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," ...

Core Viewpoint - SiteOne Landscape Supply, Inc. will release its fourth quarter and full year 2025 results on February 11, 2026, before market opening, followed by a conference call at 8:00 a.m. ET to discuss the results [1]. Group 1: Company Information - SiteOne Landscape Supply, Inc. is the largest and only national full product line wholesale distributor of landscape supplies in the United States, with an established presence in Canada [4]. - The company's customer base primarily consists of residential and commercial landscape professionals who specialize in the design, installation, and maintenance of outdoor spaces such as lawns, gardens, and golf courses [4]. Group 2: Conference Call Details - Interested parties can listen to a live webcast of the conference call via the Investor Relations section of the company's website, with an online replay available immediately after the call [2]. - The conference call can be accessed by dialing 877-704-4453 for domestic calls or 201-389-0920 for international calls, with a telephonic replay available approximately three hours after the call [3]. - The passcode for the replay is 13758247, and the replay will be available until 11:59 p.m. ET on February 25, 2026 [3].

Financial Data and Key Metrics Changes - The company achieved 4% net sales growth in Q3 2025, with 3% organic daily sales growth and 11% growth in adjusted EBITDA compared to the prior year [5][14]. - Adjusted EBITDA for the quarter increased 11% to $127.5 million, with an adjusted EBITDA margin improvement of 60 basis points to 10.1% [16][28]. - Net income attributable to the company increased 33% to $59 million due to net sales growth, improved gross margin, and SG&A leverage [27]. Business Line Data and Key Metrics Changes - Organic sales volume grew 2% during Q3, with maintenance-related demand remaining steady and achieving 3% organic daily sales growth in agronomic products [14][25]. - Landscaping products also saw a 3% increase in organic daily sales, driven by sales initiatives and improved pricing [14][25]. - Acquisition sales contributed approximately $13 million or 1% to net sales growth [26]. Market Data and Key Metrics Changes - The company estimates an 18% share of the fragmented $25 billion wholesale landscape products distribution market, indicating significant long-term growth opportunities [8]. - Seven out of nine regions achieved positive organic daily sales growth in Q3, although sales in Sun Belt states like Texas were weaker due to softness in new residential construction [25][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 [9][10]. - The acquisition strategy is expected to continue filling in product lines and expanding geographic reach, with a focus on smaller companies [13][38]. - The company plans to consolidate or close 15-20 branches to optimize its footprint and cost structure [45]. Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in driving continued performance and growth despite softer end markets heading into 2026 [6][41]. - The outlook for the fourth quarter includes expectations for low single-digit organic daily sales growth, with continued focus on SG&A leverage and adjusted EBITDA margin expansion [44][45]. - Management noted that the repair and upgrade market has begun to stabilize, providing a more optimistic outlook for future growth [60]. Other Important Information - The company has completed over 100 acquisitions since 2014, adding more than $2 billion in acquired revenue, demonstrating the strength of its acquisition strategy [12]. - The effective tax rate for Q3 was 20.4%, down from 26.2% in the prior year, primarily due to increased excess tax benefits from stock-based compensation [27]. Q&A Session Summary Question: Why is the charge not excluded from adjusted EBITDA guidance? - The company maintains strict guidelines for adjusted EBITDA, which primarily reflect acquisitions and adjustments within the first year [50]. Question: What is the pricing realization in agronomic vs. landscape products? - Pricing for landscape products was up 1%, while agronomic products were flat, with expectations for fourth-quarter pricing between 1% and 2% [51][53]. Question: Are you seeing positive organic sales growth in October? - Yes, positive organic sales growth has been observed in October, although the fourth quarter is a tougher comp due to weather impacts [59]. Question: Any changes in competitor behavior due to demand softness? - The company has not seen unusual competitor behavior, although competition naturally increases in softer markets [67]. Question: Will branch closures affect the ability to serve a recovering market? - The company believes it can fully serve a stronger market with its current network and has the capacity to add associates as needed [70]. Question: What is the outlook for input inflation in commodities? - The company does not anticipate major swings in input inflation for commodities, as this is embedded in their guidance [74]. Question: Will there be a focus on shareholder returns if the M&A market remains soft? - The company is committed to investing in the business first, but being at the low end of the leverage range may lead to increased share repurchases [102].

Third Quarter 2025 Financial Performance - Net sales increased by 4% to $1,258.2 million compared to the third quarter of 2024[25, 27, 28] - Organic Daily Sales increased by 3% due to sales initiatives and improved pricing[25, 30] - Gross profit increased by 6% to $437.2 million, with gross margin improving 70 basis points to 34.7%[25, 27, 28, 30] - Adjusted EBITDA increased by 11% to $127.5 million, and the margin improved 60 basis points to 10.1%[25, 27, 29] - Net income attributable to SiteOne increased 33% to $59.1 million[25, 27, 30] Balance Sheet and Cash Flow - Cash provided by operating activities increased by $12.7 million to $128.6 million[25, 31] - Net debt was $422.5 million, compared to $449.3 million in the prior-year period[31] - The leverage ratio (Net debt / Adjusted EBITDA) was 1.0x, compared to 1.2x in the prior-year period[31] Acquisitions and Growth Strategy - Acquired sales contributed $12.5 million, representing 1% of the overall growth rate[30] - The company completed acquisitions of Grove Nursery, Nashville Nursery, and Autumn Ridge Stone during the quarter and acquired Red's Home & Garden after the quarter ended[25] - Full year Adjusted EBITDA is expected to be $405 million to $415 million, including a branch consolidation and closure charge of approximately $4 million to $6 million[48]

Core Insights - United Natural Foods Inc. (UNFI) reported fiscal fourth-quarter 2025 results that exceeded analyst expectations despite a decline in year-over-year sales [1][2]. Financial Performance - The company achieved net sales of $7.70 billion for the quarter, surpassing Wall Street's estimate of $7.64 billion, but this represents a 5.6% decrease from $8.16 billion in the same quarter last year [2]. - UNFI recorded an adjusted net loss of 11 cents per share, which was better than the anticipated loss of 19 cents per share. In the prior-year period, the company had adjusted earnings of 1 cent per share [2]. Management Commentary - CEO Sandy Douglas highlighted the company's effective navigation of a cyber incident in collaboration with customers and suppliers, contributing to a solid fourth quarter [3]. Future Outlook - For fiscal year 2026, the company projects net sales to be between $31.6 billion and $32 billion, slightly below the consensus estimate of $32.31 billion. Adjusted earnings are expected to range from $1.50 to $2.30 per share, compared to the consensus estimate of $1.47 per share [3]. Stock Performance - Following the earnings announcement, United Natural Foods shares increased by 4% to $39.10 [4]. Analyst Ratings and Price Targets - BMO Capital analyst Kelly Bania maintained an Outperform rating and raised the price target from $36 to $48 [9]. - Wells Fargo analyst Edward Kelly kept an Equal-Weight rating and increased the price target from $26 to $36 [9]. - UBS analyst Mark Carden maintained a Neutral rating and raised the price target from $29 to $42 [9].

Core Insights - United Natural Foods Inc. (UNFI) reported fiscal fourth-quarter 2025 results that exceeded analyst expectations despite a decline in year-over-year sales [1][2] Financial Performance - The company achieved net sales of $7.70 billion for the quarter, surpassing Wall Street's estimate of $7.64 billion, but this represents a 5.6% decrease from $8.16 billion in the same quarter last year [2] - UNFI recorded an adjusted net loss of 11 cents per share, which was better than the anticipated loss of 19 cents per share; in the prior-year period, the company had adjusted earnings of 1 cent per share [2] Management Commentary - CEO Sandy Douglas highlighted the company's effective navigation of a cyber incident in collaboration with customers and suppliers, contributing to a solid fourth quarter [3] Future Outlook - For fiscal year 2026, the company expects net sales to range between $31.6 billion and $32 billion, slightly below the estimated $32.31 billion; adjusted earnings are projected to be between $1.50 and $2.30 per share, compared to the consensus estimate of $1.47 per share [3] Stock Performance - Following the earnings announcement, United Natural Foods shares increased by 4% to $39.10 [4] Analyst Ratings - BMO Capital analyst Kelly Bania maintained an Outperform rating and raised the price target from $36 to $48 [9] - Wells Fargo analyst Edward Kelly kept an Equal-Weight rating and increased the price target from $26 to $36 [9] - UBS analyst Mark Carden maintained a Neutral rating and raised the price target from $29 to $42 [9]

Core Insights - The excitement surrounding forward stock splits in high-profile companies has significantly contributed to the S&P 500's performance in 2025, alongside the trend of artificial intelligence [1][2] Group 1: Stock Split Dynamics - A stock split allows companies to adjust their share price and outstanding share count without affecting market capitalization or operating performance [2] - Investors typically favor companies that announce forward splits, as these are perceived to make shares more affordable for retail investors [4] - Companies completing forward splits often demonstrate superior innovation and execution compared to their competitors [4] Group 2: Company Performances - O'Reilly Automotive has seen a 36% year-to-date increase, driven by a 15-for-1 forward split and strong demand for auto parts due to the aging vehicle population [5][6][7] - Fastenal's shares are up 32% year-to-date, benefiting from its corporate culture of frequent stock splits and strong ties to contract sales, which account for over 73% of its net revenue [11][14] - Interactive Brokers Group has outperformed with a 44% year-to-date increase, supported by a favorable stock market environment and significant investments in technology that enhance customer offerings [17][18][19][20]

Core Insights - W.W. Grainger reported $4.55 billion in revenue for the quarter ended June 2025, a year-over-year increase of 5.6% [1] - The company's EPS for the same period was $9.97, compared to $9.76 a year ago, with a slight EPS surprise of -0.3% against the consensus estimate of $10.00 [1] Financial Performance - Total reported growth was 5.1%, exceeding the five-analyst average estimate of 4.8% [4] - Net Sales for High-Touch Solutions N.A. were $3.54 billion, slightly below the average estimate of $3.55 billion, reflecting a year-over-year change of +2.5% [4] - Net Sales for Endless Assortment reached $929 million, surpassing the average estimate of $887.37 million, with a year-over-year change of +19.7% [4] - Net Sales for Other amounted to $81 million, in line with the average estimate of $81.42 million, showing a year-over-year change of +3.9% [4] Operating Earnings - Operating earnings for High-Touch Solutions N.A. were $589 million, below the average estimate of $609.17 million [4] - Operating earnings for Endless Assortment were $92 million, exceeding the average estimate of $76.73 million [4] - Operating losses for Other were reported at $-3 million, compared to the average estimate of $-1.05 million [4] Stock Performance - W.W. Grainger's shares returned -1% over the past month, while the Zacks S&P 500 composite increased by +2.3% [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating potential performance in line with the broader market in the near term [3]

Second Quarter 2025 Financial Performance - Net sales increased by 3% to $1,461.6 million compared to the second quarter of 2024[27, 28] - Gross profit increased by 4% to $531.4 million, with gross margin improving 30 basis points to 36.4%[25, 27] - Net income attributable to SiteOne increased 7% to $129.0 million[25, 27] - Adjusted EBITDA increased 8% to $226.7 million, and the margin improved 60 basis points to 15.5%[25, 27] - Acquired sales contributed $40.9 million, representing 3% to the overall growth rate[29] Balance Sheet and Cash Flow - Working capital increased to $1,061.7 million[30] - Cash provided by operating activities was $136.7 million[30] - Share repurchases amounted to $54.3 million[25, 30] - Net debt was $531.6 million, with a leverage ratio of 1.3x Net debt / Adjusted EBITDA[30] Acquisitions and Growth Strategy - The company acquired Grove Nursery and Nashville Nursery[24] - Green Trade Nursery acquisition was completed[25] - Full year Adjusted EBITDA is expected to be in the range of $400 million to $430 million[44]

Financial Performance - Q1 2025 - Net sales increased by 4% year-over-year to $939.4 million[25, 27, 28] - Gross profit increased by 3% to $309.8 million, but gross margin contracted by 30 basis points to 33.0%[25, 27, 31] - Adjusted EBITDA increased by 6% to $22.4 million, with margin improving by 10 basis points to 2.4%[25, 27, 30] - Net loss attributable to SiteOne was $27.3 million, compared to a net loss of $19.3 million in the prior year[25, 27, 29] - Organic Daily Sales decreased by 1% due to a later start to the spring selling season, lower commodity prices, and softer repair and remodel demand[25, 31] Acquisitions and Growth - Acquired sales contributed $45.1 million, representing 5% of the overall growth rate[31] - Completed the acquisitions of Green Trade Nursery and Pacific Nurseries[24, 25] - Since 2014, the company has acquired 100 companies, adding approximately $2,005 million in annualized net sales[33] Balance Sheet and Cash Flow - Cash used in operating activities increased by $30.3 million to $129.6 million, reflecting early purchases of inventory[25, 32] - Net debt was $580.4 million, resulting in a net debt to Adjusted EBITDA leverage ratio of 1.5x[32] Outlook - Full year Adjusted EBITDA is expected to be in the range of $400 million to $430 million[43]