Whirlpool Corporation · NYSE:WHR
Whirlpool — Q2 2025 Earnings Presentation
37 slides from Whirlpool's earnings presentation, Jul 29, 2025
Slide 1: Second-Quarter 2025 Earnings Review
Second-Quarter 2025 Earnings Review Tuesday, July 29, 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: Second-Quarter 2025 Earnings Review
Second-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 Second-Quarter Results 2 Catalysts for Growth in North America 3 2025 Guidance and Capital Allocation Priorities Whirlpool Corporation Confidential 5
Slide 6: 2025 Second-Quarter Results
2025 Second-Quarter Results PROFITABLE GROWTH Net Sales YoY Change ● Negative global industry demand resulted in 3% net sales decline excluding currency, despite strong growth in SDA $3.8B (5.4)% (3.2)% ex-currency Global MARGIN EXPANSION ● Ongoing EBIT margin of 5.3% with cost take out partially On
Slide 7: Ongoing EBIT Margin Drivers
Ongoing EBIT Margin Drivers (Approximate impact) Q2 2024 Ongoing EBIT Margin 5.3% Price/Mix +0.25 Net Cost* +1.00 Raw Material Inflation nm Tariff Impact -0.50 Whirlpool Corporation Confidential Marketing & Technology Investments nm Currency -0.50 Europe Transaction -0.25 2025 Ongoing EBIT Margin 5.3%
Slide 8: MDA NAR Second-Quarter Results
MDA NAR Second-Quarter Results NET SALES ($B) EBIT ($M) EBIT MARGIN 1% -5% -4% -12% -0.3pts -0.4pts Q1 2025 Q2 2025 Q2 2024 Q1 2025 Q2 2025 Q2 2024 Q1 2025 Q2 2025 Q2 2024 Whirlpool Corporation Confidential ● Consumer sentiment weakness negatively impacting both demand and product mix ● Continue to s
Slide 9: MDA LAR Second-Quarter Results
MDA LAR Second-Quarter Results NET SALES ($B) EBIT ($M) EBIT MARGIN 9% -10% -1% -8% -0.6pts 0.2pts Q1 2025 Q2 2025 Q2 2024 Q1 2025 Q2 2025 Q2 2024 Q1 2025 Q2 2025 Q2 2024 Whirlpool Corporation Confidential ● Net sales excluding currency decreased 1% year-over-year with implemented pricing actions offs
Slide 10: MDA Asia Second-Quarter Results
MDA Asia Second-Quarter Results NET SALES ($B) EBIT ($M) EBIT MARGIN 22% 11% 0.1pts 0.9pts 19% -6% Q1 2025 Q2 2025 Q2 2024 Q1 2025 Q2 2025 Q2 2024 Q1 2025 Q2 2025 Q2 2024 Whirlpool Corporation Confidential ● Net sales excluding currency decreased 4% year-over-year driven by industry decline partially
Slide 11: SDA Global Second-Quarter Results
SDA Global Second-Quarter Results NET SALES ($B) EBIT ($M) EBIT MARGIN -4% 33% -1.2pts 3.4pts 3% 8% Q1 2025 Q2 2025 Q2 2024 Q1 2025 Q2 2025 Q2 2024 Q1 2025 Q2 2025 Q2 2024 Whirlpool Corporation Confidential ● Delivered 8% net sales growth year-over-year driven by strong direct-to-consumer sales despi
Slide 12: Agenda
Agenda 1 Second-Quarter Results 2 Catalysts for Growth in North America 3 2025 Guidance and Capital Allocation Priorities Whirlpool Corporation Confidential 12
Slide 13: North America is Well-Positioned to Unlock Value Creation
North America is Well-Positioned to Unlock Value Creation 1 Record number 2 ‘Net Winner’ 3 (Overdue) recovery of products launched of trade tariffs of U.S. housing market ● >30% of North America’s product ● 8 in 10 of our Major Domestic ● Multi decade lows of existing portfolio is transitioning with
Slide 14: JennAir Downdraft Induction Cooktop
JENNAIR DOWNDRAFT INDUCTION COOKTOP Whirlpool Corporation Confidential NO DUCT, NO PROBLEM 14
Slide 15: New KitchenAid Suite
NEW KITCHENAID SUITE built to explore Unlocking a world of possibilities, the new lineup of KitchenAid products were Black Ore designed for personalization Bronze Brass Whirlpool Corporation Confidential Stainless Steel Juniper Stainless Steel Black Ore 15
Slide 16: Maytag Pets Impeller Top Load Laundry
MAYTAG PETS IMPELLER TOP LOAD LAUNDRY Whirlpool Corporation Confidential NEW! Pets Impeller 16
Slide 17: Tariff Impacts on U.S. Appliance Imports
2 Tariff Impacts on U.S. Appliance Imports Tariff Rates (as % of total product value) Section 301 + Reciprocal Reciprocal Section 2321 Fentanyl/ Total Tariff Total Tariff (IEEPA) as of July 28th (IEEPA) as of Aug 1st Border as of July 28th as of Aug 1st Tariff Scope All Imports - 50% Certain Chinese Al
Slide 18: Whirlpool as the Primary Domestic Producer Benefits Uniquely From Tariffs
2 Whirlpool as the Primary Domestic Producer Benefits Uniquely From Tariffs Whirlpool T5 U.S. Sales by Competitors T5 U.S. Sales by Production Footprint Production Footprint 5% 6% China Other 15% 25% Mexico U.S. 19% China Whirlpool Corporation Confidential 80% 28% U.S. 22% Other Asia1 Mexico Domestic
Slide 19: Health of Demand Mix is Strongly Impacted by Health of Housing Market
3 ‘Health’ of Demand Mix is Strongly Impacted by Health of Housing Market U.S. DEMAND (% of Units Sold) Discretionary Driven by existing home sales New Construction Driven by new home sales Driven by shortening replacement Whirlpool Corporation Confidential Replacement cycle (historically approx. 10
Slide 20: Existing Home Sales Drive Discretionary Demand
3 Existing Home Sales Drive Discretionary Demand Existing Home Sales Decreased Substantially Over the Last Three Years HISTORICALLY LOW EXISTING HOME SALES DISCRETIONARY DEMAND % • Existing home sales as a percent of total households >100 bps below historical average 6 6% • Size & pace of interest r
Slide 21: U.S. New Housing Has Been Undersupplied Since The Financial Crisis
3 U.S. New Housing Has Been Undersupplied Since The Financial Crisis, Creating Long-Term Upside MULTI-YEAR HOUSING EXPANSION ON THE HORIZON NEW CONSTRUCTION Tech Bubble Financial Crisis Covid-19 U.S. housing undersupply of 3 to 4 million units • Median age of U.S. homes rising housing units started
Slide 22: Our Leading, $2B+ Builder Business is Positioned to Benefit from Housing Recovery
3 Our Leading, $2B+ Builder Business is Positioned to Benefit from Housing Recovery BUILDERS’ #1 CHOICE: National Builders Growth Opportunity (Share % across national builders) 8 of 10 Top Builders Final Mile Delivery Capabilities 20pts+ Breadth of Brand Portfolio Whirlpool Corporation Confidential Fu
Slide 23: Agenda
Agenda 1 Second-Quarter Results 2 Catalysts for Growth in North America 3 2025 Guidance and Capital Allocation Priorities Whirlpool Corporation Confidential 23
Slide 24: Revised 2025 Full-Year Guidance
Revised 2025 Full-Year Guidance 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 M
Slide 25: Ongoing EBIT Margin Guidance
Ongoing EBIT Margin Guidance (Approximate impact) Previous Current Comments 2024 Ongoing EBIT Margin 5.3% 5.3% Price/Mix (excl. Tariff Impact/Actions) +0.75 +0.25 • Product launches & pricing actions Net Cost* (excl. Tariff Impact/Actions) +1.25 +1.00 • Cost actions expected to deliver ~$200M Raw Mate
Slide 26: 2025 Segment Guidance
2025 Segment Guidance Industry EBIT % Previous Current Previous Current MDA North America ~Flat (3%) - 0% ~7.5% 6.0% - 6.5% MDA Latin America 0% - 3% (5%) - 0% ~7.5% ~7.0% MDA Asia 3% - 5% 0% - 3% ~6.0% ~5.0%* Whirlpool Corporation Confidential SDA Global ~Flat (3%) - 0% ~15.0% ~15.5% Total ~Flat (3%
Slide 27: 2025 Free Cash Flow Guidance
2025 Free Cash Flow Guidance (Approximate impact in millions) 2024 2025 Comments Previous Current $1,000 - • 2024 impacted by Europe Transaction Cash Earnings and Other Operating Items $637 ~$900 $1,100 (~$275M) • Innovation, digital transformation and Capital Expenditures $(451) ~$(450) ~$(450) cos
Slide 28: 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 • Recommend annual dividend payout rate of $3.60 per share, creating balanc
Slide 29: Continuing to Strengthen the Balance Sheet
Continuing to Strengthen the Balance Sheet Operating with ample liquidity and a $3.5B revolver to support business needs $1.2B Debt Refinanced Additional Actions ● Expect to pay down ~$700M $600M at 5-year note 6.125% of debt in 2025 ● Expected India Transaction $600M at 8-year note 6.5% ○ Proceeds s
Slide 30: Closing Summary
Closing Summary ● SDA Global & international businesses continue to perform well ● MDA North America has compelling growth potential ○ Innovative product introductions across the brand portfolio ○ Uniquely positioned U.S. based manufacturing and supply chain ○ Housing demand fundamentals suggest an
Slide 31: Closing Remarks and Q&A
Closing Remarks and Q&A 31 Whirlpool Corporation Confidential
Slide 32: 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; select components and finished goods covered Section 232 ● 2025 Update: Increased steel and aluminum to 50%, removed exclusions Initially implemented in 2018
Slide 33: 2025 Guidance Comparison to 2024
2025 Guidance Comparison to 2024 Q1 2024 2024 As 2024 Like- 2025 MDA Reported for-Like Guidance Europe* Net Sales (in billions) $16.6 $0.8 ~$15.8 ~$15.8 Ongoing EBIT (in $887 $(9) ~$896 ~$900 millions) Whirlpool Corporation Confidential Ongoing EBIT Margin 5.3% (1.1)% ~5.7% ~5.7% *Q1 historical segme
Slide 34: Key Assumptions - Guidance
Key Assumptions - Guidance Income Statement FY2024 FY2025E Raw Material (Inflation) / Deflation nm nm Restructuring Costs* $79M ~$50M Interest Expense $358M ~$340M Corporate Center** $200M $200M - $225M Weighted-Average Diluted Shares Outstanding 55.1M 56.2M*** GAAP Earnings per Diluted Share $(5.87)
Slide 35: Interest and Sundry (Income) Expense and Equity Method Investment Income (Loss)
Interest and Sundry (Income) Expense and Equity Method Investment Income (Loss) Q2 (Approximate impact in millions) 2024 2025 Comments • Includes foreign exchange and hedge Net Foreign Exchange $9 $2 (gain)/loss • 2024 & 2025 interest income, interest Interest (Income) Expense/Other (2) (5) rate swa
Slide 36: Restructuring Cash Outlays
Restructuring Cash Outlays (Approximate impact in millions) 2024 2025E Comments Other Initiatives $82 $50 Primarily due to organizational simplification Total $82 ~$50 Note: Numbers may not reconcile due to rounding. Whirlpool Corporation Confidential 36
Slide 37: Whirlpool
Whirlpool Whirlpool KitchenAid JENNAI? MAYIAG AMANA BRASTEMP' Consul inQDertor