Whirlpool Corp. (WHR) Appliances Labor Day 2026 Pricing Update

Equity Research 8 September 2026 | 12:01AM EDT

Whirlpool Corp. (WHR) Appliances: Labor Day 2026 Pricing Update

WHR 12m Price Target: $48.00 Price: $39.30 Upside: 22.1% NEUTRAL Susan Maklari Modest Deceleration in Net Price as Industry Navigates | Goldman Sachs & Co. LLC Challenging Backdrop: To better assess the competitive Charles Perron-Piche, CFA environment around Labor Day, we scanned appliance pricing | Goldman Sachs & Co. LLC across three retailers and five major manufacturers. Overall, we found net industry price grew 501bps YOY, vs +702bps over Fourth Rhea Bhatia | Goldman Sachs India SPL of July and +508bps over Memorial Day, as manufacturers look to offset rising costs including commodity and freight inflation along with Section 232 tariffs. The gain is led by price while promotions Key Data _____________________________________ Market cap: $2.6bn rose 105bps vs Fourth of July to 21.6%, though they are down Enterprise value: $7.0bn 3m ADTV: $94.4mn 267bps YOY. Whirlpool was in line with the industry as discounts United States were up 226bps vs Fourth of July to 20.5% but 221bps lower YOY. Americas Homebuilders & Building Products M&A Rank: 3 LG was the most promotional at 27.6% while Electrolux trailed at GS Forecast __________________________________ 17.5%. The spread between categories narrowed vs the recent past 12/25 12/26E 12/27E 12/28E

with washers at 24.2% vs more discretionary products including Revenue ($ mn) EBITDA ($ mn) 15,524.5 1,066.4 14, ,501.1 1,118.9 15,984.8 1,237.3 ranges and dishwashers at 23.7% and 24.2%, respectively. We EBIT ($ mn) EPS ($) believe the sequential growth in promotions partially reflects P/E (X) retailers’ efforts to stay in front of consumers and drive traffic to EV/EBITDA (X) FCF yield (%) their stores. We highlight the complexity of supplier agreements Dividend yield (%) 6.0 2.3 0.0 0.0 provides retailers with some flexibility to adjust pricing. Our channel Net debt/EBITDA (X) 5.5 4.8 3.8 3.2

checks also suggest a move towards a slightly shorter promotional 6/26 9/26E 12/26E 3/27E period for some manufacturers, including Whirlpool. In our view, the EPS ($) (

findings are consistent with operating conditions as manufacturers GS Factor Profile ______________________________ Growth and retailers look to balance rising costs against tepid demand as we forecast 2026 North America industry shipments down 3%. Financial Returns

Nevertheless, we believe Whirlpool will stay price/cost positive in Multiple

the back half while cost reduction initiatives offset the loss of Integrated operating leverage. This supports our estimate for the 3Q26 North America major domestic appliance segment operating margin up Percentile 20th 40th 60th 80th 100th

78bps YOY to 5.7% with the full-year off 105bps YOY to 3.9%. WHR relative to Americas Coverage WHR relative to Americas Homebuilders & Building Products List Price Increases Driven by Manufacturers’ Actions and Newer SKUs: On average, list prices grew 1.4% compared to +4.3% a year Source: Company data, Goldman Sachs Research estimates. See disclosures for details. ago and +0.7% YOY at Fourth of July. The YOY gain was led by LG up an average of 2.5% with 18% of SKUs higher followed by Electrolux

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Goldman Sachs Whirlpool Corp. (WHR)

Whirlpool Corp. (WHR) Balance Sheet ($ mn) _______________________________________ NEUTRAL Rating since May 14, 2026 12/25 12/26E 12/27E 12/28E Cash & cash equivalents 669.0 2,580.1 2,823.0 2,474.3 Accounts receivable 1,276.0 1,080.2 1,085.1 1,118.9 Inventory 2,307.4 2,017.5 2,063.6 2,120.0 Ratios & Valuation __________________________________________ Other current assets 671.6 1,061.0 1,061.0 1,061.0…