Hillman Solutions Corp. · NASDAQ:HLMN
Hillman Solutions — Q3 2025 Earnings Presentation
24 slides from Hillman Solutions's earnings presentation, Nov 4, 2025
Slide 1: Quarterly Earnings Results Presentation Q3 2025
Quarterly Earnings Results Presentation Q3 2025 - November 4, 2025
Slide 2: Forward Looking Statements
2 PresBuilder Placeholder - Delete this box if you see it on a slide, but DO NOT REMOVE this box from the slide layout Forward Looking Statements This presentation contains certain forward-looking statements, including, but not limited to, certain plans, expectations, goals, projections, and stateme
Slide 3: Q3 2025 Financial Review
3 • Net sales increased 8.0% to $424.9 million versus Q3 2024 ◦ Hardware and Protective Solutions ("HPS") increased +10.0% ◦ Robotics and Digital Solutions ("RDS") increased +3.3% ◦ Canada decreased (0.2)% • GAAP net income totaled $23.2 million, or $0.12 per diluted share, compared to $7.4 million,
Slide 4: Q3 2025 Operational Review
4 Q3 2025 Operational Review Highlights for the 13 Weeks Ended September 27, 2025 • Continued taking great care of customers: ◦ YTD fill rates averaged 97% • Continue to pursue accretive M&A opportunities that: ◦ Leverage the Hillman moat, and ◦ Expand Hillman's pro, commercial, and industrial busin
Slide 5: Quarterly Financial Performance
5 Quarterly Financial Performance Adjusted EBITDA (millions $ and % of Net Sales) Please see reconciliation of Non-GAAP metrics Adjusted EBITDA and Adjusted Gross Margin in the Appendix of this presentation. Not to scale. Net Sales (millions $) Adjusted Gross Margin (millions $ and % of Net Sales) $
Slide 6: Segment Results: Thirteen Weeks Ended
6 Hardware & Protective Q3 2025 Q3 2024 Δ Thirteen weeks ended 9/27/2025 9/28/2024 Comments Revenues $329,122 $299,286 10.0% Driven by M&A, new business, and price Adjusted EBITDA $65,840 $41,868 57.3% Q3 2024 included True Value adjustment Margin (Adj. EBITDA/Net Sales) 20.0% 14.0% 600 bps Robotics
Slide 7: Segment Results: Thirty-nine Weeks Ended
7 Hardware & Protective Q3 2025 Q3 2024 Δ Thirty-nine weeks ended 9/27/2025 9/28/2024 Comments Revenues $913,055 $843,964 8.2% Driven by M&A, new business, and price Adjusted EBITDA $155,639 $120,081 29.6% Q3 2024 included True Value adjustment Margin (Adj. EBITDA/Net Sales) 17.0% 14.2% 280 bps Robo
Slide 8: Quarterly Revenue by Product Category
8 Hardware & Protective Robotics & Digital Canada Total Revenue Thirteen weeks ended September 27, 2025 Fastening and Hardware $249,174 $— $33,264 $282,438 Personal Protective 79,948 — 1,380 81,328 Keys and Key Fobs — 48,733 2,595 51,328 Engraving and Resharp — 9,840 5 9,845 Total Revenue $329,122 $
Slide 9: YTD Revenue by Product Category
9 Hardware & Protective Robotics & Digital Canada Total Revenue Thirty-nine weeks ended September 27, 2025 Fastening and Hardware $703,288 $— $95,719 $799,007 Personal Protective 209,767 — 4,260 214,027 Keys and Key Fobs — 137,766 7,026 144,792 Engraving and Resharp — 29,237 22 29,259 Total Revenue
Slide 10: Hillman's Diversified Supply Chain
10 Hillman’s Diversified Supply Chain ◦ Over the past several years, Hillman has lowered its exposure to suppliers based in China ◦ Accelerating “Dual Faucet” strategy; sourcing from multiple suppliers in multiple countries ◦ This flexible supply chain allows Hillman to deliver quality products at t
Slide 11: Total Net Leverage and Capital Structure
11 Total Net Leverage (Net Debt / TTM Adj. EBITDA) Capital Structure September 27, 2025 millions $ ABL Revolver ($239.2m available) $49.0 Term Note $639.1 Finance Leases and Other Obligations $21.4 Total Debt $709.5 Cash $37.7 Net Debt $671.8 TTM Adjusted EBITDA $274.0 Net Debt/ TTM Adjusted EBITDA
Slide 12: 2025 Full Year Guidance
12 2025 Full Year Guidance (in millions USD) Previous FY 2025 Guidance Range Updated FY 2025 Guidance Range Net Sales $1.535 to $1.575 billion $1.535 to $1.575 billion Adjusted EBITDA $265 to $275 million $270 to $275 million Year-end leverage 2.4x leverage at year end 2.4x leverage at year end On N
Slide 13: Key Takeaways
13 Key Takeaways Resilient Business; Focused on Diversifying Supply Chain Historical Long-term Annual Growth Targets (Organic): Revenue Growth: +6% & Adj. EBITDA Growth: +10% Historical Long-term Annual Growth Targets (incl. Acquisitions): Revenue Growth: +10% & Adj. EBITDA Growth: +15% • Business h
Slide 14: Appendix
HILLMAN Appendix
Slide 15: Investment Highlights
15 Investment Highlights Significant runway for incremental growth: Organic + M&A Management team with proven operational and M&A expertise Strong financial profile with 60+ year track record Market and innovation leader across multiple categories Indispensable partner embedded with winning retailer
Slide 16: Hillman: Overview, Who We Are
16 Hillman: Overview Who We Are *Management Estimates Adjusted EBITDA is a non-GAAP measure. Please see Appendix for a reconciliation of Adjusted EBITDA to Net loss ~19 billion Fasteners Sold ~222 million Pairs of Work Gloves Sold ~106+ million Keys Duplicated ~111,000 SKUs Managed ~29,000 Direct Sh
Slide 17: #1 in Segment, Representative Top Customers
17 #1 in Segment Representative Top Customers #1 in Segment #1 in Segment Key and Fob Duplication Personalized Tags Knife Sharpening Fasteners & Specialty Gloves Builders Hardware & Metal Shapes Safety / PPE Construction Fasteners Work Gear Picture Hanging Source: Third party industry report and man
Slide 18: Adjusted EBITDA Reconciliation (Thirteen Weeks)
18 Thirteen weeks ended September 27, 2025 September 28, 2024 Net income $23,192 $7,434 Income tax expense (benefit) 8,020 4,372 Interest expense, net 14,692 15,108 Depreciation 20,100 17,948 Amortization 15,265 15,354 EBITDA $81,269 $60,216 Stock compensation expense 3,904 3,257 Restructuring and o
Slide 19: Adjusted EBITDA Reconciliation (Thirty-nine Weeks)
19 Thirty-nine weeks ended September 27, 2025 September 28, 2024 Net income $38,707 $18,477 Income tax expense 14,579 9,003 Interest expense, net 43,044 44,316 Depreciation 59,343 50,583 Amortization 45,937 45,857 EBITDA $201,610 $168,236 Stock compensation expense 10,739 9,742 Restructuring and oth
Slide 20: Adjusted Gross Margin Reconciliation
20 Thirteen weeks ended September 27, 2025 September 28, 2024 Net Sales $424,939 $393,296 Cost of sales (exclusive of depreciation and amortization) 205,378 203,700 Gross margin exclusive of depreciation and amortization $219,561 $189,596 Gross margin exclusive of depreciation and amortization % 51.
Slide 21: Adjusted SG&A Expense Reconciliation
21 Thirteen weeks ended September 27, 2025 September 28, 2024 Net sales $424,939 $393,296 Selling, general and administrative expenses 138,342 130,261 SG&A as a % of Net Sales 32.6 % 33.1 % SG&A Adjusting Items (1): Stock compensation expense 3,904 3,257 Restructuring 749 1,322 Litigation expense 1,
Slide 22: Net Debt & Free Cash Flow Reconciliations
22 As of September 27, 2025 December 28, 2024 Revolving loans $49,000 $62,000 Senior term loan 639,088 645,470 Finance leases and other obligations 21,434 11,085 Gross debt $709,522 $718,555 Less cash 37,731 44,510 Net debt $671,791 $674,045 Net Debt & Free Cash Flow Reconciliations Thirteen weeks e
Slide 23: Segment Adjusted EBITDA Reconciliations (Thirteen Weeks)
23 Thirteen weeks ended September 27, 2025 HPS RDS Canada Operating income $38,935 $5,626 $1,343 Depreciation & amortization 22,007 12,107 1,251 Stock compensation expense 3,010 405 489 Restructuring and other 24 12 713 Litigation expense 1,780 170 — Transaction and integration expense 84 3 — Change
Slide 24: Segment Adjusted EBITDA Reconciliations (Thirty-nine Weeks)
24 Thirty-nine weeks ended September 27, 2025 HPS RDS Canada Operating income $76,077 $14,991 $6,168 Depreciation & amortization 66,516 35,099 3,665 Stock compensation expense 8,929 856 954 Restructuring and other 2,129 77 654 Litigation expense 1,780 170 — Transaction and integration expense 208 7