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Alliance Reports Third Quarter 2025 Results

•Revenue increased 14% vs. prior year with strong performance across all end markets

•Net Income of $32.9 million reflecting robust topline, cost optimization and manufacturing

leverage

•Adjusted EBITDA increased 16% vs. prior year from high demand and operational execution

•Advanced innovation leadership with launch of industry’s largest stack tumbler and new

payment technology solution for the Vended market

•Strengthened balance sheet with repayment of debt with IPO proceeds in October 2025

___________________________________________________________________

RIPON, Wis., Nov. 13, 2025 – Alliance Laundry Systems (NYSE: ALH) (“Alliance” or the

“Company”), the global leader in commercial laundry equipment, announced results today for its third

quarter ended September 30, 2025.

“Alliance delivered strong performance in our first reported quarter as a public company with double-

digit growth on both the top and bottom line, and disciplined execution on our strategic initiatives,”

said Michael Schoeb, CEO of Alliance Laundry. “Using proceeds from our successful IPO in October,

we meaningfully reduced leverage while investing in our key long-term growth opportunities. Our

balanced capital allocation strategy and relentless focus on quality and reliability enhance our position

as the leading, pure-play commercial laundry systems manufacturer.”

THIRD QUARTER 2025 CONSOLIDATED RESULTS

Net revenues were $437.6 million, an increase of 14% compared to $384.3 million in the prior year

quarter. The increase was driven by both strong volume performance and low to mid-single digit price

increases. The strong performance across both North America and International reportable segments

was due to continued robust demand across the Vended, On-Premise Laundry (OPL), and

Commercial-In-Home (CIH) end markets. The high demand reflects the attractive total cost of

ownership offering Alliance provides that addresses continued customer needs for durable and reliable

commercial laundry solutions. 

Net income was $32.9 million, an increase of 620% compared to net loss of $(6.3) million in the prior

year quarter. Net income improvement in the quarter was driven by strong operating performance,

lower interest expense, and refinancing expenses in the prior year quarter. Adjusted net income was

$48.4 million, a 47% increase versus the prior year period. Net income margin expanded year-over-

year to 8%, an increase of 920 basis points.

Adjusted EBITDA was $110.8 million, an increase of 16% compared to $95.9 million in the prior

year quarter. The increase reflects strong revenue growth, disciplined operating expense management

and continued strategic investments in product innovation, and commercial and corporate functions to

support long-term growth and public company infrastructure. Adjusted EBITDA margin expanded

year-over-year to 25%, an increase of 40 basis points. 

1 IPO adjusted net leverage ratio reflects September 30, 2025 Net debt to Adjusted EBITDA, adjusted for the debt

repayment of $505.7 million related to IPO proceeds.

THIRD QUARTER 2025 RESULTS BY REPORTABLE SEGMENT

North America revenue was $330.7 million, an increase of 14%, compared to $289.2 million in the

prior year quarter with strong double digit growth across all three end markets, driven by a

combination of mid-single digit price increases, and low double digit increases in volume.

North America Adjusted EBITDA was $95.4 million, an increase of 13%, compared to $84.2 million

for the prior year quarter. Performance was driven by gross margin expansion including manufacturing

efficiencies, offset by strategic investments to support future value creation initiatives. Tariff impact in

the quarter was $3.5 million and was largely offset by price increases.

International revenue was $106.9 million, an increase of 12%, compared to $95.1 million for the

prior year quarter. Growth was balanced across mature and developing markets, with approximately

one-third of the increase attributable to each of volume, price, and favorable foreign exchange.

International Adjusted EBITDA was $25.7 million, an increase of 9%, compared to $23.4 million for

the prior year quarter with strong topline performance partially offset by customer and product mix.

The Company’s local-for-local manufacturing strategy resulted in limited tariff exposure in the

quarter.

THIRD QUARTER 2025 BUSINESS HIGHLIGHTS

•Strengthened capital structure with repricing of Term Loan B facility resulting in a 25 basis point

interest rate reduction, and a voluntary $135.0 million debt paydown, positioning the Company

for future interest savings.

•Showcased leading innovation at Clean Show 2025 with product and technology launches

including:

◦Industry’s largest stack tumbler: 55-pound stack tumbler that provides greater drying

capacity and laundromat owners another tool to drive greater revenue.

◦Scan-Pay-Wash: industry’s first cashless payment technology solution that does not

require an app download.

•Acquired Metropolitan Laundry Machinery Sales, a proven laundry equipment distributor

serving customers across the greater New York area, expanding Alliance’s direct presence in the

attractive Northeast market.

•Launched Stax-X stacked washer dryer, the first product fully developed at Alliance’s

engineering facility in Thailand. Aligned with Alliance’s local-for-local manufacturing strategy,

Stax-X is designed for regional markets with its combined washer-extractor and tumble dryer

that saves floor space and provides commercial-grade performance.

POST-QUARTER HIGHLIGHTS

•Completed successful IPO on October 9, 2025, following which Alliance used net proceeds from

the IPO and cash on-hand to repay $525.0 million of debt to deliver a 3.1x IPO adjusted net

leverage ratio1. The Term Loan repricing combined with the repayment delivers an approximate

$46.0 million annualized interest savings at current debt levels.

•Received a one notch credit rating upgrade from S&P Global to B+ (positive) and an outlook

upgrade from Moody’s Ratings to B2 (positive).

CONFERENCE CALL INFORMATION

Alliance will host a conference call to discuss this quarter’s results at 8:00 am Eastern Time today,

November 13, 2025.

To listen to the conference call, a live audio webcast will be available on the Alliance’s Investor

Relations website at https://ir.alliancelaundry.com/news-events/ir-calendar. A replay of the webcast

will be available after the call.

To participate in the conference call, analysts and investors can dial 1 (800) 267-6316 and

international participants can dial 1 (203) 518-9783. The Conference ID is ALH3Q25. Participants

should dial in at least 10 minutes prior to the call.

ABOUT ALLIANCE LAUNDRY

Alliance Laundry makes the world cleaner as a provider of the highest quality commercial laundry

systems. Our laundry solutions are available under five respected brands, sold and supported by a

global network of select distributors. We serve approximately 150 countries with a team of more than

4,000 employees. Our brands include Speed Queen®, UniMac®, Huebsch®, Primus® and IPSO®.

Together, they present a full line of commercial washing machines, dryers, and ironers (with load

capacities from 20–400 lb. or 9–180 kg.) and support service. You can also enjoy the superior wash

and fabric care of commercial-grade laundry equipment in your home through our legendary Speed

Queen® washers and dryers.

For more information, visit www.alliancelaundry.com.

NON-GAAP FINANCIAL MEASURES

We regularly review non-GAAP measures to evaluate our business, measure our performance and

manage our operations, including identifying trends affecting our business, formulating business plans

and making strategic decisions. We believe that non-GAAP measures provide an additional way of

viewing aspects of our operations that, when viewed together with our GAAP results, provide a more

complete understanding of our results of operations and the factors and trends affecting our business.

These non-GAAP financial measures are also used by our management to evaluate financial results

and to plan and forecast future periods. Non-GAAP financial measures should be considered a

supplement to, and not a substitute for, or superior to, the corresponding measures calculated in

accordance with GAAP. Non-GAAP financial measures used by us may differ from the non-GAAP

measures used by other companies, including our competitors.

“Adjusted EBITDA” represents Net income before provision for income taxes, interest expense,

depreciation and amortization. Adjusted EBITDA is also adjusted for the discrete items that

management excluded in analyzing the segments’ operating performance, such as refinancing and debt

related costs, share-based compensation, strategic transaction costs, foreign exchange on intercompany

loans and other non-recurring items which management believes are not indicative of the Company’s

ongoing operating performance. “Adjusted EBITDA Margin” represents Adjusted EBITDA divided

by Net revenues. Management utilizes Adjusted EBITDA and Adjusted EBITDA Margin as measures

of operating performance. Management believes Adjusted EBITDA is a useful measure to help readers

of our financial statements evaluate our operating performance and facilitates more meaningful

comparisons with industry peers. Our calculation of non-GAAP measures may differ from similarly

titled measures used by other companies, and therefore may not be directly comparable.  In evaluating

these metrics, investors should be aware that in the future we may incur expenses similar to those

eliminated in this presentation.

“Adjusted net income” represents Net income adjusted to exclude certain expenses not representative

of our ongoing operations and other charges. These adjustments include, but are not limited to,

refinancing and debt related costs, share-based compensation, strategic transaction costs, foreign

exchange on intercompany loans and other non-recurring items.

“Adjusted net income per share attributable to common stockholders – diluted” represents Adjusted

net income divided by the weighted average number of diluted shares outstanding for the relevant

period.

“Net debt” represents our total debt less Cash and cash equivalents.

“Net Debt to Adjusted EBITDA” represents total debt less Cash and cash equivalents divided by

Adjusted EBITDA for the relevant period.

“IPO adjusted net leverage” represents Net debt divided by Adjusted EBITDA giving effect to the

repayment of debt with our IPO proceeds as if it had occurred at the ending of the relevant period.

SEGMENT INFORMATION

Our business is organized into two reportable segments, North America and International. The

Company uses Segment net revenues, Segment Adjusted EBITDA and Segment Adjusted EBITDA

Margin as its measures of performance. The Company allocates certain costs including manufacturing

variances, customer support expenses and selling and general expenses which are incurred in our

global operations to the reportable segments in determining Segment Adjusted EBITDA.

We define “Segment Adjusted EBITDA” as, on a segment basis, net income excluding interest

income/expense, income taxes, depreciation and amortization. Segment Adjusted EBITDA is also

adjusted for the discrete items that management excluded in analyzing the segments’ operating

performance, such as refinancing and debt related costs, share-based compensation, strategic

transaction costs, foreign exchange on intercompany loans and other non-recurring items which

management believes are not indicative of the Company’s ongoing operating performance.  Segment

Adjusted EBITDA is a measure of operating performance of our reportable segments and may not be

comparable to similar measures reported by other companies.

FORWARD-LOOKING STATEMENTS

This press release includes "forward-looking statements" within the meaning of the "safe harbor"

provisions of the United States Private Securities Litigation Reform Act of 1995. In some cases, you

can identify these forward-looking statements by the use of terms such as "expect," "will," "continue,"

or similar expressions, and variations or negatives of these words, but the absence of these words does

not mean that a statement is not forward-looking. Forward-looking statements represent our

management's beliefs and assumptions only as of the date of this press release. You should read this

press release with the understanding that our actual future results may be materially different from

what we expect. All statements other than statements of historical fact are statements that could be

deemed forward-looking statements, which include but are not limited to: expectations relating to

revenues and other financial or business metrics; statements regarding relationships with clients and

business momentum; and any other statements of expectation or belief. These statements are subject to

known and unknown risks, uncertainties and other factors that may cause our actual results, levels of

activity, performance or achievements to differ materially from results expressed or implied in this

press release. Such risk factors include, but are not limited to, those related to: the high degree of

competition in the markets in which we operate; our reliance on the performance of distributors, route

operators, suppliers, retailers and servicers; our ability to achieve and maintain a high level of product

and service quality; fluctuations in the cost and availability of raw materials; our exposure to

international markets, particularly emerging markets; our exposure to costs and difficulties of

acquiring and integrating complementary businesses and technologies; and our exposure to worldwide

economic conditions and potential global economic downturns.

Additional information concerning these and other risks and uncertainties are contained in the section

entitled “Risk Factors” in the final prospectus filed October 9, 2025, which forms part of the

Registration Statement on Form S-1 declared effective as of September 30, 2025. Additional

information will be made available in our quarterly reports on Form 10-Q, and other filings and reports

that we may file from time to time with the SEC. Except as required by law, we assume no obligation,

and do not intend to, to update these forward-looking statements, or to update the reasons actual results

could differ materially from those anticipated in these forward-looking statements, even if new

information becomes available in the future.

ALLIANCE LAUNDRY SYSTEMS CONTACTS:

Investor Contact:

Bob Calver

Vice President, Investor Relations

ir@alliancels.com

Media Contact:

Randy Radtke

Senior Manager of Content and Creative Services

randy.radtke@alliancels.com

ALLIANCE LAUNDRY HOLDINGS INC.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(unaudited)

(in thousands, except per share amounts)

	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Net revenues:
Equipment, service parts and other ...........................	$424,993		$371,980		$1,237,465		$1,076,640
Equipment financing .................................................	12,613		12,315		36,898		36,664
Net revenues .................................................................	437,606		384,295		1,274,363		1,113,304
Costs and expenses: ......................................................
Cost of sales ..............................................................	265,844		230,098		764,100		669,973
Cost of sales - related parties ....................................	1,950		1,649		5,032		4,644
Equipment financing expenses ..................................	7,859		9,587		24,068		25,997
Gross profit ...................................................................	161,953		142,961		481,163		412,690
Selling, general, and administrative expenses ..............	76,386		70,942		227,113		195,766
Selling, general, and administrative expenses - related parties ..........................................................................	75		75		225		225
Total operating expenses ..............................................	76,461		71,017		227,338		195,991
Operating income ......................................................	85,492		71,944		253,825		216,699
Interest expense, net .....................................................	36,952		42,339		121,240		100,770
Other expenses, net .......................................................	5,606		37,340		26,514		37,110
Income/(loss) before taxes ........................................	42,934		(7,735)		106,071		78,819
Provision/(benefit) for income taxes ............................	10,038		(1,413)		24,912		17,564
Net income/(loss) ......................................................	$32,896		$(6,322)		$81,159		$61,255
Comprehensive income:
Net income/(loss) ......................................................	$32,896		$(6,322)		$81,159		$61,255
Foreign currency translation adjustment  .................	5,969		21,017		59,155		1,768
Comprehensive income .........................................	$38,865		$14,695		$140,314		$63,023
Net income/(loss)
Basic ...........................................................................	$0.19		$(0.04)		$0.47		$0.36
Diluted ........................................................................	$0.19		$(0.04)		$0.46		$0.35
Weighted average number of common shares outstanding
Basic ...........................................................................	171,423		171,054		171,554		170,722
Diluted ........................................................................	174,950		171,054		175,458		173,116

ALLIANCE LAUNDRY HOLDINGS INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(unaudited)

(in thousands, except share and per share amounts)

	September 30, 2025		December 31, 2024
Assets
Current assets:
Cash and cash equivalents ...............................................................................................................................	$136,168		$154,682
Restricted cash ................................................................................................................................................	3,601		6,401
Restricted cash - for securitization investors ..................................................................................................	20,052		26,959
Accounts receivable, net .................................................................................................................................	106,725		92,150
Inventories, net ................................................................................................................................................	154,861		133,494
Inventories, net - related parties ......................................................................................................................	823		989
Accounts receivable, net - restricted for securitization investors ...................................................................	164,197		130,060
Equipment financing receivables, net .............................................................................................................	3,613		4,600
Equipment financing receivables, net - restricted for securitization investors ...............................................	88,000		88,288
Prepaid expenses and other current assets ......................................................................................................	36,975		30,534
Total current assets ..........................................................................................................................................	715,015		668,157
Equipment financing receivables, net ..................................................................................................................	6,468		7,633
Property, plant, and equipment, net .....................................................................................................................	250,559		248,341
Operating lease right-of-use assets ......................................................................................................................	20,273		17,080
Equipment financing receivables, net - restricted for securitization investors ....................................................	449,130		417,672
Deferred income tax asset, net .............................................................................................................................	3,486		3,220
Debt issuance costs, net .......................................................................................................................................	3,663		2,793
Goodwill ..............................................................................................................................................................	687,714		666,580
Intangible assets, net ............................................................................................................................................	765,014		793,666
Other long-term assets .........................................................................................................................................	2,830		6,963
Total assets .................................................................................................................................................	$2,904,152		$2,832,105
Liabilities and Stockholders' Deficit
Current liabilities:
Current portion of long-term debt ...................................................................................................................	$20,862		$20,896
Accounts payable	151,171		141,808
Accounts payable - related parties ..................................................................................................................	1,708		1,338
Asset backed borrowings - owed to securitization investors ..........................................................................	196,990		170,862
Current operating lease liabilities ...................................................................................................................	5,859		5,502
Other current liabilities ...................................................................................................................................	131,782		138,259
Total current liabilities ...............................................................................................................................	508,372		478,665
Long-term debt, net ..............................................................................................................................................	1,903,836		2,034,545
Asset backed borrowings - owed to securitization investors ...............................................................................	404,007		382,910
Deferred income tax liability ...............................................................................................................................	169,602		171,103
Long-term operating lease liabilities ...................................................................................................................	15,289		12,549
Other long-term liabilities ....................................................................................................................................	39,468		29,661
Total liabilities ............................................................................................................................................	3,040,574		3,109,433
Commitments and contingencies (See Note 17) ..................................................................................................
Stockholders' deficit:
Redeemable preferred stock, $0.01 par value, 100,000,000 shares authorized, no shares issued or outstanding ...........................................................................................................................................................	—		—
Common stock, $0.01 par value, 2,000,000,000 shares authorized, 172,802,531 and 189,609,192 issued, respectively, and 172,802,531 and 125,290,718, outstanding, respectively ........................................................	1,728		1,896
Additional paid-in capital ....................................................................................................................................	—		189,911
(Accumulated deficit)/retained earnings ..............................................................................................................	(195,553)		31,527
Treasury stock, at cost, 0 and 64,318,474 shares, respectively ...........................................................................	—		(498,910)
Accumulated other comprehensive income/(loss) ...............................................................................................	57,403		(1,752)
Total stockholders' deficit ...............................................................................................................................	(136,422)		(277,328)
Total liabilities and stockholders’ deficit ...................................................................................................	$2,904,152		$2,832,105

ALLIANCE LAUNDRY HOLDINGS INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited)

		Nine Months Ended September 30,
(in thousands)		2025		2024
Cash flows from operating activities:
Net income ......................................................................................................................................................................................................		$81,159		$61,255
Adjustments to reconcile Net income to net cash provided by operating activities: ......................................................................................
Depreciation and amortization ..................................................................................................................................................................		69,344		67,496
Amortization and extinguishment of debt issuance costs .........................................................................................................................		2,498		5,045
Amortization of original issue discount ....................................................................................................................................................		2,858		2,227
Non-cash interest expense .........................................................................................................................................................................		9,761		11,214
Non-cash (gain)/loss on commodity & foreign exchange contracts, net ..................................................................................................		(9)		394
Non-cash foreign exchange loss, net .........................................................................................................................................................		23,035		4,143
Non-cash stock-based compensation .........................................................................................................................................................		2,562		2,585
Loss on sale of property, plant, and equipment .........................................................................................................................................		656		360
Provision for credit losses .........................................................................................................................................................................		2,917		3,393
Deferred income taxes ...............................................................................................................................................................................		(4,144)		(15,902)
Changes in assets and liabilities, net of the effects of acquisitions: ..........................................................................................................
Accounts and equipment financing receivables, net ............................................................................................................................		(3,807)		4,761
Accounts receivable - restricted for securitization investors ...............................................................................................................		(34,391)		(8,474)
Inventories, net .....................................................................................................................................................................................		(15,069)		(16,279)
Inventories, net - related party .............................................................................................................................................................		166		75
Equipment financing receivables, net - restricted for securitization investors ....................................................................................		(21,783)		(26,968)
Other assets ..........................................................................................................................................................................................		(3,153)		(2,470)
Accounts payable .................................................................................................................................................................................		9,677		6,076
Accounts payable - related parties .......................................................................................................................................................		370		(116)
Other liabilities ....................................................................................................................................................................................		(5,857)		(31,484)
Net cash provided by operating activities .......................................................................................................................................................		116,790		67,331
Cash flows from investing activities:
Capital expenditures ........................................................................................................................................................................................		(29,789)		(23,624)
Acquisition of businesses, net of cash acquired ..............................................................................................................................................		(13,614)		(22,181)
Proceeds on disposition of assets ....................................................................................................................................................................		343		106
Originations of equipment financing receivables, net - restricted for securitization investors ......................................................................		(66,924)		(63,942)
Collections of equipment financing receivables, net - restricted for securitization investors ........................................................................		55,674		54,036
Net cash used in investing activities ..........................................................................................................................................................		(54,310)		(55,605)
Cash flows from financing activities:
Payments on revolving line of credit borrowings ...........................................................................................................................................		—		(5,605)
Proceeds from long-term borrowings .............................................................................................................................................................		—		2,064,625
Payments on long-term borrowings ................................................................................................................................................................		(135,000)		(1,268,000)
Cash paid for debt establishment and amendment fees ..................................................................................................................................		(1,877)		(2,307)
Increase in asset backed borrowings owed to securitization investors ...........................................................................................................		164,311		154,006
Decrease in asset backed borrowings owed to securitization investors ..........................................................................................................		(117,086)		(111,112)
Dividends paid ................................................................................................................................................................................................		—		(265,940)
Return of capital paid ......................................................................................................................................................................................		—		(634,060)
Repurchase of common stock .........................................................................................................................................................................		(6,205)		(99)
Taxes paid related to net share settlement of stock options ............................................................................................................................		(1,937)		(1,105)
Net proceeds from stock options exercised ....................................................................................................................................................		5,672		82
Proceeds from common stock issuance under employee purchase plan ........................................................................................................		500		—
Net cash used in financing activities .........................................................................................................................................................		(91,622)		(69,515)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash ..................................................................................................		921		(2,232)
(Decrease)/increase in cash, cash equivalents, and restricted cash ......................................................................................................................		(28,221)		(60,021)
Cash, cash equivalents, and restricted cash at beginning of period .....................................................................................................................		188,042		209,969
Cash, cash equivalents, and restricted cash at end of period ................................................................................................................................		$159,821		$149,948
Reconciliation of cash, cash equivalents, and restricted cash to the Condensed Consolidated Balance Sheets:
Cash and cash equivalents ..............................................................................................................................................................................		$136,168		$128,356
Restricted cash ................................................................................................................................................................................................		3,601		5,227
Restricted cash - for securitization investors ..................................................................................................................................................		20,052		16,365
Total cash, cash equivalents, and restricted cash shown in the Statement of Cash Flows ........................................................................		$159,821		$149,948
Supplemental disclosure of cash flow information:
Cash paid for interest ......................................................................................................................................................................................		$107,974		$108,020
Cash paid for interest - to securitized investors ..............................................................................................................................................		$23,706		$25,871
Cash paid for income taxes .............................................................................................................................................................................		$38,872		$46,765
Supplemental disclosure of investing and financing non-cash activities:
Capital expenditures included in accounts payable ........................................................................................................................................		$2,662		$2,065

ALLIANCE LAUNDRY HOLDINGS INC.

SEGMENT SUMMARY

The following table presents revenue by segment, Segment Adjusted EBITDA and Segment Adjusted

EBITDA Margin:

	(Unaudited)
	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands)	2025		2024		2025		2024
North America
Segment net revenues	$330,742		$289,242		$952,156		$819,078
Segment adjusted EBITDA	$95,449		$84,233		$273,027		$240,530
Segment adjusted EBITDA margin	28.9%		29.1%		28.7%		29.4%
International
Segment net revenues	$106,864		$95,053		$322,207		$294,226
Segment adjusted EBITDA	$25,650		$23,447		$91,344		$79,768
Segment adjusted EBITDA margin	24.0%		24.7%		28.3%		27.1%

ALLIANCE LAUNDRY HOLDINGS INC.

RECONCILIATION SCHEDULES

Selected financial information for each segment is as follows:

	(Unaudited)
	Three Months Ended September 30, 2025						Three Months Ended September 30, 2024
(in thousands)	North America		International		Total		North America		International		Total
Net revenues	$330,742		$106,864		$437,606		$289,242		$95,053		$384,295
Cost of sales(1)	204,781		69,896				180,099		60,607
Other segment items(2)	30,512		11,318				24,910		10,999
Segment Adjusted EBITDA	$95,449		$25,650		$121,099		$84,233		$23,447		$107,680
Reconciling items:
Interest expense, net					(36,952)						(42,339)
Depreciation and amortization					(23,386)						(22,587)
Refinancing and debt related costs					(2,425)						(32,967)
Foreign exchange gain/(loss) on intercompany loans, net					(3,181)						(4,373)
Shared-based compensation					(791)						(809)
Strategic transaction costs					(1,132)						(515)
Corporate and other					(10,298)						(11,825)
Income before taxes					$42,934						$(7,735)

	(Unaudited)
	Nine Months Ended September 30, 2025						Nine Months Ended September 30, 2024
(in thousands)	North America		International		Total		North America		International		Total
Net revenues	$952,156		$322,207		$1,274,363		$819,078		$294,226		$1,113,304
Cost of sales(1)	592,236		198,317				514,024		184,967
Other segment items(2)	86,893		32,546				64,524		29,491
Segment Adjusted EBITDA	$273,027		$91,344		$364,371		$240,530		$79,768		$320,298
Reconciling items:
Interest expense, net					(121,240)						(100,770)
Depreciation and amortization					(69,344)						(67,496)
Refinancing and debt related costs					(3,479)						(32,967)
Foreign exchange gain/(loss) on intercompany loans, net					(23,035)						(4,143)
Shared-based compensation					(2,562)						(2,585)
Strategic transaction costs					(4,176)						(5,183)
Corporate and other					(34,464)						(28,335)
Income before taxes					$106,071						$78,819

                       

(1)Consists of Cost of sales, Cost of sales - related parties and Equipment financing expenses.

(2)Other segment items for each reportable segment includes allocated engineering, sales and marketing, information technology,

and certain other overhead expenses.

The following table presents a reconciliation of Net income/(loss) to the non-GAAP financial measure

adjusted earnings before interest, taxes depreciation and amortization (Adjusted EBITDA) and Net

income (loss) margin to Adjusted EBITDA margin:

	(Unaudited)
	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands, except percentages)	2025		2024		2025		2024
Net income/(loss)	$32,896		$(6,322)		$81,159		$61,255
Provision/(benefit) for income taxes	10,038		(1,413)		24,912		17,564
Interest expense, net	36,952		42,339		121,240		100,770
Depreciation and amortization	23,386		22,587		69,344		67,496
Refinancing and debt related costs	2,425		32,967		3,479		32,967
Foreign exchange gain on intercompany loans, net	3,181		4,373		23,035		4,143
Shared-based compensation	791		809		2,562		2,585
Strategic transaction costs	1,132		515		4,176		5,183
Adjusted EBITDA	$110,801		$95,855		$329,907		$291,963
Net revenues	$437,606		$384,295		$1,274,363		$1,113,304
Net income/(loss) margin	7.5 %		(1.6) %		6.4 %		5.5 %
Adjusted EBITDA margin	25.3 %		24.9 %		25.9 %		26.2 %

The following table presents a reconciliation of Net income to Adjusted net income:

	(Unaudited)
	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands, except per share data)	2025		2024		2025		2024
Net income/(loss)	$32,896		$(6,322)		$81,159		$61,255
Amortization of intangible assets	12,626		12,515		38,061		37,584
Refinancing and debt related costs	2,425		32,967		3,479		32,967
Foreign exchange gain on intercompany loans, net	3,181		4,373		23,035		4,143
Shared-based compensation	791		809		2,562		2,585
Strategic transaction costs	1,132		515		4,176		5,183
Tax effect of add backs	(4,634)		(11,848)		(16,395)		(19,090)
Adjusted net income	$48,417		$33,009		$136,077		$124,627
Net income/(loss) per share attributable to common stockholders - diluted:	$0.19		$(0.04)		$0.46		$0.35
Adjusted net income per share attributable to common stockholders - diluted:	$0.28		$0.19		$0.78		$0.72

The following table presents the calculation of last twelve months (LTM) adjusted EBITDA for

purposes of calculating Net debt and Net debt to Adjusted EBITDA:

	(Unaudited)
(in thousands)	Three Months Ended December 31, 2024		Nine Months Ended September 30, 2025		LTM September 30, 2025
Net Income	$37,064		$81,159		$118,223
Provision/(benefit) for income taxes	7,566		24,912		32,478
Interest expense, net	31,231		121,240		152,471
Depreciation and amortization	22,673		69,344		92,017
Refinancing and debt related costs	250		3,479		3,729
Foreign exchange gain on intercompany loans, net	(8,797)		23,035		14,238
Shared-based compensation	678		2,562		3,240
Strategic transaction costs	620		4,176		4,796
Adjusted EBITDA	$91,285		$329,907		$421,192

The following table presents a reconciliation of Debt to Net Debt and Net Debt to Adjusted EBITDA:

	(Unaudited)
(in thousands)	September 30, 2025		December 31, 2024
Term loan	$1,940,000		$2,075,000
Finance lease obligations	267		359
Debt	1,940,267		2,075,359
Less: Cash and cash equivalents	(136,168)		(154,682)
Net debt	$1,804,099		$1,920,677
LTM adjusted EBITDA	$421,192		$383,248
Net debt to adjusted EBITDA	4.3x		5.0x