ODP : First Quarter 2024 Earnings Webcast Presentation

First Quarter

2024 Financial Results

Safe Harbor Statement

The Private Securities Litigation Reform Act of 1995, as amended, (the "Act"), provides protection from liability in private lawsuits for "forward-looking" statements made by public companies under certain circumstances, provided that the public company discloses with specificity the risk factors that may impact its future results. The Company wants to take advantage of the "safe harbor" provisions of the Act. Certain statements made during this presentation are forward-looking statements under the Act. Except for historical financial and business performance information, statements made during this presentation should be considered forward-looking as referred to in the Act. Much of the information that looks towards future performance of the Company is based on various factors and important assumptions about future events that may or may not actually come true, including the risk that the Company will not be able to achieve the expected benefits of its strategic plans, including a potential sale of Varis and the benefits related to Project Core. As a result, operations and financial results in the future could differ materially and substantially from those discussed in the forward-looking statements made during this presentation. Certain risks and uncertainties are detailed from time to time in the Company's filings with the United States Securities and Exchange Commission ("SEC").

You are strongly urged to review all such filings for a more detailed discussion of such risks and uncertainties. The Company's SEC filings are available at no charge at www.sec.gov and on the Company's website at investor.theodpcorp.com.

During portions of today's presentation, the Company may refer to results which are non-GAAP financial measures. A reconciliation of GAAP to non-GAAP financial measures is available on the Company's website at investor.theodpcorp.com. These measures exclude charges or credits not indicative of core operations and the tax effects of these items, which may include but not limited to merger integration, restructuring, acquisition costs, and asset impairments.

The Company's full year guidance in 2024 included in this presentation includes non-GAAP measures, such as adjusted EBITDA, adjusted Operating Income, adjusted Earnings Per Share (EPS) and adjusted Free Cash Flow. These measures exclude charges or credits not indicative of core operations, which may include but not be limited to merger integration expenses, restructuring charges, acquisition-related costs, asset impairments and other significant items that currently cannot be predicted without unreasonable efforts. The exact amount of these charges or credits are not currently determinable but may be significant. Accordingly, the Company is unable to provide equivalent GAAP measures or reconciliations from GAAP to non-GAAP for these financial measures.

Gerry Smith

Chief Executive Officer

Commitment to Operational Excellence - Project Core

Driving efficiencies throughout business and positioning ODP to drive sustained long-term value

Operational excellence Embedded in ODP's DNA Low-cost model mindset and approach

Project Core: Business optimization initiative to continue driving the low-cost model

• Streamlining operations
• Maximizing in-year and run-rate cost savings
• Enterprise-widecost improvement actions including all routes to market
• Improving ODP's position to pursue future profitable growth

Operational

Excellence

Low-Cost	Project
Model	Core

First Quarter 2024 Performance

1

2

Challenging macroeconomic environment and business conditions in the quarter

Accelerating execution of shareholder-focused capital allocation plan

• Increased pace of buyback expecting to continue at current pace or higher in the near term
• Repurchased approximately $90 million since beginning of year, including over $70 million since inception of the new plan

1. Accelerating Project Core to drive increased enterprise-wide operational efficiencies
2. • Driving cost efficiency measures throughout the business including all routes to market, Varis, shared services, procurement and IT; Significant cost reductions at Varis
   • Expected to generate annualized run-rate cost savings of over $100 million when fully implemented
3. Board approved plan for sale of Varis
4. • Held for sale designation; Reducing cash burden

5 Updating 2024 operational guidance as supported by Project Core

Valuable Partner for the Evolving Needs of Business

B2B distribution business serving large enterprises, medium, and small businesses

Sales decrease primarily related to weaker macroeconomic conditions, enterprise-level spending constraints, slower customer on-boarding, and fewer transactions

Lower sales in technology, supplies, and furniture

Adjacency sales 43% of division revenue

Strong foundation and continuing to win new business

• Strong pipeline of new business opportunities
• Historically high renewal win rate
• Federation business continues to grow
• Higher net promotor score

Initializing account reviews and other actions to drive sales

Strong Value Proposition to Small Business,

Education & Home Office Customers

• Strong cash generation engine
• Customer first mindset: industry leading net promoter score
  - 70%+; adding business intelligence capabilities
• Continued optimization of store footprint
• Macroeconomic conditions and high inflation resulting in constrained consumer spending. Severe weather conditions and fewer stores in service also dampened top-line results
• Lower sales for technology and furniture categories; expecting PC refresh cycle to positively impact sales in second half of year
• Enhancing value proposition through expanding product and services portfolio

• Education 365; Convenience tools for students/teachers
• TSA Precheck sign-ups; Passport photos

• Greeting cards; Dorm room accessories; Celebrations

Veyer Supply Chain & Logistics Nationwide supply chain services and global sourcing

• Core competencies in distribution, fulfillment, transportation, global sourcing and purchasing
• 8 million square feet of facilities, distribution centers and cross-docks
• Global sourcing operations in Asia

Delivering best in class service

• Next business day delivery to 98.5% of the US population
• Servicing ODP's internal customers at a low cost
• Leveraging existing capacity to provide services to 3rd party customers

Driving growth with 3rd party customers

• 3rd party revenue up 29% YOY
• 3rd party EBITDA up 40% YOY

Building the pipeline for future business

• Adding new 3rd party, nationally-branded, customer logos

Modernization roadmap progress

• Deploying Gartner Magic Quadrant-level tech stack
• Implemented Veyer Kinetic and deploying new warehouse management systems

Innovative Digitally Native B2B Platform

Innovative digital procurement ecosystem for buying organizations and the suppliers who serve them

• Strong value proposition for customers and suppliers
• Board approved plan for sale of Varis
• Reducing cash burden by ~1/3rd until sale
• Maintaining platform and continuing to provide strong service to customers

1Q24 Financial Overview

Anthony Scaglione, EVP & Chief Financial Officer