#1home, happier TM Second Quarter Fiscal 2021 Earnings Presentation (Period Ending August 28, 2021) Mark Tritton, President & Chief Executive Officer Gustavo Arnal, Executive Vice President, Chief Financial Officer September 30, 2021 BED BATH & BEYOND#2Forward Looking Statements This presentation contains forward-looking statements within the meaning of Section 21 E of the Securities Exchange Act of 1934 including, but not limited to, the Company's progress and anticipated progress towards its long-term objectives, as well as more generally the status of its future liquidity and financial condition and its outlook for the Company's fiscal 2021 third quarter and for its 2021 fiscal year. Many of these forward-looking statements can be identified by use of words such as may, will, expect, anticipate, approximate, estimate, assume, continue, model, project, plan, goal, preliminary, and similar words and phrases, although the absence of those words does not necessarily mean that statements are not forward-looking. The Company's actual results and future financial condition may differ materially from those expressed in any such forward-looking statements as a result of many factors. Such factors include, without limitation: general economic conditions including the housing market, a challenging overall macroeconomic environment and related changes in the retailing environment; risks associated with the COVID-19 pandemic and the governmental responses to it, including its impacts across the Company's businesses on demand and operations, as well as on the operations of the Company's suppliers and other business partners, and the effectiveness of the Company's actions taken in response to these risks; consumer preferences, spending habits and adoption of new technologies; demographics and other macroeconomic factors that may impact the level of spending for the types of merchandise sold by the Company; civil disturbances and terrorist acts; unusual weather patterns and natural disasters; competition from existing and potential competitors across all channels; pricing pressures; liquidity; the ability to achieve anticipated cost savings, and to not exceed anticipated costs, associated with organizational changes and investments, including the Company's strategic restructuring program and store network optimization strategies; the ability to attract and retain qualified employees in all areas of the organization; the cost of labor, merchandise, logistical costs and other costs and expenses; potential supply chain disruption due to trade restrictions or otherwise, and other factors such as natural disasters, pandemics, including the COVID-19 pandemic, political instability, labor disturbances, product recalls, financial or operational instability of suppliers or carriers, and other items; the ability to find suitable locations at acceptable occupancy costs and other terms to support the Company's plans for new stores; the ability to establish and profitably maintain the appropriate mix of digital and physical presence in the markets it serves; the ability to assess and implement technologies in support of the Company's development of its omnichannel capabilities; the ability to effectively and timely adjust the Company's plans in the face of the rapidly changing retail and economic environment, including in response to the COVID-19 pandemic; uncertainty in financial markets; volatility in the price of the Company's common stock and its effect, and the effect of other factors, including the COVID-19 pandemic, on the Company's capital allocation strategy; risks associated with the ability to achieve a successful outcome for the Company's business concepts and to otherwise achieve its business strategies; the impact of intangible asset and other impairments; disruptions to the Company's information technology systems, including but not limited to security breaches of systems protecting consumer and employee information or other types of cybercrimes or cybersecurity attacks; reputational risk arising from challenges to the Company's or a third party product or service supplier's compliance with various laws, regulations or standards, including those related to labor, health, safety, privacy or the environment; reputational risk arising from third-party merchandise or service vendor performance in direct home delivery or assembly of product for customers; changes to statutory, regulatory and legal requirements, including without limitation proposed changes affecting international trade; changes to, or new, tax laws or interpretation of existing tax laws; new, or developments in existing, litigation, claims or assessments; changes to, or new, accounting standards; and foreign currency exchange rate fluctuations. Except as required by law, the Company does not undertake any obligation to update its forward-looking statements. BED BATH & BEYOND 2#3Agenda Q2'21 Results (Jun-Jul-Aug) Q3'21 & FY 2021 Outlook Transformation Update Appendix BED BATH & BEYOND#4Q2'21 RESULTS#5Q2'21 RESULTS Second Quarter Highlights ■ ■ ■ Net Sales of $1.985B reflecting comp¹ sales decrease of -1% Bed Bath & Beyond banner comp¹ decline of -4% as a result of deceleration and lower- than-expected traffic in August (largest month of Q2) buybuy BABY positive comp¹ of +mid-teens percent growth Adjusted² Gross Margin of 34.0%, due to unprecedented and significantly higher than anticipated freight cost increases, particularly later in the quarter SG&A expense in-line with plan Adjusted² EBITDA of $85M as result of Net Sales and Adjusted Gross Margin performance Positive Operating Cash Flow generation of $75M Cash and Investments Balance of $1.1B and Total Liquidity³ of $2B inclusive of Company's recently amended ABL Facility ■ PERIOD ENDING AUGUST 28, 2021 BED BATH & BEYOND 5#6Q2'21 RESULTS Second Quarter Results - Key Financial Metrics Net Sales $1.985B Adj. Gross Margin² 34.0% 价 BED BATH & BEYOND Total Comp¹ Sales −1% vs. Q2'20 Adj. EBITDA² Note: The Company's four Core banners include Bed Bath & Beyond, buybuy BABY, Harmon Face Values and Decorist. $85M PERIOD ENDING AUGUST 28, 2021 BANNER COMP SALES¹ VS. Q2'20 BBB -4% teens BABY +high% VS. Q2'20 Op. Cash Flow $75M 6#7● Q2'21 RESULTS Net Sales to Comparable Sales vs. LY (Q2'21 vs. Q2'20) Total Net Sales decline of -26% includes: planned reduction from non-core banner divestitures of -15% Core banner net sales decline of -11% includes: ● ● planned reduction from fleet optimization activity of -10% Comparable¹ sales decline of -1% Sales performance impacted by slower traffic in large month of August ● -26% BED BATH & BEYOND Total Net Sales -15% Divestitures Note: The Company's four Core banners include Bed Bath & Beyond, buybuy BABY, Harmon Face Values and Decorist. -11% Core Banner Net Sales (excl. Divestitures) -10% PERIOD ENDING AUGUST 28, 2021 Fleet Optimization -1% Comp Sales Stores +3% Digital -9% 7#8Q2'21 RESULTS Key Sales Drivers By Banner Total Group Bed Bath & Beyond Banner buybuy BABY Banner Top 5 Destination Categories at Bed Bath & Beyond Banner Bedding Bath Kitchen Food Prep Indoor Décor Home Organization Destination Category Other Categories Total Bed Bath & Beyond Banner BED BATH & BEYOND Comp Sales¹ vs. Q2'20 -1% -4% +high-teens Comp Sales¹ vs. Q2'20 -2% -8% -10% -10% +5% -6% -1% -4% % of Net Sales in Q2'21 20% 11% 19% 9% 8% 66% 34% 100% PERIOD ENDING AUGUST 28, 2021 Continued Digital Penetration Q2'21 34% Q2'20 32% Q2'19 18% Q2'18 16% 2x Digital Penetration vs. 2019 Note: Based on Core business 8#9Q2'21 RESULTS Gross Margin Bridge - Q2'20 to Q2'21 Q2'21 total enterprise gross margin of 34.0% primarily driven by higher-than- expected freight cost increases 35.9% Q2'20 Gross Margin Note: numbers may not add due to rounding BED BATH & BEYOND Product Mix +130 bps Cost Savings / Leverage +40 bps +170 bps total Freight -360 bps PERIOD ENDING AUGUST 28, 2021 vs.-240 bps anticipated Channel Mix O bps 34.0% Q2'21 Gross Margin 9#10Q2'21 RESULTS Strong Cash & Liquidity Q1'21 Total Cash & Investments $1.2B Generated $75M in Operating Cash Flow BED BATH & BEYOND Operating Cash Flow $0.1B Capital Expenditures -$0.1B Investing Cash Flow -$0.1B $0.6B total share repurchases at an average of $25/share program-to-date Q2'21 Total Cash & Investments $1.1B Total Liquidity³ of $2B ABL $0.9B Total Cash & Investments $1.1B PERIOD ENDING AUGUST 28, 2021 Bonds $1.2B 10#11FINANCIAL OUTLOOK#12FINANCIAL OUTLOOK Third Quarter Fiscal 2021 Outlook P&L BED BATH & BEYOND Sales Comp Sales Adjusted Gross Margin Adjusted EBITDA Adjusted EPS Range Key Considerations: ▪ November is an important sales month (i.e. Thanksgiving/Holidays) Depreciation & Amortization: $63M - $65M ▪ Interest Expense: approx. $16M ▪ Tax Rate: 26% -28% (excluding discrete items) Weighted Average Share Count: approx. 102M Note: Adj. gross margin, adj, EBITDA & adj. EPS are non-GAAP financial measures. For a reconciliation to comparable GAAP measures, see Appendix of this presentation. Q3'21 $1.96B - $2.0B FLAT 34.0% - 35.0% $80M - $85M $0.00 $0.05 12#13FINANCIAL OUTLOOK Revising Full Year Fiscal 2021 Outlook P&L BED BATH & BEYOND Sales Comp Sales (Q2'21 – Q4'21) Adjusted Gross Margin (as a percentage of sales) ■ Adjusted SG&A (as a percentage of sales) Adjusted EBITDA Adjusted EPS Range Key Considerations: FULL YEAR FISCAL 2021 CURRENT $8.1B - $8.3B flat to slightly positive Approx. 34.0% - 35.0% Approx. 32% Depreciation & Amortization: approx. $250M - $260M ▪ Interest Expense: approx. $63M - $65M ▪ Tax Rate: 26% -28% (excluding discrete items) Weighted Average Share Count: approx. 105M $425M-$465M $0.70-$1.10 Note: Adj. gross margin, adj. SG&A, adj, EBITDA & adj. EPS are non-GAAP financial measures. For a reconciliation to comparable GAAP measures, see Appendix of this presentation. PRIOR $8.2B - $8.4B +low single-digit growth Approx. 35% Approx. 31% $520M - $540M $1.40 - $1.55 13#14FINANCIAL OUTLOOK Full Year Fiscal 2021 Outlook - Capital Allocation CAPITAL ALLOCATION BED BATH & BEYOND CAPEX Gross Debt-to-EBITDA Ratio Share Repurchase Weighted Average Share Count FULL YEAR FISCAL 2021 Approx. $400M Faster Improvement to approx. 3.0x $325M Approx. 105M 14#15FINANCIAL OUTLOOK Portfolio & Financial Transformation 2019 Net Sales of $11B [Core Net Sales of $9B] Adj. Gross Margin approx. 33% Adj. EBITDA $465M [Core EBITDA $425M] EPS $0.46 Approx. 126 million ending total shares non-core banner divestitures & store fleet optimization BED BATH & BEYOND up approx. 100 to 200 bps core flat to approx. 10% smaller, streamlined base approx. 1.5x to 2.5x higher >20% reduction through share repurchases; total of $700M 2021 Net Sales $8.1B to $8.3B Adj. Gross Margin approx. 34.0% - 35.0% Adj. EBITDA $425M to $465M EPS $0.70 to $1.10 Approx. 100 million* ending total shares *Represents total, ending shares outstanding available for share repurchases. The Company has guided to WEIGHTED AVERAGE SHARES of approximately 105 M related to its FY 2021 EPS guidance. Please refer to slides 13 and 14 for additional details. Note: Adj. gross margin, adj. SG&A, adj, EBITDA & adj. EPS are non-GAAP financial measures. For a reconciliation to comparable GAAP measures, see Appendix of this presentation. 15#16TRANSFORMATION UPDATE "12 minke thong#17TRANSFORMATION UPDATE Launched Significant TRANSFORMATION with pivot in 2020 BED BATH & BEYOND PURPOSE make it easy to feel at home PRINCIPLES customer inspired omni-always people powered performance driven PILLARS & PROFICIENCIES product price promise place people do& ELL PERFORMANCE MISSION re-establish our authority and be the preferred omni-channel home destination driven by teams consistently delivering balanced durable growth sales proficiencies margin cash flow 8 TSR 17#18commercial operational TRANSFORMATION UPDATE Key Strategic Initiatives Digital-First, Omni-Always Store Remodel & Fleet Optimization Inspirational merchandising assortment including Owned Brands Accelerate growth of buybuy BABY & Harmon Banners Modernize supply chain and technology BED BATH & BEYOND 3-Year Strategic Plan Stores as fulfillment hubs ✓ Omni-always platform Remodel ~450 BBB stores ✓Close ~200 BBB stores ✓Launch 10 BBB Owned Brands ✓ Owned Brand penetration of 30% ✓ Increase BABY sales to $1.5B+ ✓ Reduce store replenishment to 10 days (via RDCs) ✓ New tech roadmap (merch, ERP & supply chain) Fiscal Year 2021 (Year 1) of Transformation ✓ Invest in key projects for enhanced capabilities ✓ Approx. 130 to 150 remodels Approx. 200 BBB closures (cumulative) ✓ Introduce 8 Owned Brands ✓ Launched 6 Owned Brands in 1H21 ✓ Owned brand penetration of 20% ✓ Modernize destination categories & extend value prop Age up strategy ✓ Plan and begin implementation of two RDCs in NE/West ✓ Initiate new Oracle ERP rollout on-track on-track on-track on-track on-track on-track Q2'21 Snapshot Instituted cross-banner browsing Launched pre-store opening curb-side pick-up ✓ Expanded same day delivery via new Roadie partnership +MSD% sales lift in remodels above plan ✓ Re-opened Chelsea flagship performing ahead of expectations ✓ 70 remodels to-date & closed 5 BBB stores (165 cumulative) ✓ Launched three new Owned Brands ✓ Penetration of >20% Overall & >25% in remodeled stores ✓ Double-digit positive comp sales growth & market share gains ✓ Digital penetration >50% at BABY ✓ Announced strategic partnership with Ryder to develop/operate NE and West RDCs ✓ Tech roadmap and ERP implementation on track 18#19TRANSFORMATION UPDATE Digital Transformation Three Pillars of Transformation ELEVATE EXPERIENCE: Overhauled websites with new look, reduced steps to checkout and Al-powered search UNLOCK OMNI-ALWAYS: launched BOPIS & curbside pickup services TRANSFORM TO DIGITAL FIRST: Upgraded tools and processes to improve speed to market Note: App data (launches and first-time visitors) relates to Bed Bath & Beyond banner only BED BATH & BEYOND 34% 2x more than 205 million approximately 50% greater than 35% Digital Sales penetration welcome to Digital penetration vs. 2019 Visits to website Express Checkout Turkish Modal th Towel in Omni + Digital shoppers at the barcode Total digital sales fulfilled by stores including >15% BOPIS 15.9⁹ 4,00% off! Sign Up N 19#20TRANSFORMATION UPDATE Store Remodels BEFORE AFTER BED BATH & BEYOND kitche our vrel HOMY table HOME welcome Q2'21 Progress FY 2021 ● ● ● ● Redesigned and transformed Chelsea Flagship in NYC 70 store remodels to-date Initial output of sales exceed estimates Expects to deliver approx. 130 to 150 remodels across US & CAN) as planned 20#21TRANSFORMATION UPDATE Chelsea, New York City - Reopened July 2021 Sodastream FRESH SPARKLING WATER IN SECONDS UNIQUE CUSTOMER EXPERIENCES Soda Stream Bubble Bar, Casper's First Shop-In Shop, Interactive Vacuum Shop & Café 3BTM Casper BED BATH & BEYOND Ware Hybrid Snow Notfrees BED BATH & BEYOND hello chelsea A beacon for the overall redefinition of the new Bed Bath & Beyond bath REIMAGINED SHOPPING An Open floor plan with increased sightlines, improved way-finding signage, enhanced merchandising presentation & dipped in blue elements home, appier MURA 21#22TRANSFORMATION UPDATE Store Fleet Optimization Continuing to position our network for the future: ✓ Disciplined management of inventory and receipts ✓ Partnership with recognized liquidation service ✓ Robust in-store and digital local marketing ✓ Data-driven tracking and monitoring BED BATH & BEYOND Q2'21 Progress FY 2021 BED ● Closed 5 Bed Bath Banner Stores (165 closures-to-date) Sales transference rate of >20% (above expectations) Continue to expect approx. 200 store closures through FY21 22#23TRANSFORMATION UPDATE Assortment Progress: Launched 3 New Owned Brands in Q2'21 Launched June 2021 Launched July 2021 Launched June 2021 our table Start with food. End with love. W6 BED BATH & BEYOND Wild Sage Bring your story to life K SQUARED AWAY Solutions for a well-kept home ****** 23#24TRANSFORMATION UPDATE Six Owned Brands Launched Ahead of Schedule in 1H21 Launched March 2021 nestwell everyday comfort Launched June 2021 our table. ‒‒‒‒‒‒‒‒ Start with food. End with love. BED BATH & BEYOND Launched April 2021 haven. Escape the noise ‒‒‒‒‒‒‒‒‒‒‒‒‒‒‒‒ Launched June 2021 Wild Sage Bring your story to life Launched May 2021 Simply Essential. Home starts here Launched July 2021 SQUARED AWAY Solutions for a well-kept home ON-TRACK TO LAUNCH TWO NEW OWNED BRANDS IN Q3'21 24#25TRANSFORMATION UPDATE Owned Brands Sales Performance and Penetration ✓ Penetration greater than 20% in chain ✓ Driving new customers and reactivating customers FY 2020 approx. 10% Q2'21 BED BATH & BEYOND above 20% ✓ Penetration greater than 25% in remodeled stores ✓ Building strong brand equity with lower coupon attachment rates FY 2021 run rate > 20% FY 2023 GOAL OF 30% Ahead of schedule on Full Fiscal Year 2021 and 2023 Owned Brands penetration goals 25#26TRANSFORMATION UPDATE Continued Growth in buybuy BABY Banner #1 specialty baby retailer in markets with a presence #5 retailer in baby registry nationally BED BATH & BEYOND growth of +high-teens percent 4th month of greater than 50% Positive Net Sales growth vs. Q2'20 with market share increasing Consecutive market share gains Digital penetration driven by BOPIS orders 26#27TRANSFORMATION UPDATE Supply Chain and Technology Delivering Value ✓ Increased digital capabilities ✓ Flexibility, agility and scalability ✓ Speed to market ✓ More efficient technology operations ✓ Shift spend towards innovation Improved return on technology investment BED BATH & BEYOND SUPPLY CHAIN TECHNOLOGY PRIOR STATE ▪ 35-day store ■ replenishment ▪ Vendor direct network with consolidation hubs ▪ Inefficiencies driving high, uncompetitive costs Disparate legacy technology Legacy and siloed architecture and applications ▪ Reactive and manually intensive operating model Q2'21 PROGRESS ▪ Selected Ryder System, Inc. as the TP logistics provider to improve merch replenishment RELEX system testing underway ▪ Phase 2 of Oracle ERP underway ▪ Selected planning and assortment optimization partners FUTURE STATE ▪ 10-day store replenishment ▪ 4 regional DCs ▪ Increased standardization to lower total supply chain costs ▪ Cloud-based and scalable infrastructure ▪ New ERP ■ Automated and agile operating model 27#28TRANSFORMATION UPDATE Unlocking a Virtuous Cycle to Drive Sustainable Value Creation our strategic plan to drive omni-always and improve customer experience will accelerate sales and EBITDA growth operational transformation with disciplined capital investments will unlock cash flow generation ...resulting in strong and sustainable shareholder value creation BED BATH & BEYOND TSR significant value creation operational transformation with disciplined capital investments cash sales and strategic omni. always plan 28#29TRANSFORMATION UPDATE Building a Positive Track Record of Performance 36.0% FY 2017 BED BATH & BEYOND 34.1% FY 2018 33.3% FY 2019 33.6% FY 2020 34.0% - 35.0% FY 2021E Gross Margin Continued Gross Margin Expansion FY 2022E 38.0% FY 2023E 29#30TRANSFORMATION UPDATE Shareholder Value Creation Through Capital Deployment approx. $1 billion cumulative share repurchases One Kings Lane Divesture I I $600M cash in-flow from divestitures more than $600M repurchased through Q2'21 I 1 Q1 2020 PMALL Divesture 1 I BED BATH & BEYOND I I I I I Q2 2020 $225M Accelerated Share Repurchase Program Linen, CTS & Distribution Center Divestiture $150M CPWM Divestiture Note: All dollar values of share repurchases reflect open market repurchases $130M $100M Q3 2020 Q4 2020 Q1 2021 Q2 2021 $0.6B total share repurchases at an average of $25/share $375M FY 2020 total of $325M $230M in 1H21 Leverage of <3.0x approx. $300M share repurchases FY 2021E FY 2022E FY 2023E 30#31Investing in What We Believe In WHO WE ARE Key Developments People: Announced new industry-leading paid parental leave program providing 100% of pay for up to 8 weeks after birth/adoption or fostering of a new child for parents ■ ■ Community: Named Nicole Cokley Dunlap as Chief Diversity Officer, who will lead the Company's diversity, equity and inclusion (DE & I) strategy to deliver change within our company and the communities we serve Planet: Continue to expand in next generation, better-for-you home care and cleaning products, including Safely™ - launched August 2021 we believe that everyone deserves the opportunity to home, happier. BED BATH & BEYOND T people community planet governance & stakeholder engagement our ESG strategy is inextricably linked to our 3-year business transformation and to our purpose - to make it easy to feel at home $10 MILLION “BRINGING HOME EVERYWHERE” PROGRAM creating comfort and providing essential support to communities suffering in the face of the pandemic; we will continue to do what we can to make it easy to feel at home for those most in need at this time. 31#32WHO WE ARE Investment Thesis I ■ Turnaround story with significant potential for sustainable financial results Long-term sales acceleration through assortment curation, the addition of Owned Brands and a digital-first mindset Enhancing gross margin & EBITDA through product mix, pricing and operational efficiencies Strong balance sheet and consistent cash flow generation Capital allocation focused on shareholder return BED BATH & BEYOND 32#33APPENDIX Thanks see you soch home, happier CATHERINE echo showa#34APPENDIX Quarterly Summary of FY2019 & FY2020 Net Sales The following table shows a quarterly summary of the Company's fiscal 2019 and 2020 net sales on both a Reported GAAP basis and on a Core Go-Forward basis, which excludes sales from divested banners. ● ● The Company is providing this additional transparency to help analysts and investors gain further perspective on the Company's recent portfolio transformation and the quarterly comparisons of the Core Go-Forward banners, which include Bed Bath & Beyond, buybuy BABY, Harmon Face Values and Decorist. Net Sales ($ in millions) Reported Core Note: numbers may not add due to rounding BED BATH & BEYOND Q1'19 Q2'19 Q3'19 Q4'19 $2,573 $2,719 $2,759 $3,107 $2,080 $2,263 $2,191 $2.471 FY 2019 $11,159 $9,006 Q1'20 Q2'20 Q3'20 Q4'20 $1,307 $2,688 $2,618 $2,619 $1,128 $2,239 $2,186 $2,390 FY 2020 $9,233 $7,943 34#35Non-GAAP Information This presentation contains certain non-GAAP information, including adjusted earnings before interest, income taxes, depreciation and amortization ("EBITDA"), adjusted EBITDA margin, adjusted gross margin, adjusted SG&A, adjusted net earnings per diluted share, and free cash flow. Non-GAAP information is intended to provide visibility into the Company's core operations and excludes special items, including non-cash impairment charges related to certain store-level assets and tradenames, loss on sale of businesses, loss on the extinguishment of debt, charges recorded in connection with the restructuring and transformation initiatives, which includes accelerated markdowns and inventory reserves related to the planned assortment transition to Owned Brands and costs associated with store closures related to the Company's fleet optimization and the income tax impact of these items. The Company's definition and calculation of non-GAAP measures may differ from that of other companies. Non-GAAP financial measures should be viewed in addition to, and not as an alternative for, the Company's reported GAAP financial results. For a reconciliation to the most directly comparable US GAAP measures and certain information relating to the Company's use of Non-GAAP financial measures, see "Non- GAAP Financial Measures" below. Footnotes ¹ The Company notes that, similar to the first quarter of fiscal 2021, second quarter growth rates in fiscal 2021 are not fully comparable due to both last year's extended store closures related to the COVID-19 pandemic in the month of June 2020 and the Company's ongoing fleet optimization program. Therefore, Comparable Sales Growth for the three months ended August 28, 2021 has been calculated by estimating the negative impact on June 2021 sales of the store closures in 2020 in connection with the Company's fleet optimization program. The Company estimates that the stores closed in 2020 as part of this fleet optimization program would have contributed approximately 2% to 3% growth to the Bed Bath banner and total company, in the second quarter of fiscal 2021. The Company believes this calculation of comparable sales is a more meaningful reference for the current quarter. ² Adjusted items refer to comparable sales as well as financial measures that are derived from measures calculated in accordance with GAAP, which have been adjusted to exclude certain items. Adjusted Gross Margin, Adjusted SG&A, Adjusted EBITDA, Adjusted EBITDA Margin, and Adjusted Diluted EPS are non-GAAP financial measures. For more information about non-GAAP financial measures, see "Non-GAAP Information" below. ³Total Liquidity includes cash & investments and availability under the Company's asset-based revolving credit facility. 4 Leverage ratio calculated using Moody's gross debt/EBITDA ratios. BED BATH & BEYOND 35#36APPENDIX Q2'21 Non-GAAP Reconciliation Gross profit Gross margin Restructuring and transformation initiative expenses (Loss) earnings before (benefit) provision for income taxes Tax (benefit) provision Effective tax rate Net (loss) income Net (loss) earnings per share - Diluted Weighted average shares outstanding- Basic Weighted average shares outstanding- Diluted Net (loss) income Depreciation and amortization Loss on extinguishment of debt Interest expense Tax (benefit) provision EBITDA Reported 601,069 30.3 % BED BATH & BEYOND 24,495 (100,346) (27,131) 27.0% $ (73,215) (0.72) 101.951 101,951 (Gain) loss on sale of Businesses $ (73,215) 70,112 111 16,121 (27,131) (14,002) $ 132 S (Gain) loss on Extinguishment of debt 132 S Reconciliation of Net (Loss) Income to EBITDA and Adjusted EBITDA 132 132 % 111 (111) Three Months Ended August 28, 2021 Excluding Restructuring and Transformation Expenses (73,679) $ 3.7% (24,495) 98,174 Impairments 98,174 S 98,174 (5,924) 92,250 7,584 7,584 (Gain) loss on sale of property (1,339) $ (1,339) Total income tax impact 7,584 S (1,339) 7,584 $ (1,339) $ (27,751) 27,751 (12.6)% S (27,751) S Total Impact 73,679 3.7% 27,751 (24,495) 104,662 27,751 (12.6)% 76,911 76,911 (5,924) (111) 27,751 98,627 EBITDA as % of net sales If a company is in a net loss position, then for earnings per share purposes, diluted weighted average shares outstanding are equivalent to basic weighted average shares outstanding. (1) $ Adjusted 674,748 34.0 % 4,316 620 14.4% 3,696 0.04 101.951 104,037 3,696 64,188 16,121 620 84,625 70 36#37APPENDIX Q2'20 Non-GAAP Reconciliation Gross profit Gross margin Restructuring and transformation initiative expenses (Loss) earnings before (benefit) provision for income taxes Tax (benefit) provision Effective tax rate Net earnings (loss) Net earnings per share - Diluted Weighted average shares outstanding- Basic Weighted average shares outstanding- Diluted Reported 987,537 BED BATH & BEYOND 36.7 % 27,128 324,210 106,310 32.8% S 217,900 $ 1.75 124,146 124,211 (Gain) loss on sale of Businesses (189,528) $(189,528) (Gain) loss on extinguishment of debt $(189,528) % (77,038) Reconciliation of Net (Loss) Income to EBITDA and Adjusted EBITDA Net (loss) income S 217,900 $(189,528) $ (77,038) $ Depreciation and amortization 85,277 (77,038) Loss on extinguishment of debt Interest expense 23,371 106,310 Tax (benefit) provision EBITDA S 355,820 EBITDA as % of net sales (77,038) S Restructuring and Transformation Expenses 77,038 Three Months Ended August 29, 2020 Excluding (27,128) 30,878 30,878 Impairments 30,878 $ (4,000) 26,878 29,176 %0 Benefit from reduction of incremental markdown reserves (23,000) 0.8% (23,000) Total income tax impact 29,176 $ (23,000) S 29,176 $ (23,000) (73,863) Total impact (23,000) 0.8 % (73,863) (27,128) (229,512) (73,863) 1.5 % 73,863 $ (155,649) 29,176 $ (23,000) $ 73,863 $ (155,649) (4,000) 77,038 1.5% (73,863) $ (156,474) S $ S S Adjusted 964,537 35.9 % 94,698 32,447 34.3 % 62,251 0.50 124,146 124,211 62,251 81,277 23,371 32,447 199,346 7.4 % 37#38home, happier TM Second Quarter Fiscal 2021 Earnings Presentation (Period Ending August 28, 2021) Mark Tritton, President & Chief Executive Officer Gustavo Arnal, Executive Vice President, Chief Financial Officer September 30, 2021 BED BATH & BEYOND