Whirlpool Second-Quarter 2025 Earnings Review

    Whirlpool Second-Quarter 2025 Earnings Review

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    Whirlpool Corporation Confidential
Second-Quarter 2025 
Earnings Review
Tuesday, July 29, 2025
Whirlpool Corporation Confidential
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    Whirlpool Corporation Confidential
Cautionary Statement
2
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, asset impairment, trade and tariffs, litigation, ESG efforts, debt 
repayment and dividend expectations, 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; (3) Whirlpool's ability to maintain its reputation and brand image; (4) the 
ability of Whirlpool to achieve its business objectives and successfully manage its strategic portfolio transformation; (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 acquisitions; (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 our 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 generative 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. In addition, factors that could cause actual results to differ materially from our India 
transaction expectations include, among other things, failure or delays in launching transaction based on Board approval, market conditions or other 
factors, failure or delays in share settlement and closing, transaction proceeds being lower than expected, alternative uses for proceeds received, brand 
license valuation expectations not being met, and strategic, economic or industry expectations for India not being realized. Additional information 
concerning these and other factors can be found in "Risk Factors" in Item 1A of Whirlpool’s 2024 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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    Whirlpool Corporation Confidential
Non-GAAP Measures
3
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 percentage of sales, adjusted effective tax rate, net debt leverage and return on invested capital (ROIC).
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): 6, 7, 24, 25, 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/Eliminations" of $(60) million and $(150) million for the second quarters of 2025 and 2024, respectively. Management 
believes segment EBIT provides stockholders with a clearer basis to assess our results over time for each segment. Slide(s): 8, 9, 10, 11, 26
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): 6, 24, 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): 6, 24, 27
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: 34
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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    Whirlpool Corporation Confidential 4
Jim Peters
EXECUTIVE VICE PRESIDENT 
AND CHIEF FINANCIAL AND 
ADMINISTRATIVE OFFICER
Marc Bitzer
CHAIRMAN AND 
CHIEF EXECUTIVE 
OFFICER
Second-Quarter 2025
Earnings Review
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    Whirlpool Corporation Confidential
123
Catalysts for Growth in North America
2025 Guidance and Capital Allocation Priorities
Agenda
5
Second-Quarter Results
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    Whirlpool Corporation Confidential
2025 Second-Quarter Results
6
PROFITABLE GROWTH
Net Sales YoY Change
MARGIN EXPANSION
CASH CONVERSION
Ongoing EBIT 
Margin
YoY Change
5.3% 0.0 pts
Free Cash 
Flow
FCF as % of 
Net Sales
$3.8B (5.4)%
(3.2)% ex-currency
$(856)M (22.7)%
● Negative global industry demand resulted in 3% net sales 
decline excluding currency, despite strong growth in SDA 
Global
● Ongoing EBIT margin of 5.3% with cost take out partially 
offset by unfavorable currency
● Ongoing EPS of $1.34, unfavorably impacted by Beko 
Europe B.V.
● FCF unfavorably impacted by seasonal inventory build
● Paid $1.75 dividend per share in Q2
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    Whirlpool Corporation Confidential
Ongoing EBIT Margin Drivers
(Approximate impact) Q2
2024 Ongoing EBIT Margin 5.3%
Price/Mix +0.25
Net Cost* +1.00
Raw Material Inflation nm
Tariff Impact -0.50
Marketing & Technology Investments nm
Currency -0.50
Europe Transaction -0.25
2025 Ongoing EBIT Margin 5.3% 
*Inclusive of Fixed Cost Take Out, Ongoing Cost Productivity (Including Conversion and Freight & Warehousing), Volume 7
Leveraging, and Restructuring Benefits.
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    Whirlpool Corporation Confidential
MDA NAR Second-Quarter Results
8
NET SALES ($B) EBIT ($M) EBIT MARGIN
-4% -0.3pts
● Consumer sentiment weakness negatively impacting both demand and product mix
● Continue to see significant pre-loading of Asian imports from foreign competitors due to 
the delay of tariffs, intense promotional environment persists
● ~6% EBIT margin, driven by cost actions partially offset by volume decline
1%
Q1 2025 Q2 2025 Q2 2024 Q1 2025 Q2 2025 Q2 2024 Q1 2025 Q2 2025 Q2 2024
-5% -12% -0.4pts
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    Whirlpool Corporation Confidential
MDA LAR Second-Quarter Results
9
NET SALES ($B) EBIT ($M) EBIT MARGIN
-0.6pts 9% -10% -1% -8% 0.2pts
● Net sales excluding currency decreased 1% year-over-year with implemented pricing 
actions offset by negative consumer demand in Mexico
● ~20 bps EBIT margin expansion year-over-year driven by favorable price/mix and cost 
actions
Q1 2025 Q2 2025 Q2 2024 Q1 2025 Q2 2025 Q2 2024 Q1 2025 Q2 2025 Q2 2024
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    Whirlpool Corporation Confidential
MDA Asia Second-Quarter Results
10
NET SALES ($B) EBIT ($M) EBIT MARGIN
0.1pts
22%
19%
11%
-6%
0.9pts
Q1 2025 Q2 2025 Q2 2024 Q1 2025 Q2 2025 Q2 2024 Q1 2025 Q2 2025 Q2 2024
● Net sales excluding currency decreased 4% year-over-year driven by industry decline 
partially offset by sustained strong share gains
● 90 bps EBIT margin expansion year-over-year from continued cost take out
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    Whirlpool Corporation Confidential
SDA Global Second-Quarter Results
11
● Delivered 8% net sales growth year-over-year driven by strong direct-to-consumer sales 
despite a declining industry in North America
● New products continue to deliver growth and margin expansion
NET SALES ($B) EBIT ($M) EBIT MARGIN
-1.2pts
-4%
3%
33%
8%
3.4pts
Q1 2025 Q2 2025 Q2 2024 Q1 2025 Q2 2025 Q2 2024 Q1 2025 Q2 2025 Q2 2024
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    Whirlpool Corporation Confidential
123
Catalysts for Growth in North America
2025 Guidance and Capital Allocation Priorities
Agenda
12
Second-Quarter Results
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    Whirlpool Corporation Confidential
● >30% of North America’s product
portfolio is transitioning with new 
products in 2025
● Significant number of floor spots 
gained
 Timing
● Throughout 2025 with high 
concentration in Q4
Record number 
of products launched
North America is Well-Positioned to Unlock Value Creation
(Overdue) recovery 
of U.S. housing market
‘Net Winner’ 
of trade tariffs
● Multi decade lows of existing 
home sales with (still) high 
mortgage rates
● #1 builder position with 3-4M 
housing units undersupply
 Timing
● Recovery delayed into 2026
13
● 8 in 10 of our Major Domestic 
Appliance products sold in the U.S. 
are produced in the U.S.
● Competitors are largely 
importers
 Timing
● Tariffs ramping up throughout H2 
of 2025
1 2 3
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    Whirlpool Corporation Confidential NO DUCT, NO PROBLEM 14
JENNAIR DOWNDRAFT INDUCTION COOKTOP
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    Whirlpool Corporation Confidential
built to explore
Unlocking a world of possibilities, the new lineup of KitchenAid products were 
designed for personalization
Black Ore
Bronze
Brass
Stainless Steel
Stainless Steel Black Ore Juniper 15
NEW KITCHENAID SUITE
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    Whirlpool Corporation Confidential
NEW! Pets Impeller
16
MAYTAG PETS IMPELLER TOP LOAD LAUNDRY
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    Whirlpool Corporation Confidential
Tariff Impacts on U.S. Appliance Imports
Tariff Rates (as % of total product value)
2 
1) Assumes 5-20% of foreign appliance declared value is attributed to steel under current US Customs guidance, Mexico steel content assumed to be at high end of range. The following appliances have been included as derivative steel 
products under Section 232: refrigerator-freezers, chest freezers, upright freezers, dishwashers, clothes washers, clothes dryers, ranges, ovens, cooktops, and food waste disposals.
2) Section 301 covers refrigerators-freezers (25%), undercounter refrigerators (25%), chest freezers (25%), upright freezers (25%), ranges (25%), ovens (25%), cooktops (25%), range hoods (25%), food waste disposals (25%), clothes washers 
(7.5%), clothes dryers (7.5%), dishwashers (7.5%). Microwaves (countertop and hood-combination) are not covered. Fentanyl/Border primarily impacts Chinese imports with tariff of (20%).
3) Reciprocal (IEEPA) rates effective August 1st absent additional changes. Tariffs apply to 80-95% of remaining foreign appliance declared value: Korea (25%), Vietnam (20% - agreed deal), Thailand (36%), Cambodia (36%).
4) China reciprocal tariff rate pause to 10% set to expire on August 12, which would increase the tariff rate to 125% (effective rate of ~106%).
17
Section 2321
Section 301 +
Fentanyl/ 
Border 
Reciprocal 
(IEEPA) 
as of July 28th
Total Tariff 
as of July 28th
Reciprocal 
(IEEPA)
as of Aug 1st
Total Tariff
as of Aug 1st
Tariff Scope All Imports - 50% 
on Steel Content 
Value
Certain Chinese 
Imports
All Imports - 10% 
Remaining Content 
Value
All Imports - 
Remaining Content 
Value3
China ~7% 27.5% - 45% 
(most appliances)2
~9% 44% - 61% ~9%444% - 61%
Korea ~7% - ~9% ~16% ~22% ~29%
Vietnam ~7% - ~9% ~16% ~18% ~25%
Thailand ~7% - ~9% ~16% ~32% ~39%
Cambodia ~7% - ~9% ~16% ~32% ~39%
Mexico ~10% - - ~10% - ~10%
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    Whirlpool Corporation Confidential
Whirlpool as the Primary Domestic Producer Benefits 
Uniquely From Tariffs
18
Source: Company reports, Stifel Research, and U.S. Census Bureau
Note: AHAM T5 Industry data includes electric and gas ranges, wall ovens, clothes washers and dryers, dishwashers and refrigerators.
1) Other Asia includes South Korea (16%), Thailand (9%), Vietnam (2%), and Indonesia (1%)
Whirlpool T5 U.S. Sales by 
Production Footprint
Competitors T5 U.S. Sales by 
Production Footprint 
15%
Mexico
5%
China
80%
U.S.
25%
U.S.
28%
Other Asia 22% 1
Mexico
19%
China
6%
Other
2 
Domestic Producer Largely Importers
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    Whirlpool Corporation Confidential
‘Health’ of Demand Mix is Strongly Impacted by Health of 
Housing Market
19
3 
Discretionary
New 
Construction
Replacement Driven by shortening replacement 
cycle (historically approx. 10 years)
Driven by existing home sales
U.S. DEMAND (% of Units Sold)
Driven by new home sales
Source: AHAM Sell-in, Traqline Sell-out
*Source: FRED 30 Year Fixed Rate 
Avg 
Mortgage
 Rate*
8.1% 3.9% 6.8% 6.8%
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    Whirlpool Corporation Confidential
Existing Home Sales Drive Discretionary Demand
Existing Home Sales Decreased Substantially Over the Last Three Years
EXISTING HOME SALES
HISTORICALLY LOW 
DISCRETIONARY DEMAND % 
• Existing home sales as a percent 
of total households >100 bps 
below historical average
• Size & pace of interest rate 
increases led to rapid decrease 
of existing home sales 
• Discretionary demand 
improvement expected in mid to 
long term as existing home sales 
recover
20
Discretionary ~20% 
of Total Industry Demand
1984 1990 2000 2010 2020 
>100 bps below 
average
~30-year unit 
low in 2023
4
2
6
Existing Home Sales as a 
percent of Total Households
Existing Home Sales
Source: National Association of Realtors, FRED, Mortgage News Daily
*2025 existing home sales data based on June seasonally adjusted annual rate & total households data based on FRED Q1 2025 annual estimate Housing Units (millions)
4%
0
6%
0
2%
3 
2025*
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    Whirlpool Corporation Confidential
U.S. New Housing Has Been Undersupplied 
Since The Financial Crisis, Creating Long-Term Upside
MULTI-YEAR HOUSING EXPANSION ON THE HORIZON NEW CONSTRUCTION
New privately owned 
housing units started (millions)
New Construction ~15% 
of Total Industry Demand
21
2000 2005 2010 2015 2020 2025
Tech Bubble Financial Crisis Covid-19 
Steady state supply 1.7-1.9M 
Source: Fortune; US Census Bureau
3 
U.S. housing undersupply of 3 to 4 
million units 
• Median age of U.S. homes rising 
to over 40 years
• Multi-year new housing strength 
needed to address the 
undersupply gap
• #1 position with National 
builders
• Continuing share growth
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    Whirlpool Corporation Confidential
Our Leading, $2B+ Builder Business is Positioned to Benefit 
from Housing Recovery
22
BUILDERS’ #1 CHOICE:
Source: Top 200 Single Family and Top 50 Multifamily Builders through Builder Magazine 
and Zandar & internal benchmarking; forecast reflects internal expectation. 
National Builders Growth Opportunity
(Share % across national builders)
20pts+
2015 2023 2024 2025E
8 of 10 Top Builders
Final Mile Delivery Capabilities
Breadth of Brand Portfolio
Full Product Lineup 
3
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    Whirlpool Corporation Confidential
123
Catalysts for Growth in North America
2025 Guidance and Capital Allocation Priorities
Agenda
23
Second-Quarter Results
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    Whirlpool Corporation Confidential
24
Revised 2025 Full-Year Guidance 
Full-year ongoing EPS $6.00-$8.00 
INVESTOR 
DAY GOALS
2025 GUIDANCE
PROFITABLE GROWTH
~$17.2B
ANNUAL ORGANIC NET SALES
Net Sales YoY Change
~9.0% 
ONGOING EARNINGS BEFORE INTEREST 
AND TAX, % OF NET SALES
Ongoing EBIT 
Margin
YoY Change
~7.0%
FREE CASH FLOW 
AS % OF NET SALES
FCF as % of 
Net Sales
Free 
Cash Flow
MARGIN EXPANSION CASH CONVERSION
~$15.8B Flat ~5.7% Flat ~$400M ~2.5%
2024 
LIKE-FOR-LIKE
excludes MDA Europe Q1 
~$15.8B ~5.7% N/A
2024 
REPORTED $16.6B (14.6)% 5.3% (80)bps $385M 2.3%
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    Whirlpool Corporation Confidential
Ongoing EBIT Margin Guidance 
25
(Approximate impact) Previous Current Comments
2024 Ongoing EBIT Margin 5.3% 5.3%
Price/Mix (excl. Tariff Impact/Actions) +0.75 +0.25 • Product launches & pricing actions
Net Cost*(excl. Tariff Impact/Actions) +1.25 +1.00 • Cost actions expected to deliver ~$200M 
Raw Material Inflation nm nm • Expect minimal impact from commodity trends
Marketing & Technology Investments -0.50 -0.50 • Increased brand and new product investments
Currency -0.50 -0.50 • Primarily BRL
Transaction Impacts +0.50 +0.25
• Completed Europe transaction and anticipated 
India transaction
2025 Ongoing EBIT Margin ~6.8% ~5.7%
*Inclusive of Fixed Cost Take Out, Ongoing Cost Productivity (Including Conversion and Freight & Warehousing), Volume Leveraging, and Restructuring Benefits. 
Tariff Impact -2.50 -1.50 • Incremental impact of tariff changes
Actions to Address +2.50 +1.50
• Announced cost based pricing actions, supply 
chain actions, etc.
Expect to offset incremental tariff impacts
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    Whirlpool Corporation Confidential
2025 Segment Guidance
Industry
MDA
North America
MDA
Latin America
EBIT %
MDA
Asia
SDA Global
Total 
~7.5%
~7.5%
~6.0%
~Flat
0% - 3%
3% - 5%
~Flat ~15.0%
~Flat ~6.8%
Previous Current Previous Current
6.0% - 6.5%
~7.0%
~5.0%*
~15.5%
~5.7%
(3%) - 0%
(5%) - 0%
0% - 3%
(3%) - 0%
(3%) - 0%
*MDA Asia EBIT % change primarily driven by India consolidated results included in current guidance July-December 26
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    Whirlpool Corporation Confidential
(Approximate impact in millions) 2024 2025 Comments
Previous Current
Cash Earnings and Other Operating Items $637 $1,000 - 
$1,100 ~$900
• 2024 impacted by Europe Transaction 
(~$275M)
Capital Expenditures $(451) ~$(450) ~$(450)
• Innovation, digital transformation and 
cost optimization investments
Working Capital $281 nm nm • Sustained low working capital levels
Restructuring Cash Outlays $(82) ~$(75) ~$(50)
• Driven by previously executed actions 
and further organization simplification
Free Cash Flow $385M $500 - 
$600M ~$400M
2025 Free Cash Flow Guidance
27
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    Whirlpool Corporation Confidential
28
1
2
3
4
• Invest ~$450M of net sales in Capex 
• 100+ new product introductions coming 2025
Fund Organic Growth
• Not a priority in 2025 Share Buy Back or 
Value Creating M&A
Fund Dividend
Debt Paydown
Capital Allocation Priorities
• Recommend annual dividend payout rate of $3.60 per 
share, creating balance sheet capacity
• Committed to fund a healthy dividend and return cash 
to shareholders
• Expect to pay down ~$700M of debt in 2025
• ~2x net debt leverage target
Note: Board of Directors reviews and sets dividend quarterly. Recommending quarterly dividend of $0.90 per share, totaling $5.30 per share for 2025 and annualized rate of $3.60.
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    Whirlpool Corporation Confidential
Continuing to Strengthen the Balance Sheet 
Operating with ample liquidity and a $3.5B revolver to support business needs
29
Total weighted average 
Additional Actions 
$600M at 5-year note 
$600M at 8-year note
6.125%
 6.5%
$1.2B Debt Refinanced 
● Expect to pay down ~$700M 
of debt in 2025
● Expected India Transaction
○ Proceeds support debt pay 
down
○ Targeted to close by year 
 6.3% end
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    Whirlpool Corporation Confidential
Closing Summary
30
● SDA Global & international businesses continue to perform well
● MDA North America has compelling growth potential
○ Innovative product introductions across the brand portfolio
○ Uniquely positioned U.S. based manufacturing and supply chain
○ Housing demand fundamentals suggest an eventual recovery
● Positioned to win with over 80% of MDA North America and ~75% SDA 
Global sales in the U.S. produced in the U.S.
● Tariff policies expected to benefit Whirlpool, delayed into later 2025
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    Whirlpool Corporation Confidential
Closing Remarks and Q&A
31
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    Whirlpool Corporation Confidential
Current Relevant Tariff Landscape of U.S. Imports 
32
Fentanyl/Border (IEEPA)
Q1 2025
Reciprocal (IEEPA)
Q2 2025
Section 301
Initially implemented in 2018
Section 232
Initially implemented in 2018
Order
● Incremental 20% on imports from China
● 25% tariff on imports from Canada/Mexico only if non-USMCA compliant
● Pre-2025: 25% steel and 10% aluminum; multiple country and product exclusions; 
select components and finished goods covered
● 2025 Update: Increased steel and aluminum to 50%, removed exclusions
○ Added appliances as derivatives with 232 tariff on steel content, and 
reciprocal tariffs on non-steel content
● 10% for China (stacks on IEEPA, Section 301, and Section 232) until August 12
● 10% for all countries excluding China (Canada & Mexico not covered by reciprocal)
● Effective August 1st tariff rates: Vietnam (20% - agreed deal), Indonesia (19% - agreed 
deal); Korea (25%), Thailand (36%), Cambodia (36%), Malaysia (25%), Taiwan (32%)
Scope
● Pre-2025: Majority 25% (some 7.5%) based on specific HTS codes for components and 
finished goods from China 
● 2025 Update: No change
NEW
NEW
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    Whirlpool Corporation Confidential
2025 Guidance Comparison to 2024
33
2024 As 
Reported
Q1 2024 
MDA 
Europe*
2024 Likefor-Like2025 
Guidance
Net Sales (in billions) $16.6 $0.8 ~$15.8 ~$15.8
Ongoing EBIT (in 
millions) $887 $(9) ~$896 ~$900
Ongoing EBIT Margin 5.3% (1.1)% ~5.7% ~5.7%
*Q1 historical segment financial data (unaudited).
Note: Numbers may not reconcile due to rounding
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    Whirlpool Corporation Confidential
Key Assumptions - Guidance
34
Income Statement FY2024 FY2025E
Raw Material (Inflation) / Deflation nm nm
Restructuring Costs* $79M ~$50M
Interest Expense $358M ~$340M
Corporate Center** $200M $200M - $225M
Weighted-Average Diluted Shares Outstanding 55.1M 56.2M***
GAAP Earnings per Diluted Share $(5.87) $5.00 - $7.00
Ongoing Earnings per Diluted Share $12.21 $6.00 - $8.00
GAAP Tax Rate (5.5)% 20 - 25%
Adjusted (non-GAAP) Tax Rate (28.6)% 20 - 25%
Cash Flow Statement FY2024 FY2025E
Capital Expenditures $451M ~$450M
Dividends Paid $384M ~$300M
Amount of Stock Repurchased $50M nm
Restructuring Cash Outlays $82M ~$50M
Cash Tax Rate 25% ~15%
*Restructuring expense will not be included in Company’s guidance and will not be removed from ongoing earnings if the Company forecasts less than $50M in annual restructuring expense. Excludes equity 
method investee restructuring charges of $78M related to Beko Europe in 2024.
**Inclusive of Beko Europe B.V. equity in affiliates
***Estimated full-year weighted-average diluted shares outstanding based on estimates as of 6/30/2025.
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    Whirlpool Corporation Confidential
Interest and Sundry (Income) Expense and Equity 
Method Investment Income (Loss)
35
(Approximate impact in millions)
Q2
2024 2025 Comments
Net Foreign Exchange $9 $2
• Includes foreign exchange and hedge 
(gain)/loss
Interest (Income) Expense/Other (2) (5)
• 2024 & 2025 interest income, interest 
rate swap impact
Interest and Sundry (Income) Expense $7 $(4)
Note: Numbers may not reconcile due to rounding. No adjustments to GAAP financials in Q2 2024 and 2025 in ongoing results for the above items.
(Approximate impact in millions)
Q2
2024 2025 Comments
Equity Method Investment Income 
(Loss) $(11) $(18) • 2025 EMEA minority interest
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    Whirlpool Corporation Confidential
Restructuring Cash Outlays
36
(Approximate impact in millions) 2024 2025E Comments
Other Initiatives $82 $50 Primarily due to organizational simplification
Total $82 ~$50
Note: Numbers may not reconcile due to rounding.
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    Whirlpool Second-Quarter 2025 Earnings Review - Page 37
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    Whirlpool Second-Quarter 2025 Earnings Review

    • 1. Whirlpool Corporation Confidential Second-Quarter 2025 Earnings Review Tuesday, July 29, 2025 Whirlpool Corporation Confidential
    • 2. Whirlpool Corporation Confidential Cautionary Statement 2 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, asset impairment, trade and tariffs, litigation, ESG efforts, debt repayment and dividend expectations, 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; (3) Whirlpool's ability to maintain its reputation and brand image; (4) the ability of Whirlpool to achieve its business objectives and successfully manage its strategic portfolio transformation; (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 acquisitions; (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 our 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 generative 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. In addition, factors that could cause actual results to differ materially from our India transaction expectations include, among other things, failure or delays in launching transaction based on Board approval, market conditions or other factors, failure or delays in share settlement and closing, transaction proceeds being lower than expected, alternative uses for proceeds received, brand license valuation expectations not being met, and strategic, economic or industry expectations for India not being realized. Additional information concerning these and other factors can be found in "Risk Factors" in Item 1A of Whirlpool’s 2024 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.
    • 3. Whirlpool Corporation Confidential Non-GAAP Measures 3 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 percentage of sales, adjusted effective tax rate, net debt leverage and return on invested capital (ROIC). 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): 6, 7, 24, 25, 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/Eliminations" of $(60) million and $(150) million for the second quarters of 2025 and 2024, respectively. Management believes segment EBIT provides stockholders with a clearer basis to assess our results over time for each segment. Slide(s): 8, 9, 10, 11, 26 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): 6, 24, 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): 6, 24, 27 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: 34 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.
    • 4. Whirlpool Corporation Confidential 4 Jim Peters EXECUTIVE VICE PRESIDENT AND CHIEF FINANCIAL AND ADMINISTRATIVE OFFICER Marc Bitzer CHAIRMAN AND CHIEF EXECUTIVE OFFICER Second-Quarter 2025 Earnings Review
    • 5. Whirlpool Corporation Confidential 123 Catalysts for Growth in North America 2025 Guidance and Capital Allocation Priorities Agenda 5 Second-Quarter Results
    • 6. Whirlpool Corporation Confidential 2025 Second-Quarter Results 6 PROFITABLE GROWTH Net Sales YoY Change MARGIN EXPANSION CASH CONVERSION Ongoing EBIT Margin YoY Change 5.3% 0.0 pts Free Cash Flow FCF as % of Net Sales $3.8B (5.4)% (3.2)% ex-currency $(856)M (22.7)% ● Negative global industry demand resulted in 3% net sales decline excluding currency, despite strong growth in SDA Global ● Ongoing EBIT margin of 5.3% with cost take out partially offset by unfavorable currency ● Ongoing EPS of $1.34, unfavorably impacted by Beko Europe B.V. ● FCF unfavorably impacted by seasonal inventory build ● Paid $1.75 dividend per share in Q2
    • 7. Whirlpool Corporation Confidential Ongoing EBIT Margin Drivers (Approximate impact) Q2 2024 Ongoing EBIT Margin 5.3% Price/Mix +0.25 Net Cost* +1.00 Raw Material Inflation nm Tariff Impact -0.50 Marketing & Technology Investments nm Currency -0.50 Europe Transaction -0.25 2025 Ongoing EBIT Margin 5.3% *Inclusive of Fixed Cost Take Out, Ongoing Cost Productivity (Including Conversion and Freight & Warehousing), Volume 7 Leveraging, and Restructuring Benefits.
    • 8. Whirlpool Corporation Confidential MDA NAR Second-Quarter Results 8 NET SALES ($B) EBIT ($M) EBIT MARGIN -4% -0.3pts ● Consumer sentiment weakness negatively impacting both demand and product mix ● Continue to see significant pre-loading of Asian imports from foreign competitors due to the delay of tariffs, intense promotional environment persists ● ~6% EBIT margin, driven by cost actions partially offset by volume decline 1% Q1 2025 Q2 2025 Q2 2024 Q1 2025 Q2 2025 Q2 2024 Q1 2025 Q2 2025 Q2 2024 -5% -12% -0.4pts
    • 9. Whirlpool Corporation Confidential MDA LAR Second-Quarter Results 9 NET SALES ($B) EBIT ($M) EBIT MARGIN -0.6pts 9% -10% -1% -8% 0.2pts ● Net sales excluding currency decreased 1% year-over-year with implemented pricing actions offset by negative consumer demand in Mexico ● ~20 bps EBIT margin expansion year-over-year driven by favorable price/mix and cost actions Q1 2025 Q2 2025 Q2 2024 Q1 2025 Q2 2025 Q2 2024 Q1 2025 Q2 2025 Q2 2024
    • 10. Whirlpool Corporation Confidential MDA Asia Second-Quarter Results 10 NET SALES ($B) EBIT ($M) EBIT MARGIN 0.1pts 22% 19% 11% -6% 0.9pts Q1 2025 Q2 2025 Q2 2024 Q1 2025 Q2 2025 Q2 2024 Q1 2025 Q2 2025 Q2 2024 ● Net sales excluding currency decreased 4% year-over-year driven by industry decline partially offset by sustained strong share gains ● 90 bps EBIT margin expansion year-over-year from continued cost take out
    • 11. Whirlpool Corporation Confidential SDA Global Second-Quarter Results 11 ● Delivered 8% net sales growth year-over-year driven by strong direct-to-consumer sales despite a declining industry in North America ● New products continue to deliver growth and margin expansion NET SALES ($B) EBIT ($M) EBIT MARGIN -1.2pts -4% 3% 33% 8% 3.4pts Q1 2025 Q2 2025 Q2 2024 Q1 2025 Q2 2025 Q2 2024 Q1 2025 Q2 2025 Q2 2024
    • 12. Whirlpool Corporation Confidential 123 Catalysts for Growth in North America 2025 Guidance and Capital Allocation Priorities Agenda 12 Second-Quarter Results
    • 13. Whirlpool Corporation Confidential ● >30% of North America’s product portfolio is transitioning with new products in 2025 ● Significant number of floor spots gained Timing ● Throughout 2025 with high concentration in Q4 Record number of products launched North America is Well-Positioned to Unlock Value Creation (Overdue) recovery of U.S. housing market ‘Net Winner’ of trade tariffs ● Multi decade lows of existing home sales with (still) high mortgage rates ● #1 builder position with 3-4M housing units undersupply Timing ● Recovery delayed into 2026 13 ● 8 in 10 of our Major Domestic Appliance products sold in the U.S. are produced in the U.S. ● Competitors are largely importers Timing ● Tariffs ramping up throughout H2 of 2025 1 2 3
    • 14. Whirlpool Corporation Confidential NO DUCT, NO PROBLEM 14 JENNAIR DOWNDRAFT INDUCTION COOKTOP
    • 15. Whirlpool Corporation Confidential built to explore Unlocking a world of possibilities, the new lineup of KitchenAid products were designed for personalization Black Ore Bronze Brass Stainless Steel Stainless Steel Black Ore Juniper 15 NEW KITCHENAID SUITE
    • 16. Whirlpool Corporation Confidential NEW! Pets Impeller 16 MAYTAG PETS IMPELLER TOP LOAD LAUNDRY
    • 17. Whirlpool Corporation Confidential Tariff Impacts on U.S. Appliance Imports Tariff Rates (as % of total product value) 2 1) Assumes 5-20% of foreign appliance declared value is attributed to steel under current US Customs guidance, Mexico steel content assumed to be at high end of range. The following appliances have been included as derivative steel products under Section 232: refrigerator-freezers, chest freezers, upright freezers, dishwashers, clothes washers, clothes dryers, ranges, ovens, cooktops, and food waste disposals. 2) Section 301 covers refrigerators-freezers (25%), undercounter refrigerators (25%), chest freezers (25%), upright freezers (25%), ranges (25%), ovens (25%), cooktops (25%), range hoods (25%), food waste disposals (25%), clothes washers (7.5%), clothes dryers (7.5%), dishwashers (7.5%). Microwaves (countertop and hood-combination) are not covered. Fentanyl/Border primarily impacts Chinese imports with tariff of (20%). 3) Reciprocal (IEEPA) rates effective August 1st absent additional changes. Tariffs apply to 80-95% of remaining foreign appliance declared value: Korea (25%), Vietnam (20% - agreed deal), Thailand (36%), Cambodia (36%). 4) China reciprocal tariff rate pause to 10% set to expire on August 12, which would increase the tariff rate to 125% (effective rate of ~106%). 17 Section 2321 Section 301 + Fentanyl/ Border Reciprocal (IEEPA) as of July 28th Total Tariff as of July 28th Reciprocal (IEEPA) as of Aug 1st Total Tariff as of Aug 1st Tariff Scope All Imports - 50% on Steel Content Value Certain Chinese Imports All Imports - 10% Remaining Content Value All Imports - Remaining Content Value3 China ~7% 27.5% - 45% (most appliances)2 ~9% 44% - 61% ~9%444% - 61% Korea ~7% - ~9% ~16% ~22% ~29% Vietnam ~7% - ~9% ~16% ~18% ~25% Thailand ~7% - ~9% ~16% ~32% ~39% Cambodia ~7% - ~9% ~16% ~32% ~39% Mexico ~10% - - ~10% - ~10%
    • 18. Whirlpool Corporation Confidential Whirlpool as the Primary Domestic Producer Benefits Uniquely From Tariffs 18 Source: Company reports, Stifel Research, and U.S. Census Bureau Note: AHAM T5 Industry data includes electric and gas ranges, wall ovens, clothes washers and dryers, dishwashers and refrigerators. 1) Other Asia includes South Korea (16%), Thailand (9%), Vietnam (2%), and Indonesia (1%) Whirlpool T5 U.S. Sales by Production Footprint Competitors T5 U.S. Sales by Production Footprint 15% Mexico 5% China 80% U.S. 25% U.S. 28% Other Asia 22% 1 Mexico 19% China 6% Other 2 Domestic Producer Largely Importers
    • 19. Whirlpool Corporation Confidential ‘Health’ of Demand Mix is Strongly Impacted by Health of Housing Market 19 3 Discretionary New Construction Replacement Driven by shortening replacement cycle (historically approx. 10 years) Driven by existing home sales U.S. DEMAND (% of Units Sold) Driven by new home sales Source: AHAM Sell-in, Traqline Sell-out *Source: FRED 30 Year Fixed Rate Avg Mortgage Rate* 8.1% 3.9% 6.8% 6.8%
    • 20. Whirlpool Corporation Confidential Existing Home Sales Drive Discretionary Demand Existing Home Sales Decreased Substantially Over the Last Three Years EXISTING HOME SALES HISTORICALLY LOW DISCRETIONARY DEMAND % • Existing home sales as a percent of total households >100 bps below historical average • Size & pace of interest rate increases led to rapid decrease of existing home sales • Discretionary demand improvement expected in mid to long term as existing home sales recover 20 Discretionary ~20% of Total Industry Demand 1984 1990 2000 2010 2020 >100 bps below average ~30-year unit low in 2023 4 2 6 Existing Home Sales as a percent of Total Households Existing Home Sales Source: National Association of Realtors, FRED, Mortgage News Daily *2025 existing home sales data based on June seasonally adjusted annual rate & total households data based on FRED Q1 2025 annual estimate Housing Units (millions) 4% 0 6% 0 2% 3 2025*
    • 21. Whirlpool Corporation Confidential U.S. New Housing Has Been Undersupplied Since The Financial Crisis, Creating Long-Term Upside MULTI-YEAR HOUSING EXPANSION ON THE HORIZON NEW CONSTRUCTION New privately owned housing units started (millions) New Construction ~15% of Total Industry Demand 21 2000 2005 2010 2015 2020 2025 Tech Bubble Financial Crisis Covid-19 Steady state supply 1.7-1.9M Source: Fortune; US Census Bureau 3 U.S. housing undersupply of 3 to 4 million units • Median age of U.S. homes rising to over 40 years • Multi-year new housing strength needed to address the undersupply gap • #1 position with National builders • Continuing share growth
    • 22. Whirlpool Corporation Confidential Our Leading, $2B+ Builder Business is Positioned to Benefit from Housing Recovery 22 BUILDERS’ #1 CHOICE: Source: Top 200 Single Family and Top 50 Multifamily Builders through Builder Magazine and Zandar & internal benchmarking; forecast reflects internal expectation. National Builders Growth Opportunity (Share % across national builders) 20pts+ 2015 2023 2024 2025E 8 of 10 Top Builders Final Mile Delivery Capabilities Breadth of Brand Portfolio Full Product Lineup 3
    • 23. Whirlpool Corporation Confidential 123 Catalysts for Growth in North America 2025 Guidance and Capital Allocation Priorities Agenda 23 Second-Quarter Results
    • 24. Whirlpool Corporation Confidential 24 Revised 2025 Full-Year Guidance Full-year ongoing EPS $6.00-$8.00 INVESTOR DAY GOALS 2025 GUIDANCE PROFITABLE GROWTH ~$17.2B ANNUAL ORGANIC NET SALES Net Sales YoY Change ~9.0% ONGOING EARNINGS BEFORE INTEREST AND TAX, % OF NET SALES Ongoing EBIT Margin YoY Change ~7.0% FREE CASH FLOW AS % OF NET SALES FCF as % of Net Sales Free Cash Flow MARGIN EXPANSION CASH CONVERSION ~$15.8B Flat ~5.7% Flat ~$400M ~2.5% 2024 LIKE-FOR-LIKE excludes MDA Europe Q1 ~$15.8B ~5.7% N/A 2024 REPORTED $16.6B (14.6)% 5.3% (80)bps $385M 2.3%
    • 25. Whirlpool Corporation Confidential Ongoing EBIT Margin Guidance 25 (Approximate impact) Previous Current Comments 2024 Ongoing EBIT Margin 5.3% 5.3% Price/Mix (excl. Tariff Impact/Actions) +0.75 +0.25 • Product launches & pricing actions Net Cost*(excl. Tariff Impact/Actions) +1.25 +1.00 • Cost actions expected to deliver ~$200M Raw Material Inflation nm nm • Expect minimal impact from commodity trends Marketing & Technology Investments -0.50 -0.50 • Increased brand and new product investments Currency -0.50 -0.50 • Primarily BRL Transaction Impacts +0.50 +0.25 • Completed Europe transaction and anticipated India transaction 2025 Ongoing EBIT Margin ~6.8% ~5.7% *Inclusive of Fixed Cost Take Out, Ongoing Cost Productivity (Including Conversion and Freight & Warehousing), Volume Leveraging, and Restructuring Benefits. Tariff Impact -2.50 -1.50 • Incremental impact of tariff changes Actions to Address +2.50 +1.50 • Announced cost based pricing actions, supply chain actions, etc. Expect to offset incremental tariff impacts
    • 26. Whirlpool Corporation Confidential 2025 Segment Guidance Industry MDA North America MDA Latin America EBIT % MDA Asia SDA Global Total ~7.5% ~7.5% ~6.0% ~Flat 0% - 3% 3% - 5% ~Flat ~15.0% ~Flat ~6.8% Previous Current Previous Current 6.0% - 6.5% ~7.0% ~5.0%* ~15.5% ~5.7% (3%) - 0% (5%) - 0% 0% - 3% (3%) - 0% (3%) - 0% *MDA Asia EBIT % change primarily driven by India consolidated results included in current guidance July-December 26
    • 27. Whirlpool Corporation Confidential (Approximate impact in millions) 2024 2025 Comments Previous Current Cash Earnings and Other Operating Items $637 $1,000 - $1,100 ~$900 • 2024 impacted by Europe Transaction (~$275M) Capital Expenditures $(451) ~$(450) ~$(450) • Innovation, digital transformation and cost optimization investments Working Capital $281 nm nm • Sustained low working capital levels Restructuring Cash Outlays $(82) ~$(75) ~$(50) • Driven by previously executed actions and further organization simplification Free Cash Flow $385M $500 - $600M ~$400M 2025 Free Cash Flow Guidance 27
    • 28. Whirlpool Corporation Confidential 28 1 2 3 4 • Invest ~$450M of net sales in Capex • 100+ new product introductions coming 2025 Fund Organic Growth • Not a priority in 2025 Share Buy Back or Value Creating M&A Fund Dividend Debt Paydown Capital Allocation Priorities • Recommend annual dividend payout rate of $3.60 per share, creating balance sheet capacity • Committed to fund a healthy dividend and return cash to shareholders • Expect to pay down ~$700M of debt in 2025 • ~2x net debt leverage target Note: Board of Directors reviews and sets dividend quarterly. Recommending quarterly dividend of $0.90 per share, totaling $5.30 per share for 2025 and annualized rate of $3.60.
    • 29. Whirlpool Corporation Confidential Continuing to Strengthen the Balance Sheet Operating with ample liquidity and a $3.5B revolver to support business needs 29 Total weighted average Additional Actions $600M at 5-year note $600M at 8-year note 6.125% 6.5% $1.2B Debt Refinanced ● Expect to pay down ~$700M of debt in 2025 ● Expected India Transaction ○ Proceeds support debt pay down ○ Targeted to close by year 6.3% end
    • 30. Whirlpool Corporation Confidential Closing Summary 30 ● SDA Global & international businesses continue to perform well ● MDA North America has compelling growth potential ○ Innovative product introductions across the brand portfolio ○ Uniquely positioned U.S. based manufacturing and supply chain ○ Housing demand fundamentals suggest an eventual recovery ● Positioned to win with over 80% of MDA North America and ~75% SDA Global sales in the U.S. produced in the U.S. ● Tariff policies expected to benefit Whirlpool, delayed into later 2025
    • 31. Whirlpool Corporation Confidential Closing Remarks and Q&A 31
    • 32. Whirlpool Corporation Confidential Current Relevant Tariff Landscape of U.S. Imports 32 Fentanyl/Border (IEEPA) Q1 2025 Reciprocal (IEEPA) Q2 2025 Section 301 Initially implemented in 2018 Section 232 Initially implemented in 2018 Order ● Incremental 20% on imports from China ● 25% tariff on imports from Canada/Mexico only if non-USMCA compliant ● Pre-2025: 25% steel and 10% aluminum; multiple country and product exclusions; select components and finished goods covered ● 2025 Update: Increased steel and aluminum to 50%, removed exclusions ○ Added appliances as derivatives with 232 tariff on steel content, and reciprocal tariffs on non-steel content ● 10% for China (stacks on IEEPA, Section 301, and Section 232) until August 12 ● 10% for all countries excluding China (Canada & Mexico not covered by reciprocal) ● Effective August 1st tariff rates: Vietnam (20% - agreed deal), Indonesia (19% - agreed deal); Korea (25%), Thailand (36%), Cambodia (36%), Malaysia (25%), Taiwan (32%) Scope ● Pre-2025: Majority 25% (some 7.5%) based on specific HTS codes for components and finished goods from China ● 2025 Update: No change NEW NEW
    • 33. Whirlpool Corporation Confidential 2025 Guidance Comparison to 2024 33 2024 As Reported Q1 2024 MDA Europe* 2024 Likefor-Like2025 Guidance Net Sales (in billions) $16.6 $0.8 ~$15.8 ~$15.8 Ongoing EBIT (in millions) $887 $(9) ~$896 ~$900 Ongoing EBIT Margin 5.3% (1.1)% ~5.7% ~5.7% *Q1 historical segment financial data (unaudited). Note: Numbers may not reconcile due to rounding
    • 34. Whirlpool Corporation Confidential Key Assumptions - Guidance 34 Income Statement FY2024 FY2025E Raw Material (Inflation) / Deflation nm nm Restructuring Costs* $79M ~$50M Interest Expense $358M ~$340M Corporate Center** $200M $200M - $225M Weighted-Average Diluted Shares Outstanding 55.1M 56.2M*** GAAP Earnings per Diluted Share $(5.87) $5.00 - $7.00 Ongoing Earnings per Diluted Share $12.21 $6.00 - $8.00 GAAP Tax Rate (5.5)% 20 - 25% Adjusted (non-GAAP) Tax Rate (28.6)% 20 - 25% Cash Flow Statement FY2024 FY2025E Capital Expenditures $451M ~$450M Dividends Paid $384M ~$300M Amount of Stock Repurchased $50M nm Restructuring Cash Outlays $82M ~$50M Cash Tax Rate 25% ~15% *Restructuring expense will not be included in Company’s guidance and will not be removed from ongoing earnings if the Company forecasts less than $50M in annual restructuring expense. Excludes equity method investee restructuring charges of $78M related to Beko Europe in 2024. **Inclusive of Beko Europe B.V. equity in affiliates ***Estimated full-year weighted-average diluted shares outstanding based on estimates as of 6/30/2025.
    • 35. Whirlpool Corporation Confidential Interest and Sundry (Income) Expense and Equity Method Investment Income (Loss) 35 (Approximate impact in millions) Q2 2024 2025 Comments Net Foreign Exchange $9 $2 • Includes foreign exchange and hedge (gain)/loss Interest (Income) Expense/Other (2) (5) • 2024 & 2025 interest income, interest rate swap impact Interest and Sundry (Income) Expense $7 $(4) Note: Numbers may not reconcile due to rounding. No adjustments to GAAP financials in Q2 2024 and 2025 in ongoing results for the above items. (Approximate impact in millions) Q2 2024 2025 Comments Equity Method Investment Income (Loss) $(11) $(18) • 2025 EMEA minority interest
    • 36. Whirlpool Corporation Confidential Restructuring Cash Outlays 36 (Approximate impact in millions) 2024 2025E Comments Other Initiatives $82 $50 Primarily due to organizational simplification Total $82 ~$50 Note: Numbers may not reconcile due to rounding.


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