Perimeter Solutions Inc.: 2Q Results: Controlled Burn: Near-Term Margin Flare-Up Masks M&A Playbook, PT Lowered to $45

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Perimeter Solutions Inc.: 2Q Results: Controlled Burn: Near-Term Margin Flare-Up Masks M&A Playbook, PT Lowered to $45

it rate. Quarterly Forecasts (FYE Dec)

• PT $45: Estimates Modestly Lowered: We are lowering our FY26 revenue Adj. EPS ($)

estimate, as the quarter came in below our forecast, with Fire Safety roughly 2025A 2026E 2027E

Q1 0.03 0.06A 0.12

in line offset by weakness in PDI. We now forecast 10.3% YoY revenue growth Q2 0.39 0.35A 0.41

in FY26 and 6.8% growth in FY27. Additionally, we are lowering our adj. Q3 0.82 0.83 0.89

EBITDA margin estimate, reflecting the quarter's results, the Monaco Q4 0.13 0.17 0.20

FY 1.34 1.42 1.63

acquisition, and mix. We are lowering our price target to $45 (from $50),

applying a 17.5x EV/EBITDA multiple to our FY27 adj. EBITDA estimate Style Exposure

• Specialty Products Doubles on M&A: MMT Leads, PDI Lags: Specialty

Products delivered robust growth, with revenue nearly doubling YoY to $85M

(vs. $42M in 2Q25) and adj. EBITDA increasing to $27M (vs. $14M in 2Q25),

driven primarily by contributions from recent acquisitions. Segment margin

held at 32.0% as MMT runs ahead of the underwriting model with strong adj.

EBITDA growth, supported by a growing installed base and accelerating new

product launches. Conversely, PDI’s adj. EBITDA declined YoY, reflecting

continued production issues at the Sauget, Illinois facility, where the court

appointed an independent receiver on June 10th.

• Monaco Expands the Playbook: Perimeter closed the acquisition of Monaco

Enterprises for ~$120M in cash expanding the portfolio to six businesses

across two segments. Monaco designs fire alarm reporting and mass

notification networks that are the installed standard on more than 200 U.S.