V.F. (VFC) investor relations material

Leadership and organizational changes

• Significant leadership transitions have been executed, including new appointments for key brand roles and a focus on systematic, planned succession to drive momentum and morale improvements.

• Emphasis on speed and personal drive in leadership, with ongoing internal promotions and a rigorous succession planning process to foster talent development.

• Organizational restructuring aims to increase proximity to brands and commercial teams, enhancing agility and execution.

Brand performance and strategy

• Vans is undergoing a patient, long-term turnaround focused on brand health, innovation, and marketing, with early signs of recovery in the U.S. DTC and e-commerce channels.

• The North Face maintains strong growth, with new leadership expected to simplify operations and expand product offerings, especially in women's and year-round categories.

• Timberland is leveraging strong momentum to diversify beyond its iconic boot, expanding into new footwear and apparel categories.

• Altra and other smaller brands are showing high growth potential, with Altra achieving over 20% growth in recent quarters.

Financial targets and capital allocation

• Confident in achieving a 10% EBIT margin by fiscal 2028, with progress on gross margin, SG&A leverage, and debt reduction.

• Gross margin improvements are driven by supply chain efficiencies, full-price sales, and tariff mitigation strategies.

• Capital allocation prioritizes debt reduction before considering M&A, with a focus on maximizing internal growth opportunities.