Hasbro : Q2 2022 Investor Presentation

Q2

2022 Earnings

July 19, 2022

Safe Harbor

Certain statements in this presentation contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These statements, which may be identified by the use of forward-looking words or phrases, include statements relating to: our business strategies; the ability to achieve our financial and business goals and objectives; anticipated financial performance or business prospects in our business and our segments in future periods; expectations relating to products, gaming and entertainment to be developed and delivered throughout the year; expectations relating to inventory; our debt to EBITDA targets; expected cash generation; and our liquidity. Our actual actions or results may differ materially from those expected or anticipated in the forward-looking statements due to both known and unknown risks and uncertainties. Factors that might cause such a difference include, but are not limited to:

•our ability to design, develop, manufacture, and ship products on a timely, cost-effective and profitable basis;

•our ability to execute on our brand blueprint strategy, including focus and scale select business initiatives and brands to drive profitability; •our ability to successfully grow our digital gaming and consumer direct businesses;

•our ability to build on multi-generational brands;

•our ability to develop and timely distribute engaging storytelling across media to drive brand awareness;

•our ability to navigate through inflation and downturns in global and regional economic conditions impacting one or more of the markets in which we sell products, which can negatively impact our retail customers and consumers, result in lower employment levels, consumer disposable income, retailer inventories and spending, including lower spending on purchases of our products;

•our ability to successfully evolve and transform our business and capabilities to address a changing global consumer landscape and retail environment, including due to consumer preferences, changing inventory and sales policies and practices of our customers and increased emphasis on ecommerce;

•our ability to implement strategies to lessen the impact of any increased shipping costs, shipping delays or changes in required methods of shipping, as well as our ability to take any price increases to offset increased shipping costs, increases in prices of raw materials or other increases in costs of our products;

•risks related to other economic and public health conditions or regulatory changes in the markets in which we and our customers, partners, licensees, suppliers and manufacturers operate, such as inflation, rising interest rates, higher commodity prices, labor costs or transportation costs, or outbreaks of disease, the occurrence of which could create work slowdowns, delays or shortages in production or shipment of products, increases in costs or delays in revenue;

•our ability to successfully compete in the global play and entertainment industry, including with manufacturers, marketers, and sellers of toys and games, digital gaming products and digital media, as well as with film studios, television production companies and independent distributors and content producers;

•our dependence on third party relationships, including with third party manufacturers, licensors of brands, studios, content producers and entertainment distribution channels;

•risks relating to the concentration of manufacturing for many of our products in the People's Republic of China and our ability to successfully diversify sourcing of our products to reduce reliance on sources of supply in China;

•our ability to successfully develop and continue to execute plans to mitigate the negative impact of the coronavirus on our business, including, without limitation, negative impacts to our supply chain and costs that have occurred and could continue to occur in countries where we source significant amounts of product;

•risks associated with international operations, such as currency conversion, currency fluctuations, the imposition of tariffs, quotas, shipping delays or difficulties, border adjustment taxes or other protectionist measures, and other challenges in the territories in which we operate,

•the continuing impact of the crisis between Russia and Ukraine on our business, including on receivables;

•the success of our key partner brands, including the ability to secure, maintain and extend agreements with our key partners or the risk of delays, increased costs or difficulties associated with any of our or our partners' planned digital applications or media initiatives; •fluctuations in our business due to seasonality;

•the concentration of our customers, potentially increasing the negative impact to our business of difficulties experienced by any of our customers or changes in their purchasing or selling patterns; •the bankruptcy or other lack of success of one or more of our significant retailers, licensees and other partners;

•risks related to our leadership changes;

•our ability to attract and retain talented and diverse employees;

•our ability to realize the benefits of cost-savings and efficiency and/or revenue enhancing initiatives;

•our ability to protect our assets and intellectual property, including as a result of infringement, theft, misappropriation, cyber-attacks or other acts compromising the integrity of our assets or intellectual property; •risks relating to the impairment and/or write-offs of products and content we acquire and produce;

•risks relating to investments, acquisitions and dispositions, including the ability to realize the anticipated benefits of acquired assets or businesses; •the risk of product recalls or product liability suits and costs associated with product safety regulations;

•changes in tax laws or regulations, or the interpretation and application of such laws and regulations, which may cause us to alter tax reserves or make other changes which significantly impact our reported financial results; •the impact of litigation or arbitration decisions or settlement actions; and

•other risks and uncertainties as may be detailed from time to time in our public announcements and U.S. Securities and Exchange Commission ("SEC") filings.

The statements contained herein are based on our current beliefs and expectations. We undertake no obligation to make any revisions to the forward-looking statements contained in this press release or to update them to reflect events or circumstances occurring after the date of this presentation.

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Supplemental Financial Data

Use of Non-GAAP Financial Measures

The financial tables accompanying this presentation include non-GAAP financial measures as defined under SEC rules, specifically Adjusted operating profit, Adjusted net earnings and Adjusted net earnings per diluted share, which exclude, where applicable, acquisition and related costs, acquired intangible amortization, as well as 2021 losses on the music sale and charges from UK tax reform. Also included in this press release are the non-GAAP financial measures of EBITDA and Adjusted EBITDA. EBITDA represents net earnings attributable to Hasbro, Inc. excluding interest expense, income tax expense, net earnings (loss) attributable to noncontrolling interests, depreciation and amortization of intangibles. Segment EBITDA represents segment operating profit (loss) plus other income or expense, less depreciation and amortization of intangibles. Adjusted EBITDA also excludes the impact of stock compensation (including acquisition-related stock expense). As required by SEC rules, we have provided reconciliations on the attached schedules of these measures to the most directly comparable GAAP measure. Management believes that Adjusted net earnings, Adjusted net earnings per diluted share and Adjusted operating profit provide investors with an understanding of the underlying performance of our business absent unusual events. Management believes that EBITDA and Adjusted EBITDA are appropriate measures for evaluating the operating performance of our business because they reflect the resources available for strategic opportunities including, among others, to invest in the business, strengthen the balance sheet and make strategic acquisitions. These non-GAAP measures should be considered in addition to, not as a substitute for, or superior to, net earnings or other measures of financial performance prepared in accordance with GAAP as more fully discussed in our consolidated financial statements and filings with the SEC. As used herein, "GAAP" refers to accounting principles generally accepted in the United States of America.

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Investing to Grow: Hasbro Brand Blueprint

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Creating the World's Best Play &

Entertainment Experiences

Brand Blueprint

Leadership

• Revenue growth in Consumer Products and Wizards & Digital Gaming segments; Entertainment segment declined 18%, down 4% excluding the music business sold in Q3 2021
• Growth in Franchise Brands, Partner Brands, Emerging Brands
• End-toEnd Brand Executions including
  MY LITTLE PONY, NERF, PEPPA PIG, POWER RANGERS
• Hasbro products for the Marvel portfolio and Star WarsTM drove growth in Partner Brand portfolio

Industry-Leading Gaming Portfolio

• Hasbro's Total Gaming Portfolio up 2%, up 4% absent FX
• MAGIC: THE GATHERING up 11%
• • Double digit growth in Tabletop
  • Every major set has exceeded $100M in sales
  • Digital declined as expected, versus MTG Arena mobile launch last year
• DUNGEONS & DRAGONS
• • Strengthened digital tabletop play with Q2 Acquisition of D&D Beyond
  • YOY revenue down led by comparison to Dark Alliance digital launch in 2021
• Licensed Digital Gaming, up 20%
• • Strength in Hasbro brands

Monopoly and Yahtzee

Maintain Guidance

for FY22

• 2022 Guidance
• • Low-singledigit revenue growth (constant currency)
  • Mid-singledigit Operating Profit growth to achieve FY22 adjusted operating profit margin of 16%
  • • Pricing began in Q2 to offset higher costs
  • Well positioned with high-quality inventory to meet demand
• Capital Allocation Focus
• • Expect to be at low end of operating cash flow range $700-$800M
  • Paid $192M in Dividends YTD
  • Repurchased $124M in Hasbro common stock
  • On target to meet debt to adjusted EBITDA target of 2.0 to 2.5X in 2023
  • $628M in cash at quarter end

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