# EDGAR Filing Document

**Accession Number:** 0000063276
**File Stem:** 0001628280-25-045690
**Filing Date:** 2025-10
**Character Count:** 62484
**Document Hash:** 685ddcdd65a766d4916ee1becfd7e66e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001628280-25-045690.hdr.sgml**: 20251021

**ACCESSION NUMBER**: 0001628280-25-045690

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 14

**CONFORMED PERIOD OF REPORT**: 20251021

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20251021

**DATE AS OF CHANGE**: 20251021

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** MATTEL INC /DE/
- **CENTRAL INDEX KEY:** 0000063276
- **STANDARD INDUSTRIAL CLASSIFICATION:** DOLLS & STUFFED TOYS [3942]
- **ORGANIZATION NAME:** 04 Manufacturing
- **EIN:** 951567322
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-05647
- **FILM NUMBER:** 251407161

**BUSINESS ADDRESS:**
- **STREET 1:** 333 CONTINENTAL BLVD
- **CITY:** EL SEGUNDO
- **STATE:** CA
- **ZIP:** 90245
- **BUSINESS PHONE:** 3102522000

**MAIL ADDRESS:**
- **STREET 1:** 333 CONTINENTAL BLVD
- **CITY:** EL SEGUNDO
- **STATE:** CA
- **ZIP:** 90245

?xml version='1.0' encoding='ASCII'? mat-20251021

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

_____________________________________________

**FORM 8-K** 

______________________________________________

**Current Report**

**Pursuant to Section 13 or 15(d)**

**of The Securities Exchange Act of 1934**

**Date of Report (Date of Earliest Event Reported):**

**October 21, 2025** 

______________________________________________

**MATTEL, INC.** 

**(Exact name of registrant as specified in its charter)**

______________________________________________

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| | | |
|:---|:---|:---|
| **Delaware** | **001-05647** | **95-1567322** |
| **(State or other jurisdiction<br>of incorporation)** | **(Commission<br>File No.)** | **(I.R.S. Employer<br>Identification No.)** |

---

**333 Continental Boulevard** 

**El Segundo, California 90245-5012** 

**(Address of principal executive offices)**

**Registrant's telephone number, including area code**

**(310) 252-2000** 

**N/A**

**(Former name or former address, if changed since last report)**

______________________________________________

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

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| | | |
|:---|:---|:---|
| **<u>Title of each class</u>** | **Trading** <br>**<u>Symbol(s)</u>** | **Name of each exchange** <br>**<u>on which registered</u>** |
| **Common Stock, $1.00 per share** | **MAT** | **The Nasdaq Global Select Market** |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.&nbsp;&nbsp;&nbsp;&nbsp;☐

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**Section 2 – Financial Information**

**Item 2.02 Results of Operations and Financial Condition.**

On October 21, 2025, Mattel, Inc. ("Mattel") issued a press release regarding its third quarter 2025 financial results, a copy of which is furnished as Exhibit 99.1 hereto. This exhibit is incorporated herein by reference.

In accordance with General Instruction B.2 of Form 8-K, the information in this Current Report on Form 8-K, including Exhibit 99.1, shall not be deemed to be "filed" for purposes of Section 18 of the Securities and Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liability of that section, and shall not be incorporated by reference into any registration statement or other document filed under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

**Section 9 – Financial Statements and Exhibits**

**Item 9.01 Financial Statements and Exhibits.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Exhibits: Press release dated October 21, 2025, issued by Mattel, Inc.

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| | |
|:---|:---|
| **<u>Exhibit No.</u>** | **<u>Exhibit Description</u>** |
| <u>[99.1](matq32025earningsrelease.htm)</u>\*\* | Press release dated October 21, 2025 |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL Document) |

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\*\* Furnished herewith

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**SIGNATURE**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

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| | | |
|:---|:---|:---|
| MATTEL, INC.<br>Registrant | MATTEL, INC.<br>Registrant | MATTEL, INC.<br>Registrant |
| By: | /s/ Jonathan Anschell | /s/ Jonathan Anschell |
|  | **Name:** | **Jonathan Anschell** |
|  | **Title:** | **Executive Vice President, <br>Chief Legal Officer, and Secretary** |

---

Dated: October 21, 2025

## Exhibit 99.1

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| | |
|:---|:---|
| ![image2a.jpg](image2a.jpg) | **NEWS RELEASE** |

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**Exhibit 99.1**

**MATTEL REPORTS THIRD QUARTER 2025 FINANCIAL RESULTS**

**<u>Third Quarter 2025 Highlights Versus Prior Year</u>**

• Net Sales of $1,736 million, down 6% as reported, and 7% in constant currency

• Gross Margin of 50.0%, a decrease of 310 basis points; Adjusted Gross Margin of 50.2%, a decrease of 290 basis points

• Operating Income of $380 million, a decrease of $108 million; Adjusted Operating Income of $387 million, a decrease of $117 million

• Net Income of $278 million, a decrease of $94 million

• Earnings per Share of $0.88 compared to $1.09 per share; Adjusted Earnings per Share of $0.89 compared to $1.14 per share

• Repurchased $202 million of shares, bringing year-to-date total to $412 million

• Company reiterates 2025 guidance; reaffirms 2025 share repurchase target of $600 million

**EL SEGUNDO, Calif., October 21, 2025** – Mattel, Inc. (NASDAQ: MAT) today reported third quarter 2025 financial results.

Ynon Kreiz, Chairman and CEO of Mattel, said: "While our US business was challenged in the third quarter by industry-wide shifts in retailer ordering patterns, the fundamentals of our business are strong, with growth in consumer demand for our products across every region. Since the beginning of the fourth quarter, orders from retailers in the US have accelerated significantly and our POS is growing. Looking into the balance of the year, we expect a good holiday season for Mattel and strong topline growth in the fourth quarter. We are reiterating our full year 2025 guidance and are advancing our strategy to grow our IP-driven toy business and expand our entertainment offering."

Paul Ruh, CFO of Mattel, added: "We operated with excellence in a dynamic environment and continued to execute on our Optimizing for Profitable Growth cost savings program. We repurchased $202 million of shares in the quarter and are on track to repurchase $600 million this year. Our balance sheet is strong, and both owned and retail inventories are at appropriate levels as we enter the holiday season. We are well positioned to achieve our guidance."

**Third Quarter Financial Overview**

*Net Sales*

Net Sales were $1,736 million, down 6% as reported, and 7% in constant currency, versus the prior year's third quarter. The decrease in Net Sales as reported was primarily due to a 12% decrease in North America, partly offset by a 3% increase in International. The decrease in Net Sales in constant currency was due to a 12% decrease in North America, with International comparable.

*Gross Margin*

Reported Gross Margin decreased to 50.0%, versus 53.1% in the prior year's third quarter, and Adjusted Gross Margin decreased to 50.2%, versus 53.1%. The decrease in Gross Margin was primarily due to the impacts of unfavorable foreign exchange, inflation, tariff costs, and higher sales adjustments, partially offset by cost savings.

*Operating Income*

Reported Operating Income was $380 million, a decrease of $108 million, and Adjusted Operating Income was $387 million, a decrease of $117 million. The decrease in Reported and Adjusted Operating Income was primarily due to lower Net Sales and lower Gross Margin.

*Cash Flow*

For the nine months ended September 30, 2025, Cash Flows Used for Operating Activities were $203 million, an increase of $142 million, driven by lower net income net of non-cash adjustments, partially offset by lower working capital usage.

Cash Flows Used for Investing Activities were $98 million, an improvement of $54 million, primarily driven by lower capital expenditures.

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|:---|:---|
| ![image2a.jpg](image2a.jpg) | **NEWS RELEASE** |

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Cash Flows Used for Financing Activities and Other were $395 million, an increase of $71 million, primarily due to higher share repurchases in the first nine months of 2025, partially offset by favorable impact of foreign currency exchange rate changes on cash.

**Third Quarter Gross Billings by Category**

Worldwide Gross Billings for Dolls were $674 million, down 11% as reported, or 12% in constant currency, versus the prior year's third quarter, primarily due to declines in Barbie.

Worldwide Gross Billings for Infant, Toddler, and Preschool were $262 million, down 25% as reported, or 26% in constant currency, due to declines in Fisher-Price, Preschool Entertainment, and Baby Gear & Power Wheels.

Worldwide Gross Billings for Vehicles were $626 million, up 8% as reported, or 6% in constant currency, primarily driven by growth in Hot Wheels.

Worldwide Gross Billings for Action Figures, Building Sets, Games, and Other were $404 million, up 11% as reported, or 9% in constant currency, primarily driven by growth in Action Figures, partially offset by a decline in Building Sets.

**2025 Guidance**

Mattel's full year 2025 guidance remains:

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| | | |
|:---|:---|:---|
| **(in millions, except EPS and percentages)** | **FY2025 Guidance** | **FY2024 Actual** |
| Net Sales | +1% to 3%\* | $5380 |
| Adjusted Gross Margin | Approx. 50% | 50.9% |
| Adjusted Operating Income | $700 - $750 | $738 |
| Adjusted Tax Rate | 23% - 24% | 21% |
| Adjusted EPS | $1.54 - $1.66 | $1.62 |
| Free Cash Flow | Approx. $500 | $598 |

---

*\*in Constant Currency*

Mattel's guidance considers what the company is aware of today, but remains subject to market volatility, unexpected disruptions, including further regulatory actions impacting global trade, and other macro-economic risks and uncertainties.

A reconciliation of Mattel's non-GAAP financial measures on a forward-looking basis, including Net Sales on a constant currency basis, Adjusted Gross Margin, Adjusted Operating Income, Adjusted Tax Rate, Adjusted EPS, and Free Cash Flow is not available without unreasonable effort. Mattel is unable to predict with sufficient certainty items that would be excluded from the corresponding GAAP measures, including the effect of foreign currency exchange rate fluctuations, unusual gains and losses or charges, and severance and restructuring charges, due to the unpredictable nature of such items, which may have a significant impact on Mattel's GAAP measures.

**Conference Call and Live Webcast**

At 5:00 p.m. (Eastern Daylight Time) today, Mattel will host a conference call with investors and financial analysts to discuss its latest financial results. The conference call will be webcast on Mattel's Investor Relations website, https://investors.mattel.com. To listen to the live call, log on to the website at least 10 minutes early to register, download, and install any necessary audio software. An archive of the webcast will be available on Mattel's Investor Relations website for 12 months and may be accessed beginning approximately three hours after the completion of the live call.

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|:---|:---|
| ![image2a.jpg](image2a.jpg) | **NEWS RELEASE** |

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**Forward-Looking Statements**

This press release contains a number of forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts and include statements regarding Mattel's guidance and goals for future periods and other future events. The use of words such as "anticipates," "expects," "intends," "plans," "projects," "looks forward," "confident that," "believes," and "targeted," among others, generally identify forward-looking statements. These forward-looking statements are based on currently available operating, financial, economic, and other information and assumptions, and are subject to a number of significant risks and uncertainties. A variety of factors or combination of factors, many of which are beyond Mattel's control, may cause actual future results or outcomes, or the timing of those results or outcomes, to differ materially from those contained in any forward-looking statements. Specific factors that might cause such a difference include, but are not limited to: (i) Mattel's ability to design, develop, produce, manufacture, source, ship, and distribute products in a timely and cost-effective manner; (ii) sufficient interest in and demand for the products and entertainment Mattel offers by retail customers and consumers to profitably recover Mattel's costs; (iii) downturns in economic conditions affecting Mattel's markets which can negatively impact retail customers and consumers, and which can result in lower employment levels and lower consumer disposable income and spending, including lower spending on purchases of Mattel's products; (iv) other factors which can lower discretionary consumer spending, such as higher costs for fuel and food, drops in the value of homes or other consumer assets, and high levels of consumer debt; (v) potential difficulties or delays Mattel may experience in implementing cost savings and efficiency enhancing initiatives; (vi) other economic and public health conditions or regulatory changes in the markets in which Mattel and its customers and suppliers operate, which could create delays or increase Mattel's costs, such as higher commodity prices, labor costs or transportation costs, or outbreaks of disease; (vii) the effect of inflation on Mattel's business, including cost inflation in supply chain inputs and increased labor costs, as well as pricing actions taken in an effort to mitigate the effects of inflation; (viii) currency fluctuations, including movements in foreign exchange rates, which can lower Mattel's net revenues and earnings, and significantly impact Mattel's costs; (ix) the concentration of Mattel's customers, potentially increasing the negative impact to Mattel of difficulties experienced by any of Mattel's customers, such as bankruptcies or liquidations or a general lack of success, or changes in their purchasing or selling patterns; (x) the inventory policies of Mattel's retail customers, as well as the concentration of Mattel's revenues in the second half of the year, which coupled with reliance by retailers on quick response inventory management techniques, increases the risk of underproduction, overproduction, and shipping delays; (xi) legal, reputational, and financial risks related to security breaches or cyberattacks; (xii) work disruptions, including as a result of supply chain disruption such as plant or port closures, which may impact Mattel's ability to manufacture or deliver product in a timely and cost-effective manner; (xiii) the impact of competition on revenues, margins, and other aspects of Mattel's business, including the ability to offer products that consumers choose to buy instead of competitive products, the ability to secure, maintain, and renew popular licenses from licensors of entertainment properties, and the ability to attract and retain talented employees and adapt to evolving workplace models; (xiv) the risk of product recalls or product liability suits and costs associated with product safety regulations; (xv) tariffs, trade restrictions, or trade barriers, which depending on the effective date and duration of such measures, changes in the amount, scope, and nature of such measures in the future, any countermeasures that the target countries may take, and any mitigating actions that may become available, could increase Mattel's product costs and other costs of doing business, and other changes in laws or regulations in the United States and/or in other major markets, such as China, in which Mattel operates, including, without limitation, with respect to taxes, trade policies, product safety, or sustainability, which may also increase Mattel's product costs and other costs of doing business, and in each case reduce Mattel's earnings and liquidity; (xvi) business disruptions or other unforeseen impacts due to economic instability, political instability, civil unrest, armed hostilities (including the impact of the Russia-Ukraine war and geopolitical developments in the Middle East) or terrorist activities, natural and man-made disasters, pandemics or other public health crises, or other catastrophic events; (xvii) failure to realize the planned benefits from any investments or acquisitions made by Mattel; (xviii) the impact of other market conditions or third-party actions or approvals, including those that result in any significant failure, inadequacy, or interruption from vendors or outsourcers, which could reduce demand for Mattel's products, delay or increase the cost of implementation of Mattel's programs, or alter Mattel's actions and reduce actual results; (xix) changes in financing markets or the inability of Mattel to obtain financing on attractive terms; (xx) the impact of litigation, arbitration, or regulatory decisions or settlement actions; (xxi) Mattel's ability to navigate regulatory frameworks in connection with new areas of investment, product development, or other business activities, such as artificial intelligence, non-fungible tokens, and cryptocurrency; (xxii) an inability to remediate the material weakness in Mattel's internal control over financial reporting, or additional material weaknesses or other deficiencies in the future or the failure to maintain an effective system of internal control; and (xxiii) other risks and uncertainties as may be described in Mattel's filings with the Securities and Exchange Commission, including the "Risk Factors" section of Mattel's Annual Report on Form 10-K for the fiscal year ended December 31, 2024 and Quarterly Report on Form 10-Q for the three months ended March 31, 2025, and subsequent periodic

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|:---|:---|
| ![image2a.jpg](image2a.jpg) | **NEWS RELEASE** |

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filings, as well as in Mattel's other public statements. Mattel does not update forward-looking statements and expressly disclaims any obligation to do so, except as required by law.

**Presentation Information / Non-GAAP Financial Measures**

The financial results included herein represent the most current information available to management and are preliminary until Mattel's Form 10-Q is filed with the SEC. Actual results may differ from these preliminary results.

To supplement our financial results presented in accordance with generally accepted accounting principles in the United States ("GAAP"), Mattel presents certain non-GAAP financial measures within the meaning of Regulation G promulgated by the Securities and Exchange Commission. The non-GAAP financial measures that Mattel uses in this earnings release include Adjusted Gross Profit, Adjusted Gross Margin, Adjusted Other Selling and Administrative Expenses, Adjusted Operating Income, Adjusted Operating Income Margin, Adjusted Earnings Per Share, earnings before interest expense, taxes, depreciation and amortization ("EBITDA"), Adjusted EBITDA, Free Cash Flow, Free Cash Flow Conversion (Free Cash Flow / Adjusted EBITDA), Leverage Ratio (Total Debt / Adjusted EBITDA), Net Debt, Adjusted Tax Rate, and constant currency. Mattel uses these measures to analyze its continuing operations and to monitor, assess, and identify meaningful trends in its operating and financial performance, and each is discussed below. Mattel believes that the disclosure of non-GAAP financial measures provides useful supplemental information to investors to be able to better evaluate ongoing business performance and certain components of Mattel's results. These measures are not, and should not be viewed as, substitutes for GAAP financial measures and may not be comparable to similarly titled measures used by other companies. Reconciliations of the non-GAAP financial measures to the most directly comparable GAAP financial measures are attached to this earnings release as exhibits and to our earnings slide presentation as an appendix.

This earnings release and our earnings slide presentation are available on Mattel's Investor Relations website, <u>https://investors.mattel.com/</u>, under the subheading "Financials – Quarterly Results."

*Adjusted Gross Profit and Adjusted Gross Margin*

Adjusted Gross Profit and Adjusted Gross Margin represent reported Gross Profit and reported Gross Margin, respectively, adjusted to exclude severance and restructuring expenses. Adjusted Gross Margin represents Mattel's Adjusted Gross Profit, as a percentage of Net Sales. Adjusted Gross Profit and Adjusted Gross Margin are presented to provide additional perspective on underlying trends in Mattel's core Gross Profit and Gross Margin, which Mattel believes is useful supplemental information for investors to be able to gauge and compare Mattel's current business performance from one period to another.

*Adjusted Other Selling and Administrative Expenses*

Adjusted Other Selling and Administrative Expenses represents Mattel's reported Other Selling and Administrative Expenses, adjusted to exclude severance and restructuring expenses and the impact of the inclined sleeper product recalls, which are not part of Mattel's core business. Adjusted Other Selling and Administrative Expenses is presented to provide additional perspective on underlying trends in Mattel's core other selling and administrative expenses, which Mattel believes is useful supplemental information for investors to be able to gauge and compare Mattel's current business performance from one period to another.

*Adjusted Operating Income and Adjusted Operating Income Margin*

Adjusted Operating Income and Adjusted Operating Income Margin represent reported Operating Income and reported Operating Income Margin, respectively, adjusted to exclude severance and restructuring expenses and the impact of the inclined sleeper product recalls, which are not part of Mattel's core business. Adjusted Operating Income Margin represents Mattel's Adjusted Operating Income, as a percentage of Net Sales. Adjusted Operating Income and Adjusted Operating Income Margin are presented to provide additional perspective on underlying trends in Mattel's core operating results, which Mattel believes is useful supplemental information for investors to be able to gauge and compare Mattel's current business performance from one period to another.

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|:---|:---|
| ![image2a.jpg](image2a.jpg) | **NEWS RELEASE** |

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*Adjusted Earnings Per Share*

Adjusted Earnings Per Share represents Mattel's reported Diluted Earnings Per Common Share, adjusted to exclude severance and restructuring expenses, the impact of the inclined sleeper product recalls, and the impact of changes to certain deferred tax assets and related valuation allowances, which are not part of Mattel's core business. The aggregate tax effect of the adjustments was determined using the effective tax rates on a jurisdictional basis of the respective adjustments and dividing by the reported weighted-average number of common shares. Adjusted Earnings Per Share is presented to provide additional perspective on underlying trends in Mattel's core business. Mattel believes it is useful supplemental information for investors to gauge and compare Mattel's current earnings results from one period to another. Adjusted Earnings Per Share is a performance measure and should not be used as a measure of liquidity.

*EBITDA and Adjusted EBITDA*

EBITDA represents Mattel's Net Income, adjusted to exclude the impact of interest expense, taxes, depreciation, and amortization. Adjusted EBITDA represents EBITDA adjusted to exclude share-based compensation, severance and restructuring expenses and the impact of the inclined sleeper product recalls, which are not part of Mattel's core business. Mattel believes EBITDA and Adjusted EBITDA are useful supplemental information for investors to gauge and compare Mattel's business performance to other companies in its industry with similar capital structures. The presentation of Adjusted EBITDA differs from how Mattel calculates EBITDA for purposes of covenant compliance under the indentures governing its high yield senior notes and the revolving credit agreement governing its revolving credit facility. Because of these limitations, EBITDA and Adjusted EBITDA should not be considered as measures of discretionary cash available to invest in the growth of Mattel's business. As a result, Mattel relies primarily on its GAAP results and uses EBITDA and Adjusted EBITDA only supplementally.

*Free Cash Flow and Free Cash Flow Conversion*

Free Cash Flow represents Mattel's net cash flows from operating activities less capital expenditures. Free Cash Flow Conversion represents Mattel's free cash flow divided by Adjusted EBITDA. Mattel believes Free Cash Flow and Free Cash Flow Conversion are useful supplemental information for investors to gauge Mattel's liquidity and performance and to compare Mattel's business performance to other companies in our industry. Free Cash Flow does not represent cash available to Mattel for discretionary expenditures.

*Leverage Ratio (Total Debt / Adjusted EBITDA)*

The leverage ratio is calculated by dividing Total Debt by Adjusted EBITDA. Total Debt represents the aggregate of Mattel's current portion of long-term debt, short-term borrowings, and long-term debt, excluding the impact of debt issuance costs and debt discount. Mattel believes the leverage ratio is useful supplemental information for investors to gauge trends in Mattel's business and to compare Mattel's business performance to other companies in its industry.

*Net Debt*

Net Debt represents the aggregate of Mattel's current portion of long-term debt, short-term borrowings, and long-term debt, less cash and equivalents. Mattel believes Net Debt is useful supplemental information for investors to monitor Mattel's liquidity and evaluate its balance sheet.

*Adjusted Tax Rate*

The Adjusted Tax Rate is calculated by dividing Adjusted Provision for Income Taxes by Adjusted Income Before Income Taxes. Adjusted Income Before Income Taxes represents reported Income Before Income Taxes, adjusted to exclude severance and restructuring expenses and the impact of inclined sleeper product recalls. The Adjusted Provision for Income Taxes represents reported Provision for Income Taxes, adjusted to exclude the impact of changes to certain deferred tax assets and related valuation allowances and the aggregate tax effect of adjustments. Mattel believes the adjusted tax rate provides useful supplemental information for investors to gauge and compare the impact of tax expense on Mattel's earnings results from one period to another.

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|:---|:---|
| ![image2a.jpg](image2a.jpg) | **NEWS RELEASE** |

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*Constant Currency*

Percentage changes in results expressed in constant currency are presented excluding the impact from changes in currency exchange rates. To present this information, Mattel calculates constant currency information by translating current period and prior period results for entities reporting in currencies other than the US dollar using consistent exchange rates. The constant currency exchange rates are determined by Mattel at the beginning of each year and are applied consistently during the year. They are generally different from the actual exchange rates in effect during the current or prior period due to volatility in actual foreign exchange rates. Mattel considers whether any changes to the constant currency rates are appropriate at the beginning of each year. The exchange rates used for these constant currency calculations are generally based on prior year actual exchange rates. The difference between the current period and prior period results using the consistent exchange rates reflects the changes in the underlying performance results, excluding the impact from changes in currency exchange rates. Mattel analyzes constant currency results to provide additional perspective on changes in underlying trends in Mattel's operating performance. Mattel believes that the disclosure of the percentage change in constant currency is useful supplemental information for investors to be able to gauge Mattel's current business performance and the longer-term strength of its overall business since foreign currency changes could potentially mask underlying sales trends. The disclosure of the percentage change in constant currency enhances investor's ability to compare financial results from one period to another.

**Key Performance Indicator**

*Gross Billings*

Gross Billings represent amounts invoiced to customers. It does not include the impact of sales adjustments, such as trade discounts and other allowances. Mattel presents changes in gross billings as a metric for comparing its aggregate, categorical, brand, and geographic results to highlight significant trends in Mattel's business. Changes in Gross Billings are discussed because, while Mattel records the details of sales adjustments in its financial accounting systems at the time of sale, such sales adjustments are generally not associated with categories, brands, and individual products.

**About Mattel**

Mattel is a leading global toy and family entertainment company and owner of one of the most iconic brand portfolios in the world. We engage consumers and fans through our franchise brands, including Barbie®, Hot Wheels®, Fisher-Price®, American Girl®, Thomas & Friends™, UNO®, Masters of the Universe®, Matchbox®, Monster High®, Polly Pocket®, and Barney®, as well as other popular properties that we own or license in partnership with global entertainment companies. Our offerings include toys, content, consumer products, digital and live experiences. Our products are sold in collaboration with the world's leading retail and ecommerce companies. Since its founding in 1945, Mattel is proud to be a trusted partner in empowering generations to explore the wonder of childhood and reach their full potential. Visit us at mattel.com.

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|:---|:---|
| <u>Contacts:</u> | |
| **Securities Analysts** | **News Media** |
| Jenn Kettnich | Catherine Frymark |
| jenn.kettnich@mattel.com | catherine.frymark@mattel.com |
| MAT-FIN MAT-CORP | |

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|:---|:---|
| **MATTEL, INC. AND SUBSIDIARIES** | **EXHIBIT I** |

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**CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)**<sup>1</sup>

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|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **For the Three Months Ended September 30,** | **For the Three Months Ended September 30,** | **For the Three Months Ended September 30,** | **For the Three Months Ended September 30,** | **For the Three Months Ended September 30,** | **For the Three Months Ended September 30,** | **For the Nine Months Ended September 30,** | **For the Nine Months Ended September 30,** | **For the Nine Months Ended September 30,** | **For the Nine Months Ended September 30,** | **For the Nine Months Ended September 30,** | **For the Nine Months Ended September 30,** |
| **<u>(In millions, except per share and percentage information)</u>** | **2025** | **2025** | **2024** | **2024** | **% Change<br>as<br>Reported** | **% Change <br>in <br>Constant<br>Currency** | **2025** | **2025** | **2024** | **2024** | **% Change<br>as<br>Reported** | **% Change <br>in <br>Constant<br>Currency** |
| **<u>(In millions, except per share and percentage information)</u>** | **$ Amt** | **% Net<br>Sales** | **$ Amt** | **% Net<br>Sales** | **% Change<br>as<br>Reported** | **% Change <br>in <br>Constant<br>Currency** | **$ Amt** | **% Net<br>Sales** | **$ Amt** | **% Net<br>Sales** | **% Change<br>as<br>Reported** | **% Change <br>in <br>Constant<br>Currency** |
| **Net Sales** | $1736 |  | $1843.9 |  | -6% | -7% | $3581.2 |  | $3733.1 |  | -4% | -4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of Sales | 867.7 | 50.0% | 864.9 | 46.9% | —% |  | 1785.9 | 49.9% | 1834.5 | 49.1% | -3% |  |
| **Gross Profit** | 868.3 | 50.0% | 979.0 | 53.1% | -11% | -10% | 1795.3 | 50.1% | 1898.6 | 50.9% | -5% | -5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Advertising and Promotion Expenses | 118.1 | 6.8% | 105.0 | 5.7% | 13% |  | 267.5 | 7.5% | 250.1 | 6.7% | 7% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other Selling and Administrative Expenses | 370.3 | 21.3% | 385.7 | 20.9% | -4% |  | 1122.5 | 31.3% | 1112.5 | 29.8% | 1% |  |
| **Operating Income** | 379.8 | 21.9% | 488.3 | 26.5% | -22% | -20% | 405.4 | 11.3% | 536.0 | 14.4% | -24% | -25% |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest Expense | 29.4 | 1.7% | 29.4 | 1.6% | —% |  | 88.0 | 2.5% | 89.4 | 2.4% | -2% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest (Income) | (9.0) | -0.5% | (9.8) | -0.5% | -8% |  | (37.3) | -1.0% | (39.5) | -1.1% | -5% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other Non-Operating Expense (Income), Net | 1.0 |  | (2.9) |  |  |  | 12.6 |  | 8.8 |  |  |  |
| **Income Before Income Taxes** | 358.5 | 20.7% | 471.7 | 25.6% | -24% | -22% | 342.1 | 9.6% | 477.3 | 12.8% | -28% | -30% |
| &nbsp;&nbsp;&nbsp;&nbsp;Provision for Income Taxes | 86.9 |  | 106.4 |  |  |  | 72.5 |  | 94.8 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Income) from Equity Method Investments | (6.7) |  | (7.0) |  |  |  | (21.8) |  | (18.4) |  |  |  |
| **Net Income** | $278.4 | 16.0% | $372.4 | 20.2% | -25% |  | $291.4 | 8.1% | $401.0 | 10.7% | -27% |  |
| **Net Income Per Common Share - Basic** | $0.88 |  | $1.10 |  |  |  | $0.90 |  | $1.17 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Weighted-Average Number of Common Shares | 315.8 |  | 339.1 |  |  |  | 322.3 |  | 342.7 |  |  |  |
| **Net Income Per Common Share - Diluted** | $0.88 |  | $1.09 |  |  |  | $0.90 |  | $1.16 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Weighted-Average Number of Common and Potential Common Shares | 318.1 |  | 341.2 |  |  |  | 325.1 |  | 345.4 |  |  |  |

---

<sup>1</sup> Amounts may not sum due to rounding.

------

---

| | |
|:---|:---|
| **MATTEL, INC. AND SUBSIDIARIES** | **EXHIBIT II** |

---

**CONDENSED CONSOLIDATED BALANCE SHEETS**<sup>1</sup>

---

| | | | |
|:---|:---|:---|:---|
| | **September 30,** | **September 30,** | **December 31,** |
| | **2025** | **2024** | **2024** |
| **<u>(In millions)</u>** | **(Unaudited)** | **(Unaudited)** |  |
| **Assets** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and Equivalents | $691.9 | $723.5 | $1387.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts Receivable, Net | 1390.3 | 1477.4 | 1003.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Inventories | 826.6 | 737.2 | 501.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepaid Expenses and Other Current Assets | 246.9 | 242.3 | 234.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Current Assets | 3155.7 | 3180.4 | 3126.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Property, Plant, and Equipment, Net | 542.4 | 513.8 | 516.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Right-of-Use Assets, Net | 305.4 | 277.6 | 326.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Goodwill | 1389.9 | 1389.0 | 1381.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other Noncurrent Assets | 1200.1 | 1153.0 | 1193.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Assets** | $6593.4 | $6513.7 | $6544.1 |
| **Liabilities and Stockholders' Equity** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Current Portion of Long-Term Debt | $599.2 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts Payable and Accrued Liabilities | 1322.6 | 1242.4 | 1277.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income Taxes Payable | 52.8 | 56.2 | 38.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Current Liabilities | 1974.6 | 1298.6 | 1315.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Long-Term Debt | 1738.4 | 2333.3 | 2334.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Noncurrent Lease Liabilities | 254.7 | 229.2 | 278.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other Noncurrent Liabilities | 364.5 | 339.7 | 351.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Stockholders' Equity | 2261.2 | 2312.9 | 2264.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Liabilities and Stockholders' Equity** | $6593.4 | $6513.7 | $6544.1 |

---

**SUPPLEMENTAL BALANCE SHEET AND CASH FLOW DATA (Unaudited)**<sup>1</sup>

---

| | | |
|:---|:---|:---|
| | **September 30,** | **September 30,** |
| | **2025** | **2024** |
| **<u>Key Balance Sheet Data:</u>** |  |  |
| Accounts Receivable, Net Days of Sales Outstanding (DSO) | 72 | 72 |
|  | **For the Nine Months Ended September 30,** | **For the Nine Months Ended September 30,** |
| **<u>(In millions)</u>** | **2025** | **2024** |
| **<u>Condensed Cash Flow Data:</u>** |  |  |
| Cash Flows (Used for) Operating Activities | $(203.3) | $(61.6) |
| Cash Flows (Used for) Investing Activities | (97.5) | (151.7) |
| Cash Flows (Used for) Financing Activities and Other | (395.2) | (324.5) |
| Decrease in Cash and Equivalents | $(696.0) | $(537.8) |

---

<sup>1</sup> Amounts may not sum due to rounding.

------

---

| | |
|:---|:---|
| **MATTEL, INC. AND SUBSIDIARIES** | **EXHIBIT III** |

---

**SUPPLEMENTAL FINANCIAL INFORMATION (Unaudited)**<sup>1</sup>

**RECONCILIATION OF GAAP AND NON-GAAP FINANCIAL MEASURES**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **For the Three Months Ended September 30,** | **For the Three Months Ended September 30,** | **For the Three Months Ended September 30,** | **For the Nine Months Ended September 30,** | **For the Nine Months Ended September 30,** | **For the Nine Months Ended September 30,** |
| **<u>(In millions, except percentage information)</u>** | **2025** | **2024** | **Change** | **2025** | **2024** | **Change** |
| **<u>Gross Profit</u>** |  |  |  |  |  |  |
| Gross Profit, As Reported | $868.3 | $979.0 |  | $1795.3 | $1898.6 |  |
| *Gross Margin* | *50.0 %* | *53.1 %* | *-310 bps* | *50.1 %* | *50.9 %* | *-80 bps* |
| &nbsp;&nbsp;*Adjustments:* |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Severance and Restructuring Expenses | 2.4 | 0.4 |  | 6.1 | 3.0 |  |
| Gross Profit, As Adjusted | $870.7 | $979.4 |  | $1801.4 | $1901.6 |  |
| *Adjusted Gross Margin* | *50.2 %* | *53.1 %* | *-290 bps* | *50.3 %* | *50.9 %* | *-60bps* |
| **<u>Other Selling and Administrative Expenses</u>** |  |  |  |  |  |  |
| Other Selling and Administrative Expenses, As Reported | $370.3 | $385.7 | -4% | $1122.5 | $1112.5 | 1% |
| *% of Net Sales* | *21.3 %* | *20.9 %* | *40 bps* | *31.3 %* | *29.8 %* | *150 bps* |
| &nbsp;&nbsp;&nbsp;*Adjustments:* |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Severance and Restructuring Expenses | (0.4) | (27.1) |  | (23.9) | (43.8) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Inclined Sleeper Product Recalls | (4.6) | 11.7 |  | (24.2) | 5.8 |  |
| Other Selling and Administrative Expenses, As Adjusted | $365.2 | $370.3 | -1% | $1074.3 | $1074.5 | —% |
| *% of Net Sales* | *21.0 %* | *20.1 %* | *90 bps* | *30.0 %* | *28.8 %* | *120 bps* |
| **<u>Operating Income</u>** |  |  |  |  |  |  |
| Operating Income, As Reported | $379.8 | $488.3 | -22% | $405.4 | $536.0 | -24% |
| *Operating Income Margin* | *21.9 %* | *26.5 %* | *-460 bps* | *11.3 %* | *14.4 %* | *-310 bps* |
| &nbsp;&nbsp;&nbsp;*Adjustments:* |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Severance and Restructuring Expenses | 2.8 | 27.5 |  | 30.0 | 46.8 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Inclined Sleeper Product Recalls | 4.6 | (11.7) |  | 24.2 | (5.8) |  |
| Operating Income, As Adjusted | $387.3 | $504.1 | -23% | $459.6 | $577.0 | -20% |
| *Adjusted Operating Income Margin* | *22.3 %* | *27.3 %* | *-500 bps* | *12.8 %* | *15.5 %* | *-270bps* |

---

<sup>1</sup> Amounts may not sum due to rounding.<br>

------

---

| | |
|:---|:---|
| **MATTEL, INC. AND SUBSIDIARIES** | **EXHIBIT III** |

---

**SUPPLEMENTAL FINANCIAL INFORMATION (Unaudited)**<sup>1</sup>

**RECONCILIATION OF GAAP AND NON-GAAP FINANCIAL MEASURES**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **<u>(In millions, except per share and percentage information)</u>** | **For the Three Months Ended September 30,** | **For the Three Months Ended September 30,** | **For the Three Months Ended September 30,** | **For the Nine Months Ended September 30,** | **For the Nine Months Ended September 30,** | **For the Nine Months Ended September 30,** |
| **<u>(In millions, except per share and percentage information)</u>** | **2025** | **2024** | **Change** | **2025** | **2024** | **Change** |
| **<u>Earnings Per Share</u>** |  |  |  |  |  |  |
| Net Income Per Common Share, As Reported | $0.88 | $1.09 | -19% | $0.90 | $1.16 | -22% |
| &nbsp;&nbsp;&nbsp;*Adjustments:* |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Severance and Restructuring Expenses | 0.01 | 0.08 |  | 0.09 | 0.14 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Inclined Sleeper Product Recalls | 0.01 | (0.03) |  | 0.07 | (0.02) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Valuation Allowance on Foreign Deferred Tax Assets |  | 0.01 |  |  | 0.01 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Tax Effect of Adjustments<sup>2</sup> | 0.00 | (0.01) |  | (0.04) | (0.03) |  |
| Net Income Per Common Share, As Adjusted | $0.89 | $1.14 | -22% | $1.03 | $1.26 | -18% |
| **<u>EBITDA and Adjusted EBITDA</u>** |  |  |  |  |  |  |
| Net Income, As Reported | $278.4 | $372.4 | -25% | $291.4 | $401.0 | -27% |
| &nbsp;&nbsp;&nbsp;*Adjustments:* |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest Expense | 29.4 | 29.4 |  | 88.0 | 89.4 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Provision for Income Taxes | 86.9 | 106.4 |  | 72.5 | 94.8 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation | 33.7 | 33.0 |  | 102.4 | 101.7 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization | 7.9 | 7.9 |  | 23.6 | 23.5 |  |
| EBITDA | 436.2 | 549.0 |  | 577.9 | 710.3 |  |
| &nbsp;&nbsp;&nbsp;*Adjustments:* |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Share-Based Compensation | 22.3 | 19.7 |  | 61.0 | 57.4 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Severance and Restructuring Expenses | 2.8 | 27.5 |  | 30.0 | 46.8 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Inclined Sleeper Product Recalls | 4.6 | (11.7) |  | 24.2 | (5.8) |  |
| Adjusted EBITDA | $466.1 | $584.4 | -20% | $693.1 | $808.8 | -14% |
| **<u>Free Cash Flow</u>** |  |  |  |  |  |  |
| Net Cash Flows (Used for) Operating Activities |  |  |  | $(203.3) | $(61.6) |  |
| Capital Expenditures |  |  |  | (124.9) | (156.9) |  |
| Free Cash Flow |  |  |  | $(328.2) | $(218.5) |  |

---

---

| |
|:---|
| <sup>1</sup> Amounts may not sum due to rounding. |
| <sup>2</sup> The aggregate tax effect of adjustments was determined using the effective tax rates on a jurisdictional basis of the respective adjustments, and dividing by the reported weighted average number of common and potential common shares. |

---

------

---

| | |
|:---|:---|
| **MATTEL, INC. AND SUBSIDIARIES** | **EXHIBIT III** |

---

**SUPPLEMENTAL FINANCIAL INFORMATION (Unaudited)**<sup>1</sup>

**RECONCILIATION OF GAAP AND NON-GAAP FINANCIAL MEASURES**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **For the Three Months Ended September 30,** | **For the Three Months Ended September 30,** | **For the Three Months Ended September 30,** | **For the Three Months Ended September 30,** | **For the Three Months Ended September 30,** |
| **<u>(In millions, except percentage and pts information)</u>** | **2025** | **2025** | **2024** | **2024** | **Change** |
| **<u>Tax Rate</u>** |  |  |  |  |  |
| Income Before Income Taxes, As Reported | $| 358.5 | $| 471.7 |  |
| &nbsp;&nbsp;*Adjustments:* |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Severance and Restructuring Expenses | 2.8 | 2.8 | 27.5 | 27.5 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Inclined Sleeper Product Recalls | 4.6 | 4.6 | (11.7) | (11.7) |  |
| Income Before Income Taxes, As Adjusted | $| 366.0 | $| 487.4 |  |
| Provision for Income Taxes, As Reported | $| 86.9 | $| 106.4 |  |
| &nbsp;&nbsp;*Adjustments:* |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Valuation Allowance on Foreign Deferred Tax Assets |  |  | (3.2) | (3.2) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Tax Effect of Adjustments<sup>2</sup> | 1.4 | 1.4 | 3.7 | 3.7 |  |
| Provision for Income Taxes, As Adjusted | $| 88.3 | $| 106.9 |  |
| Tax Rate, As Reported | 24% | 24% | 23% | 23% | *1 pt* |
| Tax Rate, As Adjusted | 24% | 24% | 22% | 22% | *2 pts* |

---

---

| | | |
|:---|:---|:---|
| | **September 30,** | **September 30,** |
| | **2025** | **2024** |
| **<u>Net Debt</u>** |  |  |
| Long-Term Debt | $1738.4 | $2333.3 |
| Current Portion of Long-Term Debt | 599.2 |  |
| &nbsp;&nbsp;*Adjustments:* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and Equivalents | (691.9) | (723.5) |
| Net Debt | $1645.7 | $1609.7 |

---

---

| |
|:---|
| <sup>1</sup> Amounts may not sum due to rounding. |
| <sup>2</sup> Tax effect of adjustments was determined using the effective tax rates on a jurisdictional basis of the respective adjustments. |

---

------

---

| | |
|:---|:---|
| **MATTEL, INC. AND SUBSIDIARIES** | **EXHIBIT III** |

---

**SUPPLEMENTAL FINANCIAL INFORMATION (Unaudited)**<sup>1</sup>

**RECONCILIATION OF GAAP AND NON-GAAP FINANCIAL MEASURES**

---

| | | | |
|:---|:---|:---|:---|
| | **For the Trailing Twelve Months Ended September 30,** | **For the Trailing Twelve Months Ended September 30,** | **For the Trailing Twelve Months Ended September 30,** |
| **<u>(In millions, except percentage and pts information)</u>** | **2025** | **2024** | **Change** |
| **<u>Leverage Ratio (Total Debt/Adjusted EBITDA)</u>** |  |  |  |
| *<u>Total Debt</u>* |  |  |  |
| Long-Term Debt | 1738.4 | 2333.3 |  |
| Current Portion of Long-Term Debt | 599.2 |  |  |
| &nbsp;&nbsp;*Adjustments:* |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Debt Issuance Costs and Debt Discount | 12.4 | 16.7 |  |
| Total Debt | 2350.0 | 2350.0 |  |
| *<u>EBITDA and Adjusted EBITDA</u>* |  |  |  |
| Net Income, As Reported | 432.3 | 548.3 | -21% |
| &nbsp;&nbsp;&nbsp;*Adjustments:* |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest Expense | 117.4 | 120.7 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Provision for Income Taxes | 83.4 | 67.5 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation | 137.4 | 137.1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization | 31.4 | 32.8 |  |
| EBITDA | 801.7 | 906.4 |  |
| &nbsp;&nbsp;&nbsp;*Adjustments:* |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Share-Based Compensation | 82.9 | 88.4 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Severance and Restructuring Expenses | 31.3 | 44.8 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Inclined Sleeper Product Recalls | 26.0 | 3.2 |  |
| Adjusted EBITDA | 941.9 | 1042.7 | -10% |
| Total Debt / Net Income | 5.4x | 4.3x |  |
| Leverage Ratio (Total Debt / Adjusted EBITDA) | 2.5x | 2.3x |  |
| **<u>Free Cash Flow</u>** |  |  |  |
| Net Cash Flows Provided by Operating Activities | 658.9 | 887.8 | -26% |
| Capital Expenditures | (170.5) | (199.7) |  |
| Free Cash Flow | 488.3 | 688.2 | -29% |
| Net Cash Flows Provided by Operating Activities / Net Income | 152% | 162% | *-10 pts* |
| Free Cash Flow Conversion (Free Cash Flow/Adjusted EBITDA) | 52% | 66% | *-14 pts* |

---

<sup>1</sup> Amounts may not sum due to rounding.

------

---

| | |
|:---|:---|
| **MATTEL, INC. AND SUBSIDIARIES** | **EXHIBIT III** |

---

**SUPPLEMENTAL FINANCIAL INFORMATION (Unaudited)**<sup>1</sup>

**RECONCILIATION OF GAAP AND NON-GAAP FINANCIAL MEASURES**

---

| | |
|:---|:---|
| | **For the Year Ended <br>December 31,** |
| **<u>(In millions, except percentage and per share information)</u>** | **2024** |
| **<u>Gross Profit</u>** |  |
| Gross Profit, As Reported | $2734.1 |
| *Gross Margin* | *50.8 %* |
| &nbsp;&nbsp;*Adjustments:* |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Severance and Restructuring Expenses | 4.3 |
| Gross Profit, As Adjusted | $2738.3 |
| *Adjusted Gross Margin* | *50.9 %* |
| **<u>Operating Income</u>** |  |
| Operating Income, As Reported | $694.3 |
| *Operating Income Margin* | *12.9 %* |
| &nbsp;&nbsp;*Adjustments:* |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Severance and Restructuring Expenses | 48.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Inclined Sleeper Product Recalls | (4.1) |
| Operating Income, As Adjusted | $738.3 |
| *Adjusted Operating Income Margin* | *13.7 %* |
| **<u>Earnings Per Share</u>** |  |
| Net Income Per Common Share, As Reported | $1.58 |
| &nbsp;&nbsp;*Adjustments:* |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Severance and Restructuring Expenses | 0.14 |
| &nbsp;&nbsp;&nbsp;&nbsp;Inclined Sleeper Product Recalls | (0.01) |
| &nbsp;&nbsp;&nbsp;&nbsp;Changes to Deferred Tax Assets | (0.06) |
| &nbsp;&nbsp;&nbsp;&nbsp;Tax Effect of Adjustments<sup>2</sup> | (0.03) |
| Net Income Per Common Share, As Adjusted | $1.62 |

---

---

| |
|:---|
| <sup>1</sup> Amounts may not sum due to rounding. |
| <sup>2</sup> The aggregate tax effect of adjustments was determined using the effective tax rates on a jurisdictional basis of the respective adjustments, and dividing by the reported weighted average number of common and potential common shares. |

---

------

---

| | |
|:---|:---|
| **MATTEL, INC. AND SUBSIDIARIES** | **EXHIBIT III** |

---

**SUPPLEMENTAL FINANCIAL INFORMATION (Unaudited)**<sup>1</sup>

**RECONCILIATION OF GAAP AND NON-GAAP FINANCIAL MEASURES**

---

| | |
|:---|:---|
| | **For the Year Ended <br>December 31,** |
| **<u>(In millions, except percentage information)</u>** | **2024** |
| **<u>Tax Rate</u>** |  |
| Income Before Income Taxes, As Reported | $622.5 |
| &nbsp;&nbsp;*Adjustments:* |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Severance and Restructuring Expenses | 48.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Inclined Sleeper Product Recalls | (4.1) |
| Income Before Income Taxes, As Adjusted | $666.5 |
| Provision for Income Taxes, As Reported | $105.6 |
| &nbsp;&nbsp;*Adjustments:* |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Changes to Deferred Tax Assets | 21.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tax Effect of Adjustments<sup>2</sup> | 10.2 |
| Provision for Income Taxes, As Adjusted | $136.9 |
| Tax Rate, As Reported | 17% |
| Tax Rate, As Adjusted | 21% |
| **<u>Free Cash Flow</u>** |  |
| Net Cash Flows Provided by Operating Activities | $800.6 |
| Capital Expenditures | (202.6) |
| Free Cash Flow | $597.9 |

---

---

| |
|:---|
| <sup>1</sup> Amounts may not sum due to rounding. |
| <sup>2</sup> Tax effect of adjustments was determined using the effective tax rates on a jurisdictional basis of the respective adjustments. |

---

------

---

| | |
|:---|:---|
| **MATTEL, INC. AND SUBSIDIARIES** | **EXHIBIT IV** |

---

**WORLDWIDE NET SALES AND GROSS BILLINGS**<sup>1</sup> **(Unaudited)**<sup>2</sup>

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **For the Three Months Ended September 30,** | **For the Three Months Ended September 30,** | **For the Three Months Ended September 30,** | **For the Three Months Ended September 30,** | **For the Nine Months Ended September 30,** | **For the Nine Months Ended September 30,** | **For the Nine Months Ended September 30,** | **For the Nine Months Ended September 30,** |
| | **2025** | **2024** | **% Change<br>as <br>Reported** | **% Change in <br>Constant<br>Currency** | **2025** | **2024** | **% Change<br>as <br>Reported** | **% Change in <br>Constant<br>Currency** |
| | **(In millions, except percentage information)** | **(In millions, except percentage information)** | **(In millions, except percentage information)** | **(In millions, except percentage information)** | **(In millions, except percentage information)** | **(In millions, except percentage information)** | **(In millions, except percentage information)** | **(In millions, except percentage information)** |
| **<u>Worldwide Net Sales:</u>** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Sales | $1736.0 | $1843.9 | -6% | -7% | $3581.2 | $3733.1 | -4% | -4% |
| **<u>Worldwide Gross Billings by Categories:</u>** | **<u>Worldwide Gross Billings by Categories:</u>** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dolls | $674.1 | $757.1 | -11% | -12% | $1305.8 | $1465.6 | -11% | -11% |
| &nbsp;&nbsp;&nbsp;Infant, Toddler, and Preschool | 262.5 | 349.8 | -25 | -26 | 532.3 | 675.1 | -21 | -21 |
| &nbsp;&nbsp;&nbsp;Vehicles | 626.2 | 580.0 | 8 | 6 | 1342.2 | 1247.4 | 8 | 7 |
| &nbsp;&nbsp;&nbsp;Action Figures, Building Sets, Games, and Other | 404.0 | 364.3 | 11 | 9 | 861.2 | 763.2 | 13 | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gross Billings | $1966.8 | $2051.1 | -4% | -5% | $4041.4 | $4151.4 | -3% | -3% |
| **<u>Supplemental Gross Billings Disclosure</u>** | **<u>Supplemental Gross Billings Disclosure</u>** | **<u>Supplemental Gross Billings Disclosure</u>** |  |  |  |  |  |  |
| **<u>Worldwide Gross Billings by Top 3 Power Brands:</u>** | **<u>Worldwide Gross Billings by Top 3 Power Brands:</u>** | **<u>Worldwide Gross Billings by Top 3 Power Brands:</u>** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Barbie | $413.9 | $500.6 | -17% | -18% | $788.3 | $944.1 | -16% | -17% |
| &nbsp;&nbsp;&nbsp;Hot Wheels | 547.2 | 508.2 | 8 | 6 | 1173.3 | 1093.7 | 7 | 7 |
| &nbsp;&nbsp;&nbsp;Fisher-Price | 215.4 | 265.4 | -19 | -20 | 413.4 | 494.7 | -16 | -16 |
| &nbsp;&nbsp;&nbsp;Other | 790.2 | 777.0 | 2 |  | 1666.3 | 1618.9 | 3 | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gross Billings | $1966.8 | $2051.1 | -4% | -5% | $4041.4 | $4151.4 | -3% | -3% |

---

---

| |
|:---|
| <sup>1</sup> Gross billings represent amounts invoiced to customers and do not include the impact of sales adjustments, such as trade discounts and other allowances. Mattel presents changes in gross billings as a metric for comparing its aggregate, categorical, brand, and geographic results to highlight significant trends in Mattel's business.  |
| <sup>2</sup> Amounts may not sum due to rounding.  |

---

------

---

| | |
|:---|:---|
| **MATTEL, INC. AND SUBSIDIARIES** | **EXHIBIT V** |

---

**NET SALES AND GROSS BILLINGS**<sup>1</sup> **BY SEGMENT (Unaudited)**<sup>2</sup>

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **For the Three Months Ended September 30,** | **For the Three Months Ended September 30,** | **For the Three Months Ended September 30,** | **For the Three Months Ended September 30,** | **For the Nine Months Ended September 30,** | **For the Nine Months Ended September 30,** | **For the Nine Months Ended September 30,** | **For the Nine Months Ended September 30,** |
| | **2025** | **2024** | **% Change<br>as <br>Reported** | **% Change in <br>Constant<br>Currency** | **2025** | **2024** | **% Change<br>as <br>Reported** | **% Change in <br>Constant<br>Currency** |
| | **(In millions, except percentage information)** | **(In millions, except percentage information)** | **(In millions, except percentage information)** | **(In millions, except percentage information)** | **(In millions, except percentage information)** | **(In millions, except percentage information)** | **(In millions, except percentage information)** | **(In millions, except percentage information)** |
| **<u>North America Net Sales:</u>** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Sales | $978.1 | $1108.3 | -12% | -12% | $1980.3 | $2192.6 | -10% | -10% |
| **<u>North America Gross Billings by Categories</u>:** | **<u>North America Gross Billings by Categories</u>:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dolls | $393.8 | $442.3 | -11% | -11% | $734.8 | $838.2 | -12% | -12% |
| &nbsp;&nbsp;&nbsp;Infant, Toddler, and Preschool | 157.1 | 228.0 | -31 | -31 | 307.1 | 420.1 | -27 | -27 |
| &nbsp;&nbsp;&nbsp;Vehicles | 276.5 | 288.5 | -4 | -4 | 600.8 | 605.5 | -1 | -1 |
| &nbsp;&nbsp;&nbsp;Action Figures, Building Sets, Games, and Other | 232.5 | 225.5 | 3 | 3 | 490.7 | 473.8 | 4 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gross Billings | $1059.9 | $1184.3 | -11% | -10% | $2133.4 | $2337.6 | -9% | -9% |
| **<u>Supplemental Gross Billings Disclosure</u>** | **<u>Supplemental Gross Billings Disclosure</u>** |  |  |  |  |  |  |  |
| **<u>North America Gross Billings by Top 3 Power Brands:</u>** | **<u>North America Gross Billings by Top 3 Power Brands:</u>** | **<u>North America Gross Billings by Top 3 Power Brands:</u>** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Barbie | $234.2 | $285.1 | -18% | -18% | $418.3 | $517.5 | -19% | -19% |
| &nbsp;&nbsp;&nbsp;Hot Wheels | 235.7 | 249.7 | -6 | -6 | 508.7 | 521.1 | -2 | -2 |
| &nbsp;&nbsp;&nbsp;Fisher-Price | 129.9 | 168.5 | -23 | -23 | 240.3 | 300.6 | -20 | -20 |
| &nbsp;&nbsp;&nbsp;Other | 460.2 | 481.0 | -4 | -4 | 966.1 | 998.4 | -3 | -3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gross Billings | $1059.9 | $1184.3 | -11% | -10% | $2133.4 | $2337.6 | -9% | -9% |

---

---

| |
|:---|
| <sup>1</sup> Gross billings represent amounts invoiced to customers and do not include the impact of sales adjustments, such as trade discounts and other allowances. Mattel presents changes in gross billings as a metric for comparing its aggregate, categorical, brand, and geographic results to highlight significant trends in Mattel's business.  |
| <sup>2</sup> Amounts may not sum due to rounding.  |

---

------

---

| | |
|:---|:---|
| **MATTEL, INC. AND SUBSIDIARIES** | **EXHIBIT VI** |

---

**NET SALES AND GROSS BILLINGS**<sup>1</sup> **BY SEGMENT (Unaudited)**<sup>2</sup>

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **For the Three Months Ended September 30,** | **For the Three Months Ended September 30,** | **For the Three Months Ended September 30,** | **For the Three Months Ended September 30,** | **For the Nine Months Ended September 30,** | **For the Nine Months Ended September 30,** | **For the Nine Months Ended September 30,** | **For the Nine Months Ended September 30,** |
| | **2025** | **2024** | **% Change<br>as <br>Reported** | **% Change in <br>Constant<br>Currency** | **2025** | **2024** | **% Change<br>as <br>Reported** | **% Change in <br>Constant<br>Currency** |
| | **(In millions, except percentage information)** | **(In millions, except percentage information)** | **(In millions, except percentage information)** | **(In millions, except percentage information)** | **(In millions, except percentage information)** | **(In millions, except percentage information)** | **(In millions, except percentage information)** | **(In millions, except percentage information)** |
| **<u>International Net Sales by Geographic Area:</u>** | **<u>International Net Sales by Geographic Area:</u>** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;EMEA | $424.0 | $401.9 | 5% | 1% | $898.6 | $837.9 | 7% | 4% |
| &nbsp;&nbsp;&nbsp;Latin America | 230.3 | 240.6 | -4 | -6 | 423.6 | 454.8 | -7 | -4 |
| &nbsp;&nbsp;&nbsp;Asia Pacific | 103.5 | 93.1 | 11 | 12 | 278.7 | 247.9 | 12 | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Sales | $757.9 | $735.6 | 3% | —% | $1600.9 | $1540.6 | 4% | 4% |
| **<u>International Gross Billings by Geographic Area:</u>** | **<u>International Gross Billings by Geographic Area:</u>** | **<u>International Gross Billings by Geographic Area:</u>** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;EMEA | $515.0 | $478.6 | 8% | 3% | $1088.0 | $998.3 | 9% | 6% |
| &nbsp;&nbsp;&nbsp;Latin America | 274.8 | 281.9 | -3 | -4 | 502.4 | 531.3 | -5 | -2 |
| &nbsp;&nbsp;&nbsp;Asia Pacific | 117.1 | 106.3 | 10 | 11 | 317.6 | 284.2 | 12 | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gross Billings | $906.9 | $866.8 | 5% | 2% | $1908.0 | $1813.8 | 5% | 5% |
| **<u>International Gross Billings by Categories:</u>** | **<u>International Gross Billings by Categories:</u>** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dolls | $280.2 | $314.8 | -11% | -14% | $571.0 | $627.5 | -9% | -10% |
| &nbsp;&nbsp;&nbsp;Infant, Toddler, and Preschool | 105.3 | 121.8 | -14 | -16 | 225.2 | 255.0 | -12 | -12 |
| &nbsp;&nbsp;&nbsp;Vehicles | 349.8 | 291.5 | 20 | 17 | 741.3 | 641.9 | 15 | 15 |
| &nbsp;&nbsp;&nbsp;Action Figures, Building Sets, Games, and Other | 171.6 | 138.8 | 24 | 20 | 370.4 | 289.4 | 28 | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gross Billings | $906.9 | $866.8 | 5% | 2% | $1908.0 | $1813.8 | 5% | 5% |
| **<u>Supplemental Gross Billings Disclosure</u>** | **<u>Supplemental Gross Billings Disclosure</u>** |  |  |  |  |  |  |  |
| **<u>International Gross Billings by Top 3 Power Brands:</u>** | **<u>International Gross Billings by Top 3 Power Brands:</u>** | **<u>International Gross Billings by Top 3 Power Brands:</u>** |  |  |  |  |  |  |
| &nbsp;&nbsp;Barbie | $179.8 | $215.5 | -17% | -19% | $370.0 | $426.6 | -13% | -14% |
| &nbsp;&nbsp;Hot Wheels | 311.6 | 258.4 | 21 | 18 | 664.6 | 572.6 | 16 | 16 |
| &nbsp;&nbsp;Fisher-Price | 85.6 | 96.9 | -12 | -14 | 173.2 | 194.1 | -11 | -10 |
| &nbsp;&nbsp;Other | 330.0 | 296.1 | 11 | 8 | 700.3 | 620.5 | 13 | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gross Billings | $906.9 | $866.8 | 5% | 2% | $1908.0 | $1813.8 | 5% | 5% |

---

---

| |
|:---|
| <sup>1</sup> Gross billings represent amounts invoiced to customers and do not include the impact of sales adjustments, such as trade discounts and other allowances. Mattel presents changes in gross billings as a metric for comparing its aggregate, categorical, brand, and geographic results to highlight significant trends in Mattel's business.  |
| <sup>2</sup> Amounts may not sum due to rounding. |

---

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