Wolverine World Wide : Q3 2024 Investor Relations Presentation

Wolverine Worldwide

Investor Presentation | Third Quarter 2024 Ended September 28th, 2024

+ Investor Presentation | 3Q24

Forward-Looking Statements

This presentation contains forward-looking statements, including statements regarding: the benefits, commercial drivers, competitive advantages and efficiencies of the Company's global platforms; the pace and urgency of the Company's strategic turnaround; expected inventory decline; the Company's transformation and inflection to growth; future profitability; annual run rate savings; enhanced brand building capability; anticipated benefits of the Company's proactive initiatives undertaken in 2023; distribution; cost structure; 2024 supply chain costs; investment in brand-building; the Company's goals, including its aspirational financial (revenue, profits and cash flow from operations), EPS growth, dividend yield and TSR goals; revenue outlook for the fourth quarter of 2024, including group and brand revenue; expected year-end net debt and bank-defined leverage ratio; capital expenditures for fiscal year 2024; and guidance for fiscal year 2024 and the drivers of the projected results. In addition, words such as "estimates," "anticipates," "believes," "forecasts," "step," "plans," "predicts," "focused," "projects," "outlook," "is likely," "expects," "intends," "should," "will," "confident," variations of such words, and similar expressions are intended to identify forward-looking statements. These statements are not guarantees of future performance and involve certain risks, uncertainties, and assumptions ("Risk Factors") that are difficult to predict with regard to timing, extent, likelihood, and degree of occurrence. Risk Factors include, among others: changes in general economic conditions, employment rates, business conditions, interest rates, tax policies, inflationary pressures and other factors affecting consumer spending in the markets and regions in which the Company's products are sold; the inability for any reason to effectively compete in global footwear, apparel and consumer-direct markets; the inability to maintain positive brand images and anticipate, understand and respond to changing footwear and apparel trends and consumer preferences; the inability to effectively manage inventory levels; increases or changes in duties, tariffs, quotas or applicable assessments in countries of import and export; foreign currency exchange rate fluctuations; currency restrictions; supply chain or other capacity constraints, production disruptions, including reduction in operating hours, labor shortages, and facility closures resulting in production delays at the Company's manufactures, quality issues, price increases or other risks associated with foreign sourcing; the cost, including the effect of inflationary pressures, and availability of raw materials, inventories, services and labor for contract manufacturers; labor disruptions; changes in relationships with, including the loss of, significant wholesale customers; risks related to the significant investment in, and performance of, the Company's consumer direct operations; risks related to expansion into new markets and complementary product categories as well as consumer direct operations; the impact of seasonality and unpredictable weather conditions; the impact of changes in general economic conditions and/or the credit markets on the Company's manufacturers, distributors, suppliers, joint venture partners and wholesale customers; changes in the Company's effective tax rates; failure of licensees or distributors to meet planned annual sales goals or to make timely payments to the Company; the risks of doing business in developing countries, and politically or economically volatile areas; the ability to secure and protect owned intellectual property or use licensed intellectual property; the impact of regulation, regulatory and legal proceedings and legal compliance risks, including compliance with federal, state and local laws and regulations relating to the protection of the environment, environmental remediation and other related costs, and litigation or other legal proceedings relating to the protection of the environment or environmental effects on human health; the risks of breach of the Company's databases or other systems, or those of its vendors, which contain certain personal information, payment card data or proprietary information, due to cyberattack or other similar events; problems affecting the Company's supply chain or distribution system, including service interruptions at shipping and receiving ports; strategic actions, including new initiatives and ventures, acquisitions and dispositions, and the new operating model for Merrell and Saucony businesses in China, and the Company's success in integrating acquired businesses, and implementing new initiatives and ventures; risks related to stockholder activism; the potential effects of outbreaks of COVID-19 or future health crises on the Company's business, operations, financial results and liquidity; the risk of impairment to goodwill and other intangibles; the success of the Company's restructuring and realignment initiatives undertaken from time to time; changes in future pension funding requirements and pension expenses; and additional factors discussed in the Company's reports filed with the Securities and Exchange Commission and exhibits thereto. The foregoing Risk Factors, as well as other existing Risk Factors and new Risk Factors that emerge from time to time, may cause actual results to differ materially from those contained in any forward-looking statements. Given these or other risks and uncertainties, investors should not place undue reliance on forward-looking statements as a prediction of actual results. Furthermore, the Company undertakes no obligation to update, amend, or clarify forward-looking statements.

Non-GAAP Information

Measures referred to in this presentation as "adjusted" financial results and the financial results of the "ongoing business" are non-GAAP measures. Adjusted financial results exclude environmental and other related costs net of recoveries, non-cash impairment of long-lived assets, reorganization costs, and gain on the sale of businesses, trademarks and long-lived assets. The financial results of the ongoing business exclude financial results from the Sperry business, Keds business and Wolverine Leathers business prior to the respective dates of sale of such businesses. Revenue adjusted for divestitures and business model changes exclude financial results from the Keds business, Sperry business and Wolverine Leathers business prior to the respective dates of sale of such businesses and are also adjusted to include the impact of business model changes in 2023 (the transition of Hush Puppies North America to a licensing model, Hush Puppies IP sale, and conversion of the China joint ventures to the distributor model) and business model changes in 2024 (the transition of Merrell and Saucony Kids to a licensing model). The Company also presents constant currency information, which is a non-GAAP measure that excludes the impact of fluctuations in foreign currency exchange rates. The Company calculates constant currency basis by converting the current-period local currency financial results using the prior period exchange rates and comparing these adjusted amounts to the Company's current period reported results. The Company believes providing each of these non- GAAP measures provides valuable supplemental information regarding its results of operations, consistent with how the Company evaluates performance. The Company has provided a reconciliation of each of the above non-GAAP financial measures to the most directly comparable GAAP financial measure. The Company believes these non-GAAP measures provide useful information to both management and investors because they increase the comparability of current period results to prior period results by adjusting for certain items that may not be indicative of core operating results and enable better identification of trends in our business. The adjusted financial results are used by management to, and allow investors to, evaluate the operating performance of the Company on a comparable basis. Management does not, nor should investors, consider such non-GAAP financial measures in isolation from, or as a substitute for, financial information prepared in accordance with GAAP.

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+ Investor Presentation | 3Q24

Vision: Consumer-Obsessed, Global Brand Builders

Portfolio of Authentic	+	Global Distribution Network
& Innovative Brands	& Powerful Platforms
Positioned in attractive categories and		Enabling our brands to focus on
focused on helping our consumers live		consumers, products, and marketing
healthier and more productive lives		and creating competitive advantages
through product innovation and design		for key strategic capabilities
		Regions
		FY23 Revenue¹ (Outer) | FY23 Pairs¹ (Inner)
				US
				EMEA
				Asia Pacific
				Latin America
				Canada
		Channels
		FY23 Revenue¹
				Wholesale & 3P Distributors
				DTC eCom
				DTC Stores

1. Ongoing business which excludes Keds, which was sold in February 2023, the U.S. Wolverine Leathers business, which was sold in August 2023, the non-U.S. Wolverine Leathers business, which was sold in December 2023, Sperry,	3
which was sold in January 2024.

+ Investor Presentation | 3Q24

Authentic & Innovative Brands

Additional Brands:

Global outdoorperformance

and lifestylebrand

Est.1983

#1

Hike

Category-leading running innovation

Est.1898

Top

10

Run

Premium women's

activewear Est.1998

Trusted work

comfort technology

Est.1883

#1

Work

Boots

SpeedARC Surge BOA	Endorphin Elite 2	Power Icon Bra Collection
Time's Best New Invention of the Year	IncrediRun Superfoam + Carbon Plate	Personalized Fit + Air-light

Rancher Pro

HyperRest Energy Return

1. US category share data for the trailing 12 months ending September 2024

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+ Investor Presentation | 3Q24

Global Platforms Enabling Consumer Focus

Commercial Drivers	Insights & creative expertise to
fuel innovation & storytelling
Competitive Advantage Enabler
Lean Corporate Functions		Creative
	Insights&	& PR	In-house
In-market knowledge	Innovation		Studio
& partnerships to	EMEA	The		Apparel
build brands globally
APAC		Accessories
	Collective

Model & category expertise to capture new, efficient business opportunities

LTAM International

Licensing

Brands

Brands

	Systems&	DT&E		Global	Integrated
	Platforms		Supply Chain	Planning
The technology and data	Data		Corporate	Sourcing
	CX	Functions	Distribution
to enable teams to
drive the business			Finance	Human
			Resources
			Legal

Strengthened processes to deliver the right product at the right place & time

Support to enable brands to focus
on consumers & brand building	5

+ Investor Presentation | 3Q24

StrategicTurnaround Driving Profitable Growth

The Company is executing its turnaround with great pace and urgency in three chapters:

1. Stabilization

Simplified and focused the business Portfolio focused on performance brands after significant rationalization, which generated approximately $394 million of proceeds since January 2023, including the divestiture of the Sperry and Keds brands

Paid down debt

Net Debt at the end of the quarter was $563 million, down $373 million compared to the prior year and down $179 million from the prior year end

Reduced inventory¹

Over 38% less inventory year-over-year as of the end of 3Q24

2. Transformation

Redesigning the organization

A more efficient organization focused on becoming a consumer-obsessed, global brand-building company

Expanding profitability

Line of sight to approximately $215 million of annual run rate savings and approximately 7.2% adjusted operating margin2 in FY24, an increase of 330 basis points compared to FY23, resulting from comprehensive profit improvement initiatives

Strengthening key capabilities New talent in many of the key brand leadership roles, establishment of the Collective (consumer insights, innovation, etc.), and investment in key platforms

3. Inflection to Growth

Investment in brand building Committed to expanding gross margins and increasing marketing supporting our biggest growth opportunities

Awesome product design & innovation Bolstering product pipeline with trend- right, innovative product that addresses consumers' biggest needs and style preferences

A Healthier Marketplace

Optimizing distribution and inventory at retail and building new distribution to reach right consumers

1. Adjusted to reflect the exclusion of the Sperry business and consolidated China joint ventures. For reconciliations to the most comparable GAAP measures, see pages 16 - 22.	6
2.Adjusted Operating Margin is a non-GAAP measure. For reconciliations to the most comparable GAAP measures, see pages 16 - 22

+ Investor Presentation | 3Q24

Transformation

Redesigning the Organization

Establishing a cost structure that enables improved profitability and enhanced capabilities aimed at building brands

Examples of Capability Building:

The Collective

Consumer insights,	Creative and	In-house
market intelligence,	PR services	creative studio
and innovation	+

Global Licensing Team

Expand Profitability

Proactive initiatives in 2023 enabling expanded profitability, improved operating cash flow, and capacity for investment to support the transformation. Key highlights include:

-Annual run rate of gross savings from profit improvement initiatives of approximately $215 million ($73 million recognized in 2023) from organizational restructuring, streamlined supply chain, operating group synergies, and other indirect cost savings initiatives

-Lower supply chain costs in 2024 due to lack of 2023 transitory costs

Investing in Brand Building

This new cost structure also allows for investment to drive the growth of our brands through our brand building model

Brand-Building Model

BuildTell

AwesomeAmazing

ProductsStories

Drive

the

Business

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+ Investor Presentation | 3Q24

ShareholderValue Creation

The Company aspires to deliver top-quartile TSR over time as follows:

Aspirational Financial Goals

Organic Revenue Growth

Growth Brands: +7% - 10%

Funder Brands: +2% - 5%

Profitability

Gross Margin: 45% - 47%

Operating Margin: Mid-teens

Cash Flow from Operations

> $150M per year

Capital Allocation

Growth Investments

Debt Paydown

Capital Expenditure

Dividend Payout

Resulting TSR

EPS Growth	Total
Resulting from revenue
Shareholder
growth and strong	Return
profit flow through
	Targeting Consistent
	Top-Quartile TSR

Dividend Yield

1.5% to 2.5%

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3Q24 Financial Results

& FY24 Outlook

+ Investor Presentation | 3Q24

3Q24 Financial Results

Financial results for 2024, and comparable results from 2023, in each case, for our ongoing business, exclude the impact of Keds, which was sold in February 2023, the U.S. Wolverine Leathers business, which was sold in August 2023, the non-U.S. Wolverine Leathers business, which was sold in December 2023, and the Sperry business, which was sold in January 2024. Tables have been provided in the back of this release showing the impact of these adjustments on financial results for 2024 and 2023.

Prior to the fourth quarter of 2023, Sperry®, Keds®, and Hush Puppies® financial results were reported in the Lifestyle Group. As of the fourth quarter of 2023, the Lifestyle Group is no longer a reportable segment and the financial results for Sperry®, Keds®, and Hush Puppies® are included in Other. Prior period disclosures have been adjusted.

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