Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 __________________________ FORM 10-K __________________________ ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 28, 2025 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Transition Period From __________ to ___________ Commission file number: 001-37760 SiteOne Landscape Supply, Inc. (Exact name ...

Core Viewpoint - SITE Centers Corp is a real estate investment trust (REIT) focusing on open-air shopping centers in the United States, competing with other retail sector REITs like Kimco Realty and Regency Centers [1] Group 1: Stock Performance - SITE's stock is currently priced at $163.25, reflecting a significant increase of 9.73%, or $14.47, with a trading range between $146.88 and $167.60 over the past year [4] - The market capitalization of SITE is approximately $7.27 billion, with a trading volume of 1,954,355 shares, indicating substantial market presence and investor engagement [5] Group 2: Analyst Insights - Truist Financial has set a new price target of $200 for SITE, suggesting a potential increase of approximately 22.52% from the current stock price [2][6] - The upcoming fourth quarter 2025 earnings release on February 26, 2026, is highly anticipated by investors, as it may align with Truist's positive outlook on the company's performance [3][6]

Financial Data and Key Metrics Changes - The company reported a 3% increase in net sales for Q4 2025, reaching $1.05 billion, and a 4% increase for the full year 2025, totaling $4.7 billion [22] - Adjusted EBITDA for 2025 increased by 10% year-over-year to $414.2 million, with an adjusted EBITDA margin improvement of 50 basis points to 8.8% [14][31] - The net income attributable to the company for fiscal 2025 rose to $151.8 million from $123.6 million in fiscal 2024 [30] Business Line Data and Key Metrics Changes - Organic daily sales grew by 2% in Q4 2025 and 1% for the full year, driven by strong performance in the maintenance end market [23][12] - Agronomic products saw an 11% increase in organic daily sales for Q4 and a 7% increase for the full year, largely due to strong demand for ice melt products [24] - Landscaping products experienced a 1% decline in organic daily sales for both Q4 and the full year, attributed to weaker demand in new residential construction [25] Market Data and Key Metrics Changes - Seven out of nine regions achieved positive organic daily sales growth in Q4, with notable growth in the Midwest markets [25] - The company anticipates a decline in new residential construction, which represents 20% of sales, due to continued elevated interest rates and lower consumer confidence [40] - The maintenance end market, representing 36% of sales, is expected to continue growing steadily in 2026 [42] Company Strategy and Development Direction - The company aims to leverage its scale and resources to deliver superior value to customers and suppliers while focusing on organic growth and acquisitions [9][10] - The acquisition strategy remains a key focus, with eight companies added in 2025 and a robust pipeline for future acquisitions [20][12] - The company plans to continue improving productivity and addressing underperforming branches to enhance operating leverage [61] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving positive sales volume growth in 2026, supported by anticipated pricing increases for the first time since 2022 [40] - The company expects to face challenges from a slow sales period in December 2026 due to an extra week of sales, which may negatively impact EBITDA by $4 million to $5 million [43] - Overall, management remains optimistic about the long-term fundamentals of the repair and upgrade market despite current uncertainties [41] Other Important Information - The company completed 20 branch consolidations and closures in Q4 2025 to optimize its branch network and reduce costs [18] - The effective tax rate for fiscal 2025 was 22.5%, with expectations for 2026 to be between 25% and 26% [30] - The company repurchased 322,000 shares for $40 million in Q4 and 817,000 shares for $97.7 million for the full year [31] Q&A Session Summary Question: Comments on the year-end results and EBITDA contribution margins - Management acknowledged the strong EBITDA contribution margins achieved with modest organic growth and expects similar performance in 2026 [46][47] Question: Key levers for 2026 and potential cost offsets - Management highlighted improvements from focus branches and the impact of new distribution centers as key levers for 2026, while noting some initial dilutive effects from new DCs [49][50] Question: First quarter outlook and organic growth expectations - Management expects balanced growth throughout the year, with a reasonable start to 2026 despite some weather impacts in February [54] Question: Share gains and competitive environment - Management expressed confidence in gaining market share, particularly among small to mid-sized customers, while noting the competitive nature of the market [56][57] Question: Operating leverage benefits from initiatives - Management anticipates continued contributions from focus branches and productivity improvements, with no significant branch closures planned for 2026 [61] Question: Private label growth opportunities - Management targets a long-term goal of 25%-30% for private label sales, with steady growth expected in the coming years [62]

Financial Data and Key Metrics Changes - The company reported a 3% increase in net sales for Q4 2025, totaling $1.05 billion, and a 4% increase for the full year 2025, reaching $4.7 billion [22] - Adjusted EBITDA for 2025 increased by 10% year-over-year to $414.2 million, with an Adjusted EBITDA margin improvement of 50 basis points to 8.8% [14][31] - Gross profit for Q4 was $357 million, a 6% increase compared to the prior year, with gross margin rising 80 basis points to 34.1% [26] Business Line Data and Key Metrics Changes - Organic daily sales increased by 2% in Q4 and 1% for the full year, driven by strong performance in the maintenance end market [23][12] - Agronomic products saw an 11% increase in organic sales for Q4 and 7% for the full year, attributed to strong demand for ice melt products [24] - Landscaping products experienced a 1% decline in organic sales for both Q4 and the full year due to weaker demand in new residential construction [25] Market Data and Key Metrics Changes - Seven out of nine regions achieved positive organic daily sales growth in Q4, with notable growth in the Midwest markets [25] - The company anticipates a decline in new residential construction, which represents 20% of sales, while the maintenance end market, accounting for 36% of sales, is expected to continue growing steadily [41][44] Company Strategy and Development Direction - The company aims to leverage its scale and resources to deliver superior value to customers and suppliers while focusing on organic growth and acquisitions [9][10] - The acquisition strategy remains a key focus, with eight companies added in 2025 and a robust pipeline for future acquisitions [20][39] - The company plans to continue optimizing its branch network and improving productivity to achieve long-term competitive advantages [9][10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving positive pricing in 2026 for the first time since 2022, which is expected to support organic daily sales growth [41] - The company anticipates challenges from continued elevated interest rates and consumer confidence affecting end markets, particularly in new residential construction [41][42] - Despite market uncertainties, management expects to achieve low single-digit organic daily sales growth in 2026, supported by commercial initiatives and improved gross margins [45] Other Important Information - The company completed 20 branch consolidations and closures in Q4 2025 to optimize its branch network and reduce costs [18] - The effective tax rate for fiscal 2025 was 22.5%, with expectations for 2026 to be between 25% and 26% [30] - The company repurchased 322,000 shares for $40 million in Q4 and 817,000 shares for $97.7 million for the full year [31] Q&A Session Summary Question: Comments on 2025 EBITDA contribution margins and 2026 guidance - Management confirmed that improvements in gross margin and SG&A leverage contributed to strong EBITDA margins despite modest sales growth [48][49] Question: Key levers for 2026 and potential cost offsets - Management highlighted the continued improvement from focus branches and the impact of new distribution centers as key levers for 2026 [51][52] Question: First quarter outlook and organic growth expectations - Management expects balanced growth throughout the year, with stronger pricing in the first half and reasonable performance in January [57] Question: Share gains and competitive landscape - Management expressed confidence in gaining market share despite a flat market, focusing on small to mid-customers where competition is less intense [59][60] Question: Operating leverage benefits from underperforming branches - Management expects continued contributions from focus branches but does not anticipate significant additional closures beyond the recent 20 [65] Question: Private label growth opportunities - Management targets long-term private label sales to reach 25%-30% of total sales, with steady growth expected [66]

Financial Data and Key Metrics Changes - The company reported a 3% increase in net sales for Q4 2025, reaching $1.05 billion, and a 4% increase for the full year 2025, totaling $4.7 billion [20][21] - Adjusted EBITDA for 2025 increased by 10% year-over-year to $414.2 million, with an adjusted EBITDA margin improvement of 50 basis points to 8.8% [13][30] - The net income attributable to the company for fiscal 2025 rose to $151.8 million from $123.6 million in fiscal 2024 [29] Business Line Data and Key Metrics Changes - Organic daily sales grew by 2% in Q4 2025 and 1% for the full year, driven by strong performance in the maintenance end market [22][12] - Agronomic products saw an 11% increase in organic daily sales for Q4 and a 7% increase for the full year, largely due to strong demand for ice melt products [23] - Landscaping products experienced a 1% decline in organic daily sales for both Q4 and the full year, attributed to weaker demand in new residential construction [24] Market Data and Key Metrics Changes - Seven out of nine regions achieved positive organic daily sales growth in Q4, with notable growth in the Midwest markets [24] - The company anticipates a decline in new residential construction, which comprises 20% of sales, while the maintenance end market, representing 36% of sales, is expected to continue growing steadily [39][41] Company Strategy and Development Direction - The company aims to leverage its scale and resources to deliver superior value to customers and suppliers while focusing on organic growth and acquisitions [8][9] - The strategy includes filling in product lines through acquisitions, particularly in nursery, hardscapes, and landscape supplies categories, to enhance market share [11][19] - The company has completed 107 acquisitions since 2014, adding approximately $2.1 billion in trailing 12-month sales, demonstrating the strength of its acquisition strategy [10][35] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving solid performance and growth in 2026, despite ongoing market uncertainties [5][19] - The company expects pricing to increase by 1%-3% in 2026, which will support organic daily sales growth [10][22] - Management highlighted the importance of improving productivity and addressing underperforming branches to achieve operating leverage in 2026 [41][42] Other Important Information - The company consolidated and closed 20 branches in Q4 2025 to optimize its branch network and reduce costs [17][26] - The effective tax rate for fiscal 2025 was 22.5%, with expectations for 2026 to be between 25% and 26% [28][29] - The company repurchased 322,000 shares for $40 million in Q4 and 817,000 shares for $97.7 million for the full year [30] Q&A Session Summary Question: What is the intent behind the EBITDA contribution margins for 2026? - Management indicated that improving gross margins and SG&A leverage will support robust profit improvement despite modest sales growth [46] Question: What key levers will drive performance in 2026? - Management highlighted the continued profitability improvements from Pioneer and the benefits of past investments, while noting a headwind from the new distribution center [48][49] Question: What is the outlook for organic growth in Q1 2026? - Management expects balanced growth throughout the year, with stronger pricing in the first half due to previous tariff impacts [53] Question: How does the company plan to gain market share in 2026? - Management expressed confidence in gaining market share, particularly among small to mid-sized customers, despite a flat overall market [55] Question: What are the expectations for operating leverage benefits in 2026? - Management anticipates continued contributions from focus branches and productivity improvements, with no significant additional closures planned [61] Question: What is the long-term target for private label sales growth? - Management aims for private label sales to reach 25%-30% of total sales in the long term, with steady annual growth expected [62]

Group 1 - The article does not provide any relevant content regarding company or industry insights [1]

Core Viewpoint - SiteOne Landscape reported a quarterly loss of $0.2 per share, which was better than the Zacks Consensus Estimate of a loss of $0.29, and an improvement from a loss of $0.48 per share a year ago, indicating a positive earnings surprise of +31.03% [1] Financial Performance - The company posted revenues of $1.05 billion for the quarter ended December 2025, missing the Zacks Consensus Estimate by 1.09%, but showing an increase from year-ago revenues of $1.01 billion [2] - Over the last four quarters, SiteOne Landscape has surpassed consensus EPS estimates two times and topped consensus revenue estimates two times [2] Stock Performance - SiteOne Landscape shares have increased by approximately 19.4% since the beginning of the year, significantly outperforming the S&P 500's gain of 1.4% [3] Earnings Outlook - The current consensus EPS estimate for the upcoming quarter is -$0.57 on revenues of $974.98 million, and for the current fiscal year, it is $4.24 on revenues of $4.93 billion [7] - The estimate revisions trend for SiteOne Landscape was unfavorable ahead of the earnings release, resulting in a Zacks Rank 4 (Sell) for the stock, indicating expected underperformance in the near future [6] Industry Context - The Industrial Services industry, to which SiteOne Landscape belongs, is currently ranked in the bottom 24% of over 250 Zacks industries, suggesting potential challenges for stock performance [8]

2 This presentation contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may include, but are not limited to, statements relating to our 2026 effective tax rate, pricing, Organic Daily Sales growth, gross margin, SG&A leverage, and Adjusted EBITDA outlook. Some of the forward-looking statements can be identified by the use of terms such as "may," "intend," "might," "will," "should," "could," "would," "expect," "believe," ...

Financial Performance - Fourth Quarter 2025 net sales increased 3% to $1.05 billion, with Organic Daily Sales up 2%[5] - Full Year 2025 net sales rose 4% to $4.70 billion, with Organic Daily Sales increasing 1%[10] - Fourth Quarter 2025 gross profit increased 6% to $356.8 million, with gross margin improving 80 basis points to 34.1%[7] - Full Year 2025 adjusted EBITDA increased 10% to $414.2 million, with adjusted EBITDA margin improving 50 basis points to 8.8%[14] - Net income attributable to SiteOne for Fiscal 2025 increased 23% to $151.8 million[13] - For the quarter ending December 28, 2025, net sales were $1,045.6 million, a 3.4% increase from $1,013.1 million in the same quarter of the previous year[30] - Gross profit for the same quarter was $356.8 million, compared to $337.6 million in the prior year, reflecting a gross margin improvement[30] - Net income attributable to SiteOne for the year was $151.8 million, up from $123.6 million in the previous year, indicating a year-over-year growth of 22.8%[30] - The company reported a basic net income per share of $3.39 for the year, compared to $2.73 in the previous year, representing a 24.2% increase[30] - Net income for the year 2025 was $157.4 million, an increase from $124.4 million in 2024[32] Cash Flow and Liquidity - Cash provided by operating activities for Fiscal 2025 increased $17.1 million to $300.5 million[14] - Cash and cash equivalents increased to $190.6 million as of December 28, 2025, compared to $107.1 million a year earlier, showing improved liquidity[28] - Net cash provided by operating activities for 2025 was $300.5 million, compared to $283.4 million in 2024[32] - Cash and cash equivalents at the end of 2025 were $190.6 million, up from $107.1 million at the end of 2024[32] - The company had borrowings under asset-based credit facilities of $320.6 million in 2025, compared to $381.9 million in 2024[32] - The effect of exchange rate on cash resulted in a gain of $1.0 million in 2025[32] Acquisitions and Growth - The company closed eight acquisitions during Fiscal 2025, contributing approximately $55 million in trailing twelve months net sales[5] - Acquisition contribution to net sales in 2025 was $220.5 million, with Q4 contribution at $53.4 million[39] - Acquisition contribution for the 2026 Fiscal Year is estimated at $12.5 million, with Q4 contribution at $6.6 million[42] Future Projections - For Fiscal 2026, adjusted EBITDA is expected to be in the range of $425 million to $455 million, excluding contributions from unannounced acquisitions[18] - The company anticipates overall prices to increase by 1% to 3% in 2026, with low single-digit Organic Daily Sales growth expected[17] - For the 2026 Fiscal Year, Reported Net sales are projected to remain at $4,704.8 million[42] - Organic sales for the 2026 Fiscal Year are expected to be $4,692.3 million, with Q4 organic sales projected at $1,039.0 million[42] - Selling Days for 2026 Q4 are projected to be 256, compared to 252 in 2025[42] - Organic Daily Sales for Q4 2026 are projected to be $18.6 million, an increase from $17.6 million in Q4 2025[42] Operational Efficiency - Adjusted EBITDA is used to evaluate the operating performance and efficiency of the business, but it is not a measure of liquidity or financial performance under U.S. GAAP[25] - Operating income for the quarter was a loss of $5.0 million, an improvement from a loss of $24.9 million in the same quarter last year[30] - Total assets grew to $3,219.6 million from $3,070.8 million year-over-year, indicating a 4.8% increase[28] - Total liabilities increased to $1,536.4 million from $1,478.9 million, reflecting a 3.9% rise[28] - Stock-based compensation for 2025 was $27.0 million, compared to $25.0 million in 2024[35] - The company reported a loss of $7.8 million in Q4 2025, contrasting with a net income of $60.6 million in Q3 2025[35] Organic Sales - The company defines Organic Sales as net sales excluding acquired branches until they have been under ownership for at least four full fiscal quarters[25] - Organic sales for the 2025 Fiscal Year were $4,484.3 million, with Q4 organic sales at $992.2 million[39] - Organic Daily Sales for Q4 2025 were $17.8 million, compared to $16.3 million in Q3 2025[39] - The company has maintained a consistent growth trajectory in organic sales, reflecting a strong market position[39]

Core Insights - SiteOne Landscape Supply reported a net sales increase of 4% to $4.70 billion for the full year 2025, compared to $4.54 billion in 2024, driven by organic daily sales growth and acquisitions [1][2] - The company closed eight acquisitions during 2025, contributing approximately $110.7 million to net sales growth [1] - Adjusted EBITDA for the full year 2025 increased by 10% to $414.2 million, with an adjusted EBITDA margin improvement of 50 basis points to 8.8% [1][2] Fourth Quarter 2025 Highlights - Net sales for Q4 2025 rose to $1.05 billion, a 3% increase from $1.01 billion in Q4 2024 [1] - Gross profit increased by 6% to $356.8 million, with a gross margin improvement of 80 basis points to 34.1% [1] - Adjusted EBITDA for Q4 2025 was $37.6 million, an 18% increase from $31.8 million in Q4 2024 [1] Full Year 2025 Financial Performance - Net income attributable to SiteOne increased by 23% to $151.8 million, compared to $123.6 million in 2024 [1] - SG&A expenses as a percentage of net sales decreased by 40 basis points to 30.1% [1] - Cash provided by operating activities increased by $17.1 million to $300.5 million [1] Balance Sheet and Liquidity - Net debt at year-end was $329.6 million, down from $411.7 million at the end of 2024, with a net debt to adjusted EBITDA ratio of 0.8x [1] - Cash and cash equivalents as of December 28, 2025, were $190.6 million, with available capacity under the ABL Facility at $577.8 million [1] Outlook for 2026 - The company expects overall prices to increase by 1% to 3% in 2026, with organic daily sales growth projected to be low single-digit [2] - Adjusted EBITDA for fiscal year 2026 is anticipated to be in the range of $425 million to $455 million, accounting for an extra week in the fiscal year [2]