Slide 1: Second Quarter 2025 Results
Second Quarter 2025 Results TM May 6, 2025 Exhibit 99.2
Slide 2: Forward Looking Statements
2TM Forward Looking Statements This presentation contains “forward-looking statements” within the meaning of the securities laws. All statements that reflect our expectations, assumptions or projections about the future, other than statements of historical fact, are forward-looking statements, inclu
Slide 3: Q2 2025 Results Summary
3TM See Appendix for reconciliation of GAAP to non-GAAP financial measures (1) “Adj EBITDA ex bad debt” and “Adj EPS ex bad debt” exclude $15M one-time bad debt expense. Q2 2025 Results Summary Q2 Financial Results • Y/Y revenue drivers: • $(18)M lost business in excess of growth from new customers
Slide 4: Q2 2025 Results Drivers
4TM Q2 2025 Results Drivers ($ millions) Revenue • ~$18M(1) sequential revenue decline: • $(11)M rental • $(7)M direct sales • Rental decline was primarily driven by weaker existing customer volume (adds over stops) in January • Since January, we have recovered the majority of this volume, and we ar
Slide 5: Improving Revenue Run-Rate
5TM $52.1 $50.5 $51.3 $51.6 $52.2 48 48.5 49 49.5 50 50.5 51 51.5 52 52.5 53 December January February March April Q3 Guidance Average Weekly Revenue ($ millions) +3.4% Weekly Revenue Quarterly Revenue High $52.5 $682 Mid $52.2 $678 Low $51.9 $674 Improving Revenue Run-Rate • Average weekly revenue
Slide 6: Customer Retention
6TM 92.0% 91.9% 93.4% 93.1% 90.4% 91.9% FY19 FY20 FY21 FY22 FY23 FY24 Customer Retention Rolling 12-Month Recurring Revenue Customer Retention1 92.9% 92.4% 1Q25 2Q25 1) Retention is defined as lost annualized recurring revenue for the period reported divided by total company recurring revenue for th
Slide 7: Operating Working Capital
7TM Operating Working Capital • DSI has increased Y/Y and Q/Q due to inventory investments to support new customer installations and improve customer service • $6M of inventory increase in Q2 due to purchases in anticipation of tariffs • At current inventory levels we do not anticipate the need to c
Slide 8: Debt and Cash Flow
8TM $1,500 $1,491 $638 $623 $498 $478 $478 $800 $798 $665 $665 $665 $30 $1,500 $1,491 $1,438 $1,421 $1,163 $1,143 $1,173 4.0x 3.9x 3.8x 4.0x 3.6x 3.8x 4.2x Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Term Loan A Term Loan B Revolver Covenant Net Leverage Ratio Debt and Cash Flow • $327M reduction in p
Slide 9: Liquidity
9TM $478 $665 $30 $222 2025 2026 2027 2028 2029 2030 2031 A/R Facility Revolver Term Loan B Term Loan A Liquidity • Strong liquidity position totaling $293M • $264M excess availability on revolving credit facility • No near-term debt maturities ($ millions) $331 $325 $324 $326 $313 $293 Q1-24 Q2-24
Slide 10: Focus Areas Going Forward
10TM Focus Areas Going Forward Strengthen Core, then Grow Prioritize customer retention and maintain existing volume, while driving high-quality growth with new customers • Deliver high-quality service and customer experience to retain existing customers • Evolve product focus and grow uniforms • Co
Slide 11: Q&A
11TM Q&A
Slide 12: Appendix
12TM APPENDIX
Slide 13: Q2 Revenue Disaggregation
13TM Q2 Revenue Disaggregation ($ millions) Q2 2025 % Q1 2025 Q/Q Q2 2024 Y/Y U.S. 606.1 91% 621.7 (3%) 642.1 (6%) Uniforms 233.1 245.8 (5%) 263.4 (11%) Workplace Supplies 372.9 375.9 (1%) 378.7 (2%) Canada 59.2 9% 62.1 (5%) 63.3 (7%) Uniforms 21.7 23.2 (7%) 24.2 (10%) Workplace Supplies 37.5 38.9 (
Slide 14: New Business and Lost Business – Sequential Revenue Contribution
14TM New Business and Lost Business – Sequential Revenue Contribution ($ millions) Revenue Contribution versus Prior Quarter Q2 2025 Q1 2025 Q/Q New Business 16.7 16.8 (1%) Lost Business (19.9) (21.8) (9%) Net New Business (3.2) (5.0) (36%)
Slide 15: Credit Amendment
15TM Credit Amendment Note: Net leverage covenant calculation includes allowance for one-time $15M bad debt expense EBITDA adjustment in fiscal Q2 2025 Net Leverage Covenant Ratio (Net Debt to EBITDA) Q2-25 Q3-25 Q4-25 Q1-26 Q2-26 Q3-26 Q4-26 Q1-27 Pre-Amendment 5.25x 4.50x 4.50x 4.50x 4.50x 4.50x 4
Slide 16: Non-GAAP Definitions
16TM Non-GAAP Definitions This presentation could include certain non-GAAP financial measures, such as Organic Revenue Growth, Adjusted Revenue, Adjusted Operating Income, Adjusted Operating Income Margin, Adjusted EBITDA, Adjusted EBITDA Margin and Free Cash Flow. Vestis utilizes these measures whe
Slide 17: Forward Looking Non-GAAP Information
17TM Forward Looking Non-GAAP Information This presentation includes certain non-GAAP financial information that is forward-looking in nature, including without limitation third quarter fiscal 2025 revenue and adjusted EBITDA. Vestis believes that a quantitative reconciliation of such forward-lookin
Slide 18: Non-GAAP Reconciliations / Adjusted EBITDA and Adjusted EBITDA Margin
18TM Non-GAAP Reconciliations / Adjusted EBITDA and Adjusted EBITDA Margin ($ thousands)
Slide 19: Non-GAAP Reconciliations / Adjusted Net Income and Adjusted EPS
19TM Non-GAAP Reconciliations / Adjusted Net Income and Adjusted EPS ($ thousands)
Slide 20: Non-GAAP Reconciliations / Operational Adjusted Net Income and EPS
20TM Non-GAAP Reconciliations / Operational Adjusted Net Income and EPS ($ thousands) March 28, March 29, March 28, March 29, 2025 2024 2025 2024 (27,830)$ 5,965$ (26,998)$ 18,233$ 6,568 6,502 13,333 13,003 7,977 4,731 13,157 9,447 7,558 (603) 11,951 (170) 3,665 4,074 8,283 13,049 1,107 701 724 1,97
Slide 21: Non-GAAP Reconciliations / Free Cash Flow, Net Debt, and Net Leverage
21TM Non-GAAP Reconciliations / Free Cash Flow, Net Debt, and Net Leverage ($ thousands)