Whirlpool (WHR) 47th Annual Raymond James Institutional Investor Conference summary

Business Overview and Strategic Positioning

• Holds #1 share in major domestic appliances in North and Latin America and #1 global mixer brand, with $16 billion in revenue and strong brand portfolio across regions.

• 80% of U.S. sales are produced domestically, using 96% U.S. steel, supporting resilience in a tariff-focused environment.

• Leadership is built on innovation, broad brand portfolio, strong manufacturing, and cost position.

• Holds 60% share in the U.S. builder business, positioning for housing recovery and multi-year growth.

• Latin America growth driven by leading brands, digital acceleration, and manufacturing footprint, with KitchenAid SDA delivering double-digit growth and margin expansion.

Growth Catalysts and Operational Focus

• Over 30% of North America's product portfolio refreshed in 2025, supporting share gains and premium mix, with further launches planned for 2026.

• Achieved ~$900 million in net cost takeout since 2023, focusing on vertical integration, automation, and strategic sourcing.

• Organic growth expected from new products and strong brands, targeting half a point of share gain in 2026.

• Mid-cycle EBIT margin target set at approximately 9%, contingent on U.S. housing demand recovery.

• U.S. housing market recovery and builder position expected to drive future demand.

Capital Allocation and Financial Strategy

• Plans to invest ~$400 million in CapEx and launch ~100 new products in 2026, while targeting debt paydown of over $900 million.

• Equity offering raised ~$1.1 billion, with 85%-90% allocated to debt paydown and 10%-15% to strategic growth, improving net debt leverage by ~0.8x.

• Long-term net debt leverage target is 2x, with a near-term goal to reduce leverage from 5.5x to around 4.7x by end of 2026.

• Dividend policy remains focused on sustainability, reviewed quarterly.

• Balance sheet flexibility enhanced to capitalize on growth opportunities and withstand market volatility.