Latham Group, Inc. · NASDAQ:SWIM
Latham — Q4 2025 Earnings Presentation
13 slides from Latham's earnings presentation, Mar 3, 2026
Slide 1: Q4 2025 Earnings Call
Q4 2025 Earnings Call March 3, 2026
Slide 2: Disclaimer
Disclaimer Forward-looking Statements Certain statements in this presentation constitute forward-looking statements under federal securities laws. These forward-looking statements reflect our views with respect to future events and financial performance as of the date of this presentation or otherwi
Slide 3: Latham: A Compelling Long-term Growth Story
Industry leader benefiting from increased adoption of Fiberglass Pools and Autocovers The leading consumer brand in the residential pool market Latham: A Unique direct-to-homeowner model driving business for our dealer partners Compelling Long-term 1 Broadest portfolio of branded products known for
Slide 4: Balanced Portfolio Serving an Attractive Market
Balanced Portfolio Serving an Attractive Market Net Sales Fiberglass as a Replacement Sales as a by Product(1) % of In-Ground Pool Sales(1)(2) % of Liners & Covers(1)(2) 23% Liners 23% 46% includes new Packaged Pools New and replacement vinyl liners 29% 48% Covers In-Ground Swimming Pools includes w
Slide 5: 2025 Key Takeaways
2025 Key Takeaways 1 Outperformed vs. The Market 2 Increased market penetration of Fiberglass Pools Momentum in Pool Covers & Liners – 3 benefitting from Coverstar acquisitions and Measure tool 4 Strong adjusted EBITDA margin reflecting cost discipline 5 Maintained strong financial position 5
Slide 6: Expanding Share in the Sand States – 2025 Achievements
Expanding Share in the Sand States – 2025 Achievements 1 Expanding the Pool Dealer Base • Broadened our reach through new dealer sign-ups in priority-market Florida Targeting Master Planned Communities (MPC) 2 • Latham now present in several MPCs in Florida Aligning Products with Demand 3 • New pool
Slide 7: Drivers of Latham's Outperformance vs. The Market
Drivers of Latham’s Outperformance vs. The Market Accelerating Fiberglass Share Gains Nationally including in the Sand States 1 Increased Awareness and Adoption of Automatic Safety Covers 2 Benefits from Coverstar Central, Coverstar New York, and Coverstar Tennessee acquisitions 3 2026 Market Expect
Slide 8: Full Year 2026 Outlook
Full Year 2026 Outlook(1) $ in millions Outlook Metric Low High YoY Growth @ Midpoint Net Sales $580 $610 9.0% Adjusted EBITDA(2) $105 $120 12.7% Capital Expenditures $42 $48 Reflects • Forecasting flat new U.S. pool starts in 2026 vs. 2025. • Targeting growth in Net Sales and Adjusted EBITDA driven
Slide 9: Impact of Growth Initiatives & Production Efficiencies
Impact of Growth Initiatives & Production Efficiencies Growth Trajectory Initiatives (in millions, except for Adjusted EBITDA Margin) 21% 1. Drive awareness and adoption of Fiberglass Pools and Automatic Safety Covers 19% 19% 18% ~$750 2. Expand our presence in the Sand States 16% 3. Benefit from Le
Slide 10: Appendix
Appendix Latham Group SWIM | Nasdaq Listed
Slide 11: Non-GAAP Reconciliations
Non-GAAP Reconciliations Adjusted EBITDA and Adjusted EBITDA Margin Fiscal Quarter Ended Year Ended December 31, 2025 December 31, 2024 December 31, 2025 December 31, 2024 (in thousands) Net (loss) income $ (7,011) $ (29,170) $ 11,124 $ (17,860) Depreciation and amortization 13,375 12,156 51,354 44,
Slide 12: Non-GAAP Reconciliations
Non-GAAP Reconciliations Net Debt and Net Debt Leverage Ratio (in thousands) December 31, 2025 Total debt $ 279,841 Less: Cash (71,043) Net Debt 208,798 LTM Adjusted EBITDA(1) 99,831 Net Debt Leverage Ratio 2.09 (1) LTM Adjusted EBITDA is defined as Adjusted EBITDA for the most recent 12 month perio
Slide 13: Non-GAAP Reconciliations
Non-GAAP Reconciliations Adjusted EBITDA and Adjusted EBITDA Margin Year Ended December 31, 2025 2024 2019 2015 (unaudited) (in thousands) Net income (loss) $ 11,124 $ (17,860) $ 7,457 $ (9,992) Depreciation and amortization 51,354 44,446 21,659 14,466 Interest expense, net 25,805 24,840 22,639 8,22