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Q4 2025 Earnings February 26, 2026 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 (“we,” “us,” “our” or 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," "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, forecasts and beliefs regarding financial, operational and performance metrics, including, but not limited to, Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted EBITDA growth, the number of acres burned, our free cash flow and capital expenditures; (ii) our long-term assumptions, including our assumptions regarding interest expense, tax-deductible depreciation and amortization, cash tax rates, capital expenditures and changes to working capital; (iii) the opportunity to expand our business through strategic acquisitions consistent with our operational value creation strategy and deliver long-term equity value creation; (iv) our expectations regarding our P2S5 results in light of, among other things, the operational issues at our Sauget, Illinois plant and our goals to assume operational control of the plan; (v) our beliefs regarding the ability of our operational pillars to maximize our durable long-term Free Cash Flow; (vi) our Fire Safety financial results, including our expectations regarding the consistency in our Fire Safety results with lower sensitivity to the severity of the fire season; (vii) our expectations regarding the growth of Intelligent Manufacturing Solutions (“IMS”), and our expectations to deploy capital to expand IMS’ portfolio to generate returns through acquisitions; (viii) our goals to maximize long-term per-share equity value through capital allocation and capital structure management; (ix) our expectations regarding the growth of Medical Manufacturing Technologies (“MMT”), in part, through continued execution of tuck-in M&A activities; (x) our beliefs regarding the Fire Safety segment’s position for long-term profitable growth; (xi) our intentions and beliefs regarding the litigation in connection with our Sauget, Illinois plant, and our expectations regarding the resolution and result thereof; and (xii) 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. The Company has not provided a GAAP reconciliation of MMT’s adjusted EBITDA as a result of the uncertainty and the potential variability of reconciling items. Accordingly, a reconciliation of these non-GAAP measures to their corresponding GAAP equivalents is not available without unreasonable effort. Disclaimer
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3 Adjusted EBITDA History $85 $127 $114 $62 $136 $141 $125 $97 $280 $332 $0M $50M $100M $150M $200M $250M $300M $350M 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Adjusted EBITDA ($M) 5.0 9.1 8.2 2.1 10.1 6.9 4.4 2.3 8.2 4.0 0M 5M 10M 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 US Acres ex-AK (M) 2025 Adjusted EBITDA Increased 18% YoY
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4 Three Elements Achieves Purpose Exceptional Businesses Value Creation Strategy Our Purpose Broad Industrials Focus ▪ Mission Critical / Small Cost ▪ Challenging Problems ▪ Industry Leader ▪ 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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5 Operational Developments Fire Safety
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6 Operational Developments Specialty Products
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7 Medical Manufacturing Technologies, LLC • Perimeter Solutions acquired Medical Manufacturing Technologies, LLC (“MMT”) for $685 million in cash • MMT is a leading provider of precision machinery, and associated aftermarket consumables, parts, and services, used in the manufacturing of minimally invasive medical devices, including advanced catheters and guidewires • Nearly all MMT’s revenue is from proprietary products, and approximately half of MMT’s revenue is generated from the aftermarket • MMT generated approximately $140 million of revenue and $50 million of Adjusted EBITDA on a full-year basis in 2025(1) 1. MMT Adjusted EBITDA is a non-GAAP measure, which is defined as income (loss) before income taxes, plus net interest expense and other financing expenses, and depreciation and amortization, adjusted on a consistent basis for certain non- recurring, unusual or non-operational items. These items primarily include restructuring and integration costs, transaction expenses and implementation and one-time consulting costs; MMT Adjusted EBITDA reflects the acquisitions consummated by MMT during the LTM period as if such acquisitions occurred as of January 1, 2025.
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8 Q4 2025 Financial Summary
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9 (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 Long-Term Assumptions Item Forward-Looking Assumption Interest Expense ~$75M annually Tax-deductible D&A and other ~$60-65M annually Cash Tax Rate 20% or lower Capital Expenditures ~$30-40M annually Annual Change In Working Capital ~10-15% of revenue growth (1)
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10 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 ▪ $7.0M ▪ $40.0M (2) ▪ None Q4 ‘25 ▪ 1.1x LTM net leverage ▪ 3.0x pro-forma LTM net leverage (1) Amount excludes $3.1M of capex from an asset acquisition in Q2 ‘25 (2) The Company acquired MMT in January 2026 for $685M in cash FY ‘25 ▪ $26.5M (1) ▪ $82.0M (2) ▪ $40.4M
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11 Attractive Debt Profile, Ample Liquidity Senior Secured Notes Debt $ Liquidity • $325.9M cash and cash equivalents as of 12/31/2025 • $95.2M pro-forma cash and cash equivalents (3) • $200M revolving credit facility, $0 drawn as of 12/31/2025 Capitalization • NO financial maintenance covenants • Ending 1.1x net debt to Adjusted EBITDA of $331.7M • 3.0x pro-forma net debt to pro-forma LTM Adjusted EBITDA of $382.1M (2) • 149.4M basic shares outstanding as of 12/31/2025 (4) $0M $0M $0M $675M $0M $0M $0M $0M $550M $0M $100M $200M $300M $400M $500M $600M $700M $800M 2026 2027 2028 2029 2030 2031 2032 2033 2034 Maturity Schedule 5% fixed rate 5% fixed rate 6.25% fixed rate (1) (1) 2034 Notes closed in January 2026. Proceeds were used to fund MMT acquisition, which closed in January 2026. (2) Pro-forma LTM Adjusted EBITDA includes $50.4M of MMT Adjusted EBITDA for the last twelve months ending 12/31/2025. (3) Pro-forma cash and cash equivalents represents 12/31/2025 cash of $325.9M, plus $550M debt proceeds, less MMT purchase price of $685M, less Founders Advisory cash payment of $95.7M, which occurred in February 2026. (4) The Company expects to issue 13,387,002 shares of Common Stock in the first quarter of 2026 to satisfy the 2025 Founders Annual Advisory Amounts.
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Appendix
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13 Incentive Alignment Stock Options • Approximately 14.2M stock options granted to management, employees, and directors are outstanding as of December 31, 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, paid annually until the year ending 12/31/2031 if such market price exceeds certain trading price minimums. • 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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14 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, (ii) acquisition related costs, (iii) founder advisory fee expenses, (iv) stock-based compensation expense and (v) 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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15 Non-GAAP Financial Metrics (Consolidated) (1) For the three months ended December 31, 2024, $4.4 million was related to the Redomiciliation of the Company from Luxembourg to Delaware (the “Redomiciliation Transaction”) and other non-recurring Luxembourg related costs. For the three months ended December 31, 2025, $0.7 million was related to litigation costs arising from a contractual dispute regarding control of the P2S5 facility, which is currently operated by Flexsys Chemical Company, and $0.2 million was related to the Redomiciliation Transaction. For the year ended December 31, 2024, $6.6 million was related to the Redomiciliation Transaction and other non-recurring Luxembourg related costs, and $0.2 million was related to other non-recurring costs. For the year ended December 31, 2025, $1.1 million was related to restructuring and other non-recurring costs, $0.7 million was related to litigation costs arising from a contractual dispute regarding control of the P2S5 facility, which is currently operated by Flexsys Chemical Company, and $0.6 million was related to the Redomiciliation Transaction.
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16 Non-GAAP Financial Metrics (Consolidated)
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17 Non-GAAP Financial Metrics (Consolidated) Adjusted Net Income and Adjusted Earnings Per Share 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, (ii) acquisition related costs, (iii) founder advisory fee expenses, (iv) stock-based compensation expense and (v) 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 consolidated financial statements presented in accordance with U.S. GAAP, Perimeter is providing a summary to show the computations of Adjusted Net Income and Adjusted EPS, 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 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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18 Non-GAAP Financial Metrics (Consolidated) Adjusted Earnings Per Share - QTD (1) For the three months ended December 31, 2025, $0.7 million was related to litigation costs arising from a contractual dispute regarding control of the P2S5 facility, which is currently operated by Flexsys Chemical Company and $0.2 million was related to the Redomiciliation Transaction. For the three months ended December 31, 2024, $4.4 million was related to the Redomiciliation Transaction and other non-recurring Luxembourg related costs. (2) The tax impact of non-GAAP adjustments reflects the total income tax expense commensurate with the non-GAAP measure of profitability. (3) The Company adds back the dilutive impact of options if amounts were excluded for purposes of GAAP EPS due to a GAAP net loss during the period. (4) As of December 31, 2025, a maximum of 2.4 million shares were issuable within 12 months under the Founders fixed advisory fee. To satisfy the 2025 Founders fixed advisory fee, the Company paid $13.4 million in cash on February 19, 2026 and expects to issue 1.9 million shares of Common Stock in the first quarter of 2026. (5) Based on period end market prices as of December 31, 2025, a maximum of 14.5 million shares were issuable within 12 months under the Founders variable advisory fee. To satisfy the 2025 Founders variable advisory fee, the Company paid $82.3 million in cash on February 19, 2026 and expects to issue 11.5 million shares of Common Stock in the first quarter of 2026.
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19 Non-GAAP Financial Metrics (Consolidated) Adjusted Earnings Per Share - YTD (1) For the year ended December 31, 2025, $1.1 million was related to restructuring and other non-recurring costs, $0.7 million was related to litigation costs arising from a contractual dispute regarding control of the P2S5 facility, which is currently operated by Flexsys Chemical Company, and $0.6 million was related to the Redomiciliation Transaction. For the year ended December 31, 2024, $6.6 million was related to the Redomiciliation Transaction and other non-recurring Luxembourg related costs and $0.2 million was related to other non-recurring costs. (2) The tax impact of non-GAAP adjustments reflects the total income tax expense commensurate with the non-GAAP measure of profitability. (3) The Company adds back the dilutive impact of options and warrants if amounts were excluded for purposes of GAAP EPS due to a GAAP net loss during the period. (4) As of December 31, 2025, a maximum of 2.4 million shares were issuable within 12 months under the Founders fixed advisory fee. To satisfy the 2025 Founders fixed advisory fee, the Company paid $13.4 million in cash on February 19, 2026 and expects to issue 1.9 million shares of Common Stock in the first quarter of 2026. (5) Based on period end market prices as of December 31, 2025, a maximum of 14.5 million shares were issuable within 12 months under the Founders variable advisory fee. To satisfy the 2025 Founders variable advisory fee, the Company paid $82.3 million in cash on February 19, 2026 and expects to issue 11.5 million shares of Common Stock in the first quarter of 2026.
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20 Non-GAAP Financial Metrics (Consolidated) Net Debt to LTM Adjusted EBITDA Net Debt to LTM Adjusted EBITDA is defined as Net Debt divided by LTM Adjusted EBITDA. Net Debt is defined as total gross debt (Senior Notes) less cash and cash equivalents. Management believes Net Debt to LTM Adjusted EBITDA is a useful measure for investors because it informs assessments of the Company’s capital structure and capital allocation capacity. Free Cash Flow and Net Debt to LTM Adjusted EBITDA should not be considered alternatives to net cash provided by operating activities, changes in cash and cash equivalents, or any other measure of liquidity or financial performance presented in accordance with U.S. GAAP.
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21 Non-GAAP Financial Metrics (Consolidated) Net Debt to LTM Adjusted EBITDA
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22 Non-GAAP Financial Metrics (Consolidated) Pro-forma LTM Adjusted EBITDA Pro-forma Net Debt to Pro-forma LTM Adjusted EBITDA (1) For the year ended December 31, 2025, $1.1 million was related to restructuring and other non-recurring costs, $0.7 million was related to litigation costs arising from a contractual dispute regarding control of the P2S5 facility, which is currently operated by Flexsys Chemical Company, and $0.6 million was related to the Redomiciliation Transaction. (2) MMT Adjusted EBITDA is a non-GAAP measure, which is defined as income (loss) before income taxes, plus net interest expense and other financing expenses, and depreciation and amortization, adjusted on a consistent basis for certain non-recurring, unusual or non-operational items. These items primarily include restructuring and integration costs, transaction expenses and implementation and one-time consulting costs; MMT Adjusted EBITDA reflects the acquisitions consummated by MMT during the LTM period as if such acquisitions occurred as of January 1, 2025. (3) The offering of the 2034 Notes closed in January 2026. Proceeds were used to fund MMT acquisition, which closed in January 2026. (4) Pro-forma cash and cash equivalents represents 12/31/2025 cash of $325.9M, plus $550M debt proceeds, less MMT purchase price of $685M, less Founders Advisory cash payment of $95.7M.
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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.