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Investor Presentation | Fourth Quarter 2025
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+ Investor Presentation | 4Q25 Forward-Looking Statements 2 This presentation contains forward-looking statements, including statements regarding the Company's outlook for the first quarter of 2026 and the 2026 fiscal year including, among others: reported and constant currency revenue; reported gross margin; reported and adjusted operating margin; reported and adjusted net earnings; reported and adjusted diluted earnings per share; diluted weighted average shares; the Company’s outlook for revenue performance of the Active Group and Work Group and particular brands; as well as statements regarding the Company’s aspirations for its organic revenue growth, profitability, gross margin, operating margin, cash flow from operations, capital allocation, EPS growth, dividend yield and total shareholder return. In addition, words such as estimates,” “anticipates,” “believes,” “forecasts,” “step,” “plans,” “predicts,” “focused,” “projects,” “outlook,” “is likely,” “expects,” “intends,” “should,” “will,” “confident,” variations of such words, and similar expressions are intended to identify forward-looking statements. These statements are not guarantees of future performance and involve certain risks, uncertainties, and assumptions (“Risk Factors”) that are difficult to predict with regard to timing, extent, likelihood, and degree of occurrence. Risk Factors include, among others: changes in general economic conditions, employment rates, business conditions, interest rates, tax policies, and other factors affecting consumer spending and confidence in the markets and regions in which the Company’s products are sold; increases or changes in duties, tariffs, quotas or applicable assessments in countries of import and export; the inability for any reason to effectively compete in global footwear, apparel and direct-to-consumer markets; the inability to maintain positive brand images and anticipate, understand and respond to changing footwear and apparel trends and consumer preferences; the inability to effectively manage inventory levels; foreign currency exchange rate fluctuations; currency restrictions; supply chain and capacity constraints, production and distribution disruptions, including service interruptions at shipping and receiving ports, reduction in operating hours, labor shortages, and facility closures resulting in production delays at the Company’s manufacturers, quality issues, price increases or other risks associated with foreign sourcing; the cost, including the effect of inflationary pressures, and availability of raw materials, inventories, services and labor for contract manufacturers; changes in relationships with, including the loss of, significant wholesale customers; risks related to the significant investment in, and performance of, the Company’s direct-to-consumer operations; risks related to expansion into new markets and complementary product categories; the impact of seasonality and unpredictable weather conditions; the impact of changes in general economic conditions, potential economic slowdown and/or the credit markets on the Company’s manufacturers, distributors, suppliers, joint venture partners and wholesale customers; changes in the Company’s effective tax rates; failure of licensees or distributors to meet planned annual sales goals or to make timely payments to the Company; the risks of doing business in developing countries, and politically or economically volatile areas; the ability to secure and protect owned intellectual property or use licensed intellectual property; legal compliance and litigation risks, including with respect to federal, state and local laws and regulations relating to the protection of the environment, environmental remediation and other related costs, and environmental effects on human health; risks of breach of the Company’s databases or other systems, or those of its vendors, which contain certain personal information, payment card data or proprietary information, due to cyberattack or other similar events; strategic actions, including new initiatives and ventures, acquisitions and dispositions, and the Company’s success in integrating acquired businesses; risks related to stockholder activism; the risk of impairment to goodwill and other intangibles; the success of the Company's restructuring and realignment initiatives undertaken from time to time; changes in future pension funding requirements and pension expenses; and additional factors discussed in the Company’s reports filed with the Securities and Exchange Commission and exhibits thereto. The foregoing Risk Factors, as well as other existing Risk Factors and new Risk Factors that emerge from time to time, may cause actual results to differ materially from those contained in any forward-looking statements. Given these or other risks and uncertainties, investors should not place undue reliance on forward-looking statements as a prediction of actual results. Furthermore, the Company undertakes no obligation to update, amend, or clarify forward-looking statements whether as a result of new information, future events or otherwise.
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3 Company Overview + Investor Presentation | 4Q25
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+ Investor Presentation | 4Q25 75% 25% 48% 52% 4 A Portfolio of Global Performance Brands 1. Adjusted Operating Margin and Adjusted EPS are non-GAAP measures. For a reconciliation to the most comparable GAAP measure, see further details in the Appendix. FY25 Revenue Mix BRANDS Performance footwear and apparel brands with significant opportunity for lifestyle wearing occasions MARKETS Global business diversified across all key markets around the world CHANNELS Balanced distribution with strong wholesale and distributor partnerships complemented by DTC business Active Group Work Group Other 75% 23% 2% U.S. International Wholesale DTC Vision: Make. Every day. Better. FY25 Revenue Mix FY25 Revenue Mix $1.87B +7% Y/Y 2025 Revenue 9.0% +170 bps Y/Y 2025 Adj. Operating Margin1 $1.35 +53% Y/Y 2025 Adj. EPS1
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+ Investor Presentation | 4Q25 5 Brand-Building Model Our Brand-Building Model is focused on product, storytelling, and driving the business to deliver profitable growth in line with our value creation strategy Amazing Storytelling Driving the Business Born Sweaty Campaign Sweaty Betty Awesome Products Eiffel Tower 10K Sponsorship Saucony Premium International Distribution Sweaty Betty Agility Peak 6 Merrell Endorphin Azura Saucony Nimbus Collection Sweaty Betty Skyrunner World Series Merrell Awesome Products Driving the Business Amazing Storytelling Key City Strategy Merrell Marketplace Management Saucony
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+ Investor Presentation | 4Q25 6 Key Strategic Advantages AUTHENTIC, INNOVATIVE BRANDS Our brands possess deep authenticity and product design and innovation credibility ATTRACTIVE MARKETS Our brands are positioned in attractive performance categories aligned to consumer macro trends with significant opportunity to expand into broader lifestyle wearing occasions EXTENSIVE GLOBAL DISTRIBUTION NETWORK Our brands are marketed in 170 countries and territories via a network of compelling direct-to-consumer experiences, leading retailers, and best-in-class distributor partners CENTERS OF EXCELLENCE Our global platform and centers of excellence enable our brands to focus on consumers and our Brand-Building Model – products, storytelling, and driving the business
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+ Investor Presentation | 4Q25 7 Strategic Advantages: Authentic, Innovative Brands Additional Brands: 1. Source: Circana, LLC, Retail Tracking Service, US, Women’s Footwear, Hiking/Trekking/Mountaineering Class, Running & Running Specialty, and Work/Occupational/Safety Class, Type: Boots, Dollars Adjusted, Jan – Dec 2025. 2. Source: Global Data, Full Year 2025 updated January 2026, UK Women's Sportswear. Global outdoor performance and lifestyle brand Est. 1983 Agility Peak 6 FloatPro Foam + Vibram Megagrip #1 Hike1 Original work brand with trusted comfort technology Est. 1883 #1 Work Boots1 Infinity System Rancher 2x the energy return of the leading boot Nimbus Outerwear Collection Stylish warmth and rain protection Premium women’s activewear brand Est. 1998 Endorphin Azura PWRRUN PB Foam + SpeedRoll Tech Original running brand with renowned innovation Est. 1898 Top 10 Run1 Top 5 Women’s Sportswear2
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+ Investor Presentation | 4Q25 8 Strategic Advantages: Attractive Markets Our brands possess authenticity in attractive performance categories with significant opportunity to expand into broader lifestyle wearing occasions Strategic Advantages: Attractive Markets Running Footwear $40B Outdoor Performance Footwear $20B Women’s Activewear $80B Athletic Lifestyle Footwear +$150B Work Lifestyle Footwear +$20B Work Footwear $20B Outdoor Lifestyle Footwear +$30B 1. Estimated market size based on Circana and Statista 2025 data and Company estimates. MARKET OPPORTUNITY (Size of circles represents estimated respective global market size1)
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+ Investor Presentation | 4Q25 9 Strategic Advantages: Extensive Global Distribution Network Our brands are marketed in approximately 170 countries and territories around the world via a network of compelling direct-to-consumer experiences, leading retailers, and best-in-class distributor partners BRAND EXPERIENCES Our brands have developed compelling branded store and eCom experiences in both owned and 3P markets with our global partners Saucony Pioneer Store Covent Garden, London Sweaty Betty Store Cardiff, UK Merrell Flagship Harajuku, Tokyo Canada 4% Revenue 4% Pairs U.S. 48% Revenue 46% Pairs LATAM 6% Revenue 6% Pairs LATAM 6% Revenue 6% Pairs EMEA 32% Revenue 33% Pairs APAC 10% Revenue 11% Pairs
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+ Investor Presentation | 4Q25 10 Strategic Advantages: Centers of Excellence International Digital & Technical Experience Licensing Global Supply Chain EMEA APAC LATAM Apparel Accessories Brands Systems& Platforms Data Customer Experience Sourcing Distribution Integrated Planning In-market expertise & partnerships to build brands globally Model & category knowledge to capture new,efficient business opportunities Strengthened processes to deliver the right product at the right place & time The technology and tools to enable teams to drive the business Corporate Functions Legal Finance Human Resources Brands Commercial Drivers Competitive Advantage Enabler Lean Corporate Functions The Collective Insights & Innovation In-house Studio Creative & PR Insights & creative talent to fuel innovation& storytelling Support to enable brands to focus on consumers & brand building
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+ Investor Presentation | 4Q25 Shareholder Value Creation Model 11 We aspire to deliver top-quartile total shareholder return as follows: Total Shareholder Return Targeting consistent top-quartile TSR Organic Revenue Growth Mid- to High-Single-Digit Growth Profitability Gross Margin: 45% - 47% Operating Margin: Mid-teens Cash Flow from Operations > $150M per year FINANCIAL ASPIRATION RESULTING SHAREHOLDER RETURN Dividend Yield EPS Growth Resulting from revenue growth and strong profit flow through Maintain Dividend Reduce Debt Invest in the Business CAPITAL ALLOCATION
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12 Financial Results & Outlook + Investor Presentation | 4Q25
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+ Investor Presentation | 4Q25 4Q25 Financial Results 13 Financial results for 2025, and comparable results from 2024, in each case, for our ongoing business exclude the results of the Sperry business, which was sold in January 2024. Tables are provided in the Appendix showing the impact of these adjustments on financial results. The company's fiscal year is the 52- or 53-week period ending on the Saturday closest to December 31; the fourth quarter of 2025 contained 14-weeks, and the fourth quarter of 2024 contained 13-weeks; 2025 was a 53-week fiscal year and 2024 was a 52-week fiscal year.
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+ Investor Presentation | 4Q25 14 4Q25 & FY25 Financial Results Financial results for ongoing business¹ as of January 3, 2026: 1. Ongoing business is a non-GAAP measure and excludes the impact of the Sperry business included in the consolidated condensed statement of operations. See further details in the Appendix. 2. The company's fiscal year is the 52- or 53-week period ending on the Saturday closest to December 31; the fourth quarter of 2025 contained 14-weeks, and the fourth quarter of 2024 contained 13-weeks; 2025 was a 53-week fiscal year and 2024 was a 52-week fiscal year. 3. Guidance issued as of November 2025. 4. Adjusted Revenue, Adjusted Operating Margin, and Adjusted EPS, and constant currency change are non-GAAP measures. For reconciliations to the most comparable GAAP measures, see further details in the Appendix. 5. C$ denotes constant currency. 4Q25 FY25 R E S ULTS2 GUIDANCE3 R E S ULTS2 GUIDANCE3 Adjusted Revenue4 $517M Y/Y: +4.6% // C$5 +3.1% $498M to $513M $1.874B Y/Y: +7.1% // C$5 +6.3% $1.855B to $1.870B Gross Margin 47.0% Y/Y: +340 bps Approximately 46.3% 47.3% Y/Y: +300 bps Approximately 47.1% Adjusted Operating Margin4 11.0% Y/Y: +110 bps Approximately 10.5% 9.0% Y/Y: +170 bps Approximately 8.9% Adjusted EPS 4 $0.45 Y/Y: +12.5% // C$5 +12.5% $0.39 to $0.44 $1.35 Y/Y: +53.4% // C$5 +52.3% $1.29 to $1.34
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+ Investor Presentation | 4Q25 4Q25 & FY25 Performance 15 1. Ongoing Revenue is a non-GAAP measure and excludes the Sperry business included in the consolidated condensed statement of operations. See further details in the Appendix. 2. Constant currency is a non-GAAP measure. See further details in the Appendix. (in millions) January 3, 2026 December 28, 2024 Y/Y Change Constant Currency Change2 January 3, 2026 December 28, 2024 Y/Y Change Constant Currency Change2 Reported Segment Revenue Results: Active Group $372.7 $331.7 12.4% 10.2% $1,407.8 $1,246.1 13.0% 11.7% Work Group $134.0 $151.1 (11.3%) (11.7%) $422.2 $455.3 (7.3%) (7.1%) Other $10.8 $11.9 (9.2%) (8.4%) $44.3 $53.6 (17.4%) (15.3%) Total Revenue $517.5 $494.7 4.6% 3.1% $1,874.3 $1,755.0 6.8% 6.0% Ongoing Total Revenue¹ $517.5 $494.7 4.6% 3.1% $1,874.3 $1,750.4 7.1% 6.3% Reported: Gross Margin 47.0% 43.6% 340 bps 47.3% 44.3% 300 bps Operating Margin 9.4% 7.6% 180 bps 8.0% 5.6% 240 bps Diluted Earnings Per Share $0.38 $0.28 35.7% $1.14 $0.55 107.3% Non-GAAP and Ongoing business1: Adjusted Operating Margin 11.0% 9.9% 110 bps 9.0% 7.3% 170 bps Adjusted Diluted Earnings Per Share $0.45 $0.40 12.5% $1.35 $0.88 53.4% Net Debt at the end of the quarter was $415 million, a decrease of $81 million, or 16.2%, compared to the prior year. Twelve Months EndedThree Months Ended Inventory at the end of the quarter was $274 million, an increase of $26 million, or 10.7%, compared to the prior year.
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+ Investor Presentation | 4Q25 16 In 2025, successful execution of our Brand-Building Model aided in delivering better-than-expected results, we continued to improve the health of our balance sheet, and positioned the company for sustained, profitable growth in 2026 Multi-Year Improvement in Financial Performance $1,992 $1,750 $1,874 2023 2024 2025 Ongoing Revenue1 ($M) 4.0% 7.3% 9.0% 2023 2024 2025 Adjusted Operating Margin2 $0.17 $0.88 $1.35 2023 2024 2025 Adjusted EPS2 ($) $742 $496 $415 2023 2024 2025 Net Debt ($M) 1. Ongoing Revenue is a non-GAAP measure and excludes the Sperry business included in the consolidated condensed statement of operations. See further details in the Appendix. 2. Adjusted Operating Margin and Adjusted EPS are non-GAAP measures. For reconciliations to the most comparable GAAP measures, see further details in the Appendix.
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+ Investor Presentation | 4Q25 1Q26 & FY26 Outlook 17 1. C$ denotes constant currency. 2. The company's fiscal year is the 52- or 53-week period ending on the Saturday closest to December 31; 2026 is a 52-week fiscal year and 2025 was a 53-week fiscal year. 3. Adjusted Operating Margin and Adjusted EPS are non-GAAP measures. See further details in the Appendix. 1Q26 FY26 Revenue % Growth rates at the midpoint of the range $445M – $450M Y/Y: +8.5% // C$1 +5.1% $1.960B – $1.985B Y/Y: +5.2% // C$1 +4.5% // C$1 & ex- 53rd week2 +5.2% Gross Margin Approximately 47.5% Approximately 46.0% Adjusted Operating Margin3 Approximately 6.6% Approximately 9.1% Adjusted EPS3 $0.20 - $0.22 $1.35 - $1.50
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+ Investor Presentation | 4Q25 FY25 Results: $1,408M (+13.0% Y/Y) 4Q25 Results: $373M (+12.4% Y/Y) FY26 Outlook2: Grow high-single-digits Y/Y Grow mid-single-digits C$2 1Q26 Outlook: Grow low-double-digits Y/Y Grow high-single-digits C$2 Revenue Performance & Outlook 18 1. Charts reflect 4Q25 revenue. 2. The company's fiscal year is the 52- or 53-week period ending on the Saturday closest to December 31; 2026 is a 52-week fiscal year and 2025 was a 53-week fiscal year. 3. C$ denotes constant currency. Active Group Work Group Chaco FY25 Results: $176M (-9.0% Y/Y) 4Q25 Results: $56M (-10.5% Y/Y) FY26 Outlook2: Approximately flat Y/Y Approximately flat C$2 Percent of Total Group Revenue1 Percent of Total Group Revenue1 FY25 Results: $649M (+8.4% Y/Y) 4Q25 Results: $173M (+5.9% Y/Y) FY26 Outlook2: Grow mid-single-digits Y/Y Grow mid-single-digits C$2 FY25 Results: $533M (+31.1% Y/Y) 4Q25 Results: $126M (+26.4% Y/Y) FY26 Outlook2: Grow mid-teens Y/Y Grow low-to-mid-teens C$2 FY25 Results: $193M (-3.1% Y/Y) 4Q25 Results: $69M (+8.8% Y/Y) FY26 Outlook2: Decline low-single-digits Y/Y Decline low-single-digits C$2 FY25 Results: $422M (-7.3% Y/Y) 4Q25 Results: $134M (-11.3% Y/Y) FY26 Outlook2: Approximately flat Y/Y Approximately flat C$2 1Q26 Outlook: Decline low-single-digits Y/Y Decline mid-single-digits C$2 Bates HyTest Harley-Davidson
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+ Investor Presentation | 4Q25 + Investor Presentation | 4Q25 19 Appendix
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+ Investor Presentation | 4Q25 Non-GAAP Information 20 Measures referred to in this release as “adjusted” financial results and the financial results of the "ongoing business" are non-GAAP measures. Adjusted financial results exclude environmental and other related costs net of recoveries, non-cash impairment of long-lived assets, reorganization costs, pension settlement costs, financing transaction costs, gain on sale of business, trademarks and long-lived assets, and costs associated with divestitures. The financial results of the ongoing business exclude financial results from the Sperry business. The Company also presents constant currency information, which is a non-GAAP measure that excludes the impact of fluctuations in foreign currency exchange rates. The Company calculates constant currency basis by converting the current-period local currency financial results using the prior period exchange rates and comparing these adjusted amounts to the Company's current period reported results. The Company believes providing each of these non-GAAP measures provides valuable supplemental information regarding its results of operations, consistent with how the Company evaluates performance. The Company has provided a reconciliation of each of the above non-GAAP financial measures to the most directly comparable GAAP financial measure. The Company believes these non-GAAP measures provide useful information to both management and investors because they increase the comparability of current period results to prior period results by adjusting for certain items that may not be indicative of core operating results and enable better identification of trends in our business. The adjusted financial results are used by management to, and allow investors to, evaluate the operating performance of the Company on a comparable basis. Management does not, nor should investors, consider such non-GAAP financial measures in isolation from, or as a substitute for, financial information prepared in accordance with GAAP.
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+ Investor Presentation | 4Q25 Non-GAAP Reconciliations 21 GAAP Basis 2025-Q4 Foreign Exchange Impact Constant Currency Basis 2025-Q4 GAAP Basis 2024-Q4 Reported Change Constant Currency Change REVENUE Active Group $372.7 ($7.1) $365.6 $331.7 12.4% 10.2% Work Group 134.0 (0.6) 133.4 151.1 (11.3%) (11.7%) Other 10.8 0.1 10.9 11.9 (9.2%) (8.4%) Total $517.5 ($7.6) $509.9 $494.7 4.6% 3.1% GAAP Basis 2025 Foreign Exchange Impact Constant Currency Basis 2025 GAAP Basis 2024 Reported Change Constant Currency Change REVENUE Active Group $1,407.8 ($15.7) $1,392.1 $1,246.1 13.0% 11.7% Work Group 422.2 0.6 422.8 455.3 (7.3%) (7.1%) Other 44.3 1.0 45.3 53.6 (17.4%) (15.3%) Total $1,874.3 ($14.1) $1,860.2 $1,755.0 6.8% 6.0% RECONCILIATION OF REPORTED REVENUE TO ADJUSTED RECONCILIATION OF REPORTED REVENUE TO ADJUSTED REVENUE ON A CONSTANT CURRENCY BASIS* (Unaudited) (In millions) REVENUE ON A CONSTANT CURRENCY BASIS* (Unaudited) (In millions)
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+ Investor Presentation | 4Q25 Non-GAAP Reconciliations 221. 2024 adjustments reflect the Sperry business results included in the consolidated condensed statement of operations. 2023 adjustments reflect the Sperry business, Keds business and Wolverine Leathers business results included in the consolidated condensed statement of operations. 2. 2025 adjustment reflects revenue recognized in the 53rd week of fiscal year 2025. The company's fiscal year is the 52- or 53-week period ending on the Saturday closest to December 31; 2025 was a 53-week fiscal year and 2024 was a 52-week fiscal year. GAAP Basis Divestiture (1) As Adjusted Revenue - Fiscal 2025 $1,874.3 $0.0 $1,874.3 Revenue - Fiscal 2024 $1,755.0 $4.6 $1,750.4 Revenue - Fiscal 2023 $2,242.9 $250.8 $1,992.1 RECONCILIATION OF REPORTED REVENUE TO ADJUSTED REVENUE* (Unaudited) (In millions) GAAP Basis Adjustment(2) Reported Excluding 53rd Week Revenue - Fiscal 2025 $1,874.3 $12.5 $1,861.8 Revenue Growth 6.8% 6.1% RECONCILIATION OF REPORTED REVENUE TO ADJUSTED REVENUE EXCLUDING THE 53RD WEEK (Unaudited) (In millions)
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+ Investor Presentation | 4Q25 Non-GAAP Reconciliations 231. Q4 2025 adjustments reflect $5.8 million of reorganization costs and $2.1 million of environmental and other related costs net of recoveries. Q4 2024 adjustments reflect $8.4 million of reorganization costs and $2.5 million of environmental and other related costs net of recoveries. GAAP Basis Adjustments (1) As Adjusted Operating Profit - Fiscal 2025 Q4 $48.9 $7.9 $56.8 Operating margin 9.4% 11.0% Operating Profit - Fiscal 2024 Q4 $37.8 $10.9 $48.7 Operating margin 7.6% 9.9% RECONCILIATION OF REPORTED OPERATING MARGIN TO ADJUSTED OPERATING MARGIN* (Unaudited) (In millions)
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+ Investor Presentation | 4Q25 Non-GAAP Reconciliations 24 1. 2025 adjustments reflect $11.5 million of reorganization costs, $6.6 million of environmental and other related costs net of recoveries and $0.8 million of other costs not related to the Company's ongoing business. 2024 adjustments reflect $28.6 million of reorganization costs and $9.3 million for non-cash impairments of long-lived assets, partially offset by an $8.5 million gain on the sale of businesses, trademarks and long-lived assets and $10.3 million of environmental and other related costs net of recoveries. 2023 adjustments reflect $185.3 million for non-cash impairments of long- lived assets, $47.1 million of reorganization costs, and $5.1 million of costs associated with divestitures, partially offset by $90.4 million gain on the sale of businesses, trademarks and long-lived assets and $10.4 million of environmental and other related costs net of recoveries. 2. 2024 adjustments reflect the Sperry business results included in the consolidated condensed statement of operations. 2023 adjustments reflect the Sperry business, Keds business and Wolverine Leathers business results included in the consolidated condensed statement of operations. GAAP Basis Adjustments (1) Divestiture (2) As Adjusted Operating Profit - Fiscal 2025 $150.2 $18.9 $0.0 $169.1 Operating margin 8.0% 9.0% Operating Profit - Fiscal 2024 $97.5 $19.1 $10.8 $127.4 Operating margin 5.6% 7.3% Operating Profit (Loss) - Fiscal 2023 ($66.8) $137.1 $8.9 $79.2 Operating margin -3.0% 4.0% RECONCILIATION OF REPORTED OPERATING MARGIN TO ADJUSTED OPERATING MARGIN* (Unaudited) (In millions)
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+ Investor Presentation | 4Q25 Non-GAAP Reconciliations 251. Q4 2025 adjustments reflect reorganization costs, environmental and other related costs net of recoveries, partially offset by pension gain. Q4 2024 adjustments reflect reorganization costs, environmental and other related costs net of recoveries, and pension settlement costs. As Adjusted EPS On a Constant Currency Basis EPS - Fiscal 2025 Q4 $0.38 $0.07 $0.45 $0.00 $0.45 EPS - Fiscal 2024 Q4 $0.28 $0.12 $0.40 RECONCILIATION OF REPORTED DILUTED EPS TO ADJUSTED DILUTED EPS ON A CONSTANT CURRENCY BASIS* (Unaudited) GAAP Basis Adjustments (1) As Adjusted Foreign Exchange Impact
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+ Investor Presentation | 4Q25 Non-GAAP Reconciliations 26 1. 2025 adjustments reflect reorganization costs, environmental and other related costs net of recoveries, other costs not related to the Company's ongoing business, and financing transaction costs, partially offset by pension gain. 2024 adjustments reflect reorganization costs, non-cash impairments of long-lived assets, and pension settlement costs, partially offset by gain on the sale of businesses, trademarks and long-lived assets and environmental and other related costs net of recoveries. 2023 adjustments reflect non-cash impairments of long-lived assets, reorganization costs, costs associated with divestitures, and debt modification costs, partially offset by gain on the sale of businesses, trademarks and long-lived assets, environmental and other related costs net of recoveries, and SERP curtailment gain. 2. 2024 adjustments reflect the Sperry business results included in the consolidated condensed statement of operations. 2023 adjustments reflect the Sperry business, Keds business and Wolverine Leathers business results included in the consolidated condensed statement of operations. As Adjusted EPS On a Constant Currency Basis EPS - Fiscal 2025 $1.14 $0.21 $0.00 $1.35 ($0.01) $1.34 EPS - Fiscal 2024 $0.55 $0.21 $0.12 $0.88 EPS - Fiscal 2023 ($0.49) $0.57 $0.09 $0.17 As Adjusted RECONCILIATION OF REPORTED DILUTED EPS TO ADJUSTED DILUTED EPS ON A CONSTANT CURRENCY BASIS* (Unaudited) GAAP Basis Adjustments (1) Divestiture (2) Foreign Exchange Impact
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+ Investor Presentation | 4Q25 Non-GAAP Reconciliations 271. 2026 adjustments reflect estimated environmental and other related costs net of recoveries. GAAP Basis Other Adjustments (1) As Adjusted Revenue - Fiscal 2026 Full Year $1,960 - $1,985 $1,960 - $1,985 Gross Margin - Fiscal 2026 Full Year 46.0% 46.0% Operating Margin - Fiscal 2026 Full Year 8.8% 0.3% 9.1% Dilutive EPS - Fiscal 2026 Full Year $1.31 - $1.46 $0.04 $1.35 - $1.50 Fiscal 2026 Full Year Supplemental information: Net Earnings $110 - $122 $4 $114 - $126 Net Earnings used to calculate diluted earnings per share $107 - $119 $3 $110 - $122 Shares used to calculate diluted earnings per share 81.5 81.5 2026 GUIDANCE RECONCILIATION TABLES RECONCILIATION OF REPORTED GUIDANCE TO ADJUSTED GUIDANCE, REPORTED DILUTED EPS GUIDANCE TO ADJUSTED DILUTED EPS GUIDANCE AND SUPPLEMENTAL INFORMATION* (Unaudited) (In millions, except earnings per share)
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+ Investor Presentation | 4Q25 Non-GAAP Reconciliations 281. 2026 adjustments reflect estimated environmental and other related costs net of recoveries. GAAP Basis Other Adjustments (1) As Adjusted Revenue - Fiscal 2026 First Quarter $445 - $450 $445 - $450 Gross Margin - Fiscal 2026 First Quarter 47.5% 47.5% Operating Margin - Fiscal 2026 First Quarter 6.4% 0.2% 6.6% Dilutive EPS - Fiscal 2026 First Quarter $0.19 - $0.21 $0.01 $0.20 - $0.22 Fiscal 2026 First Quarter Supplemental information: Net Earnings $16 - $18 $1 $17 - $19 Net Earnings used to calculate diluted earnings per share $15 - $17 $1 $16 - $18 Shares used to calculate diluted earnings per share 81.3 81.3 2026 FIRST QUARTER GUIDANCE RECONCILIATION TABLES RECONCILIATION OF REPORTED GUIDANCE TO ADJUSTED GUIDANCE, REPORTED DILUTED EPS GUIDANCE TO ADJUSTED DILUTED EPS GUIDANCE AND SUPPLEMENTAL INFORMATION* (Unaudited) (In millions, except earnings per share)
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