Valvoline : Q4 Fiscal 2023 Investor Overview

Fourth Quarter

Fiscal 2023 Earnings

Lori Flees, President & CEO

Mary Meixelsperger, CFO

Elizabeth Russell, Investor Relations

11.09.2023

SAFE HARBOR

Forward-Looking Statements

Certain statements herein, other than statements of historical fact, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements may include, without limitation, benefits and synergies of the sale of Global Products; future opportunities for the remaining stand-alone retail business; and any other statements regarding Valvoline's future operations, financial or operating results, capital allocation, debt leverage ratio, anticipated business levels, dividend policy, anticipated growth, market opportunities, strategies, competition, and other expectations and targets for future periods. Valvoline has identified some of these forward-looking statements with words such as "anticipates," "believes," "expects," "estimates," "is likely," "predicts," "projects," "forecasts," "may," "will," "should," and "intends," and the negative of these words or other comparable terminology. These forward-looking statements are based on Valvoline's current expectations, estimates, projections, and assumptions as of the date such statements are made and are subject to risks and uncertainties that may cause results to differ materially from those expressed or implied in the forward-looking statements. Additional information regarding these risks and uncertainties are described in the Company's filings with the Securities and Exchange Commission (the "SEC"), including in the "Risk Factors," "Management's Discussion and Analysis of Financial Condition and Results of Operations," and "Quantitative and Qualitative Disclosures about Market Risk" sections of Valvoline's most recently filed periodic reports on Forms 10-K and 10-Q, which are available on Valvoline's website at http://investors.valvoline.com/sec-filings or on the SEC's website at http://www.sec.gov. Valvoline assumes no obligation to update or revise these forward-looking statements for any reason, even if new information becomes available in the future, unless required by law.

Regulation G: Adjusted Results

Information regarding Valvoline's definitions, calculations and reconciliation of non-GAAP measures can be found in the Appendix.

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2

AGENDA

Best-in-Class Retail Services Platform

Proven Formula for Growth

Results & Guidance

Wrap Up/Q&A

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FOCUSED HIGH GROWTH PORTFOLIO

Takeaways for Shareholders

Completed Sale of Global Products Business

Pure-play automotive services company

Return Proceeds to Shareholders

$1.6B Share Repurchase Authorization with $212M Remaining

Positioned for Long-term Growth

Growth of Core Business + Store Additions +

Customer & Service Expansion

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New Valvoline is…

HIGH GROWTH

HIGH MARGIN

HIGH ROIC

RETAIL SERVICES PLATFORM

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OUR BUSINESS AT A GLANCE

Best-in-Class Retail Service Provider Focused on Growth

$2.8B

System-wide Sales2

31M

Households

$1.4B

Net Revenues

17 Years

Of Positive Same

Store Sales2 (SSS)

Ranked #1

Franchisor

In Category3

~26%

Adjusted1 EBITDA Margin

1,852

System-wide Stores

with Strong Annual Growth

53%

Franchised Stores

Mid-Teens

IRR

1.	For a reconciliation of adjusted amounts to amounts reported under GAAP, please refer to the Appendix.
2.	Refer to the Appendix for further information regarding management's use of key business measures.
3.	By both Entrepreneur and Franchise Times		6
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VALVOLINE OFFERS A BEST-IN-CLASS VALUE PROPOSITION FOR OUR SHAREHOLDERS

Leading Brand Awareness

Scaled Platform

Track Record of High Growth

Strong Margins &

Cash Flow Generation

Significant Whitespace

Unlocking Value

Trusted brand for over 150+ years

One of the largest auto services companies in U.S. and Canada with 1,852 stores

Proven track record of revenue and EBITDA growth through new stores, same store sales growth and accretive M&A

Highly franchised model generates attractive margins and significant cash flows

~5% market share of a growing and fragmented industry with potential for 3,500+ stores

Accelerate franchise growth and lower net capital requirements over time

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CONSISTENT TRACK RECORD OF FINANCIAL PERFORMANCE

			Store Count1					System-Wide Same Store Sales1 Growth
			'16 - '23 CAGR: 8%			1,852
					1,594	1,715						21%
				1,462
			1,385
		1,242
					876
1,068	1,127				790							14%
		584	719	Average: 10%					12%
		519
		462				10%
342	384
					8%	7%	8%
726	743	780	866	878	875	925	976					2%
2016	2017	2018	2019	2020	2021	2022	2023	2016	2017	2018	2019	2020	2021	2022	2023
			Franchise	Company
($ millions)		System-Wide Sales1				($ millions)		Adjusted2 EBITDA
			'16 - '23 CAGR: 18%			2,762
						2,360					'20 - '23 CAGR: 32%		$380
					1,970		1,258				$277	$316
			1,419	1,520		1,051
		1,161		862
	1,024						$166
		590
880		530
	453
289	351					1,504
				1,309
			930	1,108
			889
591	673	708
2016	2017	2018	2019	2020	2021	2022	2023		2020		2021	2022		2023
			Franchise	Company

1. Refer to the Appendix for further information regarding management's use of key business measures.
2. For a reconciliation of adjusted amounts to amounts reported under GAAP and adjusted results previously recast as continuing operations, please refer to the Appendix.

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EXECUTED AT A HIGH LEVEL IN FY 2023

	FY 2023	FY 2023		Long-Term
	Guidance1	Adjusted2 Results		Guidance
Sales Growth	14% - 18%	17%		14% - 16%
Store Growth	7% - 9%	8%		7% - 10%
Company	80-90	86		N/A
Franchise	50-70	51		N/A
SSS3	8% - 12%	11.9%		6% - 9%
Company	N/A	11.9%		N/A
Franchise	N/A	11.9%		N/A
Adj.2 EBITDA	17% - 23%	20%		16% - 18%
Growth	370M - 390M
Adj.2 EBITDA	Not Provided	26.3%		26% - 29%
Margin
Adj.2 EPS	Not Provided	62%		20% +
Growth
	Delivering on long-term algorithm across metrics with momentum into FY24
1. Based on original guidance provided November 2022.
2. For a reconciliation of adjusted amounts to amounts reported under GAAP, please refer to the Appendix.
3. Refer to the Appendix for further information regarding management's use of key business measures.		9
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