Whirlpool (WHR) investor relations material

Executive summary

• Q2 2026 performance met expectations despite macroeconomic headwinds, with sequential margin improvement driven by pricing actions and new product launches, especially in North America.

• Decisive actions included accelerated product launches, significant portfolio refresh, and cost takeout initiatives to position for future growth.

• Strategic recapitalization, asset sales, and refinancing improved liquidity, extended debt maturities to 2028, and enhanced financial flexibility.

• Net earnings available to common shareholders were $75 million for Q2 2026 ($1.15 per share), up from $65 million ($1.17 per share) in Q2 2025, with a net earnings margin of 2.1% versus 1.7% year-over-year.

• A $139 million gain was recognized from the sale of the remaining 25% stake in Beko and the termination of the Russia agreement.

Financial highlights

• Q2 2026 net sales were $3.52 billion, down 6.8% year-over-year; organic net sales declined 1.7%.

• Ongoing EBIT margin was 1.8%, a sequential improvement of 50 basis points but down 3.5 points year-over-year.

• Q2 GAAP net earnings margin was 2.1%; ongoing EPS was $(0.21); GAAP EPS was $1.15.

• Free cash flow for the first half was $(1.1) billion, mainly due to lower earnings and seasonal working capital.

• Minority stake in Beko Europe BV sold for $128 million, yielding $84 million net cash.

Outlook and guidance

• Full-year 2026 revenue outlook unchanged at ~$15.0 billion, representing 1.5% growth vs. 2025 like-for-like.

• 2026 GAAP EPS expected at $2.25–$2.75; ongoing EPS at $2.50–$3.00, reflecting higher interest expense.

• Ongoing EBIT margin guidance at ~4.0%; GAAP net earnings margin projected at ~1.0%.

• Cash provided by operating activities expected at ~$700 million; free cash flow over $300 million.

• Net debt targeted below $5.0 billion by year-end 2026.