Alliance Laundry 1Q First Take: Resilience + Raised Guideposts Set a Constructive Tone

Research evidence excerpt

Alliance Laundry 1Q First Take: Resilience + Raised Guideposts Set a Constructive Tone

J P M O R G A N North America Equity Research

12 May 2026

Alliance Laundry Overweight

ALH, ALH US

1Q First Take: Resilience + Raised Guideposts Set a Price (11 May 26):$25.40

Constructive Tone

North America Small and Mid Cap

Alliance Laundry delivered a strong 1Q26, with broad-based revenue growth of Industrials

~9.6% YoY and adjusted net income nearly doubling, underscoring the resilience Tomohiko Sano AC

of the replacement-driven commercial laundry model. Management raised the low (1-212) 622-1099

end of full-year revenue and adjusted EBITDA guidance, reflecting growing tomohiko.sano@jpmorgan.com

visibility and confidence in the balance of the year. Near term, we anticipate shares Ethan Coyle

could react modestly positive given the top-line beat, margin stability, and the (1-212) 270-0613

ethan.coyle@jpmchase.com

guidance raise. The local-for-local manufacturing advantage in the current tariff

Brendan Shea, CFA

environment, accelerating digital monetization via Scan/Pay/Wash, and continued

(1-212) 622-0770

deleveraging toward low 2x net leverage by year-end support a constructive view. brendan.shea@jpmorgan.com

J.P. Morgan Securities LLC

• International Outperformance Does the Heavy Lifting: Alliance delivered

a robust 1Q, with adjusted EPS of $0.31 (vs. consensus $0.26) and revenue of

$427M (vs. $419M consensus), reflecting ~9.6% YoY growth, with volume

contributing a third of the increase. Adjusted EBITDA reached $109M (vs.

$106M consensus), with margins essentially flat at 25.5% (vs. consensus

25.3%). North America revenue was $320M (vs. $316M consensus), and

adjusted EBITDA modestly missed expectations. International outperformed

with $107M in revenue (vs.