Slide 1: Third Quarter 2026 Results
Third Quarter 2026 Results August 11th, 2026
Slide 2: Notes to Investors
Notes to Investors Non-GAAP Financial Measures Vestis reports its financial results in accordance with U.S. GAAP, but in this presentation and the non-GAAP reconciliations that follow, Vestis also uses the following non-GAAP measures: Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Net Income (Los
Slide 3: Third Quarter 2026 Executive Summary
▶ Third quarter results reflect strong progress in Fiscal 2026 ▶ Revenue of $661.7 million on decreased total volume1 ▶ Adjusted EBITDA2 of $80.9 million ▶ Free Cash Flow2 of $47.0 million ▶ Adjusted Free Cash Flow2 of $55.5 million ▶ Adjusted EPS2 of $0.18 per diluted share ▶ Available Liquidity2 o
Slide 4: 3Q 2026 Financial Summary
3Q 2026 Financial Summary Revenue $s in Millions $674 $662 Revenue of $661.7 million o A decrease of $12.1 million year over year or 1.8% o Revenue decline neutral to the impacts of foreign exchange on F3Q25 F3Q26 currency o Total volume1 decreased 4.5% Covenant-Adjusted EBITDA2 / Adjusted EBITDA2 o
Slide 5: 3Q 2026 Financial Reconciliations
3Q 2026 Financial Reconciliations Revenue 3Q Revenue Reconciliation $s in Millions Improved Revenue Per Pound1 of $0.04 cents or 2.9% compared to F3Q25; Price Decline of $12.1M or 1.8% benefit net of lower one-time loss and ruin of $10 million year-over-year $673.8 $18.1 $(30.2) $661.7 Lower volume
Slide 6: 3Q 2026 Revenue Metrics
3Q 2026 Revenue Metrics Revenue Change Improving Linen Product Mix $s in Millions % of Pounds processed by our facilities $673.8 $661.7 Progress (1.8)% F1Q25 vs. F1Q26 Up 7% towards a more F2Q25 vs. F2Q26 Up 4% favorable F3Q25 F3Q26 product mix F3Q25 vs. F3Q26 Down 6% Improving Revenue Per Pound2 Co
Slide 7: 3Q 2026 Cost and Operating Leverage Metrics
3Q 2026 Cost and Operating Leverage Metrics Adjusted Operating Expenses2 Operating Leverage2 $s in Millions Change $s in Dollars $608.0 $580.8 (4.5)% F3Q25 $1.38 Less $1.24 Equals $0.14 F3Q25 F3Q26 Revenue Per Cost Per Operating Pound2 Pound2 Leverage2 Volume1 $1.24 In Millions of Pounds F3Q26 $1.42
Slide 8: 3Q 2026 Operating Working Capital and Free Cash Flow
3Q 2026 Operating Working Capital and Free Cash Flow Operating Working Capital1,2 Free Cash Flow 1 $s in Millions $s in Millions Operating Working Capital(1) $46 $47 250 200.0% 200 150.0% $28 150 100.0% 100 $15 50 50.0% $8 0 0.0% Q3-25 Q4-25 Q1-26 Q2-26 Q3-26 F3Q25 F4Q25 F1Q26 F2Q26 F3Q26 Operating
Slide 9: Updated Fiscal 2026 Outlook
Updated Fiscal 2026 Outlook Previous – FY 2026 Outlook Current Outlook Updates Include FY 2025 (in Millions) Low Mid High Actual Revenue outlook is compared to Revenue Growth (4.4)% (2.0)% (1.0)% Flat normalized fiscal 2025 revenue of $2.683 billion, excluding the impact of Adjusted EBITDA1 $272.62
Slide 10: 3Q 2026 Strategic Business Transformation Plan Update
3Q 2026 Strategic Business Transformation Plan Update Operational Excellence Commercial Excellence Asset & Network Optimization Improve Operating Leverage Stabilize & Grow Revenue Align Footprint For Growth Continued improvements in on-time Advanced strategic pricing execution Assessing our network
Slide 11: Q&A
Q&A
Slide 12: Appendix
Appendix
Slide 13: Non-GAAP Financial Measures
Non-GAAP Financial Measures Vestis reports its financial results in accordance with U.S. GAAP, but in this presentation and the non-GAAP reconciliations that follow, Vestis also uses the following non-GAAP measures: Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Net Income (Loss), Adjusted Basic
Slide 14: Non-GAAP Financial Measures, continued
Non-GAAP Financial Measures, continued Free Cash Flow and Adjusted Free Cash Flow Free Cash Flow represents net cash provided by operating activities adjusted for purchases of property and equipment and other items. Free Cash Flow is presented because it reflects the cash generated from operations a
Slide 15: Non-GAAP Financial Measures, continued
Non-GAAP Financial Measures, continued Operating Leverage Per Pound (“Operating Leverage”) Operating Leverage represents Revenue Per Pound less Cost Per Pound. Management uses this metric as a supplemental indicator of unit-level profitability trends. The metric helps management assess operational e
Slide 16: Operational Metrics and Definitions
Operational Metrics and Definitions In addition to the non-GAAP financial measures described above, Vestis uses certain operational metrics to evaluate business performance, monitor trends, and support internal decision-making. These operational metrics are derived using a combination of U.S. GAAP f
Slide 17: Non-GAAP Reconciliations / Adjusted EBITDA
Non-GAAP Reconciliations / Adjusted EBITDA Individual Fiscal Quarters Referenced Consolidated Consolidated Consolidated Consolidated ($ in Thousands) Three Months Ended Nine Months Ended Trailing Twelve Months Ended Three Months Ended July 3, June 27, July 3, June 27, July 3, October 3, October 3, 2
Slide 18: Non-GAAP Reconciliations / Adjusted Operating Expenses
Non-GAAP Reconciliations / Adjusted Operating Expenses ($ in Thousands) Three Months Ended Year to-Date Ended July 3, June 27, July 3, June 27, 2026 2025 2026 2025 Operating Expenses $ 624,415 $ 648,838 $ 1,903,883 $ 1,976,038 Depreciation and Amortization (33,272) (34,856) (102,181) (107,674) Coven
Slide 19: Historical Revenue & Cost Per Pound
Historical Revenue & Cost Per Pound Revenue Per Pound $s per pound of volume processed $1.49 $1.45 $1.44 $1.43 $1.42 $1.41 $1.38 $1.37 $1.37 $1.37 $1.37 F1Q24 F2Q24 F3Q24 F4Q24 F1Q25 F2Q25 F3Q25 F4Q25* F1Q26 F2Q26 F3Q26 Cost Per Pound $s per pound of volume processed $1.28 $1.27 $1.26 $1.26 $1.24 $1
Slide 20: Historic Revenue Per Pound and Non-GAAP Reconciliations
Historic Revenue Per Pound and Non-GAAP Reconciliations/ Cost Per Pound and Operating Leverage ($ in Millions) F1Q24 F2Q24 F3Q24 F4Q24 F1Q25 F2Q25 F3Q25 F4Q25* F1Q26 F2Q26 F3Q26 Revenue $ 717.9 $ 705.4 $ 698.2 $ 684.3 $ 683.8 $ 665.2 $ 673.8 $ 660.4 $ 663.4 $ 659.4 $ 661.7 Adjusted Operating Expense
Slide 21: Non-GAAP Reconciliations / Investments in Capital Assets
Non-GAAP Reconciliations / Investments in Capital Assets ($ in Thousands) Fiscal 2026 Fiscal 2025 Q1 Q2 Q3 Year-to-date Q1 Q2 Q3 Year-to-date Investments in property and equipment $9,386 $12,690 $17,955 $40,031 $14,732 $13,510 $14,860 $43,102 New Finance Leases 5,391 11,991 5,050 22,432 12,932 9,808
Slide 22: Operational Metrics / Product Dollar Mix
Operational Metrics / Product Dollar Mix ($ in Thousands) Three Months Ended Nine Months Ended July 3, June 27, July 3, June 27, 2026 2025 2026 2025 United States: Uniforms $219,797 36.6 % $237,678 38.8 % $670,179 37.2 % $716,601 38.9 % Workplace Supplies 380,945 63.4 % 375,624 61.2 % 1,132,372 62.8
Slide 23: Non-GAAP Reconciliations / Free Cash Flow
Non-GAAP Reconciliations / Free Cash Flow Individual Fiscal Quarters Referenced ($ in Millions) F2Q25 F3Q25 F4Q25 F1Q26 F2Q26 F3Q26 Adj EBITDA $47.6 $64.0 $64.7 $70.4 $74.5 $80.9 (1) Cash interest (23.7) (24.1) (32.2) (23.0) (21.0) (20.3) Cash tax (0.7) (14.4) (5.7) (4.4) (2.2) (2.2) (2) Impacts fro
Slide 24: Non-GAAP Reconciliations / Adjusted Free Cash Flow
Non-GAAP Reconciliations / Adjusted Free Cash Flow Individual Fiscal Quarters Referenced ($ in Thousands) Three Months Ended Nine Months Ended July 3, 2026 June 27, 2025 July 3, 2026 June 27, 2025 Net cash provided by operating activities $ 64,935 $ 22,864 $ 160,873 $ 33,302 Purchases of property an
Slide 25: Non-GAAP Reconciliations / Operating Working Capital and Return on Working Capital
Non-GAAP Reconciliations / Operating Working Capital and Return on Working Capital Individual Fiscal Quarters Referenced ($ in Millions) F2Q25 F3Q25 F4Q25 F1Q26 F2Q26 F3Q26 Accounts Receivable $ 162.4 $ 175.8 $ 162.3 $ 153.0 $ 149.5 $ 143.0 Inventory 199.7 187.0 179.0 169.1 175.0 158.9 Accounts Paya
Slide 26: Operational Metrics/Total Liquidity
Operational Metrics/Total Liquidity ($ in Millions) F2Q25 F3Q25 F4Q25 F1Q26 F2Q26 F3Q26 (1) Excess availability on revolving credit facility $ 264.3 $ 266.3 $ 268.2 $ 275.2 $ 294.2 $ 294.2 Cash on Hand 28.8 23.7 29.7 41.5 50.3 57.7 Total Liquidity $ 293.1 $ 290.0 $ 297.9 $ 316.7 $ 344.5 $ 351.8 1) E
Slide 27: Non-GAAP Reconciliations / Adjusted EPS
Non-GAAP Reconciliations / Adjusted EPS (in thousands, except per share amounts) Consolidated Consolidated Three Months Ended Nine months ended July 3, June 27, July 3, June 27, 2026 2025 2026 2025 Net Income (Loss) $ 11,046 $ (676) $ 7,251 $ (27,674) Adjustments: Amortization Expense 6,693 6,674 20
Slide 28: ©2026 Vestis. All rights reserved.
©2026 Vestis. All rights reserved.