YETI Holdings, Inc. Common Stock Investor Day 2026

All right. Good morning, everyone. Welcome to YETI's 2026 Investor Day. My name is Arvind Bhatia, and I lead investor relations at YETI. Thank you all for joining us, whether you are here with us in Austin or tuning in to our webcast. We have an exciting day ahead for all of you. There was one part of the agenda that we tried to innovate but could not, our forward-looking statements. Now, those of you who join us on our earnings calls and have seen our SEC filings, you will recognize these. They are durable, dependable, if you ask me, built to last forever, so pretty much on brand. I will give you guys a moment to review the information on the slides. While you do that, I do have a few quick announcements for you. Before we begin, please silence your phones.

There will be a Q&A session at the end, so if you could refrain from asking any questions until then, that would be great. We will break for lunch around noon. Following that, you will have a chance to see some of our upcoming products if you are here in Austin. Finally, if you have signed up for the Innovation Center tour, shuttles will depart around 12:45, and your group number should be on your badge. With that behind us, let us get to the more interesting part of the day.

Thank you. People always ask me, "Can you stand on these coolers?" Sure you can.

You can even jump on them.

The YETI sticker on the back of a pickup truck became a badge of honor. The fact that people would put the sticker of a cooler on their vehicle sounds like science fiction.

It's not about playing into what culture wants. It's about being true to who we are because that's the reason we were invited in.

When you've been with a brand for as long as I've worked with YETI, it often loses its luster, and in this case, it's the exact opposite. Of all the brands I work with, I couldn't be more proud and excited to be part of the YETI team.

All right. Good morning, everyone. Thanks for joining us today. Welcome to YETI, for those in person and those joining via webcast. We're excited to get going, and I want to welcome you and also talk about why we invited you to Austin. YETI's entering a new phase, one where we accelerate growth, expand profitability, creating a powerful engine for value creation. We want to show you in this room with the people who are building it what that means for the next several years. Before I go further, I want to acknowledge the YETI team. Several of them are here today. You're going to hear from many of them on the stage. Everything we do is a result of their work, their commitment, and their belief in this brand. They're the reason we're in this position, the reason this brand means so much to so many.

Turning to the theme of today. The theme of today is Built for the Wild. It's not new, and it's not simply a nod to where we've been. It's where we're going. It stands the test of time, and it's what makes this team and this brand stand apart. It's the story of YETI, and I'm immensely proud of it and the people behind it. We've spent 20 years building a brand with a field-tested and enduring foundation, products that perform, a business that has proven to get stronger through time regardless of the environment. Today's not about celebrating the last 20 years. It's about showing you why the next chapter will be stronger. As we enter the next decade, we're focused on four things.

The next billion dollars of revenue, the next billion-dollar platform, $1 billion outside the U.S., and the next billion dollars plus of free cash flow. Everything today connects to those four ideas. Today we intend to prove, not just show, but prove and describe how we get there. Moving with more speed, more conviction, built on an incredibly strong foundation. It is the path to building a larger, more capable, and more durable global company. A company with greater reach, expanding audiences, broader product platforms, a longer runway for growth, enhanced margins, steady free cash flow, and the ability to generate, in a predictable way, increasing value over time. I think most of you and most investors understand that YETI is a strong brand. What I want to prove today is something different. We have earned the right to chase aggressively being a truly global company.

For most of our history, we have grown by protecting the brand, earning trust one decision at a time. That discipline is still here. That has not gone. That same discipline has built the capability and the confidence to move at a different pace. Bolder about what we build, bolder about where we sell it, bolder about how far this brand can travel. Looking back, we got a lot right, but not everything. When I look back at COVID, I think what an incredible time of growth and record results. We took care of our people. We scaled the business. We transformed our D2C and wholesale. We missed some moments. We missed some moments to invest more deeply, more aggressively for the future, the opportunity to react fast. We learned from that. When the global tariff risk emerged, we applied that lesson to move fast and to make real impact.

Our team accelerated our supply chain transformation, and in less than 20 months, shifted 90% of our drinkware capacity. That is a massive opportunity, and it created quality, productivity opportunities, but it also built muscle. That is our team at its best. As you will see today, we have applied that bias to speed to innovation into our global commercialization and the global commercialization opportunity. We will come back to that a bit later. It is the kind of organizational capability that compounds the ability to move fast, execute under pressure, and emerge stronger. That same muscle that transformed our supply chain is now being applied across the full business through a program we call Project Upcycle.

It is a structured, enterprise-wide initiative targeting $100 million of productivity improvement, not as an aspiration, but as a prioritized, governed, and measured commitment. It is already underway and it is already delivering results. When I step back, the point is we have earned the right to push harder because we have built the capability and the team. Many of you here in this room saw some of that team last night, and you will see much of it today. Now when I turn to today, we have organized today around four pillars: brand, innovation, U.S. commercialization, and global expansion. Each one of those areas is going to be presented by the leader who is building it. Bill is going to show you that our brand has permission and room to run, and that our brand is a compounding advantage. I think some of you got to see a little bit of that last night.

Hana and Lane are going to prove out our innovation engine, how we are turning iconic products into scalable platforms across drinkware, hard coolers, protective cases, and bags and soft coolers. Stuart is going to show you a more sophisticated, more productive commercial engine in the U.S., an opportunity to meet the unmet demand. Then David and Mitch are going to talk you through a proven go-to-market playbook that is scaling faster and more systematically around the globe. Scott will come up and he is going to bring it all together, the financial model, the detail on Project Upcycle, and what we are committing to. That is the day. I am going to sneak in there and I am going to add a little bit of color on the future beyond the model that gets us fired up about stacking on top of this plan. I want to be very clear about one thing.