Gildan Activewear (GIL) Earnings Call Presentation

Transaction Overview - Gildan will acquire all outstanding shares of HanesBrands for 0102x Gildan shares and $080 cash per HanesBrands share[32] - The total enterprise value of the transaction is $44 billion, implying an 89x LTM adjusted EBITDA multiple, or 63x on a fully synergized basis[32] - Upon closing, HanesBrands shareholders will own approximately 199% of Gildan shares on a non-diluted basis[32] Financial Highlights - The LTM pro forma revenue is $69 billion, and the LTM pro forma adjusted EBITDA is approximately $16 billion, including expected run-rate cost synergies of $200 million[32] - Gildan expects to realize at least $200 million of annual run-rate cost synergies within 3 years of closing, with approximately $50 million to be realized in 2026, approximately $100 million in 2027, and approximately $50 million in 2028[32] - Gildan's adjusted diluted EPS CAGR over the next three years is expected to be in the low 20% range, starting from the midpoint of Gildan's 2025 adjusted diluted EPS guidance[32] Financial Position - Gildan obtained $23 billion of committed transaction financing and expects to refinance HanesBrands' existing debt[32] - The expected closing net debt leverage ratio is 26x, with an expected net debt leverage ratio of less than 20x within 12 to 18 months post-closing, in line with the stated long-term target net debt leverage ratio of 15x – 25x[32]