Slide 1: Third Quarter 2025 Results
Third Quarter 2025 Results August 6, 2025
Slide 2: Non-GAAP Measures and Forward-Looking Statements
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 EBITDA, Adjusted EBITDA Margin, Free Cash Flow, Net Debt, Net Leverage Ratio, Trailing Twelv
Slide 3: Q3 2025 Summary
Q3 2025 Summary ©2025 Vestis. All rights reserved. 3 Revenue $s in Millions $698 $674 F3Q24 F3Q25 $202 $182 29.0% 27.0% F3Q24 F3Q25 Gross Profit $s in Millions & % of Revenue $87 $64 12.4% 9.5% F3Q24 F3Q25 Adjusted EBITDA(1) $s in Millions & % of Revenue Revenue of $674 million, down 3.5% year-over-
Slide 4: Fiscal Q3 Consolidated Financial Highlights
Fiscal Q3 Consolidated Financial Highlights ©2025 Vestis. All rights reserved. 4 Fiscal Q3 Year-over- Year Fiscal Q2 Quarter- 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
Slide 5: 3Q 2025 Financial Reconciliations: Revenue and Adjusted EBITDA
$45.2 $(3.4) $(59.8) $(6.4) $698.2 $673.8 F3Q24 Revenue New Business (Conversion) Pricing & Adds/Stops (Penetration) Lost Business (Churn) Direct Sales & FX F3Q25 Revenue 3Q 2025 Financial Reconciliations ©2025 Vestis. All rights reserved. 5 Net lost business of $14.6 million driven by the loss of h
Slide 6: Operating Working Capital, Cash Flow and Liquidity
Operating Working Capital, Cash Flow and Liquidity ©2025 Vestis. All rights reserved. 6 Operating Working Capital(2) $s in Millions Total Liquidity – Cash & Excess Availability(3) $s in Millions Trended Free Cash Flow (1) $s in Millions Ongoing focus on working capital efficiency resulted in improve
Slide 7: Balance Sheet
Balance Sheet ©2025 Vestis. All rights reserved. 7 Total Bank Debt $s in Millions Debt Maturity Schedule $s in Millions Net Leverage Ratio(1,2) Net Debt(1)/TTM Covenant Adjusted EBITDA(1) $478 $665 $28 $222 2025 2026 2027 2028 2029 2030 2031 A/R Facility Revolver Term Loan B Term Loan A $1,500 $498
Slide 8: Key Messages & Near-Term Focus
Key Messages & Near-Term Focus Goal to unlock value through improved operating leverage and utilization ©2025 Vestis. All rights reserved. 8 During F4Q25, assessing various initiatives to enhance commercial and operational processes, to generate improvement in 2026 Near-term initiatives will serve a
Slide 9: Q&A
©2025 Vestis. All rights reserved. 9 Q&A
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Slide 11: Business Retention
Business Retention ©2025 Vestis. All rights reserved. 11 92.0% 91.9% 93.4% 93.1% 90.4% 91.9% FY19 FY20 FY21 FY22 FY23 FY24 Rolling 12-Month Recurring Business Retention(1) 92.9% 92.4% 91.9% 1Q25 2Q25 3Q25 Average: 92.1% 1) We calculate retention by annualizing the average weekly revenue attributed t
Slide 12: Revenue, Gross Profit, and Gross Margin
Revenue, Gross Profit, and Gross Margin ©2025 Vestis. All rights reserved. 12 ($ 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.
Slide 13: F3Q25 Revenue Disaggregation: Uniforms v. Workplace Supplies
F3Q25 Revenue Disaggregation ©2025 Vestis. All rights reserved. 13 ($ in thousands) Uniforms v. Workplace Supplies / As Reported
Slide 14: F3Q25 Revenue Disaggregation: Rental vs. Direct Sales
©2025 Vestis. All rights reserved. 14 F3Q25 Revenue Disaggregation ($ in thousands) Rental vs. Direct Sales / Adjusted for F/X(1) 1) Adjusted for F/X means that in this view, we’ve adjusted for the impacts of foreign exchange on currency.
Slide 15: Definitions
Non-GAAP Definitions ©2025 Vestis. All rights reserved. 15 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, Free Cash Fl
Slide 16: Reconciliations / Adjusted EBITDA
Non-GAAP Reconciliations / Adjusted EBITDA ©2025 Vestis. All rights reserved. 16 ($ 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 ©2025 Vestis. All rights reserved. 17 ($ in Thousands) Individual Fiscal Quarters Discussed
Slide 18: Reconciliations / Adjusted EBITDA
Non-GAAP Reconciliations / Adjusted EBITDA ©2025 Vestis. All rights reserved. 18 ($ 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 19: Reconciliations / Operating Working Capital and Return on Working Capital
Non-GAAP Reconciliations / Operating Working Capital1 and Return on Working Capital ©2025 Vestis. All rights reserved. 19 ($ 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 20: Reconciliations / Total Liquidity
Non-GAAP Reconciliations / Total Liquidity ©2025 Vestis. All rights reserved. 20 ($ in Millions) 1) Excess availability is defined as undrawn revolver capacity less letters of credit issued in accordance with the Company’s Credit Agreement.
Slide 21: Reconciliations / Free Cash Flow
Non-GAAP Reconciliations / Free Cash Flow ©2025 Vestis. All rights reserved. 21 ($ 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 $233M one-time A/R facility impact in Q4-24 3) Adj
Slide 22: Reconciliations / Net Leverage Ratio
Non-GAAP Reconciliations / Net Leverage Ratio ©2025 Vestis. All rights reserved. 22 ($ 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
Slide 23: ©2025 Vestis. All rights reserved. 23
©2025 Vestis. All rights reserved. 23