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November 20, 2025 NYSE: BV Fourth Quarter & Fiscal Year 2025 Earnings Call
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4Q FY2025 Earnings Presentation | 2 Forward Looking Statements This presentation contains “forward-looking statements” within the meaning of the safe harbor provision of the U.S. Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), which are subject to the “safe harbor” created by those sections. All statements, other than statements of historical facts included in this presentation, including statements concerning our plans, objectives, goals, beliefs, business outlook, business trends, expectations regarding our industry, strategy, future events, future operations, future liquidity and financial position, future revenues, projected costs, prospects, plans and objectives of management and other information, may be forward-looking statements. Words such as “believes,” “expects,” “may,” “will,” “should,” “seeks,” “intends,” “plans,” “estimates,” or “anticipates,” and variations of such words or similar expressions are intended to identify forward-looking statements. The forward- looking statements are not historical facts or guarantees of future performance and are based upon our current expectations, beliefs, estimates and projections, and various assumptions, many of which, by their nature, are inherently uncertain and beyond our control. Our expectations, beliefs, and projections are expressed in good faith, and we believe there is a reasonable basis for them. However, there can be no assurance that management’s expectations, beliefs and projections will result or be achieved, and actual results may vary materially from what is expressed in or indicated by the forward-looking statements. Factors that could cause actual results to differ materially from those projected include, but are not limited to: competitive industry pressures; our ability to preserve long-term customer relationships; a determination by customers to reduce their outsourcing or use of preferred vendors; inconsistent practices and the operating results of individual branches; our ability to implement our business strategies and achieve our growth objectives; negative impacts of future acquisitions or other strategic transactions; the seasonal nature of our landscape maintenance services; our dependence on weather conditions and the impact of severe weather and climate change on our business; any failure to accurately estimate the overall risk, requirements, or costs when we bid on or negotiate contracts that are ultimately awarded to us and, for such contracts, the ability to collect amounts owed under such contracts; the conditions and periodic fluctuations of the new commercial construction sector, as well as spending on repair and upgrade activities; the level, timing and location of snowfall; our ability to retain or hire our executive management and other key personnel; our ability to attract, retain and maintain positive relations with workers; any failure to properly verify employment eligibility of our employees; the liability exposure from our use of subcontractors to perform work under certain customer contracts; our recognition of future impairment charges; failure to comply with laws and governmental regulations including those relating to employees, the environment, immigration, human health, safety or transportation, which may result in lawsuits, investigations, restrictions or significant financial costs; the distraction and impact caused by litigation, of adverse litigation judgments and settlements resulting from legal proceedings; tax increases and changes in tax rules; any increase in on-job accidents involving employees; any failure, inadequacy, interruption, security failure or breach of our information technology systems; compliance with data privacy regulations; our ability to adequately protect our intellectual property; any adverse consequences of our substantial indebtedness; increases in interest rates governing our variable rate indebtedness increasing the cost of servicing our substantial indebtedness; risks related to counterparty credit worthiness or non-performance of the derivative financial instruments we utilize; counterparty default risks; restrictions within our debt agreements that limit our flexibility in operating; our ability to generate sufficient cash flow to satisfy our significant debt service obligations; the possibility to incur substantially more debt, including off-balance sheet financing, contractual obligations and general and commercial liabilities; any failure to extend credit under our facility or reduce the borrowing base under our Revolving Credit Facility; any future sales, or the perception of future sales, by us or our affiliates, which could cause the market price for our common stock to decline; the ability of KKR and One Rock to exert significant influence over us; anti-takeover provisions in our organizational documents that could delay or prevent a change in control; the ability of our Board of Directors to issue and designate shares of our preferred stock in additional series without stockholder approval; the fact that the holders of our Series A Preferred Stock may have different interests from and vote their shares in a manner deemed adverse to, holders of our common stock; the dividend, liquidation, and redemption rights of the holders of our Series A Preferred Stock; our certificate of incorporation restricting all stockholder litigation matters to the Court of Chancery of the State of Delaware and the federal district courts of the United States of America; general business, economic, and financial market conditions; increases in raw material costs, fuel prices, wages and other operating costs, and changes in our ability to source adequate supplies and materials in a timely manner; occurrence of natural disasters, terrorist attacks, global health emergencies and other external events; heightened inflation, geopolitical conflicts, recession, financial market disruptions, trade policies and tariffs, and other economic conditions; corporate responsibility matters and/or our reporting of such matters; significant changes in our stock price and its ability for resale; securities analysts’ reports about our business or their downgrade of our stock or sector; maintaining effective internal controls; and costs and requirements imposed as a result of maintaining compliance with the requirements of being a public company. Additional factors that could cause our results to differ materially from those described in the forward-looking statements can be found under “Item 1A. Risk Factors” in our Form 10-K for the fiscal year ended September 30, 2025, and such factors may be updated from time to time in our periodic filings with the Securities and Exchange Commission (the “SEC”), which are accessible on the SEC’s website at www.sec.gov. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this release and in our filings with the SEC. Any forward-looking statement made in this presentation speaks only as of the date on which it was made. We undertake no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except as required by law. Non-GAAP Financial Measures Included in this presentation are certain non-GAAP financial measures, such as " Adjusted EBITDA", "Adjusted EBITDA Margin", "Adjusted Net Income", “’Adjusted Free Cash Flow", Total Financial Debt", "Total Net Financial Debt" and "Total Net Financial Debt to Adjusted EBITDA ratio", designed to complement the financial information presented in accordance with U.S. GAAP because management believes such measures are useful to investors. These non-GAAP financial measures should be considered only as supplemental to financial measures provided in accordance with GAAP. Please refer to the appendix of this presentation for a reconciliation of the historical non-GAAP financial measures included in this presentation to the most directly comparable financial measures prepared in accordance with GAAP. Because GAAP financial measures on a forward-looking basis are not accessible, and reconciling information is not available without unreasonable effort, we have not provided reconciliations for forward-looking non-GAAP measures. For the same reasons we are unable to address the probable significance of the unavailable information, which could have a potentially unpredictable and potentially significant impact on our future GAAP financial results. Introductory Information
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4Q FY2025 Earnings Presentation | 3 Executive Summary Dale Asplund | President & Chief Executive Officer
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4Q FY2025 Earnings Presentation | 4 $352.3M 13.2% ~83% Record Full- Year Adj. EBITDA +8.5% vs. PY Record Adj. EBITDA Margin +150ps vs. PY Customer Retention +~200bps vs. PY Highlights Continuing to invest in employees and fleet to deliver best -in-class service to customers Investing in salesforce & service levels by leveraging size and scale and G&A savings Key Operational & Financial Highlights One BrightView strategy continues to drive transformation Key Metrics Delivered record financial results Increased share repurchase authorization to $150 million $ BV
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4Q FY2025 Earnings Presentation | 5 Continuing To Prioritize Our Employees Trucks / Mowers PTO Affordable BenefitsBoots HRIS Flexible Schedules Service Hours Advanced Pay Prioritizing and investing in our front line delivers sequential employee turnover improvement BECOMING THE EMPLOYER OF CHOICE
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4Q FY2025 Earnings Presentation | 6 Continuing To Deliver Best in Class Customer Service Unwavering customer service yields sequential customer retention improvement Improved Communication Efficient / Unified Best-in-class service CUSTOMER CENTRIC FOCUS Reduced Turnover
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4Q FY2025 Earnings Presentation | 7 Accelerating Investments in Salesforce Through G&A Savings Meaningful progress already made…but more to come Seller Updates UNLOCKING SIZE AND SCALE • FY’25 G&A savings partially reinvested back into expanding our salesforce • Tenure of salesforce to improve as we ramp • Productivity improves after first 12 months • New technology enables sellers to generate better leads • FY’26 continue to leverage G&A savings to invest back into salesforce
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4Q FY2025 Earnings Presentation | 8 Driving Profitable Growth in 2026 & Beyond Profitable Top Line Growth Focused on achieving consistent Top Line Profitable Growth and Shareholder Value Higher Customer Retention Sustainable Revenue Growth Improved Employee Turnover Development Conversions National Accounts Ancillary Offerings Sales Force Ramp Streamlined Ops Structure Sales / Ops Alignment Realigned Comp Plans
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4Q FY2025 Earnings Presentation | 9 Financial Review & Outlook Brett Urban | Chief Financial Officer
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4Q FY2025 Earnings Presentation | 10 Key Highlights 1) Streamlined structure = reduced overhead…reinvested back into the business 2) Continued focus on centralization, scale advantages and efficiencies 3) Positioned well to inflect top-line growth in 2026 and beyond NOTE: FY20 excluded from above due to atypical results related to COVID pandemic Delivered Second Consecutive Record Year in 2025 Continued execution of our strategy
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4Q FY2025 Earnings Presentation | 11 $MMs FY 2025 FY 2024 Commentary Total Adjusted EBITDA $352.3 $324.7 • ~ 8% increase and margin expansion +150bps Maintenance Services $245.4 $236.1 • Margin expansion +100bps Development Services $106.9 $88.5 • Margin expansion +260bps $MMs 13.2% Minor differences may exist due to rounding 11.7% FY 2025 Adjusted EBITDA Operational efficiencies drive continued margin expansion across all segments 2H’25 Salesforce Ramp
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4Q FY2025 Earnings Presentation | 12 Operating Efficiencies Generating Cost Benefits Reduced overhead and leaner structure driving lower SG&A expense SG&A Expense ($M) & SG&A Percent of Revenue Streamlined Operations = Meaningful Cost Savings Reinvested Into Sales Force 18.9% 17.9% 17.1%
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4Q FY2025 Earnings Presentation | 13 Maintenance Land Revenue To Inflect in FY26 Maintenance revenue metrics continue to improve after Q3 macro related headwinds * Normalized for snowfall timing in the quarter. See 2Q25 earnings presentation for further detail. Core Maintenance Land Revenue Growth Macro Impact Steady progress in Land revenue trajectory through 2Q25 Macro related dynamics created headwinds in 3Q25 4Q25 Land revenue trended back towards inflection Investments in salesforce to drive growth in 2026 and beyond
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4Q FY2025 Earnings Presentation | 14 Fleet Investments Providing Meaningful Benefits • Prioritize refreshing our most aged fleet first • Assets disposed at optimal time producing higher residuals • Refreshed equipment requiring less repair and maintenance Fleet Management Strategy = EBITDA Growth Margin Expansion Higher Employee Morale Improved Customer Service Capital allocation strategy delivering multi-faceted benefits *Repairs, Maintenance & Rentals Expense as a % of Revenue & Repairs, Maintenance & Rental Expenses
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4Q FY2025 Earnings Presentation | 15 Fortified Balance Sheet 4.8x 2.9x 2.3x 2.3x 2023 2024 20252022 1. Net Debt includes total long -term debt, net of original issue discount, and capital lease obligations net of cash and equivalent s Leverage1 Strategic Capital Priorities Fortified balance sheet enables execution of capital allocation priorities • Favorable debt structure & ample liquidity • No Long-Term Maturities until 2029 • 2025 was highest capital invested in BV history • ’24/’25 focus on Core Production Trucks / Mowers • ‘26 to begin Trailer refresh Accelerate Fleet Strategy • Increased existing share repurchase authorization to $150 million • Opportunistic / Open Market Transactions with no expiration Share Repurchase • Robust acquisition pipeline • Primary Focus on Service- Line Density (i.e. Tree / Aquatics) & Market expansion Accretive Acquisitions
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4Q FY2025 Earnings Presentation | 16 FY 2026 Guidance Adjusted EBITDA Total Revenue Adj. EBITDA Margin Expansion Adj. Free Cash Flow1 $2.670B – $2.730B $100M – $115M ~ +40 to ~ +60bps $363M – $377M Revenue Margin Expansion Maintenance Land Growth ~ +1% to ~ +2% Development Growth ~ Flat to ~ +2% Snow Revenue ~$190 to ~ $220M Maintenance ~ +50 to ~ +70bps Development ~ +20 to ~ +40bps 2026 Guidance Guidance Assumptions 1. Adjusted Free Cash Flow guidance assumes Net CapEx: $165M - $180M, Cash Interest: $55M - $60M, Cash Taxes: ~$5M - $10M, NWC: use of cash to fund growth
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4Q FY2025 Earnings Presentation | 17 FY26 Positioned for Another Record Year Strategy Execution & Increased Liquidity Enable Long-Term Profitable Growth & Value Creation NOTE: FY20 excluded from above due to atypical results related to COVID pandemic * Midpoint of guidance
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4Q FY2025 Earnings Presentation | 18 One BrightView Driving Long-Term Profitable Growth IN VESTMENT OF CHOIC E STRATEGIC CAPITAL ALLOCATION UNLOCKING SIZE AND SCALE BECOMING THE EMPLOYER OF CHOICE CUSTOMER CENTRIC FOCUS 1. From 2025 Investor Day * ~$450M+ in M&A ** Free Cash Flow Conversion = Adjusted Free Cash Flow / EBITDA $ Reaffirming our commitment to Long-Term Growth targets 2030 Aspirational Targets1 ~16%+ Adjusted EBITDA Margins ~40%+ Free Cash Flow Conversion** ~$4B*+ Total Revenue ~$650M+ Adjusted EBITDA
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4Q FY2025 Earnings Presentation | 19 QUESTIONS & ANSWERS
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4Q FY2025 Earnings Presentation | 20 Appendix
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4Q FY2025 Earnings Presentation | 21 Non-GAAP to GAAP Reconciliation
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4Q FY2025 Earnings Presentation | 22 Non-GAAP to GAAP Reconciliation (con’t.) (a) Business transformation and integration costs consist of (i ) severance and related costs; (ii) business integration costs and (iii) information technology infrastructure, transformation and other costs. Fiscal Year Ended September 30, Three Months Ended September 30, (in millions) 2025 2024 2025 2024 Severance and related costs $ (0.4 ) $ 16.6 $ 0.1 $ 6.1 Business integration (f) 0.8 (0.4 ) 0.7 0.1 IT infrastructure, transformation, and other (g) 25.7 27.9 4.2 4.0 Business transformation and integration costs $ 26.1 $ 44.1 $ 5.0 $ 10.2 (b) Represents the realized gain on sale and transaction related expenses from the divestiture of U.S. Lawns on January 12, 2024. (c) Represents equity-based compensation expense and related taxes recognized for equity incentive plans outstanding. (d) Represents losses on the extinguishment of debt related to Amendments No. 9 and No. 8 to the Credit Agreement, in the fiscal years ended September 30, 2025 and 2024, respectively, and includes accelerated amortization of deferred financing fees and origina l issue discount as well as fees paid to lenders and third parties. (e) Represents the tax effect of pre-tax items excluded from Adjusted Net Income and the removal of the applicable discrete tax items, which collectively result in an increase or decrease in income tax. The tax effect of pre-tax items excluded from Adjusted Net Income is computed using the statutory rate related to the jurisdiction that was impacted by the adjustment after taking into accoun t the impact of permanent differences and valuation allowances. Discrete tax items include changes in laws or rates, changes in uncertain tax positions relating to prior years and changes in valuation allowances. Year Ended September 30, Three Months Ended September 30, (in millions)* 2025 2024 2025 2024 Tax impact of pre-tax income adjustments $ 17.8 $ 12.8 $ 3.8 $ (6.5 ) Discrete tax items 0.1 (2.1 ) 0.1 11.5 Income tax adjustment $ 17.9 $ 10.7 $ 3.9 $ 5.0 (f) Represents isolated expenses specifically related to the integration of acquired companies such as one -time employee retention costs, employee onboarding and training costs, and fleet and uniform rebranding costs. The Company excludes Business integration costs from the non -GAAP measures disclosed above since such expenses vary in amount due to the number of acquisitions and size of acquired companies as well as factors specific to each acquisition, and as a result lack predictability as to occurrence and/or timing, and create a lack of comparability between periods. (g) Represents expenses related to distinct initiatives, typically significant enterprise -wide changes, including actions taken as part of the Company's One BrightView initiative. Such expenses are excluded from the measures disclosed above since such expenses vary in amount based on occurrence as well as factors specific to each of the activities, are outside of the normal operation s of the business, and create a lack of comparability between periods.
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4Q FY2025 Earnings Presentation | 23 Non-GAAP to GAAP Reconciliation (con’t.) Exhibit 99.1 Total Financial Debt and Total Net Financial Debt (in millions)* September 30, 2025 September 30, 2024 September 30, 2023 Long-term debt, net $ 790.2 $ 802.5 $ 888.1 Plus: Current portion of long term debt — — — Financing costs, net 5.3 6.5 6.6 Present value of net minimum payment - finance lease obligations (h) 81.9 68.3 42.8 Total Financial Debt 877.4 877.3 937.5 Less: Cash and cash equivalents (74.5 ) (140.4 ) (67.0 ) Total Net Financial Debt $ 802.9 $ 736.9 $ 870.5 Total Net Financial Debt to Adjusted EBITDA ratio 2.3x 2.3x 2.9x (a) Balance is presented within Accrued expenses and other current liabilities and Other liabilities in the Consolidated Balance Sheet. (*) Amounts may not total due to rounding.
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4Q FY2025 Earnings Presentation | 24 Share Repurchase Reconciliation: Q4 Company Repurchases of Equity Securities The following table provides information about the Company's share repurchase activity during the fourth fiscal quarter of 2025. Period (a) Total number of shares purchased (b) Average price paid per share (c) Total number of shares purchased as part of publicly announced plans or programs (d) Approximate dollar value of shares that may yet be purchased under the plans or programs(1) July 1, 2025 - July 31, 2025 130,891 15.28 130,891 $ 89,327,909 August 1, 2025 - August 31, 2025 130,276 15.35 130,276 $ 87,327,917 September 1, 2025 - September 30, 2025 251,996 13.89 251,996 $ 83,827,932 Total 513,163 $ 14.62 513,163 $ 83,827,932 (1) On March 13, 2025, the Company announced a share repurchase program allowing us to repurchase up to $100 million of common st ock.On November 19, 2025 the Company announced an increase in the share repurchase program increasing the authorized amount of rep urchases to $150 million of common stock. Under the share repurchase program, any repurchases will be made at management's discretion and may be through a variety of methods, such as open -market transactions (including pre -set trading plans), accelerated s hare repurchases, and other transactions in accordance with applicable securities laws. The Company anticipates repurchase activities to occur over an ex tended period of time. The program has no time limit. The share repurchase authorization does not oblig ate the Company to acquire any particular amount of common stock and can be discontinued at any time.
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4Q FY2025 Earnings Presentation | 25 Revenue Guidance Reconciliation Minor differences may exist due to rounding Land Snow Dev't I/c Total FY'25 1,680 211 789 (8) 2,673 Low-End 1% N/A 0% N/A N/A High-End 2% N/A 2% N/A N/A Low-End 1,700 190 790 (8) 2,670 High-End 1,715 220 805 (8) 2,730 Low-End 2,670 High-End 2,730 RangesImplied MathGuide Guidance Reconciliation
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4Q FY2025 Earnings Presentation | 26 2026 Revenue Guidance Bridge Investments in salesforce to drive top-line growth in fiscal 2026 Bridge represents the midpoint of guidance Seller Investments Improved customer retention & Ancillary offerings Dev’t to Maintenance Conversions Cold Starts Project Timing / Delays ~ +1% to ~ +2% growth Seller Investments ~ Flat to ~ +2% growth