Valvoline : View Presentation

Second-Quarter Fiscal 2021 Earnings

April 29, 2021

Sam Mitchell, CEO

Mary Meixelsperger, CFO

Sean Cornett, Investor Relations	1

Safe Harbor

Forward-Looking Statements

Certain statements in this presentation, other than statements of historical fact, including estimates, projections and statements related to Valvoline's business plans and operating results, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Valvoline has identified some of these forward-looking statements with words such as "anticipates," "believes," "expects," "estimates," "is likely," "predicts," "projects," "forecasts," "may," "will," "should" and "intends" and the negative of these words or other comparable terminology. These forward-looking statements are based on Valvoline's current expectations, estimates, projections and assumptions as of the date such statements are made and are subject to risks and uncertainties that may cause results to differ materially from those expressed or implied in the forward-looking statements. Additional information regarding these risks and uncertainties are described in the company's filings with the Securities and Exchange Commission (the "SEC"), including in the "Risk Factors," "Management's Discussion and Analysis of Financial Condition and Results of Operations" and "Quantitative and Qualitative Disclosures about Market Risk" sections of Valvoline's most recently filed periodic reports on Form 10-K and 10-Q, which are available on Valvoline's website at http://investors.valvoline.com/sec-filings or on the SEC's website at http://sec.gov. Valvoline assumes no obligation to update or revise these forward-looking statements for any reason, even if new information becomes available in the future, unless required by law.

Regulation G: Adjusted Results

The information presented herein, regarding certain financial measures that do not conform to generally accepted accounting principles in the United States (U.S. GAAP), should not be construed as an alternative to the reported results determined in accordance with U.S. GAAP. Valvoline has included this non- GAAP information to assist in understanding the operating performance of the company and its reportable segments. The non-GAAP information provided may not be consistent with the methodologies used by other companies. Information regarding Valvoline's definitions, calculations and reconciliation of non- GAAP measures can be found in the Appendix.

Key Business Measures

Valvoline tracks its operating performance and manages its business using certain key business measures, which management believes are important to understanding Valvoline's operating performance. Information regarding Valvoline's definitions of key business measures and management's use of such measures are included in the Appendix.

2

Second-Quarter Results

Reported Results

(in millions, except per-share data)		Q2
Operating income		$131
Net income		$68
Reported earnings per		$0.37
diluted share (EPS)
YTD Cash flow from		$190
operating activities
Adjusted1 Results
(in millions, except per-share data)		Q2
Adjusted1 operating income		$129
Adjusted1 EBITDA		$152
Adjusted1 EPS		$0.46
YTD Free cash flow1		$116

Key items1

• Debt extinguishment impact: (-) $27 million after-tax expense
• Non-servicePension and OPEB impact; (+) $10M after-tax income
• Business recovery impact: (+) $2 million after-tax income

YoY Performance

• Sales increased 21%
• Reported net income and EPS, up 8% and 12%, respectively
• Adjusted1 EBITDA and adjusted EPS up 13% and 18%, respectively
• Excluding $30 million unfavorable variable compensation and LIFO pre-tax impacts, adjusted EBITDA up 38%

1 For reconciliation of adjusted amounts to amounts reported under GAAP, please refer to the Appendix.

3

Second-Quarter Overview

• Exceptional performance
• • Q2 results exceeded our expectations
  • Quick Lubes represented more than half adjusted1 EBITDA for the first time
• Strong top- and bottom-line growth
• • Sales up 21%; adjusted1 EBITDA up 13%
  • Excluding unfavorable, non-cash YoY variable compensation and LIFO impacts, adjusted1 EBITDA grew 38%,
• Returned $65 million in cash to shareholders via dividends and share repurchases
• Raising fiscal 2021 guidance for adjusted EBITDA and free cash flow

1 For reconciliation of adjusted amounts to amounts reported under GAAP, please refer to the Appendix.

4

Segment Results Summary

Quick Lubes

(YoY change)	Q2
Sales	34%
SSS1 (system-wide)	20.2%
Store additions,	15
net1,2
Adjusted1 EBITDA	$79 million,
up $29 million

Core North America

(YoY change)		Q2
Sales		2%
Volume1		7%
Premium mix1	60.9%,
up 320 bps
		$42 million, down
Adjusted1	EBITDA	$9 million
(down $2 million
		excluding LIFO)

International

(YoY change)	Q2
Sales	36%
Volume1	28%
Volume with JVs1	38%
Adjusted1 EBITDA	$31 million,
up $12 million

1	For a discussion of management's use of Key Business Measures and a reconciliation of adjusted amounts to amounts reported under GAAP, please refer to the Appendix.	5
2	Company and franchised stores added in the current quarter.