Q3'26 EARNINGS JANUARY 28, 2026 Financial Presentation Disclosure All per share amounts are presented on a diluted basis. This presentation refers to "reported" (R$) and "constant dollar" (C$) or "constant currency" amounts, terms that are described under the heading below "Constant Currency - Excluding the Impact of Foreign Currency." Unless otherwise noted, "reported" and "constant dollar" or "constant currency" amounts are the same, and amounts will be as "reported" unless otherwise specified. This prese ...

Financial Performance - Q2'26 revenue increased by 2% compared to the previous year (LY), but decreased by 1% in constant dollars (C$)[22, 23] - Operating income (OI) reached $313 million, with an adjusted OI of $330 million, exceeding guidance and showing a 5% increase compared to LY, or 1% in C$[22, 24, 26] - Net debt decreased by $1.5 billion, a 21% reduction compared to LY[22, 23, 33, 36] - Adjusted EPS was $0.52, compared to $0.60 in the previous year[23, 24] Brand Performance - The North Face® experienced a 6% revenue increase compared to LY, or 4% in C$[24, 32, 40] - Timberland® saw a 7% revenue increase compared to LY, or 4% in C$[24, 32, 44] - Vans® revenue declined by 9% compared to LY, or 11% in C$, but showed sequential improvement[24, 32, 42] Strategic Initiatives - VF is selling Dickies® to Bluestar Alliance for $600 million[16, 18, 27] - The sale of Dickies® is expected to be accretive to VF's growth rate and enhance the company's capacity to invest in its portfolio[22, 27] Outlook - Q3'26 revenue is projected to decline by 3% to 1% in C$ compared to LY, with an adjusted OI of $275 million to $305 million[22, 50] - FY'26 free cash flow, adjusted OI, and operating cash flow are expected to increase compared to LY[22, 50] Adjustments - Adjusted amounts exclude Reinvent-related costs of approximately $15 million in Q2'26 and $46 million for the first six months of Fiscal 2026[7] - Adjusted amounts exclude transaction and deal-related costs of approximately $2 million in Q2'26 and the first six months of Fiscal 2026, associated with the pending divestiture of Dickies[8]

Financial Performance - Revenue was $1.8 billion, flat compared to last year, or down 2% in constant dollars[15] - Net debt decreased by $1.4 billion, a 20% reduction compared to last year[16] - Excluding lease liabilities, net debt decreased by $1.4 billion, a 27% reduction compared to last year[16] - Adjusted operating loss significantly beat guidance[15] - Loss per share (EPS) was ($0.30), with an adjusted EPS of ($0.24)[15] Brand Performance - The North Face revenue increased by 6%, or 5% in constant dollars[25] - Vans revenue decreased by 14%, or 15% in constant dollars, impacted by channel rationalization actions[25] - Timberland revenue increased by 11%, or 9% in constant dollars[25] - Other Brands revenue increased by 4%, or 2% in constant dollars, with Altra growing over 20%[25, 41] Outlook - Q2'26 revenue is expected to decrease by 4% to 2% in constant dollars[18] - Q2'26 adjusted operating income is projected to be between $260 million and $290 million[18]