Slide 1: 3Q25 Earnings
3Q25 Earnings December 3, 2025 Donna Karan @ Macy’s
Slide 2: Safe Harbor Statement
Safe Harbor Statement All statements in this presentation that are not statements of historical fact are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements are based upon the current beliefs and expectations of Macy’s, Inc. manageme
Slide 3: Performance Highlights
3Q25 Macy’s, Inc. Performance Highlights +3.2% Comparable Owned-Plus- $0.09 Adjusted Diluted Earnings Licensed-Plus-Marketplace Per Share (EPS) (O+L+M) Sales vs. 3Q24 • Net sales, comparable sales, core Adj. EBITDA and Adj. diluted EPS exceeded guidance • Macy’s Go-Forward business comparable sales
Slide 4: Macy's Nameplate: Strengthen & Reimagine
Strengthen & Reimagine Macy’s Nameplate 3Q25 +2.0% Comparable O+L+M Sales vs. +2.3% Macy’s Go-Forward Business1 3Q24 Comparable O+L+M Sales vs. 3Q24 • Results reflect positive response to improvements in omni- channel customer experience, brand curation and category offerings • Highest third quarter
Slide 5: Bloomingdale's: Accelerate & Differentiate
Accelerate & Differentiate Bloomingdale’s 3Q25 +9.0% Comparable O+L+M Sales 5th Consecutive quarter of vs. 3Q24 comparable O+L+M sales growth • A house of discovery, providing a vibrant, inviting and original experience anchored on exceptional customer service • Highest comparable sales in 13 quarte
Slide 6: Bluemercury: Accelerate & Differentiate
Accelerate & Differentiate Bluemercury 3Q25 +1.1% Comparable Owned Sales 19th Consecutive quarter of vs. 3Q24 comparable owned sales growth • Results driven by dermatological skincare ◦ Expanded brand partnerships, including Parfums de Marly, Byredo and Sisley- Paris • Curated assortments and agnost
Slide 7: End-to-End Operations
Simplify & Modernize End-to-End Operations 3Q25 +0.7% Inventory vs. 3Q24 11.3% Improvement in Order-to-Ship days • Achieved a key milestone with the opening of the China Grove distribution center, the company's largest and most technologically advanced distribution center ◦ State-of-the-art facility
Slide 8: A Bold New Chapter
A Bold New Chapter Challenging the status quo to fundamentally reposition the company, enhance the customer experience, deliver growth and unlock shareholder value. Club Room @ Macy’s YSL @ Bloomingdale’s Macy’s, Inc. China Grove Facility Strengthen & Reimagine Accelerate & Differentiate Simplify &
Slide 9: 3Q25 Financial Results & Capital Allocation
3Q25 Financial Results & Capital Allocation 9 "The Most Wonderful Stores Start Here" holiday campaign @ Macy’s
Slide 10: Sales Highlights
3Q25 Financial Results & Capital Allocation Sales Highlights $4.7B Net sales1 -0.6% vs 3Q24; +2.5% Comparable Owned Sales vs. 2.9% vs. 3Q24 excluding the 3Q24 impact of store closures +3.2% +3.4% Go-forward Business2 Comparable Comparable O+L+M Sales vs. 3Q24 O+L+M Sales vs. 3Q24 Note: 3Q25 digital
Slide 11: Nameplate Highlights
3Q25 Financial Results & Capital Allocation Nameplate Highlights Results versus 3Q24 Net Sales1 -2.3% Comparable O+L+M Sales +2.0% Go-Forward Macy’s Business Comparable O+L+M Sales2 +2.3% Net Sales +8.6% Comparable O+L+M Sales +9.0% Net Sales +3.8% Comparable Owned Sales +1.1% 1 Reflects the impact
Slide 12: Profitability & Productivity Highlights
3Q25 Financial Results & Capital Allocation Profitability & Productivity Highlights Actuals Change vs. 3Q24 Other Revenue $200 +24.2% Credit Card Revenue $158 +31.7% Macy’s Media Network $42 +2.4% Total Revenue $4,913 +0.2% Gross Margin $1,858 -1.1% Gross Margin Rate1 39.4% -20 bps SG&A Expense $2,0
Slide 13: YTD Capital Allocation Highlights
3Q25 Financial Results and Capital Allocation YTD Capital Allocation Highlights $149M Dividend Payments $201M Share Repurchases Consistent Capital Allocation Priorities • Maintain a healthy balance sheet and drive working capital efficiencies • Strategically invest in growth while lowering capex • S
Slide 14: Looking Ahead
Looking Ahead Raye at Holiday Window Unveil @ Bloomingdale’s
Slide 15: 4Q25 Guidance
4Q25 Guidance The company is providing the following estimates for certain 4Q25 financial statement items, as of December 3, 2025 For more information, refer to the appendix section of this presentation $7.35B to $7.50B -2.5% to Flat $1.35 to $1.55 Net Sales Comparable O+L+M Sales Adjusted Diluted E
Slide 16: FY25 Guidance
FY25 Guidance Go-Forward Business1 Comparable O+L+M sales and Core Adjusted EBITDA2 are the best proxy for the company’s future state The company is providing the following estimates for certain FY25 financial statement items, as of December 3, 2025 For more information, refer to the appendix sectio
Slide 17: Q&A
Q&A Parade Installation @ Macy’s
Slide 18: Appendix
Appendix Ralph Lauren @ Macy’s
Slide 19: Store Count as of 11/1/2025
Appendix Store Count as of 11/1/2025 End of 3Q25 Change In Locations from FY24 Locations Macy's Department Stores 390 — Macy's Small Format 21 +1 Macy's Furniture 33 -1 Macy's Furniture Clearance 1 — Freestanding Backstage1 5 — Total Macy's 450 — Bloomingdale's Department Stores 31 — Bloomies 4 — Bl
Slide 20: Long-term Debt Maturities as of 11/1/2025
Appendix Long-term Debt Maturities as of 11/1/2025 Note: % represents weighted average interest rate. All outstanding long-term debt is unsecured. Appendix 20
Slide 21: 3Q25 Macy's Locations Sales Highlights
Appendix 3Q25 Macy’s Locations Sales Highlights Change vs. 3Q24 Go-Forward Macy’s Locations Comparable O+L Sales1 +1.5% Reimagine 125 Locations Comparable O+L Sales +2.7% Non-Go-Forward Macy’s Locations Comparable O+L Sales -4.9% Appendix 21 1 Go-Forward Macy’s locations inclusive of Reimagine 125 a
Slide 22: FY25 Guidance as of 12/3/2025
Appendix FY25 Guidance as of 12/3/2025 The company is providing the following estimates for certain FY25 financial statement items. Refer to the following guidance assumptions slide for more details. As of 12/3/2025 As of 9/3/2025 (bold captions indicate a change) Net sales $21.475 billion to $21.62
Slide 23: FY25 Guidance Assumptions as of 12/3/2025
Appendix FY25 Guidance Assumptions as of 12/3/2025 General Considerations • The majority of fourth quarter volume is still ahead. The company continues to incorporate a more choiceful consumer into its 4Q25 guidance, consistent with its prior view. • Macy's, Inc. 4Q25 and FY25 guidance assumes that
Slide 24: FY25 Guidance Assumptions as of 12/3/2025
Appendix FY25 Guidance Assumptions as of 12/3/2025 Comparable Sales • The company expects Macy's Reimagine 125 location and digital performance to be partially offset by the go-forward Macy's locations that have not yet received initiatives and the stores the company has planned for closures in 2025
Slide 25: Reconciliation of GAAP to Non-GAAP Financial Measures
Reconciliation of GAAP to Non-GAAP Financial Measures Labubu Float @ Macy’s Thanksgiving Day Parade
Slide 26: Reconciliation of GAAP to Non-GAAP Financial Measures
Reconciliation of GAAP to Non-GAAP Financial Measures The company reports its financial results in accordance with U.S. generally accepted accounting principles (GAAP). However, management believes that certain non- GAAP financial measures provide users of the company's financial information with ad
Slide 27: Changes in Comparable Sales
Changes in Comparable Sales 13 weeks ended November 1, 2025 Macy's, Inc. Macy's Increase in comparable sales on an owned basis (Note 1) 2.5% 1.4% Impact of departments licensed to third parties and marketplace sales (Note 2) 0.7% 0.6% Increase in comparable sales on an owned-plus-licensed-plus-marke
Slide 28: Changes in Comparable Sales
Changes in Comparable Sales 13 weeks ended November 1, 2025 Macy's, Inc. Go- Macy's Go-Forward Bloomingdale's Bluemercury Forward business business Increase in comparable sales on an owned basis (Note 1) 2.7% 1.7% 8.8% 1.1% Impact of departments licensed to third parties and marketplace sales (Note
Slide 29: Earnings Before Interest, Taxes, Depreciation, and Amortization
Earnings Before Interest, Taxes, Depreciation, and Amortization Excluding Certain Items Millions, except percentages 13 weeks ended 13 weeks ended November 1, 2025 November 2, 2024 Most comparable GAAP measure: Total revenue $4,913 $4,903 Net income $11 $28 Net income as a percent to total revenue 0
Slide 30: Net Income and Diluted Earnings Per Share
Net Income and Diluted Earnings Per Share, Excluding Certain Items Millions, except per share figures 13 weeks ended 13 weeks ended November 1, 2025 November 2, 2024 Diluted Earnings Diluted Earnings Net Income Per Share Net Income Per Share As reported $11 $0.04 $28 $0.10 Impairment, restructuring