Slide 1: Third Quarter 2025 Earnings
Third Quarter 2025 Earnings (Unaudited Results) October 21, 2025
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: Mattel, Inc. Who We Are
Mattel, Inc. Who We Are Mattel is a leading global toy and family entertainment company and owner of one of the most iconic brand portfolios in the world. We engage consumers and fans through our franchise brands, including Barbie, Hot Wheels, Fisher-Price, American Girl, Thomas & Friends, UNO, Mast
Slide 4: Mattel's Strategy
Mattel’s Strategy Grow IP-Driven Toy Business and Expand Entertainment Offering Our mission is to create innovative products and experiences that inspire fans, entertain audiences, and develop children through play ©2025 Mattel, Inc. All Rights Reserved. 4
Slide 5: CEO Overview
CEO Overview US business challenged by shifts in retailer ordering patterns; consumer demand for our products grew, and Gross Billings1 increased internationally Maintained Adjusted Gross Margin1 above 50% Repurchased $202M of shares, bringing the total this year to $412M Since the beginning of Q4,
Slide 6: Strategy Updates
Strategy Updates Growing IP-driven toy business and expanding entertainment offering • New brand-centric org. structure to accelerate global brand management capabilities • Launched two standout product lines: Mattel Brick Shop and Hot Wheels Speed Snap • American Girl achieved its fourth consecutiv
Slide 7: Q3 2025 Review
Q3 2025 Review Net Sales, Adjusted Operating Income1, and Adjusted EPS1 declined US retailers moving from direct import to domestic shipping, shifting orders to fourth quarter POS increased overall, with growth in every region, including the US Vehicles grew, as well as Challenger categories combine
Slide 8: Digital Games
Digital Games An important priority for Mattel is to scale digital games Licensing Self-Publishing Announced three licensed Two games expected in 2026 games for console and PC Additional games in development and pre-production Netflix partnership for Pictionary Creator Platforms Mattel163 JV Expande
Slide 9: Mattel Studios
Mattel Studios Continuing to add more projects to an exciting slate Film Television Expanding into cinematic-quality Polly Pocket live-action movie will be episodic series designed to profitably co-developed by Reese Witherspoon’s reach new audiences Hello Sunshine and Amazon MGM Announced first two
Slide 10: P&L Summary
P&L Summary Key metrics as compared to the prior year period YOY (in $M, Q3 2025 except EPS, percentages, and bps) Change Net Sales $1,736 -6% Constant Currency1 -7% Adjusted Gross Margin1 50.2% -290 bps Adjusted Operating Income1 $387 -$117 Adjusted EPS1 $0.89 -$0.25 US business challenged by shift
Slide 11: Q3 2025 Gross Billings by Category
Q3 2025 Gross Billings by Category1 Gross Billings decreased 5% Dolls -12% Vehicles +6% Barbie and Polly Pocket decline; growth in Continued growth, led by Hot Wheels Wicked, Monster High, and American Girl Successfully driving demand; Expect improving trends for Barbie adults are the fastest growin
Slide 12: Q3 2025 Gross Billings by Region
Q3 2025 Gross Billings by Region1 International up 2%; US business impacted by shift in retailer ordering patterns (Bars as reported, in $M; % change in constant currency) North America EMEA Latin America Asia Pacific $1,184 -10% CC $1,060 +3% CC $479 $515 -4% CC $282 $275 +11% CC $106 $117 Q3 '24 Q
Slide 13: Q3 2025 Adjusted Gross Margin Comparison
Q3 2025 Adjusted Gross Margin Comparison1 Decrease due to several factors, partially offset by cost savings -290bps 53.1% 0.3% 50.2% 1.2% 0.8% 1.1% 1.0% 0.8% Maintained Adjusted Gross Margin1 above 50% (1) Amounts may not sum due to rounding. Please see Appendix – Reconciliation of Non-GAAP Financia
Slide 14: Q3 2025 Advertising and Adjusted SG&A
Q3 2025 Advertising and Adjusted SG&A1 Advertising increased, supporting higher consumer demand; Adjusted SG&A1 benefited from lower compensation-related expenses Advertising Adj. SG&A (in $M) (in $M) -$5 $370 $365 +$13 $105 $118 Q3 '24 Q3 '25 Q3 '24 Q3 '25 Continuing to closely manage cost structur
Slide 15: Q3 2025 Adjusted Profit Metrics
Q3 2025 Adjusted Profit Metrics1 Key metrics as compared to the prior year period (in $M, except per share information) Adj. Operating Income Adj. EBITDA Adj. EPS $584 -$118 $504 -$117 $466 $387 $1.14 -$0.25 $0.89 Q3 '24 Q3 '25 Q3 '24 Q3 '25 Q3 '24 Q3 '25 Lower Net Sales and Adjusted Gross Margin1 i
Slide 16: Q3 2025 YTD and TTM Cash Flow
Q3 2025 YTD and TTM Cash Flow1 TTM Free Cash Flow of $488M (in $M)1 YTD 2025 YTD 2024 Cash from Operations ($203) ($62) Capital Expenditures ($125) ($157) Free Cash Flow ($328) ($219) TTM 2025 TTM 2024 Cash from Operations $659 $888 Capital Expenditures ($171) ($200) Free Cash Flow $488 $688 Repurch
Slide 17: Balance Sheet Highlights
Balance Sheet Highlights Owned inventory increase reflects tariff-related costs, foreign exchange, and retailers shifting from direct import to domestic shipping in the US (in $M) Q3 2025 Q3 2024 Cash $692 $724 Inventory $827 $737 Debt1 $2,338 $2,333 Leverage Ratio (Total Debt2 / Adj. EBITDA) 2.5x 2
Slide 18: Optimizing for Profitable Growth (OPG)
Optimizing for Profitable Growth (OPG) $148M of savings achieved since launching program in 2024 Target Cumulative Target Savings1 Allocation1 $200 $200 2026 S&A $80 ~40% $23M of savings achieved in Q3, $65M YTD 2025 Target 3-year program savings of $200M by 2026 $83 $65 COGS ~60% 2024 2024 2025 202
Slide 19: Reiterating 2025 Guidance
Reiterating 2025 Guidance1 Since the beginning of the fourth quarter, orders from retailers in the US have accelerated significantly and Mattel POS continues to grow in $M, FY2025 FY2024 except EPS and percentages2 Guidance Actual Net Sales +1% to 3%³ $5,380 Adjusted Gross Margin Approx. 50% 50.9% A
Slide 20: Closing
Closing “While our US business was challenged in the third quarter by industry-wide shifts in retailer ordering patterns, the fundamentals of our business are strong, with growth in consumer demand for our products across every region. Since the beginning of the fourth quarter, orders from retailers
Slide 21: ©2025 Mattel, Inc. All Rights Reserved.
©2025 Mattel, Inc. All Rights Reserved. 21
Slide 22: Appendix
Appendix 22
Slide 23: Consolidated Statements of Operations
Consolidated Statements of Operations ©2025 Mattel, Inc. All Rights Reserved. 23
Slide 24: Condensed Consolidated Balance Sheets
Condensed Consolidated Balance Sheets ©2025 Mattel, Inc. All Rights Reserved. 24
Slide 25: Supplemental Balance Sheet and Cash Flow Data
Supplemental Balance Sheet and Cash Flow Data ©2025 Mattel, Inc. All Rights Reserved. 25
Slide 26: Reconciliation of Non-GAAP Financial Measures
Reconciliation of Non-GAAP Financial Measures ©2025 Mattel, Inc. All Rights Reserved. 26
Slide 27: Reconciliation of Non-GAAP Financial Measures
Reconciliation of Non-GAAP Financial Measures ©2025 Mattel, Inc. All Rights Reserved. 27
Slide 28: Reconciliation of Non-GAAP Financial Measures
Reconciliation of Non-GAAP Financial Measures ©2025 Mattel, Inc. All Rights Reserved. 28
Slide 29: Reconciliation of Non-GAAP Financial Measures
Reconciliation of Non-GAAP Financial Measures ©2025 Mattel, Inc. All Rights Reserved. 29
Slide 30: Reconciliation of Non-GAAP Financial Measures
Reconciliation of Non-GAAP Financial Measures ©2025 Mattel, Inc. All Rights Reserved. 30
Slide 31: Reconciliation of Non-GAAP Financial Measures
Reconciliation of Non-GAAP Financial Measures ©2025 Mattel, Inc. All Rights Reserved. 31
Slide 32: Worldwide Net Sales and Gross Billings
Worldwide Net Sales and Gross Billings ©2025 Mattel, Inc. All Rights Reserved. 32
Slide 33: Net Sales and Gross Billings by Segment
Net Sales and Gross Billings by Segment ©2025 Mattel, Inc. All Rights Reserved. 33
Slide 34: Net Sales and Gross Billings by Segment
Net Sales and Gross Billings by Segment ©2025 Mattel, Inc. All Rights Reserved. 34
Slide 35: Glossary of Non-GAAP Financial Measures & Key Performance 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 36: Glossary of Non-GAAP Financial Measures & Key Performance 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