• The Starbucks of car maintenance.
• The McDonald's of oil changes.

• Automotive Lubricants: High-performance motor oils, transmission fluids, and other automotive fluids designed for vehicle maintenance and performance.
• Car Care Products and Chemicals: A range of additives, cleaners, and other chemicals for vehicle upkeep and enhancement.
• Valvoline Instant Oil Change (VIOC) Service: A network of service centers providing quick oil changes and essential preventive maintenance services for vehicles.

Valvoline (symbol: VVV) primarily sells its services directly to individuals through its extensive network of Valvoline Instant Oil Change (VIOC) service centers. In February 2023, Valvoline completed the sale of its Global Products business (which manufactured and sold lubricants to retailers and distributors) to Aramco. This strategic divestiture significantly shifted Valvoline's focus to its quick-lube service business.

Given that Valvoline now primarily sells automotive maintenance services to individuals, its major customer categories are:

• Individual Vehicle Owners: This represents the largest customer segment, comprising everyday drivers and private vehicle owners who bring their cars, SUVs, and light trucks to Valvoline Instant Oil Change locations for routine maintenance. These customers prioritize convenience, speed, and reliable service for essential automotive care such as oil changes, tire rotations, and other preventative services.
• Small Commercial Fleet Operators: Local businesses and small fleet owners (e.g., delivery services, contractors, small rental fleets, or businesses with a few company vehicles) frequently utilize Valvoline Instant Oil Change services for the maintenance of their commercial vehicles. These customers value efficient service to minimize vehicle downtime and manage operational costs for their business-critical vehicles.

• NewMarket Corporation (NEU)
• Berkshire Hathaway Inc. (BRK.A, BRK.B)
• Shell plc (SHEL)
• Exxon Mobil Corporation (XOM)
• Chevron Corporation (CVX)

Lori Flees Chief Executive Officer, President & Director

Lori Flees was appointed Chief Executive Officer of Valvoline in October 2023. She joined the company in April 2022 as President of Retail Services. Prior to Valvoline, Flees spent nearly a decade at Walmart, where she oversaw Walmart's Health & Wellness business across over 4,800 locations. Her roles at Walmart also included Head of Corporate Strategy, encompassing global Mergers & Acquisitions, and Senior Vice President, Next Generation Retail & Principal, Store No 8., where she led the incubation of new retail capabilities. Before her tenure at Walmart, Flees was a partner at Bain & Company Inc. for 17 years, focusing on strategic and operational performance improvement for clients across various industries. Earlier in her career, she held positions at Intel and General Motors. She brings extensive experience in mergers and acquisitions, corporate strategy, and developing growth strategies for retailers with both company-owned and franchised stores.

Kevin J. Willis Chief Financial Officer

Kevin J. Willis was appointed Chief Financial Officer of Valvoline, effective May 19, 2025. He joined Valvoline after a 37-year career at Ashland Inc., Valvoline's former parent company. At Ashland, he served as Senior Vice President and Chief Financial Officer since 2013. Willis played a crucial role in Ashland's transformation and led the separation of Valvoline Inc. during its initial public offering in 2016. His previous positions at Ashland included Vice President, Finance – Ashland Specialty Ingredients; and Vice President, Finance/Treasurer – Ashland Corporate. In his current role, he is responsible for aligning financial strategy with the company's vision and oversees all financial operations, including accounting and reporting, treasury, financial planning and analysis, risk management, credit, mergers and acquisitions, investor relations, tax, and internal audit.

Linne Fulcher Senior Vice President & Chief Operating Officer

Linne Fulcher was appointed Senior Vice President and Chief Operating Officer of Valvoline in 2023. He joined the company in 2022 as Retail Services Vice President of Central Operations and Customer Experience Optimization. Before his time at Valvoline, Fulcher spent more than 30 years at Walmart, where his final role was Vice President, Customer Strategy, Science and Journeys, focusing on ensuring an exceptional end-to-end customer experience.

Julie O'Daniel Senior Vice President, Chief Legal Officer & Corporate Secretary

Julie O'Daniel is Valvoline's Chief Legal Officer, Senior Vice President, and Corporate Secretary. She is responsible for the company's legal and corporate governance matters, as well as security, office and building services, and ESG. O'Daniel has over 15 years of legal expertise with Valvoline and its former parent company, Ashland Inc., which she joined in 2007 as Senior Counsel. She has been a part of Valvoline's leadership team and served as Lead Commercial Counsel for Valvoline since 2012. O'Daniel guided the company through its initial public offering in 2016 and its separation from Valvoline Global Products in 2023.

Jon Caldwell Senior Vice President & Chief People Officer

Jon Caldwell serves as Valvoline's Senior Vice President and Chief People Officer. In this role, he is responsible for the strategic direction of all aspects of the company's people strategy, corporate communications, and project management. His efforts ensure that Valvoline has the organizational culture and talent management programs necessary to attract, develop, and retain a corporate and retail workforce of over 10,000 people. Caldwell has extensive experience in setting strategy, advising leadership, strengthening culture, and developing teams. He previously held positions as Senior Director, Human Resources and Senior Director, Global Talent Management at Valvoline.

The electrification of vehicles (EVs) poses a clear emerging threat. As the automotive industry transitions towards electric vehicles, the fundamental need for traditional internal combustion engine (ICE) maintenance services, such as oil changes, will diminish significantly. EVs do not require engine oil, spark plugs, or many of the fluid changes that form the core of Valvoline's quick-lube business model. While ICE vehicles will remain on the road for many years, the accelerating adoption rate of EVs and commitments from major automakers and governments to phase out ICE production means a shrinking addressable market for Valvoline's primary services in the long term.

Valvoline (NYSE: VVV) operates primarily in two main market segments: the production and distribution of lubricants and automotive chemicals (Global Products), and quick oil change and preventive maintenance services (Retail Services).

Addressable Markets:

• Global Lubricants Market (for Global Products Segment):
  • The global lubricants market was valued at approximately USD 144.4 billion in 2024 and is estimated to reach USD 180.2 billion by 2030, growing at a compound annual growth rate (CAGR) of 3.8% from 2025 to 2030.
  • Within this, the global automotive engine oil market was estimated at USD 39.79 billion in 2024 and is projected to reach USD 47.70 billion by 2030, with a CAGR of 3.1% from 2025 to 2030.
• U.S. Automotive Aftermarket and Oil Change Services (for Retail Services Segment):
  • The U.S. automotive aftermarket, which includes parts, accessories, and services, reached an estimated USD 228.19 billion in 2024 and is projected to exceed USD 350.64 billion by 2034, growing at a CAGR of 4.39% from 2025 to 2034.
  • More specifically, the U.S. Oil Change Service Market is expected to be worth around USD 8.2 billion in 2024 and is projected to reach USD 14.8 billion by 2034, demonstrating a CAGR of 6.1% during the forecast period from 2025 to 2034.

Valvoline (VVV) is expected to drive future revenue growth over the next 2-3 years through a combination of strategic initiatives focused on expanding its service network, enhancing existing customer value, and increasing service offerings.

The key drivers include:

• Accelerating Network Growth through New Store Openings and Refranchising: Valvoline is actively expanding its footprint by adding new service centers, both company-operated and franchised, with a target of 160 to 185 new stores in fiscal year 2025. This aggressive network expansion aims to boost geographic reach and increase exposure to the aging vehicle fleet. Refranchising, where company-operated locations are converted to franchises, is also a strategy to accelerate new location growth by leveraging franchisee investments.
• Same-Store Sales (SSS) Growth through Increased Average Ticket: The company anticipates continued system-wide same-store sales growth, driven by an increase in the average transaction ticket. This is achieved through various means, including strategic pricing adjustments, premiumization of products and services, and higher penetration of non-oil change services.
• Expansion of Non-Oil Change Revenue (NOCR) Services: Valvoline is focused on growing its revenue from services beyond traditional oil changes. Increasing the penetration of non-oil change revenue services significantly contributes to the growth in average ticket size and overall revenue. The company is exploring additional services, such as battery offerings, to meet evolving customer and car park needs.
• Growth in Customer Transactions/Traffic: A fundamental driver of revenue growth for Valvoline is increasing the number of customer visits and overall transaction volume across its network. The company has seen consistent transaction growth, contributing to its same-store sales performance.

Share Repurchases

• Valvoline announced a $1.6 billion share repurchase authorization following the sale of its Global Products business in March 2023, with an expectation to complete these buybacks within 18 months.
• On July 30, 2024, the board of directors authorized a new share repurchase program of up to $400 million, which has no expiration date.
• The company executed share repurchases totaling $1.525 billion in 2023 and $226.8 million in 2024.

Outbound Investments

• Valvoline signed a definitive agreement to acquire Breeze Autocare for approximately $625 million in cash, which is expected to close in fiscal Q3 2025 and will add nearly 200 stores.
• In December 2020, Valvoline completed the acquisition of 27 Mister Oil Change Express locations from Car Wash Partners, Inc. for $0.06 million.
• During Q3 2025, Valvoline purchased 6 stores from a franchisee in the Louisiana market.

Capital Expenditures

• Capital expenditures for the three months ended June 2025 were -$54.90 million, while Q2 2025 saw capital expenditures of $51.8 million.
• For fiscal year 2025, Valvoline plans to add 160 to 185 new store locations, indicating a primary focus on network growth and expansion.
• Investments in technology infrastructure accounted for approximately one-third of the year-over-year increase in Selling, General, and Administrative (SG&A) expenses.