Slide 1: Fourth Quarter and Full Year Fiscal 2025 Results
Fourth Quarter and Full Year Fiscal 2025 Results Strategic Business Transformation December 2, 2025
Slide 2: Notes to Investors
Notes to Investors Non-GAAP 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: Normalized Revenue, Adjusted EPS, Adjusted Gross Profit, Adjusted Gross Mar
Slide 3: Full Year 2025 Results and Strategic Business Transformation
Full Year 2025 Results and Strategic Business Transformation Executive Summary ▶ Revenue of $2.7 billion ▶ Net loss of $40 million Ended fiscal 2025 in a good position ▶ Adjusted EBITDA(1) of $257 million to advance our strategic priorities ▶ Covenant Adjusted EBITDA(1) of $278 million ▶ Liquidity(1
Slide 4: Q4 2025 Summary
Q4 2025 Summary Revenue $s in Millions $712 Revenue of $712 million $684 o Normalized revenue(1) of $660 million, down 3.5%, when adjusted for the impact of the additional operating week of $52 million o Rental revenue decreased $18.1 million or 2.8% on a normalized basis o Direct sales decreased $5
Slide 5: Fiscal Q4 & Full Year Consolidated Financial Highlights
Fiscal Q4 & Full Year Consolidated Financial Highlights ($ in millions) Year-over- Year-over- Fiscal Q4 Fiscal Year Year Year 2025 2024 %/bps ∆ 2025 2024 %/bps ∆ Revenue $ 712.0 $ 684.3 +4.1% $ 2,734.8 $ 2,805.8 (2.5%) Adjusted Gross Profit(1) $ 178.9 $ 197.0 (9.2%) $ 724.8 $ 815.9 (11.2%) Adjusted
Slide 6: 4Q 2025 Financial Reconciliations
4Q 2025 Financial Reconciliations Revenue 4Q Revenue Reconciliation Net rental decline of $18.1 million driven by $s in Millions the loss of high-value business and adverse product mix shifts Rental $(18.1)M Customer penetration essentially flat $42.5 $(0.2) $51.6 $712.0 $684.3 Direct sales decline
Slide 7: Operating Working Capital, Cash Flow and Liquidity
Operating Working Capital, Cash Flow and Liquidity Operating Working Capital(2) Free Cash Flow (1) $s in Millions $s in Millions $220 250% $35 $210 200% $200 150% $16 $190 100% $8 $180 $170 50% $160 0% F4Q24 F1Q25 F2Q25 F3Q25 F4Q25 $(7) $(11) Operating Working Capital Return on Operating Working Cap
Slide 8: Balance Sheet
Balance Sheet Total Bank Debt Net Leverage Ratio(1,2) $s in Millions Net Debt(1)/TTM Covenant Adjusted EBITDA(1) $1,500 At the end of Fiscal 4Q 2025: $1,163 $1,169 4.72x o Cash on hand was $30 million $26 4.50x 4.16x o Net debt(1) was $1.3 billion $1,500 $665 $665 3.80x o Net leverage ratio(1,2) was
Slide 9: Strategic Multi-Year Business Transformation Plan
Strategic Multi-Year Business Transformation Plan Commercial Excellence Operational Excellence Asset & Network Optimization Stabilize & Grow Revenue Improve Operating Leverage Align Footprint For Growth Enhance customer retention, Standardizing operations across Improving logistics and asset utiliza
Slide 10: Q&A
Q&A ©2025 Vestis. All rights reserved. 10
Slide 11: Appendix
Appendix ©2025 Vestis. All rights reserved. 11
Slide 12: Business Retention
Business Retention Rolling 12-Month Recurring Business Retention(1) Average: 92.1% 93.4% 93.1% 92.9% 92.4% 92.0% 91.9% 91.9% 91.8% 91.9% 91.8% 90.4% FY19 FY20 FY21 FY22 FY23 FY24 FY25 1Q25 2Q25 3Q25 4Q24 1) We calculate retention by annualizing the average weekly revenue attributed to lost customers
Slide 13: Non-GAAP Definitions
Non-GAAP Definitions Vestis reports its financial results in accordance with U.S. GAAP, but in this presentation and the non-GAAP reconciliations that follow, Vestis also uses the following non-GAAP measures: Normalized Revenue, Adjusted EPS, Adjusted Gross Profit, Adjusted Gross Margin, Adjusted EB
Slide 14: Non-GAAP Definitions, continued
Non-GAAP Definitions, continued Adjusted EBITDA Margin Adjusted EBITDA Margin represents Adjusted EBITDA as a percentage of Revenue Free Cash Flow Free Cash Flow represents net cash provided by operating activities adjusted for purchases of property and equipment and other. Free Cash Flow is present
Slide 15: Revenue, Adjusted Gross Profit, and Adjusted Gross Margin
Revenue, Adjusted Gross Profit, and Adjusted Gross Margin Individual Fiscal Quarters Discussed ($ in thousands) 1) Adjusted Gross Profit is calculated by subtracting cost of services provided from revenue for the relevant period. 2) Adjusted Gross Margin is calculated by dividing adjusted gross prof
Slide 16: Revenue, Adjusted Gross Profit, and Adjusted Gross Margin
Revenue, Adjusted Gross Profit, and Adjusted Gross Margin Individual Fiscal Years Discussed ($ in thousands) 1) Adjusted Gross Profit is calculated by subtracting cost of services provided from revenue for the relevant period. 2) Adjusted Gross Margin is calculated by dividing adjusted gross profit
Slide 17: Reconciliations / Adjusted EBITDA
Non-GAAP Reconciliations / Adjusted EBITDA Individual Fiscal Quarters Referenced ($ in Thousands) 1) Please refer to Note 2. Severance, in the Company’s Form 10-K for the year ended October 3, 2025. 2) Separation Related Charges include third-party expenses incurred in connection with the Company’s
Slide 18: Reconciliations / Adjusted EBITDA Margin
Non-GAAP Reconciliations / Adjusted EBITDA Margin Individual Fiscal Years Discussed ($ in Thousands) ©2025 Vestis. All rights reserved. 18
Slide 19: Reconciliations / Adjusted EBITDA
Non-GAAP Reconciliations / Adjusted EBITDA Trailing Twelve Months Referenced ($ in Thousands) 1) Please refer to Note 2. Severance, in the Company’s Form 10-K for the year ended October 3, 2025. 2) Separation Related Charges include third-party expenses incurred in connection with the Company’s sepa
Slide 20: Reconciliations / Normalized Revenue
Non-GAAP Reconciliations / Normalized Revenue Individual Fiscal Quarters Referenced ($ in Thousands) 1) Normalized Revenue represents reported revenue adjusted to 13 operating weeks for fiscal fourth quarter 2025. ©2025 Vestis. All rights reserved. 20
Slide 21: Reconciliations / Operating Working Capital and Return on Working Capital
Non-GAAP Reconciliations / Operating Working Capital1 and Return on Working Capital Individual Fiscal Quarters Referenced ($ in Millions) 1) Operating working capital includes accounts receivable, inventory, and accounts payable 2) Return on working capital is calculated by dividing trailing twelve
Slide 22: Reconciliations / Total Liquidity
Non-GAAP Reconciliations / Total Liquidity ($ in Millions) 1) Excess availability is defined as undrawn revolver capacity less letters of credit issued in accordance with the Company’s Credit Agreement. ©2025 Vestis. All rights reserved. 22
Slide 23: Reconciliations / Free Cash Flow
Non-GAAP Reconciliations / Free Cash Flow Individual Fiscal Quarters Referenced ($ in Millions) 1) Cash interest on bank debt plus A/R facility fees 2) Operating working capital includes accounts receivable, inventory, and accounts payable. Excludes $233M one-time A/R facility impact in Q4-24 3) Adj
Slide 24: Reconciliations / Free Cash Flow
Non-GAAP Reconciliations / Free Cash Flow Individual Fiscal Years Referenced ($ in Millions) 1) Cash interest on bank debt plus A/R facility fees 2) Operating working capital includes accounts receivable, inventory, and accounts payable. Excludes $233M one-time A/R facility impact in Q4-24 3) Adjust
Slide 25: Reconciliations / Net Leverage Ratio
Non-GAAP Reconciliations / Net Leverage Ratio ($ in Thousands) 1) Includes a $15 million bad debt expense adjustment to EBITDA in the fiscal quarter ended March 28, 2025, an adjustment of $1.8 million for the quarter ended June 27, 2025 related to a write-off of merchandise-in service and a $3.6 mil
Slide 26: Reconciliation / Adjusted EPS
Non-GAAP Reconciliation / Adjusted EPS 1) Other includes certain costs or income items that are not individually material and do not relate to core business activities ©2025 Vestis. All rights reserved. 26
Slide 27: ©2025 Vestis. All rights reserved. 27
©2025 Vestis. All rights reserved. 27