Whirlpool: Q2 2026 Earnings Presentation

Second-Ǫuarter 2026 Earnings Review

oration Confidential

Whirlpool Corp

Whirlpool Corporation Confidential

Tuesday, August 4, 2026

Second-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

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, 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; (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) reduced operational flexibility under our Senior Secured Second Lien Notes due 2031 and 2034; and (30) reduced operational flexibility and liquidity availability under our 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.

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, ongoing earnings per diluted share and ongoing EBITDA. 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 26 excludes 2025 net sales from the divested India business and foreign currency impact. Slide(s): 8, 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): 8, 9, 26, 29, 33

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 $39 million and $(36) million for the second 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): 11, 18, 20, 30

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): 8, 26, 32, 34

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): 8, 26, 31

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, 34

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.

Agenda

1

2

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Whirlpool Key Messages

1

Our Q2 performance was in line with our expectations, despite the persistent macroeconomic challenges

2

We expect sequential improvement throughout 2026

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3

We continue to take decisive actions to better position our business today and when the housing market rebounds

We Continue to Take Decisive Actions to Better Position Our Business Today and When the Housing Market Rebounds

Accelerated the cadence of new product launches and they are performing well

Executed previously announced price increases in NAR and announced new actions in LAR

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Accelerated structural cost actions, creating meaningful carryover benefits into 2027

Bolstered our balance sheet and created financial flexibility via recapitalization and liquidity actions

7

7

2026 Second-Ǫuarter Results

Net Sales

$3.5B

YoY Change

(6.8)%

(1.7)% organic

Ongoing EBIT Margin

1.8%

YoY Change

(3.5) pts

Free Cash Flow

$(1.1)B

FCF as % of Net Sales

(31.5)%

• Organic Net Sales impacted by softer industry demand in North America and promotional intensity in Latin America

• EBIT margin sequentially improved 50 basis points to 1.8% and resulted in ongoing EPS of $(0.21)

• Successfully sold our minority stake in Beko Europe BV for

  Whirlpool Corporation Confidential

  ~$128M, ~$84M of net cash consideration

• Free cash flow of $(1.1)B driven by lower earnings and seasonal working capital

  8

  
  
  

  Ongoing EBIT Margin Drivers

  (Approximate impact) Q1'26 vs Q2'25 vs Q2'26 Q2'26
  Ongoing EBIT Margin	1.3%	5.3%
  Price/Mix	+2.25	-0.75
  Net Cost*	+1.00	-1.50
  Raw Material Inflation	-0.50	-0.75
  Net Tariff Impact	-2.00	-1.00
  Marketing & Technology Investments	-0.25	+0.25
  Currency	-0.25	+0.25
  Transaction Impacts	+0.25	nm
  2026 Ongoing EBIT Margin	1.8%	1.8%

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  *Inclusive of Fixed Cost Take Out, Ongoing Cost Productivity (Including Conversion and Freight & Warehousing), Volume 9

  Leveraging, and Restructuring Benefits.

  
  
  

  Agenda

  Second-Quarter Results

1

2

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MDA NAR Second-Ǫuarter Results

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

8%

-2%

Q1 2026

Q2 2026

Q2 2025

nm

-55%

Q1 2026

Q2 2026

Q2 2025

2.4pts

-3.2pts

Q1 2026

Q2 2026

Q2 2025

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Recall: 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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• Announced in April, effective in July 2026

• ~4% increase

• In addition to promotional price adjustments

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Successful U.S. Price Increase Realization

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

Competitor

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Average

Source: Publicly available sell-out data

Industry Pricing in the U.S. 13

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MAYTAG

TOP LOAD WASHERS

Launched Q3 2025

KITCHENAID

NEW KITCHEN SUITE

Launched Q3 2025

WHIRLPOOL

UV LAUNDRY TOWER

Launched Q1 2026

Product Innovation Supporting Growth

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~1 pt

Laundry share growth

~20%

Brand share growth Y^Y

~10 pts

Laundry Tower share growth

Source: AHAM YTD Unit share through week 27 15

Accelerating Cost Take Out Initiatives to Bring Business Back on Track

$150M+ cost take out expected in 2026, supported by ongoing Design to Value

Vertically integrate

to improve quality, speed of innovation and supply chain resilience

Automate

to improve productivity, agility and safety

($15M incremental)

Optimize footprint

in manufacturing and logistics

Renew strategic sourcing

focused on delivering the best solution

Corporate Center

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fixed cost actions

New

Phase 2 accelerating

Footprint Actions to Strengthen Operations

Benefits starting in Ǫ4'26; Main impact realized in 2027 and 2028

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AMANA

Multi-year modernization and optimization

PERRYSBURG

Unlocking greater efficiency through vertical integration

SUPSA & RAMOS

Refrigeration production shift to leverage scale and drive cost efficiency

25% REDUCTION

In local distribution center count

CONSOLIDATION

Of regional distribution and return centers

SUSTAINED RELIABILITY

97% of customers within 100 miles of a distribution center

annualized EBIT benefit

annualized EBIT benefit

MDA LAR Second-Ǫuarter Results

-3.0pts

-3.0pts

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

-44%

-46%

12%

8%

Q1 2026

Q2 2026

Q2 2025

Q1 2026

Q2 2026

Q2 2025

Q1 2026

Q2 2026

Q2 2025

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• Excluding currency, net sales decreased 2% year-over-year due to negative price/mix partially offset by higher volume

• EBIT margin impacted by unfavorable price/mix, partially supported by favorable Brazil tax-related gain

• Announced price increase and structural cost actions to restore margins in Brazil

LAR Mitigating Actions Underway

PRICING ACTIONS

Implement previously communicated pricing actions in Brazil

~5% increase

MIX ACTIONS

Drive mix through product innovation and the direct-to-consumer channel

COST TAKEOUT ACTIONS

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Execute aggressive fixed and variable cost take out

initiatives

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SDA Global Second-Ǫuarter Results

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

-9%

1%

Q1 2026

Q2 2026

Q2 2025

-49%

-31%

Q1 2026

Q2 2026

Q2 2025

-9.1pts

-5.4pts

Q1 2026

Q2 2026

Q2 2025

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• Net sales supported by solid performance in international business units; Excluding currency, net sales decreased 1% driven by retailer inventory burn in North America

• Underlying demand is positive, with strong sell-out and share gains globally, supported by new product launches and D2C expansion

• H1 profitability in line with expectations; achieved ~12% EBIT margin in Q2 while funding our planned marketing investments

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