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To Our Stockholders:

On behalf of ’s Board of Directors, I would like to thank all of our stockholders for their continued support of Mattel.

While we remain mindful of the ongoing challenges created by the COVID-19 pandemic, we could not be more proud of our achievements in 2020. Our team persevered through a tumultuous year and demonstrated strong innovation, collaboration and execution. We also leveraged Mattel’s resources to act as responsible corporate citizens to support our consumers, customers, employees, business partners and the communities where we live, work and play.

In spite of the challenges, particularly with respect to the first half of the year, 2020 was another milestone year for Mattel. Our strong performance reflects our continued progress towards transforming Mattel into an IP-driven, high-performing company.

Our key 2020 financial highlights include the following:

• Net Sales grew by 2% as reported, and 3% in constant currency,1 versus 2019; • Reported Gross Margin increased to 48.9%, an improvement of 490 basis points; Adjusted Gross Margin1 was 49.1%, an improvement of 420 basis points; • Reported Operating Income improved by $342 million to $381 million; Adjusted Operating Income1 improved by $291 million to $448 million; • Reported Net Income was $127 million, an improvement of $340 million; • Adjusted EBITDA1 was $719 million, up 59%; • Cash Flows Provided by Operating Activities increased by $108 million to $289 million; and • Free Cash Flow1 was $167 million, an improvement of $102 million.

In 2020, we continued to meaningfully advance our goals to restore profitability and regain topline growth in the short-to-mid term and capture the full value of our intellectual property (“IP”) in the mid-to-long term.

Short-to-Mid Term Significant Progress Towards Restoring Profitability Over the past three years, we have significantly reshaped our operations by reducing our manufacturing complexity, improving key processes, streamlining our organizational structure and achieving over $1 billion in savings. We accomplished these savings primarily through our multi-year Structural Simplification and Capital Light cost savings programs, which were key drivers in restoring profitability.

These programs also provided greater visibility and insights into our operations as a whole, which enabled us to identify additional areas where we can further improve operations and drive greater productivity to accelerate growth, while continuing to reduce our cost base. As a result, in February 2021, we announced our “Optimizing for Growth” program, which is expected to deliver, in aggregate, $250 million in incremental savings by 2023. This new program integrates our ongoing Capital Light program with several new productivity opportunities that leverage our scale and global platform.

1 Please refer to the Reconciliation of Non-GAAP Financial Measures at the end of this document for a reconciliation. Significant Progress towards Regaining Topline Growth Over the past three years, we have introduced a new category structure, driven continuous innovation and realigned our commercial team. These and other key drivers have helped us to regain topline growth and gain market share across the portfolio. Most notably, in 2020:

• We achieved our second consecutive year of Net Sales growth on a constant currency2 basis; • We achieved our highest fourth quarter Net Sales since 2016 and our highest full year Net Sales since 2017; • We grew market share in our two largest regions, North America and EMEA; • Gross Billings3 grew 16% and had its third consecutive year of billion-dollar Gross Billings; • achieved record Gross Billings for the third consecutive year; • Fisher-Price (including Thomas & Friends), and MEGA demonstrated a positive shift in momentum; and • We ended the year with the world’s #1 Toy property (Barbie), #1 Vehicles brand (Hot Wheels), #1 (UNO) and remaining the #1 Infant, Toddler & Pre-School (ITPS) manufacturer (Fisher-Price) for 2020, per NPD.

Mid-to-Long Term Capturing the Full Value of Our IP We believe Mattel owns one of the strongest portfolios of children’s and family entertainment franchises in the world. Our portfolio is the foundation of our mid-to-long term strategy to capture the full value of our IP through franchise management and the development of our online retail and e-commerce capabilities.

In 2020, and Mattel announced several new projects, with 11 feature film projects announced to date, and 17 television series or specials in production, with more projects in development.

Our IP uniquely positions Mattel to bring immersive digital to players globally and capitalize on the fast-growing digital gaming industry. We continue to see the success of our games launched through Mattel163, our mobile gaming joint venture with NetEase, and our digital gaming licensing business continues to grow with several exciting new games launched on multiple digital platforms.

Additionally, we delivered continued strong growth in online retail and e-commerce as we accelerated our business in these channels. In 2020, we grew our e-commerce business by approximately 50 percent in the year, representing more than 35 percent of global retail sales in the fourth quarter.

Another important part of our strategy is building out our own direct-to-consumer (“DTC”) business. At the forefront of this strategy is American Girl, a leading DTC brand in the industry. We are also developing Mattel Creations, a highly-curated platform targeting fans of all ages with limited edition collectible products. We are leveraging these learnings and capabilities to further strengthen and accelerate our DTC business as another engine of growth for Mattel.

Updated Strategy Given the significant progress made over the last three years and our positive outlook, in February 2021, we evolved our strategic roadmap and expanded on its key pillars. In the short term, we are aiming to improve profitability by optimizing our operations and to accelerate topline growth by growing our Power Brands and expanding our brand portfolio. In the mid-to-long term, we will continue to make progress on capturing the full value of our IP through franchise management and online retail and e-commerce.

2 Pease refer to the Reconciliation of Non-GAAP Financial Measures at the end of this document for a reconciliation. 3 Pease refer to the discussion of Gross Billings included in Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations in the accompanying Annual Report on Form 10-K, filed February 25, 2021. Our updated strategy reflects our confidence in the continued momentum of our Power Brands, the appeal of our iconic IP portfolio and the strength of our entertainment partnerships, all of which are fueled by innovation and cultural relevance.

We believe we are in a strong position to accelerate our topline growth and increase our overall market share. We also believe the company is now on a strong foundation to continue improving profitability in the coming years.

Corporate Citizenship As a purpose-driven company, we have raised the bar on our commitment to corporate citizenship. We continued to support our broader communities facing the challenges created by the COVID-19 pandemic. Our efforts included launching the Mattel Playroom to support parents, caregivers and children, producing personal protective equipment for donation to medical professionals, releasing the “Thank You Heroes” collection to pay tribute to frontline healthcare workers and everyday heroes and making numerous grants and donations by Mattel and the Mattel Children’s Foundation to various charitable organizations operating in our communities.

Diversity, Equality and Inclusion (“DEI”) is another key priority for Mattel, and we are building on our long heritage in this important area by continuing to advance our DEI efforts across the Company and representing diversity and inclusivity in our products.

We continue to invest in sustainability and are making progress on our goal to achieve 100% recycled, recyclable or bio-based materials in both our products and packaging by 2030. In addition, Mattel remains committed to giving back through the Mattel Children’s Foundation, supporting organizations globally through employee volunteerism, gifts and grants, disaster relief efforts and, of course, product donations, which totaled over one million toys in 2020.

In Conclusion Mattel today is a much stronger company creatively, operationally, competitively and culturally than it has been in many years. Our mission is to create innovative products and experiences that inspire, entertain and develop children through play. Our purpose is to empower the next generation to explore the wonder of childhood and reach their full potential. Our commitment to our mission and purpose has guided our success and is now inspiring a new chapter as we continue to transform Mattel into an IP-driven, high-performing toy company. We have never been more confident about the future of our company as we continue to advance our strategy and create long-term shareholder value.

Sincerely,

Ynon Kreiz Chairman of the Board and Chief Executive Officer BOARD OF DIRECTORS EXECUTIVE OFFICERS Mattel, Inc. Directors And Officers Ynon Kreiz(6) Ynon Kreiz Chairman of the Board and Chairman of the Board and Chief Executive Officer, Chief Executive Officer Mattel, Inc. Richard Dickson R. Todd Bradley(2) (3) President and Former Chief Executive Officer and Chief Operating Officer Director, Mozido, LLC Joseph Euteneuer Chief Financial Officer Adriana Cisneros(4) Chief Executive Officer, Roberto Isaias News Release. Cisneros Group of Companies Executive Vice President and Chief Suppy Chain Officer Michael Dolan(1) (3) (4) Former Chief Executive Officer and Robert Normile Director, Executive Vice President, Bacardi Limited Chief Legal Officer, and Secretary

Soren Laursen(4) (5) Amanda Thompson Former Chief Executive Officer, Executive Vice President and TOP-TOY Chief People Officer value and recognized as incurred. Ann Lewnes(1) (4) Executive Vice President and Chief Marketing Officer, Adobe Systems Incorporated

Roger Lynch(2) (5) Chief Executive Officer, and financial performance of the Company’s core business. Condé Nast Dominic Ng(1) (2) (5) Chairman of the Board and Chief Executive Officer, East West Bancorp, Inc. and East West Bank

Dr. Judy Olian(3) (4) comparable GAAP measure. President, Quinnipiac University

Vasant Prabhu(1) (2) (5) Vice Chairman and Chief Financial Officer, Visa Inc.

(1) Member, Executive Committee Michael Dolan, Chair (2) Member, Audit Committee Vasant Prabhu, Chair (3) Member, Compensation Committee Michael Dolan, Chair (4) Member, Governance and Social Responsibility Committee Ann Lewnes, Chair (5) Member, Finance Committee Dominic Ng, Chair (6) Member, Equity Grant Allocation Committee Mattel, Inc. Form 10-K 2020 BOARD OF DIRECTORS EXECUTIVE OFFICERS Mattel, Inc. Directors And Officers Ynon Kreiz(6) Ynon Kreiz Chairman of the Board and Chairman of the Board and Chief Executive Officer, Chief Executive Officer Mattel, Inc. Richard Dickson R. Todd Bradley(2) (3) President and Former Chief Executive Officer and Chief Operating Officer Director, Mozido, LLC Joseph Euteneuer Chief Financial Officer Adriana Cisneros(4) Chief Executive Officer, Roberto Isaias News Release. Cisneros Group of Companies Executive Vice President and Chief Suppy Chain Officer Michael Dolan(1) (3) (4) Former Chief Executive Officer and Robert Normile Director, Executive Vice President, Bacardi Limited Chief Legal Officer, and Secretary

Soren Laursen(4) (5) Amanda Thompson Former Chief Executive Officer, Executive Vice President and TOP-TOY Chief People Officer value and recognized as incurred. Ann Lewnes(1) (4) Executive Vice President and Chief Marketing Officer, Adobe Systems Incorporated

Roger Lynch(2) (5) Chief Executive Officer, and financial performance of the Company’s core business. Condé Nast Dominic Ng(1) (2) (5) Chairman of the Board and Chief Executive Officer, East West Bancorp, Inc. and East West Bank

Dr. Judy Olian(3) (4) comparable GAAP measure. President, Quinnipiac University

Vasant Prabhu(1) (2) (5) Vice Chairman and Chief Financial Officer, Visa Inc.

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108 %$,'$))$'#. EXHIBIT 31.0 EXHIBIT 31.1 (*! &)*2''+ -.*).4/# . +- . )/. J>7JM; J>;KD:;HI?=D;::? CERTIFICATION CERTIFICATION >;H;8OI;L;H7BBO9EDIJ?JKJ;7D:7FFE?DJ%ED7J>7DDI9>;BB /?<< I, Anthony DiSilvestro, certify that: B7MM?J>7B<?DEKH97F79?J?;I7I:?H;9JEHI7D:EI7?:7JJEHD;OI ?D <79J7D:7=;DJI EH7D 2. Based on my knowledge, this annual report does not contain any untrue statement of a material fact or omit to state a $D9 JE9ECFBOM?J>J>;.;9KH?J?;I N9>7D=;9JE< 7I7C; material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not .;9KH?J?;I7D: N9>7D=;ECC?II?ED ?D9EDD;9J?EDM?J>J>?IDD 227B7=EH?JOJEI?=D3@/B7=;H;JE7D:M;:E;79>>;H;8OH7J?;C I>7BB:EEH97KI;JE8;:ED;8OL?HJK;>;H;E< ::=E/<134=@@327B!=AA3A in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; +KHIK7DJJEJ>;H;GK?H;C;DJIE<J>;.;9KH?J?;I N9>7D=;9JE< 4;7H D:;: ;9;C8;H          7    F;HIEDIED8;>7B<E<J>;H;=?IJH7DJ7D:?DJ>;97F79?J?;I7D:EDJ>;:7J;I?D:?97J;: 4;7H D:;: ;9;C8;H         7    4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls  4;7H D:;: ;9;C8;H           7    and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as  (7555B A42>E4A84B>5?A4E8>DBFA8C4 >55B 0=32DAA4=2HCA0=B;0C8>=039DBC<4=CB .)/#*)4 $.$'1 ./-*  (b) Designed such internal control over financial reporting, or caused such internal control over financial reporting DJ>EDO ?.?BL;IJHE 1 >AC74H40AB4=343424<14A     0=3  C74343D2C8>=B?A8<0A8;HA4?A4B4=CB?A>942C43DC8;8I0C8>=0=3 to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the  FA8C4 >55B>5;>BB20AAH5>AF0A3B0=324AC08=3454AA43C0G0BB4CB preparation of financial statements for external purposes in accordance with generally accepted accounting principles; .4**)#0"#  FH?D9?F7B799EKDJ?D=E=BA4?A4B4=C8=2A40B4BA4;0C43C>;>BB4B0=32A438CB (c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report 4EED#K=> F8C7>DC14=458C >AC74H40A4=343424<14A   C740338C8>=B0;B>A4?A4B4=C0=8=2A40B4A4;0C43C>03454AA43C0G our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this  0BB4C>=C74CA0=B54A>58=C0=681;40BB4CA867CB .- /* - ' 4  ?H;9JEH report based on such evaluation; and - /E::H7:B;O (d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred  during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has . -$)$.) -*.  ?H;9JEH materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and :H?7D7?ID;HEI  5. The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control .($# ' *')  ?H;9JEH over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons (?9>7;B EB7D performing the equivalent functions): . $)! -"0.*) ?H;9JEH (a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial ?7D7!;H=KIED reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and ..*- )'0-. ) ?H;9JEH (b) Any fraud, whether or not material, that involves management or other employees who have a significant role in .EH;D'7KHI;D the registrant’s internal control over financial reporting. .))' 2) . ?H;9JEH

DD';MD;I By: /s/ YNON KREIZ February 25, 2021 By: /s/ ANTHONY DISILVESTRO .-*" -'4)# ?H;9JEH Ynon Kreiz Anthony DiSilvestro Chairman and Chief Executive Officer -E=;H'OD9> Chief Financial Officer (Principal Executive Officer) (Principal Financial Officer) . *($)$)" ?H;9JEH EC?D?9)= . - %0 4*'$) ?H;9JEH H %K:O*B?7D

109 %$,'$))$'#. EXHIBIT 31.0 EXHIBIT 31.1

&)*2''+ -.*).4/# . +- . )/. J>7JM; J>;KD:;HI?=D;::?H;9JEHI7D:E<;H;8OI;L;H7BBO9EDIJ?JKJ;7D:7FFE?DJ%ED7J>7DDI9>;BB /?<<7D?(7=H? 7D:4DED&H;?P 7D:;79>E<J>;C EKHJHK;7D: I, Ynon Kreiz, certify that: B7MM?J>?D=I?DEKHD7C;7D: "))! # #(*(  ' ( 8;>7B<?DEKH97F79?J?;I7I:?H;9JEHI7D:E<;97F79?J?;I 1. I have reviewed this annual report on Form 10-K of Mattel, Inc.; ?D:?97J;:8;BEM M>?9>I7?:7JJEHD;OI ?D <79J7D:7=;DJI EH7DOE<J>;C C7O:;;CD;9;II7HOEH7:L?I78B;JE;D78B;(7JJ;B  2. Based on my knowledge, this annual report does not contain any untrue statement of a material fact or omit to state a $D9 JE9ECFBOM?J>J>;.;9KH?J?;I N9>7D=;9JE< 7I7C;D:;: 7D:7DOHKB;I H;=KB7J?EDI7D:H;GK?H;C;DJIE<J>; material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not .;9KH?J?;I7D: N9>7D=;ECC?II?ED ?D9EDD;9J?EDM?J>J>?IDDK7B-;FEHJED!EHC & ?D9BK:?D=IF;9?EKJ 227B7=EH?JOJEI?=D;97F79?J?;I?D:?97J;:8;BEM 7DO7D:7BB 357<<7<5=4.3/@ $>3@/B7=;H;JE7D:M;:E;79>>;H;8OH7J?7JI7?:7JJEHD;OI ?D <79J7D:7=;DJIEHJ>;?HIK8IJ?JKJ;I EH  3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present 7DOED;E<J>;C I>7BB:EEH97KI;JE8;:ED;8OL?HJK;>;H;E< ::=E/<134=@@327B!=AA3A in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; +KHIK7DJJEJ>;H;GK?H;C;DJIE<J>;.;9KH?J?;I N9>7D=;9JE< J>?IH;FEHJ>7I8;;DI?=D;:8;BEM8OJ>;7B<E<J>;H;=?IJH7DJ7D:?DJ>;97F79?J?;I7D:EDJ>;:7J;I?D:?97J;: 4;7H D:;: ;9;C8;H  4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls  4;7H D:;: ;9;C8;H  and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as  (757?HC7DE<J>;E7H:7D:>?;< N;9KJ?L;*<55B A42>E4A84B>5?A4E8>DBFA8C4 >55B 0=3 .)/#*)4 $.$'1 ./-*  >?;<!?D7D9?7B*AC74H40AB4=343424<14A     0=3  C743 to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the  FA8C4 >55B>5;>BB20AAH5>AF0A3B0=324AC08=3454AA43C0G0BB4CB preparation of financial statements for external purposes in accordance with generally accepted accounting principles; .4**)#0"#  .;D?EH1?9;+H;I?:;DJ7D:EHFEH7J;EDJHEBB;H !;8HK7HO  FH?D9?F7B799EKDJ?D=E F8C7>DC14=458C >AC74H40A4=343424<14A   C74033 our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this  0BB4C>=C74CA0=B54A>58=C0=681;40BB4CA867CB .- /* - ' 4  ?H;9JEH !;8HK7HO  report based on such evaluation; and - /E::H7:B;O (d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred  during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has . -$)$.) -*.  ?H;9JEH  !;8HK7HO  materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and :H?7D7?ID;HEI  5. The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control .($# ' *')  ?H;9JEH  !;8HK7HO  over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons (?9>7;B EB7D performing the equivalent functions): . $)! -"0.*) ?H;9JEH !;8HK7HO  (a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial ?7D7!;H=KIED reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and ..*- )'0-. ) ?H;9JEH !;8HK7HO  (b) Any fraud, whether or not material, that involves management or other employees who have a significant role in .EH;D'7KHI;D the registrant’s internal control over financial reporting. .))' 2) . ?H;9JEH !;8HK7HO 

DD';MD;I February 25, 2021 By: /s/ YNON KREIZ By: /s/ ANTHONY DISILVESTRO .-*" -'4)# ?H;9JEH !;8HK7HO  Ynon Kreiz Anthony DiSilvestro Chairman and Chief Executive Officer -E=;H'OD9> Chief Financial Officer (Principal Executive Officer) (Principal Financial Officer) . *($)$)" ?H;9JEH !;8HK7HO  EC?D?9)= . - %0 4*'$) ?H;9JEH !;8HK7HO  H %K:O*B?7D EXHIBIT 31.1EXHIBIT 31.1 EXHIBIT 99.2 CERTIFICATION CERTIFICATIONCERTIFICATION

I, Ynon Kreiz, certify that: I, Anthony DiSilvestro, certify that: 1. I have reviewed this annual report on Form 10-K of Mattel, Inc.; 1. I have reviewed1. I have this reviewed annual report this annual on Form report 10-K on of Form Mattel, 10-K Inc.; of Mattel, Inc.;

2. Based on my2. Based knowledge, on my this knowledge, annual report this annual does not report contain does any not untrue contain statement any untrue of statementa material offact a materialor omit tofact state or omita to state a May X, 20XX announcing results for the quarter ended March XX, 20XX that material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not May X, 20XX to discuss the Company’s financial results for the quarter misleading with respect to the period covered by this report; misleading with respect to the period covered by this report;

3. Based on my3. Based knowledge, on my the knowledge, financial thestatements, financial and statements, other financial and other information financial includedinformation in this included report, in fairly this report,present fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; presented in this report;

4. The registrant’s4. The other registrant’s certifying other officer(s) certifying and officer(s) I are responsible and I are for responsible establishing for andestablishing maintaining and disclosuremaintaining controls disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: (a) Designed (a)such Designed disclosure such controls disclosure and controlsprocedures, and or procedures, caused such or disclosurecaused such controls disclosure and controlsprocedures and to procedures be to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; prepared; (b) Designed(b) such Designed internal suchcontrol internal over financialcontrol over reporting, financial or reporting,caused such or internalcaused suchcontrol internal over financialcontrol over reporting financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; (c) Evaluated(c) the Evaluated effectiveness the effectiveness of the registrant’s of the disclosure registrant’s controls disclosure and controlsprocedures and and procedures presented and in thispresented report in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and report based on such evaluation; and (d) Disclosed(d) in Disclosedthis report inany this change report in any the change registrant’s in the internal registrant’s control internal over financialcontrol over reporting financial that reporting occurred that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s5. The other registrant’s certifying other officer(s) certifying and officer(s) I have disclosed, and I have based disclosed, on our basedmost recenton our evaluation most recent of evaluation internal control of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): performing the equivalent functions): (a) All significant(a) All deficiencies significant anddeficiencies material andweaknesses material inweaknesses the design inor the operation design ofor internaloperation control of internal over financialcontrol over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and financial information; and (b) Any fraud,(b) whether Any fraud, or not whether material, or notthat material, involves thatmanagement involves managementor other employees or other who employees have a significant who have arole significant in role in the registrant’s internal control over financial reporting. the registrant’s internal control over financial reporting.

February 25, 2021 By: February 25, 2021 By: By: /s/ ANTHONY/s/ DISILVESTRO ANTHONY DISILVESTRO Anthony DiSilvestroAnthony DiSilvestro Chief FinancialChief Officer Financial Officer (Principal Financial(Principal Officer) Financial Officer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components of Mattel’s results. These measures are not, and should not be viewed as, substitutes for *$$3ILQDQFLDOPHDVXUHVDQGPD\QRWEHFRPSDUDEOHWRVLPLODUO\WLWOHGPHDVXUHVXVHGE\RWKHU FRPSDQLHV5HFRQFLOLDWLRQVRIWKHQRQ*$$3ILQDQFLDOPHDVXUHVWRWKHPRVWGLUHFWO\FRPSDUDEOH*$$3 ILQDQFLDOPHDVXUHVDUHVHWIRUWKEHORZ

MATTEL, INC. AND SUBSIDIARIES1 RECONCILIATION OF GAAP AND NON-GAAP FINANCIAL MEASURES

(In millions, except per share and percentage information) 2020 2019 2018 2017 Net Sales Net Sales $ 4,583.7 $ 4,504.6 $ 4,514.8 $ 4,881.5 % Change 2% 0% -8% -10% Impact of Currency in % -1 -1% -1% 0% Constant Currency % Change % 1% -7% -10% 3 (In millions, except per share and percentage information) Gross 2020 % 2019 Change Profit Gross Profit, As Reported $ 2,243.6 $ 1,980.8 Gross Margin 48.9% 44.0% + 490 Adjustments: Severance and Restructuring Expenses 5.7 18.6 Inclined Sleeper Product Recalls Gross Profit, - 21.7 As Adjusted $ 2,249.3 $ 2,021.1 Adjusted Gross Margin 49.1% 44.9% + 420 bps

Operating Income Operating Income, As Reported Operating $ 380.9 $ 39.2 871% Income Margin 8.3% 0.9% Adjustments: Severance and Restructuring Expenses 40.6 59.1 Inclined Sleeper Product Recalls Asset 26.2 32.0 Impairments - 25.9 Operating Income, As Adjusted $ 447.6 $ 156.2 187% Adjusted Operating Income Margin 9.8% 3.5%

EBITDA and Adjusted EBITDA Net Income (Loss), As Reported $ 126.6 $ (213.5) n/m Adjustments: Interest Expense 198.3 201.0 Provision for Income Taxes 68.6 55.2 Depreciation Amortization 161.0 204.4 38.9 40.1 EBITDA $ 593.5 $ 287.3 Adjustments: Share-based Compensation Severance and 60.2 56.0 Restructuring Expenses Inclined Sleeper 39.1 52.0 Product Recalls Asset Impairments 26.2 32.0 - 25.9 Adjusted EBITDA $ 719.0 $ 453.1 59%

Free Cash Flow Net Cash Flows Provided by Operating Activities $ 288.5 $ 181.0 Capital Expenditures (121.6) (116.4) Free Cash Flow $ 166.9 $ 64.6

1 Amounts may not foot due to rounding. BOARD OF DIRECTORS EXECUTIVE OFFICERS INVESTOR RELATIONS

Mattel, Inc. Institutional investors, analysts, brokers and other Directors And Officers members of the professional financial community should Ynon Kreiz(6) Ynon Kreiz Chairman of the Board and Chairman of the Board and contact: Chief Executive Officer, Chief Executive Officer Mattel, Inc. David Zbojniewicz, Vice President, Head of Jonathan Anschell Investor Relations at R. Todd Bradley(2) (3) Executive Vice President, 310-252-2703 Operating Partner, Chief Legal Officer and Secretary One Equity Partners COMMON STOCKHOLDERS Richard Dickson Adriana Cisneros(4) President and As of February 25, 2021, there were approximately 23,694 Chief Executive Officer, Chief Operating Officer holders of record of Mattel, Inc. Common Stock. Cisneros Group of Companies Anthony DiSilvestro ANNUAL MEETING Michael Dolan(1) (3) (4) Chief Financial Officer Former Chief Executive Officer and The Annual Meeting of Stockholders will be held Director, Roberto Isaias May 26, 2021, 9:00 a.m. (Pacific) Bacardi Limited Executive Vice President and Chief Suppy Chain Officer Please visit Diana Ferguson(1) (2) www.virtualshareholdermeeting.com/MAT2021 Principal, Amanda Thompson at least 10 minutes prior to the start time. Scarlett Investments Executive Vice President and Chief People Officer FORM 10-K Soren Laursen(4) (5) Former Chief Executive Officer, Mattel’s Annual Report to the Securities and Exchange TOP-TOY Commission on Form 10-K for the year ended December 31, 2020 is available on Mattel’s corporate website: (1) (4) Ann Lewnes http://corporate.mattel.com or by writing to: Chief Marketing Officer and Executive Vice President, Secretary Adobe Systems Incorporated Mail Stop TWR 15-1

(2) (5) Mattel, Inc. Roger Lynch 333 Continental Boulevard Chief Executive Officer, El Segundo, CA 90245-5012 Condé Nast

Dominic Ng(1) (2) (5) Chairman of the Board and Chief Executive Officer, East West Bancorp, Inc. and East West Bank

Dr. Judy Olian(3) (4) President, Quinnipiac University

(1) Member, Executive Committee Michael Dolan, Chair (2) Member, Audit Committee Diana Ferguson, Chair (3) Member, Compensation Committee Michael Dolan, Chair (4) Member, Governance and Social Responsibility Committee Ann Lewnes, Chair (5) Member, Finance Committee Dominic Ng, Chair (6) Member, Equity Grant Allocation Committee BOARD OF DIRECTORS CORPORATE OFFICE INVESTOR RELATIONS MEDIA RELATIOINS

Mattel, Inc. 333 Continental Boulevard Institutional investors, analysts, brokers and other Financial media should contact: Directors And Officers El Segundo, CA 90245-5012 members of the professional financial community should Ynon Kreiz(6) Chairman of the Board and 310-252-2000 contact: Dena Cook, Executive Vice President, Head of Chief Executive Officer, Global Communications and Public Relations at Mattel, Inc. For more information, please visit Mattel’s corporate David Zbojniewicz, Vice President, Head of 310-252-4247 website: http://corporate.mattel.com Investor Relations at R. Todd Bradley(2) (3) 310-252-2703 INVESTOR RELATIONS Operating Partner, TRANSFER AGENT AND REGISTRAR One Equity Partners COMMON STOCKHOLDERS Institutional investors, analysts, brokers and other Mattel, Inc. Common Stock members of the professional financial community should Adriana Cisneros(4) Computershare Trust Company, N.A. As of February 25, 2021, there were approximately 23,694 contact: Chief Executive Officer, holders of record of Mattel, Inc. Common Stock. Cisneros Group of Companies STOCKHOLDER ADMINISTRATION Dave Zbojniewicz, Vice President, Head of ANNUAL MEETING Investor Relations at Michael Dolan(1) (3) (4) Inquiries relating to stockholder accounting records, stock 310-252-2703 Former Chief Executive Officer and transfer and dividends (including dividend reinvestment) for The Annual Meeting of Stockholders will be held Director, Mattel, Inc. Common Stock should be directed to: May 26, 2021, 9:00 a.m. (Pacific) COMMON STOCKHOLDERS Bacardi Limited This page intentionally left blank. Computershare Trust Company, N.A. Please visit As of February 25, 2020, there were approximately 25,029 Diana Ferguson(1) (2) P.O. Box 505000 www.virtualshareholdermeeting.com/MAT2021 holders of record of Mattel, Inc. Common Stock. Principal, Louisville, KY 40233 at least 10 minutes prior to the start time. Scarlett Investments 888-909-9922 ANNUAL MEETING FORM 10-K Soren Laursen(4) (5) Website: www.computershare.com/investor The Annual Meeting of Stockholders will be held Former Chief Executive Officer, Mattel’s Annual Report to the Securities and Exchange June 10, 2020, 9:00 a.m. (Pacific) via live webcast TOP-TOY STOCK EXCHANGE LISTING Commission on Form 10-K for the year ended December at www.virtualshareholdermeeting.com/MAT2020. 31, 2020 is available on Mattel’s corporate website: (1) (4) Ann Lewnes Mattel, Inc. Common Stock http://corporate.mattel.com or by writing to: FORM 10-K Chief Marketing Officer and The Global Select Market Executive Vice President, Ticker Symbol: MAT Secretary Mattel’s Annual Report to the Securities and Exchange Adobe Systems Incorporated Mail Stop TWR 15-1 Commission on Form 10-K for the year ended December

(2) (5) MEDIA RELATIOINS Mattel, Inc. 31, 2019 is available on Mattel’s corporate website: Roger Lynch 333 Continental Boulevard http://corporate.mattel.com or by writing to: Chief Executive Officer, Financial media should contact: El Segundo, CA 90245-5012 Condé Nast Secretary Catherine Frymark, Executive Vice President, Mail Stop TWR 15-1 Dominic Ng(1) (2) (5) Corporate Communications at Mattel, Inc. Chairman of the Board and 310-252-4247 333 Continental Boulevard Chief Executive Officer, El Segundo, CA 90245-5012 East West Bancorp, Inc. and East West Bank

Dr. Judy Olian(3) (4) President, Quinnipiac University

(1) Member, Executive Committee Michael Dolan, Chair (2) Member, Audit Committee Diana Ferguson, Chair (3) Member, Compensation Committee Michael Dolan, Chair (4) Member, Governance and Social Responsibility Committee Ann Lewnes, Chair (5) Member, Finance Committee Dominic Ng, Chair (6) Member, Equity Grant Allocation Committee ©2021 Mattel, Inc. All Rights Reserved. The trademarks and logos displayed herein are trademarks of Mattel, its subsidiaries and others and are used with permission. Printed in the USA on paper containing recycled fiber.