Weber Inc. Reports Fiscal First-Quarter 2022 Financial Results

Strong Consumer Demand Sustains During Off-Season

Proactive Management of Operating Environment Challenges Continues

Executing on Profitable, Long-Term Growth Drivers Successfully

Weber Inc. ("Weber" or "the Company") (NYSE:WEBR) today announced its financial results for the fiscal first quarter 2022, ending December 31, 2021.

Weber reports its financial performance in accordance with accounting principles generally accepted in the United States of America ("GAAP") and as adjusted on a non-GAAP basis. Please see "Non-GAAP Financial Measures," and "Reconciliation of GAAP to Non-GAAP Financial Information" below for additional information and reconciliations of the non-GAAP financial measures to the most comparable GAAP financial measures.

For the quarter, Weber generated net sales of $283 million, gross profit of $64 million, a net loss of $75 million, and an Adjusted EBITDA loss of $36 million.

"While our first quarter typically reflects lower volume off-season, we saw sustained high consumer demand for our products globally," said Chris Scherzinger, Chief Executive Officer of Weber. "Like many organizations, our results were affected by acute supply chain challenges and dramatic inflationary headwinds in raw materials, inbound freight, and foreign exchange dynamics. However, Weber has a remarkable history of resilience in challenging economic periods like these, and we continue to take decisive productivity and pricing actions to mitigate these headwinds with agility and a category leadership mindset."

"Importantly, we continue to gain momentum against our five key strategies for long-term profitable growth," added Mr. Scherzinger. I am particularly excited by our continual stream of product innovation, with a range of breakthrough new products recently introduced for the 2022 season. I am also confident that our growing direct-to-consumer and e-commerce engine, our emerging markets investments, and our unique US and European manufacturing footprint give us substantial means to drive profitable growth and navigate through the current inflationary environment."

FOR THE THREE MONTHS ENDED DECEMBER 31, 2021

• Net sales decreased 8%, to $283 million, from $309 million in the prior-year quarter; on a two-year stack basis, net sales increased 75%.
• Net sales decreased 13% in the Americas, to $156 million, from $179 million in the prior-year quarter, EMEA net sales decreased 4%, to $63 million, from $66 million in the prior-year quarter, and APAC was flat at $64 million. On a two-year stack basis, net sales increased 67% in the Americas; 126% for EMEA, and 57% for APAC.
• Gross profit decreased 53% to $64 million, or 22.6% of net sales, compared to $135 million or 43.6% of net sales in the prior year. Gross profit was significantly impacted by inbound freight costs associated with unprecedented container shipping costs and availability, and generational raw material commodity cost inflation.
• Net loss of $75 million compared to net income of $5 million in the prior-year quarter. Adjusted net loss was $46 million compared to adjusted net income of $13 million in the prior-year quarter.
• Adjusted EBITDA of $(36) million compared to Adjusted EBITDA of $38 million in the prior-year quarter was driven by supply chain and inflation pressures noted above and unfavorable foreign exchange rate movement, as well as a return to more normalized retailer inventories and order patterns typical to outdoor-cooking seasonality timing.

As of December 31, 2021, Weber had cash and cash equivalents of $46 million and $132 million of available borrowing capacity under the revolving credit facility. Total debt at the end of the quarter was $1.18 billion, and the average net debt to Adjusted EBITDA ratio was 4.2 times and is compliant with its credit agreement.

As announced on February 3, 2022, the Weber Board of Directors declared a cash dividend of $0.04 per share, payable in cash, on March 18, 2022, to holders of its Class A Common Stock as of the close of business on March 8, 2022.

UPDATED FISCAL YEAR 2022 GUIDANCE

For the fiscal year ended September 30, 2022, the Company expects:

• Net sales growth to be in the range of 6% to 8% above 2021 fiscal year end, excluding a 1% to 2% forecasted negative impact from foreign currency translation
• Adjusted EBITDA to be between $275 million and $325 million in view of the unprecedented cost challenges.

Weber provides net sales guidance on a GAAP basis and Adjusted EBITDA on a non-GAAP basis and does not provide a reconciliation of forward-looking Adjusted EBITDA (non-GAAP) to GAAP net income (loss), due to the inherent difficulty in forecasting and quantifying certain amounts that are necessary for such reconciliation. Because other deductions (such as litigation and other matters) used to calculate projected net income (loss) can vary dramatically based on actual events, the Company is not able to forecast on a GAAP basis with reasonable certainty that all deductions and additions needed in order to provide a GAAP calculation of projected net income (loss) at this time. The amount of these deductions may be material and, therefore, could result in projected net income (loss) being materially more or less than projected Adjusted EBITDA (non-GAAP). These statements represent forward-looking information and represent a financial outlook, and actual results may vary from the estimates provided here.

FISCAL Q1 2022 INVESTOR CONFERENCE CALL

A conference call to discuss these fiscal first quarter 2022 financial results is scheduled for today, February 14, 2022, at 7:30 a.m. Central Time. Investors and analysts are invited to dial 844-200-6205 (international callers, please dial 929-526-1599) approximately 10 minutes before the start of the call. Please reference Conference ID 640895 when prompted. A live webcast of the conference call and supporting materials will be available on the Weber investor relations website, https://investors.weber.com. In addition, a replay and transcript of the webcast will be posted to the same website once available.

ABOUT WEBER INC.

Weber Inc. headquartered in Palatine, Ill., is the world's leading barbecue brand. The Company's founder George Stephen, Sr., established the outdoor cooking category when he invented the original kettle charcoal grill nearly 70 years ago. Weber offers a comprehensive, innovative product portfolio, including charcoal, gas, pellet and electric grills, smokers, and accessories designed to help outdoor cooking enthusiasts discover what's possible. In 2021, the Company acquired June Life Inc., a smart appliance and technology company, to accelerate the development of its Weber Connect^® technology and digital products. In addition, Weber recently launched 1952 Ventures, a subsidiary designed to accelerate new growth platforms and brand extensions for the Company in the areas of product, technologies, and partnerships. Weber offers its barbecue grills and accessories, services, and experiences to a passionate community of millions across 78 countries.

Weber Connect^® is a registered trademark of Weber-Stephen Products LLC.

NON-GAAP FINANCIAL MEASURES

This press release contains certain financial measures not presented in accordance with GAAP, including Adjusted EBITDA and Adjusted Net Income (Loss), which are used by management in making operating decisions, allocating financial resources, and internal planning and forecasting and for business strategy purposes. Adjusted EBITDA and Adjusted Net Income (Loss) are not measures of financial performance in accordance with GAAP and may exclude items that are significant in understanding and assessing our financial results. The use of non-GAAP financial information should not be considered as an alternative to, or more meaningful than, the comparable GAAP measures. In addition, because our non-GAAP measures are not determined in accordance with GAAP, it is susceptible to differing calculations, and not all comparable or peer companies may calculate their non-GAAP measures in the same manner.

Management believes that such measures are commonly reported by issuers and widely used by investors as indicators of a company's operating performance. Please refer to the reconciliations of Adjusted EBITDA and Adjusted Net Income (Loss) to the most directly comparable financial measures prepared in accordance with GAAP below.

FORWARD-LOOKING STATEMENTS

This press release contains various "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, which represent Weber's expectations or beliefs concerning future events. In some cases, you can identify these statements by forward-looking words such as "may," "might," "will," "should," "expects," "plans," "anticipates," "believes," "estimates," "predicts," "potential" or "continue," the negative of these terms and other comparable terminology. These forward-looking statements, which are subject to risks, uncertainties and assumptions about us, may include projections of our future financial performance, our anticipated growth strategies and anticipated trends in our business. These statements are only predictions based on our current expectations and projections about future events. There are important factors that could cause our actual results, level of activity, performance or achievements to differ materially from the results, level of activity, performance or achievements expressed or implied by the forward-looking statements, including those factors discussed in the section titled "Risk Factors" in our Annual Report on Form 10-K, for the year ended September 30, 2021.

Our future results could be affected by a variety of other factors, including uncertainty of the magnitude, duration, geographic reach, impact on the global economy and current and potential travel restrictions of the COVID-19 outbreak, the current, and uncertain future, impact of the COVID-19 outbreak on our business, growth, reputation, prospects, financial condition, operating results (including components of our financial results), and cash flows and liquidity, risks relating to any unforeseen changes to or effects on liabilities, future capital expenditures, revenues, expenses, earnings, synergies, indebtedness, financial condition, losses and future prospects, the ability to realize the anticipated benefits and synergies from business acquisitions in the amounts and at the times expected, the impact of competitive conditions, the effectiveness of pricing, advertising, and promotional programs; the success of innovation, renovation and new product introductions; the recoverability of the carrying value of goodwill and other intangibles, the success of productivity improvements and business transitions, commodity and energy prices, transportation costs, labor costs, disruptions or inefficiencies in supply chain, the availability of and interest rates on short-term and long-term financing, the levels of spending on systems initiatives, properties, business opportunities, integration of acquired businesses, and other general and administrative costs, changes in consumer behavior and preferences, the effect of U.S. and foreign economic conditions on items such as interest rates, statutory tax rates, currency conversion and availability, legal and regulatory factors including the impact of any product recalls; and business disruption or other losses from war, pandemic, terrorist acts or political unrest.

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