Slide 1: Third Quarter 2025 Results
Third Quarter 2025 Results August 6, 2025
Slide 2: Notes to Investors
Notes to Investors Non-GAAP Measures While we report our financial results in accordance with U.S. GAAP, in this presentation and the associated remarks, we also make reference to certain non-GAAP measures, including: Adjusted EPS, Adjusted EBITDA, Adjusted EBITDA Margin, Free Cash Flow, Net Debt, N
Slide 3: Q3 2025 Summary
Q3 2025 Summary Revenue Revenue of $674 million, down 3.5% year-over-year $s in Millions o Rental revenue decreased 2.7%(2) year-over-year and direct sales $698 revenue decreased 14.2% $674 o $14.6 million impact from net customer losses Gross profit of $182 million, down 10.1% year-over-year F3Q24
Slide 4: Fiscal Q3 Consolidated Financial Highlights
Fiscal Q3 Consolidated Financial Highlights ($ in millions) Year-over- Quarter- Fiscal Q3 Fiscal Q2 Year over-Quarter 2025 2024 %/bps ∆ 2025 %/bps ∆ Revenue $ 673.8 $ 698.2 (3.5%) $ 665.2 +1.3% Gross Profit $ 182.1 $ 202.5 (10.1%) $ 175.3 +3.9% Gross Margin 27.0% 29.0% (197)bps 26.3% +70 bps Adjuste
Slide 5: 3Q 2025 Financial Reconciliations
3Q 2025 Financial Reconciliations Revenue 3Q Revenue Reconciliation Net lost business of $14.6 million driven by $s in Millions the loss of high-value business and adverse Rental $(18.0)M product mix shifts $45.2 $(3.4) Decreased customer penetration of $3.4 $698.2 million, includes an $3.8 million
Slide 6: Operating Working Capital, Cash Flow and Liquidity
Operating Working Capital, Cash Flow and Liquidity Operating Working Capital(2) Trended Free Cash Flow (1) $s in Millions $s in Millions $220 250% $35 $210 200% $28 $200 150% $190 100% $180 $8 $170 50% $160 0% F3Q24 F4Q24 F1Q25 F2Q25 F3Q25 $(7) Operating Working Capital Return on Operating Working C
Slide 7: 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 $1,163 $1,171 At the end of Fiscal 3Q 2025: $28 4.50x o Net leverage ratio(1,2) was 4.50x $1,500 $665 $665 3.98x 4.16x o Net debt(1) was $1.3 billion 3.64x 3.80x o Cash on hand was
Slide 8: Key Messages & Near-Term Focus
F3Q25 results reflect the During F4Q25, assessing adverse impact from high- various initiatives to value business losses and enhance commercial and decreased customer operational processes, to penetration on revenue generate improvement in Key and profitability 2026 Messages & Near-Term Prioritizing
Slide 9: Q&A
Q&A ©2025 Vestis. All rights reserved. 9
Slide 10: Appendix
e Appendix eS - vestis : > —
Slide 11: Business Retention
Business Retention Rolling 12-Month Recurring Business Retention(1) Average: 92.1% 93.4% 93.1% 92.9% 92.4% 92.0% 91.9% 91.9% 91.9% 90.4% FY19 FY20 FY21 FY22 FY23 FY24 1Q25 2Q25 3Q25 1) We calculate retention by annualizing the average weekly revenue attributed to lost customers identification number
Slide 12: Revenue, Gross Profit, and Gross Margin
Revenue, Gross Profit, and Gross Margin ($ in thousands) 1) Gross profit is calculated by subtracting cost of services provided from revenue for the relevant period. 2) Gross margin is calculated by dividing gross profit by revenue. ©2025 Vestis. All rights reserved. 12
Slide 13: F3Q25 Revenue Disaggregation
F3Q25 Revenue Disaggregation Uniforms v. Workplace Supplies / As Reported ($ in thousands) ©2025 Vestis. All rights reserved. 13
Slide 14: F3Q25 Revenue Disaggregation
F3Q25 Revenue Disaggregation Rental vs. Direct Sales / Adjusted for F/X(1) ($ in thousands) 1) Adjusted for F/X means that in this view, we’ve adjusted for the impacts of foreign exchange on currency. ©2025 Vestis. All rights reserved. 14
Slide 15: 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: Adjusted EPS, Adjusted EBITDA, Adjusted EBITDA Margin, Free Cash Flow, Net Debt, Net Levera
Slide 16: 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-Q for the quarter ended June 27, 2025 and relevant filings for other periods presented 2) Separation Related Charges include third-party ex
Slide 17: Reconciliations / Adjusted EBITDA Margin
Non-GAAP Reconciliations / Adjusted EBITDA Margin Individual Fiscal Quarters Discussed ($ in Thousands) ©2025 Vestis. All rights reserved. 17
Slide 18: 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-Q for the quarter ended June 27, 2025 and relevant filings for other periods presented 2) Separation Related Charges include third-party expens
Slide 19: Reconciliations / Operating Working Capital and Return on Working Capital
Non-GAAP Reconciliations / Operating Working Capital1 and Return on Working Capital ($ in Millions) 1) Operating working capital includes accounts receivable, inventory, and accounts payable. 2) Return on working capital is calculated by dividing trailing twelve months Adjusted EBITDA with operating
Slide 20: 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. 20
Slide 21: Reconciliations / Free Cash Flow
Non-GAAP Reconciliations / Free Cash Flow ($ 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) Adjusted Operating Cash Flow excludes $23
Slide 22: Reconciliations / Net Leverage Ratio
Non-GAAP Reconciliations / Net Leverage Ratio ($ in Thousands) 1) Includes a $15 million bad debt expense adjustment to EBITDA in the fiscal quarter ended March 28, 2025 and an adjustment of $1.8 million for the quarter ended June 27, 2025 related to a write-off of merchandise-in-service. These adju
Slide 23: Reconciliation / Adjusted EPS
Non-GAAP Reconciliation / Adjusted EPS ©2025 Vestis. All rights reserved. 23
Slide 24: ©2025 Vestis. All rights reserved. 24
©2025 Vestis. All rights reserved. 24