Mattel, Inc. · NASDAQ:MAT
Mattel — Q1 2026 Earnings Presentation
36 slides from Mattel's earnings presentation, Apr 29, 2026
Slide 1: First Quarter 2026 Earnings
First Quarter 2026 Earnings (Unaudited Results) April 29, 2026
Slide 2: Forward-Looking Statements / Presentation Information
Forward-Looking Statements / Presentation Information This presentation contains a number of forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by the fact that they do not relate strictly to historical
Slide 3: Mattel, Inc. Who We Are
Mattel, Inc. Who We Are Mattel is a leading global play and family entertainment company and owner of one of the most iconic brand portfolios in the world. We engage consumers and fans through our franchise brands, including Barbie, Hot Wheels, Fisher-Price, American Girl, Thomas & Friends, UNO, Mas
Slide 4: Mattel's Brand-Centric Strategy
Mattel’s Brand-Centric Strategy Grow IP-Driven Play and Family Entertainment Business Our mission is to create innovative products and experiences that inspire fans, entertain audiences, and develop children through play ©2026 Mattel, Inc. All Rights Reserved. 4
Slide 5: CEO Overview
CEO Overview Growth in Net Sales and positive consumer demand in Q1; seeing top-line acceleration Q2 to date YOY Leader in Dolls, Vehicles, and ITPS; gained (in $M, except EPS Q1 2026 share in Vehicles and Action Figures and percentages) Change Gross Billings $972 Closed acquisition of Mattel163 Con
Slide 6: Q1 Brand Portfolio Highlights
Q1 Brand Portfolio Highlights Several standout brands grew double-digits or higher Owned Brands Partner Brands Relaunched Franchises Innovative New Product Lines Growing IP-driven play and family entertainment business ©2026 Mattel, Inc. All Rights Reserved. 6
Slide 7: Entertainment Updates
Entertainment Updates Upcoming launch of first two self-published mobile games this year Digital Games Films Masters of the Universe global theatrical release on June 5th ©2026 Mattel, Inc. All Rights Reserved. 7
Slide 8: Strategic Investments
Strategic Investments Investments of $150M in 2026 expected to accelerate growth and profitability Consistent with our capital allocation priorities Includes investments in self-published mobile games, building sets, DTC, first party data, and technology and infrastructure Believe these investments
Slide 9: CFO Overview
CFO Overview Key metrics as compared to the prior year period YOY Q1 2026 (in $M, except EPS, percentages, and bps) Change Net Sales $862 4% Constant Currency 1% Adjusted Gross Margin 45.1% -450 bps Adjusted EPS ($0.20) -$0.18 Net Sales ahead of expectations; Adjusted Gross Margin impacted by gross
Slide 10: Q1 2026 Gross Billings by Category
Q1 2026 Gross Billings by Category Gross Billings grew 2% Vehicles +13% Dolls -11% Barbie decline partially offset by Monster Hot Wheels and Disney and High growth Pixar’s Cars grew double digits American Girl comparable Infant, Toddler, and Preschool -18% Challenger +17% Games growth led by UNO, in
Slide 11: Q1 2026 Gross Billings by Region
Q1 2026 Gross Billings by Region International up 8%; North America declined 4% including the shift from direct import to domestic shipping North America EMEA Latin America Asia Pacific (in $M) (in $M) (in $M) (in $M) -4% +11% $526 $508 $239 $283 +4% +7% $76 $87 $84 $93 Q1 ’25 Q1 ’26 Q1 ’25 Q1 ’26 Q
Slide 12: Q1 2026 Adjusted Gross Margin Comparison
Q1 2026 Adjusted Gross Margin Comparison Decline due to the gross incremental cost of tariffs, FX, and inflation -450bps 49.6% 2.4% 0.3% 45.1% 1.4% 0.9% Q1 ’25 Gross Tariff Cost FX Inflation Other Q1 ’26 Continuing to fully mitigate the dollar cost impact of tariffs Amounts may not sum due to roundi
Slide 13: Q1 2026 Advertising and Adjusted SG&A
Q1 2026 Advertising and Adjusted SG&A As compared to the prior year period Advertising Adj. SG&A (in $M) (in $M) +$19 $348 $366 +$23 $70 $93 Q1 ’25 Q1 ’26 Q1 ’25 Q1 ’26 Advertising increase reflects Easter timing and Mattel163 inclusion; Adjusted SG&A increase primarily due to strategic investments
Slide 14: Q1 2026 Adjusted Profit Metrics
Q1 2026 Adjusted Profit Metrics As compared to the prior year period Adj. Operating Income (Loss) Adj. EBITDA Adj. EPS (in $M) (in $M) $57 -$62 -$69 -$0.18 ($8) ($12) ($0.02) ($70) ($0.20) Q1 ‘25 Q1 ‘26 Q1 ‘25 Q1 ‘26 Q1 ‘25 Q1 ‘26 Impacted by higher Advertising, lower Adjusted Gross Profit, and high
Slide 15: TTM 2026 Cash Flow
TTM 2026 Cash Flow TTM Free Cash Flow declined, primarily due to lower net income excluding impact of non-cash items (in $M) TTM 2026 TTM 2025 Cash from Operations $545 $790 Capital Expenditures ($211) ($208) Free Cash Flow $335 $582 Repurchased $200M shares in Q1, expect $400M in 2026; $1.4B shares
Slide 16: Balance Sheet Highlights
Balance Sheet Highlights Balance Sheet in strong position (in $M) Q1 2026 Q1 2025 Cash $866 $1,244 Inventory $677 $658 Long-term Debt $2,333 $2,335 Leverage Ratio (Total Debt / Adj. EBITDA) 2.7x 2.2x Retailer inventories declined low double-digits; believe we are well positioned overall for Q2 For L
Slide 17: Optimizing for Profitable Growth (OPG)
Optimizing for Profitable Growth (OPG) $189M of savings achieved since launching program in 2024 Target Savings Allocation (in $M) ~$50 ~$50 ~$225 $89 $16 S&A ~45% $16M of savings in Q1 $83 3-year program of ~$225M by end of 2026 COGS ~55% 2024 2025 2026 E Continue to target ~$50M of efficiencies in
Slide 18: 2026 Recast Guidance
2026 Recast Guidance Guidance unchanged, with exception of recasting Adjusted Operating Income and Adjusted EPS to exclude the impact of amortization of acquired intangible assets (In $M, except Adjusted EPS and FY2026 Recast FY2026 Prior FY2025 Recast FY2025 Prior percentages) Guidance Guidance Act
Slide 19: Additional Color on Outlook
Additional Color on Outlook Expect Vehicles and Challenger categories combined to grow strongly, Dolls to be comparable, and ITPS to decline in 2026 2026 Growth Drivers 2026 Expectation of sequential improvement in Q2, although we expect it will remain below 50% in Q2 Gross Margin Improve in second
Slide 20: Closing
Closing “We are off to a good start to the year, with Net Sales growth and positive consumer demand for our products in the first quarter. We continued to make progress on our strategy to grow our IP driven play and family entertainment business and are seeing top-line acceleration in the second qua
Slide 21: Appendix
Appendix 21
Slide 22: Consolidated Statements of Operations
Consolidated Statements of Operations ©2026 Mattel, Inc. All Rights Reserved. 22
Slide 23: Condensed Consolidated Balance Sheets
Condensed Consolidated Balance Sheets ©2026 Mattel, Inc. All Rights Reserved. 23
Slide 24: Supplemental Balance Sheet and Cash Flow Data
Supplemental Balance Sheet and Cash Flow Data ©2026 Mattel, Inc. All Rights Reserved. 24
Slide 25: Reconciliation of Non-GAAP Financial Measures
Reconciliation of Non-GAAP Financial Measures ©2026 Mattel, Inc. All Rights Reserved. 25
Slide 26: Reconciliation of Non-GAAP Financial Measures
Reconciliation of Non-GAAP Financial Measures ©2026 Mattel, Inc. All Rights Reserved. 26
Slide 27: Reconciliation of Non-GAAP Financial Measures
Reconciliation of Non-GAAP Financial Measures ©2026 Mattel, Inc. All Rights Reserved. 27
Slide 28: Reconciliation of Non-GAAP Financial Measures
Reconciliation of Non-GAAP Financial Measures ©2026 Mattel, Inc. All Rights Reserved. 28
Slide 29: Reconciliation of Non-GAAP Financial Measures
Reconciliation of Non-GAAP Financial Measures ©2026 Mattel, Inc. All Rights Reserved. 29
Slide 30: Reconciliation of Non-GAAP Financial Measures
Reconciliation of Non-GAAP Financial Measures ©2026 Mattel, Inc. All Rights Reserved. 30
Slide 31: Worldwide Net Sales and Gross Billings
Worldwide Net Sales and Gross Billings ©2026 Mattel, Inc. All Rights Reserved. 31
Slide 32: Net Sales and Gross Billings by Segment
Net Sales and Gross Billings by Segment ©2026 Mattel, Inc. All Rights Reserved. 32
Slide 33: Net Sales and Gross Billings by Segment
Net Sales and Gross Billings by Segment ©2026 Mattel, Inc. All Rights Reserved. 33
Slide 34: Glossary of Non-GAAP Financial Measures & Key Performance Indicator
Glossary of Non-GAAP Financial Measures & Key Performance Indicator NON-GAAP FINANCIAL MEASURES To supplement our financial results presented in accordance with generally accepted accounting principles in the United States (“GAAP”), Mattel presents certain non-GAAP financial measures within the mean
Slide 35: Glossary of Non-GAAP Financial Measures & Key Performance Indicator
Glossary of Non-GAAP Financial Measures & Key Performance Indicator NON-GAAP FINANCIAL MEASURES EBITDA and Adjusted EBITDA EBITDA represents Mattel’s Net Income/Loss, adjusted to exclude the impact of interest expense, taxes, depreciation, and amortization. Adjusted EBITDA represents EBITDA adjusted
Slide 36: Glossary of Non-GAAP Financial Measures & Key Performance Indicator
Glossary of Non-GAAP Financial Measures & Key Performance Indicator NON-GAAP FINANCIAL MEASURES 2026 Guidance A reconciliation of Mattel’s non-GAAP financial measures on a forward-looking basis, including Net Sales on a constant currency basis, Adjusted Gross Margin, Adjusted Operating Income, Adjus