Slide 1: Fourth Quarter and Full Year 2025 Earnings
Fourth Quarter and Full Year 2025 Earnings (Unaudited Results) February 10, 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: CEO Overview
CEO Overview Gross Billings grew 6% in Q4, 7% in North America, and 4% internationally; grew less than anticipated in the U.S. in December, impacting FY results relative to expectations POS positive in all regions, including U.S., and grew ~3% overall for both Q4 and FY Supply chain excelled in vola
Slide 4: Digital Games Strategy
Digital Games Strategy Agreement to acquire full ownership of Mattel163 mobile games studio Strong studio with four games based on Mattel IP; ~20M monthly active users and >550M downloads worldwide Aligned with strategy to capture full value of IP in high-margin, highly accretive entertainment verti
Slide 5: Teenage Mutant Ninja Turtles
Teenage Mutant Ninja Turtles Awarded global multi-year rights for full range of products starting in 2027 Global phenomenon for more than 40 years Significantly expands our Action Figures category Two worldwide theatrical releases in 2027 and 2028 Reinforces leadership position as partner of choice
Slide 6: Mattel's New Brand-Centric Strategy
Mattel’s New 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. 6
Slide 7: 2026 Expectations
2026 Expectations Implementing evolved brand-centric strategy Vehicles as well as Challenger to grow strongly, Dolls comparable, ITPS to decline Improving trends for Barbie with new line architecture and innovation; expect return to growth in 2027 Reinforcing leadership position as partner of choice
Slide 8: Strategic Investments to Accelerate Organic Growth
Strategic Investments to Accelerate Organic Growth Making targeted, strategic investments in 2026; capital deployment within capital light framework in scalable, highly accretive, growth areas to create long-term value $110M New capabilities and technology, including digital games, Scale Business fi
Slide 9: 2027 Expectations
2027 Expectations Top and bottom-line growth Revenue Adj. Operating Income + Mid-to-High + Double-Digit Single Digit Growth Growth (constant currency) Growth driven by brand-centric strategy and organization, new partnerships, and 2026 strategic investments ©2026 Mattel, Inc. All Rights Reserved. 9
Slide 10: CFO Overview
CFO Overview Gross Billings grew 6% in Q4; POS was positive across every region; U.S. Gross Billings in December ended up growing less than anticipated, impacting FY results relative to expectations Trade-related uncertainty led U.S. retailers to shift orders from Q2 and Q3 into Q4, adopting a more
Slide 11: Q4 2025 Gross Billings by Category
Q4 2025 Gross Billings by Category Gross Billings grew 6% Dolls Comparable Vehicles +16% Impressive strength continued Barbie comparable Hot Wheels grew double digits American Girl grew for 5th consecutive quarter Matchbox and Disney and Pixar’s Cars performed well Infant, Toddler, and Preschool -10
Slide 12: FY 2025 Gross Billings by Category
FY 2025 Gross Billings by Category Gross Billings comparable Dolls -7% Vehicles +10% Primarily due to Barbie, and Polly Pocket, partially offset by Wicked Hot Wheels double digits growth, 8th consecutive record year Barbie impacted by softer overall category trends and non-core Portfolio Vehicles mo
Slide 13: FY 2025 Gross Billings by Region
FY 2025 Gross Billings by Region North America declined due to the U.S.; International grew 4% North America EMEA Latin America Asia Pacific -4% $3,395 +5% $3,262 $1,501 $1,642 -1% +11% $722 $716 $459 $415 2024 2025 2024 2025 2024 2025 2024 2025 Trade-related dynamics specific to the U.S.; Internati
Slide 14: Q4 and FY 2025 Net Sales
Q4 and FY 2025 Net Sales Net Sales up 7% as reported and 5% in constant currency in Q4 -1% $5,380 $5,348 +5% $1,646 $1,766 Q4 ’24 Q4 ’25 2024 2025 Net Sales down modestly in 2025 In $M. Percentages shown in constant currency, unless otherwise noted. For Constant Currency, please see Appendix – Recon
Slide 15: Q4 2025 Actual vs. Prior Year – Adjusted Gross Margin
Q4 2025 Actual vs. Prior Year – Adjusted Gross Margin Timing lag between mitigating actions and recognition of tariff costs in the P&L -480bps 50.8% 1.1% 1.1% 0.9% 0.8% 46.0% 2.5% 2024 Actual Tariffs, net Inflation FX Discounts OPG Cost 2025 Actual of Mitigating and Other Savings Actions Steps taken
Slide 16: FY 2025 Adjusted Gross Margin Comparison
FY 2025 Adjusted Gross Margin Comparison Adjusted Gross Margin decreased 200bps, primarily due to tariffs and inflation, partially offset by tariff mitigating actions and OPG savings 50.9% 48.9% 2024 2025 Mitigating actions fully offset tariff costs on full-year basis For Adjusted Gross Margin, plea
Slide 17: Q4 2025 Advertising and Adjusted SG&A
Q4 2025 Advertising and Adjusted SG&A Q4 Advertising and Adjusted SG&A decreased Advertising Adj. SG&A -5% -1% $418 $397 $257 $255 Q4 ’24 Q4 ’25 Q4 ’24 Q4 ’25 Effectively managing cost structure In $M. Percentages shown as reported. For Adjusted SG&A, please see Appendix – Reconciliation of Non-GAAP
Slide 18: Q4 and FY 2025 Adjusted Profit Metrics
Q4 and FY 2025 Adjusted Profit Metrics Key metrics as compared to the prior year period Adj. Operating Income Adj. EBITDA Adj. EPS -1% -6% +11% Q4 $161 $160 $249 $234 $0.35 $0.39 2024 2025 2024 2025 2024 2025 -16% -12% -13% FY $738 $1,058 $927 $1.62 $1.41 $620 2024 2025 2024 2025 2024 2025 Lower Net
Slide 19: FY 2025 Free Cash Flow
FY 2025 Free Cash Flow Free Cash Flow declined, primarily due to lower Net Income FY 2025 FY 2024 Cash from Operations $593 $801 Capital Expenditures ($182) ($203) Free Cash Flow $411 $598 Repurchased $600M shares in 2025; since resuming repurchases in 2023, now repurchased >$1.2B of shares, reducin
Slide 20: Balance Sheet Highlights
Balance Sheet Highlights Balance Sheet is in a strong position Q4 2025 Q4 2024 Cash $1,243 $1,388 Inventory $563 $502 Long-term Debt $2,332 $2,334 Leverage Ratio (Total Debt / Adj. EBITDA) 2.5x 2.2x Maintained investment grade rating In $M. For Leverage Ratio, please see Appendix – Reconciliation of
Slide 21: Optimizing for Profitable Growth (OPG)
Optimizing for Profitable Growth (OPG) $172M of savings achieved since launching program in 2024 Target Cumulative Target Savings Allocation (in $M) $225 $225 +$25 $89 2026 SG&A ~45% $24M of savings in Q4 and $89M of savings in FY 2025 Increasing 3-year program savings target from $83 $200M to $225M
Slide 22: Capital Allocation Priorities
Capital Allocation Priorities Executing on multi-year capital allocation priorities • ~$110M strategic investments in capabilities and technology 1 Investments in Organic • ~$40M primarily performance marketing to support self-published mobile Growth game launches 2 Manage Capital Structure • Refina
Slide 23: 2026 Guidance
2026 Guidance Expect Net Sales growth, including Mattel163 partial year contribution; Adjusted Operating Income includes $150M of strategic investments FY2026 FY2025 Guidance Actual Net Sales +3% to 6% $5,348 Adjusted Gross Margin Approx. 50% 48.9% Adjusted Operating Income $550 - $600 $620 Adjusted
Slide 24: 2026 Category/Brand Expectations
2026 Category/Brand Expectations Key drivers Dolls Vehicles Expect another year of strong growth, driven by Hot Expected to be comparable Wheels New KPop Demon Hunters product will Matchbox film release October 9 ship in spring Disney and Pixar’s Cars 20th anniversary Barbie to see improving trends
Slide 25: Closing
Closing “We achieved strong topline growth in the fourth quarter and consumer demand was positive in every region for both the quarter and full year, but December gross billings in the U.S. ended up growing less than expected. Our international business was positive for the year and we gained market
Slide 26: Appendix
Appendix 26
Slide 27: Consolidated Statements of Operations
Consolidated Statements of Operations ©2026 Mattel, Inc. All Rights Reserved. 27
Slide 28: Condensed Consolidated Balance Sheets
Condensed Consolidated Balance Sheets ©2026 Mattel, Inc. All Rights Reserved. 28
Slide 29: Supplemental Balance Sheet and Cash Flow Data
Supplemental Balance Sheet and Cash Flow Data ©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: Reconciliation of Non-GAAP Financial Measures
Reconciliation of Non-GAAP Financial Measures ©2026 Mattel, Inc. All Rights Reserved. 31
Slide 32: Reconciliation of Non-GAAP Financial Measures
Reconciliation of Non-GAAP Financial Measures ©2026 Mattel, Inc. All Rights Reserved. 32
Slide 33: Reconciliation of Non-GAAP Financial Measures
Reconciliation of Non-GAAP Financial Measures ©2026 Mattel, Inc. All Rights Reserved. 33
Slide 34: Worldwide Net Sales and Gross Billings
Worldwide Net Sales and Gross Billings ©2026 Mattel, Inc. All Rights Reserved. 34
Slide 35: Net Sales and Gross Billings by Segment
Net Sales and Gross Billings by Segment ©2026 Mattel, Inc. All Rights Reserved. 35
Slide 36: Net Sales and Gross Billings by Segment
Net Sales and Gross Billings by Segment ©2026 Mattel, Inc. All Rights Reserved. 36
Slide 37: Glossary of Non-GAAP 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 38: Glossary of Non-GAAP Indicator
Glossary of Non-GAAP Financial Measures & Key Performance Indicator NON-GAAP FINANCIAL MEASURES Free Cash Flow and Free Cash Flow Conversion Free Cash Flow represents Mattel’s net cash flows from operating activities less capital expenditures. Free Cash Flow Conversion represents Mattel’s free cash