Slide 1: 2025 Earnings Review and 2026 Guidance
2025 Earnings Review and 2026 Guidance Thursday, January 29, 2026 Whirlpool Corporation Confidential Whirlpool Corporation Confidential
Slide 2: Cautionary Statement
Cautionary Statement 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,
Slide 3: Non-GAAP Measures
Non-GAAP Measures 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, inc
Slide 4: 2025 Earnings Review and 2026 Guidance
2025 Earnings Review and 2026 Guidance Whirlpool Corporation Confidential Marc Bitzer Roxanne Warner Juan Carlos Puente Ludovic Beaufils CHAIRMAN AND EXECUTIVE VICE EXECUTIVE PRESIDENT, EXECUTIVE PRESIDENT, CHIEF EXECUTIVE PRESIDENT AND CHIEF NORTH AMERICA AND KITCHENAID SMALL OFFICER FINANCIAL OFFICE
Slide 5: Agenda
Agenda 1 Full-Year and Fourth-Quarter Results 2 2026 (and beyond) Investment Thesis is as Strong as Ever 3 2026 Guidance and Capital Allocation Priorities Whirlpool Corporation Confidential 5
Slide 6: 2025 Full-Year Results
2025 Full-Year Results ● Organic Net Sales ~flat, record level of new product PROFITABLE GROWTH launches drove share gains in H2 Net Sales YoY Change $15.5B (6.5)% ● Cost actions delivered ~$200M and partially offset the (0.3)% organic incremental cost of tariffs MARGIN EXPANSION ● Delivered ongoing EP
Slide 7: Segment Fourth-Quarter and Full-Year Results
Segment Fourth-Quarter and Full-Year Results Q4 2025 FY 2025 Ongoing Ongoing Net Sales vs Q4’24 vs Q4’24 Net Sales vs FY’24 vs FY’24 EBIT % EBIT % MDA $2.6B -1% 2.8% -3.9pts $10.2B -1% 4.9% -1.6pts North America MDA $0.9B 1% 6.4% -1.2pts $3.3B -6% 6.2% -0.8pts Latin America MDA $0.2B -28% 2.6% 1.4pt
Slide 8: Agenda
Agenda 1 Full-Year and Fourth-Quarter Results 2 2026 (and beyond) Investment Thesis is as Strong as Ever 3 2026 Guidance and Capital Allocation Priorities Whirlpool Corporation Confidential 8
Slide 9: Three Catalysts To Unlock Value Creation in MDA North America
Three Catalysts To Unlock Value Creation in MDA North America LEADING BRAND AND PRODUCT PORTFOLIO Record number of new products launched 1 in 2025 proving success through flooring expansion and share gains Net Winner of Tariffs with unmatched 2 domestic footprint; competitors are largely importers Ove
Slide 10: Housing Demand Fundamentals Support Multi-Year Recovery
Housing Demand Fundamentals Support Multi-Year Recovery… But Likely To Be Gradual EXISTING HOME SALES MULTI-YEAR HOUSING EXPANSION ON THE HORIZON Tech Bubble Financial Crisis Covid-19 6 Housing Units (millions) 6%0 Steady state supply housing units started (millions) 1.7-1.9M 4 New privately owned ~
Slide 11: Whirlpool Laundry Tower
WHIRLPOOL LAUNDRY TOWER Introducing Industry-First UV Clean Technology 11
Slide 12: Growth Potential in MDA Latin America Rooted in Brand Loyalty and Digital Acceleration
Growth Potential in MDA Latin America Rooted in Brand Loyalty and Digital Acceleration LEADING BRAND AND PRODUCT PORTFOLIO Fast growth potential based on GDP growth 1 rate and appliances penetration 2 Strong digital and physical presence Most preferred brands* #1 (Brastemp) and 3 #3 (Consul) in Braz
Slide 13: Brastemp Premium Top & Bottom Mount Refrigerators
BRASTEMP PREMIUM TOP & BOTTOM MOUNT REFRIGERATORS 13
Slide 14: Beyond the Mixer: Brand Loyalty Powering SDA Global Business Expansion
Beyond the Mixer: Brand Loyalty Powering SDA Global Business Expansion to Deliver Growth LEADING PRODUCT PORTFOLIO Iconic brand recognized for highest quality 1 and performance Stand Mixers & Coffee & 2 Structurally higher margin business Attachments Breakfast Tremendous growth potential in adjacent
Slide 15: KitchenAid Compact Grain & Rice and Artisan Plus Stand Mixer
KITCHENAID KITCHENAID COMPACT GRAIN & RICE ARTISAN PLUS STAND MIXER 15
Slide 16: Agenda
Agenda 1 Full-Year and Fourth-Quarter Results 2 2026 (and beyond) Investment Thesis is as Strong as Ever 3 2026 Guidance and Capital Allocation Priorities Whirlpool Corporation Confidential 16
Slide 17: 2026 Full-Year Guidance
2026 Full-Year Guidance PROFITABLE GROWTH MARGIN EXPANSION CASH CONVERSION LONG-TERM TARGETS ~$16.3B ~9.0% ~7.0% (MID-CYCLE) ANNUAL ORGANIC NET SALES ONGOING EARNINGS BEFORE INTEREST FREE CASH FLOW excludes India AND TAX, % OF NET SALES AS % OF NET SALES Net Sales YoY Change Ongoing EBIT YoY Change
Slide 18: Full-Year 2026 Ongoing EBIT Margin Guidance
Full-Year 2026 Ongoing EBIT Margin Guidance (Approximate impact) Current Comments 2025 Ongoing EBIT Margin 4.7% Price/Mix +1.75 • Product launches & pricing actions Net Cost* +1.00 • Cost actions expected to deliver $150M+ Raw Material Inflation nm • Long-term steel contracts secured Tariff Impact -1.
Slide 19: 2026 Segment Guidance
2026 Segment Guidance Industry EBIT % MDA ~Flat ~6.0% North America MDA 0 - 3% ~7.0% Latin America Whirlpool Corporation Confidential SDA Global ~Flat ~15.5% 19
Slide 20: Actions to Drive bps of Price/Mix
Actions to Drive 175 bps of Price/Mix REDUCED LEVERAGE DRIVE PREMIUM PROMOTIONS FLOORING GAINS MIX Executing previously Continue to drive new Expand premium communicated pricing product momentum product offering, Whirlpool Corporation Confidential actions in a less by building on 30%+ fueled by Kitche
Slide 21: Actions to Deliver $150M+ Cost Take Out
Actions to Deliver $150M+ Cost Take Out $150M+ cost take out expected in 2026 Vertically integrate to Automate to improve Optimize footprint Renew strategic improve quality, speed productivity, agility and in manufacturing sourcing focused on of innovation and supply safety and logistics delivering
Slide 22: 2026 Free Cash Flow Guidance
2026 Free Cash Flow Guidance (Approximate impact in millions) 2025 2026 Comments • Reflects the improvement in Cash Earnings and Other Operating Items $659 ~$800 earnings • Investments in innovation, digital Capital Expenditures $(389) ~$(400) transformation and cost efficiency Working Capital $(163) ~
Slide 23: Capital Allocation Priorities
Capital Allocation Priorities • Invest ~$400M of net sales in Capex 1 Fund Organic Growth • ~100 new products launching in 2026 • Debt pay down ~$400M in 2026 2 Debt Paydown • ~2x long-term net debt leverage target 3 Fund Dividend • Fund a healthy dividend and return cash to shareholders Whirlpool C
Slide 24: Closing Summary
Closing Summary ● 2025 results largely in-line with prior year despite volatile macro cycle ● Delivered substantial cost takeout in 2025 to navigate the impact of tariffs ● Achieved record number of product launches in NAR, proving early success ● Confidence in 2026 driven by product momentum, reduced
Slide 25: Q&A and Closing Remarks
Q&A and Closing Remarks 25 Whirlpool Corporation Confidential
Slide 26: 2026 Guidance Comparison to 2025
2026 Guidance Comparison to 2025 2025 As Jan - Nov 2025 Like- 2026 Reported 2025 India* for-Like Guidance Net Sales (in billions) $15.5 $0.8 ~$14.7 $15.3-$15.6 Ongoing EBIT (in $729 $41 ~$688 $850-$900 millions) Whirlpool Corporation Confidential Ongoing EBIT Margin 4.7% 5.0% ~4.7% 5.5-5.8% *Jan-Nov
Slide 27: 2025 Ongoing EBIT Margin Drivers
2025 Ongoing EBIT Margin Drivers (Approximate impact) Q1 Q2 Q3 Q4 FY 2024 Ongoing EBIT Margin 4.3% 5.3% 5.8% 6.0% 5.3% Price/Mix 0.50 0.25 0.50 -1.00 nm Net Cost* 1.00 1.00 1.00 1.00 1.00 Raw Material Inflation nm nm nm nm nm Tariff Impact nm -0.50 -2.50 -2.50 -1.25 Marketing & Technology Investments
Slide 28: Key Assumptions - Guidance
Key Assumptions - Guidance Income Statement FY2025 FY2026E Raw Material (Inflation) / Deflation nm nm Restructuring Costs* $63M ~$50M Interest Expense $341M ~$330M Corporate Center** $198M ~$200M Weighted-Average Diluted Shares Outstanding 56.2M 57.4M*** GAAP Earnings per Diluted Share $5.66 ~$6.25 On
Slide 29: Ongoing Interest and Sundry Expense and Ongoing Equity Method Investment Income
Ongoing Interest and Sundry (Income) Expense and Ongoing Equity Method Investment Income (Loss) Q4 Full Year (Approximate impact in millions) 2024 2025 2024 2025 Comments • Includes foreign exchange and Net Foreign Exchange $10 $5 $19 $18 hedge (gain)/loss • 2024 & 2025 interest income, Interest (In
Slide 30: Restructuring Cash Outlays
Restructuring Cash Outlays (Approximate impact in millions) 2024 2025 Comments Other Initiatives $82 $29 Primarily due to organizational simplification Total $82 $29 Whirlpool Corporation Confidential 30
Slide 31: Whirlpool
Whirlpool Whirlpool KitchenAid JENNAI? MAYIAG AMANA BRASTEMP' Consul inQDertor