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Q3 2018 Earnings Presentation ThirdSecond-Quarter-Quarter 2018 2018 Earnings Earnings Review Review 2018 | Whirlpool Corporation Third-Quarter Earnings Review GLOBAL OVERVIEW Marc Bitzer President and Chief Executive Officer 2018 | Whirlpool Corporation Third-Quarter Earnings Review 2 2018 THIRD-QUARTER HIGHLIGHTS ▪ All-time record ongoing EPS of $4.55 and EBIT margin expansion in 3 of 4 regions ▪ Very strong price/mix improvement; positive in all regions ▪ North America delivered strong revenue and share growth with ongoing EBIT margin expansion to 12% ▪ Announced new strategic actions to refocus and right-size the EMEA business ▪ Recently announced cost-based price increases, including U.S. kitchen and Brazil ▪ Tax rate favorability driven by tax planning and pension pre-funding 2018 | Whirlpool Corporation Third-Quarter Earnings Review 3 PROGRESS TOWARD LONG-TERM GOALS Profitable Growth Margin Expansion Cash Conversion Long-Term Goals 3-5% 10% 5-6% Annual Organic Net Sales Growth EBIT Margin FCF as % of Net Sales YoY Ongoing YoY Free FCF as % Net Sales Change EBIT Margin(1) Change Cash Flow(2) of Net Sales Q3 2018 $5.3B (2)% 6.2% (0.4)pts $(874)M* nm (~1.5% ex currency) FY 2018 ~$21.2B Flat ~6.4% Flat ~$600M** ~3% (Forecast) *Includes ~$350M pension contribution **Includes ~$200M of voluntary items, including pension contribution Record Ongoing EPS of $4.55 Expect Full Year Ongoing EPS of $14.50-$14.80 (High End of Previous Range) 2018 | Whirlpool Corporation Third-Quarter Earnings Review 4 Q3 2018 ONGOING EBIT MARGIN(1) DRIVERS (Approximate impact) Q3 2017 Ongoing EBIT Margin 6.6% Price / Mix +2.50 Net Cost (excluding Raw Material/Tariff Inflation)* +0.25 Raw Material/Tariff Inflation -1.75 Marketing & Technology Investments -0.75 Currency -0.50 2018 Ongoing EBIT Margin 6.2% *Inclusive of Fixed Cost Takeout, Ongoing Cost Productivity (including conversion and freight and warehousing) and Restructuring Benefits 2018 | Whirlpool Corporation Third-Quarter Earnings Review 5 KEY PERFORMANCE DRIVER: PRODUCT PRICE/MIX Region Q3 2018 Q3 2018 Drivers Total Company +2.5% • Benefits of price/mix actions North America Up • Launch of Whirlpool brand connected kitchen products EMEA Up • Benefits of price/mix actions across the region Latin America Up • Benefits of price/mix actions, primarily in Brazil Asia Up • Benefits of price/mix actions Cost-Based Price Increases Have Delivered Significant Benefits Year-to-Date 2018 | Whirlpool Corporation Third-Quarter Earnings Review 6 REGIONAL OVERVIEW Jim Peters Executive Vice President and Chief Financial Officer 2018 | Whirlpool Corporation Third-Quarter Earnings Review 7 NORTH AMERICA THIRD-QUARTER RESULTS Net Sales ($B) Ongoing EBIT(3) ($M) Ongoing EBIT Margin(3) +5% +7% +0.2pts $2.9 $3.0 $336 $360 11.8% 12.0% Q3 2017 Q3 2018 Q3 2017 Q3 2018 Q3 2017 Q3 2018 ▪ Strong top line growth driven by positive price/mix and share gains, despite soft industry demand ▪ Record ongoing EBIT, despite ~$40M raw material/tariff inflation and ~$25M higher freight costs ▪ Announced cost-based price increase on U.S. kitchen effective late December 2018 2018 | Whirlpool Corporation Third-Quarter Earnings Review 8 LAUNCH OF INNOVATIVE NEW PRODUCTS ACROSS NORTH AMERICA New Connected Kitchen New Connected Front Load New Connected Top Load • Integrated with Yummly Guided • Includes connected, All-in-One • New consumer-relevant innovation Cooking and Voice-Enabled devices Washer/Dryer and aesthetics across mass and premium top load laundry • Industry-first low profile microwave • Industry leading innovations across that fits and vents like a hood the line Launched in Q3 2018 Launching in Q4 2018 Launching in 2019 2018 | Whirlpool Corporation Third-Quarter Earnings Review 9 EMEA THIRD-QUARTER RESULTS Net Sales ($B) EBIT(3) ($M) EBIT Margin(3) -11% nm -3.2pts $1.3 $1.1 -$2 -0.2% -$39 -3.4% Q3 2017 Q3 2018 Q3 2017 Q3 2018 Q3 2017 Q3 2018 ▪ Volume declines lessened in the quarter, but continued to negatively impact productivity ▪ Continued raw material inflation unfavorably impacted EBIT(3) by ~$20M ▪ Operational and currency related challenges in Turkey unfavorably impacted EBIT by ~$20M ▪ Announced strategic actions to drive the region back to profitability 2018 | Whirlpool Corporation Third-Quarter Earnings Review 10 ACTIONS TO REFOCUS EMEA BUSINESS Major Appliance Business Stabilize Volumes While Sustaining Price/Mix Unit Volume Change vs 2017 • Restore trade relationships and recover lost flooring H1 Q3 Q3 Q4 Est. • Refocus marketplace investments to most profitable segments -8% -12% • Realize benefits from new product launches -18% Q4 Refocus and Right-Size Our Business Est. • Exit Turkey domestic sales operations* 2018Represents Forecast $100 Million • Exit Hotpoint small appliances ~$230M$230M Net Net S Salesales Annualized EBIT ~$(60)M$(60)M EBIT EBIT • Evaluating South Africa operations Improvement Opportunity • New $50M fixed-cost reduction * Does not include existing manufacturing operations Committed to Returning to Profitability 2018 | Whirlpool Corporation Third-Quarter Earnings Review 11 LATIN AMERICA THIRD-QUARTER RESULTS Net Sales ($M) Ongoing EBIT(3) ($M) Ongoing EBIT Margin(3) -9% +11% +1.3pts $966 $61 7.0% $878 $55 5.7% Q3 2017 Q3 2018 Q3 2017 Q3 2018 Q3 2017 Q3 2018 ▪ Strong improvement in home appliance EBIT margin ▪ Solid share gains and ex-currency revenue growth of ~2% ▪ Positive price/mix more than offset raw material inflation and currency of ~$15M 2018 | Whirlpool Corporation Third-Quarter Earnings Review 12 ASIA THIRD-QUARTER RESULTS Net Sales ($M) EBIT(3) ($M) EBIT Margin(3) +1.4pts -9% +46% $373 $13 3.8% $339 $9 2.4% Q3 2017 Q3 2018 Q3 2017 Q3 2018 Q3 2017 Q3 2018 ▪ Strong EBIT improvement in China, despite weak industry demand ▪ Solid margin performance in India tempered by short-term industry demand softness ▪ Positive price/mix more than offset raw material inflation of ~$10M 2018 | Whirlpool Corporation Third-Quarter Earnings Review 13 2018 GUIDANCE Marc Bitzer Jim Peters President and Executive Vice President Chief Executive Officer and Chief Financial Officer 2018 | Whirlpool Corporation Third-Quarter Earnings Review 14 2018 GUIDANCE OVERVIEW Profitable Growth Margin Expansion Cash Conversion Long-Term Goals 3-5% 10% 5-6% Annual Organic Net Sales Growth EBIT Margin FCF as % of Net Sales YoY Ongoing YoY Free FCF as % Net Sales Change EBIT Margin(1) Change Cash Flow(2) of Net Sales FY 2018 ~$21.2B Flat ~6.4% Flat ~$600M* ~3% (Forecast) *Includes ~$200M of voluntary items, including pension contribution Expect to Deliver Record Ongoing Earnings Per Share(1) of $14.50 - $14.80 in 2018 2018 | Whirlpool Corporation Third-Quarter Earnings Review 15 2018 ONGOING EBIT MARGIN(1) GUIDANCE PROGRESSION (Approximate impact) Current Previous Comments 2017 Ongoing EBIT Margin 6.4% 6.4% Price / Mix +2.0 +2.0 • Global price/mix actions on-track • Fixed cost reduction fully-implemented and on-track Net Cost (excluding Raw Material/Tariff Inflation)* +0.75 +1.25 • Volume weakness impacting conversion/productivity • Fuel inflation impacting freight costs Raw Material/Tariff Inflation -1.75 -1.75 • Continue to expect ~$350M cost increase Marketing & Technology Investments -0.75 -0.75 • Supporting global and regional product launches Currency -0.25 -0.25 • Currency volatility impacting GBP, BRL and RUB 2018 Ongoing EBIT Margin ~6.4% ~6.9% *Inclusive of Fixed Cost Takeout, Ongoing Cost Productivity (including conversion and freight and warehousing) and Restructuring Benefits Expect to Deliver Margin Expansion Through Price/Mix and Fixed Cost Takeout 2018 | Whirlpool Corporation Third-Quarter Earnings Review 16 2018 REGIONAL GUIDANCE NAR Current Previous EMEA Current Previous Ongoing (3) ~12% Unchanged EBIT% (2) – (3)% ~(1)% EBIT%(3) Industry 1 – 2% Unchanged Industry ~1% 1 – 2% ASIA Current Previous EBIT%(3) ~5% Unchanged LAR Current Previous Industry 2 – 4% Unchanged Ongoing ~6% Unchanged EBIT%(3) Industry ~1% Unchanged Strong Performance in NAR, LAR and Asia Offset by Weakness in EMEA 2018 | Whirlpool Corporation Third-Quarter Earnings Review 17 2018 FREE CASH FLOW(2) DRIVERS (Approximate impact) Current Previous Comments 2017 Free Cash Flow $707M $707M • Continued business weakness in EMEA Cash Earnings ~$50M ~$150M • Raw material/tariff and freight headwinds Working Capital ~$125M ~$125M • Significant inventory reduction in NAR and EMEA • Higher cash outlays related to Embraco Italy plant closure Restructuring Cash Outlays ~$(125)M ~$(125)M • Global fixed cost reduction initiative Capital Expenditures ~$50M - • Reduced capital expenditures related to project timing Excluding Voluntary Items ~$800M ~$850M • Opportunistic pension pre-funding of ~$350M in Q3 Pension Funding/Other Item ~$(200)M - partially offset by real estate portfolio optimization in Q4 2018 Free Cash Flow ~$600M ~$850M Strong Free Cash Flow Enabled Us to Take Avantage of Pension Pre-Funding Opportunity 2018 | Whirlpool Corporation Third-Quarter Earnings Review 18 2018 CAPITAL ALLOCATION STRATEGY Fund the Business Target Status Capex: ~3.5% of net sales • On-track Capex / R&D R&D: ~3% of net sales • On-track Explore value-creating • Embraco sale, expected closing 2019 Mergers & Acquisitions M&A to accelerate strategy • Continue to be opportunistic Return to Shareholders Target Status 25-30% of trailing • Increased quarterly dividend for Dividends 12-month earnings 6th consecutive year • Repurchased $1.1B year-to-date Share Repurchase Continue repurchasing • ~$850M authorization remaining Maintain strong Targeted Capital Structure • On-track investment
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