2021 Q1 Earnings Call

May 6, 2021

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Forward-Looking Statements

Certain statements in this presentation constitute "forward-looking statements" within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Statements contained in this presentation that are not historical facts are forward-looking statements and include, for example, the Company's expectations regarding future results, the impact of COVID-19 on our business, including on customer demand, supply chains and production, ability to meet working capital needs and cash requirements over the next 12 months, ability to realize savings from reductions in force and other cost saving measures, compliance with the financial covenants under our credit facility, ability to obtain financial and tax benefits from the CARES Act, risks related to the proposed transaction with The Middleby Corporation, descriptions of our Transformation Program, operating and strategic plans and any assumptions on which those programs, expectations, outlook or plans are based. Such forward-looking statements involve known and unknown risks and uncertainties, and our actual results could differ materially from future results expressed or implied in these forward-looking statements. The forward-looking statements included in this presentation are based on our current beliefs and expectations and speak only as of the date hereof. These statements are not guarantees or indicative of future performance. Important assumptions, risks, uncertainties and factors that could cause actual results to differ materially from those forward-looking statements are described in more detail under the caption "Risk Factors" in our most recent Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and in our other filings with the Securities and Exchange Commission. We do not intend, and, except as required by law, we undertake no obligation, to update any of our forward-looking statements after the date of this presentation to reflect any future events or circumstances. Given these risks and uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements.

Non-GAAP Financial Measures

The Company uses certain non-GAAP financial measures in this presentation. These non-GAAP financial measures should not be considered as an alternative to our financial information presented in accordance with U.S. GAAP as they have important limitations as analytical tools. Reconciliations of these non-GAAP financials measures to the most comparable U.S. GAAP measures can be found in our earnings release for the first quarter of 2021, which is available in the Investor Relations section of our website, www.welbilt.com, together with this presentation.

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Current Market Environment

MillerPulse Weekly Same-Store Sales

40.0%

YOY Change

Change from 2019

20.0%

0.0% -20.0%-40.0%-60.0%-80.0%

-100.0%

Source: MillerPulse, Jefferies

QSR Casual All

  • NRA's February Restaurant Performance Index was at 100.1, it's highest reading since the beginning of the pandemic.
  • Much of EMEA continues to have restrictions on dining away from home or on indoor dining, or still has curfews in place. The U.K. recently began loosening restrictions. Most countries are allowing takeout and delivery.
  • APAC remains mixed, with some areas operating with no restrictions (China, Australia) and others with various levels of restrictions.

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© Welbilt, Inc.

2021 Q1 Financial Highlights

(US$ in millions except per share amounts)

Net Sales (3.7%)

$500.0

$400.0

$328.9$316.8

$300.0

$200.0

$100.0

$0.0

2020 Q1

2021 Q1

Organic (6.0%); Foreign Currency Translation +2.3% 1

Q1 2020

Q1 2021

∆

Adjusted Operating EBITDA1

$45.5

$49.8

+9.5%

Adjusted Operating EBITDA

13.8%

15.7%

+190 bps

margin1

Adjusted Diluted Net Earnings

$0.01

$0.08

700.0%

Per Share1

Free Cash Flow1

($78.1)

($21.1)

+73.0%

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1 See Welbilt's 2021 Q1 earnings release for the reconciliations from GAAP to non-GAAP measures.

© Welbilt, Inc.

2021 Q1 Segment Sales - Americas

(US$ in millions)

Third-Party Net Sales +1.3%

$400.0

$300.0

$218.1$221.0

$200.0

$100.0

$0.0

2020 Q1

2021 Q1

Organic +0.7%; Foreign Currency Translation +0.6%1

Highlights:

  • General market
  • Large chains
  • KitchenCare® aftermarket sales
  • Large chain sales benefited from improved rollout activity across many of our brands
  • C-Storessupported a smaller decline in general market with small rollouts of beverage equipment and ovens
  • KitchenCare aftermarket sales increased for first time since the beginning of the pandemic

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1 See Welbilt's 2021 Q1 earnings release for the reconciliations from GAAP to non-GAAP measures.

© Welbilt, Inc.

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Welbilt Inc. published this content on 06 May 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 06 May 2021 13:18:08 UTC.