WHRL3

Whirlpool S.A., formerly known as Multibrás S.A. Indústria de Aparelhos Domésticos, is a Brazilian company in the white goods home appliance sector, with common and preferred shares traded on B3 under the tickers WHRL3 and WHRL4. Founded in 1957 in São Paulo, the company began operations under the Brastemp brand, which quickly gained relevance in the domestic market, leading to a change of corporate name to Brastemp S.A. Aparelhos Domésticos e Comerciais in 1972. Over the following decades, the company consolidated its growth through strategic acquisitions, such as a significant stake in refrigerator manufacturer Consul S.A. and, consequently, in Empresa Brasileira de Compressores S.A. – Embraco, as well as the purchase of Semer S.A., a producer of mass-market stoves. In 1994, the company reverted to the name Multibrás S.A. Eletrodomésticos, merging Consul and Semer and becoming one of the leading appliance manufacturers in Latin America, before adopting the name Whirlpool S.A. in 2006, aligning itself with the brand of its global parent company Whirlpool Corporation.

Following the acquisition of controlling interest by Whirlpool Corporation in 1997, Whirlpool S.A. began to play a central role in managing manufacturing and commercialization of white goods in Latin America. The global parent company, with more than 45,000 employees and 55 research and manufacturing centers worldwide, integrates Brazilian and Latin American operations within a consolidated regional strategy. In Brazil, the company operates with well-known brands such as Brastemp, Consul, KitchenAid, Compra Certa and B.blend, engaging in the production, commercialization and distribution of home appliances, in addition to offering related services. The company has also taken part in significant corporate transactions, such as the sale of Embraco’s operations in 2019 and the formation of the joint venture B.blend Máquinas e Bebidas S.A. in partnership with Ambev in 2015, reflecting a strategy of focusing on its appliance core business and exploring adjacent businesses through partnerships.

Whirlpool S.A.’s business model is diversified within the appliance value chain, covering industrial, commercial, import, export, consignment, leasing and representation activities for a wide range of household and kitchen consumer goods. The portfolio includes refrigerators, freezers, refrigerator-freezers, air conditioners, ice makers, stoves, dishwashers, waste disposers and compactors, vacuum cleaners, washing machines and dryers, and microwave ovens, as well as other domestic and commercial appliances. The company also engages in the production and sale of machinery, equipment, tools, components, parts and inputs related to these products, including finished lubricating oil. Additionally, it provides installation, maintenance, technical assistance, development and project services, as well as digital information services, online advertising, database management and e-commerce brokerage, along with operational support between insurers and retailers and the granting and management of business franchises related to its activities.

Whirlpool S.A.’s commercial operations are heavily anchored in the durable goods retail sector, with a particular focus on large retail chains specializing in home appliances and electronics. In the fiscal year ended December 31, 2024, the groups Casas Bahia and Magazine Luiza each accounted for more than 10% of the company’s net revenue, with amounts above R$ 1.6 billion and R$ 1.8 billion, respectively. This concentration indicates the company’s significant exposure to large national retailers as priority distribution channels, underscoring the importance of these commercial partnerships for revenue generation. In addition to relationships with large-scale retail, the company also operates through its own channels and other distributors, including digital platforms such as the Compra Certa channel, expanding its reach to end consumers and diversifying points of sale.

From a geographic standpoint, Whirlpool S.A. maintains a significant industrial presence in Brazil, with three manufacturing plants located in Rio Claro, in the state of São Paulo, Manaus, in Amazonas, and Joinville, in Santa Catarina, as well as an administrative center in São Paulo. The company also has 23 Research and Development laboratories in the country, along with global product and technology development teams operating out of Brazil, reinforcing the role of the Brazilian and Latin American markets within Whirlpool Corporation’s global strategy. In 2024, approximately 91.5% of the company’s net revenue, or R$ 11.828 billion, was attributed to customers in Brazil, while the remainder was distributed mainly among Argentina, the United States, Peru, Mexico, Chile and other countries. Argentina stood out as the main foreign market, accounting for about 7.7% of net revenue in the same period, highlighting the importance of the Southern Cone in the regional commercial strategy.

The company operates in a complex regulatory environment, especially due to the nature of its electrical and electronic products and home appliances, which are subject to safety, energy efficiency and performance standards. In Brazil, all home appliance products sold by Whirlpool must comply with Inmetro technical and labeling regulations, including specific ordinances for refrigerators, washing machines, gas stoves, air conditioners, microwave ovens, water consumption equipment and blenders with noise requirements. Products without an energy efficiency seal, such as electric ovens, electric cooktops, range hoods, clothes dryers, wine coolers, dishwashers and portable appliances in general, are subject to Inmetro Ordinance 148/2022, focused on electrical safety. In addition, all manufacturing units maintain operating licenses issued by the relevant environmental agencies and are certified by Bureau Veritas under standards NBR ISO 9001:2015, NBR ISO 14001:2018 and ISO 45001:2018, which underscores the need for structured management of quality, environment, and occupational health and safety.

The Brastemp and Consul brands, owned by Whirlpool S.A., play a central role in the company’s competitive strategy in the Brazilian white goods market. Both were recognized by the National Institute of Industrial Property (INPI) as well-known trademarks in 2017, which grants them protection in all classes of products and services, demonstrating their importance and recognition in the country. These brands are widely associated with refrigerators, washers, stoves and other appliances, contributing significantly to the company’s positioning in the local home appliance market. The company also licenses the KitchenAid brand, owned by Whirlpool Properties Inc., for use in Brazil, expanding its presence in specific kitchen segments. In 2024, as part of the sale of its water business, Whirlpool licensed the use of the Brastemp brand to Culligan Latam Ltda., restricted to the water purifier rental segment in Brazil for three years, illustrating the strategic use of intangible assets in complementary businesses.

In the environmental, social and governance (ESG) field, Whirlpool S.A. is aligned with Whirlpool Corporation’s global policies and targets. Sustainability information is disclosed through a Global Sustainability Report prepared in accordance with GRI (Global Reporting Initiative) standards, also incorporating references to SASB, TCFD and the UN Sustainable Development Goals. The company monitors direct greenhouse gas emissions from Scopes 1 and 2 using specialized platforms and evaluates Scope 3 emissions, with particular focus on category 11, related to the use of sold products, using proprietary systems such as GEMS and complementary tools for decarbonization scenario calculation and planning. Operations in Brazil are run under the “We Care” Environmental, Health, Safety and Sustainable Operations system, aligned with ISO 14001 and 45001 standards, with commitments aimed at protecting people, preserving the environment, promoting sustainable practices and sharing responsibility among employees. Corporate governance also includes global political activities policies, which prohibit the use of company resources in political campaigns or party-political actions, and ESG and double materiality risk assessment structures aligned with emerging international regulations, reinforcing Whirlpool S.A.’s alignment with transparency and corporate responsibility standards.

The combination of a robust industrial track record, a portfolio of established brands, a significant presence in Latin America and integration with Whirlpool Corporation’s global strategy positions Whirlpool S.A. as one of the main appliance production and development platforms in the region. As an issuer of shares traded on B3 under the codes WHRL3 and WHRL4, the company offers exposure to a business intensive in industrial assets, innovation in white goods and the management of high-penetration consumer brands, operating in a competitive environment marked by strict technical regulation, the strong presence of large retailers and the growing importance of environmental, social and governance indicators in the conduct of its activities and strategic decisions.