F2Q26: Good Qtr. Execution on Strategic Pillars Support Improved EBITDA Perf.

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F2Q26: Good Qtr. Execution on Strategic Pillars Support Improved EBITDA Perf.

USA | Business Services

Vestis EquityMayResearch14, 2026

TARGET | ESTIMATE CHANGEF2Q26: Good Qtr. Execution on Strategic Pillars

RATING BUYSupport Improved EBITDA Perf.

PRICE $11.25^

VSTS reported a good qtr. as revenue and EBITDA ran ~1% and ~2% ahead

of cons estimates. Mgmt. increased FY26 EBITDA and FCF guides as they PRICE TARGET | % TO PT $13.00 ($10.00) | +16%

benefit from improving revenue quality, improving plant productivity, and 52W HIGH-LOW $12.60 - $3.98

improving working capital policies. All in, while in the early innings, we believe FLOAT (%) | ADV MM (USD) 98.2% | 16.26

continued execution on the strategy should support robust margin expansion MARKET CAP $1.5B

and improved organic growth. Reit. Buy. TICKER VSTS ^Prior trading day's closing price unless otherwise

noted.

Numbers: VSTS reported F2Q26 EBITDA of $74.5mm, slightly ahead of our estimate of $73.3mm

and cons of $73.7mm. Revenue also slightly beat expectations at $659.4mm vs our estimate

FY (Sep) CHANGE TO JEFe JEF vs CONS

of $652.0mm and cons of $655.3mm. Mgmt. reiterated the revenue guidance, which assumes

2026 2027 2026 2027

growth of flat to down 2% but increased the EBITDA guide to a range of $295-325mm (cons was

~$300mm), up ~$10mm at the midpoint. REV <1% <1% -3% NM

EPS +43% +89% +40% +38%

FY26 EBITDA Guide Increased. Mgmt. increased their EBITDA guide to $310mm at the midpoint

(previously $300mm) driven from the perf. in the qtr paired with execution of their core three pillars: 2026 ($) Q1A Q2A Q3 Q4 FY

operational excellence, commercial excellence, and network and asset optimization. Specifically, EPS 0.10 0.16 0.07 0.13 0.46

the adj. EBITDA guide assumes in yr.