Slide 1: First-Quarter 2025 Earnings Review
First-Quarter 2025 Earnings Review Thursday, April 24, 2025 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: First-Quarter 2025 Earnings Review
First-Quarter 2025 Earnings Review Whirlpool Corporation Confidential Marc Bitzer Jim Peters CHAIRMAN AND EXECUTIVE VICE PRESIDENT CHIEF EXECUTIVE AND CHIEF FINANCIAL AND OFFICER ADMINISTRATIVE OFFICER 4
Slide 5: Agenda
Agenda 1 First-Quarter Results 2 Tariff Landscape and Mitigation Plan 3 2025 Guidance and Capital Allocation Priorities Whirlpool Corporation Confidential 5
Slide 6: 2025 First-Quarter Results
2025 First-Quarter Results PROFITABLE GROWTH ● 2% organic net sales improvement with strong SDA Global Net Sales YoY Change and MDA Asia growth $3.6B (19.4)% 2.2% organic ● Expanded ongoing EBIT margin 160 bps year-over-year MARGIN EXPANSION from pricing and cost actions Ongoing EBIT YoY Change Marg
Slide 7: Ongoing EBIT Margin Drivers
Ongoing EBIT Margin Drivers Q1’24 vs (Approximate impact) Q1’25 2024 Ongoing EBIT Margin 4.3% Price/Mix +0.50 Net Cost* +1.00 Raw Material Inflation nm Marketing & Technology Investments -0.25 Whirlpool Corporation Confidential Currency -0.50 Europe Transaction +0.75 2025 Ongoing EBIT Margin 5.9% *Inc
Slide 8: MDA NAR First-Quarter Results
MDA NAR First-Quarter Results NET SALES ($B) EBIT ($M) EBIT MARGIN -7% 0% -14% 11% -0.5pts 0.6pts Q4 2024 Q1 2025 Q1 2024 Q4 2024 Q1 2025 Q1 2024 Q4 2024 Q1 2025 Q1 2024 Whirlpool Corporation Confidential ● Stable net sales delivery despite declining consumer confidence and ‘loading’ of Asian imports
Slide 9: MDA LAR First-Quarter Results
MDA LAR First-Quarter Results NET SALES ($B) EBIT ($M) EBIT MARGIN -20% -12% -31% -25% -1.0pts -1.2pts Q4 2024 Q1 2025 Q1 2024 Q4 2024 Q1 2025 Q1 2024 Q4 2024 Q1 2025 Q1 2024 Whirlpool Corporation Confidential ● Net sales excluding currency increased 2% year-over-year driven by implemented pricing ac
Slide 10: MDA Asia First-Quarter Results
MDA Asia First-Quarter Results NET SALES ($B) EBIT ($M) EBIT MARGIN 548% 72% 5.8pts 2.4pts 13% 12% Q4 2024 Q1 2025 Q1 2024 Q4 2024 Q1 2025 Q1 2024 Q4 2024 Q1 2025 Q1 2024 Whirlpool Corporation Confidential ● Net sales excluding currency increased 16% year-over-year driven by strong volume from share
Slide 11: SDA Global First-Quarter Results
SDA Global First-Quarter Results NET SALES ($B) EBIT ($M) EBIT MARGIN -24% 10% 6.0pts 0.4pts -49% 8% Q4 2024 Q1 2025 Q1 2024 Q4 2024 Q1 2025 Q1 2024 Q4 2024 Q1 2025 Q1 2024 Whirlpool Corporation Confidential ● Delivered 10% net sales growth year-over-year excluding currency with strong direct-to-cons
Slide 12: Agenda
Agenda 1 First-Quarter Results 2 Tariff Landscape and Mitigation Plan 3 2025 Guidance and Capital Allocation Priorities Whirlpool Corporation Confidential 12
Slide 13: Current Relevant Tariff Landscape of U.S. Imports
Current Relevant Tariff Landscape of U.S. Imports Order Scope ● Pre-2025: 25% Steel and 10% aluminum; multiple country and product exclusions; Section 232 select components and finished goods covered Initially implemented in 2018 ● 2025 Update: Removed exclusions; increased aluminum to 25%; added add
Slide 14: Current Administration Trade Policies Will Level Playing Field for Domestic Production
Current Administration Trade Policies Will Level Playing Field for Domestic Production NEGATIVE IMPACT ON AMPLIFIED NEGATIVE NET POSITIVE IMPACT ON DOMESTIC PRODUCTION IMPACTS DOMESTIC PRODUCTION ● Since 2020, Asian producers ● Asian producers ‘loaded’ U.S. ● Some (retaliatory) tariff have exploited
Slide 15: Existing Tariff Loopholes Created ~$70/unit Disadvantage for Domestic Production
Existing Tariff “Loopholes” Created ~$70/unit Disadvantage for Domestic Production Steel Cost Difference (232) Component Cost Retail Price Supply Chain U.S. cold rolled 2-3x more Difference (232/301) Factor ~2x incl. trade margin expensive than Chinese U.S. Illustrative Production Example Vast Major
Slide 16: Mitigating Actions Underway
Mitigating Actions Underway 1 Pricing Actions ● (Component) cost based price increase already announced in April ● Previously announced Q1 pricing actions successfully implemented ● Additional cost take out initiatives to mitigate increases on raw materials, components and finished goods 2 Supply Sou
Slide 17: Agenda
Agenda 1 First-Quarter Results 2 Tariff Landscape and Mitigation Plan 3 2025 Guidance and Capital Allocation Priorities Whirlpool Corporation Confidential 17
Slide 18: 2025 Full-Year Guidance Unchanged
2025 Full-Year Guidance Unchanged 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
Slide 19: Ongoing EBIT Margin Guidance Unchanged
Ongoing EBIT Margin Guidance Unchanged (Approximate impact) Current Comments 2024 Ongoing EBIT Margin 5.3% Price/Mix (excl. Tariff Impact/Actions) +0.75 • Product launches & pricing actions Net Cost* (excl. Tariff Impact/Actions) +1.25 • Cost actions expected to deliver $200M+ benefit Raw Material Infla
Slide 20: Capital Allocation Priorities
Capital Allocation Priorities • Invest ~$450M of net sales 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 3 Fund Dividend • Committed to fund our dividend; reviewed quarterly by Whi
Slide 21: Strengthening our Balance Sheet Through Clear Actions to Address Debt Maturities
Strengthening our Balance Sheet Through Clear Actions to Address our Debt Maturities $1.85B Debt Due in 2025 Actions to Address ● Expect to pay down ~$700M of debt Senior Note $0.35B ● Expect to refinance $1.1B - $1.2B of maturing debt Remaining variable $1.50B ● term loan Whirlpool Corporation Confid
Slide 22: Debt Ladder Provides Flexibility for Refinancing 2025 Maturities
Debt Ladder Provides Flexibility for Refinancing 2025 Maturities Acquisition Related Term Loan Targeted refinance windows $2,000 Senior Notes Whirlpool Corporation Confidential $500 $0 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042 2043 2044 2045 2046 2047 204
Slide 23: Positioned for Growth with New Product Launches
Positioned for Growth with New Product Launches >30% portfolio turnover for MDA North America expected in 2025 KITCHENAID JENNAIR BRASTEMP FREE KITCHENAID INDUCTION BUILT-IN WALL STANDING BLENDER COOKTOP OVEN RANGE Created to empower users Features a vertical dual Integrated with Airfryer Powerful b
Slide 24: Positive Feedback on Exciting Product Launches
Positive Feedback on Exciting Product Launches Whirlpool Corporation Confidential 24
Slide 25: Recognized by Winning Awards at KBIS!
Recognized by Winning 7 Awards at KBIS! “You just sold me on your future, whereas last year I had doubts on Whirlpool’s vision.”- KBIS Trade Customer Best of KBIS Awards Reviewed.com Maytag Pet Pro Pair “Perhaps the most eye-catching innovation JennAir Downdraft Induction that we have seen this week
Slide 26: Closing Summary
Closing Summary ● MDA North America well positioned for growth from new products ● Expect tariff policies to level the playing field for domestic producers ● Continued strength expected from SDA Global & international businesses ● Focus on structural cost take out of $200M+ ● 2025 guidance unchanged w
Slide 27: Closing Remarks and Q&A
Closing Remarks and Q&A 27 Whirlpool Corporation Confidential
Slide 28: 2025 Segment Guidance Remains Unchanged
2025 Segment Guidance Remains Unchanged Industry EBIT % MDA ~Flat ~7.5% North America MDA 0 - 3% ~7.5% Latin America MDA 3 - 5% ~6.0% Asia* Whirlpool Corporation Confidential SDA Global ~Flat ~15.0% Total ~Flat ~6.8% 28 * 2025 Guidance for MDA Asia considers the anticipated India market sale transact
Slide 29: 2025 Free Cash Flow Guidance Remains Unchanged
2025 Free Cash Flow Guidance Remains Unchanged (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 optimizatio
Slide 30: 2025 Guidance Comparison to 2024
2025 Guidance Comparison to 2024 Q1 2024 July - 2024 As 2024 Like- 2025 MDA December Reported for-Like Guidance*** Europe* 2024 India** Net Sales (in billions) $16.6 $0.8 $0.4 ~$15.4 ~$15.8 Ongoing EBIT (in $887 $(9) $3 ~$893 ~$1,070 millions) Whirlpool Corporation Confidential Ongoing EBIT Margin 5.
Slide 31: Key Assumptions - Guidance
Key Assumptions - Guidance Income Statement FY2024 FY2025E Raw Material (Inflation) / Deflation nm nm Restructuring Costs* $79M ~$75M Interest Expense $358M ~$330M Corporate Center $200M ~$200M Weighted-Average Diluted Shares Outstanding 55.1M 56.1M** GAAP Earnings per Diluted Share $(5.87) ~$8.75 Ong
Slide 32: Interest and Sundry (Income) Expense and Equity Method Investment Income (Loss)
Interest and Sundry (Income) Expense and Equity Method Investment Income (Loss) Q1 (Approximate impact in millions) 2024 2025 Comments • Includes foreign exchange and hedge Net Foreign Exchange $(5) $4 (gain)/loss • 2024 & 2025 interest income, interest Interest (Income) Expense/Other (24) (36) rate
Slide 33: Restructuring Cash Outlays
Restructuring Cash Outlays (Approximate impact in millions) 2024 2025E Comments Other Initiatives $82 $75 Primarily due to organizational simplification Total $82 ~$75 Note: Numbers may not reconcile due to rounding. Whirlpool Corporation Confidential 33
Slide 34: Whirlpool
Whirlpool Whirlpool KitchenAid JENNAI? MAYIAG AMANA BRASTEMP' Consul inQDertor