Wolverine World Wide (WWW) investor relations material

Executive summary

• Achieved significant progress in 2025 with 7% revenue growth to $1.87 billion, improved profitability, and operational execution, led by Merrell and Saucony brands.

• Operating margin expanded by 240 basis points; adjusted operating margin by 170 basis points; EPS and adjusted EPS increased 107% and 53% over 2024.

• Net debt reduced by $81 million in 2025, following a $246 million reduction in 2024; operating free cash flow was $126 million; $33 million paid in dividends.

• Board added two new directors with expertise in global consumer brands and omnichannel strategy.

• Company expects mid-single-digit revenue growth in 2026, with Merrell and Saucony projected to deliver mid-single-digit and mid-teens growth, respectively.

Voting matters and shareholder proposals

• Shareholders will vote on: election of four directors for terms expiring in 2029, advisory resolution to approve executive compensation, ratification of Ernst & Young LLP as independent auditor for 2026, and a shareholder proposal on climate change policies.

• Board recommends voting FOR all director nominees, executive compensation, and auditor ratification, and AGAINST the shareholder climate proposal.

• The climate proposal requests new policies to increase ambitions and goals to reduce climate impact; Board argues current strategy is sufficient and tailored to business needs.

Board of directors and corporate governance

• Board consists of ten directors, 90% of whom are independent; average director age is 64.4 years.

• Directors bring expertise in brand building, finance, global supply chain, marketing, and public company governance.

• Board leadership structure separates Chairman and CEO roles; all committees are fully independent.

• Annual board and committee self-evaluations, director onboarding, and ongoing education are in place.

• Shareholder rights include majority voting with resignation policy, right to act by written consent, and no supermajority requirements.