Slide 1: Q1'26 Earnings
Q1’26 EARNINGS JULY 30, 2025
Slide 2: Financial Presentation Disclosure
Financial Presentation Disclosure All per share amounts are presented on a diluted basis. This presentation refers to “reported” (R$) and “constant dollar” (C$) or “constant currency” amounts, terms that are described under the heading below “Constant Currency - Excluding the Impact of Foreign Curre
Slide 3: Table of Contents
Executive Summary 4 Table of Financial Summary 8 Contents Brand Highlights 12 Outlook 18 Appendix 20 Q1’26 EARNINGS 3
Slide 4: Executive Summary
EXECUTIVE SUMMARY Q1’26 EARNINGS 4
Slide 5: CEO Bracken Darrell commentary
“We performed ahead of our expectations and guidance in Q1'26, improving our top-line trend versus last year to flat (-2% C$) while delivering a much stronger bottom line. The North Face® and Timberland® sustained their positive momentum while Altra® grew strongly. Vans® was impacted by channel rati
Slide 6: Operating results exceeded guidance with notable margin expansion in Q1'26
Operating results exceeded guidance with notable margin expansion in Q1’26 Q1’26 FINANCIAL REVIEW Q2'26 AND FY'26 FINANCIAL OUTLOOK Revenue of $1.8B, flat Adjusted operating loss EPS (loss) of ($0.30), Establishing Q2'26 guidance, vs. LY or (2%) C$ significantly beat guidance adjusted EPS of ($0.24)
Slide 7: Q1'26 adjusted operating loss beats guidance, driven by gross margin expansion and flat SG&A
Q1’26 adjusted operating loss beats guidance, driven by gross margin expansion and flat SG&A ACTUAL GUIDANCE ACTUAL VS. GUIDANCE COMMENTARY • Sustained growth at The North Face® +5% and Timberland® + +9%, while Vans® (15%) in line with expectations Revenue % vs. LY (5%) to (3%) (2%) • DTC (4%) and W
Slide 8: Financial Summary
FINANCIAL SUMMARY Q1’26 EARNINGS 8
Slide 9: Sequential improvement in Q1'26, as revenue declines vs. LY moderate
Sequential improvement in Q1’26, as revenue declines vs. LY moderate FY'24 FY'25 FY'26 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Total Revenue: $2.0B $2.9B $2.8B $2.2B $1.8B $2.8B $2.8B $2.1B $1.8B +2% +2% $1.8B (2%) flat (2%) Flat vs. LY (3%) (4%) (5%) (6%) (6%) (7%) (7%) (2%) C$ vs. LY
Slide 10: Sustained momentum at The North Face and Timberland driving Q1'26 revenue
Sustained momentum at The North Face® and Timberland® driving Q1’26 revenue Q1'26 REVENUE TRENDS BRANDS vs. LY vs. LY (C$) REGIONS vs. LY vs. LY (C$) CHANNELS vs. LY vs. LY (C$) +6% +5% AMERICAS (4%) (3%) DTC (3%) (4%) (14%) (15%) EMEA +4% (2%) +11% +9% WHOLESALE +1% flat OTHER BRANDS +4% +2% APAC +
Slide 11: We are on track to meet our medium-term leverage target of 2.5x
We are on track to meet our medium-term 1 leverage target of 2.5x NET DEBT ($B) $6.7 • Net debt down $1.4B or (20%) vs. LY ($1.4) $5.3 ◦ Net debt down $1.5B excluding FX ◦ Net debt, excluding lease liabilities of $3.9B, down $1.4B or (27%) vs. LY • Net inventories up 4% vs. LY ◦ Up 1% C$ vs. LY • Ca
Slide 12: Brand Highlights
BRAND HIGHLIGHTS Q1’26 EARNINGS 12
Slide 13: The North Face delivered sustained and profitable top-line growth in Q1'26
The North Face® delivered sustained and profitable top-line growth in Q1’26 • DTC +7% or +6% C$ vs. LY, supported by new door expansion • Strong improvement in profitability driven by operational execution and lower promotions • Product drivers include technical trail running footwear (e.g. VectivTM
Slide 14: Vans in line with expectations in Q1'26 as we execute on our plan to return to growth
Vans® in line with expectations in Q1’26 as we execute on our plan to return to growth • Excluding the impact of channel rationalization actions, revenue down high-single digits vs. LY • DTC impacted by the closure of non-strategic stores and lower traffic across regions; key EMEA cities outperformi
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Slide 16: Positive momentum continued at Timberland
Positive momentum continued at Timberland® • Global growth in both DTC and Wholesale with lower discounting, contributing to higher margins • Americas +15% or +16% C$ vs. LY with strong double-digit comps in DTC • Sustained global momentum in the 6" boot during the warmer seasons +11% vs. LY, +9% C$
Slide 17: Fueling growth engines in Other Brands in Q1'26
Fueling growth engines in Other Brands in Q1’26 • Altra® over 20% growth vs. LY, driven by recent launches of key franchise styles; further share gains achieved in road running, leading position in trail running reinforced in the US1 • Dickies® declines slightly moderating, with leadership team rebu
Slide 18: Outlook
OUTLOOK Q1’26 EARNINGS 18
Slide 19: Q2'26 and FY'26 guidance
Q2’26 and FY’26 guidance GUIDANCE COMMENTARY Revenue % vs. LY • Includes negative impact of 1% from Wholesale (4%) to (2%) (C$) timing shift into Q1'26 from Q2’26 Q2’26 • Adjusted gross margin broadly flat vs. LY Operating income $260M to $290M • Adjusted SG&A dollars slightly up vs. LY (adjusted (a
Slide 20: Appendix
APPENDIX Q1’26 EARNINGS 20
Slide 21: Safe Harbor Statement
Safe Harbor Statement Certain statements included in this presentation are "forward-looking statements" within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are made based on VF’s expectations and beliefs concerning futu
Slide 22: Summary Revenue Information
Summary Revenue Information (Unaudited) (In millions) Three Months Ended June 2025 2024 % Change % Change Constant Currency* Brand: The North Face® $ 557.4 $ 524.2 6% 5% Vans® 498.0 581.8 (14%) (15%) Timberland® 255.1 229.4 11% 9% Other Brands 450.2 433.6 4% 2% VF Revenue $ 1,760.7 $ 1,769.1 0% (2%)
Slide 23: Condensed Consolidated Statements of Operations
Condensed Consolidated Statements of Operations (Unaudited) (In thousands, except per share amounts) Three Months Ended June 2025 2024 Revenues $ 1,760,666 $ 1,769,060 Costs and operating expenses Cost of goods sold 811,664 863,382 Selling, general and administrative expenses 1,035,611 1,028,698 Tot
Slide 24: Condensed Consolidated Balance Sheets
Condensed Consolidated Balance Sheets (Unaudited) (In thousands) June 2025 March 2025 June 2024 ASSETS Current assets Cash and cash equivalents $ 642,386 $ 429,382 $ 625,436 Accounts receivable, net 1,172,223 1,321,663 1,049,368 Inventories 2,135,478 1,627,025 2,059,728 Other current assets 425,429
Slide 25: Condensed Consolidated Statements of Cash Flows
Condensed Consolidated Statements of Cash Flows (Unaudited) (In thousands) Three Months Ended June 2025 2024 Operating activities Net loss $ (116,408) $ (258,886) Loss from discontinued operations, net of tax — (106,859) Loss from continuing operations, net of tax (116,408) (152,027) Depreciation an
Slide 26: Update to Reporting Segments
Update to Reporting Segments PRIOR TO Q1'26 EFFECTIVE Q1'26 OUTDOOR OUTDOOR The North Face The North Face Timberland Tree Timberland (Tree and PRO) • Effective Q1'26, segment reporting Altra was updated to simplify tracking of Smartwool key focus areas across brands and ACTIVE segments Icebreaker Va
Slide 27: Revised Segment Information
Supplemental Financial Information Revised Segment Information (Unaudited) (In thousands) Three Months Ended Three Months Ended Three Months Ended Three Months Ended Twelve Months Ended June 2024 September 2024 December 2024 March 2025 March 2025 Revenues: Outdoor segment $ 753,630 $ 1,566,722 $ 1,7
Slide 28: Segment Information
Supplemental Financial Information Segment Information (Unaudited) (In thousands) Three Months Ended June % Change Constant 2025 2024 % Change Currency* Revenues: Outdoor segment $ 812,466 $ 753,630 8% 6% Active segment 699,687 776,734 (10%) (11%) (a) All Other 248,513 238,696 4% 3% Total revenues $
Slide 29: Segment Information - Constant Currency Basis
Supplemental Financial Information Segment Information - Constant Currency Basis (Unaudited) (In thousands) Three Months Ended June 2025 As Reported Adjust for Foreign under GAAP Currency Exchange Constant Currency Revenues: Outdoor segment $ 812,466 $ (12,025) $ 800,441 Active segment 699,687 (7,26
Slide 30: Reconciliation of Select GAAP Measures to Non-GAAP Measures - Q1 2025
Supplemental Financial Information Reconciliation of Select GAAP Measures to Non-GAAP Measures - Three Months Ended June 2025 (Unaudited) (In thousands, except per share amounts) Three Months Ended June 2025 As Reported under GAAP Reinvent (a) Adjusted Revenues $ 1,760,666 $ — $ 1,760,666 Gross prof
Slide 31: Reconciliation of Select GAAP Measures to Non-GAAP Measures - Q1 2024
Supplemental Financial Information Reconciliation of Select GAAP Measures to Non-GAAP Measures - Three Months Ended June 2024 (Unaudited) (In thousands, except per share amounts) As Reported Transaction and Deal Related Three Months Ended June 2024 under GAAP Reinvent (a) Activities (b) Adjusted Rev
Slide 32: Top Brand Revenue Information
Supplemental Financial Information Top 3 Brand Revenue Information (Unaudited) Three Months Ended June 2025 Top 3 Brand Revenue Growth Americas EMEA APAC Global The North Face® % Change (3%) 15% 16% 6% % Change Constant Currency* (3%) 9% 16% 5% Vans® % Change (15%) (12%) (17%) (14%) % Change Constan
Slide 33: Geographic and Channel Revenue Information
Supplemental Financial Information Geographic and Channel Revenue Information (Unaudited) Three Months Ended June 2025 Geographic Revenue Growth % Change % Change Constant Currency* Americas (4%) (3%) EMEA 4% (2%) APAC 4% 4% Greater China (5%) (6%) International 2% (1%) Global 0% (2%) Three Months E
Slide 34: NORTE VANS Timberland &
Vy NORTE VANS Timberland & eFACE “OFF THE WALL" rt 4 ALIFZA ~S S Move to natural kipling icebreaker Smartwool. ®