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July 31, 2026 Perimeter Solutions, Inc. Q2 2026 Earnings
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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 beliefs regarding the operational issues at the Sauget, Illinois plant; (v) our beliefs regarding the ability of our operational pillars to maximize our durable long-term Free Cash Flow; (vi) our expectations regarding the consistency in our Fire Safety results and lower sensitivity to fire season severity, our expectations regarding our government contracts, including with CALFIRE, and the expected impact of pricing under our U.S. federal government contract; (vii) our expectations regarding the continuation of the aggressive initial attack strategy employed since 2025, such as the Pan-Canadian Aerial Asset program, and its expected effect on retardant demand; (viii) 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; (ix) our goals to maximize long-term per-share equity value through capital allocation and capital structure management; (x) our expectations regarding the growth, integration and future products and results of Medical Manufacturing Technologies (“MMT”); (xi) our beliefs regarding our supply chain; (xii) our intentions regarding our legal remedies in connection with our Sauget, Illinois plant; (xiii) expected capital allocation activities and priorities including, but not limited to, expectations relating to capital expenditures, mergers and acquisitions, special dividends and share repurchases, our pipeline of M&A opportunities and the extent to which the foregoing drive value creation; (xiv) our expectations regarding our contract with the U.S. Defense Logistics Agency; and (xv) our expectations regarding the acquisition of Monaco Enterprises (“Monaco”), including Monaco’s expected full-year 2026 revenue and Adjusted EBITDA, its fit into our Operational Value Drivers model, and our beliefs regarding the expansion of our product platforms. 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, and net debt to LTM adjusted EBITDA. 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 Monaco’s expected contribution to annualized adjusted EBITDA, which is a forward-looking statement, in this presentation and discussion as a result of the uncertainty regarding, and the potential variability of, reconciling items. Accordingly, a reconciliation of this non-GAAP measure to its corresponding GAAP equivalent is not available without unreasonable effort. However, it is important to note that material changes to reconciling items could have a significant effect on future GAAP results. Disclaimer
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3 Three Elements Achieve 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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4 Operational Developments Fire Safety
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5 Operational Developments Specialty Products
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6 Monaco Enterprises Acquisition ENTERPRISE VALUE $120m EXPECTED 2026 REVENUE ~$31m EXPECTED 2026 ADJ. EBITDA ~$11m / ~35% EV / ADJ. EBITDA 10.5x INVESTMENT THESIS • Proprietary, closed-loop system specified into critical defense applications • 95%+ of sales into existing installed base • Typical single part sale of $2-10K vs total system cost exceeding $1M BUSINESS OVERVIEW • A leading life safety systems provider: develops customized hardware/software solutions for fire alarm, dispatch, mass notification and life safety applications across multi-building airbase installations • Deeply embedded in Air Force / Air National Guard: majority of revenue from 200+ airbases installed over past 50 years EVALUATION CRITERIA • Critical, complicated problem: coordinating fire/safety dispatch across high-value, high-risk military bases • Small proportion of costs: fraction of a percent of military base construction spend or life safety operating costs • Niche solution: Monaco revenue majority of total TAM • Sustainable differentiation: proprietary communication protocol specified by name into base installations OPERATIONS: Single facility in Spokane, WA with ~100 employees Strong fit with Operational Value Drivers strategy
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7 Q2 2026 Financial Summary ($000) Q2 '25 Q2 '26 y/y YTD '25 YTD '26 y/y Fire Safety Revenue 120,284 129,093 7% 157,447 174,537 11% Adjusted EBITDA 77,659 78,759 1% 87,744 97,450 11% Adjusted EBITDA Margin 65% 61% 56% 56% Specialty Products Revenue 42,355 84,717 100% 77,222 164,342 113% Adjusted EBITDA 13,679 26,831 96% 21,677 49,299 127% Adjusted EBITDA Margin 32% 32% 28% 30% Consolidated Revenue 162,639 213,810 31% 234,669 338,879 44% Adjusted EBITDA 91,338 105,590 16% 109,421 146,749 34% Adjusted EBITDA Margin 56% 49% 47% 43% GAAP Earnings Per Share (diluted) (0.22) (1.11) 0.16 (0.69) Adjusted Earnings Per Share (diluted) 0.39 0.35 0.41 0.41
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8 (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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9 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 ▪ $12.7M ▪ $120M* ▪ None Q2 ‘26 ▪ 3.1x LTM net leverage * Acquired Monaco Enterprises in July 2026
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10 Attractive Debt Profile, Ample Liquidity Senior Secured Notes Debt $ Liquidity • $82.8M cash and cash equivalents • $200M revolving credit facility, $0 drawn as of June 30, 2026 Capitalization • NO financial maintenance covenants • Ending 3.1x net debt to LTM Adjusted EBITDA of $369.0M • 163.7M basic shares outstanding* $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 5.00% fixed rate 6.25% fixed rate * As of July 24, 2026
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11 Questions & Discussion Photo courtesy of Marty Wolin
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Appendix
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13 Incentive Alignment Stock Options • Approximately 13.8M stock options granted to management, employees, and directors are outstanding as of June 30, 2026 • 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 the 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, (v) purchase accounting impact, and (vi) 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 Adjusted EBITDA ($000) Q2 '25 Q2 '26 YTD '25 YTD '26 (Loss) income before income taxes (33,848) (221,436) 35,331 (171,590) Depreciation and amortization 17,924 28,908 34,817 56,047 Interest and financing expense 9,930 19,593 19,574 43,949 Founders advisory fees - related party 96,883 266,255 16,270 189,877 Non-recurring expenses (1) 40 2,543 947 2,934 Acquisition costs 267 3,558 828 12,526 Stock-based compensation expense 2,238 2,892 4,909 5,490 Purchase accounting impact - inventory step up(2) - 4,480 - 10,070 Foreign currency gain (2,096) (1,203) (3,255) (2,554) Adjusted EBITDA 91,338 105,590 109,421 146,749 Net Sales 162,639 213,810 234,669 338,879 Adjusted EBITDA Margin 56% 49% 47% 43% Non-GAAP Financial Metrics (Consolidated) (1) For the three months ended June 30, 2026, $1.4 million was related to restructuring and other non-recurring costs and $1.1 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. For the three months ended June 30, 2025, $0.1 million was related to restructuring and other non-recurring costs. For the six months ended June 30, 2026, $1.5 million was related to restructuring and other non-recurring costs and $1.4 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. For the six months ended June 30, 2025, $0.6 million was related to restructuring and other non-recurring costs and $0.4 million was related to the Redomiciliation Transaction. (2) For the three and six months ended June 30, 2026, $4.5 million and $10.1 million, respectively, was primarily related to the impact of purchase accounting on the cost of inventory sold. The acquired inventory was recorded at fair value, resulting in a step-up in basis.
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16 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 due 2029 and 2034) 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 (used in) 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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17 ($000) LTM 6/30/2026 Loss before income taxes (443,168) Depreciation and amortization 95,262 Interest and financing expense 63,510 Founders advisory fees - related party 608,770 Non-recurring expenses (1) 4,407 Acquisition costs 15,276 Stock-based compensation expense 17,228 Purchase accounting impact - inventory step up (2) 10,070 Foreign currency gain (2,337) Adjusted EBITDA 369,018 ($000) 6/30/2026 Senior Notes due 2029 675,000 Senior Notes due 2034 550,000 Less: Cash and cash equivalents 82,776 Net Debt 1,142,224 LTM Adjusted EBITDA 369,018 Net Debt to LTM Adjusted EBITDA 3.1 Non-GAAP Financial Metrics (Consolidated) Net Debt to LTM Adjusted EBITDALast Twelve Months (“LTM”) Adjusted EBITDA (1) For the LTM ended June 30, 2026, $2.1 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, $2.0 million was related to restructuring and other non recurring costs, and $0.3 million was related to the Redomiciliation Transaction. (2) For the LTM ended June 30, 2026, $10.1 million was primarily related to the impact of purchase accounting on the cost of inventory sold. The acquired inventory was recorded at fair value, resulting in a step-up in basis.
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18 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, (v) purchase accounting impact, and (vi) foreign currency loss (gain). Adjusted diluted shares is the weighted average diluted shares outstanding, adjusted by adding dilution for options 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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19 Non-GAAP Financial Metrics (Consolidated) Adjusted Net Income and Adjusted Earnings Per Share - QTD 2026 2025 2026 2025 ($000) $ (181,635) $ (32,161) 163,410,894 147,055,804 Options (4) 7,723,977 1,276,730 Amortization 24,025 14,604 Shares underlying Founders fixed advisory fees (5) - - Founders advisory fees - related party 266,255 96,883 Shares underlying Founders variable advisory fees (6) - - Non-recurring expenses (1) 2,543 40 171,134,871 148,332,534 Acquisition costs 3,558 267 Stock-based compensation expense 2,892 2,238 $ (1.11) $ (0.22) Purchase accounting impact - inventory step up (2) 4,480 - $ 0.35 $ 0.39 Foreign currency gain (1,203) (2,096) Tax impact of non-GAAP adjustments (3) (61,344) (22,631) $ 59,571 $ 57,144 (1) (2) (3) (4) (5) (6) Adjusted net income Three Months Ended June 30, Three Months Ended June 30, GAAP net loss Shares used in computing GAAP (Loss) Earnings Per Share (diluted) Adjustments: Shares used in computing Adjusted Earnings Per Share (diluted) GAAP (Loss) Earnings Per Share (diluted) Adjusted Earnings Per Share (diluted) ____________________ For the three months ended June 30, 2026, $1.4 million was related to restructuring and other non-recurring costs and $1.1 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. For the three months ended June 30, 2025, $0.1 million was related to restructuring and other non-recurring costs. The tax impact of non-GAAP adjustments reflects the total income tax expense commensurate with the non-GAAP measure of profitability. 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. As of June 30, 2026, a maximum of 2.4 million shares were issuable within 12 months under the Founders fixed advisory fee. Based on period end market prices as of June 30, 2026, a maximum of 6.1 million shares were issuable within 12 months under the Founders variable advisory fee. For the three months ended June 30, 2026, $4.5 million was primarily related to the impact of purchase accounting on the cost of inventory sold. The acquired inventory was recorded at fair value, resulting in a step-up in basis.
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20 Non-GAAP Financial Metrics (Consolidated) Adjusted Net Income and Adjusted Earnings Per Share - YTD 2026 2025 2026 2025 ($000) $ (108,699) $ 24,525 158,663,642 156,039,133 Options (4) 7,110,289 - Amortization 46,624 28,703 Shares underlying Founders fixed advisory fees (5) - (7,071,183) Founders advisory fees - related party 189,877 16,270 Shares underlying Founders variable advisory fees (6) - - Non-recurring expenses (1) 2,934 947 165,773,931 148,967,950 Acquisition costs 12,526 828 Stock-based compensation expense 5,490 4,909 $ (0.69) $ 0.16 Purchase accounting impact - inventory step up (2) 10,070 - $ 0.41 $ 0.41 Foreign currency gain (2,554) (3,255) Tax impact of non-GAAP adjustments (3) (87,663) (11,694) $ 68,605 $ 61,233 (1) (2) (3) (4) (5) (6) Six Months Ended June 30, Six Months Ended June 30, Adjusted Earnings Per Share (diluted) For the six months ended June 30, 2026, $10.1 million was primarily related to the impact of purchase accounting on the cost of inventory sold. The acquired inventory was recorded at fair value, resulting in a step-up in basis. GAAP net (loss) income Shares used in computing GAAP (Loss) Earnings Per Share (diluted) Adjustments: Shares used in computing Adjusted Earnings Per Share (diluted) GAAP (Loss) Earnings Per Share (diluted) Adjusted net income ____________________ For the six months ended June 30, 2026, $1.5 million was related to restructuring and other non-recurring costs and $1.4 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. For the six months ended June 30, 2025, $0.6 million was related to restructuring and other non-recurring costs and $0.4 million was related to the Redomiciliation Transaction. The tax impact of non-GAAP adjustments reflects the total income tax expense commensurate with the non-GAAP measure of profitability. 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. As of June 30, 2026, a maximum of 2.4 million shares were issuable within 12 months under the Founders fixed advisory fee. Based on period end market prices as of June 30, 2026, a maximum of 6.1 million shares were issuable within 12 months under the Founders variable advisory fee.
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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.