Slides
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Alliance (NYSE: ALH) Third Quarter 2025 Earnings Presentation November 13, 2025
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Forward-Looking Statements & Non-GAAP Financial Measures Forward-Looking Statements This earnings presentation includes "forward-looking statements" within the meaning of the "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995. In some cases, you can identify these forward-looking statements by the use of terms such as "expect," "will," "continue," or similar expressions, and variations or negatives of these words, but the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements represent our management's beliefs and assumptions only as of the date of this earnings presentation press release/Current Report on Form 8-K. You should read this earnings presentation with the understanding that our actual future results may be materially different from what we expect. All statements other than statements of historical fact are statements that could be deemed forward-looking statements, which include but are not limited to: expectations relating to revenues and other financial or business metrics; statements regarding relationships with clients and business momentum; and any other statements of expectation or belief. These statements are subject to known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance or achievements to differ materially from results expressed or implied in this earnings presentation. Such risk factors include, but are not limited to, those related to: the high degree of competition in the markets in which we operate; our reliance on the performance of distributors, route operators, suppliers, retailers and servicers; our ability to achieve and maintain a high level of product and service quality; fluctuations in the cost and availability of raw materials; our exposure to international markets, particularly emerging markets; our exposure to costs and difficulties of acquiring and integrating complementary businesses and technologies; and our exposure to worldwide economic conditions and potential global economic downturns. Additional information concerning these and other risks and uncertainties are contained in the section entitled “Risk Factors” in the final prospectus filed October 9, 2025, which forms part of the Registration Statement on Form S-1 declared effective as of September 30, 2025. Additional information will be made available in our quarterly reports on Form 10-Q, and other filings and reports that we may file from time to time with the SEC. Except as required by law, we assume no obligation, and do not intend to, to update these forward-looking statements, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future. Non-GAAP Financial Measures This presentation includes certain financial measures derived from consolidated financial data but not presented in accordance with U.S. generally applicable accounting principles (“GAAP”), including Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Net Income, Adjusted net income per share attributable to common stockholders - diluted, Net debt, Net Debt to Adjusted EBITDA and IPO Adjusted net leverage. The Company believes that these non-GAAP measures, when taken together with its financial results presented in accordance with GAAP, provide a more complete understanding of our results of operations and the factors and trends affecting our business. These non-GAAP financial measures are also used by our management to evaluate financial results and to plan and forecast future periods. Non-GAAP financial measures should be considered a supplement to, and not a substitute for, or superior to, the corresponding measures calculated in accordance with GAAP. Non-GAAP financial measures used by us may differ from the non-GAAP measures used by other companies, including our competitors. 2
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Presenters Chief Executive Officer & Director Mike Schoeb Chief Financial Officer Dean Nolden Bob Calver VP Investor Relations 3
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Global Leader in Commercial Laundry Every Day is Laundry Day • Clean laundry is essential, ubiquitous and consistent with predictable replacement cycle • Commercial laundry industry values Total Cost of Ownership Commercial Laundry is Resilient and Growing 1 • Produce among highest-quality machines in industry - focus on durability, reliability and efficiency • Exceptional support services drive sticky, long-term relationships World’s Largest Commercial Laundry Systems Manufacturer 2 • Long term track record of consistent revenue growth exceeding the market • Best-in-class Adj. EBITDA margin profile and minimal capex, driving significant cash flow generation Best-in-Class Financial Performance 3 • Urbanization accelerates international vend and mature markets undergoing laundromat evolution • Proven downside protection across different macroeconomic environments Compelling Growth Algorithm with Systemic Tailwinds 4 4
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Alliance at a Glance Alliance is a leading global manufacturer of commercial laundry systems with five prominent brands Manufactures systems with best-in-class quality and reliability, supported by industry-leading wraparound services Leading ~40% market share in North American commercial laundry market Based in Ripon, WI with ~4,100 employees located around the world Speed Queen considered “most reliable brand” across all appliance brands in US by Consumer Reports for the six years designation was awarded(1) Global ~150 Countries Served North America International Vended CIH Consistent Performer ~10% Revenue CAGR 2010A-2024A OPL Global Leader in Commercial Laundry 74% 26% Predictable Demand ~8m Installed Base(2) 42% 30% 28% #1 Leading Margin Profile 25.9% Adj. EBITDA Margin(3) Q3 2025 YTD ____________________ (1) Consumer Reports ranking is based on a survey of its subscribers. (2) Calculated based on an average ten-year useful life. (3) Adjusted EBITDA Margin is a non-GAAP financial measures. See Appendix for reconciliations to the nearest GAAP financial measures . Well- Invested $370m of CapEx invested in last 10 years 2024A Revenue by Segment 2024A Revenue by End Market#1 in World >2x size of next largest competitor 5
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6 Diversity of End Markets Supports Consistent Performance On-Premise Laundry (“OPL”) Comprehensive, cost-effective laundry systems for facilities management Customers range from million-room hotel chains to boutique B&Bs Specialized laundry systems to promote health and hygiene in hospitals and care homes Outsourced laundry systems for commercial businesses Premium fabric processing and care solutions for production lines and industrial applications Quality laundry that makes lasting impression for restaurants and food production Wet cleaning systems for fine fabric cleaning, and revitalizing delicate and luxury garments Military, fire, marine and other services requiring dependable, high-volume laundry systems Hospitality Facilities Mgmt. Healthcare Commercial Industrial Restaurants Institutions Professional Care Commercial In-Home (“CIH”) Differentiated commercial-quality Speed Queen® washers and dryers for the home CIH Vended Laundry facilities offering self-service and drop-off services Laundry systems for apartment blocks, condos, dorms and other multi-housing facilities Laundromats Communal Laundry
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7 Long Term Consistent Revenue Growth $366 $443 $460 $393 $426 $458 $506 $557 $726 $813 $889 $1,002 $1,090 $1,075 $938 $1,214 $1,376 $1,365 $1,508 $1,669 2006A 2007A 2008A 2009A 2010A 2011A 2012A 2013A 2014A 2015A 2016A 2017A 2018A 2019A 2020A 2021A 2022A 2023A 2024A LTM 9/30/25 Revenue ($ in millions) GFC COVID-19
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Key Investment Highlights Highest Quality Products Lead to Attractive Total Cost of Ownership (TCO) Unmatched Scale Premier Capabilities Drive Market Share Gains Well Invested Global Manufacturing and Engineering Footprint Diversified Go-to-Market Strategy Track Record of Innovation and Application Expertise Significant Recurring Revenue Streams with Further Potential Upside 8
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Alliance Has a Track Record of Outperforming the Market and is Well Positioned to Continue on this Trajectory Drivers Cost Savings Margin Drivers • Continued implementation of cost-down initiatives • Initiatives include plant and supply chain optimization Operational Improvements 8 Revenue Drivers Price • Continue to produce high-quality, reliable commercial laundry systems to drive repeat business and encourage market share gain Focus on Quality and Reliability 1 • Assist new class of commercially-focused laundromat operators to support evolution of laundromats • Suite of wraparound services and comprehensive digital platform designed for multi-store operators Global Laundromat Evolution 3 • Serve increasing demand from residential market for commercial-quality products • Maintain commercial-like margins while fulfilling demands for reliability and attractive TCO Growing Demand for CIH in North America 4 • Global commercial laundry industry underpenetrated in many regions • First-mover advantage by entering high-potential markets early and playing pivotal roles in market development Attractive International Vended Opportunity 5 • Continue to develop industry-leading features that often lead to an accelerated replacement cycle • Increase digital penetration to drive recurring revenue and increase customer stickiness Accelerate Replacements With New Innovations 6 • Continue to serve the steadily growing markets in OPL • Continue to deliver leading TCO to diverse range of niche applications within OPL Stable Growth in OPL 2 • Local-for-local product manufacturing strategy helps insulate Alliance from tariffs • Major European manufacturers will face estimated ~20-25% tariff headwind in US US TariffsTariffs 7 Volume and Mix Expected Alliance Growth 9
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10 Third Quarter 2025 and Recent Business Highlights • $506m IPO primary net proceeds used to delever • Combined with term loan repricing and voluntary paydowns delivers ~$46m annualized interest savings • Credit rating upgrades: S&P to B+, Moody’s to B2 (positive outlooks) Capital Markets • Completed acquisition of New York based distributor, further enhancing footprint in key market • Continued focus on disciplined cost management • Ongoing strategic investments for long- term growth Operational Execution • Launched 55-pound stack tumbler, market’s largest • Scan-Pay-Wash: industry first app-less & cashless payment solution • Stax-X: Thai designed product for developing laundromat markets Innovation Leadership
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11 Third Quarter 2025 Consolidated Financial Summary Metric (in millions) Q3 2025 ____________________ (1) Additional detail and definition of IPO adjusted net leverage provided on slide 14 Revenue % YoY • Volume growth in North America and International and all three end-markets • Price actions largely offset U.S. tariff related costs $438 +14% $1,274 +14% Adj. EBITDA % YoY • Gross profit growth through strong volume increases and pricing actions offset cost increases • Disciplined operating cost management while strategically investing in innovation and public company costs • Operating margin expansion driven by leveraging SG&A expenses $111 +16% Adj. EBITDA Margin ∆ bps YoY 25.3% +40 bps $330 +13% 25.9% -30 bps Adj. Net Income % YoY • Higher operating income supporting strong bottom line performance • Lower interest expense – refinancings in Q4 2024 and Q3 2025, voluntary $135M debt repayment in Q3 2025, and lower variable interest rates $48 +47% $136 +9% IPO Adjusted Net Leverage(1) • Delevered 0.7x organically YTD with strong cash flow and Adj. EBITDA growth • Subsequent to Q3, delevered with IPO proceeds to 3.1x IPO adjusted net leverage ratio 3.1x 3.1x 2025 YTD Performance Commentary
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+14% 12 North America Third Quarter 2025 Results $290 $331 Q3 2024 Q3 2025 $84 $95 Q3 2024 Q3 2025 +13% 29.1% 28.9% Adj. EBITDA margin Q3 2025 Highlights +14% YoY revenue growth • Double-digit growth across all end markets • Mid-single digit price increases and low double digit increase in volume +13% YoY Adj. EBITDA growth • Drove gross margin expansion and manufacturing efficiencies • Partially offset by strategic investments $3.5M Tariff impact in quarter • Offset by pricing actions • Local-for-local manufacturing strategy continues to limit impact of tariffs $ in millions $819 $952 Q3 YTD 2024 Q3 YTD 2025 +16% 29.4% 28.7% Adj. EBITDA margin $241 $273 Q3 YTD 2024 Q3 YTD 2025 +14% North America Q3 Adj. EBITDA North America Q3 Revenue North America Q3 YTD Revenue North America Q3 YTD Adj. EBITDA
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13 International Third Quarter 2025 Results 24.7% 24.0% Adj. EBITDA margin Q3 2025 Highlights • Balanced growth across mature and developing markets • One-third of increase attributable to each volume, price and favorable FX +9% YoY Adj. EBITDA growth • Strong topline performance partially offset by customer and product mix Global Wins • Local-for-local manufacturing strategy resulted in limited tariff exposure • Europe: Strong Vend growth; portfolio optimization • APAC: Double-digit growth • LATAM: Continued Vend momentum • MEA: early growth in Africa $ in millions $294 $322 Q3 YTD 2024 Q3 YTD 2025 27.1% 28.3% Adj. EBITDA margin $80 $91 Q3 YTD 2024 Q3 YTD 2025 $23 $26 Q3 2024 Q3 2025 $95 $107 Q3 2024 Q3 2025 International Q3 Revenue International Q3 Adj. EBITDA International Q3 YTD Revenue International Q3 YTD Adj. EBITDA +12% +9% +10% +15% +12% YoY revenue growth
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Strengthened Leverage Profile Balance Sheet & Liquidity Q4 2024 5.0x Q3 2025 4.3x Q3 2025 (Adj. Post IPO)1 3.1x 14 Improved Balance Sheet IPO net proceeds of $506m and cash on-hand used to repay $525m of debt in addition to $135m voluntary paydown in Q3 Strengthened capital structure with IPO adjusted net leverage(1) of 3.1x Q3 debt repricing to SOFR+225 and paydowns delivers ~$46m annualized interest savings One notch credit rating upgrade from S&P Global to B+ (positive); Outlook upgrade from Moody’s Ratings to B2 (positive) ____________________ (1) IPO adjusted net leverage ratio reflects September 30, 2025 Net debt to Adjusted EBITDA, adjusted for the debt repayment of $506 million related to IPO proceeds.
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Investment in Organic Growth Optimized Leverage Profile Return Cash to Shareholders Disciplined M&A to Supplement Organic Growth Commitment to Balanced Capital Allocation Strategy • Strategic investments to continuously improve product quality, introduce new products, further penetrate existing customers and gain market share • CapEx to support productivity and topline growth • Deploy significant free cash flow generation to deleverage balance sheet • Expect continued organic deleveraging in-line with historical performance • Flexibility to return capital to shareholders in the future when appropriate through share repurchases • Dividend opportunity as company continues to delever • Disciplined approach to M&A • Selectively supplement organic growth initiatives with accretive and value-creating acquisitions to continue to expand our platform 15 Capital allocation strategy designed to maximize shareholder value
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Global Leader in Commercial Laundry Every Day is Laundry Day • Clean laundry is essential, ubiquitous and consistent with predictable replacement cycle • Commercial laundry industry values Total Cost of Ownership Commercial Laundry is Resilient and Growing 1 • Produce among highest-quality machines in industry - focus on durability, reliability and efficiency • Exceptional support services drive sticky, long-term relationships World’s Largest Commercial Laundry Systems Manufacturer 2 • Long term track record of consistent revenue growth exceeding the market • Best-in-class Adj. EBITDA margin profile and minimal capex, driving significant cash flow generation Best-in-Class Financial Performance 3 • Urbanization accelerates international vend and mature markets undergoing laundromat evolution • Proven downside protection across different macroeconomic environments Compelling Growth Algorithm with Systemic Tailwinds 4 16
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Appendix
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18 Non-GAAP Reconciliation (Unaudited) Three Months Ended September 30, Nine Months Ended September 30, (in thousands, except percentages) 2025 2024 2025 2024 Net income/(loss) $ 32,896 $ (6,322) $ 81,159 $ 61,255 Provision/(benefit) for income taxes 10,038 (1,413) 24,912 17,564 Interest expense, net 36,952 42,339 121,240 100,770 Depreciation and amortization 23,386 22,587 69,344 67,496 Refinancing and debt related costs 2,425 32,967 3,479 32,967 Foreign exchange gain on intercompany loans, net 3,181 4,373 23,035 4,143 Shared-based compensation 791 809 2,562 2,585 Strategic transaction costs 1,132 515 4,176 5,183 Adjusted EBITDA $ 110,801 $ 95,855 $ 329,907 $ 291,963 Net revenues $ 437,606 $ 384,295 $ 1,274,363 $ 1,113,304 Net income/(loss) margin 7.5 % (1.6) % 6.4 % 5.5 % Adjusted EBITDA margin 25.3 % 24.9 % 25.9 % 26.2 % The following table presents a reconciliation of Net income/(loss) to the non-GAAP financial measure adjusted earnings before interest, taxes depreciation and amortization (Adjusted EBITDA) and Net income (loss) margin to Adjusted EBITDA margin:
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19 Non-GAAP Reconciliation (cont.) The following table presents a reconciliation of Net Income to Adjusted Net Income: (Unaudited) Three Months Ended September 30, Nine Months Ended September 30, (in thousands, except per share data) 2025 2024 2025 2024 Net income/(loss) $ 32,896 $ (6,322) $ 81,159 $ 61,255 Amortization of intangible assets 12,626 12,515 38,061 37,584 Refinancing and debt related costs 2,425 32,967 3,479 32,967 Foreign exchange gain on intercompany loans, net 3,181 4,373 23,035 4,143 Shared-based compensation 791 809 2,562 2,585 Strategic transaction costs 1,132 515 4,176 5,183 Tax effect of add backs (4,634) (11,848) (16,395) (19,090) Adjusted net income $ 48,417 $ 33,009 $ 136,077 $ 124,627 Net income/(loss) per share attributable to common stockholders - diluted: 0.19 (0.04) 0.46 0.35 Adjusted net income per share attributable to common stockholders - diluted: 0.28 $ 0.19 $ 0.78 $ 0.72
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20 Non-GAAP Reconciliation (cont.) The following table presents the calculation of last twelve months (LTM) adjusted EBITDA for purposes of calculating Net debt and Net debt to Adjusted EBITDA: (Unaudited) (in thousands) Three Months Ended December 31, 2024 Nine Months Ended September 30, 2025 LTM September 30, 2025 Net Income $ 37,064 $ 81,159 $ 118,223 Provision/(benefit) for income taxes 7,566 24,912 32,478 Interest expense, net 31,231 121,240 152,471 Depreciation and amortization 22,673 69,344 92,017 Refinancing and debt related costs 250 3,479 3,729 Foreign exchange gain on intercompany loans, net (8,797) 23,035 14,238 Shared-based compensation 678 2,562 3,240 Strategic transaction costs 620 4,176 4,796 Adjusted EBITDA 91,285 329,907 421,192 (Unaudited) (in thousands) September 30, 2025 December 31, 2024 Term loan $ 1,940,000 $ 2,075,000 Finance lease obligations 267 359 Debt 1,940,267 2,075,359 Less: Cash and cash equivalents (136,168) (154,682) Net debt $ 1,804,099 $ 1,920,677 LTM adjusted EBITDA $ 421,192 $ 383,248 Net debt to adjusted EBITDA 4.3 x 5.0 x The following table presents a reconciliation of Debt to Net Debt and Net Debt to Adjusted EBITDA:
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21 Non-GAAP Reconciliation (cont.) Selected financial information for each segment is as follows: (Unaudited) Three Months Ended September 30, 2025 Three Months Ended September 30, 2024 (in thousands) North America International Total North America International Total Net revenues $ 330,742 $ 106,864 $ 437,606 $ 289,242 $ 95,053 $ 384,295 Cost of sales(1) 204,781 69,896 180,099 60,607 Other segment items(2) 30,512 11,318 24,910 10,999 Segment Adjusted EBITDA $ 95,449 $ 25,650 $ 121,099 $ 84,233 $ 23,447 $ 107,680 Reconciling items: Interest expense, net (36,952) (42,339) Depreciation and amortization (23,386) (22,587) Refinancing and debt related costs (2,425) (32,967) Foreign exchange gain/(loss) on intercompany loans, net (3,181) (4,373) Shared-based compensation (791) (809) Strategic transaction costs (1,132) (515) Pension termination costs — — Corporate and other (10,298) (11,825) Income before taxes $ 42,934 $ (7,735) (Unaudited) Nine Months Ended September 30, 2025 Nine Months Ended September 30, 2024 (in thousands) North America International Total North America International Total Net revenues $ 952,156 $ 322,207 $ 1,274,363 $ 819,078 $ 294,226 $ 1,113,304 Cost of sales(1) 592,236 198,317 514,024 184,967 Other segment items(2) 86,893 32,546 64,524 29,491 Segment Adjusted EBITDA $ 273,027 $ 91,344 $ 364,371 $ 240,530 $ 79,768 $ 320,298 Reconciling items: Interest expense, net (121,240) (100,770) Depreciation and amortization (69,344) (67,496) Refinancing and debt related costs (3,479) (32,967) Foreign exchange gain/(loss) on intercompany loans, net (23,035) (4,143) Shared-based compensation (2,562) (2,585) Strategic transaction costs (4,176) (5,183) Pension termination costs — — Corporate and other (34,464) (28,335) Income before taxes $ 106,071 $ 78,819 ____________________ (1) Consists of Cost of sales, Cost of sales - related parties and Equipment financing expenses. (2) Other segment items for each reportable segment includes allocated engineering, sales and marketing, information technology, and certain other overhead expenses.