Alliance Laundry Reports Third Quarter 2026 Results

Alliance Laundry Holdings Inc. (NYSE: ALH) (“Alliance” or the “Company”), the global leader in commercial laundry equipment, today announced results for its third quarter ended September 30, 2026 and updated full-year guidance.

“Our third quarter results reflect our deep commitment to customers and the strength, resilience and non-discretionary nature of our business model,” said Michael Schoeb, CEO of Alliance. “We continue to invest in our business by expanding our connected equipment platform, deepening our distributor partnerships, and supporting the businesses, operators and people who count on our products every day. In the quarter, North America delivered strong growth, and our International segment expanded profitability with mixed top-line performance across regions. Demand for our laundry solutions remains durable, and diversity by product, end market, and geography helps to drive long term consistent results. Our focus on operational excellence and disciplined capital allocation positions us well to compound value for shareholders over the long term. Additionally, we are raising our full-year Adjusted EBITDA guidance to the high end of our previous range and pleased to be approaching our year-end Net Leverage target even when factoring in the share repurchase completed in the third quarter.”

¹ Refer to the “Non-GAAP Financial Measures” section for additional information regarding forward-looking non-GAAP financial measures. A reconciliation of non-GAAP measures is contained in the appendix to this press release.

THIRD QUARTER 2026 CONSOLIDATED RESULTS

Net revenues increased 5% to $461 million compared to $438 million in the prior year quarter. Volume and mix benefits accounted for half of this increase in the quarter with pricing contributing to the balance. Growth in North America was slightly offset by lower International segment revenue. The majority of international markets performed as expected, with particular strength in the Latin America region. Foreign currency fluctuation had an approximate one percent negative impact on International revenue compared to the prior year.

Gross profit increased 12% to $182 million, representing a gross margin of 39.4%, which is an approximate 240 basis points increase from the prior year quarter. Volume and mix provided a meaningful benefit, helping to offset ongoing inflationary pressures, alongside pricing actions already in place. A discrete benefit from tariff refunds in the quarter also helped absorb higher current year inflationary cost increases. Our local-for-local manufacturing footprint continues to provide a meaningful structural cost advantage, particularly given the tariff environment.

Net income was $65 million compared to $33 million in the prior year quarter, with Net income margin of 14.1%. Adjusted Net income increased approximately 57% to $76 million versus $48 million in the prior year quarter, reflecting the growth in operating earnings and approximately $20 million in lower interest expense.

Adjusted EBITDA increased 14% to $127 million, with Adjusted EBITDA Margin of 27.5%, an increase of approximately 220 basis points versus the prior year quarter. Volume leverage, operational excellence, and supply chain efficiency drove the margin expansion, as well as the discrete benefit from tariff refunds in the quarter.

CASH FLOW AND BALANCE SHEET

Operating cash flow for the quarter was $84 million, up from $66 million in the prior year quarter, reflecting strong operating cash conversion and continued working capital efficiency, consistent with the Company’s historical performance. During the quarter, the Company paid down $45 million of debt, bringing total year-to-date debt reduction to $160 million, and repurchased $75 million of common stock. As of September 30, 2026, total debt was $1.21 billion and net debt was $1.07 billion. Net Leverage decreased to 2.25x, down from approximately 2.4x at June 30, 2026, and approximately 2.8x as of the prior year end.

THIRD QUARTER 2026 RESULTS BY REPORTABLE SEGMENT

North America revenues increased 8% to $356 million, with Adjusted EBITDA of $115 million and Adjusted EBITDA margin increasing over 300 basis points versus the prior year. North America revenue growth was led by Commercial In-Home and On-Premise Laundry, both driven by higher volume. Commercial In-Home results were driven by consumers choosing the reliability, longevity, and durability that our commercial heritage delivers. On-Premise Laundry had a strong quarter, reflecting the nature of its steady, replacement-driven demand. In Vended, which includes laundromat and multi-housing customers, results reflected the timing of new store projects, including longer permitting and construction lead times, while customers continued the trend of retooling with larger-capacity machines. Significant cost pressures persisted during the quarter, led by steel and freight, but a tariff refund and pricing actions taken late last year helped to offset that inflation, and our U.S. manufacturing footprint and supply chain remain a structural advantage.

International revenues decreased 1% to $105 million, mainly due to foreign currency, and Adjusted EBITDA increased to $27 million with Adjusted EBITDA margin of 25.3%. International grew profitability despite varied top-line performance across regions. Europe was steady, with continued support from the ongoing replacement and upgrade cycle, plus vended growth across its end markets. Latin America showed solid growth while Asia Pacific results reflect timing of projects following strength in prior quarters, with year-to-date revenue up versus the prior year. Middle East & Africa stabilized in the quarter, supported by the hospitality market and growth in areas not directly affected by the conflict in the Middle East. Adjusted EBITDA and margin expansion reflected favorable product and end market mix and positive price versus cost, net of inflation and tariffs. Our local-for-local manufacturing model also helped mitigate the impact of currency on profitability. While regional and product mix will continue to make international results variable from quarter to quarter, underlying financial trends have been positive beyond a single quarter even as we continue to invest in people and products in emerging markets to support future growth.

UPDATED 2026 FULL YEAR GUIDANCE

The Company’s outlook includes Adjusted EBITDA and Net Leverage, which are non-GAAP measures. The Company does not provide certain estimated future results for Adjusted EBITDA and Net Leverage on a GAAP basis because the Company is unable to predict, with reasonable certainty, certain items that are excluded from Adjusted EBITDA, including but not limited to stock-based compensation, strategic transaction costs, refinancing and debt-related costs, foreign exchange gain/loss on intercompany loans, plus interest, taxes, and depreciation and amortization. These items are uncertain and will depend on several factors, including industry conditions, and could be material to the Company’s results computed in accordance with GAAP. The Company has not provided reconciliations between the Company’s 2026 guidance and the most directly comparable GAAP measures because it would be too difficult to prepare a reliable U.S. GAAP quantitative reconciliation without unreasonable effort.

Based on the strength of our year-to-date performance and our visibility into the balance of the year, the Company is raising Adjusted EBITDA guidance for 2026 to the high end of the previous range and firming up its Net Leverage guidance. Revenue guidance remains unchanged.

Revenue growth guidance versus prior year remains at +6% to 7%. Adjusted EBITDA growth has been increased to ~10%, the high end of the prior range of +8% to 10%, as the Company realizes the benefit of volume and mix contributions as well as pricing impact alongside the realization of continued cost-down initiatives and tariff refunds that have helped address the rising input cost environment. The Company anticipates Net Leverage of approximately 2.1x by the end of 2026, absent any other capital allocation opportunities, and includes the $75 million share repurchase completed during the third quarter. Interest is now expected to total approximately $75 million for 2026 and share count is now expected to be approximately 203 million for fiscal year 2026. Our Capital Expenditures and Effective Tax Rate assumptions remain unchanged.

	Updated 2026 Guidance	(Previous)

Revenue Growth	+6% to 7%
Adjusted EBITDA Growth	+ ~10%	(+8% to 10%)
Net Leverage	2.1x	(2.0x by year end)*
Capital Expenditures (% of Revenue)	~3%
Effective Tax Rate	~23.0%
Interest Expense	~$75 million	(~$80 million)
Diluted Share Count	~203 million	(~205 million)
*Issued prior to the $75 million share repurchase completed in the third quarter

CONFERENCE CALL INFORMATION

Alliance will host a conference call to discuss these results at 8:00 a.m. Eastern Time today, November 10, 2026.

A live audio webcast will be available on 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.

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 and is further adjusted to exclude certain expenses not representative of our ongoing operations and other charges not involving cash outlays and “Adjusted EBITDA Margin” represents Adjusted EBITDA divided by Net revenues.

“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, stock-based compensation, strategic transaction costs, intangible amortization, foreign exchange on intercompany loans and other non-recurring items.

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

“Net Debt to Adjusted EBITDA” or “Net Leverage” represents total debt less Cash and cash equivalents divided by Adjusted EBITDA for 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, stock-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 the Company’s plans, guidance, growth, execution, costs and cost savings 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 Company’s Annual Report on Form 10-K for the year ended December 31, 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, 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 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,
		2026			2025		2026			2025
Net revenues:
Equipment, service parts and other	$	447,882		$	424,993	$	1,326,794		$	1,237,465
Equipment financing		13,038			12,613		37,768			36,898
Net revenues		460,920			437,606		1,364,562			1,274,363
Costs and expenses:
Cost of sales		269,295			265,844		806,147			764,100
Cost of sales – related parties		2,050			1,950		5,855			5,032
Equipment financing expenses		7,998			7,859		23,898			24,068
Gross profit		181,577			161,953		528,662			481,163

Selling, general, and administrative expenses		81,748			76,386		239,215			227,113
Selling, general, and administrative expenses – related parties		54			75		218			225
Total operating expenses		81,802			76,461		239,433			227,338
Operating income		99,775			85,492		289,229			253,825

Interest expense, net		16,565			36,952		52,262			121,240
Other (income)/expenses, net		(2,705	)		5,606		(9,168	)		26,514
Income before taxes		85,915			42,934		246,135			106,071
Provision for income taxes		20,781			10,038		55,416			24,912
Net income	$	65,134		$	32,896	$	190,719		$	81,159

Comprehensive income:
Net income	$	65,134		$	32,896	$	190,719		$	81,159
Foreign currency translation adjustment		(5,116	)		5,969		(18,880	)		59,155
Comprehensive income	$	60,018		$	38,865	$	171,839		$	140,314

Net income
Basic	$	0.33		$	0.19	$	0.96		$	0.47
Diluted	$	0.32		$	0.19	$	0.94		$	0.46

Weighted average number of common shares outstanding
Basic		197,236			171,423		197,890			171,554
Diluted		201,947			174,950		202,925			175,458

ALLIANCE LAUNDRY HOLDINGS INC. CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) (in thousands, except share and per share amounts)
	September 30, 2026		December 31, 2025
Assets
Current assets:
Cash and cash equivalents	$	133,650	$	123,102
Restricted cash		1,682		3,602
Restricted cash – for securitization investors		27,882		22,999
Accounts receivable, net		112,099		113,651
Inventories, net		144,005		146,039
Inventories, net – related parties		987		821
Accounts receivable, net – restricted for securitization investors		170,088		141,973
Equipment financing receivables, net		1,660		2,822
Equipment financing receivables, net – restricted for securitization investors		100,540		92,011
Prepaid expenses and other current assets		35,415		28,862
Total current assets		728,008		675,882

Equipment financing receivables, net		2,466		4,913
Property, plant, and equipment, net		256,446		265,250
Operating lease right-of-use assets		21,377		20,741
Equipment financing receivables, net – restricted for securitization investors		511,763		470,408
Deferred income tax asset, net		3,218		3,169
Debt issuance costs, net		3,450		3,461
Goodwill		681,652		684,230
Intangible assets, net		717,991		754,737
Other long-term assets		4,490		3,097
Total assets	$	2,930,861	$	2,885,888

Liabilities and Stockholders’ Equity
Current liabilities:
Current portion of long-term debt	$	86	$	113
Accounts payable		170,495		128,662
Accounts payable – related parties		1,891		1,852
Asset backed borrowings – owed to securitization investors		204,206		194,180
Current operating lease liabilities		6,307		5,927
Other current liabilities		158,110		153,592
Total current liabilities		541,095		484,326

Long-term debt, net		1,196,820		1,354,636
Asset backed borrowings – owed to securitization investors		461,508		424,406
Deferred income tax liability		171,325		169,355
Long-term operating lease liabilities		16,221		15,745
Other long-term liabilities		53,111		45,302
Total liabilities		2,440,080		2,493,770

Stockholders’ equity:
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, 196,263,056 and 197,532,147 issued, respectively, and 196,263,056 and 197,532,147 outstanding, respectively		1,962		1,975
Additional paid-in capital		436,206		509,369
Retained earnings/(accumulated deficit)		14,315		(176,404	)
Accumulated other comprehensive income		38,298		57,178
Total stockholders’ equity		490,781		392,118
Total liabilities and stockholders’ equity	$	2,930,861	$	2,885,888

ALLIANCE LAUNDRY HOLDINGS INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) (in thousands)
	Nine Months Ended September 30,
		2026			2025
Cash flows from operating activities:
Net income	$	190,719		$	81,159
Adjustments to reconcile Net income to net cash provided by operating activities:
Depreciation and amortization		66,928			69,344
Amortization and extinguishment of debt issuance costs		1,667			2,498
Amortization of original issue discount		1,528			2,858
Non-cash interest (income) expense		(10,603	)		9,761
Non-cash loss on commodity contracts, net		398			(9	)
Non-cash foreign exchange (gain)/loss, net		(9,173	)		23,035
Non-cash stock-based compensation		7,580			2,562
(Gain)/loss on sale of property, plant, and equipment		(242	)		656
Provision for credit losses		3,234			2,917
Deferred income taxes		2,720			(4,144	)
Changes in assets and liabilities, net of the effects of acquisitions:
Accounts and equipment financing receivables, net		(1,673	)		(3,807	)
Accounts receivable – restricted for securitization investors		(28,295	)		(34,391	)
Inventories, net		3,693			(15,069	)
Inventories, net – related party		(166	)		166
Equipment financing receivables, net – restricted for securitization investors		(57,863	)		(21,783	)
Other assets		9,281			(3,153	)
Accounts payable		39,552			9,677
Accounts payable – related parties		39			370
Other liabilities		10,878			(5,857	)
Net cash provided by operating activities		230,202			116,790

Cash flows from investing activities:
Capital expenditures		(23,780	)		(29,789	)
Acquisition of businesses, net of cash acquired		(3,758	)		(13,614	)
Proceeds on disposition of assets		548			343
Originations of equipment financing receivables, net – restricted for securitization investors		(53,501	)		(66,924	)
Collections of equipment financing receivables, net – restricted for securitization investors		58,545			55,674
Net cash used in investing activities		(21,946	)		(54,310	)

Cash flows from financing activities:
Payments on long-term borrowings		(160,000	)		(135,000	)
Cash paid for debt establishment and amendment fees		(924	)		(1,877	)
Increase in asset backed borrowings owed to securitization investors		175,464			164,311
Decrease in asset backed borrowings owed to securitization investors		(128,338	)		(117,086	)
Repurchase of common stock		(75,000	)		(6,205	)
Taxes paid related to net share settlement of stock options		(8,795	)		(1,937	)
Net proceeds from stock options exercised		3,162			5,672
Proceeds from common stock issuance under employee purchase plan		209			500
Net cash used in financing activities		(194,222	)		(91,622	)

Effect of exchange rate changes on cash, cash equivalents, and restricted cash		(523	)		921

Increase/(Decrease) in cash, cash equivalents, and restricted cash		13,511			(28,221	)
Cash, cash equivalents, and restricted cash at beginning of period		149,703			188,042
Cash, cash equivalents, and restricted cash at end of period	$	163,214		$	159,821

Reconciliation of cash, cash equivalents, and restricted cash to the Condensed Consolidated Balance Sheets:
Cash and cash equivalents	$	133,650		$	136,168
Restricted cash		1,682			3,601
Restricted cash – for securitization investors		27,882			20,052
Total cash, cash equivalents, and restricted cash shown in the Statement of Cash Flows	$	163,214		$	159,821

Supplemental disclosure of cash flow information:
Cash paid for interest	$	59,910		$	107,974
Cash paid for interest – to securitized investors	$	22,892		$	23,706
Cash paid for income taxes	$	52,935		$	38,872

Supplemental disclosure of investing and financing non-cash activities:
Capital expenditures included in accounts payable	$	6,715		$	2,662

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)		2026			2025			2026			2025
North America
Segment net revenues	$	355,590		$	330,742		$	1,034,667		$	952,156
Segment adjusted EBITDA	$	115,246		$	95,449		$	315,806		$	273,027
Segment adjusted EBITDA margin		32.4	%		28.9	%		30.5	%		28.7	%
International
Segment net revenues	$	105,330		$	106,864		$	329,895		$	322,207
Segment adjusted EBITDA	$	26,605		$	25,650		$	93,111		$	91,344
Segment adjusted EBITDA margin		25.3	%		24.0	%		28.2	%		28.3	%

Selected financial information for each segment is as follows:
	(Unaudited)
	Three Months Ended September 30, 2026							Three Months Ended September 30, 2025
(in thousands)	North America		International		Total			North America		International		Total
Net revenues	$	355,590	$	105,330	$	460,920		$	330,742	$	106,864	$	437,606
Cost of sales⁽¹⁾		210,644		67,717					204,781		69,896
Other segment items⁽²⁾		29,700		11,008					30,512		11,318
Segment Adjusted EBITDA	$	115,246	$	26,605	$	141,851		$	95,449	$	25,650	$	121,099
Reconciling items:
Interest expense, net						(16,565	)						(36,952	)
Depreciation and amortization						(22,205	)						(23,386	)
Refinancing and debt related costs						—							(2,425	)
Foreign exchange gain/(loss) on intercompany loans, net						2,705							(3,181	)
Stock-based compensation						(2,875	)						(791	)
Strategic transaction costs						(1,848	)						(1,132	)
Corporate and other						(15,148	)						(10,298	)
Income before taxes					$	85,915						$	42,934

	(Unaudited)
	Nine Months Ended September 30, 2026							Nine Months Ended September 30, 2025
(in thousands)	North America		International		Total			North America		International		Total
Net revenues	$	1,034,667	$	329,895	$	1,364,562		$	952,156	$	322,207	$	1,274,363
Cost of sales⁽¹⁾		629,990		202,904					592,236		198,317
Other segment items⁽²⁾		88,871		33,880					86,893		32,546
Segment Adjusted EBITDA	$	315,806	$	93,111	$	408,917		$	273,027	$	91,344	$	364,371
Reconciling items:
Interest expense, net						(52,262	)						(121,240	)
Depreciation and amortization						(66,928	)						(69,344	)
Refinancing and debt related costs						(5	)						(3,479	)
Foreign exchange gain/(loss) on intercompany loans, net						9,173							(23,035	)
Stock-based compensation						(8,278	)						(2,562	)
Strategic transaction costs						(5,069	)						(4,176	)
Corporate and other						(39,413	)						(34,464	)
Income before taxes					$	246,135						$	106,071

(1)	Consists of Cost of sales, Cost of sales – related parties and Equipment financing expenses for North America and Cost of sales and Cost of sales – related parties for International.
(2)	Other segment items for each reportable segment includes allocated engineering, sales and marketing, information technology, and certain other overhead expenses.

ALLIANCE LAUNDRY HOLDINGS INC. RECONCILIATION SCHEDULES The following table presents a reconciliation of Net income to the non-GAAP financial measure adjusted earnings before interest, taxes, depreciation and amortization (Adjusted EBITDA) and Net income margin to Adjusted EBITDA margin:
	(Unaudited)
	Three Months Ended September 30,						Nine Months Ended September 30,
(in thousands, except percentages)		2026			2025			2026			2025
Net income	$	65,134		$	32,896		$	190,719		$	81,159
Provision for income taxes		20,781			10,038			55,416			24,912
Interest expense, net		16,565			36,952			52,262			121,240
Depreciation and amortization		22,205			23,386			66,928			69,344
Refinancing and debt related costs		—			2,425			5			3,479
Foreign exchange (gain)/loss on intercompany loans, net		(2,705	)		3,181			(9,173	)		23,035
Stock-based compensation		2,875			791			8,278			2,562
Strategic transaction costs		1,848			1,132			5,069			4,176
Adjusted EBITDA		126,703			110,801			369,504			329,907

Net revenues		460,920			437,606			1,364,562			1,274,363
Net income margin		14.1	%		7.5	%		14.0	%		6.4	%
Adjusted EBITDA margin		27.5	%		25.3	%		27.1	%		25.9	%

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)		2026			2025			2026			2025
Net income	$	65,134		$	32,896		$	190,719		$	81,159
Amortization of intangible assets		11,783			12,626			35,307			38,061
Refinancing and debt related costs		—			2,425			5			3,479
Foreign exchange (gain)/loss on intercompany loans, net		(2,705	)		3,181			(9,173	)		23,035
Stock-based compensation		2,875			791			8,278			2,562
Strategic transaction costs		1,848			1,132			5,069			4,176
Tax effect of add backs		(2,936	)		(4,634	)		(8,190	)		(16,395	)
Adjusted net income	$	75,999		$	48,417		$	222,015		$	136,077

Net income per share attributable to common stockholders – diluted:	$	0.32		$	0.19		$	0.94		$	0.46
Adjusted net income per share attributable to common stockholders – diluted:	$	0.38		$	0.28		$	1.09		$	0.78

The following table presents the calculation of last twelve months (LTM) adjusted EBITDA for purposes of calculating Net debt to Adjusted EBITDA:
	(Unaudited)
(in thousands)	Nine Months Ended September 30, 2026			Add: Year Ended December 31, 2025		Less: Nine Months Ended September 30, 2025		LTM September 30, 2026
Net income	$	190,719		$	101,755	$	81,159	$	211,315
Provision for income taxes		55,416			36,279		24,912		66,783
Interest expense, net		52,262			150,501		121,240		81,523
Depreciation and amortization		66,928			93,701		69,344		91,285
Refinancing and debt related costs		5			3,679		3,479		205
Foreign exchange (gain)/loss on intercompany loans, net		(9,173	)		25,152		23,035		(7,056	)
Stock-based compensation		8,278			19,779		2,562		25,495
Strategic transaction costs		5,069			5,627		4,176		6,520
Adjusted EBITDA	$	369,504		$	436,473	$	329,907	$	476,070

The following table presents a reconciliation of Debt to Net Debt and Net Debt to Adjusted EBITDA:
	(Unaudited)
(in thousands)	September 30, 2026			December 31, 2025
Term loan	$	1,205,000		$	1,365,000
Finance lease obligations		133			236
Debt		1,205,133			1,365,236
Less: Cash and cash equivalents		(133,650	)		(123,102	)
Net debt	$	1,071,483		$	1,242,134

LTM adjusted EBITDA	$	476,070		$	436,473
Net Debt to Adjusted EBITDA	2.25 x			2.85 x

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