FY25 Annual Meeting Master Presentation - FINAL

Annual Meeting of Stockholders

Fiscal Year 2025

Introduction

Leslie Garber

Director of Investor Relations

Agenda

• Annual Meeting Proposals

• Financial Review & Business Presentations

• Questions & Answers

  
  
  
  
  
  

  Annual Meeting Proposals

  Tony Parker

  Vice President, General Counsel & Secretary

  Proposals

• Proposal No. 1: Election of Directors

• Proposal No. 2: Ratification of Appointment of Independent Auditor

Cautionary Statements Regarding Forward-Looking Information

Certain statements in this presentation may constitute forward-looking statements within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Our forward-looking statements include, but are not limited to, statements regarding our or our management team's expectations, hopes, beliefs, intentions or strategies regarding the future. In addition, any statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. These forward-looking statements are based on management's current expectations, estimates, forecasts, assumptions and projections about future events, our future performance, the future of our business, our plans and strategies, projections, anticipated tends, the economy and other future developments and their potential effects on us. In addition, we, or others on our behalf, may make forward-looking statements in other presentations or written statements, or in our communications and discussions with investors and analysts in the normal course of business through meetings, webcasts, phone calls and conference calls. Forward-looking statements can be identified by words such as "expect," "endeavor," "outlook," "forecast," "would," "could," "should," "project," "intend," "plan," "continue," "believe," "seek," "estimate," "anticipate," "may," "assume," "potential," "foresee," "predict," "possible," "commit," "design," "strive," and variations of such words and similar references to future periods. Such statements are subject to certain risks, uncertainties and assumptions that could cause actual results to differ materially from those anticipated, intended, expected, believed, estimated, projected, planned or otherwise expressed in any forward-looking statements, including, but not limited to, those described in our most recent Annual Report on Form 10-K and from time to time in our other filings with the Securities and Exchange Commission.

Investors are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. Except to the extent required by law, we do not have any intention or obligation to update publicly any forward-looking statements after the distribution of this report, whether as a result of new information, future events, changes in assumptions or otherwise.

Non-GAAP Measures

To supplement our consolidated financial statements prepared in accordance with generally accepted accounting principles ("GAAP"), Oil-Dri provides certain non-GAAP financial measures in this presentation as supplemental financial metrics. In particular, EBITDA, Free Cash Flow, Net Debt and Working Capital are non-GAAP financial measures provided in this presentation. We provide a reconciliation of each of these non-GAAP financial measures to the most directly comparable GAAP financial measure in the appendix to this presentation. The non-GAAP financial measures used by Oil-Dri may not be the same or calculated in the same manner as those used and calculated by other companies. Non-GAAP financial measures have limitations as analytical tools and should not be considered in isolation or as a substitute for Oil-Dri's financial results prepared and reported in accordance with GAAP. We believe that these non-GAAP measures may be helpful to investors and others in understanding and evaluating our operating results, and we urge investors to review the reconciliation of these non-GAAP financial measures to the comparable GAAP financial measures included in this presentation, and not to rely on any single financial measure to evaluate our business.

Fiscal Year 2025

Record -Breaking Performance

Daniel Jaffee

President & Chief Executive Officer

Miney Ball

A data -driven, disciplined strategy to maximize value per ton

Daniel Jaffee

President & Chief Executive Officer

1,050

1,000

950

900

850

800

750

700

1,022

Tons Sold (thousands)

CAGR: -1.0%

811

FY03 FY05 FY07 FY09 FY11 FY13 FY15 FY17 FY19 FY21 FY23 FY25

$500

$450

$400

$350

$300

$250

$200

$150

$173

FY03 FY05 FY07 FY09 FY11 FY13 FY15 FY17 FY19 FY21 FY23 FY25

Net Sales (millions)

CAGR: 4.8%

$486

$600

$550

$500

$450

$400

$350

$300

$250

$200

$150

$169

Net Sales Per Ton

CAGR 5.9%

$599

FY03 FY05 FY07 FY09 FY11 FY13 FY15 FY17 FY19 FY21 FY23 FY25

$190

$170

$150

$130

$110

$90

$70

$50

$30

$10

$35

FY03 FY05 FY07 FY09 FY11 FY13 FY15 FY17 FY19 FY21 FY23 FY25

Gross Profit Per Ton

CAGR 7.6%

$176

$0.80

$0.70

$0.60

$0.50

$0.40

$0.30

$0.20

$0.10

$0.16

Paid Dividends Per Share*

$0.72†

FY04 FY06 FY08 FY10 FY12 FY14 FY16 FY18 FY20 FY22 FY24 FY26E

*Prior year per share data has been updated to reflect the 2-for-1 stock-split in January 2025. 13

† FY2CE reflects expected annualized dividends announced on June 4, 2025.

Share Price* (As of Fiscal Year End)

$60.00

$50.00

CAGR with Reinvested Dividends 15.0%

$56.40

$40.00

$30.00

$20.00

$10.00

$0.00

$4.78

FY03 FY05 FY07 FY09 FY11 FY13 FY15 FY17 FY19 FY21 FY23 FY25

Financial Results

Fiscal Year 2025 & Q1 Fiscal Year 2026

Susan Kreh

Chief Financial Officer & Chief Information Officer

Fiscal Year 2025 Goals - A Look Back

• Grow top and bottom lines with improved volumes and product mix

• Invest in manufacturing infrastructure to enhance operational efficiency and support long-term growth

• Integrate Ultra Pet to unlock synergies, drive growth, and expand market presence

• Implement a 2-for-1 stock split

  • Record date: December 20, 2024

  • Distribution of additional shares: January 3, 2025

  • Shares traded on post-split basis: January 6, 2025

• Increase disclosures as we are no longer a Smaller Reporting Company

  
  
  

  Fiscal Year 2025 Business & Financial Highlights

  • Set new records in consolidated net sales, gross profit and net income

  • Significantly expanded the renewable diesel business

  • Successfully integrated the Ultra Pet business and achieved synergistic benefits

  • Made the largest capital investment in manufacturing infrastructure in company history

  • Raised the annual dividend increase from $.04/share to $.10/share

  • Substantially reduced debt

  • Grew cash reserves to over $50 million

$300 $250 $200 $150 $100 $50 $0 CAGR: 6.3%

$256

$226 $242

$44

CAGR: 3.1%

$45

$47

Cat Litter

FY23

FY24 FY25

Industrial & Sports

$120 $100 $80 $60 $40 $20 $0

B2B: Net Sales by Principal Product (millions)

CAGR: 19.1%

$110

$92

$78

CAGR: 4.9%

$40

$44

$34

CAGR: 7.2%

$24

$24

$28

Agricultural & Horticultural Fluids Purification Animal Health & Nutrition

FY23 FY24 FY25

Net Sales (millions)

$500

$450

$400

$350

$300

$250

$200

+11.0%

FY24 FY25

$150

$130

$110

$90

$70

$50

$30

-5.8%

Q1 FY25 Q1 FY26

$490 $480 $470 $460 $450 $440 $430

$438

Net Sales Growth Drivers (millions)

+11.0%

$486

$420

FY24 Price/Mix Volume Acquisition FY25

Tons Sold (thousands)

820 800 780 760 740 720 700

811

+4.9%

FY24 FY25

230 220 210 200 190 180 170 160 150

-5.6%

Q1 FY25 Q1 FY26

$600 $550 $500 $450 $400 $350 $300

+5.8%

Net Sales Per Ton

-0.2%

$600 $550 $500 $450 $400 $350 $300

FY24 FY25 Q1 FY25 Q1 FY26

$180 $160 $140 $120 $100 $80 $60 $40

+9.0%

Gross Profit Per

Ton

-7.8%

$200 $180 $160 $140 $120 $100 $80 $60 $40

FY24 FY25 Q1 FY25 Q1 FY26

35.0% 30.0%

+0.9%

Gross Margin %

35.0%

30.0%

-2.4%

25.0% 20.0% 25.0% 20.0% 15.0% 15.0%

FY24

10.0%

FY25

10.0%

Q1 FY25 Q1 FY26

Net Income Per Ton

$70 $60 $50 $40 $30 $20 $10 $0

+30.5%

FY24

FY25

$80 $70 $60 $50 $40 $30 $20 $10 $0

0.0%

Q1 FY25 Q1 FY26

$100 $80 $60 $40 $20 $0

+28.8%

EBITDA (millions)

$30 $28 $26 $24 $22 $20

-9.7%

FY24 FY25

Q1 FY25 Q1 FY26

Diluted Earnings Per Basic Common Share*

$4.00 $3.50 $3.00 $2.50 $2.00 $1.50 $1.00 $0.50 $0.00

+36.0%

$3.70

FY24

FY25

$1.14 $1.12 $1.10 $1.08 $1.06 $1.04 $1.02 $1.00

-5.8%

Q1 FY25 Q1 FY26

Paid Dividends Per Share*

$0.65 $0.60

+6.9%

$0.20 $0.18

+16.1%

$0.55 $0.50 $0.16 $0.14 $0.45 $0.12 $0.40

$0.62

FY24 FY25

$0.10

$0.180

Q1 FY25 Q1 FY26