Barclays 43rd Annual Industrial Select Conference Presentation

February 18, 2026

Reconciliation of GAAP and Non-GAAP Financial Measures

A non-GAAP financial measure is a numerical measure of financial performance, financial position, or cash flows that either 1) excludes amounts, or is subject to adjustments that have the effect of excluding amounts, that are included in the most directly comparable measure calculated and presented in accordance with GAAP in the statement of income, statement of financial position or statement of cash flows, or 2) includes amounts, or is subject to adjustments that have the effect of including amounts, that are excluded from the most directly comparable measure so calculated and presented.

These measures should not be considered in isolation or as a substitute for revenues, net income, earnings per share or other performance measures prepared in accordance with GAAP. Management believes all of these non-GAAP financial measures are useful to provide investors with information about current trends in, and period-over-period comparisons of, the Company's results of operations. An analysis of any non-GAAP financial measure should be used in conjunction with results presented in accordance with GAAP.

The Company has used the following non-GAAP financial measures in this earnings presentation:

Organic revenues

Organic revenues are calculated as revenues less the revenues from acquisitions completed within the prior 12 months and excluding the revenues from divested businesses. Acquisition revenues are based on the trailing 12-month revenue of our acquired entities. Management uses organic revenues, and organic revenues by type to compare revenues over various periods excluding the impact of acquisitions and divestitures.

Adjusted operating income and adjusted operating margin

Adjusted operating income and adjusted operating margin are calculated by adding back to operating income those expenses associated with the amortization of intangible assets and adjustments to the fair value of contingent consideration resulting from the acquisitions of Fox Pest Control and Saela Pest Control. Adjusted operating margin is calculated as adjusted operating income divided by revenues. Management uses adjusted operating income and adjusted operating margin as measures of operating performance because these measures allow the Company to compare performance consistently over various periods.

Adjusted net income and adjusted EPS

Adjusted net income and adjusted EPS are calculated by adding back to the GAAP measures amortization of intangible assets and adjustments to the fair value of contingent consideration resulting from the acquisitions of Fox Pest Control and Saela Pest Control, excluding gains and losses on the sale of non-operational assets and gains on the sale of businesses, and by further subtracting the tax impact of those expenses, gains, or losses. Management uses adjusted net income and adjusted EPS as measures of operating performance because these measures allow the Company to compare performance consistently over various periods.

EBITDA, EBITDA margin, adjusted EBITDA, adjusted EBITDA margin, incremental EBITDA margin and adjusted incremental EBITDA margin

EBITDA is calculated by adding back to net income depreciation and amortization, interest expense, net, and provision for income taxes. EBITDA margin is calculated as EBITDA divided by revenues. Adjusted EBITDA and adjusted EBITDA margin are calculated by further adding back those expenses associated with the adjustments to the fair value of contingent consideration resulting from the acquisitions of Fox Pest Control and Saela Pest Control, and excluding gains and losses on the sale of non-operational assets and gains on the sale of businesses. Management uses EBITDA, EBITDA margin, adjusted EBITDA and adjusted EBITDA margin as measures of operating performance because these measures allow the Company to compare performance consistently over various periods. Incremental EBITDA margin is calculated as the change in EBITDA divided by the change in revenue. Management uses incremental EBITDA margin as a measure of operating performance because this measure allows the Company to compare performance consistently over various periods. Adjusted incremental EBITDA margin is calculated as the change in adjusted EBITDA divided by the change in revenue. Management uses adjusted incremental EBITDA margin as a measure of operating performance because this measure allows the Company to compare performance consistently over various periods.

Free cash flow, free cash flow conversion, adjusted free cash flow, and adjusted free cash flow conversion

Free cash flow is calculated by subtracting capital expenditures from cash provided by operating activities. Management uses free cash flow to demonstrate the Company's ability to maintain its asset base and generate future cash flows from operations. Free cash flow conversion is calculated as free cash flow divided by net income. Adjusted free cash flow is calculated by adding back to cash provided by operating activities the impact of certain delayed income tax payments. Adjusted free cash flow conversion is calculated as adjusted free cash flow divided by net income.

Management uses free cash flow conversion and adjusted free cash flow conversion to demonstrate how much net income is converted into cash. Management believes that free cash flow and adjusted free cash flow are important financial measures for use in evaluating the Company's liquidity. Free cash flow and adjusted free cash flow should be considered in addition to, rather than as a substitute for, net cash provided by operating activities as a measure of our liquidity. Additionally, the Company's definition of free cash flow and adjusted free cash flow is limited, in that it does not represent residual cash flows available for discretionary expenditures, due to the fact that the measure does not deduct the payments required for debt service and other contractual obligations or payments made for business acquisitions. Therefore, management believes it is important to view free cash flow and adjusted free cash flow as measures that provide supplemental information to our consolidated statements of cash flows. Adjusted sales, general, and administrative ("SG&A")

Adjusted SG&A is calculated by removing the adjustments to the fair value of contingent consideration resulting from the acquisitions of Fox Pest Control and Saela Pest Control. Management uses adjusted SG&A to compare SG&A expenses consistently over various periods.

Leverage ratio

Leverage ratio, a financial valuation measure, is calculated by dividing adjusted net debt by adjusted EBITDAR. Adjusted net debt is calculated by adding short-term debt and operating lease liabilities to total long-term debt less a cash adjustment of 90% of total consolidated cash. Adjusted EBITDAR is calculated by adding back to net income depreciation and amortization, interest expense, net, provision for income taxes, operating lease cost, and stock-based compensation expense. Management uses leverage ratio as an assessment of overall liquidity, financial flexibility, and leverage.

Delivered Solid Revenue and Earnings in 2025

Other

FY 2025 Highlights

• Double-digit growth across all major service lines

• Organic growth of 6.9%, acquisitions drove remaining 4.1% of growth.

• One-time business was a drag on growth in the fourth quarter. Organic recurring & ancillary service revenue growth was above 7.0% for the year

• Adjusted operating income margin1 of

  20.0% saw +10 bps of expansion.

• Executed balanced capital allocation program, deploying over $880M of capital.

• Welcomed 26 new businesses to Rollins portfolio, including Saela

Full year comparisons are against FY 2024 unless otherwise noted. 1 These amounts are non-GAAP numbers (see Appendix).

Revenue

Adjusted EPS1

$3.8B

$1.12

$650.0M

up

up

Free Cash Flow1

up

11.0%

13.1%

12.1%

Long-Term Compounder

Operating Cash Flow

+18%

Adj. EBITDA 1

+14%

Revenue

+7%

Average Annual TSR

+1G%

Long-Term (2000-2025)

CAGR)

1 These amounts are Non-GAAP numbers (See Appendix).

24 Years of Consecutive Growth

High Recurring Revenue

90+% Domestic Revenue

Financial Consistency Across Cycles

1 These amounts are Non-GAAP numbers (See Appendix).

"Sticky" multi-dimensional, multi-year relationships with customers

More transactional customer relationship

Recurring Revenue

• Ongoing pest prevention and treatment under a scheduled service agreement

• Typically monthly, bi-monthly, or quarterly visits

• Relationships often extend over multi-year period

~75% of revenue High-single digit growth

Ancillary Revenue

• Prevention of pest issue or remediation to include wildlife exclusion, crawlspace encapsulation and moisture remediation, insulation

• Opportunity to increase depth of relationship with existing customer

~10% of revenue Mid-high teens growth

• Single-service treatment for a specific pest issue such as bed bugs, wildlife removal, termite treatment, and infestations

~15% of revenue Flat-2% growth

Growth Algorithm

Last 3 Years 2026E Medium-Term Outlook

Key Takeaways

Made investments throughout our business to support our teammates and enhance our customer experience.

Rolled out The Rollins Way; making investments to support the growth of our company and establish consistent leadership behaviors across the enterprise

We have made encouraging progress in improving retention of our newer teammates, specifically those who are with us for six months or less

Better Before Bigger

Solid revenue growth of 11.0% for FY 2025 with double-digit growth across all service lines

Organic growth of 6.9%, acquisitions drove remaining 4.1% of growth.

One-time business was a drag on growth in the fourth quarter. Organic growth of recurring & ancillary services was above 7% for the year

Underlying markets remain healthy and customer retention rates are strong

Sustainable Growth

Continue to focus on pricing and productivity

People costs pressured margins as we ended the year with a double-digit increase in teammates versus last year.

We have been focused on continuing to hire and train in order to support demand so that we can hit the ground running during our peak season beginning later in Q1

Margins Remain a Focus

1 These amounts are non-GAAP numbers (See Appendix).

11 © 2026 Rollins, Inc. All rights reserved.

1. Consists of expenses associated with the amortization of certain intangible assets and adjustments to the fair value of contingent consideration resulting from the acquisitions of Fox Pest Control and Saela Pest Control. While we exclude such expenses in this non-GAAP measure, such expenses are expected to recur, the revenue from the acquired company is reflected in this non-GAAP measure and the acquired assets contribute to revenue generation.

2. Consists of the gain or loss on the sale of non-operational assets.

3. The tax effect of the adjustments is calculated using the applicable statutory tax rates for the respective periods.

4. In some cases, the sum of the individual EPS amounts may not equal total non-GAAP EPS calculations due to rounding.

1. Consists of expenses associated with the amortization of certain intangible assets and adjustments to the fair value of contingent consideration resulting from the acquisitions of Fox Pest Control and Saela Pest Control. While we exclude such expenses in this non-GAAP measure, such expenses are expected to recur, the revenue from the acquired company is reflected in this non-GAAP measure and the acquired assets contribute to revenue generation.

2. Consists of the gain or loss on the sale of non-operational assets.

1. The U.S. Internal Revenue Service provided disaster relief to all State of Georgia taxpayers due to the impact of Hurricane Helene. Therefore, we did not make an estimated payment for U.S. federal income tax purposes in the fourth quarter of 2024. That tax payment was made during the second quarter of 2025.

   
   
   
   
   

   1. As of December 31, 2025, the Company had outstanding borrowings of $114.4 million under our commercial paper program and $9.3 million in bank overdrafts. The Company's short-term borrowings are presented under the short-term debt caption of our consolidated statements of financial position, net of unamortized discounts.

   2. As of December 31, 2025, the Company had outstanding borrowings of $500.0 million from the issuance of our 2035 Senior Notes and no outstanding borrowings under the Revolving Credit Facility. These borrowings are presented under the long-term debt caption of our consolidated statements of financial position, net of a $7.1 million unamortized discount and

      $6.7 million in unamortized debt issuance costs as of December 31, 2025. As of December 31, 2024, the Company had outstanding borrowings of $397.0 million, under the Revolving Credit Facility. Borrowings under the Revolving Credit Facility are presented under the longterm debt caption of our consolidated statements of financial position, net of $1.7 million in unamortized debt issuance costs as of December 31, 2024.

   3. Operating lease liabilities are presented under the operating lease liabilities - current and operating lease liabilities, less current portion captions of our consolidated statements of financial position.

   4. Represents 90% of cash and cash equivalents per our consolidated statements of financial position as of both periods presented.

   5. Operating lease cost excludes short-term lease cost associated with leases that have a duration of 12 months or less.

(1) Consists of expenses associated with the amortization of certain intangible assets and adjustments to the fair value of contingent consideration resulting from the acquisitions of Fox Pest Control and Saela Pest Control. While we exclude such expenses in this non-GAAP measure, such expenses are expected to recur, the revenue from the acquired company is reflected in this non-GAAP measure and the acquired assets contribute to revenue generation.

© 2026 Rollins, Inc. All rights reserved.