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Q2 2025 Earnings August 7, 2025 Perimeter Solutions, Inc.
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2 Certain statements in this presentation and discussion are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and are based on Perimeter Solutions, Inc.’s (the “Company”) expectations, intentions and projections regarding the Company’s future performance, anticipated events or trends and other matters that are not historical facts. Words such as “anticipate,” “estimate,” “seek,” “expect,” “forecast,” “project,” “plan,” “intend,” “believe,” “may,” “should,” or similar expressions are intended to identify these forward-looking statements. These forward-looking statements include, but are not limited to, statements regarding (i) estimates, beliefs and forecasts of financial, operational and performance metrics, including, but not limited to, Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted EBITDA growth, and Free Cash Flow and capital expenditures; (ii) our goals and expectations regarding capital allocation, future investments in R&D and capital structure management, and the extent to which the foregoing support our long-term organic EBITDA growth trajectory; (iii) our long-term assumptions, including our assumptions regarding interest expense, tax-deductible depreciation and amortization, cash tax rates, capital expenditures, changes to working capital and basic shares outstanding; (iv) the opportunity to expand our business through strategic acquisitions consistent with our five target economic criteria; (v) our beliefs regarding our tolling agreement, the dispute and surrounding circumstances related thereto, including our commitment to gain control of, and implement operational changes to, the phosphorus pentasulfide plant in Sauget, Illinois at issue and its effect on our operations; (vi) our ability to deliver long-term equity value creation, including M&A-driven value creation; (vii) our expectations regarding the remainder of the fire season; (viii) our expectations regarding Intelligent Manufacturing Solutions (“IMS”), including our projections to deliver returns that exceed our targeted IRR threshold and our expectations to expand IMS’ portfolio to generate returns through acquisitions and additional capital allocation; (ix) our expectations regarding the returns on our allocated capital; (x) our plans regarding the implementation of our share repurchase program; and (xi) expected capital allocation activities and priorities including, but not limited to, expectations relating to capital expenditures, mergers and acquisitions, special dividends and share repurchases, and the extent to which the foregoing drive value creation. These statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. For further information, please refer to the Company’s reports and filings with the Securities and Exchange Commission. Forward-looking statements speak only as of the date of such statements and, except as required by applicable law, the Company does not undertake any obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise. To supplement the financial measures prepared in accordance with generally accepted accounting principles in the United States (“GAAP”), we have included the following non-GAAP financial information in this presentation: adjusted EBITDA, adjusted EBITDA margin, adjusted net income, adjusted diluted shares, adjusted earnings per share, last twelve months (“LTM”) adjusted EBITDA, net debt to LTM adjusted EBITDA and Free Cash Flow. The reconciliations of these non-GAAP measures to the most directly comparable financial measures calculated and presented in accordance with GAAP can be found in the Appendix to this presentation. Because these non-GAAP financial measures exclude certain items as described herein, they may not be indicative of the results that the Company expects to recognize for future periods. As a result, these non- GAAP financial measures should be considered in addition to, and not a substitute for, financial information prepared in accordance with GAAP . Disclaimer
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3 Three Elements Achieves Purpose Exceptional Product Lines Value Creation Strategy Our Purpose Fire Safety / Specialty Products ▪ Mission Critical ▪ Challenging Problems ▪ Market Leadership ▪ Attractive Growth Operational Value Drivers ▪ Profitable New Business ▪ Productivity & Cost Improvement ▪ Value-based Pricing Capital Allocation & Structure Fulfill Mission Deliver private-equity like returns (15%+) Decentralization Operating Autonomy Budget Accountability Incentive Alignment
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4 Operational Developments Specialty Products Fire Safety
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5 Q2 2025 Financial Summary ($000) Q2 '24 Q2 '25 y/y YTD '24 YTD '25 y/y Fire Safety Revenue 98,538 120,284 22% 123,693 157,447 27% Adjusted EBITDA 55,639 77,659 40% 55,398 87,744 58% Adjusted EBITDA Margin 56% 65% 45% 56% Specialty Products Revenue 28,738 42,355 47% 62,627 77,222 23% Adjusted EBITDA 9,269 13,679 48% 21,646 21,677 0% Adjusted EBITDA Margin 32% 32% 35% 28% Consolidated Revenue 127,276 162,639 28% 186,320 234,669 26% Adjusted EBITDA 64,908 91,338 41% 77,044 109,421 42% Adjusted EBITDA Margin 51% 56% 41% 47% GAAP Earnings (Loss) Per Share (diluted) 0.14 (0.22) (0.42) 0.16 Adjusted Earnings Per Share (diluted) 0.25 0.39 0.23 0.41
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6 (1) Cash paid for taxes, over a multi-year period, estimated as (Adjusted EBITDA less tax-deductible D&A less interest expense) * Cash Tax Rate (2) As of the end of the current reported period. Long-Term Assumptions Item Forward-Looking Assumption Interest Expense ~$40M annually Tax-deductible D&A and other ~$20-25M annually Cash Tax Rate ~20-25% Capital Expenditures ~$15-30M annually Annual Change In Working Capital ~10% of revenue growth Current Basic Shares Outstanding ~145.9M(2) (1)
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7 Capital Allocation Priorities ▪ Issue special dividends to sustain necessary leverage ▪ Support our customers’ mission ▪ Drives Profitable New Business and Productivity ▪ Acquiror advantage from Value Drivers implementation ▪ Repurchase shares when compelling opportunities arise Priority We drive value creation through thoughtful capital allocation and active capital structure management Capex M&A Share Buybacks Special Dividends ✓ $9.7M* ✓ $20.0M ✓ $32.2M Q2 ‘25 ✓ 1.7x LTM net leverage *Amount excludes $3.1M of capex from an asset acquisition
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8 Attractive Debt Profile, Ample Liquidity Senior Secured Notes Debt $ Liquidity • $140.7M cash and cash equivalents (as of Q2 2025) • $100M revolving cashflow facility, $0 drawn Capitalization • NO financial maintenance covenants • 1.7x net debt to LTM Adjusted EBITDA of $312.7M • 145.9M basic shares outstanding $0M $0M $0M $0M $675M $0M $100M $200M $300M $400M $500M $600M $700M $800M 2025 2026 2027 2028 2029 Maturity Schedule 5% fixed rate
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Appendix
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10 Incentive Alignment Stock Options • Approximately 17.1M stock options granted to management, employees, and directors are outstanding as of June 30, 2025 • Vest over five years based on intrinsic share price growth Founders Advisory Agreement (pertaining to the EverArc Founders) • Fixed Annual Advisory Amount equal to 1.5% of 157,137,410 shares of Common Stock outstanding at Business Combination, paid annually until the year ending 12/31/2027 • Variable Annual Advisory Amount based on the appreciation of the market price of shares of Common Stock if such market price exceeds certain trading price minimums, paid annually until the year ending 12/31/2031 • Fixed and Variable Annual Advisory Amounts apply solely to 157,137,410 shares of Common Stock outstanding at Business Combination • At least 50% of the Fixed and Variable Annual Advisory Amounts will be paid in shares of Common Stock and remainder in cash, with any cash portion intended to cover taxes
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11 Non-GAAP Financial Metrics (Consolidated) Adjusted EBITDA & Adjusted EBITDA Margin The computation of Adjusted EBITDA is defined as income (loss) before income taxes plus net interest and other financing expenses, and depreciation and amortization, adjusted on a consistent basis for certain non-recurring, unusual or non-operational items. These items include (i) restructuring and transaction related costs (ii) founder advisory fee expenses, (iii) stock compensation expense and (iv) foreign currency loss (gain). Adjusted EBITDA Margin is defined as Adjusted EBITDA divided by net sales. To supplement the Company’s consolidated financial statements presented in accordance with U.S. GAAP, Perimeter is providing a summary to show the computations of Adjusted EBITDA and Adjusted EBITDA Margin, which are non-GAAP measures used by the Company's management and by external users of Perimeter’s financial statements, such as debt and equity investors, commercial banks and others, to assess the Company’s operating performance as compared to that of other companies, without regard to financing methods, capital structure or historical cost basis. Adjusted EBITDA and Adjusted EBITDA Margin should not be considered alternatives to net income (loss), operating income (loss), cash flows provided by (used in) operating activities or any other measure of financial performance or liquidity presented in accordance with U.S. GAAP (in thousands).
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12 Non-GAAP Financial Metrics (Consolidated) (1) For the three months ended June 30, 2025, $0.2 million was related to acquisition costs and $0.1 million was related to other non-recurring costs. For the six months ended June 30, 2025, $0.8 million was related to acquisition costs, $0.4 million was related to the Redomiciliation Transaction and $0.6 million was related to restructuring and other non-recurring costs. For the six months ended June 30, 2024, $0.5 million was related to the Redomiciliation Transaction and other non-recurring Luxembourg related costs, and $0.1 million was related to other non-recurring costs.
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13 Non-GAAP Financial Metrics (Consolidated) Adjusted Earnings Per Share & Adjusted Diluted Shares The computation of Adjusted Earnings Per Share (“Adjusted EPS”) is defined as Adjusted Net Income (loss) divided by adjusted diluted shares. Adjusted Net Income is defined as net income (loss) plus amortization, certain non-recurring, unusual or non-operational items, and the tax impact of these non- GAAP adjustments. These adjustments include (i) restructuring and transaction related costs (ii) founder advisory fee expenses, (iii) stock compensation expense and (iv) foreign currency loss (gain). Adjusted diluted shares is the weighted average diluted shares outstanding, adjusted by adding dilution for options and warrants excluded under U.S. GAAP due to a net loss, less dilution related to Founders advisory fees. To supplement the Company’s condensed consolidated financial statements presented in accordance with U.S. GAAP, Perimeter is providing a summary to show the computations of Adjusted EPS, which is a non- GAAP measure used by the Company's management and by external users of Perimeter’s financial statements, such as debt and equity investors, commercial banks and others, to assess the Company's operating performance as compared to that of other companies, without regard to financing methods, capital structure or historical cost basis. Adjusted EPS and Adjusted Net Income should not be considered alternatives to GAAP earnings per share (“GAAP EPS”), net income (loss), operating income (loss), cash flows provided by (used in) operating activities or any other measure of financial performance or liquidity presented in accordance with U.S. GAAP (in thousands, except share and per share data).
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14 Non-GAAP Financial Metrics (Consolidated) Adjusted Earnings Per Share - QTD
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15 Non-GAAP Financial Metrics (Consolidated) Adjusted Earnings Per Share - YTD
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16 Non-GAAP Financial Metrics (Consolidated) Net Debt to LTM Adjusted EBITDALast Twelve Months (“LTM”) Adjusted EBITDA ($000) LTM 6/30/2025 Income before income taxes 41,170 Depreciation and amortization 67,764 Interest and financing expense 38,797 Founders advisory fees - related party 145,657 Non-recurring expenses 8,590 Stock-based compensation expense 13,022 Foreign currency gain (2,329) Adjusted EBITDA 312,671
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17 Non-GAAP Financial Metrics (Consolidated) Free Cash Flow
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Thank You! NOTICE: Although the information and recommendations set forth herein (hereinafter “Information”) are presented in good faith a nd believed to be correct as of the date hereof, Perimeter Solutions/Solberg/ Auxquimia (the “Company”) makes no representations or warranties as to the completeness or accuracy thereof. Information is supplied upon the condition that the persons receiving same will make their own determination as to its suitability for their purposes prior to use. In no event will the Company be responsible for damages of any nature wh atsoever resulting from the use or reliance upon Information or the product to which Information refers. Nothing contained herein is to be construed as a recommendation to use any product, process, equipment or formulation in conflict with any patent, and the Company makes no representation or warran ty, express or implied, that the use thereof will not infringe any patent. NO REPRESENTATIONS OR WARRANTIES, EITHER EXPRESSED OR IMPLIED, OF MERCHANTABILITY, FITNESS FOR A PARTI CULAR PURPOSE OR OF ANY OTHER NATURE ARE MADE HEREUNDER WITH RESPECT TO INFORMATION OR THE PRODUCT TO WHICH INFORMATION REFERS.