Latham (SWIM) - Management Meeting Takeaways...

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Latham (SWIM) - Management Meeting Takeaways...

Consumer

LATHAM GROUP, INC. (SWIM) May 13, 2026

Latham (SWIM) - Management Meeting Takeaways... Rating:

OutperformWe caught up with Latham's Oliver Gloe (CFO) and had the following key Price:

takeaways. $5.01

Price Target:

●Pool installs are expected to remain roughly flat this year. $7

●Management believes a reasonable recovery target is a return to pre-COVID % Upside:

levels of ~78K pool installs, well below the 175K peak seen pre-GFC or the 39.7%

117K peak during COVID. Source: FactSet, Wolfe Research

●Sand States still represent a significant opportunity and are in the early stages Priced as of 05/12/26

of growth.

Greg Badishkanian

●Rising fuel and raw material costs are manageable at this time. gbadishkanian@wolferesearch.com

●Fiberglass penetration gains are expected to continue for the long term. (646) 582-9340

View Greg’s Research

View SWIM Model

Pool installs are expected to remain roughly flat this year. There is a lack of near- View Comp Table

term positive catalysts, though management also sees limited downside given that Catherine Lee

installs are already near record lows (~50K annually vs. a long-term average of clee@wolferesearch.com

100K). Higher-end homeowners continue to buy, and there are positive signs in both (646) 582-9341

premium and lower-tier pools as buyers have adjusted expectations around interest Scott Stringer, CFA

rates. Order patterns heading into the earnings call have been healthy. sstringer@wolferesearch.com (646) 582-9351

Management believes a reasonable recovery target is a return to pre-COVID

levels of ~78K pool installs, well below the 175K peak seen pre-GFC or the 117K

peak during COVID. Reaching those pre-COVID levels would represent a significant