2 Comments2025 2026 Equity Method Investment Income (Loss) $(18) $(1) • 2025 EMEA minority interest, 2026 India minority interest
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Whirlpool Corporation Confidential Restructuring Cash Outlays 36 (Approximate impact in millions) 2025 2026E Comments Other Initiatives $29 $50 Manufacturing and footprint optimization Total $29 ~$50