Whirlpool Corporation · NYSE:WHR
Whirlpool — Raymond James 46th Annual Institutional Investors Conference 2025
30 slides from Whirlpool's conference presentation, Mar 3, 2025
Slide 1: Raymond James 46th Annual Conference
Raymond James 46th Annual Conference March 3, 2025
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: We Are A Leading Appliance Manufacturer With 110+ Years of Improving Life at Home
We Are A Leading Appliance Manufacturer With 110+ Years of Improving Life at Home SALES BY SALES BY SEGMENT CATEGORY $17B MDA EMEA 5% SDA Global 6% Dishwashing 2024 NET SALES, and Other AS REPORTED MDA Asia 6% 18% MDA Latin America 21% Cooking 24% 44K EMPLOYEES Laundry 27% MDA North America 40 62% R
Slide 5: Why We Embarked on A Portfolio Transformation
Why We Embarked on A Portfolio Transformation Decoupling of global Divested assets were economies creating • either capital a ‘New Reality’ intensive (Embraco)... • …or underperformed (China, Europe) • Geopolitical tensions WE ARE • Logistics inflation FOCUS ON HIGHER EXPERIENCING A • Trade barriers
Slide 6: Unlocking Value Creation Through A Refocused Portfolio
Unlocking Value Creation Through A Refocused Portfolio ADDITIONS * EBIT margins 15%+ SUBTRACTIONS South Africa Turkey Embraco Russia China EMEA** Most businesses with negative EBIT margins *Elica PB Whirlpool Kitchen Appliances Pvt Ltd. Under license from Elica SpA, Italy. Elica PB India majority-ow
Slide 7: Our Major Appliance Business with A Strong Position in the Americas
Our Major Appliance Business with A Strong Position in the Americas SDA GLOBAL #1 $1.0B 14.3% Mixer Brand 2024 2024 in the World* Net Sales EBIT % NORTH AMERICA #1 $10.2B 6.5% ASIA Share 2024 2024 Position Net Sales EBIT % #3 $1.1B 3.9% Share 2024 2024 Position** Net Sales EBIT % LATIN AMERICA #1 $3
Slide 8: North America Growth & Margin Expansion Opportunities
North America Growth & Margin Expansion Opportunities 1 Strong Replacement & U.S. Housing Demand 2 New Product Introductions 8
Slide 9: Three Fundamental Components of Appliance Demand
Three Fundamental Components of Appliance Demand U.S. DEMAND (% of Units Sold) Discretionary Driven by existing home sales New Construction Driven by new home sales Driven by shrinking replacement Replacement cycle (historically approx. 10 years) 9
Slide 10: Replacement Demand Continues to Be Very Strong
1 Replacement Demand Continues to Be Very Strong 60 Overall Appliance Industry Shipments Appliance Units (millions) Replacement Demand 40 20 Steady replacement demand Stronger replacement demand Demand driven by discretionary with ~10 year replacement cycle driven by increased usage and / new constr
Slide 11: Existing Home Sales Drive Discretionary Demand
1 Existing Home Sales Drive Discretionary Demand Existing Home Sales Have Bottomed Out the Last Three Years HISTORICALLY LOW DISCRETIONARY DEMAND % EXISTING HOME SALES • Discretionary demand fell 10 pts 6 from historical norms to 20% 6% • Size & pace of interest rate Housing Units (millions) 0 incre
Slide 12: U.S. New Housing Has Been Undersupplied Since the Financial Crisis, Creating Long Term Upside
1 U.S. New Housing Has Been Undersupplied Since the Financial Crisis, Creating Long Term Upside MULTI-YEAR HOUSING EXPANSION ON THE HORIZON NEW CONSTRUCTION Tech Bubble Financial Crisis Covid-19 U.S. housing undersupply of 3 to 4 million units housing units started (millions) Steady state supply 1.7
Slide 13: Consumers Remain at the Core of Our Innovation
2 Consumers Remain at the Core of Our Innovation 30%+ North America Product Portfolio Transitioning in 2025 KITCHENAID SIDE-BY-SIDE JENNAIR INDUCTION NEXT GENERATION REFRIGERATOR DOWNDRAFT COOKTOP LAUNCH LINEUP The new lineup of KitchenAid The new side-by-side refrigerator Clear the kitchen air with
Slide 14: MDA Latin America Well Positioned With Two Exceptional Brands
MDA Latin America Well Positioned With Two Exceptional Brands LEADING BRAND PORTFOLIO #1 Share Position In Latin America Total Brazil and Mexico annual 20M+ Units industry #1 and #3 Most Brastemp #1; Consul #3 and is Preferred Brands* found in 55%+ of Brazilian homes Opened $52M manufacturing 12K+ E
Slide 15: KitchenAid Small Appliances at A Glance
KitchenAid Small Appliances at A Glance OVERVIEW PRODUCT PORTFOLIO Iconic brand with reputation recognized for highest quality and performance Structurally higher margin business Stand Mixers & Coffee & Attachments Breakfast Strong digital presence and global presence Tremendous growth potential outs
Slide 16: Strong Product Base with Innovative Launches and Global Expansion Opportunities
Strong Product Base with Innovative Launches and Global Expansion Opportunities LONG TERM VALUE CREATION HIGH PREFERENCE STRONG U.S. POSITION, ACROSS LARGE ALL GLOBAL MAJOR CATEGORIES POTENTIAL GLOBAL CATEGORY SIZE* • Sustained investment in our stand mixer business $3B $5B $6B $4B $8B • Accelerate
Slide 17: Anticipated Whirlpool of India Transaction
Anticipated Whirlpool of India Transaction Expected to close by mid to late 2025 BENEFITS OF POTENTIAL TRANSACTION CURRENT OWNERSHIP Supports focus on portfolio of #1 positions 51% stake in Whirlpool of India Enable focus on growth acceleration to deliver Whirlpool of India shareholder value Whirlpo
Slide 18: 2025 Full-Year Guidance
2025 Full-Year Guidance PROFITABLE GROWTH MARGIN EXPANSION CASH CONVERSION INVESTOR ~$17.2B ~9.0% ~7.0% DAY GOALS ONGOING EARNINGS BEFORE INTEREST FREE CASH FLOW ANNUAL ORGANIC NET SALES AND TAX, % OF NET SALES AS % OF NET SALES Net Sales YoY Change Ongoing EBIT YoY Change Free FCF as % of Margin Ca
Slide 19: Full-Year 2025 Ongoing EBIT Margin Guidance
Full-Year 2025 Ongoing EBIT Margin Guidance (Approximate impact) Current Comments 2024 Ongoing EBIT Margin 5.3% • 100+ product launches Price/Mix +0.75 • Previously announced pricing actions Net Cost* +1.25 • Cost actions expected to deliver $200M+ benefit Raw Material Inflation nm • Expect minimal im
Slide 20: 2025 Segment Guidance
2025 Segment Guidance Industry EBIT % MDA ~Flat ~7.5% North America MDA 0 - 3% ~7.5% Latin America MDA 3 - 5% ~6.0% Asia* SDA Global ~Flat ~15.0% Total ~Flat ~6.8% * 2025 Guidance for MDA Asia considers the anticipated India market sale transaction and excludes July through December 2025. 20
Slide 21: 2025 Free Cash Flow Guidance
2025 Free Cash Flow Guidance (Approximate impact in millions) 2024 2025 Comments $1,000 - • 2024 impacted by Europe Transaction Cash Earnings and Other Operating Items $637 $1,100 (~$275M) • Innovation, digital transformation and Capital Expenditures $(451) ~$(450) cost optimization investments Work
Slide 22: Capital Allocation Priorities
Capital Allocation Priorities • Invest ~$450M in Capex 1 Fund Organic Growth • 100+ new product introductions coming 2025 • Expect to pay down ~$700M of debt in 2025 2 Debt Paydown • ~2x net debt leverage target • Committed to fund our dividend 3 Fund Dividend • Returning cash to shareholders throug
Slide 23: Recap | Three Reasons Why Whirlpool Is An Attractive Investment
Recap | Three Reasons Why Whirlpool Is An Attractive Investment A Very Different • Regional and local scale have gained importance over global scale 1 Portfolio of Business Provides Value Upside • Invest in our high margin businesses instead of restructuring • Expect discretionary demand recovery wit
Slide 24: Hotpoint brand ownership note
* Whirlpool Corporation ownership of the Hotpoint brand in EMEA and Asia Pacific regions is not affiliated with the Hotpoint brand sold in the Americas 24
Slide 25: Appendix
Appendix
Slide 26: 2025 Guidance Comparison to 2024
2025 Guidance Comparison to 2024 The reconciliation provided below reconciles the impact of removing Q1 MDA Europe and July through December India from our net sales and ongoing EBIT, for the twelve months ended December 31, 2024 for the Whirlpool business. Please see elsewhere in this Supplemental
Slide 27: Full-Year 2023 GAAP to Ongoing EBIT Reconciliation
Full-Year 2023 GAAP to Ongoing EBIT Reconciliation The reconciliation provided below reconciles the non-GAAP financial measures ongoing earnings before interest and taxes and ongoing earnings per diluted share, with the most directly comparable GAAP financial measures, net earnings (loss) available to
Slide 28: Full-Year 2024 GAAP to Ongoing EBIT Reconciliation
Full-Year 2024 GAAP to Ongoing EBIT Reconciliation The reconciliation provided below reconciles the non-GAAP financial measures ongoing earnings before interest and taxes and ongoing earnings per diluted share, with the most directly comparable GAAP financial measures, net earnings (loss) available to
Slide 29: Full-Year 2025 GAAP to Ongoing EBIT Reconciliation
Full-Year 2025 GAAP to Ongoing EBIT Reconciliation The reconciliation provided below reconciles the non-GAAP financial measures ongoing earnings before interest and taxes and ongoing earnings per diluted share, with the most directly comparable GAAP financial measures, net earnings available to Whirlp
Slide 30: Whirlpool Free Cash Flow
Whirlpool Free Cash Flow Free cash flow is cash provided by (used in) operating activities after capital expenditures. The reconciliation provided below reconciles twelve months ended December 31, 2024 and 2023 and 2025 full-year free cash flow with cash provided by (used in) operating activities, the
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