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COMPANY CONFIDENTIAL Perimeter Group Inc. Q3 2026 Earnings November 5, 2026
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Disclaimer 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 Group Inc.’s (formerly Perimeter Solutions, Inc.) (“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, our plans to secure sources of P₂S₅ supply for PDI’s customers, and our expectations regarding the Specialty Products segment’s results, including Adjusted EBITDA; (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 our shift toward fixed service fees; (vii) our expectations regarding fire activity over time and the growth of aerial firefighting fleets and air base infrastructure; (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) 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; (xiii) our expectations regarding our contract with the U.S. Defense Logistics Agency; (xiv) our expectations regarding the acquisition of Monaco Enterprises (“Monaco”), including its fit into our Operational Value Drivers model, and our beliefs regarding the expansion of our product platforms; (xv) our goals with respect to our decentralized operating model. 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.
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Perimeter Group: Six Businesses Today 3 Each business runs under its own brand, led by its own president and management team Perimeter Solutions, Inc. changed its name to Perimeter Group Inc. on November 4, 2026, and moved its headquarters to Charlotte, NC. Shares continue to trade on the NYSE as PRM. Operating businesses FIRE SAFETY SPECIALTY PRODUCTS
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Three Elements Achieve Purpose 4 Exceptional Businesses Value Creation StrategyOur 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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Fire Safety Segment Operational Developments 5
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Specialty Products Segment Operational Developments 6
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Monaco Enterprises: Mission-Critical, Installed-Base Business 7 MONACO AT A GLANCE NEARLY ALL SALES SUPPORT THE INSTALLED BASE 200+ U.S. military installations protected by Monaco systems ~$14K Average order size 200-300 Buildings on large bases Spare parts Repairs Expansions Upgrades Service Our acquisition framework is designed to find businesses like Monaco Monaco Enterprises joined Perimeter Group on July 30, 2026; its results are included in the Fire Safety segment from that date.
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Q3 2026 Financial Summary 8 Q3 '26 revenue $389.9M +24% y/y Q3 '26 adjusted EBITDA $223.5M +20% y/y Q3 '26 adjusted EBITDA margin 57% vs. 59% in Q3 '25 ($000) Q3 '25 Q3 '26 y/y YTD '25 YTD '26 y/y Consolidated Revenue 315,443 389,865 24% 550,112 728,744 32% Adjusted EBITDA 186,317 223,537 20% 295,738 370,286 25% Adjusted EBITDA margin 59% 57% 54% 51% GAAP EPS (diluted) (0.62) 1.74 (0.45) 1.14 Adjusted EPS (diluted) 0.82 0.85 1.24 1.27 Fire Safety Revenue 273,384 312,545 14% 430,831 487,082 13% Adjusted EBITDA 177,210 201,635 14% 264,954 299,085 13% Adjusted EBITDA margin 65% 65% 61% 61% Specialty Products Revenue 42,059 77,320 84% 119,281 241,662 103% Adjusted EBITDA 9,107 21,902 140% 30,784 71,201 131% Adjusted EBITDA margin 22% 28% 26% 29% Dollars in thousands except per share data. Adjusted EBITDA margin is adjusted EBITDA as a % of revenue. Shaded columns show the current period.
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(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 9 Interest expense ~$75M annually Tax-deductible D&A and other ~$60–65M annually Capital expenditures ~$30–40M annually Annual change in working capital ~10–15% of revenue growth Cash tax rate(1) 20% or lower
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Capital Allocation Priorities 10 PRIORITY RATIONALE Q3 ’26 1 Capex • Support our customers’ mission • Drives Profitable New Business and Productivity $12.7M 2 M&A • Acquiror advantage from Value Drivers implementation $117.1M 3 Share Buybacks • Repurchase shares when compelling opportunities arise None 4 Special Dividends • Issue special dividends to sustain necessary leverage 2.7x Net Debt to LTM Adjusted EBITDA We drive value creation through thoughtful capital allocation and active capital structure management
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Attractive Debt Profile, Ample Liquidity 11 Debt maturity schedule 2029 notes: 5.00% fixed 2034 notes: 6.25% fixed No maturities until 2029 DEBT 2.7x net debt / LTM Adj. EBITDA LTM Adj. EBITDA of $406.2M; no financial maintenance covenants LIQUIDITY $115.9M cash and cash equivalents $200M revolving credit facility, $0 drawn as of September 30, 2026 CAPITALIZATION 163.8M basic shares $0M $0M $0M $675M $0M $0M $0M $0M $550M 2026 2027 2028 2029 2030 2031 2032 2033 2034 Outstanding as of October 30, 2026
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Questions & Discussion 12
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Appendix 13
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Incentive Alignment 14 STOCK OPTIONS 13.8M options outstanding Granted to management, employees and directors; as of September 30, 2026 5 years vesting period Vest based on intrinsic share price growth FOUNDERS ADVISORY AGREEMENT Pertaining to the EverArc Founders Fixed annual amount 1.5% of 157,137,410 shares of Common Stock outstanding at Business Combination Paid annually through 12/31/2027 Variable annual amount Share price upside Based on appreciation of the Common Stock market price, if it exceeds certain trading price minimums Paid annually through 12/31/2031 TERMS FOR BOTH AMOUNTS • Apply solely to 157,137,410 shares of Common Stock outstanding at Business Combination • At least 50% paid in Common Stock; remainder in cash, with any cash portion intended to cover taxes
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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). 15
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Non-GAAP Financial Metrics (Consolidated) (1) For the three months ended September 30, 2026, $1.8 million was related to restructuring and other non-recurring costs and $1.0 million was related to litigation costs arising from a contractual dispute. For the three months ended September 30, 2025, $0.6 million was related to restructuring and other non-recurring costs. For the nine months ended September 30, 2026, $3.3 million was related to restructuring and other non-recurring costs and $2.4 million was related to litigation costs arising from a contractual dispute. For the nine months ended September 30, 2025, $1.1 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 nine months ended September 30, 2026, $3.7 million and $13.7 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. 16 ADJUSTED EBITDA RECONCILIATION ($000) Q3 '25 Q3 '26 YTD '25 YTD '26 (Loss) income before income taxes (97,150) 395,409 (61,819) 223,819 Depreciation and amortization 18,793 30,130 53,610 86,177 Interest and financing expense 9,870 20,369 29,444 64,318 Founders advisory fees - related party 247,684 (239,469) 263,954 (49,592) Non-recurring expenses(1) 562 2,781 1,508 5,715 Acquisition costs 33 5,965 862 18,491 Stock-based compensation expense 6,519 4,382 11,428 9,872 Purchase accounting impact - inventory step up(2) – 3,676 – 13,746 Foreign currency loss (gain) 6 294 (3,249) (2,260) Adjusted EBITDA 186,317 223,537 295,738 370,286 Net Sales 315,443 389,865 550,112 728,744 Adjusted EBITDA Margin 59% 57% 54% 51% Q3 '26 ADJUSTED EBITDA $223.5M +20% vs. Q3 '25 YTD '26 ADJUSTED EBITDA $370.3M +25% vs. YTD '25 Q3 '26 ADJ. EBITDA MARGIN 57% vs. 59% in Q3 '25
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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. 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. 17
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Non-GAAP Financial Metrics (Consolidated) (1) For the LTM ended September 30, 2026, $3.3 million was related to restructuring and other non-recurring costs, $3.1 million was related to litigation costs arising from a contractual dispute, and $0.2 million was related to the Redomiciliation Transaction. (2) For the LTM ended September 30, 2026, $13.7 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. 18 LTM ADJUSTED EBITDA ($000) LTM 9/30/2026 Income before income taxes 49,391 Depreciation and amortization 106,599 Interest and financing expense 74,009 Founders advisory fees - related party 121,617 Non-recurring expenses(1) 6,627 Acquisition costs 21,207 Stock-based compensation expense 15,091 Purchase accounting impact - inventory step up(2) 13,746 Foreign currency gain (2,049) LTM Adjusted EBITDA 406,238 NET DEBT TO LTM ADJUSTED EBITDA ($000) 9/30/2026 Senior Notes due 2029 675,000 Senior Notes due 2034 550,000 Less: Cash and cash equivalents (115,911) Net Debt 1,109,089 LTM Adjusted EBITDA 406,238 NET DEBT TO LTM ADJUSTED EBITDA 2.7x $1,109.1M net debt / $406.2M LTM Adjusted EBITDA
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Non-GAAP Financial Metrics (Consolidated) 19 FREE CASH FLOW ($000) Q3 '26 Net cash provided by operating activities 163,117 Purchase of property and equipment (12,674) Free cash flow 150,443
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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). 20
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Non-GAAP Financial Metrics (Consolidated) 21 ADJUSTED NET INCOME RECONCILIATION ($000) Q3 '25 Q3 '26 GAAP net (loss) income (90,660) 304,466 Adjustments: Amortization 15,199 24,770 Founders advisory fees - related party 247,684 (239,469) Non-recurring expenses(1) 562 2,781 Acquisition costs 33 5,965 Stock-based compensation expense 6,519 4,382 Purchase accounting impact - inventory step up(2) – 3,676 Foreign currency loss 6 294 Tax impact of non-GAAP adjustments(3) (53,796) 37,432 Adjusted net income 125,547 144,297 DILUTED SHARE COUNT RECONCILIATION Q3 '25 Q3 '26 Shares used in computing GAAP (Loss) Earnings Per Share (diluted) 146,803,539 174,956,402 Options(4) 6,856,989 – Shares underlying Founders fixed advisory fees(5) – (4,714,122) Shares underlying Founders variable advisory fees(6) – – Shares used in computing Adjusted Earnings Per Share (diluted) 153,660,528 170,242,280 Q3 '26 ADJUSTED EPS $0.85 vs. $0.82 in Q3 '25 Q3 '26 GAAP EPS $1.74 vs. $(0.62) in Q3 '25 (1) For the three months ended September 30, 2026, $1.8 million was related to restructuring and other non-recurring costs and $1.0 million was related to litigation costs arising from a contractual dispute. For the three months ended September 30, 2025, $0.6 million was related to restructuring and other nonrecurring costs. (2) For the three months ended September 30, 2026, $3.7 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. (3) The tax impact of non-GAAP adjustments reflects the total income tax expense commensurate with the non-GAAP measure of profitability. (4) 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. (5) As of September 30, 2026, a maximum of 2.4 million shares was issuable within 12 months under the Founders fixed advisory fee. (6) Based on period end market prices as of September 30, 2026, no shares were issuable within 12 months under the Founders variable advisory fee.
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Non-GAAP Financial Metrics (Consolidated) 22 ADJUSTED NET INCOME RECONCILIATION ($000) YTD '25 YTD '26 GAAP net (loss) income (66,135) 195,767 Adjustments: Amortization 43,902 71,394 Founders advisory fees - related party 263,954 (49,592) Non-recurring expenses(1) 1,508 5,715 Acquisition costs 862 18,491 Stock-based compensation expense 11,428 9,872 Purchase accounting impact - inventory step up(2) – 13,746 Foreign currency gain (3,249) (2,260) Tax impact of non-GAAP adjustments(3) (65,490) (50,231) Adjusted net income 186,780 212,902 DILUTED SHARE COUNT RECONCILIATION YTD '25 YTD '26 Shares used in computing GAAP (Loss) Earnings Per Share (diluted) 147,923,437 172,246,782 Options(4) 3,077,983 – Shares underlying Founders fixed advisory fees(5) – (4,714,122) Shares underlying Founders variable advisory fees(6) – – Shares used in computing Adjusted Earnings Per Share (diluted) 151,001,420 167,532,660 YTD '26 ADJUSTED EPS $1.27 vs. $1.24 in YTD '25 YTD '26 GAAP EPS $1.14 vs. $(0.45) in YTD '25 (1) For the nine months ended September 30, 2026, $3.3 million was related to restructuring and other non-recurring costs and $2.4 million was related to litigation costs arising from a contractual dispute. For the nine months ended September 30, 2025, $1.1 million was related to restructuring and other non-recurring costs and $0.4 million was related to the Redomiciliation Transaction. (2) For the nine months ended September 30, 2026, $13.7 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. (3) The tax impact of non-GAAP adjustments reflects the total income tax expense commensurate with the non-GAAP measure of profitability. (4) 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. (5) As of September 30, 2026, a maximum of 2.4 million shares was issuable within 12 months under the Founders fixed advisory fee. (6) Based on period end market prices as of September 30, 2026, no shares were issuable within 12 months under the Founders variable advisory fee.