Perimeter Solutions Inc. Where There’s Smoke, There’s Growth: Updated Thoughts Post-Initiation

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Perimeter Solutions Inc. Where There’s Smoke, There’s Growth: Updated Thoughts Post-Initiation

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

16 July 2026

Perimeter Solutions Inc. Overweight

PRM, PRM US

Where There’s Smoke, There’s Growth: Updated Price (15 Jul 26):$33.53

Thoughts Post-Initiation

North America Small and Mid Cap

Following our initiation of Perimeter Solutions (link), we address recent investor Industrials

questions on the company and discuss elevated wildfire activity across the U.S. and Tomohiko Sano AC

Canada. While near-term wildfire activity is not a clean read-through to quarterly (1-212) 622-1099

revenue, we view elevated fire trends as a leading indicator of increasing demand tomohiko.sano@jpmorgan.com

for preventive and suppression solutions, reinforcing PRM’s structural growth. We Ethan Coyle

reiterate our Overweight rating, as we believe PRM is materially diversifying (1-212) 270-0613

ethan.coyle@jpmchase.com

beyond the fire cycle, supported by a structural climate-change tailwind driving

Brendan Shea, CFA

hotter, more destructive fires, and executing a disciplined M&A playbook focused

(1-212) 622-0770

on acquiring mission-critical, low-cost, aftermarket-rich niche businesses run as brendan.shea@jpmorgan.com

autonomous, owner-incentivized units. J.P. Morgan Securities LLC

• Beyond the Fire Cycle: Addressing the Top Investor Questions Post-

Initiation: Following our initiation, we have received inbound questions

centering on three main factors: (1) Fire Safety exposure to the fire cycle, (2)

management's acquisition philosophy and current view on MMT, and (3) the

founders' advisory fees. Our key takeaway is that the company has begun

materially diversifying away from the fire cycle, supported by a structural