Slide 1: Investor Presentation Third Quarter 2023
Slide 2: Safe Harbor Statement
SAFE HARBOR STATEMENT This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this presentation that do not relate to matters of historical fact should be considered forward-looking statements, incl
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Slide 4: CEO Commentary
CEO COMMENTARY “I am pleased with our third quarter financial results, which were ahead of our expectations. Third quarter’s performance is the direct result of our team’s unrelenting focus over the last year on positioning Traeger for improved financial flexibility and profitability. Our efforts to
Slide 5: Traeger 3rd Quarter at a Glance
AN TRAEGER 3° QUARTER AT A GLANCE Revenue Mix SIISMM 37.9% Revenue Gross Margin S5MM 4.0% Adj. EBITDA © Adj. EBITDA Margin =Grills = Accessories = Consumables oh TRAEGER
Slide 6: Reshaping the P&L and Rightsizing Working Capital
RESHAPING THE P&L AND RIGHTSIZING WORKING CAPITA + Proactively driving cost savings to enhance profitability and cash flow Restructuring actions taken in 2H 2022 with further cost efficiencies identified in 2023 3Q 2023 Operating Expense net of stock-based compensation and non- recurring expenses wa
Slide 7: Rightsizing Actions Resulted in a More Balanced Inventory Position
RIGHTSIZING ACTIONS HAVE RESULTED IN A SUBSTANTIALLY MORE BALANCED INVENTORY POSITION ON BALANCE SHEET AND IN CHANNEL Management sets inventory rightsizing strategy Inventory Peak SMM $i60 $i59 S156 $153 $142 $132 su2 $98 $102 $85 L - 1.2021 2a 2021 30.2021 40.2021 1a 2022 2a 2022 302022 40.2022 1a2
Slide 8: Balance Sheet Flexibility and Liquidity
BALANCE SHEET FLEXIBILITY AND LIQUIDITY Significant Actions to Increase Financial Flexibility Available Liquidity ($MM) Lowered Exposure to Rising Rates $ia2 * Entered into floating-to-fixed interest rate swap agreement on First Lien Term Loan in February 2022 + Agreement provides for a notional amo
Slide 9: Growth Pillars: Quarterly Highlights
GROWTH PILLARS: QUARTERLY HIGHLIGHTS © Accelerate Brand Awareness + Kicked off the start of football season with Traeger Game Day, a social campaign with challenges, content and recipes to ensure members of the Traegerhood deliver epic Game Day BBQs for their friends and family using their Traeger;
Slide 10: Financials
FINANCIALS
Slide 11: 3rd Quarter 2023 Revenue Results
3'¢ QUARTER 2023 REVENUE RESULTS TOTAL REVENUE SMM Sus $94 3Q 2022 3Q 2023 GRILL REVENUE CONSUMABLES REVENUE ACCESSORIES REVENUE SMM SMM SMM >... $25 S $25 S $36 : L 3Q 2022 3Q 2023 3Q 2022 3Q 2023 3Q 2022 3Q 2023 Ih TRAEGER
Slide 12: 3rd Quarter Multi-Year Revenue Results
3'¢ QUARTER MULTI-YEAR REVENUE RESULTS TOTAL REVENUE SMM $145 a2 Sus $73 $94 3Q 2019 3Q 2020 3Q 2021 3Q 2022 3Q 2023 GRILL REVENUE CONSUMABLES REVENUE ACCESSORIES REVENUE SMM SMM SMM 8.3% CAGR $36 $32 $io4 $109 $28 g55 $05 sis $57 $50 $39 $9 $5 3Q 2019 3Q 2020 3Q 202! 3Q 2022 30 2023 3Q 2019 3Q 2020
Slide 13: 3rd Quarter 2023 Profitability Results
3'¢ QUARTER 2023 PROFITABILITY RESULTS ADJUSTED GROSS PROFIT Sw @® Adjusted Gross Margin $27 | $45 3Q 2022 ADJUSTED EBITDA SMM @® Adjusted EBITDA Margin Ci3.9%) ) (GE) 3Q 2022 ADJUSTED NET INCOME (LOSS) © 3Q 2023 SMM ($74) oh 3Q 2022 TRAEGER ($14) 3Q 2023
Slide 14: Prior Guidance / New Guidance
PRIOR GUIDANCE NEW GUIDANCE • • • • • •
Slide 15: Appendix
APPENDIX TRAEGER
Slide 16: Footnotes
FOOTNOTES |. Adjusted EBITDA, Adjusted EBITDA Margin, and Adjusted Gross Margin are non-GAAP measures. See the appendix to this presentation for a presentation of, and a reconciliation of these measures to, the nearest comparable GAAP measures, including Net Income (Loss), Net Income (Loss) Margin,
Slide 17: Information Regarding Non-GAAP Financial Measures
INFORMATION REGARDING NON-GAAP FINANCIAL MEASURES In addition to our results and measures of performance determined in accordance with U.S. GAAP, we believe that certain non- GAAP financial measures are useful in evaluating and comparing our financial and operational performance over multiple period
Slide 18: Presentation of Comparable GAAP Measures and Reconciliations of Non-GAAP Financial Measures
PRESENTATION OF COMPARABLE GAAP MEASURES AND RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES Three Months Ended September 30, Nine Months Ended September 30, (amounts in thousands, except share and per share amounts) 2023 2022 2023 2022 Net loss (9.26), (211,142) (60,357) (353,236) Adjustment: Other
Slide 19: Presentation of Comparable GAAP Measures and Reconciliations of Non-GAAP Financial Measures
PRESENTATION OF COMPARABLE GAAP MEASURES AND RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES oh TRAEGER Three Months Ended September 30, ‘Three Months Ended September 30, 2023 2022, Gross margin 37.9% 26.7% ‘Ada Impact of restructuring costs recorded in cost of revenue ~% 17% Adjusted gross margin 37