Tapestry — Nov 6, 2025 release

This outlook now reflects roughly 280 basis points of underlying margin expansion, while continuing to incorporate a negative tariff and duty impact of approximately 230 basis points; • Net interest expense of approximately $65 million, unchanged from prior guidance; • Tax rate of approximately 18%, unchanged from prior guidance; • Weighted average diluted share count of approximately 212 million shares versus prior guidance of 213 million shares; 7 • Earnings per diluted share of $5.45 to $5.60, representing 7% to 10% growth compared to the prior year, and exceeding prior guidance of $5.30 to $5.45; • Adjusted free cash flow of $1.3 billion versus prior guidance for adjusted free cash flow to approach $1.3 billion. Please note this outlook: • Embeds U.S. trade and tax policies as of November 1, 2025 and no implementation of OECD’s proposed Pillar II guidance; • Includes foreign currency exchange rates using spot rates at the time of forecast; • Assumes no material worsening of inflationary pressures or consumer confidence; • Excludes one-time costs associated with the sale of Stuart Weitzman, which closed on August 4, 2025, as well as the brand’s results for the period under ownership in Fiscal 2026.  The exclusion of Stuart Weitzman is expected to be immaterial to operating profit and earnings per diluted share in the fiscal year; and • Excludes non-recurring costs associated wit