#1home, happier™ Third Quarter Fiscal 2021 Earnings Presentation (PERIOD ENDING NOVEMBER 27, 2021) Mark Tritton, President & Chief Executive Officer Gustavo Arnal, Executive Vice President, Chief Financial Officer January 6, 2022 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 fourth 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 ■ Q3'21 Results (ending Nov 27) Q4'21 & FY 2021 Outlook Transformation Update Appendix BED BATH & BEYOND#4Q3'21 RESULTS#5Third Quarter Highlights I Q3'21 RESULTS ■ Net Sales of $1,878M reflecting sequential Comp Sales improvement within quarter; Fiscal November* at (mid-single digit) decline; Total quarter at (7)% decline vs. 2020 and (4)% decline vs. 2019 Comparable Sales growth of +low-single digit in US Stores for Calendar November*; Flat Comparable Sales in Total US (including digital) Comparable Sales growth of +high-single digit over Thanksgiving to Cyber Monday period* GAAP Gross Margin of 35.6%; Adjusted Gross Margin of 35.9% - adjusted expansion of 50bps vs. Q3'20 and 360bps vs. Q3'19 ■ PERIOD ENDING NOVEMBER 27, 2021 Net Sales of $1,878M impacted by an estimated $100 million, or mid-single digit, due to supply chain- related inventory stresses Reflects higher merchandise margins driven primarily by pricing actions, promo optimization and the on-going benefit from the Company's Owned Brands SG&A expense in-line with plan Robust cash and investments balance of $0.6B as of Q3'21; Healthy total liquidity³ of approx. $1.5B Balance as of 12/25 of $0.7B reflecting $0.2B of positive operating cash flow due to working capital improvement and $0.1B in CapEx and Share Repurchases; Total liquidity of approx. $1.6B ■ *Fiscal November ending 11/27; Calendar November ending 11/30; Thanksgiving to Cyber Monday period ending 11/30 BED BATH & BEYOND 5#6Q3'21 RESULTS Third Quarter Results - Key Financial Metrics Net Sales $1.878B Adj. Gross Margin² 35.9% +50bps vs. Q3'20 +360bps VS. Q319 Total Comp¹ Sales -7% vs. Q3'20 -4% vs. Q319 BED BATH & BEYOND Adj. EBITDA² $41M Note: The Company's four Core banners include Bed Bath & Beyond, buybuy BABY, Harmon Face Values and Decorist. PERIOD ENDING NOVEMBER 27, 2021 BBB -10% -5% vs. Q319 BANNER COMP SALES¹ Q3'20 BABY +mid teens Total Cash & Inv. $0.6B $0.7B as of Dec 25 vs. 6#7● Q3'21 RESULTS Comparable Sales in Q3 and Holiday Trends Comparable sales improved within the fiscal quarter Fiscal November down mid-single digit; fiscal quarter down high-single digit Calendar November: growth +low-single digit US Comp Sales in stores; FLAT US Comp Sales in total (incl. digital) ● Sequential Improvement through Fiscal Q3 (ending Saturday, 11/27/21) FISCAL Quarter Performance (Fiscal) -MSD to -HSD% September/October (early Qtr trends) BED BATH & BEYOND -MSD% November (Fiscal thru 11/27) PERIOD ENDING NOVEMBER 27, 2021 Stronger Trends During Holiday Period (US only) (Thanksgiving thru current period) Late Quarter Business Trends +HSD% Fiscal November vs. Calendar November (incl. Cyber Monday) Holiday (5-Day Period) Stores +LSD% Digital -LSD% Flat November (Calendar thru 11/30) 7#8● Q3'21 RESULTS Net Sales to Comparable Sales vs. LY (Q3'21 vs. Q3'20) Total Net Sales decline of -28% includes: planned reduction from non-core banner divestitures of -14% Core banner net sales decline of -14% includes: planned reduction from fleet optimization activity of -7% Comparable¹ sales decline of -7% impacted by $100M in supply chain/inventory-related stresses (-MSD) -28% ●. ● ● ● Total Net Sales BED BATH & BEYOND -14% Divestitures Note: The Company's four Core banners include Bed Bath & Beyond, buybuy BABY, Harmon Face Values and Decorist. -14% Core Banner Net Sales (excl. Divestitures) -7% PERIOD ENDING NOVEMBER 27, 2021 Fleet Optimization -7% Comparable Sales Stores -5% Digital -9% $100M (-MSD) Supply Chain Disruptions* *Negative impact of $100M, or mid-single digit, from lack of available replenishment inventory and higher out-of-stock due to supply chain stresses 8#9Q3'21 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 Comp Sales¹ Comp Sales¹ November vs. Q3'20 vs. Q3'19 -MSD -MSD +mid- teens -7% -10% +mid- teens -4% -14% -18% -9% -19% -14% -13% -4% -10% -5% +msd Comp Sales¹ Comp Sales¹ vs. Q3'20 Vs. Q3'19 -4% -10% +6% -12% +1% -3% -10% -5% PERIOD ENDING NOVEMBER 27, 2021 Continued Digital Penetration Q3'21 35% Q3'20 34% Q3'19 19% Q3'18 18% Higher Digital Penetration Continues Note: Based on Core business 9#10Q3'21 RESULTS Adjusted Gross Margin Bridge - Q3'20 to Q3'21 Q3'21 total enterprise gross margin of 35.9% reflects swift pricing actions, promotional optimization and product mix plans that more than offset inflationary pressures from increased freight costs 32.3% Q3'19 Gross Margin Note: numbers may not add due to rounding BED BATH & BEYOND 35.4% Q3'20 Gross Margin Product Mix +180 bps Pricing Actions & Other +140 bps GM vs. Q3'20 +50bps PERIOD ENDING NOVEMBER 27, 2021 GM vs. Q3'19 +360bps Freight -270 bps 35.9% Q3'21 Gross Margin 10#11Q3'21 RESULTS Strong Cash & Liquidity Cash Flow Reflects Seasonality & Strategic Holiday Inventory Investments Amidst Supply Chain Headwinds Q2'21 Total Cash & Invest. $1.1B Inventory Increase -$0.3B BED BATH & BEYOND Capital Expenditures -$0.1B Share Repurchase -$0.1B Q3'21 Total Cash & Invest. $0.6B Total Liquidity³ of $1.5B as of Q3'21 (ending 11/27/21) ABL $0.9B PERIOD ENDING NOVEMBER 27, 2021 Total Cash & Investments $0.6B $0.2B Current Total Liquidity³ of $1.6B currently (as of 12/25/21) Operating Cash Flow (as of 12/25/21) Net of Investments $0.1B ABL $0.9B Total Cash & Investments $0.7B 11#12FINANCIAL OUTLOOK 4,10#13FINANCIAL OUTLOOK Fourth Quarter Fiscal 2021 Outlook P&L BED BATH & BEYOND Sales Comp Sales Adjusted Gross Margin Adjusted EBITDA Adjusted EPS Range Key Considerations: Depreciation & Amortization: $64M-$69M ▪ Interest Expense: approx. $16M ■ Tax Rate: 28% - 30% (excluding discrete items) 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. Q4'21 Approx. $2.1B -HSD 32.5% - 33.0% $80M - $100M $0.00 $0.15 13#14FINANCIAL OUTLOOK Revising Full Year Fiscal 2021 Outlook P&L ■ Sales Key Considerations: ■ Comp Sales (Q1'21 – Q4'21) Adjusted Gross Margin (as a percentage of sales) Comp Sales (Q1'21-Q4'21): +high-single digits Depreciation & Amortization: approx. $256M - $260M ▪ Interest Expense: approx. $64M Adjusted SG&A (as a percentage of sales) Adjusted EBITDA Adjusted EPS Range BED BATH & BEYOND FULL YEAR FISCAL 2021 CURRENT approx. $7.9B +HSD 34.0% - 34.5% Approx. 34% ■ $290M - $310M ($0.15) - $0.00 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 $8.1B - $8.3B +LDD Approx. 34.0% - 35.0% Approx. 32% CAPEX: approx. $350M ▪ Share Repurchase: approx. $625M $425M - $465M $0.70-$1.10 14#15TRANSFORMATION UPDATE esավ DA#16TRANSFORMATION UPDATE Began Significant TRANSFORMATION in 2021 BED BATH & BEYOND PURPOSE make it easy to feel at home PRINCIPLES customer inspired omni-always people powered performance driven PILLARS & PROFICIENCIES product ELC PERFORMANCE sales MISSION re-establish our authority and be the preferred omni-channel home destination driven by teams consistently delivering balanced durable growth price promise place 2 proficiencies margin cash flow people 8 TSR 16#17commercial 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 Q3'21 Snapshot Launched digital Marketplace to expand platform Announces partnership with Kroger E-commerce First home retailer on DoorDash Marketplace ✓ +MSD% sales lift in remodels continue (ytd) ✓ 82 remodels to-date & ~170 closed (cumulative) ✓ Launched two Owned Brands, successfully achieving target of eight Owned Brands in FY21 ✓ Penetration of 25% Overall ✓ Developing Owned Brands for buybuy BABY ✓ Double-digit positive comp sales bbBABY growth & sustaining YTD market share gains ✓ Digital penetration >50% at BABY Signed LOI for West Coast RDC in Southern California; on track for construction in 2022 ✓ Beginning final round of ERP testing ahead of 1Q22 activation within Finance 17#18TRANSFORMATION 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 35% approx. 2x more than 205 million approximately 50% greater than 30% Digital Sales penetration welcome to Digital penetration vs. 2019 Visits to website Express Checkout Turkish Modal th Towel in at the barcode Omni + Digital active shoppers 4,00% off! Sign Up N Total digital sales fulfilled by stores incl. approx. 15% BOPIS 15.9⁹ 18#19TRANSFORMATION UPDATE Store Remodels BEFORE AFTER BED BATH & BEYOND kitche our vrel HOMY table HOME welcome Q3'21 Progress FY 2021 ● ● ● 82 store remodels to-date Continue to deliver mid-single digit sales lift (YTD) On track to deliver approx. 130 remodels across US & CAN as planned despite supply chain challenges 19#20TRANSFORMATION 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 Q3'21 Progress FY 2021 BEDR • 170 Bed Bath Banner Closures-to-Date (5 in Qtr) • Sales transference rate of >20% continues On track to close approx. 200 store closures through FY21 20#21TRANSFORMATION UPDATE A Strategic Collaboration with Kroger in 2022 BED BATH & BEYOND Kroger BED BATH & BEYOND buybuy BABY Kroger's Ship Marketplace Select Physical Store Pilots Launching in early 2022 on Kroger.com ● Offering an extensive selection of the most sought-after goods for home and baby products ● • Launching in select Kroger brick & mortar stores in 2022 Branded shop-in-shop experience with exclusive Owned Brands and national brands 21#22TRANSFORMATION UPDATE Assortment Progress: Launched 2 New Owned Brands in Q3'21 Launched October 2021 BED BATH & BEYOND 3B Studio Designed for modern living. Launched November 2021 ASI FOR HAPPY Share the happy. merry merry me ry merry merry 22#23TRANSFORMATION UPDATE Eight Owned Brands in Total Launched Ahead of Schedule in 2021 Launched March 2021 nestwell everyday comfort Launched June 2021 Wild Sage Bring your story to life BED BATH & BEYOND Launched April 2021 haven Escape the noise Launched July 2021 SQUARED AWAY Solutions for a well-kept home Launched May 2021 Simply Essential. Home starts here тм Launched October 2021 3B Studio Designed for modern living. TWO NEW OWNED BRANDS IN Q3'21 Launched June 2021 our table Start with food. End with love. ‒‒‒‒‒‒‒‒‒‒‒‒‒‒‒‒‒‒‒‒‒‒‒‒‒‒ Launched November 2021 H: HAPPY Share the happy. 23#24TRANSFORMATION UPDATE Accelerated Owned Brands Sales Performance and Penetration ✓ Penetration approximately 25% in chain ✓ Penetration above chain in remodeled stores ✓ Extending Owned Brands to the buybuy BABY business FY 2020 FY 2021 approx. 10% GOAL 20% BED BATH & BEYOND FY 2021 run rate approx. 25% FY 2023 GOAL OF 30% Ahead of schedule on Full Fiscal Year 2021 and 2023 Owned Brands penetration goals 24#25TRANSFORMATION UPDATE Continued Growth in buybuy BABY Banner #1 specialty baby retailer in markets with a presence #5 retailer in baby registry nationally Note: As shared during Investor Day 2020 BED BATH & BEYOND growth of +mid-teens percent Growth in market share greater than 50% Positive Net Sales growth vs. Q3'20 with market share elevated (ytd) Continued market share gains Digital penetration of total BABY Sales 25#26TRANSFORMATION 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 Q3'21 PROGRESS ▪ Vendor pool consolidation underway with NE RDC Signed LOI for West Coast RDC in Southern California ▪ West Coast RDC construction to begin in 2022 ▪ RELEX system successfully launched Beginning final round of ERP testing ▪ ERP launch on track for 2022 ■ 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 26#27TRANSFORMATION UPDATE Focused on 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 27#28TRANSFORMATION 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% - 34.5% FY 2021E Gross Margin Continued Gross Margin Expansion FY 2022E 38.0% FY 2023E 28#29TRANSFORMATION UPDATE Long Term Return to Shareholders Through Balanced Capital Allocation Advancing approx. $1 billion cumulative share repurchases in 2021 One Kings Lane Divesture 1 I I PMALL Divesture 1 | 1 I 1 $600M cash in-flow from divestitures more than $700M repurchased through Q3'21 $225M BED BATH & BEYOND Accelerated Share Repurchase Program Linen, CTS & Distribution Center Divestiture QUARTERLY $150M CPWM Divestiture I I | Note: All dollar values of share repurchases reflect open market repurchases $130M Q1 2020 Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q2 2021 $100M $120M Announced Acceleration of Remaining $1B Program to 2021 Q3 2021 $275M Q4 2021 Est. $375M FY Approx. $625M $350M thru 3Q21 TO BE COMMUNICATED IN FY2022 FY 2020 FY 2021E FY2022E FY2023E 29#30TRANSFORMATION UPDATE Long Term Capital Return to Shareholders Through Share Repurchases 127M Q3'19 BED BATH & BEYOND Program-To-Date: 31M or 24% reduction in share count to enhance shareholder value through share repurchases 121M Q3'20 SHARES OUTSTANDING 96M Q3'21 30#31Investing in What We Believe In WHO WE ARE Key Developments People: In recognition of World Mental Health Day, closed corporate office and provided store associates with additional holiday to promote more balance and well-being during these extraordinary times ■ ■ Community: BBBY's stronger, together relief fund, created to provide support for our associate - by our associates, launched a holiday giving drive this season with an increase in corporate match from 50% to 100% for all associate donations BED BATH & BEYOND we believe that everyone deserves the opportunity to home, happier. 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 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 $2,719 $2,759 $2,191 $2,573 $2,080 $2,263 $3,107 $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 ¹ Comparable Sales reflects the year-over-year change in sales from the Company's retail channels, including stores and digital, that have been operating for twelve full months following the opening period (typically six to eight weeks). Comparable Sales excludes the impact of the Company's store network optimization program. 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 EPS - Diluted 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. BED BATH & BEYOND 35#36APPENDIX Q3'21 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 (1) If a company $ BED BATH & BEYOND Reported 668,920 35.6 % $ (276,429) $ 41,219 (101,883) 174,546 (171.3)% (2.78) 99,591 99.591 (1) (Gain) loss on sale of Businesses 15,772 174,546 (9,759) $ % 14,100 (Gain) loss on Extinguishment of debt $ Reconciliation of Net (Loss) Income to EBITDA and Adjusted EBITDA $ (276,429) $ 14,100 $ $ 76,352 $ 14,100 $ % $ 14,100 S $ Three Months Ended November 27, 2021 Restructuring and Transformation Expenses (6,111) $ 0.3 % $ $ (41,219) Excluding 47,330 Impairments 47,330 $ 47,330 $ (12,792) 34,538 $ % 1,759 $ (Gain) loss on sale of property 1,759 $ 1,759 1,759 $ S % Total income tax impact $ Total Impact $ 6,111 0.3 % (41,219) 63,189 (188,674) (188,674) 207.8 % 207.8 % $ 188,674 $ 251,863 % $ 188,674 $ (188,674) $ 251,863 (12,792) EBITDA as % of net sales 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. $ Adjusted (188,674) $ 50,397 $ 675,031 35.9 % 36.5% $ (24,566) (38,694) (14,128) (0.25) 99,591 99,591 $ (24,566) 63,560 15,772 (14,128) 40,638 2.2 % 36#37APPENDIX Q3'20 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 (loss) income Net (loss) earnings per share - Diluted Weighted average shares outstanding- Basic Weighted average shares outstanding- Diluted Reported 956,567 36.5 % BED BATH & BEYOND 16,770 (140,654) (65,213) 46.4% $ (75,441) $ (0.61) 122,885 122,885 $ (75,441) 93,706 (1) (Gain) loss on sale of Businesses 17,805 (65,213) $ (29,143) 113,909 (Gain) loss on extinguishment of debt $ 113,909 S % Reconciliation of Net (Loss) Income to EBITDA and Adjusted EBITDA $ 113,909 $ $ $ 113,909 S Three Months Ended November 28, 2020 Restructuring and Transformation Expenses 13,929 S 0.6 % (16,770) 30.699 Excluding Impairments 30,699 S 30.699 $ (8,000) 57,997 % 57,997 Benefit from reduction of incremental markdown reserves (44,319) (1.7)% (44,319) 22,699 S 57,997 Total income tax impact $ (44,319) (5.6)% 57,997 $ (44,319) $ (72,415) S 72,415 % Net (loss) income Depreciation and amortization Loss on extinguishment of debt Interest expense Tax (benefit) provision EBITDA 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) $ (72,415) $ (44,319) S Total impact 72,415 $ (30,390) (1.1)% (16,770) 158,286 72,415 (5.6)% 85,871 $ 85,871 (8,000) 72,415 S 150,286 $ $ S Adjusted 926,177 35.4 % 17,632 7,202 40.8 % 10,430 0.08 122,885 124,642 10,430 85,706 17,805 7,202 121,143 4.6 % 37#38home, happier™ Third Quarter Fiscal 2021 Earnings Presentation (PERIOD ENDING NOVEMBER 27, 2021) Mark Tritton, President & Chief Executive Officer Gustavo Arnal, Executive Vice President, Chief Financial Officer January 6, 2022 BED BATH & BEYOND