Victorias Secret & Co. · NYSE:VSCO
Victorias Secret & — Q4 2025 Earnings Presentation
45 slides from Victorias Secret &'s earnings presentation, Mar 5, 2026
Slide 1: Investor Presentation Fourth Quarter, 2025
Investor Presentation Fourth Quarter, 2025
Slide 2: Investment Highlights
Investment Highlights 1. LEADING GLOBAL INTIMATES COMPANY with iconic lifestyle brands, Victoria’s Secret and PINK 2. “PATH TO POTENTIAL”: MULTI-YEAR GROWTH STRATEGY is delivering results • Supercharge our bra authority • Recommit to PINK • Fuel growth in Beauty • Evolve our brand projection and go-
Slide 3: Company Overview
Company Overview
Slide 4: Victoria's Secret & Co. by the Numbers
Victoria’s Secret & Co. by the Numbers 1,400+ 30k+ Associates Across Stores Worldwide our Global Footprint 3 ~70 #2 Highest Followed Countries Brand on IG 2 #1 Bra Brand 2 in the World $6.6B ~150M 1 Social Media Net Sales Followers #1 50+ Fragrance in America 2 Digital Websites is Bombshell 1) As of
Slide 5: Inspire confidence. Spark Joy. Celebrate sexy.
Inspire confidence. Spark Joy. Celebrate sexy. VICTORIAS SECRET &CO.
Slide 6: Leading global intimates company with iconic lifestyle brands
Leading global intimates company with iconic lifestyle brands 6
Slide 7: Key Differentiators
Key Differentiators Global Beauty Market leader in Intimates Authority in Bras powerhouse Extensive retail footprint Strong global omni- Global scale and globally channel presence sourcing advantage 7
Slide 8: Our Growth Strategy: Path to Potential
Our Growth Strategy: “Path to Potential”
Slide 9: Path to Potential
Path to Potential STRATEGIES Evolve Our Brand Supercharge Our Recommit Fuel Growth Projection & GTM Bra Authority to PINK in Beauty Strategy ENABLERS 9
Slide 10: Refreshed Leadership Team Aligned with Strategy
Refreshed Leadership Team Aligned with Strategy and Equipped to Unlock Value HILLARY SUPER SCOTT SEKELLA Chief Executive Officer Chief Financial and Operating Officer Supercharge Our Recommit Fuel Growth Evolve Our Bra Authority to PINK in Beauty Brand Projection & GTM Strategy ANNE ALI DILLON AMY K
Slide 11: Supercharge Our Bra Authority
Evolve Our Supercharge Our Recommit Fuel Growth Brand Projection & Bra Authority to PINK in Beauty GTM Strategy Two bras sold every second!1 11 1) According to third party data
Slide 12: Strategic Pillar: Supercharge Our Bra Authority
Strategic Pillar: Supercharge Our Bra Authority Continued Progress Supercharge Our Bra Authority Market Share Low Single-Digit Q4 U.S. Intimates Market 1 Share growth • Obsess over the top 10 bra styles • Develop and launch innovation-first product Q4 Sales Winning in Bras 1 Product halos the entire
Slide 13: Recommit to PINK
Evolve Our Supercharge Our Recommit Fuel Growth Brand Projection & Bra Authority to PINK in Beauty GTM Strategy Iconic lifestyle brand for Gen Z 13
Slide 14: Strategic Pillar: Recommit to PINK
Strategic Pillar: Recommit to PINK Continued Progress Recommit to PINK Sales High Single-Digit Growth • Grow sales & market share by offering fashion-right Growth in Q4 with reduced • Apparel: six consecutive product she loves, and celebrating the moments promotions and increased quarters of growth
Slide 15: Fuel Growth in Beauty
Evolve Our Supercharge Our Recommit Fuel Growth Brand Projection & Bra Authority to PINK in Beauty GTM Strategy Bombshell is the #1 fragrance in America 15
Slide 16: Strategic Pillar: Fuel Growth in Beauty
Strategic Pillar: Fuel Growth in Beauty Continued Progress Fuel Growth in Beauty Sales Another Year of Low Single-Digit Growth Sales growth in Q4 led by • Build upon our industry-leading fragrance business Fine Fragrance 1 Product • Drive innovation, newness and buzz while keeping the Beauty continu
Slide 17: Evolve Our Brand Projection & GTM Strategy
Evolve Our Supercharge Our Recommit Fuel Growth Brand Projection & Bra Authority to PINK in Beauty GTM Strategy We’re not just here to sell you something. We’re here to make you feel something. 17
Slide 18: Strategic Pillar: Evolve Our Brand Projection & Go-to-Market Strategy
Strategic Pillar: Evolve Our Brand Projection & Go-to-Market Strategy Continued Progress Evolve our Brand Projection & Go-to-Market Strategy Market Share Gains1 Customer Share Gains • Low-Single-Digit growth in U.S. • Growth in total customer file of • Redeploying marketing dollars to appropriately
Slide 19: Profile of our Iconic Lifestyle Brands
Profile of our Iconic Lifestyle Brands Target Age: 25-44 18-24 Independent, Confident & Stylish Carefree, Fun-loving & Trendy Sexy, Glamorous, and Luxurious Bold, Playful, and Irreverent Flagship brand, offering modern, Lifestyle brand for young women, fashion-inspired bras, panties, including appar
Slide 20: Pivotal Marketing Initiatives Fuel Momentum
Pivotal Marketing Initiatives Fuel Momentum 1. “New Era of Sexy” Fashion Show 2. PINK push with differentiated positioning as a lifestyle brand rooted in our product icons 3. Distinct storytelling for each brand 4. Deliver 360 experience aligning product innovation, consumer insights, creative campa
Slide 21: Iconic Victoria's Secret Fashion Show – The New Era of Sexy
Iconic Victoria’s Secret Fashion Show – The New Era of Sexy ~61M ~51B +60% +9M Digital Traffic Streams Media Impressions New Social Followers On Day of Show 21
Slide 22: Turning Culture Into Commerce: Social Media Fueling Growth
Turning Culture Into Commerce: Social Media Fueling Growth #2 1 Highest Followed Brand on IG ~150M Social Media Followers ~355M 2 Social Media Monthly Impressions 1) According to third party data 22 2) LTM monthly average
Slide 23: Global Reach
Global Reach 23
Slide 24: Global Omni-Channel Reach
Global Omni-Channel Reach 1,400+ ~70 Stores Worldwide Countries 790 Victoria’s Secret and 627 Victoria’s Secret and PINK stores in PINK stores in North America International Markets 1 Net Sales by Channel 50+ Digital Sites Globally 24 1) Full year net sales for VS&Co. as of fiscal year end 2025
Slide 25: Store of the Future: Redefining the Retail Experience
Store of the Future (“SOTF”): Redefining the Retail Experience Customer Sustainability & Early Results SOTF Outlook Experience Efficiency • Simplified navigation • Smaller, more efficient formats • Higher traffic and conversion • ~30% of the North America fleet and ~55% of International • Brighter,
Slide 26: Fourth Quarter Earnings
Fourth Quarter Earnings March 5, 2026
Slide 27: Q4 2025 Results - Exceeding Expectations
Q4 2025 Results - Exceeding Expectations Broad based +8% outperformance Comparable Sales Across Brands, Channels and Geographies 39.4% $518M Adjusted Gross Profit Rate Higher than guidance Ending Cash Balance $316M $2.77 Adjusted Operating Income, Adjusted EPS, higher than higher than guidance guida
Slide 28: FY 2025 Results: Broad based outperformance
FY 2025 Results: VSCO Back in Growth Mode – 1st time since spin Broad based +5% outperformance Comparable Sales Across Brands, Channels and Geographies 37.0% $244M Adjusted Gross Profit Rate, Adjusted Free Cash Flow despite $85M tariff pressure $403M $3.00 Adjusted Operating Income Adjusted EPS, hig
Slide 29: Adjusted Consolidated Statements of Income (Thirteen Weeks)
Adjusted1 Consolidated Statements of Income Thirteen Weeks Ended January 31, 2026 & February 1, 2025 (Unaudited – In millions except per share amounts) Increase % Increase 2025 2024 (Decrease) (Decrease) Net Sales $2,269.8 $2,105.5 $164.3 8% Comparable Store Sales 7% 3% Comparable Sales 8% 5% Gross
Slide 30: Adjusted Consolidated Statements of Income (Fifty-Two Weeks)
Adjusted1 Consolidated Statements of Income Fifty-Two Weeks Ended January 31, 2026 & February 1, 2025 (Unaudited – In millions except per share amounts) Increase % Increase 2025 2024 (Decrease) (Decrease) Net Sales $6,553.4 $6,229.6 $323.8 5% Comparable Store Sales 4% (2%) Comparable Sales 5% 0% Gro
Slide 31: Consolidated Balance Sheets
Consolidated Balance Sheets (Unaudited – In thousands) January 31, 2026 February 1, 2025 ASSETS Current Assets Cash and Cash Equivalents $517,565 $226,591 Accounts Receivable, Net 186,379 159,192 Inventories 1,071,167 954,630 Other 107,439 100,808 Total Current Assets 1,882,550 1,441,221 Property an
Slide 32: 2026 Outlook
2026 Outlook (As of March 5, 2026) First Quarter Full Year Approximately $1.490 billion to $1.525 Approximately $6.850 billion to $6.950 Net Sales billion billion Approximately 35.5%, compared to Q1 Gross Margin Rate - 2025 adjusted rate of 35.2% Approximately 33% compared to Q1 2025 SG&A Expense Ra
Slide 33: Store Count & Selling Sq Ft – 2025 Actuals
Store Count & Selling Sq Ft – 2025 Actuals Total Beginning of Year New Stores Closures Reconstructions and End of Year Increase / (Decrease) Change in SSF Company-Operated U.S. Store Count 782 15 (31) 53 766 (16) (2%) Selling Sq Ft 000's 5,398 85 (140) (39) 5,304 (94) (2%) Canada Store Count 24 1 (1
Slide 34: Store Count & Selling Sq Ft – 2026 Forecast
Store Count & Selling Sq Ft – 2026 Forecast Total Beginning of Year New Stores Closures Reconstructions and End of Year Increase / (Decrease) Change in SSF Company-Operated U.S. Store Count 766 19 (10 to 20) 43 to 45 765 to 775 (1) to 9 0% to 1% Selling Sq Ft 000's 5,304 105 (40 to 104) (9) 5,296 to
Slide 35: Appendix
APPENDIX 35
Slide 36: Consolidated Statements of Income
Consolidated Statements of Income Thirteen Weeks Ended January 31, 2026 and February 1, 2025 (Unaudited – In thousands, except per share amounts) 2025 2024 Net Sales $2,269,804 $2,105,501 Costs of Goods Sold, Buying and Occupancy (1,414,809) (1,292,068) Gross Profit 854,995 813,433 General, Administ
Slide 37: Consolidated Statements of Income
Consolidated Statements of Income Fifty-Two Weeks Ended January 31, 2026 and Ended February 1, 2025 (Unaudited – In thousands, except per share amounts) 2025 2024 Net Sales $6,553,409 $6,229,560 Costs of Goods Sold, Buying and Occupancy (4,169,030) (3,945,159) Gross Profit 2,384,379 2,284,401 Genera
Slide 38: Selected Data
Selected Data Fifty-Two Weeks Ended January 31, 2026 and February 1, 2025 (Unaudited – In thousands, except per share amounts) Capital Expenditures 2025 2024 First Quarter $42,793 $38,521 Second Quarter 68,680 60,772 Spring Season $111,473 $99,293 Third Quarter 51,929 50,537 Fourth Quarter 24,068 27
Slide 39: Non-GAAP Financial Information
Non-GAAP Financial Information Fifty-Two Weeks Ending January 30, 2027 Forecast & Ended January 31, 2026 (Unaudited – In millions) In addition to our results provided in accordance with GAAP, provided below are non-GAAP financial measures that present operating income, net income attributable to Vic
Slide 40: Non-GAAP Financial Information
Non-GAAP Financial Information (Unaudited – In thousands except per share amounts) Fourth Quarter Year-to-Date 2025 2024 2025 2024 Reconciliation of Reported to Adjusted Gross Profit Reported Gross Profit - GAAP $854,995 $813,433 $2,384,379 $2,284,401 % Net Sales 37.7% 38.6% 36.4% 36.7% Adore Me Lon
Slide 41: Non-GAAP Financial Information
Non-GAAP Financial Information (Unaudited – In thousands except per share amounts) Fourth Quarter Year-to-Date 2025 2024 2025 2024 Reconciliation of Reported to Adjusted Net Income Attributable to Victoria's Secret & Co. Reported Net Income Attributable to Victoria's Secret & Co. - GAAP $183,634 $19
Slide 42: Non-GAAP Financial Information
Non-GAAP Financial Information Adjusted results exclude the following items: a) In the fourth quarter and year-to-date 2025, we recognized pre-tax expense of $119.6 million ($90.3 million net of tax expense of $29.3 million), $116.2 million included in general, administrative and store operating exp
Slide 43: Non-GAAP Financial Information
Non-GAAP Financial Information Adjusted results exclude the following items, continued: • Year-to-date 2025, we recognized pre-tax expense of $5.9 million ($5.5 million net of tax expense of $0.4 million), included in general, administrative and store operating expense, related to the financial impa
Slide 44: Forward Looking Statements
Forward Looking Statements • Safe Harbor Statement Under the Private Securities Litigation • our dependence on traffic to our stores and the availability of • our geographic concentration of production and distribution Reform Act of 1995 suitable store locations on satisfactory terms; facilities in
Slide 45: Thank You!
Thank You!