Whirlpool: Q1 2026 Whirlpool Corporation Earnings Conference Call Presentation

First-Ǫuarter 2026 Earnings Review

oration Confidential

Whirlpool Corp

Whirlpool Corporation Confidential

Thursday, May 7, 2026

First-Ǫuarter 2026 Earnings Review

Marc Bitzer

CHAIRMAN AND CHIEF EXECUTIVE OFFICER

Roxanne Warner

EXECUTIVE VICE PRESIDENT AND CHIEF FINANCIAL OFFICER

Juan Carlos Puente

EXECUTIVE PRESIDENT, NORTH AMERICA AND GLOBAL STRATEGIC SOURCING

Ludovic Beaufils

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EXECUTIVE PRESIDENT, KITCHENAID SMALL APPLIANCES AND LATIN AMERICA

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Cautionary Statement

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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, but are not limited to, statements regarding future financial results, long-term value creation goals, restructuring expectations, productivity, raw material prices and related costs, supply chain, portfolio transformation expectations, India transaction expectations, housing market expectations, asset impairment, new product introduction benefits, trade and tariff benefits, litigation, ESG efforts, debt repayment and dividend expectations, credit facility timing, share position, and the impact of the global economy and geopolitical events on our operations and financial results. Many risks, contingencies and uncertainties could cause actual results to differ materially from Whirlpool's forward-looking statements. Among these factors are: (1) intense competition in the home appliance industry, and the impact of the changing retail environment, including direct-to-consumer sales; (2) Whirlpool's ability to maintain or increase sales to significant trade customers and builders; (3) Whirlpool's ability to maintain its reputation and brand image; (4) Whirlpool's ability to achieve its business objectives and successfully manage its strategic portfolio transformation and outsourced business unit service model; (5) Whirlpool's ability to understand consumer preferences and successfully develop new products; (6) Whirlpool's ability to obtain and protect intellectual property rights; (7) acquisition, divestiture, and investment-related risks, including risks associated with our past transactions; (8) the ability of suppliers of critical parts, components and manufacturing equipment to deliver sufficient quantities to Whirlpool in a timely and cost-effective manner; (9) risks related to Whirlpool's international operations; (10) Whirlpool's ability to respond to unanticipated social, political and/or economic events, including epidemics/pandemics; (11) information technology system and cloud failures, data security breaches, data privacy compliance, network disruptions, and cybersecurity attacks; (12) product liability and product recall costs; (13) Whirlpool's ability to attract, develop and retain executives and other qualified employees; (14) the impact of labor relations; (15) fluctuations in the cost of key materials (including steel, resins, and base metals) and components and the ability of Whirlpool to offset cost increases; (16) Whirlpool's ability to manage foreign currency fluctuations; (17) impacts from goodwill, intangible asset and/or inventory impairment charges; (18) health care cost trends, regulatory changes and variations between results and estimates that could increase future funding obligations for pension and postretirement benefit plans; (19) impacts from credit rating agency downgrades; (20) litigation, tax, and legal compliance risk and costs; (21) the effects and costs of governmental investigations or related actions by third parties; (22) changes in the legal and regulatory environment including environmental, health and safety regulations, data privacy, taxes and AI; (23) the impacts of changes in foreign trade policies, including tariffs; (24) Whirlpool's ability to respond to the impact of climate change and climate change or other environmental regulation; and (25) the uncertain global economy and changes in economic conditions;

(26) financing and liquidity uncertainty including payment of dividends on our Mandatory Convertible Preferred Stock; (27) the dilutive effect of conversion and potential dividend payments in common stock for our Mandatory Convertible Preferred Stock; (28) the liquidation preference of our Mandatory Convertible Preferred Stock above our common stock; (29) potential delays in closing or inability to close our private placement transaction; and (30) reduced operational flexibility and liquidity under our potential Asset-Based loan facility. Additional information concerning these and other factors can be found in "Risk Factors" in Item 1A of Whirlpool's 2025 Form 10-K report as updated in subsequent Form 10-Q reports. We undertake no obligation to update any forward-looking statement, and investors are advised to review disclosures in our filings with the SEC. It is not possible to foresee or identify all factors that could cause actual results to differ from expected or historic results. Therefore, investors should not consider the foregoing factors to be an exhaustive statement of all risks, uncertainties, or factors that could potentially cause actual results to differ from forward-looking statements.

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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, including: earnings before interest and taxes (EBIT), EBIT margin, ongoing EBIT, ongoing EBIT margin, and ongoing earnings per diluted share. Other non-GAAP financial measures that may be included in this presentation are free cash flow, free cash flow as a percentage of sales, adjusted effective tax rate, organic net sales, net debt leverage and return on invested capital (ROIC).

Organic net sales: Sales excluding the impact of certain acquisitions or divestitures, and foreign currency. Management believes that organic net sales provides stockholders with a clearer basis to assess our results over time, excluding the impact of exchange rate fluctuations and certain acquisitions and/or divestitures. Slide 25 excludes 2025 net sales from the divested India business and foreign currency impact. Slide(s): 10, 26

Ongoing EBIT margin: Ongoing EBIT divided by net sales. Ongoing measures exclude items that may not be indicative of, or are unrelated to, results from our ongoing operations and provide a better baseline for analyzing trends in our underlying businesses. Slide(s): 10, 11, 26, 27, 34

Segment EBIT: Consolidated EBIT broken down by the Company's reportable segments and are metrics used by the chief operating decision maker in accordance with ASC

280. Consolidated EBIT also includes corporate "Other" of $(90) million and $(35) million for the first quarters of 2026 and 2025, respectively. Management believes segment EBIT provides stockholders with a clearer basis to assess our results over time for each segment. Slide(s): 12, 13, 14, 28

Ongoing earnings per diluted share: Diluted net earnings per share from continuing operations, adjusted to exclude items that may not be indicative of, or are unrelated to, results from our ongoing operations. Ongoing measures provide a better baseline for analyzing trends in our underlying businesses. Slide(s): 10, 26, 35

Free cash flow: Cash provided by (used in) operating activities less capital expenditures. Management believes that free cash flow and free cash flow as a percentage of sales provide stockholders with a relevant measure of liquidity and a useful basis for assessing Whirlpool's ability to fund its activities and obligations. Slide(s): 10, 26, 29

Adjusted effective tax rate: Effective tax rate, excluding pre-tax income and tax effect of certain unique items. Management believes that adjusted tax rate provides stockholders with a meaningful, consistent comparison of the Company's effective tax rate, excluding the pre-tax income and tax effect of certain unique items. Slide(s): 26, 35

Whirlpool Corporation Confidential

Please refer to the supplemental information pack located in the events section of our Investor Relations website at investors.whirlpoolcorp.com for a reconciliation of these non-GAAP financial measures to the most directly comparable GAAP financial measures. Whirlpool does not provide a Non-GAAP reconciliation for its forward-looking long-term value creation goals, such as organic net sales, ongoing EBIT, free cash flow as percentage of net sales, ROIC and net debt leverage, as these long-term management goals are not annual guidance, and the reconciliation of these long-term measures would rely on market factors and certain other conditions and assumptions that are outside of the Company's control.

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Agenda

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First-Ǫuarter Performance Impacted by a Rapid Deterioration of Macro Environment

War in Iran in late February drove global inflation and amplified concerns around cost of living

Consumer sentiment plunged to the lowest level on record, impacting demand and preventing recovery from major winter storms

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U.S. and Canada industry demand reached recession-level lows, with even greater impact on discretionary demand and weakness in builder channel

Industry pricing disrupted by IEEPA ruling and anticipation of refunds

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Consumer Sentiment Drops to Record Low

U.S. CONSUMER SENTIMENT INDEX

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2005 2010 2015 2020 2025

Source: University Of Michigan Consumer Sentiment Index

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March -10%

Industry Decline as a Result of Compounding Pressures

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Source: AHAM Sell-in - U.S.

Note: AHAM T6 Industry data includes electric and gas ranges, wall ovens, clothes washers and dryers, dishwashers, refrigerators and freezers. 8

*2026 YTD reflects AHAM data weeks 2-12

Industry Pricing Impacted by the IEEPA Tariff Ruling and Anticipation of Refunds

IEEPA Ruling

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U.S. Appliance Industry Pricing (vs Jan '25)

Competitor

Average

Source: Publicly available sell-out data

Industry Pricing in the U.S. 9

2026 First-Ǫuarter Results

PROFITABLE GROWTH

Net Sales

$3.3B

YoY Change

(9.6)%

(6.1)% organic

MARGIN EXPANSION

Ongoing EBIT Margin

1.3%

YoY Change

(4.6) pts

Free Cash Flow

$(896)M

FCF as % of Net Sales

(27.3)%

CASH CONVERSION

• Ongoing EBIT of 1.3% resulted in ongoing EPS of $(0.56), including $(0.32) impact of Beko Europe B.V.

• MDA NAR performance severely impacted by sharp decline in consumer sentiment and inventory reduction costs

• MDA LAR margin pressured by intense promotional environment, partially offset by favorable tax-related gains

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• SDA Global continued to perform exceptionally well

• Free cash flow of $(896)M, as inventory reduction benefit was masked by lower earnings

• Paid $0.90 dividend per share in Q1

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  Ongoing EBIT Margin Drivers

  (Approximate impact)	Q1
  2025 Ongoing EBIT Margin	5.9%
  Price/Mix	-2.75
  Net Cost*	-1.75
  Raw Material Inflation	-0.50
  Net Tariff Impact	nm
  Marketing & Technology Investments	+0.50
  Currency	+0.50
  Transaction Impacts	-0.50
  2026 Ongoing EBIT Margin	1.3%

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  *Inclusive of Fixed Cost Take Out, Ongoing Cost Productivity (Including Conversion and Freight & Warehousing), Volume 11

  Leveraging, and Restructuring Benefits.

  
  
  

  MDA NAR First-Ǫuarter Results

  NET SALES ($B) EBIT ($M) EBIT MARGIN

  -13%

  -8%

  Q4 2025

  Q1 2026

  Q1 2025

  -92%

  -96%

  Q4 2025

  Q1 2026

  Q1 2025

  -2.5pts

  -5.9pts

  Q4 2025

  Q1 2026

  Q1 2025

  
  
  

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  • Decline in consumer confidence due to Iran War prevented recovery from winter storms and resulted in recession-level industry contraction of -7.4%, with March down 10%

  • EBIT impacted by lower demand, resumed promotions post Presidents' Day and cost from inventory reduction actions partially offset by tariff recovery and mitigation actions

  • Announced the largest price increase in a decade of 10%+ to address multi-year inflationary cost pressures

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    MDA LAR First-Ǫuarter Results

    -0.4pts

    -0.6pts

    
    
    

    NET SALES ($B) EBIT ($M) EBIT MARGIN

    -22%

    -4%

    
    
    

    -17%

    5%

    Q4 2025

    Q1 2026

    Q1 2025

    
    
    

    Q4 2025

    Q1 2026

    Q1 2025

    Q4 2025

    Q1 2026

    Q1 2025

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  • Net sales excluding currency decreased ~4% year-over-year due to the aggressive promotional environment, despite volume increases

  • EBIT margin impacted by unfavorable price/mix, partially offset by favorable Brazil tax ruling and cost take out initiatives

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    SDA Global First-Ǫuarter Results

    NET SALES ($B) EBIT ($M) EBIT MARGIN

    -48%

    13%

    Q4 2025

    Q1 2026

    Q1 2025

    -20%

    29%

    Q4 2025

    Q1 2026

    Q1 2025

    7.2pts

    2.5pts

    Q4 2025

    Q1 2026

    Q1 2025

    
    
    

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  • Delivered ~10% net sales growth year-over-year excluding currency, supported by new product launches

  • EBIT margin expanded 250 bps year-over-year driven by direct-to-consumer growth and cost take out initiatives

  • SDA Global achieved its sixth consecutive quarter of year-over-year revenue growth, underscoring the strength of product portfolio and value creation strategy

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WITH ICED COFFEE

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Agenda

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Announced Largest Price Increase in More Than a Decade

DRIVE PREMIUM MIX

DELIVER PRODUCT INNOVATION

REDUCED PROMOTIONS AND

PRICING ACTIONS

PROMOTIONAL PRICE

• Announced and effective in April 2026

• 10%+ increase

• Shortened promotional windows and discontinued support of house promotions

  LIST PRICE

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  • KitchenAid new major appliances delivered strong sell-through in Q1

  • New Whirlpool UV Laundry Tower received strong third-party endorsement

  • Continue to leverage floor gains from new product launches

  • 23 awards won at KBIS

• Announced in April, effective in July 2026

• ~4% increase

• In addition to promotional price adjustments

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WHIRLPOOL

Introducing Industry-First UV Clean Technology

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Odor Fighting Sink Flange

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