W: Investor Meeting Takes; Confident in '26 Trajectory; Harder Compare, Don't Care

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W: Investor Meeting Takes; Confident in '26 Trajectory; Harder Compare, Don't Care

Company Data, Wells Fargo Securities estimates, and Factset.

NA = Not Available, NC = No Change, NE = No Estimate

Model takes. 1) Despite fears of a leg lower, W sees GM% sustaining high-29% range in Zachary Fadem, CPA

2H (vs 29.5-30.5% Q2 guide); 2) ~15% Q2 contribution margin seen in-line w/ Q1, but Equity Analyst | Wells Fargo Securities, LLC

Q3 laps marketing 'hold out' tailwind likely limiting q/q upside; 3) While the LT bridge is Zachary.Fadem@wellsfargo.com | 212-214-8018

different (vs. W's stale '23 A-Day algo), confidence in 10%+ Adj EBITDA% is unchanged David Lantz

(via fixed cost leverage today & LT unlock via contribution margin, etc.); A better category Equity Analyst | Wells Fargo Securities, LLC

would aid GM%; 4) $360-370M still the right SOTGA run rate. David.Lantz@wellsfargo.com | 212-214-5044

Anthony Trainor

Other takes. 1) W's B2B biz still an opportunity (vs. ~$2B sales & ~17% mix in '23); EquityAnthony.Trainor@wellsfargo.comAnalyst | Wells Fargo Securities,| 212-214-1953LLC

Perigold/Specialty overindex; 2) Influencer mktg pivot proving a more productive channel;

Taylor BrimbergRetail media penetration climbing ~50bps/yr; targets ~3-4% mix LT; 3) Independent Associate Equity Analyst | Wells Fargo Securities, LLC

retailers losing outsized share; W's overlap w/ AMZN more focused at entry price point Taylor.Brimberg@wellsfargo.com | 212-214-2078

level; 4) Category promo is still high; <1/3rd of promo event (i.e. WayDay) sales come Jessica Louie

from promoted items; 5) Avg customers shop W 2x/yr vs. 6-8x category. Associate Equity Analyst | Wells Fargo Securities, LLC

Jessica.Louie@wellsfargo.com | 332-214-6223

On shares.